[Company Information](index=3&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) [Board of Directors and Senior Management](index=3&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E5%8F%8A%E4%B8%BB%E8%A6%81%E7%AE%A1%E7%90%86%E5%B1%A4) This section details the composition of the Board of Directors, including executive, non-executive, and independent non-executive directors, committee members, and key personnel, noting Mr. Lei YanQun's election as a non-executive director during the reporting period - The Board of Directors comprises **3 executive directors**, **4 non-executive directors**, and **4 independent non-executive directors**[7](index=7&type=chunk) - Mr. Lei YanQun was elected as a non-executive director on **July 23, 2025**, replacing Mr. Han Liu[7](index=7&type=chunk) [Company Contact and Registration Information](index=3&type=section&id=%E5%85%AC%E5%8F%B8%E8%81%AF%E7%B5%A1%E5%8F%8A%E8%A8%BB%E5%86%8A%E4%BF%A1%E6%81%AF) This section provides essential contact and registration details, including legal advisors, auditors, registered office, headquarters, H-share registrar, principal bankers, and company website - The company's registered office is located at Room 1626, 16th Floor, Chenchuang Building, No. 198 Zhoushan East Road, Gongshu District, Hangzhou, Zhejiang Province, China[7](index=7&type=chunk) - The headquarters and principal place of business in China are located on the 21st-22nd floors of SF Headquarters Building, No. 3076 Xinghai Avenue, Nanshan District, Shenzhen, Guangdong Province, China[8](index=8&type=chunk) - The H-share registrar is Tricor Investor Services Limited[9](index=9&type=chunk) [Key Accounting Data and Financial Indicators](index=5&type=section&id=%E9%97%9C%E9%8D%B5%E6%9C%83%E8%A8%88%E6%95%B8%E6%93%9A%E5%92%8C%E8%B2%A1%E5%8B%99%E6%8C%87%E6%A8%99) [2025 Interim Results Overview](index=5&type=section&id=2025%E5%B9%B4%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E7%B8%BD%E8%A6%BD) This section summarizes the company's key financial performance for the first half of 2025, showing significant growth in revenue, gross profit, net profit, and adjusted net profit, with net profit doubling and net margin reaching a record high 2025 Interim Results Overview | Indicator | Amount (RMB million) | Year-over-year Growth | Profit Margin | | :--- | :--- | :--- | :--- | | Revenue | 10,236.0 | 48.8% | - | | Gross Profit | 680.8 | 43.8% | 6.7% | | Net Profit | 137.0 | 120.4% | 1.3% | | Adjusted Net Profit | 160.2 | 139.0% | 1.6% | - Adjusted net profit and adjusted net profit margin are non-IFRS measures[11](index=11&type=chunk) [Management Discussion and Analysis](index=6&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) [Business Review](index=6&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) This section reviews the company's business performance in the first half of 2025, highlighting its position as China's largest third-party on-demand delivery service provider, achieving robust revenue growth and a doubling of net profit through a focus on high-quality healthy growth, increased technology investment, and rider network expansion - The company is China's **largest third-party on-demand delivery service provider**[13](index=13&type=chunk) - Revenue for the first half of 2025 increased by **48.8%** to **RMB 10,236.0 million**[14](index=14&type=chunk) - Net profit increased by **120.4%** year-over-year, with net profit margin reaching a **record high**[14](index=14&type=chunk) - As of June 30, 2025, cash and cash equivalents and short-term wealth management investments were **RMB 1,134.1 million** and **RMB 1,260.4 million** respectively, indicating a healthy cash flow and ample capital reserves[14](index=14&type=chunk) [Overview](index=6&type=section&id=%E6%A6%82%E8%A7%88) In the first half of 2025, the company implemented a 'high-quality healthy growth' strategy, leveraging local life service insights, a nationwide flexible capacity network, and digital intelligence technology to achieve steady revenue growth and a doubled net profit, reinforcing its neutral open platform positioning and differentiated competitive advantages in comprehensive on-demand delivery services - Adhering to the 'high-quality healthy growth' strategy, achieving **steady revenue growth** and a **doubling of net profit** compared to the same period in 2024[13](index=13&type=chunk) - Leveraging a neutral open platform positioning and differentiated competitive advantages centered on comprehensive high-quality on-demand delivery services[13](index=13&type=chunk) [Intra-city Delivery Services](index=7&type=section&id=%E5%90%8C%E5%9F%8E%E9%85%8D%E9%80%81) Intra-city delivery service revenue increased by 43.1% year-over-year to RMB 5,778.7 million, driven by increased catering takeout demand, robust growth in non-catering scenarios, expanded active merchant and consumer base, penetration into lower-tier cities, and proactive pricing strategies, with strategic cooperation with SF Group also contributing significant incremental revenue - Intra-city delivery service revenue increased by **43.1%** from **RMB 4,038.0 million** in the first half of 2024 to **RMB 5,778.7 million** in the first half of 2025[16](index=16&type=chunk) - Non-catering scenario revenue increased by **28.6%** year-over-year to **RMB 2,142.0 million**[16](index=16&type=chunk) - Cooperation with SF Group generated **RMB 208.0 million** in external incremental revenue, a **29.5%** year-over-year increase[21](index=21&type=chunk) [Intra-city Delivery Services for Merchants](index=7&type=section&id=%E9%9D%A2%E5%90%91%E5%95%86%E5%AE%B6%E7%9A%84%E5%90%8C%E5%9F%8E%E9%85%8D%E9%80%81) Revenue from intra-city delivery services for merchants increased by 55.4% year-over-year to RMB 4,466.9 million, driven by an expanded merchant base, optimized customer structure, deep collaboration with traffic platforms, customized services across various scenarios, and rapid growth in lower-tier markets and tea beverage delivery - Revenue from intra-city delivery services for merchants reached **RMB 4,466.9 million**, a **55.4%** year-over-year increase[17](index=17&type=chunk) - As of June 30, 2025, the number of active merchants on the platform reached **850,000** over the past 12 months, a **55%** year-over-year increase[18](index=18&type=chunk) - Tea beverage delivery revenue increased by **105%** year-over-year, with high double-digit growth across categories such as supermarket convenience, pharmaceuticals, and maternal and infant products[19](index=19&type=chunk) - Revenue in lower-tier markets maintained **high growth**, with daily average order volume in county-level areas **doubling**[20](index=20&type=chunk) [Intra-city Delivery Services for Consumers](index=8&type=section&id=%E9%9D%A2%E5%90%91%E6%B6%88%E8%B2%BB%E8%80%85%E7%9A%84%E5%90%8C%E5%9F%8E%E9%85%8D%E9%80%81) Revenue from intra-city delivery services for consumers increased by 12.7% year-over-year to RMB 1,311.8 million, primarily due to an expanded active consumer base, increased user order frequency, enhanced brand influence, upgraded services like "Exclusive Express" and "Hourly Delivery," and active expansion into lower-tier markets - Revenue from intra-city delivery services for consumers was **RMB 1,311.8 million**, a **12.7%** year-over-year increase[22](index=22&type=chunk) - As of June 30, 2025, the active consumer base reached **24.77 million** over the past 12 months[24](index=24&type=chunk) - Revenue from 'Exclusive Express' services **tripled** year-over-year, and revenue from medium-to-long distance 'Hourly Delivery' services experienced **rapid growth**[23](index=23&type=chunk)

2025 INTERIM REPORT 中期報告 2025 2025 Interim Report 中期報告 公司資料 目錄 董事 非執行董事 王文京 （董事長） 吳政平 執行董事 | 公司資料 | 2 | | --- | --- | | 財務摘要 | 4 | | 管理層討論及分析 | 5 | | 其他資料 | 23 | | 中期簡明綜合損益表 | 29 | | 中期簡明綜合全面收益表 | 30 | | 中期簡明綜合財務狀況表 | 31 | | 中期簡明綜合權益變動表 | 33 | | 中期簡明綜合現金流量表 | 35 | | 中期簡明綜合財務資料附註 | 37 | | 釋義 | 68 | 獨立非執行董事 劉俊輝 吳小慶 崔 強 監事 股東代表監事 郭新平 （主席） 李偉民 獨立監事 阮光立 馬永義 職工代表監事 任 潔 夏玉晗 審計委員會 楊雨春 （總裁） 提名委員會 吳小慶 （主任委員） 王文京 劉俊輝 薪酬與考核委員會 崔 強 （主任委員） 楊雨春 吳小慶 戰略委員會 王文京 （主任委員） 楊雨春 崔 強 聯席公司秘書 鮑 潔 魏偉峰 授權代表 劉俊輝 （主任委員） 吳政平 吳小慶 楊雨春 魏偉峰 暢捷 ...

康 龍 化 成（ 北 京 ）新 藥 技 術 股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） 股份代號：3759 2025 中期報告 生命科學行業 的領先研發服務提供商 康龍化成（股票代碼：300759.SZ/3759.HK）是國際領先的生命科 學研發服務企業。自 2004 年成立以來，康龍化成一直致力於其人 才培養和設施建設，為包括小分子、大分子和細胞與基因治療藥 物在內的多療法藥物研發打造了一個貫穿藥物發現、臨床前及臨 床開發全流程的研發生產服務體系。康龍化成在中國、美國、英 國均開展運營，擁有超過 22,000 名員工，向北美、歐洲、日本和 中國的合作夥伴提供研發解決方案並與之保持良好的合作關係。 關於 康龍化成 目 | | 2 | 公司資料 | | --- | --- | --- | | 錄 | 4 | 財務業績摘要 | | | 5 | 管理層討論與分析 | | | 38 | 補充資料 | | | 58 | 中期簡明綜合損益表 | | | 59 | 中期簡明綜合全面收益表 | | | 60 | 中期簡明綜合財務狀況表 | | | 62 | 中期簡明綜合權益變動表 | | | 64 | ...

[Corporate Information](index=2&type=section&id=Corporate%20Information) This section outlines Cirtek Holdings Limited's key corporate details, including its board, committees, registered information, and stock code [Corporate Information Details](index=3&type=section&id=Corporate%20Information%20Details) This section details Cirtek Holdings Limited's key corporate information, including its board, committees, registered details, principal bankers, auditor, and stock code - Executive Directors include Chairman Mr. Chan Sing Ming, CEO Ms. Law Miu Lan, and Mr. Chan Tsz Fung[5](index=5&type=chunk)[6](index=6&type=chunk) - The Audit Committee is chaired by Ms. Luk Mei Yan, the Remuneration Committee by Mr. Lee Tak Cheong, and the Nomination Committee by Mr. Chan Sing Ming[5](index=5&type=chunk)[6](index=6&type=chunk) - The company's auditor is Ernst & Young, with principal bankers including HSBC, Bank of China (Hong Kong), and Citibank (Hong Kong)[8](index=8&type=chunk)[9](index=9&type=chunk) - The company's stock code is **1433**, and its website is http://www.cirtek.com[9](index=9&type=chunk)[10](index=10&type=chunk) [Management Discussion and Analysis](index=4&type=section&id=Management%20Discussion%20and%20Analysis) This section provides a comprehensive overview of the Group's operational and financial performance, strategic initiatives, liquidity, and future outlook amidst global economic challenges [Review of Operations](index=5&type=section&id=Review%20of%20Operations) Despite global macroeconomic challenges, the Group maintained stable H1 2025 operations with slight revenue decrease but improved gross margin, driven by strategic expansion, innovation, and successful integration - The global macroeconomic environment remains complex, with ongoing trade frictions and tariff adjustments pressuring global supply chains and increasing market caution[11](index=11&type=chunk)[13](index=13&type=chunk) - In H1 2025, Mainland China's GDP grew **5.3%** year-on-year, with retail sales up **5.0%**; Eurozone GDP slightly increased **0.1%** quarter-on-quarter; US GDP growth slowed to **1.25%** year-on-year, but retail sales still rose **3.6%** year-on-year[11](index=11&type=chunk)[13](index=13&type=chunk) Group's Key Operating Indicators for H1 2025 | Indicator | H1 2025 (HKD Million) | H1 2024 (HKD Million) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Revenue | 258.2 | 264.5 | -2.4% | | Gross Profit Margin | 47.1% | 46.9% | +0.2 percentage points | - The Group strategically expanded its overseas sales team in H2 2024 to retain existing clients and secure more orders, leading to increased operating costs during the period[12](index=12&type=chunk)[14](index=14&type=chunk) - The Group's sales network spans over **40** markets globally, with production bases in Mainland China, Vietnam, Bangladesh, India, Turkey, Central America, and Southern Europe, effectively diversifying market and operational risks[15](index=15&type=chunk)[17](index=17&type=chunk) - The Group is committed to applying **RFID technology** to label products and actively introducing new eco-friendly materials and products to meet market demand for sustainable development, strengthening and expanding its customer base[16](index=16&type=chunk)[18](index=18&type=chunk) - The business integration of French packaging company Primway S.A.R.L was completed last year, successfully introducing new French clients and securing orders for the Group during the review period[19](index=19&type=chunk)[24](index=24&type=chunk) [Business and Financial Review](index=7&type=section&id=Business%20and%20Financial%20Review) This section reviews H1 2025 financial performance, showing slight revenue and gross profit declines, increased operating expenses, a shift to other operating expenses, and reduced profit for the period Key Financial Data for H1 2025 | Indicator | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Revenue | 258,178 | 264,519 | -2.4% | | Gross Profit | 121,611 | 124,174 | -2.1% | | Gross Profit Margin | 47.1% | 46.9% | +0.2 percentage points | | Other income and gains | 2,451 | 2,525 | -2.9% | | Selling and distribution expenses | 33,732 | 31,557 | +6.9% | | Administrative expenses | 60,283 | 57,323 | +5.2% | | Other operating (expenses)/income, net | (913) | 1,084 | Shift from income to expense | | Finance costs | 1,181 | 1,263 | -6.5% | | Income tax expense | 3,518 | 6,556 | -46.3% | | Profit for the period | 24,340 | 31,292 | -22.3% | - The slight decrease in gross profit was primarily due to a shift in product mix and margin pressure from customers and suppliers[22](index=22&type=chunk)[28](index=28&type=chunk) - Increased selling and distribution expenses were mainly attributable to higher staff costs and consultancy fees[30](index=30&type=chunk)[34](index=34&type=chunk) - The rise in administrative expenses was primarily due to inflationary impacts and increased operating costs from the Group's expansion strategy[31](index=31&type=chunk)[36](index=36&type=chunk) - Other operating income shifted to expense, mainly due to exchange differences and impairment of trade receivables[32](index=32&type=chunk)[37](index=37&type=chunk) - Reduced finance costs resulted from the repayment of certain bank loans during the reporting period[33](index=33&type=chunk)[39](index=39&type=chunk) - The significant decrease in income tax expense was mainly due to lower profit leading to reduced tax provisions[40](index=40&type=chunk)[41](index=41&type=chunk)[47](index=47&type=chunk) [Capital Structure, Liquidity and Financial Resources](index=9&type=section&id=Capital%20Structure%2C%20Liquidity%20and%20Financial%20Resources) As of June 30, 2025, the Group maintained robust liquidity with increased cash, reduced borrowings, and ample unutilized credit, despite a slight dip in net current assets Liquidity Position as of June 30, 2025 | Indicator | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | Change | | :--- | :--- | :--- | :--- | | Net current assets | 81,100 | 88,100 | -7.9% | | Inventories | 69,000 | 83,200 | -17.1% | | Trade receivables | 53,900 | 57,600 | -6.5% | | Trade payables | 47,100 | 64,200 | -26.6% | | Cash and cash equivalents | 76,200 | 68,500 | +11.2% | | Pledged deposits | 4,400 | 4,300 | +2.3% | | Interest-bearing bank borrowings | 4,000 | 6,200 | -35.5% | | Total bank facilities | 120,800 | N/A | N/A | | Utilized bank facilities | 4,100 | N/A | N/A | | Unutilized bank facilities | 116,700 | N/A | N/A | - The Group's working capital is primarily sourced from cash generated by daily operations, equity funding, and interest-bearing loans[43](index=43&type=chunk)[49](index=49&type=chunk) - The Company has no intention to draw down the unutilized bank credit facilities, indicating confidence in its current liquidity[51](index=51&type=chunk)[55](index=55&type=chunk) [Foreign Exchange Exposure](index=10&type=section&id=Foreign%20Exchange%20Exposure) The Group's transactions and monetary assets are primarily denominated in HKD, RMB, EUR, and USD. While currently lacking a hedging policy, the Group faced no significant difficulties from exchange rate fluctuations in H1 2025 and will continue to monitor foreign exchange risks - The Group's transactions and monetary assets are primarily denominated in **HKD, RMB, EUR, and USD**[52](index=52&type=chunk)[56](index=56&type=chunk) - The Group currently has no foreign exchange hedging policy, but its operations or liquidity did not face any significant difficulties or impacts from exchange rate fluctuations for the six months ended June 30, 2025[52](index=52&type=chunk)[56](index=56&type=chunk) - The Group will continue to monitor its foreign exchange exposure and consider hedging significant currency risks when necessary[53](index=53&type=chunk)[57](index=57&type=chunk) [Charges on Group Assets](index=10&type=section&id=Charges%20on%20Group%20Assets) As of June 30, 2025, the Group pledged plant and machinery with a net book value of approximately **HK$6.7 million** and life insurance policies with a book value of approximately **HK$6.2 million** to secure bank loans Pledged Assets | Pledged Assets | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Plant and machinery | 6,700 | N/A | | Life insurance policies | 6,200 | 6,000 | [Prospects](index=11&type=section&id=Prospects) For 2025, the Group anticipates global economic constraints, responding by deepening global strategy, controlling costs, expanding RFID technology, strengthening sales, and maintaining financial prudence to seize opportunities - According to UN reports, global economic growth in 2025 will continue to face dual constraints from geopolitical tensions and trade policies, leading to cautious corporate investment and suppressed recovery by high debt and low productivity[59](index=59&type=chunk)[62](index=62&type=chunk) - The Group will leverage the advantages of its diverse regional production bases to serve local and neighboring markets, swiftly adjusting production capacity in response to market demand[60](index=60&type=chunk)[62](index=62&type=chunk) - The Group will strictly control costs through **automated production** and a **centralized procurement system**, while continuously expanding **RFID technology** related products and application markets to strengthen its competitive advantage[60](index=60&type=chunk)[61](index=61&type=chunk)[62](index=62&type=chunk)[63](index=63&type=chunk) - To expand market coverage, the Group will recruit local sales talent, broaden its sales network, and strive for high-quality clients and high-value orders[61](index=61&type=chunk)[63](index=63&type=chunk) - The Group will adhere to a prudent financial policy, controlling debt levels, strengthening cash flow, and maintaining ample cash reserves to enhance financial resilience and seize medium-to-long-term development opportunities[61](index=61&type=chunk)[63](index=63&type=chunk) [Corporate Governance and Other Information](index=12&type=section&id=Corporate%20Governance%20and%20Other%20Information) This section details the Company's adherence to corporate governance standards, policies on securities transactions, dividend practices, public float, and other significant corporate events and employee information [Compliance with the Corporate Governance Code](index=12&type=section&id=Compliance%20with%20the%20Corporate%20Governance%20Code) The Company maintains high corporate governance standards, with the Board confirming full compliance with Listing Rules Appendix C1 during the review period - The Company is committed to maintaining high standards of corporate governance to safeguard shareholders' interests, enhance company value, and ensure accountability[65](index=65&type=chunk)[67](index=67&type=chunk) - The Board has confirmed that the Company complied with all code provisions of the Corporate Governance Code as set out in Appendix C1 to the Listing Rules during the review period[65](index=65&type=chunk)[67](index=67&type=chunk) [Model Code for Securities Transactions by Directors of the Company](index=13&type=section&id=Model%20Code%20for%20Securities%20Transactions%20by%20Directors%20of%20the%20Company) The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers in Appendix C3 of the Listing Rules, with all directors and senior management confirming compliance during the reporting period - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 to the Listing Rules[68](index=68&type=chunk)[74](index=74&type=chunk) - All Directors and senior management confirmed their compliance with the relevant provisions of the Model Code from the Listing Date up to the date of this report[68](index=68&type=chunk)[74](index=74&type=chunk) [Interim Dividend](index=13&type=section&id=Interim%20Dividend) The Board does not recommend paying an interim dividend for the six months ended June 30, 2025 (2024: nil) - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 (2024: nil)[69](index=69&type=chunk)[75](index=75&type=chunk) [Sufficiency of Public Float](index=13&type=section&id=Sufficiency%20of%20Public%20Float) As of the date of this report, the Company maintained the prescribed public float of not less than **25%** as required by the Listing Rules - The Company maintained the prescribed public float of not less than **25%** as required by the Listing Rules[69](index=69&type=chunk)[76](index=76&type=chunk) [Material Acquisitions and Disposals](index=13&type=section&id=Material%20Acquisitions%20and%20Disposals) During the reporting period, the Group had no material acquisitions or disposals of subsidiaries, associates, or joint ventures - During the reporting period, the Group had no material acquisitions and disposals of subsidiaries, associates, and joint ventures[70](index=70&type=chunk)[77](index=77&type=chunk) [Significant Investments](index=13&type=section&id=Significant%20Investments) During the reporting period, the Group held no significant investments whose fair value exceeded **5%** of the Group's total assets - During the reporting period, the Group held no significant investments whose fair value accounted for more than **5%** of the Group's total assets[71](index=71&type=chunk)[78](index=78&type=chunk) [Event After Reporting Period](index=13&type=section&id=Event%20After%20Reporting%20Period) Subsequent to the six months ended June 30, 2025, and up to the date of this report, the Directors are not aware of any significant events related to the Group's business or financial performance - Subsequent to the six months ended June 30, 2025, and up to the date of this report, no significant events related to the Group's business or financial performance have occurred[72](index=72&type=chunk)[79](index=79&type=chunk) [Contingent Liabilities](index=13&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities (December 31, 2024: nil) - As of June 30, 2025, the Group had no significant contingent liabilities (December 31, 2024: nil)[73](index=73&type=chunk)[80](index=80&type=chunk) [Employees](index=14&type=section&id=Employees) As of June 30, 2025, the Group employed **1,421** staff, with employee benefit expenses (excluding directors' emoluments) of approximately **HK$82.6 million** for the six months then ended, and remuneration reviewed annually based on market terms and individual qualifications Employees and Benefit Expenses | Indicator | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Number of employees | 1,421 | N/A | | Employee benefit expenses (excluding directors' emoluments) | 82.6 Million HKD | 78.6 Million HKD | - Remuneration packages are generally determined by reference to market terms and individual qualifications, with salaries and wages reviewed annually based on performance appraisals and other relevant factors[81](index=81&type=chunk)[85](index=85&type=chunk) [Share Option Scheme](index=14&type=section&id=Share%20Option%20Scheme) The Company adopted a Share Option Scheme on February 21, 2020, valid for ten years. As of June 30, 2025, **198,000,000** options were authorized for grant. No new options were granted during the period, but **2,000,000** options granted to a senior management member at an exercise price of **HK$0.057** per share remain outstanding, representing **0.1%** of weighted average issued shares - The Share Option Scheme was adopted on **February 21, 2020**, and is valid for ten years from **March 12, 2020**[82](index=82&type=chunk)[86](index=86&type=chunk) - As of January 1, 2025, and June 30, 2025, the total number of share options authorized for grant under the scheme was **198,000,000**[84](index=84&type=chunk)[86](index=86&type=chunk) - On **September 15, 2020**, **2,000,000** share options were granted to a senior management member with an exercise price of **HK$0.057** per share, with vesting and exercise periods extending to **September 14, 2025**[83](index=83&type=chunk)[89](index=89&type=chunk) - For the six months ended June 30, 2025, the Company did not grant any share options under the Share Option Scheme[84](index=84&type=chunk)[86](index=86&type=chunk) - The total number of shares that may be issued upon exercise of granted share options (**2,000,000** shares) represents **0.1%** of the weighted average number of issued shares (**2,000,000,000** shares) for the six months ended June 30, 2025[87](index=87&type=chunk) [Purchase, Sale or Redemption of Listed Securities of the Company Including Treasury Shares](index=15&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20Listed%20Securities%20of%20the%20Company%20Including%20Treasury%20Shares) During the reporting period, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities. As of June 30, 2025, the Company held **10,460,000** treasury shares, with their disposition to be determined based on market conditions and capital management needs - During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[90](index=90&type=chunk)[91](index=91&type=chunk) Changes in Treasury Shares | Item | June 30, 2025 (shares) | December 31, 2024 (shares) | | :--- | :--- | :--- | | Balance at beginning of period | 10,410,000 | 0 | | Purchased during the period | 50,000 | 10,410,000 | | Balance at end of period | 10,460,000 | 10,410,000 | - The Company intends to decide whether and when to cancel or sell these repurchased treasury shares at market price from time to time, based on market conditions and the Group's capital management needs[90](index=90&type=chunk)[91](index=91&type=chunk) [Disclosure of Interests](index=16&type=section&id=Disclosure%20of%20Interests) This section discloses the long positions of Directors, chief executives, and substantial shareholders in the Company's shares. Mr. Chan Sing Ming and Ms. Law Miu Lan indirectly hold **65.4%** through Charming International Limited, while Mr. Chan Tsz Fung directly holds **0.6%**. Charming International Limited is the only substantial shareholder (excluding Directors) with **5%** or more interest. No short positions were disclosed during the reporting period Directors' and Chief Executives' Long Positions in the Company's Shares | Name of Director | Nature of interest | Number and class of securities | Approximate percentage of total issued share capital | | :--- | :--- | :--- | :--- | | Mr. Chan Sing Ming | Controlled corporation interest | 1,308,000,000 shares | 65.4% | | Ms. Law Miu Lan | Controlled corporation interest | 1,308,000,000 shares | 65.4% | | Mr. Chan Tsz Fung | Beneficial owner | 12,000,000 shares | 0.6% | Substantial Shareholders' Long Positions in the Company's Ordinary Shares | Name of shareholder | Capacity/Nature of interest | Number of shares | Approximate percentage of the Company's total issued share capital | | :--- | :--- | :--- | :--- | | Charming International Limited | Beneficial interest | 1,308,000,000 | 65.4% | - Mr. Chan Sing Ming and Ms. Law Miu Lan respectively own **51%** and **49%** of the issued share capital of Charming International, and are therefore deemed to have an interest in the shares held by Charming International[102](index=102&type=chunk)[103](index=103&type=chunk) - As of June 30, 2025, no Directors and/or chief executives of the Company or their associates held any short positions in the shares or underlying shares of the Company[97](index=97&type=chunk)[100](index=100&type=chunk)[104](index=104&type=chunk)[108](index=108&type=chunk) [Competing Interests](index=18&type=section&id=Competing%20Interests) For the six months ended June 30, 2025, the Directors were unaware of any business or interest directly or indirectly competing with the Group's business, or any other conflicts of interest, involving Directors, substantial shareholders, or their respective associates - The Directors are not aware of any business or conflicts of interest that directly or indirectly compete or may compete with the Group's business[105](index=105&type=chunk)[109](index=109&type=chunk) [Audit Committee and Review of Unaudited Interim Condensed Consolidated Financial Information](index=18&type=section&id=Audit%20Committee%20and%20Review%20of%20Unaudited%20Interim%20Condensed%20Consolidated%20Financial%20Information) The Audit Committee, chaired by Ms. Luk Mei Yan, reviewed the H1 2025 unaudited interim condensed consolidated financial information, confirming compliance with accounting standards and adequate disclosure - The Audit Committee comprises three independent non-executive directors, with Ms. Luk Mei Yan as its chairwoman[106](index=106&type=chunk)[110](index=110&type=chunk) - The Committee is responsible for independently reviewing the effectiveness of financial reporting processes, internal controls, and risk management systems, and assisting the Board in safeguarding the Group's assets[106](index=106&type=chunk)[110](index=110&type=chunk) - The Audit Committee has reviewed the unaudited interim condensed consolidated financial information for the six months ended June 30, 2025, and is of the opinion that it has complied with the applicable accounting standards and made adequate disclosures[111](index=111&type=chunk)[113](index=113&type=chunk) [Forward Looking Statements](index=19&type=section&id=Forward%20Looking%20Statements) This report contains forward-looking statements regarding the Group's future financial position, operating results, and business, which involve known and unknown risks and uncertainties that could cause actual results to differ materially from expectations - This report contains forward-looking statements regarding the Group's financial position, operating results, and business[112](index=112&type=chunk)[114](index=114&type=chunk) - These forward-looking statements involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those expressed or implied in such statements[112](index=112&type=chunk)[114](index=114&type=chunk) [Appreciation](index=19&type=section&id=Appreciation) The Board expresses sincere gratitude to all staff for their hard work and contributions, and to shareholders, customers, and suppliers for their continued support - The Board expresses its appreciation for the dedication, contribution, and professionalism of all staff[115](index=115&type=chunk) - The Board extends its sincere gratitude to all shareholders, customers, and suppliers for their consistent and valuable support to the Group[115](index=115&type=chunk) [Interim Condensed Consolidated Statement of Profit or Loss](index=19&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the Group experienced slight decreases in revenue and gross profit, increased selling and administrative expenses, a shift from other operating income to expense, reduced finance costs, and significantly lower income tax, resulting in a notable decline in profit and earnings per share for the period Summary of Interim Condensed Consolidated Statement of Profit or Loss | Indicator | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Revenue | 258,178 | 264,519 | -2.4% | | Cost of sales | (136,567) | (140,345) | -2.7% | | Gross profit | 121,611 | 124,174 | -2.1% | | Other income and gains | 2,451 | 2,525 | -2.9% | | Selling and distribution expenses | (33,732) | (31,557) | +6.9% | | Administrative expenses | (60,283) | (57,323) | +5.2% | | Other operating (expenses)/income, net | (913) | 1,084 | Shift from income to expense | | Finance costs | (1,181) | (1,263) | -6.5% | | Share of (loss)/profit of an associate | (95) | 208 | Shift from profit to loss | | Profit before tax | 27,858 | 37,848 | -26.4% | | Income tax expense | (3,518) | (6,556) | -46.3% | | Profit for the period | 24,340 | 31,292 | -22.3% | | Basic earnings per share (HK cents) | 1.22 | 1.56 | -21.8% | | Diluted earnings per share (HK cents) | 1.22 | 1.56 | -21.8% | [Interim Condensed Consolidated Statement of Comprehensive Income](index=20&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group's profit for the period was **HK$24.34 million**. Due to other comprehensive loss from net exchange differences on translating foreign operations of **HK$12.96 million**, total comprehensive income attributable to owners of the Company was **HK$11.38 million**, a significant decrease from the prior year Summary of Interim Condensed Consolidated Statement of Comprehensive Income | Indicator | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Profit for the period | 24,340 | 31,292 | -22.3% | | Net exchange differences arising from translation of foreign operations | (12,957) | (9,979) | +29.8% (Loss widened) | | Total comprehensive income for the period attributable to owners of the Company | 11,383 | 21,313 | -46.6% | [Interim Condensed Consolidated Statement of Financial Position](index=21&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total non-current assets slightly decreased, as did total current assets. Total current liabilities decreased, leading to a slight reduction in net current assets. Both total assets less current liabilities and net assets showed a minor downward trend Summary of Interim Condensed Consolidated Statement of Financial Position | Indicator | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | Change | | :--- | :--- | :--- | :--- | | Total non-current assets | 209,328 | 211,864 | -1.2% | | Total current assets | 226,378 | 240,566 | -5.9% | | Inventories | 68,992 | 83,227 | -17.1% | | Trade receivables | 53,939 | 57,562 | -6.3% | | Cash and cash equivalents | 76,222 | 68,519 | +11.2% | | Total current liabilities | 145,258 | 152,500 | -4.7% | | Trade payables | 47,089 | 64,233 | -26.6% | | Interest-bearing bank borrowings | 4,047 | 6,246 | -35.2% | | Net current assets | 81,120 | 88,066 | -7.9% | | Total assets less current liabilities | 290,448 | 299,930 | -3.2% | | Net assets | 242,315 | 245,934 | -1.5% | | Total equity | 242,315 | 245,934 | -1.5% | [Interim Condensed Consolidated Statement of Changes in Equity](index=22&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, the Group's total equity decreased from **HK$245.934 million** at the beginning of the period to **HK$242.315 million**, influenced by a profit for the period of **HK$24.34 million**, other comprehensive loss from foreign currency translation differences (**HK$12.957 million**), and final dividend payments (**HK$15 million**), resulting in a net reduction in equity Summary of Interim Condensed Consolidated Statement of Changes in Equity | Indicator | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Total equity at January 1 | 245,934 | 195,032 | | Profit for the period | 24,340 | 31,292 | | Net exchange differences arising from translation of foreign operations | (12,957) | (9,979) | | Total comprehensive income for the period | 11,383 | 21,313 | | Final dividend | (15,000) | 0 | | Repurchase of shares | (2) | 0 | | Total equity at June 30 | 242,315 | 216,345 | [Interim Condensed Consolidated Statement of Cash Flows](index=23&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash flow from operating activities slightly decreased. Investing activities shifted from net inflow to outflow, mainly due to significantly increased property, plant, and equipment purchases. Net cash used in financing activities decreased, primarily from reduced bank loan repayments. Cash and cash equivalents increased by period-end, but the net increase was lower than the prior year Summary of Interim Condensed Consolidated Statement of Cash Flows | Indicator | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Net cash flows from operating activities | 33,908 | 34,902 | -2.8% | | Net cash (used in)/from investing activities | (15,914) | 5,248 | Shift from inflow to outflow | | Purchase of items of property, plant and equipment | (15,849) | (6,000) | +164.2% (Expenditure increased) | | Net cash flows used in financing activities | (8,454) | (12,182) | -30.6% (Expenditure decreased) | | Repayment of bank loans | (4,282) | (14,277) | -70.0% (Expenditure decreased) | | Net increase in cash and cash equivalents | 9,540 | 27,968 | -65.9% | | Cash and cash equivalents at end of period | 80,653 | 61,105 | +32.0% | - Cash flow from investing activities shifted from a net inflow of **HK$5.248 million** in H1 2024 to a net outflow of **HK$15.914 million** in H1 2025, primarily due to a significant increase in purchases of property, plant, and equipment[122](index=122&type=chunk) - Net cash flows used in financing activities decreased, mainly due to a significant reduction in bank loan repayments[122](index=122&type=chunk) [Notes to Interim Condensed Consolidated Financial Information](index=25&type=section&id=Notes%20to%20Interim%20Condensed%20Consolidated%20Financial%20Information) This section provides detailed notes on the Group's corporate information, basis of preparation, accounting policy changes, operating segments, revenue, profit before tax, income tax, dividends, earnings per share, property, plant and equipment, trade receivables, trade payables, share capital, commitments, related party transactions, and fair value of financial instruments [Corporate and Group Information](index=26&type=section&id=Corporate%20and%20Group%20Information) This note clarifies Cirtek Holdings Limited's registration, principal place of business, primary business of manufacturing and selling printed products, and identifies Charming International Limited as its direct and ultimate holding company - The Company is a limited liability company incorporated in the Cayman Islands, with its principal place of business in Lai Chi Kok, Kowloon, Hong Kong[124](index=124&type=chunk)[129](index=129&type=chunk) - The Group is principally engaged in the manufacture and sale of printed products[125](index=125&type=chunk)[129](index=129&type=chunk) - Charming International Limited is the Company's direct and ultimate holding company[125](index=125&type=chunk)[129](index=129&type=chunk) [Basis of Preparation](index=26&type=section&id=Basis%20of%20Preparation) This unaudited interim condensed consolidated financial information is prepared in accordance with HKAS 34 Interim Financial Reporting and applicable disclosure requirements of the Listing Rules, and should be read in conjunction with the Group's annual consolidated financial statements for the year ended December 31, 2024 - The financial information is prepared in accordance with **HKAS 34 Interim Financial Reporting** and the applicable disclosure requirements of the Listing Rules[126](index=126&type=chunk)[130](index=130&type=chunk) - It should be read in conjunction with the Group's annual consolidated financial statements for the year ended December 31, 2024[126](index=126&type=chunk)[130](index=130&type=chunk) [Changes in Accounting Policies and Disclosures](index=26&type=section&id=Changes%20in%20Accounting%20Policies%20and%20Disclosures) Accounting policies align with 2024 annual statements, except for new HKFRS standards (HKAS 21, HKFRS 1 Amendments) with no significant financial impact, and no early adoption of other new standards - Revised HKFRS accounting standards were adopted, including **HKAS 21** and **HKFRS 1 (Amendments) Lack of Exchangeability**[127](index=127&type=chunk)[131](index=131&type=chunk) - The adoption of the above revised standards had no significant financial impact on this interim condensed consolidated financial information[128](index=128&type=chunk)[131](index=131&type=chunk) - The Group has not early adopted any new and revised HKFRS accounting standards that have been issued but are not yet effective[128](index=128&type=chunk)[131](index=131&type=chunk) [Operating Segment Information](index=27&type=section&id=Operating%20Segment%20Information) The Group has one reportable operating segment: manufacturing and selling printed products. Geographically, Mainland China remains the largest revenue market, but US revenue significantly decreased, while other regions grew. Non-current assets are primarily located in Mainland China and Bangladesh - The Group has only one reportable operating segment, which is the manufacture and sale of printed products[133](index=133&type=chunk)[135](index=135&type=chunk) Revenue by Location of Customers | Region | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Mainland China | 85,437 | 93,527 | -8.6% | | Bangladesh | 45,108 | 44,476 | +1.4% | | Hong Kong | 25,298 | 27,293 | -7.3% | | Vietnam | 24,205 | 21,610 | +12.0% | | India | 13,146 | 15,940 | -17.5% | | United States | 4,355 | 7,797 | -44.1% | | Other countries/regions | 60,629 | 53,876 | +12.5% | | Total revenue | 258,178 | 264,519 | -2.4% | Non-current Assets by Location of Assets | Region | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | Change | | :--- | :--- | :--- | :--- | | Mainland China | 90,485 | 101,094 | -10.5% | | Bangladesh | 57,300 | 47,420 | +20.8% | | Hong Kong | 22,659 | 18,821 | +20.4% | | Vietnam | 8,314 | 5,258 | +58.1% | | Other countries/regions | 23,327 | 30,137 | -22.6% | | Total non-current assets | 202,085 | 202,730 | -0.3% | [Revenue, Other Income and Gains](index=28&type=section&id=Revenue%2C%20Other%20Income%20and%20Gains) The Group's revenue primarily stems from printed product sales, recognized upon goods transfer. For the six months ended June 30, 2025, total revenue was **HK$258.178 million**, slightly down year-on-year. Other income and gains totaled **HK$2.451 million**, mainly from freight and transport income, scrap material sales, government grants, and net fair value gains on financial assets at fair value through profit or loss - Revenue refers to the net invoiced value of goods sold, after deducting provisions for returns, trade discounts, and rebates[142](index=142&type=chunk) - Revenue primarily arises from the sale of printed products, with revenue recognized at the point in time when goods are transferred[144](index=144&type=chunk) Details of Other Income and Gains | Item | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Freight and transport income | 194 | 104 | +86.5% | | Interest income | 17 | 218 | -92.2% | | Sales of scrap materials | 758 | 749 | +1.2% | | Government grants | 197 | 138 | +42.8% | | Net fair value gains on financial assets at fair value through profit or loss | 163 | 94 | +73.4% | | Others | 1,122 | 1,222 | -8.2% | | Total | 2,451 | 2,525 | -2.9% | - Government grants primarily relate to unemployment insurance compensation paid to local governments and the acquisition of new machinery for the Group, recognized in profit or loss over the useful lives of the related assets from deferred income[151](index=151&type=chunk)[152](index=152&type=chunk) [Profit Before Tax](index=30&type=section&id=Profit%20Before%20Tax) This note details expenses impacting profit before tax, showing increases in various costs and depreciation, a shift in net exchange differences to expense, and a reversal in trade receivables impairment Components of Profit Before Tax | Item | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Cost of sales | 136,567 | 140,345 | -2.7% | | Depreciation of property, plant and equipment | 10,099 | 10,258 | -1.5% | | Depreciation of right-of-use assets | 6,696 | 6,397 | +4.7% | | Amortisation of other intangible assets | 44 | 31 | +41.9% | | Short-term lease expenses | 745 | 857 | -13.0% | | Employee benefit expenses (excluding directors' emoluments) | 82,559 | 78,594 | +5.0% | | Net exchange differences | 1,569 | (1,126) | Shift from income to expense | | Trade receivables (reversal of impairment)/impairment | (656) | 324 | Shift from impairment to reversal | | Net gain on disposal of items of property, plant and equipment | 0 | (282) | Shift from gain to nil | - Cost of inventories sold includes employee benefit expenses and depreciation of property, plant and equipment and right-of-use assets[155](index=155&type=chunk) - For the six months ended June 30, 2025, a reversal of inventory provision of **HK$217,000** (2024: **HK$1,649,000**) was included in cost of sales[156](index=156&type=chunk) [Income Tax](index=31&type=section&id=Income%20Tax) The Group is exempt from income tax in the Cayman Islands and British Virgin Islands. Hong Kong profits tax is levied at **16.5%**, with qualifying subsidiaries paying **8.25%** on the first **HK$2 million** of assessable profits under the two-tiered system. Total tax expense for the six months ended June 30, 2025, was **HK$3.518 million**, a significant decrease year-on-year - The Group is not subject to any income tax in the Cayman Islands and the British Virgin Islands[158](index=158&type=chunk)[161](index=161&type=chunk) - Hong Kong profits tax is provided at a rate of **16.5%**, with qualifying subsidiaries subject to the two-tiered profits tax regime paying **8.25%** on the first **HK$2,000,000** of assessable profits[159](index=159&type=chunk)[161](index=161&type=chunk) Details of Income Tax Expense | Item | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Current - Hong Kong | 556 | 948 | -41.4% | | Current - Elsewhere | 2,962 | 5,578 | -46.9% | | Deferred | 0 | 30 | -100.0% | | Total tax expense for the period | 3,518 | 6,556 | -46.3% | [Dividend](index=32&type=section&id=Dividend) The Board does not recommend paying an interim dividend for the six months ended June 30, 2025 (six months ended June 30, 2024: same) - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[163](index=163&type=chunk)[167](index=167&type=chunk) [Earnings Per Share Attributable to Ordinary Equity Holders of the Company](index=32&type=section&id=Earnings%20Per%20Share%20Attributable%20to%20Ordinary%20Equity%20Holders%20of%20the%20Company) For the six months ended June 30, 2025, both basic and diluted earnings per share attributable to ordinary equity holders of the Company were **1.22 HK cents**, down from **1.56 HK cents** in the prior year. Calculations are based on profit for the period and the weighted average number of ordinary shares outstanding, with share options having an anti-dilutive effect on basic EPS Earnings Per Share Data | Indicator | H1 2025 | H1 2024 | Year-on-year Change | | :--- | :--- | :--- | :--- | | Profit attributable to ordinary equity holders of the Company | 24,340,000 HKD | 31,292,000 HKD | -22.3% | | Weighted average number of ordinary shares in issue | 1,989,540,278 shares | 2,000,000,000 shares | -0.5% | | Basic earnings per share | 1.22 HK cents | 1.56 HK cents | -21.8% | | Diluted earnings per share | 1.22 HK cents | 1.56 HK cents | -21.8% | - No adjustment has been made to the basic earnings per share amounts for dilution as the outstanding share options had an anti-dilutive effect on the basic earnings per share amounts presented[165](index=165&type=chunk)[168](index=168&type=chunk) [Property, Plant and Equipment](index=32&type=section&id=Property%2C%20Plant%20and%20Equipment) For the six months ended June 30, 2025, the Group's acquisitions of property, plant and equipment amounted to approximately **HK$15.85 million**, a significant increase from **HK$5.642 million** in the prior year Acquisition Cost of Property, Plant and Equipment | Item | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Acquisition cost | 15,850 | 5,642 | +180.9% | [Trade Receivables](index=33&type=section&id=Trade%20Receivables) As of June 30, 2025, the Group's net book value of trade receivables was **HK$53.939 million**, a decrease from December 31, 2024. Credit terms typically range from **30 to 90 days**. The aging analysis shows a significant reduction in receivables over three months old Trade Receivables and Impairment | Indicator | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | Change | | :--- | :--- | :--- | :--- | | Trade receivables | 55,855 | 60,134 | -7.1% | | Impairment | (1,916) | (2,572) | -25.5% | | Net book value | 53,939 | 57,562 | -6.3% | - The Group primarily enters into trade terms with customers on credit, with credit periods generally ranging from **30 to 90 days** from the statement date[171](index=171&type=chunk)[172](index=172&type=chunk) Aging Analysis of Trade Receivables (Net of Loss Allowance) | Aging | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | Change | | :--- | :--- | :--- | :--- | | Within 1 month | 29,637 | 32,204 | -8.0% | | 1 to 2 months | 14,444 | 14,381 | +0.4% | | 2 to 3 months | 9,063 | 6,629 | +36.7% | | Over 3 months | 795 | 4,348 | -81.7% | | Total | 53,939 | 57,562 | -6.3% | [Trade Payables](index=34&type=section&id=Trade%20Payables) As of June 30, 2025, the Group's total trade payables were **HK$47.089 million**, a significant decrease from December 31, 2024. Trade payables are non-interest-bearing and typically settled within **30 to 150 days**. The aging analysis shows a notable reduction in payables within one month, while those aged two to three months increased Aging Analysis of Trade Payables | Aging | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | Change | | :--- | :--- | :--- | :--- | | Within 1 month | 8,912 | 26,093 | -65.9% | | 1 to 2 months | 10,974 | 17,992 | -38.9% | | 2 to 3 months | 24,059 | 10,317 | +133.2% | | Over 3 months | 3,144 | 9,831 | -68.0% | | Total | 47,089 | 64,233 | -26.6% | - Trade payables are non-interest-bearing and are normally settled within **30 to 150 days**[177](index=177&type=chunk)[178](index=178&type=chunk) [Share Capital](index=34&type=section&id=Share%20Capital) As of June 30, 2025, the Company's authorized and issued and fully paid share capital remained stable. During the period, the Company repurchased **50,000** shares on the Stock Exchange for a total consideration of **HK$2,000**, increasing total treasury shares to **10,460,000** Share Capital Structure | Item | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Authorized share capital (5,000,000,000 shares of HK$0.01 each) | 50,000 | 50,000 | | Issued and fully paid share capital (2,000,000,000 shares of HK$0.01 each) | 20,000 | 20,000 | Changes in Treasury Shares | Item | Number of ordinary shares | Amount (HK$ Thousand) | | :--- | :--- | :--- | | Balance at January 1, 2025 | 10,410,000 | 416 | | Purchased during the period | 50,000 | 2 | | Balance at June 30, 2025 | 10,460,000 | 418 | [Commitments](index=35&type=section&id=Commitments) As of June 30, 2025, the Group's contracted but unprovided commitments for plant and machinery were **HK$0.523 million**, a significant decrease from **HK$3.418 million** as of December 31, 2024 Contractual Commitments | Item | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | Change | | :--- | :--- | :--- | :--- | | Plant and machinery (contracted but not provided for) | 523 | 3,418 | -84.7% | [Related Party Transactions](index=36&type=section&id=Related%20Party%20Transactions) During the period, the Group engaged in product sales (**HK$1.821 million**) and commission expenses (**HK$2.708 million**) with an associate. Sales to the associate were at published prices for major customers but with longer credit terms. Key management personnel emoluments totaled **HK$3.188 million** Details of Related Party Transactions | Item | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Sales of products to an associate | 1,821 | 1,104 | +65.0% | | Commission expenses | 2,708 | 2,364 | +14.6% | - Sales to an associate are conducted at published prices offered to the Group's major customers, but generally with longer credit terms of up to **six months**[186](index=186&type=chunk)[190](index=190&type=chunk) - Commission expenses arose from sales of subsidiary products arranged by an associate, with commissions charged at **3% to 5%** of the transaction value[187](index=187&type=chunk) Key Management Personnel Emoluments | Item | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Salaries, allowances and benefits in kind | 3,170 | 3,771 | -15.9% | | Pension scheme contributions | 18 | 27 | -33.3% | | Total | 3,188 | 3,798 | -16.1% | [Fair Value and Fair Value Hierarchy of Financial Instruments](index=37&type=section&id=Fair%20Value%20and%20Fair%20Value%20Hierarchy%20of%20Financial%20Instruments) This note details fair value measurement of financial instruments, with key management insurance contracts (Level 3) valued at **HK$6.23 million**, showing an increase, and no transfers between fair value hierarchy levels Financial Assets at Fair Value Through Profit or Loss | Item | June 30, 2025 (HK$ Thousand) | June 30, 2024 (HK$ Thousand) | Change | | :--- | :--- | :--- | :--- | | Financial assets | 6,230 | 6,034 | +3.2% | - The fair values of financial instruments such as cash and cash equivalents, trade receivables, trade payables, and lease liabilities approximate their carrying amounts, primarily due to their short maturities[193](index=193&type=chunk)[197](index=197&type=chunk) - Key management personnel insurance contracts are classified as financial assets at fair value through profit or loss, with their fair value measured based on account value less surrender charges[196](index=196&type=chunk)[198](index=198&type=chunk) Changes in Fair Value Hierarchy (Level 3) | Item | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | At January 1 | 6,067 | 5,940 | | Total gains recognized in profit or loss | 163 | 127 | | At June 30/December 31 | 6,230 | 6,067 | - During the period, there were no transfers between Level 1 and Level 2 fair value measurements for financial assets and liabilities, nor any transfers into or out of Level 3[207](index=207&type=chunk)

GEM的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他 在聯交所上市的公司帶有較高投資風險。有意投資的人士應了解投資於該 等公司的潛在風險，並應經過審慎周詳的考慮後方作出投資決定。 由於GEM上市公司普遍為中小型公司，在GEM買賣的證券可能會較於聯交 所主板買賣的證券承受較大的市場波動風險，同時無法保證在GEM買賣的 證券會有高流通量的市場。 中期報告 1 2025中期報告 | 藍港互動集團有限公司 香港聯合交易所有限公司（「聯交所」）GEM的特色 香港交易及結算所有限公司及聯交所對本報告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本報告全部或任何部 分內容而產生或因倚賴該等內容而引致的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， 旨在提供有關藍港互動集團有限公司（「本公司」或「我們」，連同其附屬公 司統稱「本集團」）的資料；本公司董事（「董事」）願就本報告的資料共同及 個別地承擔全部責任。各董事在作出一切合理查詢後確認，就其所深知及 確信，本報告所載資料在各重大方面均屬準確完備，沒有誤導或欺詐成分， 且並無遺漏任何其 ...

[Corporate Information](index=3&type=section&id=Corporate%20Information) This section provides detailed information on the company's board of directors, committees, auditors, principal bankers, registered office, Hong Kong head office and principal place of business, share registrar, legal representative, and corporate website - Board changes: Mr. Tan Wenhua retired as Chairman on June 10, 2025, and Mr. Tan Xin was appointed Chairman and CEO on the same day[4](index=4&type=chunk) - Auditor: Ernst & Young[5](index=5&type=chunk) - Corporate website: www.solargiga.com[10](index=10&type=chunk) [Company Profile](index=5&type=section&id=Company%20Profile) Solargiga Energy Holdings Limited is a leading solar service provider primarily engaged in the manufacturing and sales of PV modules, installation of PV systems, and the development, design, construction, operation, and maintenance of PV power plants - Principal businesses: Manufacturing and trading of PV modules; construction and operation of PV power plants; manufacturing and trading of semiconductors and others[11](index=11&type=chunk)[15](index=15&type=chunk) - As of the end of June 2025, the Group's total module production capacity was **10.2 GW**[12](index=12&type=chunk)[14](index=14&type=chunk) - Main customers for PV modules: Large domestic central enterprises, multinational corporations, and other end-use PV application customers[11](index=11&type=chunk) [Financial Highlights](index=6&type=section&id=Financial%20Highlights) The Group experienced a significant decline in revenue and a shift from gross profit to gross loss in H1 2025, leading to an increased net loss attributable to owners of the parent, primarily due to intense market competition and falling PV module prices 2025 H1 vs 2024 H1 Key Financial Data Comparison | Metric | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change (%) | | :-------------------------------- | :----------------------- | :----------------------- | :--------- | | Revenue | 1,022,337 | 1,693,242 | -39.6% | | (Gross loss)/Gross profit | (8,807) | 21,965 | N/A | | Loss/(Profit) for the period | (109,682) | (101,719) | +7.8% | | Loss/(Profit) attributable to owners of the parent | (109,117) | (101,147) | +7.9% | | Basic loss/(earnings) per share (RMB cents) | (3.28) | (3.04) | +7.9% | [Management Discussion and Analysis](index=7&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of global and China's PV market performance, the Group's operational strategies and achievements, a detailed review of key financial indicators, and an outlook on future business development, highlighting challenges from overcapacity and price competition, and the company's strategic responses through technological innovation and overseas expansion [Market Overview](index=7&type=section&id=Market%20Overview) The global PV market is undergoing a deep adjustment, influenced by economic weakness, trade barriers, and overcapacity, yet long-term growth potential remains significant, driven by energy transition and technological advancements, with policy guidance accelerating industry restructuring towards demand differentiation, technology leadership, and industry consolidation [I. Global PV market performance of the industry in which we operate](index=7&type=section&id=I.%20Global%20PV%20market%20performance%20of%20the%20industry%20in%20which%20we%20operate) The global PV industry is entering a period of deep adjustment amidst continuous expansion, facing challenges such as economic weakness, tariff barriers, and overcapacity, yet it holds immense long-term growth potential, with solar investment projected to be the largest single item in global energy investment in 2025, accelerating technological iteration driving down LCOE, and the market evolving towards diversification, regionalization, and scenario-based development - Global total energy investment is expected to increase to **US$3.3 trillion** in 2025, a **2% year-on-year increase**[19](index=19&type=chunk) - Solar investment is projected to reach **US$450 billion**, becoming the largest single item in the global energy investment list[19](index=19&type=chunk) - The global PV industry is undergoing a profound restructuring, with competition shifting from extensive expansion to a technology-driven, high-intensity reshuffle phase[26](index=26&type=chunk) - Technological iteration is accelerating the reduction of PV levelized cost of electricity (LCOE), with TOPCon technology's market share increasing from **25% in 2023 to over 70% in 2024**, and expected to exceed **80% in 2025**[33](index=33&type=chunk)[35](index=35&type=chunk) - The market is characterized by diversification, regionalization, and scenario-based evolution, with rapid growth in China's industrial and commercial PV sector, and "PV + energy storage" becoming mainstream in overseas residential markets[34](index=34&type=chunk)[37](index=37&type=chunk) [II. The Performance of the PRC Market in the Industry](index=11&type=section&id=II.%20The%20Performance%20of%20the%20PRC%20Market%20in%20the%20Industry) As of the end of June 2025, China's cumulative solar power generation capacity reached **1.1 billion kW**, a year-on-year increase of over **54.2%**, firmly securing its position as the second-largest power source; despite a slight year-on-year decrease in PV module exports, new installed capacity grew by **107.07%** year-on-year, indicating strong short-term demand, but market development uncertainty is heightened in the second half of the year - As of the end of June 2025, China's cumulative solar power generation capacity reached **1.1 billion kW**, a year-on-year increase of over **54.2%**[37](index=37&type=chunk) - From January to June 2025, China exported **125.6 GW** of PV modules, a year-on-year decrease of **2.82%**[37](index=37&type=chunk) - In H1 2025, China's new PV installed capacity reached **212.21 GW**, a year-on-year increase of **107.07%**[39](index=39&type=chunk) - BloombergNEF (BNEF) predicts China's new installed capacity could reach **368 GW** in 2025, accounting for more than half of the global increase[39](index=39&type=chunk) - Uncertainty in China's PV market development significantly increased in H2 2025, affected by the "rush installation" overdraft effect and "anti-involution" policies[39](index=39&type=chunk) [III. The Performance of Overseas Key Markets in the Industry](index=13&type=section&id=III.%20The%20Performance%20of%20Overseas%20Key%20Markets%20in%20the%20Industry) Overseas major PV markets show varied performance: the US market faces policy uncertainty but maintains long-term growth; despite challenges, solar power became the EU's largest electricity source in June 2025; India continues high growth, becoming the third-largest global PV market; the Middle East shows strong potential with large ground-mounted power plants as the mainstream; and Southeast Asia and other emerging markets also exhibit rapid expansion - US market: InfoLink Consulting forecasts PV module demand to reach **42–49 GW** in 2025, potentially reaching **80 GW** by 2030[43](index=43&type=chunk)[46](index=46&type=chunk) - European market: In June 2025, solar power surpassed nuclear and wind for the first time, becoming the EU's largest electricity source with a **22.1% share** of generation; TrendForce predicts Europe's new PV installed capacity could reach **101.5 GW** in 2025, a year-on-year increase of **6.2%**[44](index=44&type=chunk)[47](index=47&type=chunk) - Indian market: As of June 2025, renewable energy installed capacity reached **234 GW**, with solar accounting for **50% (approximately 117 GW)**, making it the third-largest global PV market[45](index=45&type=chunk)[48](index=48&type=chunk) - Middle East market: IEA forecasts an average annual growth of **23%** in solar power generation from 2025 to 2027, with PV's share in the renewable energy mix expected to increase to **70%** by 2027[49](index=49&type=chunk)[52](index=52&type=chunk) - Southeast Asian market: InfoLink Consulting predicts PV demand could increase to **9–15 GW** in 2025[50](index=50&type=chunk)[52](index=52&type=chunk) - Other emerging markets (South Asia, Latin America, and Africa): Demand growth is stable, with import volumes repeatedly hitting new highs, providing significant growth momentum for the global PV industry[51](index=51&type=chunk)[53](index=53&type=chunk) [IV. Future development trends](index=15&type=section&id=IV.%20Future%20development%20trends) The global PV market is expected to maintain strong growth in H2 2025 and 2026, with long-term recovery to double-digit growth; future trends will feature "demand differentiation and technology leadership," N-type cells will become mainstream, regulators will actively intervene to promote industry consolidation, and Chinese PV enterprises will accelerate "going global" for worldwide deployment; the Group will address challenges through technological innovation and market diversification - SolarPower Europe projects global new PV installed capacity to reach **655 GW** in 2025, a **10% increase**, with China accounting for **53% (approximately 350 GW)**[54](index=54&type=chunk)[56](index=56&type=chunk) - Global annual new installed capacity is expected to reach **1 TW** by 2030, with cumulative installed capacity of **7.1 TW**[54](index=54&type=chunk)[56](index=56&type=chunk) - The global PV market will exhibit "demand differentiation and technology leadership" characteristics, with N-type silicon wafer penetration exceeding **90%**, N-type cells (TOPCon/HJT) becoming mainstream, and perovskite commercialization accelerating[55](index=55&type=chunk)[57](index=57&type=chunk) - Regulatory bodies are actively intervening, with China's National Development and Reform Commission Price Department and the Ministry of Industry and Information Technology leading a symposium, explicitly stating the need to resolutely curb excessive "involution" and irrational price wars in the industry, emphasizing that enterprises must not sell below production costs[59](index=59&type=chunk)[62](index=62&type=chunk) - Chinese PV enterprises will accelerate their "going global" strategy, deploying production capacity and expanding markets worldwide to mitigate trade risks and seek new profit growth points[64](index=64&type=chunk)[67](index=67&type=chunk) - The Group will simultaneously advance R&D for new products like TOPCon and HJT focusing on revenue enhancement, carbon footprint reduction, and scenario customization, while establishing "key customer" and "less competition" principles for overseas expansion and building an elite overseas sales team[58](index=58&type=chunk)[61](index=61&type=chunk)[65](index=65&type=chunk)[67](index=67&type=chunk) [Operation Review](index=17&type=section&id=Operation%20Review) Leveraging 20 years of PV industry experience, the Group focuses on high-quality development in downstream PV module manufacturing and sales, PV system installation, and semiconductor businesses; despite challenges from industry overcapacity and intense price competition in H1 2025, the Group enhances competitiveness through technological innovation, product diversification, and cost control [Operations Summary](index=17&type=section&id=Operations%20Summary) As a vertically integrated solar service provider with 20 years of PV industry experience, the Group's main businesses include PV module manufacturing and sales, PV system construction and operation, and semiconductor business; the Group has obtained over 400 national patents and numerous industry honors, with a total module production capacity of **10.2 GW**, and is actively developing new application areas such as BIPV and zero-carbon mobile buildings - Core businesses: Manufacturing and sales of downstream PV modules, installation of PV systems, development, design, construction, operation, and maintenance of PV power plants, as well as semiconductor manufacturing and trading[68](index=68&type=chunk)[197](index=197&type=chunk) - Experience and honors: **20 years** of deep cultivation in the PV industry, holding over **400 national patents**, and awarded titles such as National High-tech Enterprise, National Green Factory, and ranked **15th** among China's Top 20 PV Module Enterprises in 2025[69](index=69&type=chunk)[70](index=70&type=chunk) - Module capacity: As of the end of June 2025, total annual module production capacity across all production bases is **10.2 GW**, with Yancheng, Jiangsu, contributing **8.3 GW**[71](index=71&type=chunk)[73](index=73&type=chunk)[75](index=75&type=chunk)[76](index=76&type=chunk) - Module products: Focus on developing and selling high-efficiency monocrystalline module products, such as N-type high-efficiency modules, large-size modules, busbar-less modules, flexible modules, offshore modules, multi-busbar cell modules, and all-black modules[72](index=72&type=chunk)[76](index=76&type=chunk) - PV system business: Includes traditional distributed power plant EPC, EV PV charging stations, BAPV, BIPV, and zero-carbon mobile building businesses, with a focus on developing BIPV and zero-carbon mobile buildings as two major application areas[79](index=79&type=chunk)[80](index=80&type=chunk) - Semiconductor business: Primarily engaged in the production and sales of **6–8 inch** heavily/lightly doped semiconductor-grade monocrystalline silicon rods and **13–15 inch** semiconductor monocrystalline silicon, with **8 inch** "automotive chip wafers" heavily doped monocrystalline silicon expected to be mainstream in the next three years, and R&D for **12 inch** high-end products underway[84](index=84&type=chunk)[86](index=86&type=chunk) [Operation Strategy](index=22&type=section&id=Operation%20Strategy) The Group's operational strategy involves continuously reducing PV power generation costs through technological innovation, upgrading existing capacity and facilities to improve production efficiency, and focusing on developing a core module product portfolio, thereby enhancing market share and maintaining stable export channels by establishing direct supply relationships with large central enterprises and multinational corporations, leveraging significant module capacity and low-cost, high-quality advantages - Technological innovation: Continuously advancing PV production technology leaps and cost-effectiveness improvements to achieve grid parity and low-price grid connection targets[85](index=85&type=chunk)[87](index=87&type=chunk) - Capacity upgrade: Continuously upgrading existing capacity and facilities to align with technological advancements and improve production efficiency[85](index=85&type=chunk)[87](index=87&type=chunk) - Core product strategy: Continuing to develop the module product portfolio, focusing on effective utilization of existing resources and capacity[88](index=88&type=chunk)[91](index=91&type=chunk) - Market expansion: Establishing direct supply relationships with large domestic central enterprises and international multinational corporations, leveraging significant module capacity and low-cost, high-quality advantages to maintain more stable export channels for module products[88](index=88&type=chunk)[91](index=91&type=chunk) [Operating Performance](index=23&type=section&id=Operating%20Performance) In H1 2025, the Group faced severe challenges from oversupply across the entire PV industry chain and intense price competition, leading to a **20.9%** decrease in PV module external shipments; despite this, the Group actively responded to market changes by launching diversified, high-efficiency module products and applying cost-reducing and efficiency-improving materials, with market prices expected to gradually stabilize and operating performance likely to improve in the future - PV module external shipments: Decreased from **1,908.9 MW** in the same period last year to **1,509.5 MW** in the current period, a **20.9% reduction**[90](index=90&type=chunk)[92](index=92&type=chunk) - Market competition: Oversupply across the entire PV industry chain and vicious competition among peers led to average product selling prices significantly below sustainable production costs[90](index=90&type=chunk)[92](index=92&type=chunk) - Product diversification: Launched monocrystalline high-efficiency module products for various application scenarios, including large-size high-power modules (up to **740W**), 183N series all-black modules, low-gloss modules, 2000V system voltage modules, HJT cell modules, 0BB cell modules, and lightweight modules[93](index=93&type=chunk)[95](index=95&type=chunk) - Cost control: Actively promoted the application of efficiency-improving and cost-reducing materials, such as gap reflective film, laser welding wire, new aluminum alloy frames, and low-grammage encapsulant film, effectively reducing module costs[94](index=94&type=chunk)[96](index=96&type=chunk) - Future outlook: PV module market price declines are expected to gradually stabilize, and the Group will seize market share through product application, performance and quality improvements, technological cost advantages, and a strong customer base[97](index=97&type=chunk)[100](index=100&type=chunk) [Financial Review](index=25&type=section&id=Financial%20Review) In H1 2025, the Group's financial performance was significantly impacted by falling PV module prices and reduced shipments, leading to increased gross loss and net loss; key financial indicators such as revenue, gross margin, and various expenses experienced substantial changes, with a significant increase in impairment losses on trade receivables and a rise in net gearing ratio, indicating a decrease in liquidity [Revenue](index=25&type=section&id=Revenue) The Group's revenue for H1 2025 was **RMB1,022.3 million**, a **39.6%** decrease compared to H1 2024, primarily due to reduced PV module external shipments and continuous price declines Revenue Comparison | Metric | H1 2025 (RMB millions) | H1 2024 (RMB millions) | Change (%) | | :--- | :----------------------- | :----------------------- | :--------- | | Revenue | 1,022.3 | 1,693.2 | -39.6% | - Main reasons: Reduced PV module external shipments and intense market competition leading to continuous declines in PV module prices[98](index=98&type=chunk)[101](index=101&type=chunk) [Cost of sales](index=25&type=section&id=Cost%20of%20sales) Cost of sales for the period was **RMB1,031.1 million**, a **38.3%** decrease from H1 2024, consistent with the trend of reduced PV module external shipments and declining revenue Cost of Sales Comparison | Metric | H1 2025 (RMB millions) | H1 2024 (RMB millions) | Change (%) | | :--- | :----------------------- | :----------------------- | :--------- | | Cost of sales | 1,031.1 | 1,671.3 | -38.3% | - Main reasons: Consistent with reduced PV module external shipments and corresponding revenue decline[99](index=99&type=chunk)[102](index=102&type=chunk) [Gross profit margin](index=26&type=section&id=Gross%20profit%20margin) The Group's gross margin for H1 2025 turned negative at **-0.9%**, recording a gross loss of **RMB8.8 million**, compared to a gross margin of **1.3%** and a gross profit of **RMB22.0 million** in H1 2024, primarily attributable to the decrease in average selling price of PV modules and increased unit fixed costs due to lower production volume Gross Margin and Gross Profit Comparison | Metric | H1 2025 | H1 2024 | | :---------------- | :----------- | :----------- | | Gross margin | -0.9% | 1.3% | | Gross loss/Gross profit | (RMB8.8 millions) | RMB22.0 millions | - Main reasons: Decrease in average selling price of PV modules; increase in unit fixed costs due to lower production volume[103](index=103&type=chunk)[107](index=107&type=chunk) [Selling and distribution expenses](index=26&type=section&id=Selling%20and%20distribution%20expenses) Selling and distribution expenses recorded a net gain of **RMB12.3 million** for the period, a significant shift from a net expense of **RMB38.9 million** in H1 2024, primarily due to a larger reversal of warranty provisions amounting to **RMB36.0 million**, as the estimated liability for future warranty claims decreased due to continuous declines in average module selling prices Selling and Distribution Expenses Comparison | Metric | H1 2025 (RMB millions) | H1 2024 (RMB millions) | | :----------------------------- | :----------------------- | :----------------------- | | Selling and distribution expenses, net | 12.3 (net gain) | (38.9) (net expense) | | Reversal of warranty provisions | 36.0 | 4.8 | - Main reasons: Larger reversal of warranty provisions, as the estimated liability for future warranty claims decreased due to continuous declines in average module selling prices[104](index=104&type=chunk)[107](index=107&type=chunk) [Administrative expenses](index=26&type=section&id=Administrative%20expenses) Administrative expenses for the period were approximately **RMB81.9 million**, a **20.3%** decrease from **RMB102.8 million** in H1 2024, primarily attributable to the Group's increased efforts to enhance operational efficiency and implement strict cost controls Administrative Expenses Comparison | Metric | H1 2025 (RMB millions) | H1 2024 (RMB millions) | Change (%) | | :-------------------- | :----------------------- | :----------------------- | :--------- | | Administrative expenses | 81.9 | 102.8 | -20.3% | - Main reasons: The Group's increased efforts to enhance operational efficiency and implement strict cost controls[105](index=105&type=chunk)[108](index=108&type=chunk) [Impairment losses on trade receivables and contract assets](index=26&type=section&id=Impairment%20losses%20on%20trade%20receivables%20and%20contract%20assets) Impairment losses on trade receivables and contract assets for the period were **RMB39.8 million**, a significant increase from **RMB0.3 million** in H1 2024, primarily due to a full provision of approximately **RMB40.22 million** for balances due from one customer after a final judgment in their favor, and impairment of **RMB3.99 million** for other customers with settlement agreements Impairment Losses on Trade Receivables and Contract Assets Comparison | Metric | H1 2025 (RMB millions) | H1 2024 (RMB millions) | | :------------------------------------------ | :----------------------- | :----------------------- | | Impairment losses on trade receivables and contract assets | 39.8 | 0.3 | - Main reasons: A full provision of approximately **RMB40.22 million** for one customer (due to a final judgment in their favor), and impairment of **RMB3.99 million** for other customers with settlement agreements[106](index=106&type=chunk)[109](index=109&type=chunk) [Impairment losses of property, plant, and equipment](index=27&type=section&id=Impairment%20losses%20of%20property,%20plant,%20and%20equipment) Impairment losses of property, plant, and equipment in H1 2025 were approximately **RMB9.0 million**, an **81.6%** decrease from **RMB48.8 million** in H1 2024, primarily due to the recoverable amount being lower than the carrying amount of certain property, plant, and equipment Impairment Losses of Property, Plant, and Equipment Comparison | Metric | H1 2025 (RMB millions) | H1 2024 (RMB millions) | Change (%) | | :------------------------------------------ | :----------------------- | :----------------------- | :--------- | | Impairment losses of property, plant, and equipment | 9.0 | 48.8 | -81.6% | - Main reasons: The recoverable amount was lower than the carrying amount of certain property, plant, and equipment[110](index=110&type=chunk)[115](index=115&type=chunk) [Finance costs](index=27&type=section&id=Finance%20costs) Finance costs decreased by **29.0%** from approximately **RMB31.4 million** in H1 2024 to approximately **RMB22.3 million** in the current period, primarily from bank and other borrowings, as the Group continues its efforts to reduce financing costs Finance Costs Comparison | Metric | H1 2025 (RMB millions) | H1 2024 (RMB millions) | Change (%) | | :------------- | :----------------------- | :----------------------- | :--------- | | Finance costs | 22.3 | 31.4 | -29.0% | - Main reasons: The Group continues its efforts to reduce financing costs by optimizing financing channels[111](index=111&type=chunk)[116](index=116&type=chunk) [Income tax](index=27&type=section&id=Income%20tax) Income tax expense of approximately **RMB1.6 million** was recorded in H1 2025, compared to an income tax credit of approximately **RMB4.0 million** in H1 2024, primarily due to the reversal of deferred tax assets by the Group Income Tax Comparison | Metric | H1 2025 (RMB millions) | H1 2024 (RMB millions) | | :---------- | :----------------------- | :----------------------- | | Income tax | 1.6 (expense) | 4.0 (credit) | - Main reasons: Attributable to the Group's reversal of deferred tax assets[112](index=112&type=chunk)[117](index=117&type=chunk) [Loss attributable to owners of the parent](index=27&type=section&id=Loss%20attributable%20to%20owners%20of%20the%20parent) Net loss attributable to owners of the parent for the period was approximately **RMB109.1 million**, a slight increase from approximately **RMB101.1 million** in H1 2024, primarily due to a gross loss and significant impairment losses on trade receivables and contract assets, partially offset by reduced administrative and selling expenses, lower finance costs, and reduced impairment of property, plant, and equipment Loss Attributable to Owners of the Parent Comparison | Metric | H1 2025 (RMB millions) | H1 2024 (RMB millions) | Change (%) | | :-------------------------------- | :----------------------- | :----------------------- | :--------- | | Loss attributable to owners of the parent | 109.1 | 101.1 | +7.9% | - Main reasons: Gross loss and significant impairment losses on trade receivables and contract assets, largely offset by reduced administrative and selling expenses, lower finance costs, and reduced impairment of property, plant, and equipment[113](index=113&type=chunk)[118](index=118&type=chunk) [Inventory turnover days](index=27&type=section&id=Inventory%20turnover%20days) Inventory turnover days increased to **65 days** for the period, compared to **35 days** as of December 31, 2024, primarily due to a strategic reduction in order intake and external shipments in response to unfavorable market pricing Inventory Turnover Days Comparison | Metric | H1 2025 (days) | December 31, 2024 (days) | Change (days) | | :-------------------- | :---------------- | :------------------- | :-------- | | Inventory turnover days | 65 | 35 | +30 | - Main reasons: Strategic reduction in order intake and external shipments in response to unfavorable market pricing[114](index=114&type=chunk)[119](index=119&type=chunk) [Trade receivables turnover days](index=28&type=section&id=Trade%20receivables%20turnover%20days) Trade receivables turnover days increased from **193 days** as of December 31, 2024, to **273 days** for the period, primarily due to delayed settlements by some customers and reflecting the significant credit events disclosed in this report Trade Receivables Turnover Days Comparison | Metric | H1 2025 (days) | December 31, 2024 (days) | Change (days) | | :-------------------------- | :---------------- | :------------------- | :-------- | | Trade receivables turnover days | 273 | 193 | +80 | - Main reasons: Delayed settlements by some customers and reflecting the significant credit events disclosed in this report[120](index=120&type=chunk)[124](index=124&type=chunk) [Trade payables turnover days](index=28&type=section&id=Trade%20payables%20turnover%20days) Trade payables turnover days for the period were **219 days**, comparable to **205 days** as of December 31, 2024 Trade Payables Turnover Days Comparison | Metric | H1 2025 (days) | December 31, 2024 (days) | Change (days) | | :------------------------- | :---------------- | :------------------- | :-------- | | Trade payables turnover days | 219 | 205 | +14 | [Liquidity and financial resources](index=28&type=section&id=Liquidity%20and%20financial%20resources) As of June 30, 2025, the Group's current ratio decreased to **1.1** (December 31, 2024: **1.2**), net borrowings increased to approximately **RMB485.3 million** (December 31, 2024: **RMB172.5 million**), and the net gearing ratio significantly rose to **57.2%** (December 31, 2024: **17.9%**), indicating increased liquidity pressure Liquidity and Financial Resources Comparison | Metric | June 30, 2025 (RMB millions) | December 31, 2024 (RMB millions) | Change | | :-------------------- | :----------------------- | :----------------------- | :----- | | Current ratio | 1.1 | 1.2 | -0.1 | | Net borrowings | 485.3 | 172.5 | +312.8 | | Cash and bank balances | 124.2 | 270.7 | -146.5 | | Pledged deposits | 211.3 | 511.0 | -299.7 | | Net gearing ratio | 57.2% | 17.9% | +39.3% | [Earnings before interest, taxes, depreciation and amortisation (EBITDA)](index=28&type=section&id=Earnings%20before%20interest,%20taxes,%20depreciation%20and%20amortisation%20(EBITDA)) EBITDA for the period was approximately **RMB-23.6 million** (**-2.3%** of revenue), a significant decrease from approximately **RMB4.2 million** (**0.3%** of revenue) in H1 2024, primarily due to a gross loss and significant impairment losses on trade receivables and contract assets, largely offset by reduced administrative and selling expenses, lower finance costs, and reduced impairment of property, plant, and equipment EBITDA Comparison | Metric | H1 2025 (RMB millions) | H1 2024 (RMB millions) | | :------ | :----------------------- | :----------------------- | | EBITDA | -23.6 | 4.2 | | EBITDA (% of revenue) | -2.3% | 0.3% | - Main reasons: Gross loss and significant impairment losses on trade receivables and contract assets, largely offset by reduced administrative and selling expenses, lower finance costs, and reduced impairment of property, plant, and equipment[123](index=123&type=chunk)[127](index=127&type=chunk) [Net cash inflow/outflow from operating activities](index=29&type=section&id=Net%20cash%20inflow/outflow%20from%20operating%20activities) Net cash inflow from operating activities in H1 2025 was approximately **RMB57.4 million**, a significant improvement from a net cash outflow of approximately **RMB121.7 million** in H1 2024, primarily due to reduced demand for bank acceptance bills resulting from lower external shipments and successful recovery of pledged deposits Cash Flow from Operating Activities Comparison | Metric | H1 2025 (RMB millions) | H1 2024 (RMB millions) | | :------------------------------------ | :----------------------- | :----------------------- | | Net cash inflow/(outflow) from operating activities | 57.4 (inflow) | (121.7) (outflow) | - Main reasons: Decreased external shipments for the period led to reduced demand for bank acceptance bills, and successful recovery of pledged deposits[128](index=128&type=chunk)[133](index=133&type=chunk) [Foreign currency risk](index=29&type=section&id=Foreign%20currency%20risk) The Group primarily faces foreign exchange risks from USD and EUR, but directors expect exchange rate fluctuations not to have a significant impact as the Group achieves natural hedging by using foreign currency trade receivables to settle foreign currency loans and trade payables; future strategies will consider low-risk forward contract transactions to balance interest costs and exchange rate fluctuation risks - Principal foreign exchange risks: USD and EUR[129](index=129&type=chunk) - Risk mitigation: Natural hedging of exchange rates is achieved by using foreign currency trade receivables collected from foreign customers to settle foreign currency loans and trade payables[129](index=129&type=chunk) - Future strategy: Considering low-risk forward contract transactions for hedging to balance high/low interest costs and foreign currency exchange rate fluctuation risks[129](index=129&type=chunk) [Significant investments, material acquisition or disposal of subsidiaries, associated companies and joint ventures](index=29&type=section&id=Significant%20investments,%20material%20acquisition%20or%20disposal%20of%20subsidiaries,%20associated%20companies%20and%20joint%20ventures) For the six months ended June 30, 2025, the Group had no significant investments, material acquisitions, or disposals of subsidiaries, associated companies, and joint ventures - No significant investments, material acquisitions, or disposals of subsidiaries, associated companies, and joint ventures during the period[130](index=130&type=chunk)[135](index=135&type=chunk) [Human resources](index=29&type=section&id=Human%20resources) As of June 30, 2025, the Group's number of employees was **1,670**, a decrease from **2,097** as of December 31, 2024 Employee Count Comparison | Metric | June 30, 2025 | December 31, 2024 | Change | | :-------------- | :----------- | :----------- | :--- | | Number of employees | 1,670 | 2,097 | -427 | [Business Outlook](index=29&type=section&id=Business%20Outlook) Despite industry challenges like overcapacity and price wars, the PV sector has immense long-term growth potential driven by technological advancements, cost reductions, and government support; the Group will deepen strategic synergy and technological innovation, adapt to domestic and international markets, strengthen cooperation with leading central enterprises, accelerate R&D of new-generation high-efficiency module technologies, implement a "key customer + localization" overseas expansion strategy, and establish a comprehensive risk management system to navigate market fluctuations and seize energy transition opportunities - Industry challenges: Market supply-demand imbalance across the entire industry chain, with selling prices consistently below cost, leading to significant declines in financial performance for many enterprises[132](index=132&type=chunk)[137](index=137&type=chunk) - Government intervention: The Chinese government has elevated "anti-involution" to a national strategic level, aiming to curb excessive internal competition and irrational price wars, and stabilize prices across the entire industry chain[138](index=138&type=chunk)[141](index=141&type=chunk) - Market recovery: As PV inventory in regions like Europe is digested, demand in mainstream overseas PV markets is expected to gradually stabilize and grow in 2025; emerging markets such as the Middle East and Africa are rapidly expanding, becoming new growth drivers for the global PV market[140](index=140&type=chunk)[142](index=142&type=chunk) - Group strategy (domestic market): Strengthening strategic cooperation with leading central enterprises and top customers in the distributed PV sector, accelerating research and mass production application of new-generation high-efficiency module technologies like busbar-less (0BB) and back-contact (BC), further promoting cost reduction and efficiency improvement through technology[144](index=144&type=chunk)[147](index=147&type=chunk) - Group strategy (international market): Implementing a "key customer + localization" dual-driven approach, consolidating strategic cooperation with major overseas customers, accelerating the establishment of overseas sales networks, building localized overseas sales teams, and focusing on developing Southeast Asian and Central and Eastern European markets[144](index=144&type=chunk)[147](index=147&type=chunk) - Risk management: Establishing a comprehensive risk system to address price fluctuations, policy, and technological risks, laying the foundation for industry supply-demand rebalancing and the release of technological dividends[144](index=144&type=chunk)[147](index=147&type=chunk) [Dividend](index=31&type=section&id=Dividend) The Directors do not recommend the payment of an interim dividend for the six months ended June 30, 2025 (H1 2024: nil) - No interim dividend recommended for H1 2025[145](index=145&type=chunk)[148](index=148&type=chunk) [Events after the Reporting Period](index=31&type=section&id=Events%20after%20the%20Reporting%20Period) As of the date of this report, no other significant events affecting the Group have occurred since June 30, 2025 - No significant events recorded after the reporting period[146](index=146&type=chunk)[149](index=149&type=chunk) [Disclosure of Interests](index=31&type=section&id=Disclosure%20of%20Interests) This section discloses the interests and short positions of the company's directors, chief executives, and substantial shareholders in the company's shares, underlying shares, and debentures as of June 30, 2025, in accordance with the Securities and Futures Ordinance [Interests and Short Positions of the Directors and the Chief Executives of the Company in the Shares, Underlying Shares and Debentures of the Company and its Associated Corporations](index=32&type=section&id=Interests%20and%20Short%20Positions%20of%20the%20Directors%20and%20the%20Chief%20Executives%20of%20the%20Company%20in%20the%20Shares,%20Underlying%20Shares%20and%20Debentures%20of%20the%20Company%20and%20its%20Associated%20Corporations) As of June 30, 2025, Mr. Tan Xin beneficially held **1.26%** of the company's ordinary shares, and Mr. Wang Junze beneficially held less than **0.01%** of the ordinary shares Directors' and Chief Executives' Shareholdings | Director's Name | Nature of Interest | Number of Ordinary Shares Held | Approximate Shareholding (%) | | :------- | :------- | :------------- | :--------------- | | Mr. Tan Xin | Beneficial interest | 41,762,000 (L) | 1.26% | | Mr. Wang Junze | Beneficial interest | 100,500 (L) | Less than 0.01% | [Substantial Shareholders' and Other Persons' Interests and Short Positions' in Shares and Underlying Shares](index=33&type=section&id=Substantial%20Shareholders'%20and%20Other%20Persons'%20Interests%20and%20Short%20Positions'%20in%20Shares%20and%20Underlying%20Shares) As of June 30, 2025, substantial shareholders included Mr. Tan Wenhua (totaling **21.43%**), Hiramatsu International Corp. and its controller Hanako Hiramatsu (each holding **8.78%**), and Ms. Shi Danhong and her spouse Mr. Dong Qingshi (each holding **5.48%**) Substantial Shareholders' and Other Persons' Shareholdings | Name | Capacity | Number of Ordinary Shares Held | Approximate Shareholding (%) | | :----------- | :--------------- | :------------- | :--------------- | | Mr. Tan Wenhua | Beneficial interest | 556,924,443 (L) | 16.76% | | | Interest in controlled corporation | 155,320,308 (L) | 4.67% | | Hiramatsu International Corp. | Beneficial owner | 291,835,692 (L) | 8.78% | | Hanako Hiramatsu | Interest in controlled corporation | 291,835,692 (L) | 8.78% | | Ms. Shi Danhong | Beneficial interest | 182,290,000 (L) | 5.48% | | Mr. Dong Qingshi | Spouse's interest | 182,290,000 (L) | 5.48% | [Corporate Governance and Other Information](index=33&type=section&id=Corporate%20Governance%20and%20Other%20Information) This section outlines the company's corporate governance practices, including compliance with the Corporate Governance Code (except for the combined roles of Chairman and CEO), remuneration policy, model code for directors' securities transactions, and the responsibilities of the audit committee, confirming no share schemes or listed securities transactions during the reporting period [Corporate Governance](index=34&type=section&id=Corporate%20Governance) The Company complied with the Corporate Governance Code in H1 2025, except for Code Provision C.2.1 (which stipulates that the roles of Chairman and Chief Executive should be separate); the Board believes that Mr. Tan Xin's dual role as Chairman and CEO helps maintain continuity of company policies and operational stability, ensuring shareholders' interests are fully represented under the Board's supervision - Compliance: The Company complied with the Corporate Governance Code in H1 2025, except for Code Provision C.2.1[162](index=162&type=chunk)[165](index=165&type=chunk) - Combined roles of Chairman and CEO: Mr. Tan Xin has served as both Chairman and CEO of the Company since June 10, 2025[163](index=163&type=chunk)[166](index=166&type=chunk) - The Board believes this arrangement helps maintain continuity of company policies and operational stability, and with a Board comprising two executive directors and three independent non-executive directors, shareholders' interests are fully and fairly represented[163](index=163&type=chunk)[166](index=166&type=chunk) [Emolument Policy](index=34&type=section&id=Emolument%20Policy) The remuneration policy for the Group's employees is formulated by the Remuneration Committee based on their performance, qualifications, and capabilities, while directors' remuneration is determined by the Remuneration Committee with reference to the company's operating results, individual director performance, and comparable market statistics - Employee remuneration: Determined by the Remuneration Committee based on employee performance, qualifications, and capabilities[164](index=164&type=chunk)[167](index=167&type=chunk) - Directors' remuneration: Determined by the Remuneration Committee with reference to the company's operating results, individual director performance, and comparable market statistics[164](index=164&type=chunk)[168](index=168&type=chunk) [Model Code for Securities Transactions by Directors](index=35&type=section&id=Model%20Code%20for%20Securities%20Transactions%20by%20Directors) The Company has adopted the Model Code for Securities Transactions by Directors as set out in Appendix C3 of the Listing Rules and confirms that all Directors complied with the said code for the six months ended June 30, 2025 - The Company has adopted the Model Code as set out in Appendix C3 of the Listing Rules[169](index=169&type=chunk)[173](index=173&type=chunk) - All Directors complied with the Model Code in H1 2025[169](index=169&type=chunk)[173](index=173&type=chunk) [Audit Committee](index=35&type=section&id=Audit%20Committee) The Company's Audit Committee, comprising three independent non-executive directors, has reviewed the accounting principles and practices adopted by the Group and discussed internal controls and financial reporting matters with management, including the review of the interim results for the six months ended June 30, 2025 - Audit Committee members: Composed of three independent non-executive directors[170](index=170&type=chunk)[174](index=174&type=chunk) - Responsibilities: Reviewing the accounting principles and practices adopted by the Group, and discussing matters such as internal controls and financial reporting, including the review of H1 2025 interim results[170](index=170&type=chunk)[174](index=174&type=chunk) [Share Schemes](index=35&type=section&id=Share%20Schemes) The Company had no share schemes during the six months ended June 30, 2025 - The Company had no share schemes in H1 2025[171](index=171&type=chunk)[175](index=175&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=35&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) For the six months ended June 30, 2025, and up to the date of this report, neither the Company nor any of its subsidiaries purchased, redeemed, or sold any of the Company's listed securities - Neither the Company nor any of its subsidiaries purchased, redeemed, or sold any of the Company's listed securities in H1 2025[172](index=172&type=chunk)[176](index=176&type=chunk) [Independent Review Report](index=35&type=section&id=Independent%20Review%20Report) Ernst & Young conducted an independent review of the interim financial information for the six months ended June 30, 2025; the scope of the review is substantially less than an audit, but nothing has come to their attention that causes them to believe the interim financial information is not prepared, in all material respects, in accordance with IAS 34 and HKAS 34 - Reviewing firm: Ernst & Young[184](index=184&type=chunk) - Scope of review: Conducted in accordance with Hong Kong Standard on Review Engagements 2410, with a scope substantially less than an audit[179](index=179&type=chunk)[182](index=182&type=chunk) - Conclusion: Nothing has come to the attention of the reviewing firm that causes them to believe the interim financial information is not prepared, in all material respects, in accordance with IAS 34 and HKAS 34[180](index=180&type=chunk)[183](index=183&type=chunk) [Interim Condensed Consolidated Statement of Profit or Loss](index=36&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) This statement shows the Group recorded a loss for the period of **RMB109.7 million** in H1 2025, an increase from **RMB101.7 million** in H1 2024, primarily impacted by a shift from gross profit to gross loss and a significant increase in impairment of financial and contract assets, despite reductions in administrative and selling expenses Key Data from Interim Condensed Consolidated Statement of Profit or Loss | Metric | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change (%) | | :-------------------------------- | :----------------------- | :----------------------- | :--------- | | Revenue | 1,022,337 | 1,693,242 | -39.6% | | (Gross loss)/Gross profit | (8,807) | 21,965 | N/A | | Other income and gains, net | 41,438 | 94,350 | -56.1% | | Selling and distribution expenses, net | 12,272 (income) | (38,915) (expense) | N/A | | Administrative expenses | (81,930) | (102,761) | -20.3% | | Impairment of financial and contract assets | (39,815) | (271) | >+1000% | | Impairment of property, plant and equipment | (8,966) | (48,767) | -81.6% | | Finance costs | (22,308) | (31,355) | -29.0% | | Loss before tax | (108,116) | (105,754) | +2.2% | | Income tax (expense)/credit | (1,566) | 4,035 | N/A | | Loss for the period | (109,682) | (101,719) | +7.8% | | Loss attributable to owners of the parent | (109,117) | (101,147) | +7.9% | | Basic and diluted loss per share (RMB cents) | (3.28) | (3.04) | +7.9% | [Interim Condensed Consolidated Statement of Comprehensive Loss](index=37&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Loss) This statement shows the Group's total comprehensive loss for H1 2025 was **RMB114.5 million**, an increase from **RMB104.6 million** in H1 2024, primarily comprising the loss for the period and other comprehensive loss from exchange differences on translating overseas operations and fair value changes of equity investments Key Data from Interim Condensed Consolidated Statement of Comprehensive Loss | Metric | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change (%) | | :------------------------------------ | :----------------------- | :----------------------- | :--------- | | Loss for the period | (109,682) | (101,719) | +7.8% | | Exchange differences on translating overseas operations (which may be reclassified to profit or loss subsequently) | (3,275) | (2,899) | +13.0% | | Exchange differences on translating overseas operations (which will not be reclassified to profit or loss subsequently) | (1,468) | – | N/A | | Fair value changes of equity investments measured at fair value through other comprehensive loss | (71) | – | N/A | | Total comprehensive loss for the period (after tax) | (114,496) | (104,618) | +9.4% | | Attributable to owners of the parent | (113,931) | (104,046) | +9.5% | [Interim Condensed Consolidated Statement of Financial Position](index=38&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets decreased to **RMB3,022.3 million** (December 31, 2024: **RMB3,983.0 million**), primarily due to reductions in trade and bills receivables, pledged deposits, and cash and cash equivalents; total liabilities also decreased, but both net current assets and total equity declined, leading to an increased net gearing ratio Key Data from Interim Condensed Consolidated Statement of Financial Position | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (%) | | :-------------------------------- | :----------------------- | :----------------------- | :--------- | | Total non-current assets | 788,733 | 795,839 | -0.9% | | Inventories | 366,752 | 376,852 | -2.7% | | Trade and bills receivables | 1,206,104 | 1,652,443 | -27.0% | | Contract assets | 116,411 | 129,726 | -10.3% | | Pledged deposits | 211,253 | 510,979 | -58.7% | | Cash and cash equivalents | 124,249 | 270,699 | -54.1% | | Total current assets | 2,233,521 | 3,187,190 | -29.9% | | Total current liabilities | 1,951,135 | 2,748,573 | -29.1% | | Net current assets | 282,386 | 438,617 | -35.6% | | Total non-current liabilities | 223,183 | 272,024 | -18.0% | | Net assets | 847,936 | 962,432 | -11.9% | | Total equity | 847,936 | 962,432 | -11.9% | [Interim Condensed Consolidated Statement of Changes in Equity](index=40&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) This statement shows that as of June 30, 2025, total equity attributable to owners of the parent decreased from **RMB944.9 million** on January 1, 2025, to **RMB831.0 million**, primarily due to the loss for the period and changes in exchange reserves and other reserves Key Data from Interim Condensed Consolidated Statement of Changes in Equity | Metric | January 1, 2025 (RMB thousands) | June 30, 2025 (RMB thousands) | Change (RMB thousands) | | :------------------------------------ | :----------------------- | :----------------------- | :--------------- | | Total equity attributable to owners of the parent | 944,916 | 830,985 | (113,931) | | Loss for the period | (109,117) | (109,117) | 0 | | Other comprehensive loss for the period (fair value changes of equity investments) | – | (71) | (71) | | Other comprehensive loss for the period (exchange differences on translating overseas operations) | – | (4,743) | (4,743) | | Total comprehensive loss | (113,931) | (113,931) | 0 | [Interim Condensed Consolidated Statement of Cash Flows](index=41&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) This statement shows the Group generated a net cash inflow of **RMB57.4 million** from operating activities in H1 2025, a significant improvement from a net cash outflow in H1 2024; net cash used in investing activities decreased, and net cash used in financing activities also decreased, ultimately leading to a net decrease in cash and cash equivalents of **RMB147.2 million** Key Data from Interim Condensed Consolidated Statement of Cash Flows | Metric | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :------------------------------------ | :----------------------- | :----------------------- | | Net cash inflow/(outflow) from operating activities | 57,405 (inflow) | (121,717) (outflow) | | Net cash used in investing activities | (44,973) | (82,108) | | Net cash used in financing activities | (159,602) | (175,827) | | Net decrease in cash and cash equivalents | (147,170) | (379,652) | | Cash and cash equivalents at January 1 | 270,699 | 578,364 | | Cash and cash equivalents at June 30 | 124,249 | 198,666 | - In January 2025, the Group disposed of its entire equity interest in Yunxian Yunguang Energy Co., Ltd., a subsidiary, for nil consideration, recording a gain of **RMB88,000** and a net cash outflow from investing activities of **RMB1,000**[191](index=191&type=chunk)[192](index=192&type=chunk) [Notes to Interim Condensed Consolidated Financial Information](index=43&type=section&id=Notes%20to%20Interim%20Condensed%20Consolidated%20Financial%20Information) This section provides detailed notes to the interim condensed consolidated financial information, covering corporate information, accounting policies, operating segments, revenue breakdown, other income and gains, finance costs, income tax, loss per share, property plant and equipment, inventories, trade and other receivables/payables, deferred income, warranty provisions, share capital and dividends, capital commitments, material related party transactions, and fair value measurement of financial instruments [1 Corporate Information](index=44&type=section&id=1%20Corporate%20Information) Solargiga Energy Holdings Limited is a downstream vertically integrated solar service provider, primarily engaged in the manufacturing and trading of PV modules, construction and operation of PV power plants, and manufacturing and trading of semiconductors and others - Core businesses: Manufacturing and trading of PV modules; construction and operation of PV power plants; manufacturing and trading of semiconductors and others[193](index=193&type=chunk)[197](index=197&type=chunk) [2 Basis of Preparation and Changes in Accounting Policies and Disclosures](index=44&type=section&id=2%20Basis%20of%20Preparation%20and%20Changes%20in%20Accounting%20Policies%20and%20Disclosures) The interim condensed consolidated financial information for the six months ended June 30, 2025, has been prepared in accordance with IAS 34 and HKAS 34; accounting policies are consistent with those adopted in the 2024 annual consolidated financial statements, and the newly revised IAS 21/HKAS 21 has no significant impact on the financial position or performance for the period - Basis of preparation: Prepared in accordance with IAS 34 "Interim Financial Reporting" and HKAS 34 "Interim Financial Reporting"[193](index=193&type=chunk)[197](index=197&type=chunk) - Accounting policies: Consistent with those adopted in the 2024 annual consolidated financial statements[193](index=193&type=chunk)[197](index=197&type=chunk) - Impact of amendments: Amendments to IAS 21/HKAS 21 "Lack of Exchangeability" had no impact on the Group's financial position or performance for the period[194](index=194&type=chunk)[196](index=196&type=chunk) [3 Operating Reporting](index=45&type=section&id=3%20Operating%20Reporting) The Group identifies three reportable segments: manufacturing and trading of PV modules (Segment A), construction and operation of PV power plants (Segment B), and manufacturing and trading of semiconductors and others (Segment C); in H1 2025, all segments recorded losses, with Segment A having the highest external sales but a significant year-on-year decrease, and Mainland China remaining the primary market despite a substantial reduction in export sales - Reportable segments: Segment A (manufacturing and trading of PV modules), Segment B (construction and operation of PV power plants), Segment C (manufacturing and trading of semiconductors and others)[198](index=198&type=chunk)[201](index=201&type=chunk) Revenue from External Customers (by Segment) | Segment | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change (%) | | :--- | :----------------------- | :----------------------- | :--------- | | Segment A | 978,957 | 1,632,925 | -40.1% | | Segment B | 22,756 | 36,341 | -37.4% | | Segment C | 20,624 | 23,976 | -14.0% | | Total | 1,022,337 | 1,693,242 | -39.6% | Reportable Segment (Loss)/Profit | Segment | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :----------------------- | :----------------------- | | Segment A | (90,128) | (112,209) | | Segment B | (6,986) | (13,448) | | Segment C | (12,568) | 23,938 | | Total | (109,682) | (101,719) | Revenue from External Customers (by Geographical Location) | Region | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change (%) | | :------------------------ | :----------------------- | :----------------------- | :--------- | | Mainland China | 873,310 | 1,375,824 | -36.6% | | Export sales (subtotal) | 149,027 | 317,418 | -53.1% | | - Japan | 135,777 | 186,444 | -27.2% | | - Asia (excluding Japan) | 12,168 | 20,809 | -41.5% | | - Europe | – | 109,770 | -100% | | - Others | 1,082 | 395 | +173.9% | | Total | 1,022,337 | 1,693,242 | -39.6% | [4 Revenue](index=48&type=section&id=4%20Revenue) The Group's total revenue for H1 2025 was **RMB1,022.3 million**, a year-on-year decrease of **39.6%**; manufacturing and trading of PV modules remained the primary revenue source, but its revenue significantly decreased, while processing services emerged as a new revenue category Revenue Analysis (by Business Type) | Revenue Type | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change (%) | | :------------------------------------ | :----------------------- | :----------------------- | :--------- | | Manufacturing and trading of PV modules | 943,994 | 1,632,925 | -42.2% | | Processing services | 34,963 | – | N/A | | Construction and operation of PV power plants | 22,756 | 36,341 | -37.4% | | Manufacturing and trading of semiconductors and others | 20,624 | 23,976 | -14.0% | | Total | 1,022,337 | 1,693,242 | -39.6% | Revenue from Customer Contracts (by Time of Revenue Recognition) | Time of Revenue Recognition | H1 2025 (RMB thousands) | | :-------------------------- | :--------------- | | Goods transferred at a point in time | 973,734 | | Services transferred over time | 48,603 | [5 Other Income and Gains, Net](index=50&type=section&id=5%20Other%20Income%20and%20Gains,%20Net) Net other income and gains for H1 2025 were **RMB41.4 million**, a **56.1%** decrease from **RMB94.4 million** in H1 2024, primarily due to a significant reduction in government subsidies and a shift from gain to loss on disposal of property, plant and equipment, partially offset by an increase in net foreign exchange gains Other Income and Gains, Net Comparison | Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change (%) | | :------------------------------------ | :----------------------- | :----------------------- | :--------- | | Government subsidies | 21,746 | 48,839 | -55.5% | | Interest income from bank deposits | 4,871 | 7,388 | -34.1% | | Net foreign exchange gains | 10,750 | 2,270 | +373.6% | | (Loss)/gain on disposal of property, plant and equipment | (334) | 19,340 | N/A | | Others (including trade receivables written off in prior years) | 3,340 | 15,723 | -78.7% | | Total | 41,438 | 94,350 | -56.1% | [6 Finance costs](index=50&type=section&id=6%20Finance%20costs) Finance costs decreased by **29.0%** from **RMB31.4 million** in H1 2024 to **RMB22.3 million** in H1 2025, primarily due to reduced interest on bank and other borrowings Finance Costs Comparison | Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change (%) | | :-------------------------- | :----------------------- | :----------------------- | :--------- | | Interest on bank and other borrowings | 20,900 | 30,499 | -31.4% | | Interest on lease liabilities | 1,408 | 856 | +64.5% | | Total | 22,308 | 31,355 | -29.0% | [7 Loss Before Tax](index=51&type=section&id=7%20Loss%20Before%20Tax) The Group's loss before tax for H1 2025 was **RMB108.1 million**, a slight increase from **RMB105.8 million** in H1 2024, impacted by reduced salaries, wages, and other benefits, and depreciation of property, plant and equipment, but significantly affected by a substantial increase in impairment of trade receivables and contract assets, and a shift from gain to loss on disposal of property, plant and equipment Components of Loss Before Tax Comparison | Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change (%) | | :------------------------------------ | :----------------------- | :----------------------- | :--------- | | Salaries, wages and other benefits | 88,273 | 122,207 | -27.7% | | Depreciation of right-of-use assets | 6,647 | 3,791 | +75.3% | | Depreciation of property, plant and equipment | 55,568 | 74,843 | -25.7% | | Write-down of inventories | 1,324 | 12,487 | -89.4% | | Research and development costs | 8,042 | 9,564 | -15.9% | | Reversal of provision for warranty costs | (36,009) | (4,769) | +655.1% | | Impairment of trade receivables and contract assets | 39,815 | 271 | >+1000% | | Impairment of property, plant and equipment | 8,966 | 48,767 | -81.6% | | Loss/(gain) on disposal of property, plant and equipment | 334 | (19,340) | N/A | | Loss/(gain) on disposal of an associate | 102 | (53) | N/A | | Gain on disposal of a subsidiary | (88) | – | N/A | | Cost of inventories sold | 978,034 | 1,652,733 | -40.8% | | Cost of services provided | 53,110 | 18,544 | +186.4% | [8 Income Tax Expense/(Credit)](index=52&type=section&id=8%20Income%20Tax%20Expense/(Credit)) The Group recorded an income tax expense of **RMB1.6 million** in H1 2025, compared to an income tax credit of **RMB4.0 million** in H1 2024, primarily due to the reversal of deferred tax assets; Chinese subsidiaries benefit from a **15%** preferential tax rate for high-tech enterprises and income tax reductions for public infrastructure projects; the Group is assessing the potential impact of Hong Kong's Pillar Two minimum tax legislation on its financial statements Income Tax Expense/(Credit) Comparison | Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :-------------------------- | :----------------------- | :----------------------- | | Current tax – China | 329 | 7,356 | | Deferred tax | 1,237 | (11,391) | | Income tax expense/(credit) | 1,566 (expense) | (4,035) (credit) | - China tax incentives: Jinzhou Yangguang, Jiangsu Yueyang, and Boxinco obtained "High-tech Enterprise" qualifications, applying a **15%** income tax rate; Jiangsu Zhiding's PV system construction projects qualify for income tax reduction for public infrastructure projects, enjoying a halved corporate income tax preferential period[225](index=225&type=chunk)[226](index=226&type=chunk)[227](index=227&type=chunk)[228](index=228&type=chunk)[229](index=229&type=chunk)[231](index=231&type=chunk)[232](index=232&type=chunk) - Pillar Two minimum tax: The Hong Kong SAR has passed relevant legislation, with the Income Inclusion Rule (IIR) and Hong Kong Minimum Top-up Tax (HKMTT) effective retrospectively; the Group is assessing potential risks[232](index=232&type=chunk) [9 Basic and Diluted Loss per Share Attributable to Ordinary Equity Holders of the Parent](index=55&type=section&id=9%20Basic%20and%20Diluted%20Loss%20per%20Share%20Attributable%20to%20Ordinary%20Equity%20Holders%20of%20the%20Parent) Basic and diluted loss per share attributable to ordinary equity holders of the parent for H1 2025 was **RMB3.28 cents**, an increase from **RMB3.04 cents** in H1 2024; the calculation is based on a weighted average of **3,323,771,133** ordinary shares, and the Company had no potentially dilutive ordinary shares outstanding during the period - Basic loss per share: **RMB3.28 cents** in H1 2025 (H1 2024: **RMB3.04 cents**)[233](index=233&type=chunk)[241](index=241&type=chunk) - Weighted average number of shares: **3,323,771,133** ordinary shares[233](index=233&type=chunk)[241](index=241&type=chunk) - Diluted loss per share: The Company had no potentially dilutive ordinary shares outstanding during the period[233](index=233&type=chunk)[241](index=241&type=chunk) [10 Property, Plant and Equipment](index=55&type=section&id=10%20Property,%20Plant%20and%20Equipment) The total cost of additions to property, plant and equipment for the Group in H1 2025 was **RMB58.3 million** (H1 2024: **RMB101.2 million**); an impairment of **RMB8.97 million** was recognized due to certain plant in Segment C being temporarily idle during the period, with the recoverable amount determined based on fair value less costs of disposal - Cost of additions: **RMB58,259,000** in H1 2025 (H1 2024: **RMB101,198,000**)[234](index=234&type=chunk)[238](index=238&type=chunk) - Impairment loss: An impairment of **RMB8,966,000** was recognized in H1 2025 due to certain plant in Segment C being temporarily idle during the period[235](index=235&type=chunk)[238](index=238&type=chunk) [11 Inventories](index=55&type=section&id=11%20Inventories) As of June 30, 2025, total inventories were **RMB366.8 million**, a slight decrease from **RMB376.9 million** as of December 31, 2024, primarily due to a reduction in materials and supplies, while finished goods increased Inventory Composition Comparison | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (%) | | :---------------- | :----------------------- | :----------------------- | :--------- | | Materials and supplies | 43,728 | 87,465 | -50.0% | | Finished goods | 323,024 | 289,387 | +11.6% | | Total | 366,752 | 376,852 | -2.7% | [12 Trade and Bills Receivables](index=56&type=section&id=12%20Trade%20and%20Bills%20Receivables) As of June 30, 2025, total trade and bills receivables were **RMB1,206.1 million**, a **27.0%** decrease from **RMB1,652.4 million** as of December 31, 2024; impairment provisions significantly increased to **RMB82.0 million**, primarily due to a full provisio

公司資料 執行董事 獨立非執行董事 財務總裁 ■ 王錫基先生 公司秘書 ■ 文惠存先生 主要往來銀行 核數師 ■ 國富浩華（香港）會計師事務所 有限公司 執業會計師 註冊公眾利益實體核數師 主要法律顧問 ■ 禮德律師事務所 主要股份過戶登記處 Conyers Corporate Services (Bermuda) Limited Clarendon House 2 Church Street Hamilton HM 11 Bermuda 香港股份過戶登記分處 卓佳秘書商務有限公司 （更改為卓佳證券登記有限公司， 由二零二五年九月一日起生效） 香港夏愨道16號 遠東金融中心17樓 註冊辦事處 Clarendon House 2 Church Street Hamilton HM 11 Bermuda 國際總部 香港北角馬寶道28號 華匯中心27樓 電話：+ 852 3198 0330 傳真：+ 852 2362 5576 投資者及股票分析員如有查詢， 請聯絡： 投資者關係部 香港北角馬寶道28號 華匯中心27樓 呂佩怡女士 電話：+ 852 3198 0378 電郵：Jennifer.Lui@espritho ...

| | 頁次 | | --- | --- | | 公司概況 | 2 | | 公司資料 | 3 | | 給投資者的資料 | 5 | | 簡明綜合財務資料的審閱報告 | 6 | | 簡明綜合全面收益表 | 8 | | 簡明綜合財務狀況表 | 9 | | 簡明綜合權益變動表 | 11 | | 簡明綜合現金流量表 | 13 | | 簡明綜合財務資料附註 | 14 | | 管理層論述及分析 | 33 | | 中期股息 | 42 | | 購買、出售或贖回上市證券 | 42 | | 根據證券及期貨條例董事於股份、債權證或相關股份之權益及淡倉 | 42 | | 根據證券及期貨條例股東於股份或相關股份之權益及淡倉 | 43 | | 購股權計劃 | 44 | | 變更核數師 | 44 | | 企業管治守則 | 44 | | 致謝 | 45 | | 釋義 | 46 | 1 首佳科技製造有限公司 公司概況 首佳科技製造有限公司（「首佳科技」；及其附屬公司，統稱為「本集團」）於一九九二年四 月在聯交所上市。首鋼集團有限公司（北京國有資產監督管理委員會直接監督之國有企 業）與其主要受控法團、Redamancy及Bekaert為首佳科技之 ...

[CEO's Report](index=4&type=section&id=%E8%A1%8C%E6%94%BF%E7%B8%BD%E8%A3%81%E5%A0%B1%E5%91%8A) [Overview](index=4&type=section&id=%E6%A6%82%E8%A7%88) The Group achieved a turnaround to profit for the six months ended June 30, 2025, recording a profit attributable to company owners of HK$9.7 million, primarily due to business streamlining, cost control, and improved investment portfolio performance - The Group achieved a turnaround to profit, recording a profit attributable to company owners of **HK$9.7 million**, a significant improvement from a loss of HK$14.2 million in the same period last year[3](index=3&type=chunk) - The turnaround was primarily driven by business streamlining, proactive cost control, and improved investment portfolio performance[3](index=3&type=chunk) - The Hong Kong retail market faced challenges, with retail sales declining by **5.5% year-on-year**, and significant resistance in high-end luxury retail[3](index=3&type=chunk) - The Siu Wan fashion retail business continued to implement loss reduction measures and actively lowered fixed operating costs, with operating results nearing break-even[3](index=3&type=chunk) - The investment portfolio made a positive contribution to financial performance, with private equity fund investments recording significant fair value gains, partially offset by a **HK$2.1 million** decline in investment property valuations[4](index=4&type=chunk) - The gazettal process for road improvement works at Villa Esplanada is progressing and is expected to take over **18 months**[4](index=4&type=chunk) [Financial Review](index=5&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) The Group's continuing operations recorded a profit of HK$11,866 thousand for the six months ended June 30, 2025, a significant improvement from a loss of HK$6,585 thousand in the prior period Key Financial Data for Continuing Operations | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 17,680 | 43,620 | (59%) | | Retail Fashion and Accessories Revenue | 7,817 | 34,840 | (78%) | | Dividend Income | 3,633 | 5,062 | (28%) | | Interest Income | 6,230 | 3,718 | 68% | | Operating Profit/(Loss) | 11,866 | (6,585) | 280% | | Net Fair Value Loss on Investment Properties | (2,100) | (1,100) | (91%) | | Finance Costs | (61) | (419) | 85% | | Profit/(Loss) for the Period | 9,705 | (8,104) | 220% | | Earnings/(Loss) Per Share | 0.59 HK cents | (0.86) HK cents | - | Siu Wan Business Performance | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Sales Revenue | 7,817 | 34,840 | (78%) | | Gross Profit | - | 17,554 | (58%) (Decrease of HK$10,173 thousand) | | Operating Loss | (830) | (3,781) | 78% (Decrease) | | Gross Profit Margin | 94% | 50% | 44% (Increase) | Investment Portfolio Performance | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Net Realized and Unrealized Gains (before general & administrative expenses and bank interest income) | 18,372 | 8,103 | 127% | | Dividend and Interest Income | 5,058 | 6,050 | (16%) | | Net Loss on Disposal | 1,088 | (164) | - | | Net Unrealized Fair Value Gains | 14,402 | 1,889 | 662% | | Discretionary Investment Portfolio Return | 4,340 | 12,328 | (65%) | | Private Equity Fund Net Unrealized Fair Value Gains | 4,576 | (12,889) | Turnaround to profit | | Investment Segment Profit/(Loss) | 13,345 | (857) | 1657% (Turnaround to profit) | - Overall gross profit margin increased to **97%** (2024: 60%), primarily due to reduced sales revenue from the fashion retail business and reversal of inventory provisions from prior years[12](index=12&type=chunk) - Villa Esplanada's fair value was assessed at **HK$330 million** (December 31, 2024: HK$340 million), with the decrease primarily attributed to the overall decline in the market value of residential properties in Hong Kong[13](index=13&type=chunk) - Finance costs decreased by **85%**, mainly due to the closure of the Siu Wan flagship store in Central upon lease expiry, resulting in zero bank loan interest[13](index=13&type=chunk) - Sales and distribution expenses decreased by **69%**, and administrative expenses decreased by **25%**, primarily due to the flagship store closure, staff streamlining, and lower new office rent[14](index=14&type=chunk) [Business Review](index=8&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) This section details the performance of Siu Wan's fashion retail and investment businesses, with Siu Wan's revenue significantly declining but operating losses narrowing to near break-even, while the investment portfolio's total book value grew, recording significant net gains - Siu Wan's total revenue for the first half was approximately **HK$7.8 million**, a **78% decrease** from the same period last year, mainly due to the closure of its Central flagship store in August 2024[15](index=15&type=chunk) - Through creative sales strategies and streamlined operations, Siu Wan significantly narrowed its operating loss by **78% to HK$0.8 million**, nearing break-even[15](index=15&type=chunk) - The Group's total book value of financial instrument investments was **HK$406,265 thousand** (December 31, 2024: HK$388,771 thousand), accounting for approximately **38.7%** of total assets[17](index=17&type=chunk) - For the six months ended June 30, 2025, the Group's investments in financial instruments recorded a net gain of **HK$18,372 thousand** (2024: net gain of HK$8,103 thousand)[17](index=17&type=chunk) - The marketable fund investment portfolio recorded a net gain of **HK$8,682 thousand** (or **3.2%**), with strong performance from fixed income and enhanced yield funds[19](index=19&type=chunk)[20](index=20&type=chunk)[22](index=22&type=chunk) - Discretionary investment portfolios (MS and LGT portfolios) recorded a combined net gain of **HK$4,340 thousand**, despite a reduction in returns due to the shrinking size of the MS portfolio[23](index=23&type=chunk)[24](index=24&type=chunk)[39](index=39&type=chunk) - Private equity fund investments recorded a net gain of **HK$4,648 thousand** (2024: net loss of HK$12,752 thousand), achieving a significant turnaround, primarily influenced by the recovery in share prices of listed healthcare companies in mainland China[26](index=26&type=chunk)[27](index=27&type=chunk)[28](index=28&type=chunk) - The Group has decided to reduce its investments in individual listed stocks and significantly increase the proportion of investments in unit stock and bond fund portfolios primarily managed by professional and large-scale asset managers[29](index=29&type=chunk) [Other Group Assets](index=16&type=section&id=%E5%85%B6%E4%BB%96%E9%9B%86%E5%9C%98%E8%B3%87%E7%94%A2) The Group's other investment assets include Villa Esplanada and investment properties, with the land exchange application process for Villa Esplanada continuing to advance, currently undergoing road gazettal procedures expected to take over 18 months - The Group's other investment assets include Villa Esplanada and investment properties[43](index=43&type=chunk) - The land exchange application process for Villa Esplanada continues to progress, with road gazettal procedures underway for road improvement works on Villa Esplanada Road and adjacent areas[43](index=43&type=chunk) [Significant Investment Acquisitions and Disposals](index=16&type=section&id=%E9%87%8D%E5%A4%A7%E4%B9%8B%E6%8A%95%E8%B3%87%E6%94%B6%E8%B3%BC%E8%88%87%E5%87%BA%E5%94%AE) For the six months ended June 30, 2025, the Group did not undertake any significant acquisitions or disposals of subsidiaries, associates, or joint ventures - For the six months ended June 30, 2025, the Group had no significant acquisitions or disposals of subsidiaries, associates, or joint ventures[44](index=44&type=chunk) [Financial Management / Policies](index=16&type=section&id=%E8%B2%A1%E5%8B%99%E7%AE%A1%E7%90%86%E2%88%95%E6%94%BF%E7%AD%96) The Group's finance department actively manages cash balances and borrowing needs to ensure sufficient funds and meet commitments, adopting a prudent strategy for cash and foreign exchange risk management by investing cash in short-term deposits and using forward foreign exchange contracts - The finance department actively budgets and manages the Group's cash balances and borrowing needs to ensure sufficient funds for fulfilling commitments and daily operations[45](index=45&type=chunk) - The Group continues to adopt a prudent strategy for cash management and foreign exchange risk, investing cash in short-term deposits[45](index=45&type=chunk) - The Group typically purchases foreign currency forward contracts and foreign currency cash equivalent to approximately **half** of its fashion business's expected quarterly purchase amount to mitigate foreign exchange risk[45](index=45&type=chunk) [Liquidity and Financial Position](index=17&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81) As of June 30, 2025, the Group maintained a sound financial position with increased cash and unpledged deposits and reduced lease liabilities, while debt-to-asset ratio and current ratio remained healthy, indicating good financial management and liquidity - As of June 30, 2025, the Group's cash and unpledged deposits amounted to **HK$247,492 thousand** (December 31, 2024: HK$236,464 thousand)[47](index=47&type=chunk) - Total lease liabilities were **HK$1,718 thousand** (December 31, 2024: HK$3,158 thousand), of which **HK$1,575 thousand** is due for repayment within one year[47](index=47&type=chunk) - The Group's debt-to-asset ratio was **0.2%** (December 31, 2024: 0.3%), and the current ratio was **22.6 times** (December 31, 2024: 46.3 times)[47](index=47&type=chunk) - The Group's fixed deposits of **HK$10 million** were pledged to banks as collateral for trade and foreign exchange financing up to a maximum of **HK$30 million**[49](index=49&type=chunk) [Material Events After the Reporting Period](index=17&type=section&id=%E8%B2%A1%E6%94%BF%E6%9C%9F%E9%96%93%E5%BE%8C%E9%87%8D%E5%A4%A7%E4%BA%8B%E4%BB%B6) No material events significantly impacting the Group's financial position or future prospects have occurred since the end of the reporting period - No material events significantly impacting the Group's financial position or future prospects have occurred since the end of the reporting period[50](index=50&type=chunk) [Contingent Liabilities](index=17&type=section&id=%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5) As of June 30, 2025, the Group had no significant contingent liabilities - As of June 30, 2025, the Group had no significant contingent liabilities[51](index=51&type=chunk) [Employees and Remuneration Policy](index=18&type=section&id=%E5%83%B1%E5%93%A1%E5%8F%8A%E8%96%AA%E9%85%AC%E6%94%BF%E7%AD%96) As of June 30, 2025, the Group had 27 employees, a significant reduction from the prior year, with total staff costs from continuing operations approximately HK$11,742 thousand, and employee remuneration determined based on duties, responsibilities, and performance, with various benefits and a comprehensive code of conduct provided - As of June 30, 2025, the Group had **27 employees**, compared to 63 employees as of June 30, 2024[52](index=52&type=chunk) - For the six months ended June 30, 2025, total staff costs from continuing operations were approximately **HK$11,742 thousand** (2024: HK$16,102 thousand)[52](index=52&type=chunk) - Employee remuneration is determined with reference to individual duties, responsibilities, and performance, and includes staff insurance, provident fund, pension, sales commissions, discretionary performance bonuses, and internal/external training support[52](index=52&type=chunk) [Independent Review Report](index=19&type=section&id=%E7%8D%A8%E7%AB%8B%E5%AF%A9%E9%96%B1%E5%A0%B1%E5%91%8A) [Independent Review Report](index=19&type=section&id=%E7%8D%A8%E7%AB%8B%E5%AF%A9%E9%96%B1%E5%A0%B1%E5%91%8A) RSM Hong Kong has reviewed Enm Holdings Limited's interim financial information for the six months ended June 30, 2025, in accordance with Hong Kong Standard on Review Engagements 2410, with the scope of review being less than an audit, thus no audit opinion is expressed, and no matters were found to suggest the interim financial information was not prepared in accordance with Hong Kong Accounting Standard 34 - RSM Hong Kong has completed the review of the interim financial information presented on pages 18 to 40[55](index=55&type=chunk) - The review was conducted in accordance with Hong Kong Standard on Review Engagements 2410 issued by the Hong Kong Institute of Certified Public Accountants, with a scope significantly less than an audit, thus no audit opinion is expressed[56](index=56&type=chunk) - Based on the review, nothing has come to attention that causes a belief that the interim financial information is not prepared, in all material respects, in accordance with Hong Kong Accounting Standard 34[57](index=57&type=chunk) [Condensed Consolidated Statement of Profit or Loss](index=20&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E8%A1%A8) [Condensed Consolidated Statement of Profit or Loss](index=20&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E8%A1%A8) The Group recorded a profit from continuing operations of HK$9,705 thousand for the six months ended June 30, 2025, a significant improvement from a loss of HK$8,104 thousand in the prior period, with zero loss from discontinued operations, and a profit attributable to company owners of HK$9,705 thousand, achieving a turnaround to profit with basic earnings per share of 0.59 HK cents Key Data from Condensed Consolidated Statement of Profit or Loss | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue from Continuing Operations | 17,680 | 43,620 | (59%) | | Gross Profit from Continuing Operations | 17,209 | 26,299 | (35%) | | Operating Profit/(Loss) from Continuing Operations | 11,866 | (6,585) | 280% | | Profit/(Loss) for the Period from Continuing Operations | 9,705 | (8,104) | 220% | | Loss for the Period from Discontinued Operations | — | (6,089) | 100% (Decrease) | | Profit/(Loss) for the Period | 9,705 | (14,193) | 168% (Turnaround to profit) | | Profit/(Loss) for the Period Attributable to Company Owners | 9,705 | (14,198) | 168% (Turnaround to profit) | | Basic Earnings/(Loss) Per Share (Continuing and Discontinued) | 0.59 HK cents | (0.86) HK cents | Turnaround to profit | | Basic Earnings/(Loss) Per Share (Continuing Operations) | 0.59 HK cents | (0.49) HK cents | Turnaround to profit | [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=22&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%E5%85%A5%E8%A1%A8) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=22&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%E5%85%A5%E8%A1%A8) The Group recorded a profit for the period of HK$9,705 thousand for the six months ended June 30, 2025, but due to a fair value loss on revaluation of Villa Esplanada of HK$10,721 thousand and reclassification of exchange differences on dissolution of a subsidiary to profit or loss of HK$1,187 thousand, the total comprehensive loss for the period was HK$2,203 thousand, a significant reduction from the prior period Key Data from Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Profit/(Loss) for the Period | 9,705 | (14,193) | 168% | | Fair Value Loss on Revaluation of Villa Esplanada | (10,721) | (23,361) | 54% (Decrease) | | Exchange Differences on Dissolution of a Subsidiary Reclassified to Profit or Loss | (1,187) | — | - | | Other Comprehensive Loss for the Period, Net of Tax | (11,908) | (23,393) | 49% (Decrease) | | Total Comprehensive Loss for the Period | (2,203) | (37,586) | 94% (Decrease) | [Condensed Consolidated Statement of Financial Position](index=23&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) [Condensed Consolidated Statement of Financial Position](index=23&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 total assets were HK$1,050,209 thousand, a slight increase from December 31, 2024, with non-current assets slightly decreasing while current assets increased, driven by growth in financial assets at fair value through profit or loss (current), and total current liabilities significantly rose due to a substantial increase in trade and other payables, while net assets remained at HK$1,022,544 thousand Key Data from Condensed Consolidated Statement of Financial Position | Indicator | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Total Non-current Assets | 429,308 | 437,622 | (1.9%) | | Total Current Assets | 620,901 | 600,177 | 3.45% | | Total Current Liabilities | 27,522 | 12,975 | 112% | | Net Current Assets | 593,379 | 587,202 | 1.05% | | Net Assets | 1,022,544 | 1,023,989 | (0.14%) | | Equity Attributable to Company Owners | 1,022,544 | 1,024,747 | (0.22%) | - Financial assets at fair value through profit or loss (non-current) increased to **HK$48,724 thousand** (December 31, 2024: HK$43,410 thousand)[64](index=64&type=chunk) - Financial assets at fair value through profit or loss (current) increased to **HK$357,541 thousand** (December 31, 2024: HK$345,361 thousand)[64](index=64&type=chunk) - Trade and other payables significantly increased to **HK$25,947 thousand** (December 31, 2024: HK$10,652 thousand)[64](index=64&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=24&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) [Condensed Consolidated Statement of Changes in Equity](index=24&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) As of June 30, 2025, total equity attributable to company owners was HK$1,022,544 thousand, a slight decrease from the beginning of the year, with a total comprehensive loss for the period of HK$2,203 thousand, primarily due to the combined impact of a HK$10,721 thousand reduction in property revaluation reserve and a HK$9,705 thousand improvement in accumulated losses, and dissolution of a subsidiary resulted in a HK$758 thousand change in non-controlling interests Key Data from Condensed Consolidated Statement of Changes in Equity | Item | June 30, 2025 (HK$ thousand) | January 1, 2025 (HK$ thousand) | Change (HK$ thousand) | | :--- | :--- | :--- | :--- | | Issued Share Capital | 1,206,706 | 1,206,706 | 0 | | Exchange Fluctuation Reserve | — | 1,187 | (1,187) | | Property Revaluation Reserve | 231,290 | 242,011 | (10,721) | | Accumulated Losses | (1,224,274) | (1,233,979) | 9,705 | | Total Equity Attributable to Company Owners | 1,022,544 | 1,024,747 | (2,203) | | Total Equity | 1,022,544 | 1,023,989 | (1,445) | - Total comprehensive loss for the period was **HK$2,203 thousand**[65](index=65&type=chunk) - Dissolution of a subsidiary resulted in a change in non-controlling interests of **HK$758 thousand**[65](index=65&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=25&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) [Condensed Consolidated Statement of Cash Flows](index=25&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For the six months ended June 30, 2025, the Group's net cash from operating activities was HK$14,409 thousand, net cash from investing activities was HK$3,441 thousand, and net cash outflow from financing activities was HK$1,571 thousand, with cash and cash equivalents at period-end increasing to HK$178,606 thousand, primarily benefiting from a shift from cash outflow to inflow in investing activities and a significant reduction in financing cash outflow Key Data from Condensed Consolidated Statement of Cash Flows | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (HK$ thousand) | | :--- | :--- | :--- | :--- | | Net Cash from Operating Activities | 14,409 | 20,087 | (5,678) | | Net Cash from Investing Activities | 3,441 | (5,954) | 9,395 | | Net Cash from Financing Activities | (1,571) | (9,207) | 7,636 | | Net Increase in Cash and Cash Equivalents | 16,279 | 4,926 | 11,353 | | Cash and Cash Equivalents at June 30 | 178,606 | 93,613 | 84,993 | - Net cash from investing activities shifted from an outflow to an inflow compared to last year, mainly due to zero interest-bearing loans and borrowings, which were **HK$10,654 thousand** last year[66](index=66&type=chunk) - Net cash outflow from financing activities significantly decreased, primarily due to a reduction in the principal portion of lease payments[66](index=66&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=26&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%E9%99%84%E8%A8%BB) [1. Basis of Preparation](index=26&type=section&id=1.%20%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) These condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 and the Listing Rules, and should be read in conjunction with the 2024 annual consolidated financial statements, with the accounting policies and methods of computation adopted being consistent with those used in the 2024 annual consolidated financial statements - These condensed consolidated financial statements have been prepared in accordance with Hong Kong Accounting Standard 34 'Interim Financial Reporting' issued by the Hong Kong Institute of Certified Public Accountants and the applicable disclosure requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[67](index=67&type=chunk) - These condensed consolidated financial statements should be read in conjunction with the annual consolidated financial statements for 2024[68](index=68&type=chunk) - The accounting policies and methods of computation adopted in the preparation of these condensed consolidated financial statements are consistent with those adopted in the annual consolidated financial statements for the year ended December 31, 2024[68](index=68&type=chunk) [2. New and Revised Hong Kong Financial Reporting Standards](index=26&type=section&id=2.%20%E6%96%B0%E8%A8%82%E5%8F%8A%E7%B6%93%E4%BF%AE%E8%A8%82%E9%A6%99%E6%B8%AF%E8%B2%A1%E5%8B%99%E5%A0%B1%E5%91%8A%E6%9C%83%E8%A8%88%E6%BA%96%E5%89%87) The Group applied amendments to HKAS 21 'The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability' during the period, concluding no material impact on its results, financial position, or accounting policies, and has not early adopted any new or revised accounting standards that are not yet effective - The Group has applied the amendments to HKAS 21 'The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability' in the current accounting period and considers that there is no significant impact on the Group's results and financial position or any significant changes to the Group's accounting policies[69](index=69&type=chunk) - The Group has not early adopted any new or revised accounting standards that are not yet effective in preparing these condensed consolidated interim financial statements[70](index=70&type=chunk) [3. Fair Value Measurement](index=27&type=section&id=3.%20%E5%85%AC%E5%85%81%E5%80%BC%E8%A8%88%E9%87%8F) The Group's financial assets and liabilities have carrying amounts approximating their fair values, with fair value measurements categorized into three levels, and as of June 30, 2025, total recurring fair value measurements amounted to HK$784,365 thousand, with the reconciliation of Level 3 fair value assets showing a fair value loss of HK$10,721 thousand for Villa Esplanada and a fair value gain of HK$4,576 thousand for unlisted fund investments, while valuation methods and inputs remain unchanged - Fair value measurements are categorized into three levels: Level 1 (quoted prices in active markets), Level 2 (observable inputs), and Level 3 (unobservable inputs)[71](index=71&type=chunk)[72](index=72&type=chunk)[73](index=73&type=chunk) Total Recurring Fair Value Measurements | Indicator | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Financial Assets at Fair Value Through Profit or Loss | 406,265 | 388,771 | | Investment Properties | 48,100 | 50,200 | | Property, Plant and Equipment (Villa Esplanada) | 330,000 | 340,000 | | **Total** | **784,365** | **778,971** | Reconciliation of Assets Measured at Level 3 Fair Value | Item | Villa Esplanada (HK$ thousand) | Unlisted Fund Investments (HK$ thousand) | Total (HK$ thousand) | | :--- | :--- | :--- | :--- | | As at January 1, 2025 | 340,000 | 43,410 | 383,410 | | Additions | 721 | 944 | 1,665 | | Amounts received for capital returned from unlisted fund investments | — | (206) | (206) | | Total fair value gains or losses recognized in other comprehensive income | (10,721) | — | (10,721) | | Total fair value gains or losses recognized in profit or loss* | — | 4,576 | 4,576 | | **As at June 30, 2025** | **330,000** | **48,724** | **378,724** | - Level 2 fair value measurements use transaction quotes provided by fund management companies/financial institutions, while Level 3 fair value measurements use net asset values provided by fund managers/administrators[78](index=78&type=chunk) [4. Segment Information](index=31&type=section&id=4.%20%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group has two continuing operating segments: retail fashion and accessories, and investments, with the property of the discontinued resort and club business (Villa Esplanada) now included in the investment segment, which saw a significant revenue decline but narrowed its loss, while the investment segment achieved substantial profit, with its assets including the fair value of Villa Esplanada - The Group's two reportable segments from continuing operations are: retail fashion and accessories, and investments[81](index=81&type=chunk) - The resort and club business has been discontinued, and the operating results of its property (Villa Esplanada) are now included in the 'Investment' segment[81](index=81&type=chunk) Reportable Segment Data for Continuing Operations | Indicator | Retail Fashion and Accessories (HK$ thousand) | Investment (HK$ thousand) | Total (HK$ thousand) | | :--- | :--- | :--- | :--- | | **For the six months ended June 30, 2025** | | | | | Revenue from External Customers | 7,817 | 9,863 | 17,680 | | Segment Profit/(Loss) | (830) | 13,345 | 12,515 | | **As at June 30, 2025** | | | | | Segment Assets | 11,774 | 1,038,435 | 1,050,209 | | Segment Liabilities | (3,908) | (23,757) | (27,665) | | **For the six months ended June 30, 2024** | | | | | Revenue from External Customers | 34,840 | 8,780 | 43,620 | | Segment Loss | (3,781) | (857) | (4,638) | - Segment assets under the investment segment include properties previously used for the discontinued resort and club business, with a fair value of **HK$330 million** as of June 30, 2025[84](index=84&type=chunk) - The total profit/(loss) for reportable segments was **HK$12,515 thousand**, and after deducting unallocated corporate administrative expenses, net fair value loss on investment properties, and finance costs, the consolidated profit before tax from continuing operations was **HK$9,705 thousand**[85](index=85&type=chunk) [5. Revenue](index=34&type=section&id=5.%20%E6%94%B6%E5%85%A5) The Group's total revenue from continuing operations was HK$17,680 thousand, a 59% decrease from the prior period, primarily stemming from retail fashion and accessories sales (down 78%) and investment activities (dividend income down 28%, interest income up 68%) Revenue Classification from Continuing Operations | Revenue Source | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Retail Fashion and Accessories Sales | 7,817 | 34,840 | (78%) | | Dividend Income from Investments | 3,633 | 5,062 | (28%) | | Interest Income from Investments | 6,230 | 3,718 | 68% | | **Total Revenue** | **17,680** | **43,620** | **(59%)** | [6. Finance Costs](index=34&type=section&id=6.%20%E8%9E%8D%E8%B3%87%E6%88%90%E6%9C%AC) The Group's finance costs from continuing operations totaled HK$61 thousand, a significant 85% reduction from the prior period, primarily comprising interest expenses on lease liabilities, with zero bank loan interest Finance Costs | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Interest on Bank Loans | — | 137 | (100%) | | Interest Expense on Lease Liabilities | 61 | 282 | (78%) | | **Total** | **61** | **419** | **(85%)** | [7. Income Tax Expense](index=35&type=section&id=7.%20%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) The Group was not required to make provisions for Hong Kong profits tax and overseas income tax for both six-month periods ended June 30, 2025, and 2024, as no taxable profits were generated or sufficient tax losses were available for offset - No provision for Hong Kong profits tax and overseas income tax has been made for both six-month periods ended June 30, 2025, and 2024, as the Group did not generate any assessable profits in Hong Kong and other countries of its operations, or had sufficient tax losses brought forward to offset assessable profits generated during the periods[88](index=88&type=chunk) [8. Profit/(Loss) for the Period from Continuing Operations](index=35&type=section&id=8.%20%E4%BE%86%E8%87%AA%E6%8C%81%E7%BA%8C%E7%B6%93%E7%87%9F%E6%A5%AD%E5%8B%99%E4%B9%8B%E6%9C%9F%E5%85%A7%E6%BA%A2%E5%88%A9%E2%88%95%EF%BC%88%E虧%E6%90%8D%EF%BC%89) The Group's profit for the period from continuing operations was positively impacted by net gains from financial assets at fair value through profit or loss (HK$13,314 thousand) and reversal of inventory provisions (HK$5,191 thousand), while being offset by fair value losses on investment properties (HK$2,100 thousand) and depreciation expenses Components of Profit/(Loss) for the Period from Continuing Operations | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Cost of Sales of Inventories | 471 | 17,321 | | Depreciation of Right-of-Use Assets | 1,400 | 6,527 | | Depreciation of Property, Plant and Equipment | 207 | 283 | | Net Gains from Financial Assets at Fair Value Through Profit or Loss | (13,314) | (2,053) | | Net Fair Value Loss on Investment Properties | 2,100 | 1,100 | | Gains on Dissolution of a Subsidiary | (429) | — | | Net Foreign Exchange Gains | (463) | (70) | - Cost of sales of inventories included a reversal of inventory provisions of **HK$5,191 thousand** (June 30, 2024: HK$497 thousand)[91](index=91&type=chunk) [9. Discontinued Operations](index=36&type=section&id=9.%20%E5%B7%B2%E7%B5%82%E6%AD%A2%E7%B6%93%E7%87%9F%E6%A5%AD%E5%8B%99) The Villa Esplanada Country Club business ceased operations on June 16, 2024, resulting in no related revenue or loss from discontinued operations for the six months ended June 30, 2025, compared to a loss of HK$6,089 thousand and net cash outflow of HK$10,849 thousand in the prior period - The Villa Esplanada Country Club business ceased operations from June 16, 2024, and is therefore classified as a discontinued operation[92](index=92&type=chunk) Loss and Cash Flows from Discontinued Operations for the Period | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Revenue - Customer Contracts | — | 5,304 | | Cost of Sales | — | (1,128) | | Sales and Administrative Expenses | — | (10,472) | | Loss Before Tax from Discontinued Operations | — | (6,089) | | Net Cash Outflow from Operating Activities | — | (10,846) | | Net Cash Outflow from Investing Activities | — | (3) | | **Net Cash Outflow** | **—** | **(10,849)** | [10. Earnings/(Loss) Per Share](index=37&type=section&id=10.%20%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9%E2%88%95%EF%BC%88%E虧%E6%90%8D%EF%BC%89) The Group's basic earnings per share for the six months ended June 30, 2025, was 0.59 HK cents (continuing and discontinued operations), a significant improvement from a loss of 0.86 HK cents in the prior period, with basic earnings per share from continuing operations also 0.59 HK cents, and diluted earnings/(loss) per share not presented as the Company had no potentially dilutive ordinary shares Basic Earnings/(Loss) Per Share | Item | 2025 (HK cents) | 2024 (HK cents) | | :--- | :--- | :--- | | Continuing and Discontinued Operations | 0.59 | (0.86) | | Continuing Operations | 0.59 | (0.49) | | Discontinued Operations | — | (0.37) | - Basic earnings/(loss) per share is calculated based on the profit/(loss) for the period attributable to company owners and the weighted average number of **1,650,658,676 ordinary shares** in issue during the period[95](index=95&type=chunk) - Diluted earnings/(loss) per share is not presented as the Company had no potentially dilutive ordinary shares for both six-month periods ended June 30, 2025, and 2024[98](index=98&type=chunk) [11. Dividends](index=37&type=section&id=11.%20%E8%82%A1%E6%81%AF) The Board does not recommend the payment of any interim dividend to shareholders for both six-month periods ended June 30, 2025, and 2024 - The Directors do not recommend the payment of any interim dividend to shareholders for both six-month periods ended June 30, 2025, and 2024[99](index=99&type=chunk) [12. Property, Plant and Equipment](index=37&type=section&id=12.%20%E7%89%A9%E6%A5%AD%E3%80%81%E6%A9%9F%E5%99%A8%E5%8F%8A%E8%A8%AD%E5%82%99) For the six months ended June 30, 2025, the Group's additions to property, plant and equipment were approximately HK$730 thousand, a significant decrease from the prior period - For the six months ended June 30, 2025, the Group's additions to property, plant and equipment were approximately **HK$730 thousand** (June 30, 2024: HK$3,376 thousand)[100](index=100&type=chunk) [13. Financial Assets at Fair Value Through Profit or Loss](index=38&type=section&id=13.%20%E6%8C%89%E5%85%AC%E5%85%81%E5%80%BC%E8%A8%88%E5%85%A5%E6%90%8D%E7%9B%8A%E4%B8%AD%E4%B9%8B%E9%87%91%E8%9E%8D%E8%B3%87%E7%94%A2) As of June 30, 2025, the Group's total financial assets amounted to HK$406,265 thousand, primarily comprising fund investments and debt investments, with unlisted fund investments including Asia China Investment Fund III and IV, whose fair values are accounted for based on net asset values provided by fund managers, and debt investments consisting mainly of listed and unlisted corporate bonds, with fair values determined by market quotations Total Financial Assets at Fair Value Through Profit or Loss | Type | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Fund Investments | 335,796 | 345,897 | | Debt Investments | 70,469 | 42,874 | | **Total** | **406,265** | **388,771** | - Unlisted fund investments include Asia China Investment Fund III (ACIF III), with a carrying amount of **HK$19,845 thousand** and uncalled capital commitments of approximately **HK$374 thousand**[104](index=104&type=chunk) - Unlisted fund investments include Asia China Investment Fund IV (ACIF IV), with a carrying amount of **HK$28,879 thousand** and uncalled capital commitments of approximately **HK$128 thousand**[105](index=105&type=chunk) - Debt investments had a fair value of **HK$70,469 thousand**, with maturity dates ranging from January 9, 2026, to February 8, 2054, and fixed/floating coupon rates from **2.2% to 6.45%**[106](index=106&type=chunk) [14. Trade and Other Receivables](index=40&type=section&id=14.%20%E6%87%89%E6%94%B6%E8%B3%A6%E6%AC%BE%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) As of June 30, 2025, the Group's trade receivables significantly decreased to HK$3 thousand, and rent and other deposits also declined, with the Group maintaining established credit policies and regularly reviewing overdue accounts - The Group's trade receivables amounted to **HK$3 thousand** (December 31, 2024: HK$231 thousand)[108](index=108&type=chunk) - Rent and other deposits amounted to **HK$1,726 thousand** (December 31, 2024: HK$2,618 thousand)[108](index=108&type=chunk) - An aging analysis of trade receivables (by invoice date) shows **HK$3 thousand** due within one month[109](index=109&type=chunk) [15. Trade and Other Payables](index=40&type=section&id=15.%20%E6%87%89%E4%BB%98%E8%B3%A6%E6%AC%BE%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85) As of June 30, 2025, the Group's trade payables were HK$40 thousand, and contract liabilities were HK$75 thousand, with other payables related to investments significantly increasing to HK$16,088 thousand - The Group's trade payables amounted to **HK$40 thousand** (December 31, 2024: HK$53 thousand)[110](index=110&type=chunk) - Contract liabilities amounted to **HK$75 thousand** (December 31, 2024: HK$76 thousand)[110](index=110&type=chunk) - Other payables related to investments amounted to **HK$16,088 thousand** (December 31, 2024: zero)[110](index=110&type=chunk) [16. Issued Share Capital](index=41&type=section&id=16.%20%E5%B7%B2%E7%99%BC%E8%A1%8C%E8%82%A1%E6%9C%AC) As of June 30, 2025, the Company's issued and fully paid ordinary shares totaled 1,650,658,676 shares, consistent with December 31, 2024 - Issued and fully paid ordinary shares totaled **1,650,658,676 shares**[112](index=112&type=chunk) [17. Related Party Transactions](index=41&type=section&id=17.%20%E9%97%9C%E8%81%AF%E4%BA%BA%E5%A3%AB%E4%B9%8B%E4%BA%A4%E6%98%93) The Group engaged in transactions with related companies controlled by its major shareholders, including office leases, property management fees, air conditioning fees, and consultancy fees, with office lease-related fees paid to related companies totaling HK$889 thousand and Villa Esplanada consultancy fees totaling HK$95 thousand for the six months ended June 30, 2025, and total remuneration for key management personnel (including directors) amounting to HK$3,540 thousand Significant Related Party Transactions | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Lease expenses, property management fees, and air conditioning fees for office lease liabilities paid to related companies | 889 | 1,696 | | Consultancy fees for Villa Esplanada | 95 | 353 | - Total remuneration for key management personnel (including directors) was **HK$3,540 thousand** (2024: HK$3,813 thousand)[114](index=114&type=chunk) [18. Capital Commitments](index=42&type=section&id=18.%20%E8%B3%87%E6%9C%AC%E6%89%BF%E6%93%94) As of the reporting period end, the Group's contracted but unprovided capital commitments primarily related to capital contributions for unlisted fund investments, amounting to HK$502 thousand, a decrease from HK$1,446 thousand as of December 31, 2024 - The Group's contracted but unprovided capital commitments at the end of the reporting period amounted to **HK$502 thousand** (December 31, 2024: HK$1,446 thousand), primarily for capital contributions to unlisted fund investments[116](index=116&type=chunk) [19. Approval of Financial Statements](index=42&type=section&id=19.%20%E6%89%B9%E5%87%86%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) The Board approved and authorized the publication of the interim financial statements on August 26, 2025 - The Board approved and authorized the publication of the interim financial statements on **August 26, 2025**[117](index=117&type=chunk) [Other Information](index=43&type=section&id=%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) [Standard Code for Securities Transactions by Directors](index=43&type=section&id=%E8%91%A3%E4%BA%8B%E9%80%B2%E8%A1%8C%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E4%B9%8B%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87) The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules, and based on specific enquiries, all Directors complied with the Model Code's requirements during the six months ended June 30, 2025 - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules[118](index=118&type=chunk) - All Directors have complied with the required standards of the Model Code throughout the six months ended June 30, 2025[118](index=118&type=chunk) [Directors' and Chief Executive's Interests](index=43&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E8%A1%8C%E6%94%BF%E7%B8%BD%E8%A3%81%E4%B9%8B%E6%AC%8A%E7%9B%8A) As of June 30, 2025, none of the Company's Directors or Chief Executive held any interests or short positions in the shares, underlying shares, or debentures of the Company or its associated corporations that are required to be notified to the Company and the Stock Exchange under Part XV of the Securities and Futures Ordinance - As of June 30, 2025, none of the Company's Directors or Chief Executive held any interests or short positions in the shares, underlying shares, or debentures of the Company or its associated corporations that are required to be notified to the Company and the Stock Exchange under Part XV of the Securities and Futures Ordinance[119](index=119&type=chunk) [Major Shareholders' Interests](index=43&type=section&id=%E4%B8%BB%E8%A6%81%E8%82%A1%E6%9D%B1%E4%B9%8B%E6%AC%8A%E7%9B%8A) As of June 30, 2025, Diamond Leaf Limited, Solution Bridge Limited, Chinachem Investments Holding Limited, Chinachem Group Holdings Limited, and Mr. Chong Yat Kit and Mr. Wong Tak Wai (as trustees) held significant long positions in the Company's shares, with these interests involving multi-layered control relationships, ultimately linked to the estate of the late Ms. Nina Wang Major Shareholders' Shareholdings | Name | Capacity | Number of Shares Held (shares) | Percentage of Issued Shares (%) | | :--- | :--- | :--- | :--- | | Diamond Leaf Limited | Beneficial Owner | 162,216,503 | 9.83% | | Solution Bridge Limited | Beneficial Owner | 408,757,642 | 24.76% | | Chinachem Investments Holding Limited | Interest of Controlled Corporation | 570,974,145 | 34.59% | | Chinachem Group Holdings Limited | Interest of Controlled Corporation | 570,974,145 | 34.59% | | Mr. Chong Yat Kit | Trustee | 730,974,145 | 44.28% | | Mr. Wong Tak Wai | Trustee | 730,974,145 | 44.28% | | Ms. Nina Wang (deceased) | Interest of Controlled Corporation | 570,974,145 | 34.59% | - Chinachem Investments Holding Limited controls Diamond Leaf Limited and Solution Bridge Limited[124](index=124&type=chunk) - Chinachem Group Holdings Limited controls Chinachem Investments Holding Limited[124](index=124&type=chunk) - Mr. Chong Yat Kit and Mr. Wong Tak Wai are each the joint and several executors/trustees of the estate of Nina Wang (also known as Mrs. Teddy Wang) and the estate of Teddy Wang[124](index=124&type=chunk) [Purchase, Redemption or Sale of the Company's Listed Securities](index=44&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E8%B4%96%E5%9B%9E%E6%88%96%E5%87%BA%E5%94%AE%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) Neither the Company nor any of its subsidiaries purchased, redeemed, or sold any of the Company's listed securities during the six months ended June 30, 2025 - Neither the Company nor any of its subsidiaries purchased, redeemed, or sold any of the Company's listed securities during the six months ended June 30, 2025[122](index=122&type=chunk) [Code on Corporate Governance Practices](index=44&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%B8%B8%E8%A6%8F%E5%AE%88%E5%89%87) The Board believes that the Company has complied with all code provisions of the Corporate Governance Code as set out in Appendix C1 of the Listing Rules throughout the six months ended June 30, 2025 - The Directors believe that the Company has complied with all code provisions of the Corporate Governance Code as set out in Appendix C1 of the Listing Rules throughout the six months ended June 30, 2025[123](index=123&type=chunk) [Changes in Directors' Information](index=45&type=section&id=%E8%91%A3%E4%BA%8B%E8%B3%87%E6%96%99%E8%AE%8A%E6%9B%B4) Changes in Directors' information have occurred since the date of the Company's 2024 Annual Report, including Mr. Cheung Kin Wing's resignation as a director of an NGO, and the re-election of Executive Director Ms. Penny Soh Peng CROSBIE-WALSH and Non-executive Director Mr. Wong Wang Hon as Company Directors at the 2025 Annual General Meeting - Effective April 15, 2025, Mr. Cheung Kin Wing resigned as a director of Self-Reliance Service Centre Limited[127](index=127&type=chunk) - Executive Director Ms. Penny Soh Peng CROSBIE-WALSH was re-elected as a Director of the Company[127](index=127&type=chunk) - Non-executive Director Mr. Wong Wang Hon was re-elected as a Director of the Company[127](index=127&type=chunk) [Review of Condensed Consolidated Financial Statements](index=45&type=section&id=%E5%AF%A9%E9%96%B1%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) The condensed consolidated financial statements for the six months ended June 30, 2025, are unaudited but have been reviewed by the Company's external auditor, RSM Hong Kong, in accordance with Hong Kong Standard on Review Engagements 2410, and by the Company's Audit Committee - The condensed consolidated financial statements for the six months ended June 30, 2025, are unaudited but have been reviewed by the Company's external auditor, RSM Hong Kong[125](index=125&type=chunk) - The unaudited condensed consolidated financial statements for the six months ended June 30, 2025, have been reviewed by the Company's Audit Committee[125](index=125&type=chunk) [Company Information](index=46&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) [Company Information](index=46&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) This section provides key company information for Enm Holdings Limited, including Board members (Executive, Non-executive, Independent Non-executive Directors), Company Secretary, Auditor, Share Registrar, Registered Office, Company Website, Stock Code, and contact details - Executive Director: Penny Soh Peng CROSBIE-WALSH (Chief Executive Officer)[128](index=128&type=chunk) - Non-executive Director: Wong Wang Hon (Non-executive Chairman)[128](index=128&type=chunk) - Independent Non-executive Directors: Mr. Cheung Kin Wing, Ms. Ling Kit Sum, and Mr. Tsang Hin Fan[128](index=128&type=chunk) - Auditor: RSM Hong Kong[128](index=128&type=chunk) - Company Website: www.enmholdings.com, Stock Code: The Stock Exchange of Hong Kong Limited: **00128**[128](index=128&type=chunk)

2025 中期報告 摘要 1 中期報告 2025 • 截至二零二五年六月三十日止六個月的收益為60,640,000港元，較二零二四年同期減少 0.6%； • 截至二零二五年六月三十日止六個月的期內溢利為13,058,000港元，較截至二零二四年 六月三十日止六個月的溢利7,555,000港元增加72.8%；及 • 董事不建議派付截至二零二五年六月三十日止六個月的中期股息。 仁恒實業控股有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此公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的未經審核簡明綜合財務報表，連同二 零二四年同期的未經審核比較數字如下： 簡明綜合損益及其他全面收益表 | | | 截至六月三十日止六個月 | | | --- | --- | --- | --- | | | | 二零二五年 | 二零二四年 | | | | 千港元 | 千港元 | | | 附註 | （未經審核） | （未經審核） | | 收益 | 4 | 60,640 | 60,979 | | 銷售成本 | | (33,067) | (40,191) | | 毛利 | | 27,573 | 20,78 ...