香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全 部 或 任 何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 KWAN YONG HOLDINGS LIMITED 光榮建築控股有限公司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：9998） 截至二零二五年六月三十日止年度 全年業績公告 光 榮 建 築 控 股 有 限 公 司（「本公司」）的 董 事（「董 事」）會（「董事會」）謹 此 宣 佈 本 公 司 及 其 附 屬 公 司（統 稱 為「本集團」）截 至 二 零 二 五 年 六 月 三 十 日 止 年 度 的 綜 合 業 績，連 同截至二零二四年六月三十日止年度的比較數字如下： – 1 – 綜合損益及其他全面收益表 截至二零二五年六月三十日止財政年度 | | | 二零二五年 | 二零二四年 | | --- | --- | --- | --- | | | 附 註 | 千新加坡元 | 千新加坡元 | | 收 益 | 4 | ...

[Company Information](index=3&type=section&id=Company%20Information) [Board of Directors and Committees](index=3&type=section&id=2.1%20Board%20of%20Directors%20and%20Committees) This section details the composition of Zhejiang Taimei Medical Technology Co., Ltd.'s Board of Directors, including executive and independent non-executive directors, and its key committees - The Board of Directors comprises executive directors (including Chairman Mr. Zhao Lu) and independent non-executive directors[6](index=6&type=chunk) - The company has established an Audit Committee, Remuneration and Appraisal Committee, Nomination Committee, and Supervisory Committee, with their respective chairpersons and members specified[6](index=6&type=chunk) [Corporate Contact and Legal Advisors](index=3&type=section&id=2.2%20Corporate%20Contact%20and%20Legal%20Advisors) This section provides key contact information for the company, including auditors, company secretaries, registered offices, principal places of business, and stock code - The auditor is PricewaterhouseCoopers, and the joint company secretaries are Ms. Ni Xiaomei and Mr. Pan Bingyang[6](index=6&type=chunk) - The company's headquarters are in Jiaxing, Zhejiang Province, China, with its principal place of business in Hong Kong located at Golden Centre, Des Voeux Road Central[6](index=6&type=chunk) - The stock code is **2576**, and the company website is www.taimei.com[7](index=7&type=chunk) [Definitions](index=5&type=section&id=Definitions) [Definitions of Key Terms](index=5&type=section&id=3.1%20Definitions%20of%20Key%20Terms) This section defines key terms and abbreviations used in the interim report, covering company entities, industry terminology, regulatory standards, and AI-driven product names - “The Company” or “Taimei Medical Technology” refers to Zhejiang Taimei Medical Technology Co., Ltd. and its predecessors[8](index=8&type=chunk) - “The Group” or “We” refers to the Company and its subsidiaries[8](index=8&type=chunk) Definitions of Key Industry Terms and AI Products | Term | Definition | | :--- | :--- | | CRO | Contract Research Organization, providing drug development services to pharmaceutical companies | | HIPAA | U.S. Health Insurance Portability and Accountability Act, protecting patient medical information privacy and security | | ICH-GCP | International Conference on Harmonisation - Good Clinical Practice, quality management standards for clinical trials of medicinal products | | iCTA | Intelligent Clinical Trial Assistant, an AI-powered agent for intelligent classification, quality control, and naming of trial documents | | iDM | Intelligent Data Manager, an AI-driven automation technology to improve data management efficiency and quality | | iPV | Intelligent Pharmacovigilance, an AI-powered agent for automated processing of individual safety reports, supporting multinational regulatory submissions | | IRC | Independent Review Committee, providing impartial review and analysis of clinical trial imaging data | | PDPA | Personal Data Protection Act, regulating the collection, use, and disclosure of personal data | | SaaS | Software as a Service | | SMO | Site Management Organization, assisting clinical trial sites with specific operational tasks | [Financial Highlights](index=10&type=section&id=Financial%20Highlights) [Overview of Key Financial Indicators](index=10&type=section&id=4.1%20Overview%20of%20Key%20Financial%20Indicators) This section summarizes key financial data for the six months ended June 30, 2025, showing decreased revenue and gross profit, significantly narrowed operating and period losses, and reduced total assets and liabilities Key Financial Data for the Six Months Ended June 30 | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 244,221 | 272,784 | -10.5 | | Gross Profit | 100,188 | 110,944 | -9.7 | | Operating Loss | (48,710) | (191,995) | -74.6 | | Loss for the Period | (29,309) | (175,317) | -83.3 | | Adjusted Net Loss (Non-IFRS Measure) | (28,696) | (49,253) | -41.7 | Balance Sheet Data as of June 30, 2025 and December 31, 2024 | Indicator | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | Change (RMB '000) | | :--- | :--- | :--- | :--- | | Total Assets | 1,518,520 | 1,583,197 | (64,677) | | Total Liabilities | 302,104 | 348,624 | (46,520) | | Equity Attributable to Owners of the Company | 1,146,000 | 1,157,810 | (11,810) | | Cash and Cash Equivalents | 253,013 | 319,297 | (66,284) | [Management Discussion and Analysis](index=11&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=11&type=section&id=(I)%20Business%20Review) For the six months ended June 30, 2025, the Group's revenue decreased by **10.5%** to **RMB 244.2 million**, primarily due to reduced digital services income, while gross profit declined, gross margin slightly improved, and losses significantly narrowed Revenue and Profit Overview for the Six Months Ended June 30 | Indicator | 2025 (RMB million) | 2024 (RMB million) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 244.2 | 272.8 | -10.5 | | Gross Profit | 100.2 | 110.9 | -9.7 | | Gross Margin | 41.0% | 40.7% | +0.3 pp | | Loss for the Period | (29.3) | (175.3) | -83.3 | | Adjusted Net Loss | (28.7) | (49.3) | -41.7 | - The company provides solutions for the pharmaceutical and medical device industries, including cloud software (SaaS products, customized products) and digital services, primarily through the "Trials R&D Collaboration Platform" and "PharmaOS Pharmaceutical Digital Marketing Platform," partially enabled by the Vence AI platform[17](index=17&type=chunk)[21](index=21&type=chunk)[22](index=22&type=chunk) - In the first half of 2025, cloud software revenue accounted for **38.7%** of operating revenue, while digital services revenue accounted for **61.2%**[23](index=23&type=chunk)[26](index=26&type=chunk) [Business Outlook and Prospects](index=14&type=section&id=(II)%20Business%20Outlook%20and%20Prospects) The company will enhance AI R&D, launching a "Clinical Research Digital Intelligence Evolution Blueprint" and "Digital Employee" system to integrate AI models with SaaS platforms, aiming to implement an AIaaS collaboration model and expand globally through data and delivery centers in China, the US, and Singapore - In the first half of 2025, the company officially released its "Clinical Research Digital Intelligence Evolution Blueprint," introducing an AIaaS (AI as a service) collaboration model through deep integration of large AI models with SaaS platforms[28](index=28&type=chunk) - The company pioneered a "Digital Employee" system, embedding AI agents across the entire clinical research process to boost productivity; for instance, iDM (Intelligent Data Manager) can improve database creation efficiency by **80%**, iCTA (Intelligent Clinical Trial Assistant) can reduce attribute filling time by **70%**, and iPV (Intelligent Pharmacovigilance) can increase efficiency by **300%**[28](index=28&type=chunk)[29](index=29&type=chunk) - The company plans to leverage the "Digital Employee" system as a core driver to implement the AIaaS business model, billing based on "task volume + effect" and enhancing products and services through data security and compliance expertise[30](index=30&type=chunk) - International expansion is underway, with three data and delivery centers established in China, the US, and Singapore, and multiple international certifications such as HIPAA, PDPA, and ICH-GCP obtained, aiming to meet client demands for high-quality and efficient global multi-center clinical research[31](index=31&type=chunk) [Financial Review](index=16&type=section&id=(III)%20Financial%20Review) This section reviews the Group's financial performance for the six months ended June 30, 2025, noting a **10.5%** revenue decrease, reduced gross profit with a slight margin increase, significant declines in operating expenses, and substantial narrowing of losses, alongside improved liquidity ratios Revenue Breakdown for the Six Months Ended June 30 | Revenue Source | 2025 (RMB '000) | 2024 (RMB '000) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Cloud Software - SaaS Products | 82,425 | 81,564 | 1.1 | | Cloud Software - Customized Products | 12,171 | 15,993 | -23.9 | | **Cloud Software Subtotal** | **94,596** | **97,557** | **-3.0** | | Digital Services | 149,371 | 175,227 | -14.8 | | Others | 254 | – | Not applicable | | **Total** | **244,221** | **272,784** | **-10.5** | - Cost of sales decreased by **11.0%** year-on-year to **RMB 144.0 million**, primarily due to improved labor efficiency and reduced revenue[35](index=35&type=chunk) - Gross profit decreased by **9.7%** year-on-year to **RMB 100.2 million**, with the gross margin slightly increasing from **40.7%** to **41.0%**[36](index=36&type=chunk) Major Expense Changes for the Six Months Ended June 30 | Expense Category | 2025 (RMB '000) | 2024 (RMB '000) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Selling Expenses | 37,573 | 51,158 | -26.6 | | Administrative Expenses | 57,679 | 217,186 | -73.4 | | Research and Development Expenses | 37,705 | 50,924 | -26.0 | - The significant reduction in administrative expenses was primarily due to a **RMB 121.3 million** decrease in share-based payments and a **RMB 30.3 million** reduction in staff costs[38](index=38&type=chunk) - Other income decreased from **RMB 9.8 million** to **RMB 2.4 million**, mainly due to a **RMB 6.8 million** reduction in government grants[41](index=41&type=chunk) - A net other loss of **RMB 12.9 million** was recorded (compared to a net gain of **RMB 7.8 million** in the same period of 2024), primarily impacted by a net foreign exchange loss of **RMB 16.1 million**[43](index=43&type=chunk) - Loss for the period decreased by **83.3%** from **RMB 175.3 million** to **RMB 29.3 million**[45](index=45&type=chunk) - Adjusted net loss (non-IFRS measure) was **RMB 28.7 million**, a year-on-year decrease of **41.7%**[16](index=16&type=chunk)[47](index=47&type=chunk) Liquidity Ratios | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Current Ratio | 5.66 | 5.05 | | Debt-to-Asset Ratio | 19.9% | 22.0% | [Other Financial Information](index=20&type=section&id=(IV)%20Other%20Financial%20Information) This section covers the Group's significant investment plans, contingent liabilities, capital commitments, off-balance sheet commitments, and employee remuneration, noting no major activities or liabilities during the reporting period and proper allocation of global offering proceeds - During the reporting period and up to the report date, the Group had no other significant investment and capital asset plans, nor any material acquisitions or disposals of subsidiaries, associates, and joint ventures[55](index=55&type=chunk)[56](index=56&type=chunk) - As of June 30, 2025, the Group had no material contingent liabilities, capital commitments, or off-balance sheet commitments and arrangements[57](index=57&type=chunk)[58](index=58&type=chunk)[59](index=59&type=chunk) Employee Functional Distribution as of June 30, 2025 | Function | Number of Employees | Percentage of Total (%) | | :--- | :--- | :--- | | R&D | 127 | 19.4 | | Sales & Marketing | 85 | 13.0 | | Professional & Technical Staff | 359 | 54.7 | | Administrative | 85 | 13.0 | | **Total** | **656** | **100.0** | - For the six months ended June 30, 2025, total staff costs amounted to **RMB 152.1 million**, a year-on-year decrease[60](index=60&type=chunk) Use of Net Proceeds from Global Offering (as of June 30, 2025) | Intended Use of Net Proceeds | Allocated (HKD million) | Approximate Percentage of Total Net Proceeds (%) | Utilized (HKD million) | Unutilized (HKD million) | Planned Utilization Schedule | | :--- | :--- | :--- | :--- | :--- | :--- | | Improvement and Upgrade of Platform and Cloud Software | 90.8 | 35% | 9.2 | 81.6 | Before December 31, 2029 | | Enhancement of Core Technologies and R&D Capabilities | 77.9 | 30% | 5.7 | 72.2 | Before December 31, 2029 | | Strengthening Sales and Marketing Capabilities | 26.0 | 10% | 0.7 | 25.3 | Before December 31, 2029 | | Selectively Seeking Strategic Investments and Acquisitions | 38.9 | 15% | 0 | 38.9 | Before December 31, 2029 | | Working Capital and General Corporate Purposes | 25.9 | 10% | 3.1 | 22.9 | Before December 31, 2029 | | **Total** | **259.5** | **100%** | **18.7** | **240.8** | | [Other Information](index=22&type=section&id=Other%20Information) [Interim Dividend and Corporate Governance](index=22&type=section&id=5.1%20Interim%20Dividend%20and%20Corporate%20Governance) The Board does not recommend an interim dividend for the six months ended June 30, 2025, intending to retain future earnings for operations and business expansion, while maintaining high corporate governance standards in compliance with listing rules - The Board does not recommend the payment of an interim dividend for the reporting period (2024: nil)[64](index=64&type=chunk) - The company expects to retain all future earnings for operations and business expansion, currently having no dividend policy[66](index=66&type=chunk) - The Group is committed to maintaining high standards of corporate governance and has complied with all applicable code provisions of the Corporate Governance Code[65](index=65&type=chunk) [Securities Transactions and Audit Committee](index=22&type=section&id=5.2%20Securities%20Transactions%20and%20Audit%20Committee) The company has adopted the Model Code for securities transactions by directors, supervisors, and senior management, with all relevant personnel confirming compliance, and the Audit Committee has reviewed the interim financial results, confirming adherence to accounting standards and regulations - All directors and supervisors confirmed compliance with the Model Code set out in Appendix C3 of the Listing Rules throughout the reporting period[67](index=67&type=chunk) - For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[68](index=68&type=chunk) - The Audit Committee has reviewed the interim financial results for the six months ended June 30, 2025, and deemed them compliant with relevant accounting standards, rules, and regulations[69](index=69&type=chunk) [Events After Reporting Period](index=23&type=section&id=5.3%20Events%20After%20Reporting%20Period) After the reporting period, Mr. Jiang Chengwen resigned as Chief Financial Officer due to personal matters, and Mr. Wang Wei was appointed as the new Chief Financial Officer, effective July 25, 2025 - Mr. Jiang Chengwen resigned as the company's Chief Financial Officer, effective July 25, 2025[70](index=70&type=chunk) - The Board resolved to appoint Mr. Wang Wei as the company's Chief Financial Officer, effective July 25, 2025[70](index=70&type=chunk) [Interests of Directors, Supervisors and Chief Executive](index=23&type=section&id=5.4%20Interests%20of%20Directors%2C%20Supervisors%20and%20Chief%20Executive) This section discloses the interests of directors, supervisors, and the chief executive in the company's shares and related shares as of June 30, 2025, with Chairman and Executive Director Mr. Zhao Lu holding significant interests Directors' Interests in Shares (as of June 30, 2025) | Director's Name | Position | Nature of Interest | Class of Shares | Number of Shares/Related Shares Held | Approximate Percentage of Total Issued Shares (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Mr. Zhao Lu | Chairman and Executive Director | Beneficial owner; interest in controlled corporation | Domestic Shares | 178,203,028 | 31.61 | | | | | H Shares | 1,216,500 | 0.22 | | Mr. Zhang Hongwei | Executive Director and Head of Digital Marketing Business Unit | Interest in controlled corporation | Domestic Shares | 20,312,190 | 3.60 | - As of June 30, 2025, the company had **563,779,000** shares in total, comprising **363,186,467** domestic shares and **200,592,533** H shares[74](index=74&type=chunk) [Interests of Substantial Shareholders](index=25&type=section&id=5.5%20Interests%20of%20Substantial%20Shareholders) This section lists the interests of substantial shareholders (excluding directors, supervisors, or chief executives) in the company's shares and related shares as of June 30, 2025, including Ms. Tang Lili, employee shareholding platforms, Tencent, Matrix Partners, Northern Light Venture Capital, Zheshang Venture Capital, and SoftBank-related entities Substantial Shareholders' Interests in Shares (as of June 30, 2025) | Shareholder Name | Capacity/Nature of Interest | Number of Shares Held | Approximate Percentage of Total Issued Share Capital (%) | | :--- | :--- | :--- | :--- | | Tang Lili | Interest in controlled corporation; spouse's interest | 178,203,028 Domestic Shares | 31.61 | | Shanghai Kunrui | Beneficial owner | 19,344,866 Domestic Shares | 3.43 | | Shanghai Xiaoju | Beneficial owner | 20,312,190 Domestic Shares | 3.60 | | Xinyu Shenkong | Beneficial owner | 18,204,844 Domestic Shares | 3.23 | | Oriental Power Holdings Limited | Interest in controlled corporation | 51,911,405 Domestic Shares, 12,977,851 H Shares | 9.21, 2.30 | | Tencent Holdings Limited | Interest in controlled corporation | 51,911,405 Domestic Shares, 12,977,851 H Shares | 9.21, 2.30 | | Ma Huateng | Interest in controlled corporation | 44,880,821 Domestic Shares, 11,220,205 H Shares | 7.96, 1.99 | | Matrix Partners China V (Hangzhou) Venture Capital Partnership (Limited Partnership) | Beneficial owner | 22,349,533 Domestic Shares, 28,100,879 H Shares | 3.96, 4.98 | | Zuo Lingye | Interest in controlled corporation | 23,908,953 Domestic Shares, 30,061,593 H Shares | 4.24, 5.33 | | Northern Light Venture Capital (Suzhou) Zheng Yuan Venture Capital Partnership (Limited Partnership) | Beneficial owner | 10,139,955 H Shares | 1.80 | | Zheshang Venture Capital Co., Ltd. | Beneficial owner; interest in controlled corporation | 10,094,225 H Shares | 1.79 | | Zhang Xu | Interest in controlled corporation | 12,285,138 H Shares | 2.19 | - Ms. Tang Lili, as the spouse of Mr. Zhao Lu, is deemed to have an interest in the H shares and domestic shares in which Mr. Zhao has an interest or is deemed to have an interest[81](index=81&type=chunk) [Changes in Information of Directors and Supervisors and Continuing Disclosure Obligations](index=32&type=section&id=5.6%20Changes%20in%20Information%20of%20Directors%20and%20Supervisors%20and%20Continuing%20Disclosure%20Obligations) There have been no significant changes in the information of directors and supervisors since the publication of the 2024 annual report, and the company has no other continuing disclosure obligations under Listing Rules 13.20, 13.21, and 13.22 - No changes in the information of directors and supervisors requiring disclosure under Rule 13.51B(1) of the Listing Rules have occurred since the publication date of the 2024 annual report and up to the date of this interim report[91](index=91&type=chunk) - The company has no other disclosure obligations under Rules 13.20, 13.21, and 13.22 of the Listing Rules[92](index=92&type=chunk) [Interim Financial Information Review Report](index=33&type=section&id=Interim%20Financial%20Information%20Review%20Report) [Independent Auditor's Review Conclusion](index=33&type=section&id=6.1%20Independent%20Auditor's%20Review%20Conclusion) PricewaterhouseCoopers reviewed the Group's interim financial information for the six months ended June 30, 2025, finding no matters suggesting it was not prepared in all material respects in accordance with IAS 34 - PricewaterhouseCoopers has reviewed the Group's interim financial information for the six months ended June 30, 2025[94](index=94&type=chunk) - The scope of the review is substantially less than an audit, thus no audit opinion is expressed[95](index=95&type=chunk) - Conclusion: Nothing has come to the auditor's attention that causes them to believe the interim financial information is not prepared, in all material respects, in accordance with International Accounting Standard 34 "Interim Financial Reporting"[96](index=96&type=chunk) [Interim Condensed Consolidated Statement of Profit or Loss](index=34&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) [Profit or Loss Performance for the Six Months Ended June 30, 2025](index=34&type=section&id=7.1%20Profit%20or%20Loss%20Performance%20for%20the%20Six%20Months%20Ended%20June%2030%2C%202025) For the six months ended June 30, 2025, the Group's revenue was **RMB 244,221 thousand**, a **10.5%** year-on-year decrease, with gross profit at **RMB 100,188 thousand**, operating loss at **RMB (48,710) thousand**, and loss for the period significantly narrowed to **RMB (29,309) thousand** Interim Condensed Consolidated Statement of Profit or Loss (for the Six Months Ended June 30) | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Revenue | 244,221 | 272,784 | | Cost of Sales | (144,033) | (161,840) | | Gross Profit | 100,188 | 110,944 | | Selling Expenses | (37,573) | (51,158) | | Administrative Expenses | (57,679) | (217,186) | | Research and Development Expenses | (37,705) | (50,924) | | Operating Loss | (48,710) | (191,995) | | Loss for the Period | (29,309) | (175,317) | | Loss Attributable to Owners of the Company | (22,802) | (171,126) | | Loss Attributable to Non-controlling Interests | (6,507) | (4,191) | | Basic and Diluted Loss Per Share (RMB) | (0.04) | (0.32) | [Interim Condensed Consolidated Statement of Comprehensive Loss](index=35&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Loss) [Comprehensive Loss Performance for the Six Months Ended June 30, 2025](index=35&type=section&id=8.1%20Comprehensive%20Loss%20Performance%20for%20the%20Six%20Months%20Ended%20June%2030%2C%202025) For the six months ended June 30, 2025, the Group's loss for the period significantly decreased to **RMB (29,309) thousand**, with total comprehensive loss for the period narrowing to **RMB (18,770) thousand** after considering exchange differences from translating overseas operations Interim Condensed Consolidated Statement of Comprehensive Loss (for the Six Months Ended June 30) | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Loss for the Period | (29,309) | (175,317) | | Exchange differences arising from translation of overseas operations | 10,539 | (2,098) | | Other comprehensive income/(loss) for the period (net of tax) | 10,539 | (2,098) | | Total comprehensive loss for the period | (18,770) | (177,415) | | Total comprehensive loss for the period attributable to owners of the Company | (12,423) | (173,240) | | Total comprehensive loss for the period attributable to non-controlling interests | (6,347) | (4,175) | [Interim Condensed Consolidated Statement of Financial Position](index=36&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) [Financial Position as of June 30, 2025](index=36&type=section&id=9.1%20Financial%20Position%20as%20of%20June%2030%2C%202025) As of June 30, 2025, the Group's total assets were **RMB 1,518,520 thousand**, slightly down from December 31, 2024, with increased short-term bank deposits offsetting decreased cash and cash equivalents, while total liabilities and total equity also decreased Interim Condensed Consolidated Statement of Financial Position (as of June 30, 2025) | Indicator | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | **Assets** | | | | Non-current assets | 96,304 | 106,097 | | Current assets | 1,422,216 | 1,477,100 | | **Total assets** | **1,518,520** | **1,583,197** | | **Equity** | | | | Equity attributable to owners of the Company | 1,146,000 | 1,157,810 | | Non-controlling interests | 70,416 | 76,763 | | **Total equity** | **1,216,416** | **1,234,573** | | **Liabilities** | | | | Non-current liabilities | 50,696 | 56,032 | | Current liabilities | 251,408 | 292,592 | | **Total liabilities** | **302,104** | **348,624** | | **Total equity and liabilities** | **1,518,520** | **1,583,197** | - Short-term bank deposits within current assets increased from **RMB 599,920 thousand** to **RMB 736,071 thousand**, while cash and cash equivalents decreased from **RMB 319,297 thousand** to **RMB 253,013 thousand**[102](index=102&type=chunk) [Interim Condensed Consolidated Statement of Changes in Equity](index=38&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) [Changes in Equity for the Six Months Ended June 30, 2025](index=38&type=section&id=10.1%20Changes%20in%20Equity%20for%20the%20Six%20Months%20Ended%20June%2030%2C%202025) For the six months ended June 30, 2025, the Group's total equity decreased from **RMB 1,234,573 thousand** to **RMB 1,216,416 thousand**, primarily due to a loss for the period of **RMB (29,309) thousand**, partially offset by exchange differences and share-based payments Interim Condensed Consolidated Statement of Changes in Equity (for the Six Months Ended June 30) | Indicator | Share Capital (RMB '000) | Other Reserves (RMB '000) | Currency Translation Reserve (RMB '000) | Accumulated Losses (RMB '000) | Total (RMB '000) | Non-controlling Interests (RMB '000) | Total Equity (RMB '000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | As of January 1, 2025 | 563,779 | 2,295,189 | 1,919 | (1,703,077) | 1,157,810 | 76,763 | 1,234,573 | | Loss for the period | – | – | – | (22,802) | (22,802) | (6,507) | (29,309) | | Exchange differences arising from translation of overseas operations | – | – | 10,379 | – | 10,379 | 160 | 10,539 | | Share-based payments | – | 613 | – | – | 613 | – | 613 | | **As of June 30, 2025** | **563,779** | **2,295,802** | **12,298** | **(1,725,879)** | **1,146,000** | **70,416** | **1,216,416** | [Interim Condensed Consolidated Statement of Cash Flows](index=39&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) [Cash Flow Analysis for the Six Months Ended June 30, 2025](index=39&type=section&id=11.1%20Cash%20Flow%20Analysis%20for%20the%20Six%20Months%20Ended%20June%2030%2C%202025) For the six months ended June 30, 2025, the Group's cash and cash equivalents decreased by **RMB 64,274 thousand**, with a significantly reduced net cash used in operating activities and a shift to net cash inflow from investing activities Interim Condensed Consolidated Statement of Cash Flows (for the Six Months Ended June 30) | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Net cash used in operating activities | (47,927) | (132,927) | | Net cash from/(used in) investing activities | 218 | (304,455) | | Net cash used in financing activities | (16,565) | (15,394) | | Net decrease in cash and cash equivalents | (64,274) | (452,776) | | Cash and cash equivalents at end of period | 253,013 | 65,934 | - Net cash used in operating activities significantly decreased from **RMB (132,927) thousand** in the same period of 2024 to **RMB (47,927) thousand** in 2025[107](index=107&type=chunk) - Investing activities shifted from a net outflow of **RMB (304,455) thousand** in the same period of 2024 to a net inflow of **RMB 218 thousand** in 2025, primarily due to changes in deposits and redemptions of short-term bank deposits[107](index=107&type=chunk) [Notes to the Interim Condensed Consolidated Financial Information](index=40&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Information) [General Information](index=40&type=section&id=12.1%20General%20Information) Zhejiang Taimei Medical Technology Co., Ltd., established in China in 2013 and listed on the HKEX in 2024, primarily provides life science R&D and marketing digitalization solutions in China and overseas, with Mr. Zhao Lu as the ultimate controlling shareholder - The company was established in China on June 6, 2013, completed its share restructuring on September 11, 2020, and was listed on the Main Board of the Hong Kong Stock Exchange on October 8, 2024[108](index=108&type=chunk)[110](index=110&type=chunk) - The Group is primarily engaged in providing life science R&D and marketing digitalization solutions[108](index=108&type=chunk) - The ultimate controlling shareholder of the Group is Mr. Zhao Lu[109](index=109&type=chunk) [Basis of Preparation](index=40&type=section&id=12.2%20Basis%20of%20Preparation) This condensed consolidated interim financial information is prepared in accordance with IAS 34 "Interim Financial Reporting" and should be read in conjunction with the Group's consolidated financial statements for the year ended December 31, 2024 - The condensed consolidated interim financial information has been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting"[111](index=111&type=chunk) - This report should be read in conjunction with the Group's consolidated financial statements for the year ended December 31, 2024[111](index=111&type=chunk) [New Standards and Interpretations](index=41&type=section&id=12.3%20New%20Standards%20and%20Interpretations) The Group first applied IAS 21 (amended) "Lack of Exchangeability" for the fiscal year beginning January 1, 2025, with no significant impact on the interim financial information, and other unadopted new standards are not expected to have a material effect - The Group first applied IAS 21 (amended) "Lack of Exchangeability" for the fiscal year beginning January 1, 2025, which had no significant impact[113](index=113&type=chunk)[114](index=114&type=chunk) - Other amendments to existing standards not yet adopted are not expected to have a material impact on the Group's condensed consolidated interim financial information[115](index=115&type=chunk) [Fair Value Measurement of Financial Instruments](index=42&type=section&id=12.4%20Fair%20Value%20Measurement%20of%20Financial%20Instruments) This section outlines the Group's fair value measurement of financial instruments across three levels, with warrant liabilities classified as Level 3 and sensitive to changes in discount rates as of June 30, 2025 Fair Value Hierarchy of Financial Instruments (as of June 30, 2025) | Indicator | Level 1 (RMB '000) | Level 2 (RMB '000) | Level 3 (RMB '000) | Total (RMB '000) | | :--- | :--- | :--- | :--- | :--- | | Warrant liabilities | – | – | 35,318 | 35,318 | Fair Value Hierarchy of Financial Instruments (as of December 31, 2024) | Indicator | Level 1 (RMB '000) | Level 2 (RMB '000) | Level 3 (RMB '000) | Total (RMB '000) | | :--- | :--- | :--- | :--- | :--- | | Financial assets at fair value through profit or loss | – | – | 120,792 | 120,792 | | Warrant liabilities | – | – | 35,347 | 35,347 | - If the discount rate for warrant liabilities decreased/increased by **1%**, the loss before income tax for the six months ended June 30, 2025, would increase/decrease by approximately **RMB 344,000**, respectively[123](index=123&type=chunk) [Segment Information](index=46&type=section&id=12.5%20Segment%20Information) The Group operates and is managed as a single segment, thus no segment information is presented, with no single external customer accounting for 10% or more of revenue, and both revenue and non-current assets primarily originating from mainland China - The Group's operations are managed as a single segment, and therefore no segment information is presented[124](index=124&type=chunk) - For the six months ended June 30, 2025, no revenue from transactions with a single external customer accounted for **10%** or more of the Group's revenue[125](index=125&type=chunk) Consolidated Total Revenue by Customer Location (for the Six Months Ended June 30) | Region | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Mainland China | 238,577 | 267,292 | | South Korea | 1,058 | 2,292 | | Singapore | 1,872 | 1,750 | | Europe | 1,360 | 1,030 | | Others | 1,354 | 420 | | **Total** | **244,221** | **272,784** | - As of June 30, 2025, total non-current assets amounted to **RMB 84,465 thousand**, with **RMB 83,283 thousand** located in mainland China[127](index=127&type=chunk) [Revenue](index=47&type=section&id=12.6%20Revenue) For the six months ended June 30, 2025, the Group's revenue was **RMB 244,221 thousand**, primarily from digital services and cloud software products, with most revenue recognized over time, and contract assets increasing while contract liabilities decreased Revenue Breakdown (for the Six Months Ended June 30) | Revenue Source | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Cloud Software Products - SaaS Products | 82,425 | 81,564 | | Cloud Software Products - Customized Products | 12,171 | 15,993 | | Digital Services | 149,371 | 175,227 | | Other Services | 254 | – | | **Total** | **244,221** | **272,784** | - By timing of revenue recognition, **RMB 238,162 thousand** was recognized over time, and **RMB 6,059 thousand** was recognized at a point in time[128](index=128&type=chunk) - Contract assets increased from **RMB 16,614 thousand** as of December 31, 2024, to **RMB 19,722 thousand** as of June 30, 2025[129](index=129&type=chunk) - Contract liabilities decreased from **RMB 86,699 thousand** as of December 31, 2024, to **RMB 69,699 thousand** as of June 30, 2025[130](index=130&type=chunk) [Expenses by Nature](index=49&type=section&id=12.7%20Expenses%20by%20Nature) For the six months ended June 30, 2025, the Group's total expenses significantly decreased to **RMB 276,990 thousand** from **RMB 481,108 thousand** in the prior year, primarily due to reduced employee benefits and the absence of share compensation and listing expenses present in the previous period Analysis of Expenses by Nature (for the Six Months Ended June 30) | Expense Category | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Employee benefit expenses (excluding share-based payments) | 152,050 | 209,643 | | Clinical research related costs | 70,322 | 74,207 | | IT infrastructure and data service costs | 14,423 | 17,728 | | Office, business development and travel expenses | 11,708 | 12,749 | | Consultancy and professional service fees | 6,827 | 3,666 | | Depreciation of right-of-use assets | 5,223 | 13,045 | | Depreciation of property, plant and equipment | 3,068 | 10,609 | | Amortisation of intangible assets | 2,115 | 2,107 | | Short-term lease expenses | 644 | 757 | | Share-based payments | 613 | 22,242 | | Share compensation to certain shareholders | – | 92,836 | | Listing expenses related to global offering | – | 10,986 | | Other expenses | 9,997 | 10,533 | | **Total** | **276,990** | **481,108** | [Other Income](index=50&type=section&id=12.8%20Other%20Income) For the six months ended June 30, 2025, the Group's other income significantly decreased to **RMB 2,445 thousand** from **RMB 9,824 thousand** in the prior year, primarily due to a **RMB 6,807 thousand** reduction in government grants Other Income Breakdown (for the Six Months Ended June 30) | Income Source | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Government grants | 1,734 | 8,541 | | Others | 711 | 1,283 | | **Total** | **2,445** | **9,824** | - Government grants received during the period primarily comprised financial subsidies from various local government authorities in mainland China[132](index=132&type=chunk) [Other (Losses)/Gains, Net](index=50&type=section&id=12.9%20Other%20(Losses)%2FGains%2C%20Net) For the six months ended June 30, 2025, the Group recorded a net other loss of **RMB 12,932 thousand**, a shift from a net gain of **RMB 7,849 thousand** in the prior year, primarily driven by a net foreign exchange loss of **RMB 16,075 thousand** Other (Losses)/Gains, Net Breakdown (for the Six Months Ended June 30) | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Fair value gains on financial assets at fair value through profit or loss | 1,123 | 6,954 | | Net foreign exchange (losses)/gains | (16,075) | 5,275 | | Fair value gains/(losses) on warrant liabilities | 29 | (936) | | Others | 1,991 | (3,444) | | **Total** | **(12,932)** | **7,849** | [Net Finance Income](index=51&type=section&id=12.10%20Net%20Finance%20Income) For the six months ended June 30, 2025, the Group's net finance income increased to **RMB 19,401 thousand** from **RMB 16,678 thousand** in the prior year, primarily due to a **RMB 2,846 thousand** increase in interest income Net Finance Income Breakdown (for the Six Months Ended June 30) | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Finance income - Interest income | 19,775 | 16,929 | | Finance income - Accrued income on long-term receivables | 205 | – | | Finance costs - Interest expense on bank borrowings | (130) | – | | Finance costs - Interest expense on lease liabilities | (449) | (251) | | **Net finance income** | **19,401** | **16,678** | [Income Tax Expense](index=51&type=section&id=12.11%20Income%20Tax%20Expense) The Group recorded no income tax expense for the six months ended June 30, 2025, due to a loss for the period, with eligible entities in mainland China enjoying preferential tax rates and no tax provision made for overseas subsidiaries without estimated taxable profits - For the six months ended June 30, 2025, the Group recorded no income tax expense[99](index=99&type=chunk) - Entities in mainland China qualified as "High and New Technology Enterprises" enjoy a preferential income tax rate of **15%**[135](index=135&type=chunk) - Certain subsidiaries in mainland China qualified as "Small and Micro Profit Enterprises" enjoy a preferential income tax rate of **20%**[135](index=135&type=chunk) - No income tax provision was made for subsidiaries in Singapore and the United States due to no estimated taxable profits subject to profit tax[136](index=136&type=chunk)[137](index=137&type=chunk) [Loss Per Share](index=52&type=section&id=12.12%20Loss%20Per%20Share) For the six months ended June 30, 2025, the Group's basic and diluted loss per share significantly narrowed to **RMB (0.04)** from **RMB (0.32)** in the prior year, with diluted loss per share being the same as basic loss per share due to the anti-dilutive effect of potential ordinary shares Loss Per Share (for the Six Months Ended June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Loss attributable to owners of the Company (RMB '000) | (22,802) | (171,126) | | Weighted average number of ordinary shares in issue ('000 shares) | 563,779 | 538,000 | | **Basic loss per share (expressed in RMB per share)** | **(0.04)** | **(0.32)** | - As the Group incurred a loss for the period, potential ordinary shares were not included in the calculation of diluted loss per share, thus diluted loss per share is the same as basic loss per share[140](index=140&type=chunk) [Dividends](index=53&type=section&id=12.13%20Dividends) The company neither declared nor paid any dividends for the six months ended June 30, 2025, consistent with the prior year - For the six months ended June 30, 2025, the company neither declared nor paid any dividends (2024: nil)[141](index=141&type=chunk) [Property, Plant and Equipment](index=53&type=section&id=12.14%20Property%2C%20Plant%20and%20Equipment) The Group's net book value of property, plant, and equipment decreased to **RMB 10,295 thousand** as of June 30, 2025, from **RMB 12,201 thousand** as of December 31, 2024, primarily due to depreciation expenses, which are mainly recognized in administrative expenses - The net book value of property, plant, and equipment decreased from **RMB 12,201 thousand** as of December 31, 2024, to **RMB 10,295 thousand** as of June 30, 2025[142](index=142&type=chunk) - Total depreciation expense for the six months ended June 30, 2025, was **RMB 3,068 thousand**, of which **RMB 2,126 thousand** was recognized in administrative expenses[143](index=143&type=chunk) [Right-of-use Assets and Lease Liabilities](index=54&type=section&id=12.15%20Right-of-use%20Assets%20and%20Lease%20Liabilities) The Group's net book value of right-of-use assets (primarily leased buildings) decreased to **RMB 17,819 thousand** as of June 30, 2025, from **RMB 23,003 thousand** as of December 31, 2024, with a corresponding reduction in lease liabilities, and depreciation expenses mainly recognized in administrative expenses and cost of sales - The net book value of right-of-use assets (leased buildings) decreased from **RMB 23,003 thousand** as of December 31, 2024, to **RMB 17,819 thousand** as of June 30, 2025[145](index=145&type=chunk)[147](index=147&type=chunk) - Total lease liabilities decreased from **RMB 24,754 thousand** as of December 31, 2024, to **RMB 18,772 thousand** as of June 30, 2025[145](index=145&type=chunk) - Depreciation expense for right-of-use assets for the six months ended June 30, 2025, was **RMB 5,223 thousand**, with **RMB 1,834 thousand** recognized in administrative expenses and **RMB 1,801 thousand** in cost of sales[148](index=148&type=chunk) [Intangible Assets](index=56&type=section&id=12.16%20Intangible%20Assets) The Group's net book value of intangible assets slightly decreased to **RMB 56,351 thousand** as of June 30, 2025, from **RMB 58,181 thousand** as of December 31, 2024, primarily due to amortization, while goodwill remained unchanged at **RMB 37,008 thousand** from a 2019 acquisition - The net book value of intangible assets decreased from **RMB 58,181 thousand** as of December 31, 2024, to **RMB 56,351 thousand** as of June 30, 2025[149](index=149&type=chunk) - Amortization expense for the six months ended June 30, 2025, was **RMB 2,115 thousand**, primarily recognized in administrative expenses[150](index=150&type=chunk) - Goodwill balance was **RMB 37,008 thousand**, arising from the 2019 acquisitions of Taimei Xinghuan and Beijing Nuoming Technology Co., Ltd[151](index=151&type=chunk) [Deferred Income Tax](index=58&type=section&id=12.17%20Deferred%20Income%20Tax) As of June 30, 2025, the Group had no net deferred income tax assets or liabilities, as deferred tax assets and liabilities were offset, with changes primarily related to tax losses, credit loss provisions, and lease liabilities - As of June 30, 2025, the Group had no net deferred income tax assets or liabilities[152](index=152&type=chunk) - Changes in deferred income tax assets and liabilities were primarily influenced by tax losses, credit loss provisions, and lease liabilities[153](index=153&type=chunk) [Contract Fulfilment Costs](index=60&type=section&id=12.18%20Contract%20Fulfilment%20Costs) The Group's contract fulfilment costs increased to **RMB 6,172 thousand** as of June 30, 2025, from **RMB 3,546 thousand** as of December 31, 2024, arising from customized software contracts and to be recognized as cost of sales within 2 to 6 months after performance obligations are met - Contract fulfilment costs increased from **RMB 3,546 thousand** as of December 31, 2024, to **RMB 6,172 thousand** as of June 30, 2025[154](index=154&type=chunk) - Contract fulfilment costs are recognized from costs incurred in fulfilling customized software contracts and will be recognized as cost of sales within 2 to 6 months after the related performance obligations are satisfied[154](index=154&type=chunk) [Trade and Bills Receivables](index=60&type=section&id=12.19%20Trade%20and%20Bills%20Receivables) The Group's total trade and bills receivables slightly decreased to **RMB 165,861 thousand** as of June 30, 2025, from **RMB 170,013 thousand** as of December 31, 2024, with an increase in impairment provision for trade receivables, and most receivables aged within six months - Total trade and bills receivables decreased from **RMB 170,013 thousand** as of December 31, 2024, to **RMB 165,861 thousand** as of June 30, 2025[155](index=155&type=chunk) - Impairment provision for trade receivables increased from **RMB 20,629 thousand** as of December 31, 2024, to **RMB 25,401 thousand** as of June 30, 2025[155](index=155&type=chunk) Ageing Analysis of Trade Receivables (as of June 30, 2025) | Ageing | Amount (RMB '000) | | :--- | :--- | | Within 3 months | 83,279 | | 3 to 6 months | 32,854 | | 6 months to 1 year | 31,124 | | 1 to 2 years | 28,366 | | 2 to 3 years | 11,051 | | Over 3 years | 3,681 | | **Total** | **190,355** | [Other Receivables and Prepayments](index=62&type=section&id=12.20%20Other%20Receivables%20and%20Prepayments) The Group's total other receivables and prepayments slightly decreased to **RMB 81,194 thousand** as of June 30, 2025, from **RMB 82,444 thousand** as of December 31, 2024, primarily comprising prepayments for products and services and deductible input VAT - Total other receivables and prepayments decreased from **RMB 82,444 thousand** as of December 31, 2024, to **RMB 81,194 thousand** as of June 30, 2025[158](index=158&type=chunk) - Key components include prepayments for products and services (**RMB 52,736 thousand**) and deductible input VAT (**RMB 19,578 thousand**)[158](index=158&type=chunk) [Long-term Receivables](index=63&type=section&id=12.21%20Long-term%20Receivables) The Group's long-term receivables slightly decreased to **RMB 11,839 thousand** as of June 30, 2025, from **RMB 12,712 thousand** as of December 31, 2024, primarily from installment sales contracts with terms of 1 to 5 years and significant financing components - Long-term receivables decreased from **RMB 12,712 thousand** as of December 31, 2024, to **RMB 11,839 thousand** as of June 30, 2025[160](index=160&type=chunk) - Long-term receivables primarily refer to amounts due in installments, generally over 1 to 5 years, and include a significant financing component[159](index=159&type=chunk) [Short-term Treasury Bond Investments](index=63&type=section&id=12.22%20Short-term%20Treasury%20Bond%20Investments) The Group's short-term treasury bond investments remained stable at **RMB 160,083 thousand** as of June 30, 2025, compared to **RMB 159,374 thousand** as of December 31, 2024, comprising redeemable fund products with a **3%** fixed interest return, primarily backed by short-term US treasury bonds - Short-term treasury bond investments increased from **RMB 159,374 thousand** as of December 31, 2024, to **RMB 160,083 thousand** as of June 30, 2025[161](index=161&type=chunk) - These investments comprise multiple redeemable fund products with a fixed interest return of **3%**, primarily backed by short-term US treasury bonds[161](index=161&type=chunk) [Cash and Cash Equivalents, Restricted Cash and Short-term Bank Deposits](index=64&type=section&id=12.23%20Cash%20and%20Cash%20Equivalents%2C%20Restricted%20Cash%20and%20Short-term%20Bank%20Deposits) The Group's cash and cash equivalents decreased to **RMB 253,013 thousand** as of June 30, 2025, from **RMB 319,297 thousand** as of December 31, 2024, while restricted cash significantly reduced due to resolved litigation, and short-term bank deposits with initial maturities over three months increased - Cash and cash equivalents decreased from **RMB 319,297 thousand** as of December 31, 2024, to **RMB 253,013 thousand** as of June 30, 2025[162](index=162&type=chunk) - Restricted cash significantly decreased from **RMB 5,100 thousand** as of December 31, 2024, to **RMB 100 thousand** as of June 30, 2025, primarily due to the resolution of pending litigation[163](index=163&type=chunk) - Short-term bank deposits with initial maturities exceeding three months increased from **RMB 599,920 thousand** as of December 31, 2024, to **RMB 736,071 thousand** as of June 30, 2025[162](index=162&type=chunk) [Share Capital](index=65&type=section&id=12.24%20Share%20Capital) The company's number of ordinary shares and share capital remained unchanged at **563,779,000** shares and **RMB 563,779 thousand** respectively as of June 30, 2025 - The company's number of ordinary shares was **563,779,000** and share capital was **RMB 563,779 thousand** as of January 1, 2025, and June 30, 2025, remaining unchanged[164](index=164&type=chunk) [Other Reserves](index=65&type=section&id=12.25%20Other%20Reserves) The Group's other reserves slightly increased to **RMB 2,295,802 thousand** as of June 30, 2025, from **RMB 2,295,189 thousand** as of January 1, 2025, primarily due to share-based payments - Other reserves increased from **RMB 2,295,189 thousand** as of January 1, 2025, to **RMB 2,295,802 thousand** as of June 30, 2025[165](index=165&type=chunk) - The increase was primarily attributable to share-based payments of **RMB 613 thousand**[165](index=165&type=chunk) [Warrant Liabilities](index=66&type=section&id=12.26%20Warrant%20Liabilities) The Group's warrant liabilities remained stable at **RMB 35,318 thousand** as of June 30, 2025, compared to **RMB 35,347 thousand** as of December 31, 2024, stemming from warrants issued to third-party investors in 2022 for future equity financing and classified as non-current liabilities - Warrant liabilities changed from **RMB 35,347 thousand** as of December 31, 2024, to **RMB 35,318 thousand** as of June 30, 2025[166](index=166&type=chunk) - Warrants were issued to third-party investors in 2022, granting them the right to subscribe for new shares at a preferential price in the next round of subsidiary equity financing[166](index=166&type=chunk) - As the next round of equity financing is not expected to commence before June 30, 2026, warrant liabilities are classified as non-current liabilities[166](index=166&type=chunk) [Share-based Payments](index=67&type=section&id=12.27%20Share-based%20Payments) The Group operates a share award scheme to incentivize directors, senior management, and employees, with **174,001** unvested restricted shares in the company and **450,500** in subsidiaries as of June 30, 2025, and share-based payment expenses significantly reduced to **RMB 613 thousand** for the six months ended June 30, 2025 - As of June 30, 2025, the company had **174,001** unvested restricted shares with a 3-year vesting period and an exercise price of **RMB 0.86**[171](index=171&type=chunk) - As of June 30, 2025, subsidiaries had **450,500** unvested restricted shares with a 5-year vesting period and exercise prices ranging from **RMB 1.00** to **RMB 2.00**[174](index=174&type=chunk) Share-based Payments (for the Six Months Ended June 30) | Expense Category | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Selling expenses | – | 3,099 | | Administrative expenses | 599 | 18,158 | | Research and development expenses | 14 | 985 | | **Total** | **613** | **22,242** | [Trade and Other Payables](index=69&type=section&id=12.28%20Trade%20and%20Other%20Payables) The Group's total trade and other payables decreased to **RMB 170,913 thousand** as of June 30, 2025, from **RMB 184,418 thousand** as of December 31, 2024, primarily comprising trade payables, staff salaries and benefits, and a reduced provision for pending litigation and claims, with most trade payables aged within three months - Total trade and other payables decreased from **RMB 184,418 thousand** as of December 31, 2024, to **RMB 170,913 thousand** as of June 30, 2025[176](index=176&type=chunk) - Key components include trade payables to third parties (**RMB 109,563 thousand**) and staff salaries and welfare payable (**RMB 43,426 thousand**)[176](index=176&type=chunk) - Provision for pending litigation and claims decreased from **RMB 4,313 thousand** as of December 31, 2024, to **RMB 716 thousand** as of June 30, 2025[177](index=177&type=chunk) Ageing Analysis of Trade Payables (as of June 30, 2025) | Ageing | Amount (RMB '000) | | :--- | :--- | | Within 3 months | 44,539 | | 3 to 6 months | 17,271 | | 6 months to 1 year | 28,983 | | 1 to 2 years | 18,544 | | Over 2 years | 226 | | **Total** | **109,563** | [Deferred Income](index=70&type=section&id=12.29%20Deferred%20Income) The Group's non-current deferred income remained unchanged at **RMB 7,402 thousand** as of June 30, 2025, compared to December 31, 2024, primarily representing government grants received but not yet recognized in other income - Non-current deferred income remained unchanged at **RMB 7,402 thousand** as of June 30, 2025, compared to December 31, 2024[179](index=179&type=chunk) - Deferred income primarily represents government grants received but not yet recognized in other income[179](index=179&type=chunk) [Related Party Transactions](index=71&type=section&id=12.30%20Related%20Party%20Transactions) The Group's related party transactions primarily involve key management personnel compensation, which significantly decreased to **RMB 8,669 thousand** for the six months ended June 30, 2025, from **RMB 51,380 thousand** in the prior year, mainly due to reduced share-based payments Key Management Personnel Compensation (for the Six Months Ended June 30) | Compensation Category | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Salaries, wages and bonuses | 8,043 | 10,974 | | Contributions to retirement benefit schemes | 305 | 260 | | Other social security costs, housing benefits and other employee benefits | 321 | 278 | | Share-based payments | – | 39,868 | | **Total** | **8,669** | **51,380** | - Total key management personnel compensation significantly decreased, primarily due to share-based payments reducing from **RMB 39,868 thousand** in the same period of 2024 to zero in 2025[181](index=181&type=chunk) [Contingent Matters and Commitments](index=71&type=section&id=12.31%20Contingent%20Matters%20and%20Commitments) As of June 30, 2025, the Group had no significant contingent matters other than pending litigation and claims disclosed in Note 28(b), nor any material capital commitments - As of June 30, 2025, the Group had no significant contingent matters other than pending litigation and claims disclosed in Note 28(b)[182](index=182&type=chunk) - As of June 30, 2025, the Group had no material capital commitments[183](index=183&type=chunk) [Events After the Reporting Period](index=71&type=section&id=12.32%20Events%20After%20the%20Reporting%20Period) As of the report date, the Group had no significant events after June 30, 2025 - There were no significant events after June 30, 2025, and up to the date of this report[184](index=184&type=chunk)

泓盈城市運營服務集團股份有限公司 HOLLWIN URBAN OPERATION SERVICE GROUP CO., LTD （於中華人民共和國註冊成立的股份有限公司） 股份代號：2529 中期報告 2025 2025 中期報告 INTERIM REPORT 目 錄 釋義 44 | 公司資料 | 2 | | --- | --- | | 財務摘要 | 4 | | 管理層討論及分析 | 5 | | 其他資料 | 19 | | 中期財務報告審閱報告 | 22 | | 綜合損益及其他全面收益表 | 24 | | 綜合財務狀況表 | 25 | | 綜合權益變動表 | 27 | | 簡明綜合現金流量表 | 28 | | 未經審核中期財務報告附註 | 30 | 公司資料 董事 執行董事 謝毅先生 （董事長） 陽鑫先生 段文明先生 王國賦先生 非執行董事 余效先生 獨立非執行董事 陳嘉麗女士 戴曉鳳博士 謝志偉先生 監事 薪酬及評估委員會 戴曉鳳博士 （主席） 陽鑫先生 陳嘉麗女士 提名委員會 謝毅先生 （主席） 戴曉鳳博士 謝志偉先生 授權代表 王國賦先生 林庚墀先生 黃國輝先生 彭娟鵑女士 肖名希女士 審計委員會 陳嘉 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 Human Health Holdings Limited 盈健醫療集團有限公司 （於 開 曼 群 島 註 冊 成 立 之 有 限 公 司） （股 份 代 號：1419） 截至二零二五年六月三十日止年度之 年 度 業 績 公 告； 盈健醫療集團有限公司（「本公司」）董 事（「董 事」）會（「董事會」）欣然公佈本公司 及其附屬公司（統 稱「本集團」或「我 們」）截至二零二五年六月三十日止年度（「二 零二五財年」）之 綜 合 業 績，連 同 截 至 二 零 二 四 年 六 月 三 十 日 止 年 度（「二零二四 財 年」）之 比 較 數 據 如 下： – 1 – • 本集團於二零二五財年之收益約為644.4百 萬 港 元，較 二 零 二 四 財 年 增 加 約9.1%。 • 本集團於二零二五財年之本公司擁有人應佔溢利約為26.3百 萬 港 元，較 二零 ...

Company Overview [Company Profile and Business Model](index=3&type=section&id=Company%20Profile%20and%20Business%20Model) Fanyuan International Holdings Group Limited, a prominent cross-border e-commerce logistics service provider listed on the Main Board of the Stock Exchange on December 22, 2023, offers end-to-end cross-border logistics services with a customer-centric approach and customized supply chain solutions - The Company was listed on the Main Board of the Stock Exchange on **December 22, 2023**, as a renowned cross-border e-commerce logistics service provider[6](index=6&type=chunk) - The Company's headquarters are in China, primarily providing end-to-end cross-border logistics services with service outlets in major Chinese trade centers[6](index=6&type=chunk) - The Company offers flexible and reliable delivery options, manages the entire logistics value chain, and customizes supply chain solutions based on client needs[7](index=7&type=chunk) Company Information [Board and Committee Composition](index=4&type=section&id=Board%20and%20Committee%20Composition) This section details the Board of Directors, Company Secretary, authorized representatives, and members of the Audit, Remuneration, Nomination, and Investment Committees, along with auditor and legal counsel information - Board members include Executive Directors Mr. Wang Quan (Chairman), Mr. Yang Zhilong, Mr. Zhang Guangyang, Mr. Zhu Jiong, Non-executive Directors Mr. Wei Ran, Mr. Yao Shenjie, and Independent Non-executive Directors Mr. Ye Xingyue, Mr. Ren Tiangan, and Ms. Wang Jiaofei[8](index=8&type=chunk) - The Company Secretary is Mr. Liang Lesheng (appointed on April 30, 2025), and the Auditor is BDO Limited[8](index=8&type=chunk) [Registration and Operating Locations](index=5&type=section&id=Registration%20and%20Operating%20Locations) This section outlines the Company's registered office, China headquarters, principal place of business in Hong Kong, share registrar, principal bankers, stock code, company website, and listing date - The Company's registered office is in the Cayman Islands, China headquarters in Gongshu District, Hangzhou, Zhejiang Province, and principal place of business in Hong Kong is in Central[9](index=9&type=chunk) - The Hong Kong share registrar is Hong Kong Registrars Limited, and the principal bankers are Hangzhou United Rural Commercial Bank Co., Ltd. (Shiqiao Branch)[9](index=9&type=chunk) - The Company's stock code is **2516**, and the listing date was **December 22, 2023**[9](index=9&type=chunk) Financial Summary [Group Performance and Balance Sheet Summary](index=6&type=section&id=Group%20Performance%20and%20Balance%20Sheet%20Summary) For the six months ended June 30, 2025, the Group's revenue decreased by 43.4% year-on-year to RMB 808.2 million, turning from profit to a loss of RMB 14.49 million for the period, with total assets and liabilities decreasing and net assets slightly down by 3.9% Group Performance Summary (for the six months ended June 30) | Metric | 2025 (RMB '000) | 2024 (RMB '000) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 808,208 | 1,427,976 | (43.4%) | | Gross profit | 73,693 | 104,799 | (29.7%) | | (Loss) Profit before tax | (14,802) | 40,041 | (137.0%) | | (Loss) Profit for the period | (14,489) | 38,062 | (138.1%) | | (Loss) Profit for the period attributable to owners of the parent | (14,350) | 38,093 | (137.7%) | Group Assets and Liabilities Summary | Metric | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | Change (%) | | :--- | :--- | :--- | :--- | | Total assets | 1,442,701 | 1,722,331 | (16.2%) | | Total liabilities | (748,885) | (1,000,036) | (25.1%) | | Net assets | 693,816 | 722,295 | (3.9%) | | Total equity attributable to owners of the Company | 694,017 | 722,713 | (4.0%) | Management Discussion and Analysis [Business Review](index=7&type=section&id=Business%20Review) In the first half of 2025, China's goods trade imports and exports increased by 2.9%, and cross-border e-commerce by 5.7%; however, the Group's total revenue decreased by 43.4% to RMB 800 million, resulting in a loss, as the Company actively responded to US tariff changes by acquiring US logistics equity and joining the Amazon service network to enhance competitiveness and expand markets - In the first half of 2025, China's total goods trade import and export value was approximately **RMB 21.79 trillion**, an increase of **2.9%** year-on-year; cross-border e-commerce import and export value was approximately **RMB 1.32 trillion**, an increase of **5.7%** year-on-year[13](index=13&type=chunk)[14](index=14&type=chunk) - The Group's total revenue in the first half of 2025 reached approximately **RMB 800 million**, a decrease of **43.4%** compared to the same period in 2024; loss attributable to owners of the Company was approximately **RMB 14.4 million**, compared to a profit of **RMB 38.1 million** in the same period of 2024[15](index=15&type=chunk) - Changes in US tariff policies impacted the Group's export business to the United States, with the Company implementing measures such as close policy monitoring, service adjustments, tariff cost pass-through, optimized logistics route design, diversified revenue streams, and strengthened overseas infrastructure development[16](index=16&type=chunk)[19](index=19&type=chunk) - The Group primarily provides end-to-end cross-border delivery services (accounting for approximately **62.1%** of total revenue), freight forwarding services (accounting for approximately **5.8%**), and other logistics services (accounting for approximately **32.1%**)[17](index=17&type=chunk) - The Company's indirect wholly-owned subsidiary, Ingrun Holdings Limited, acquired a **30% equity interest** in US logistics company Advanced Logistics Solutions LLC to enhance competitiveness in the US and overseas logistics networks[18](index=18&type=chunk) - Hangzhou Fanyuan International Logistics Co., Ltd. joined the Amazon service provider network and was recognized as a benchmark logistics enterprise in Hangzhou for 2025[20](index=20&type=chunk) [Financial Review](index=9&type=section&id=Financial%20Review) The Group's revenue for the first half of 2025 significantly decreased by 43.4% due to US tariff policy changes, leading to a 29.7% reduction in gross profit, though the gross profit margin increased due to service mix shifts; the period turned from profit to loss, mainly impacted by reduced gross profit, increased impairment losses, and higher finance costs, while net current assets and gearing ratio both declined - Revenue: For the six months ended June 30, 2025, revenue was approximately **RMB 800 million**, a **43.4% decrease** from the same period in 2024, primarily due to reduced freight volume caused by changes in US tariff policies[21](index=21&type=chunk) - Cost of sales: Cost of sales decreased by **44.5%** year-on-year to approximately **RMB 700 million**, primarily related to changes in revenue[22](index=22&type=chunk) - Gross profit: Gross profit was approximately **RMB 73.7 million**, a **29.7% decrease** year-on-year. Gross profit margin increased from **7.3% to 9.1%**, mainly due to a reduced proportion of lower-margin freight forwarding services and an increase in gross profit margin for other logistics services, partially offset by a decrease in gross profit margin for end-to-end cross-border delivery services[23](index=23&type=chunk)[24](index=24&type=chunk) - Other income, gains and losses, net: A net loss of approximately **RMB 5.2 million** was recorded, an improvement from a net loss of **RMB 9.2 million** in the same period last year, primarily due to reduced exchange losses[25](index=25&type=chunk) - Impairment loss on trade and other receivables: Impairment loss was approximately **RMB 14.4 million**, an increase from the same period last year, primarily due to a slower client repayment speed leading to a higher expected credit loss rate[26](index=26&type=chunk) - Finance costs: Finance costs increased by **25.5%** to approximately **RMB 9.7 million**, primarily due to an increase in bank borrowings during the period[27](index=27&type=chunk) - Loss for the period: The Group recorded a loss of approximately **RMB 14.4 million** for the period ended June 30, 2025, turning from a profit of approximately **RMB 38.1 million** in the same period of 2024[30](index=30&type=chunk) - Trade receivables: As of June 30, 2025, trade receivables were approximately **RMB 429.2 million**, a **35.0% decrease** from approximately **RMB 660.4 million** as of December 31, 2024[31](index=31&type=chunk) - Trade payables: As of June 30, 2025, trade payables were approximately **RMB 59.1 million**, a **29.0% decrease** from approximately **RMB 83.3 million** as of December 31, 2024[32](index=32&type=chunk) - Liquidity: Net current assets were approximately **RMB 484.6 million**, with bank balances and cash of approximately **RMB 4

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任 何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 TOP FORM INTERNATIONAL LIMITED 黛麗斯國際有限公司* （於百慕達註冊成立之有限公司） （股份代號：333） 截至二零二五年六月三十日止年度之 全年業績公告 全年業績 黛麗斯國際有限公司（「本公司」）之董事（「董事」）會（「董事會」）欣然公佈本公司 及其附屬公司（統稱「黛麗斯」或「本集團」）截至二零二五年六月三十日止年度之 綜合業績如下： 綜合損益表 截至二零二五年六月三十日止年度 （除另有說明者外，均以港元列示） | | | 二零二五年 | 二零二四年 | | --- | --- | --- | --- | | | 附註 | 千港元 | 千港元 | | 收入 | 3 | 1,215,731 | 1,130,164 | | 銷售成本 | | (973,757) | (874,674) | | 毛利 | | 241,974 | 255,490 | | 其他收入淨額 | 4 | ...

( 於開曼群島註冊成立的有限公司) (股票代碼: 00853) 2025 中期報告 公司概況 微創醫療科學有限公司（「本公司」或「微創®」）及其附屬公司（統稱「本 集團」）是一家領先的醫療器械集團，專注於在全球範圍內創新、製 造及銷售高端醫療器械。憑藉目前已在全球20,000*多家醫院使用的 多樣化產品組合，本集團在全球運營多個業務分部，包括心血管介 入業務、骨科醫療器械業務、心律管理（「心律管理」）業務、大動脈 及外周血管介入業務、神經介入業務、結構性心臟病業務、手術機 器人業務等。 本集團以人為本，我們堅定地信仰人人都有生而平等的醫療權、健 康權和追求活得更久的權利，並希冀與社會各界通力合作，為人人 享有這種權利而積極創造各種各樣的變革性醫療手段。我們通過創 新科學的實際應用，不斷開發出領先的科技與產品服務，為患者提 供能延長和重塑生命的可普惠化真善美方案。在世界範圍內，平 均每5秒就有一個微創®的產品被用於挽救和延長生命或提升生命品 質。 我們擁有一個大型且不斷豐富的知識產權庫以及一支強大的研究與 開發（「研發」）團隊。我們在全世界與國際知名醫生及科學家緊密合 作，開發出符合最高質量及臨床最高標準的一系 ...

蘇州貝康醫療股份有限公司 SUZHOU BASECARE MEDICAL CORPORATION LIMITED （於中華人民共和國註冊成立的股份有限公司） 股份代號 : 2170 2025 中期報告 | 公司資料 | 2 | | --- | --- | | 財務概要 | 4 | | 管理層討論及分析 | 5 | | 其他資料 | 24 | | 核數師致董事會的獨立審閱報告 | 32 | | 綜合損益表 | 33 | | 綜合損益及其他全面收益表 | 34 | | 綜合財務狀況表 | 35 | | 綜合權益變動表 | 37 | | 簡明綜合現金流量表 | 38 | | 未經審核中期財務報告附註 | 39 | | 釋義 | 52 | 蘇州貝康醫療股份有限公司 SUZHOU BASECARE MEDICAL CORPORATION LIMITED (A joint stock company incorporated in the People's Republic of China with limited liability) Stock Code : 2170 2025 INTERIM REPORT Int ...

FUTURE WORLD HOLDINGS LIMITED 未來世界控股有限公司 （於開曼群島註冊成立的有限公司） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 份 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 可供授出之購股權總數 （股份代號：572） 有關二零二四年年報 之補充公告 茲 提 述 未 來 世 界 控 股 有 限 公 司（「本公司」）日 期 為 二 零 二 五 年 四 月 二 十 五 日 之 截 至 二 零 二 四 年 十 二 月 三 十 一 日 止 年 度 之 年 報（「二零二四年年報」）。除 文 義 另 有 所 指 外，本 公 告 所 用 之 全 部 詞 彙 與 二 零 二 四 年 年 報 所 界 定 者 具 有 相 同 涵 義。 於 二 零 二 四 年 一 月 一 日，二 零 二 一 年 計 劃 項 下 可 供 授 出 之 購 股 權 總 數 為249,60 ...

[Company Information and Announcement Statement](index=1&type=section&id=Company%20Information%20and%20Announcement%20Statement) This section provides essential details about the company and the nature of the financial announcement, including disclaimers [Company Name and Announcement Type](index=1&type=section&id=Company%20Name%20and%20Announcement%20Type) This announcement is the annual results announcement of SUNWAH KINGSWAY CAPITAL HOLDINGS LIMITED (Stock Code: 00188) for the year ended June 30, 2025 - Company Name: **SUNWAH KINGSWAY CAPITAL HOLDINGS LIMITED**[2](index=2&type=chunk) - Announcement Type: Annual Results Announcement for the year ended June 30, 2025[2](index=2&type=chunk) [Disclaimer](index=1&type=section&id=Disclaimer) Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited are not responsible for the content of this announcement, make no statement as to its accuracy or completeness, and accept no liability for any loss arising from reliance on its contents - HKEX and the Stock Exchange are not responsible for the content of this announcement, nor do they make any statement as to its accuracy or completeness[1](index=1&type=chunk) - HKEX and the Stock Exchange expressly disclaim any liability whatsoever for any loss arising from or in reliance upon the whole or any part of the contents of this announcement[1](index=1&type=chunk) [Consolidated Financial Statements](index=2&type=section&id=Consolidated%20Financial%20Statements) This section presents the Group's consolidated financial performance and position for the reporting period [Consolidated Statement of Profit or Loss](index=2&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) The group's loss significantly narrowed in the year ended June 30, 2025, from HK$56,840 thousand in 2024 to HK$36,412 thousand, primarily due to a net gain from financial assets and liabilities at fair value through profit or loss Consolidated Statement of Profit or Loss Key Data (HK$ thousand) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | **Revenue** | 48,703 | 51,038 | | Commission and fee income | 17,698 | 20,702 | | Interest income from financial assets at amortized cost | 18,793 | 19,094 | | Net gain/(loss) from financial assets and liabilities at fair value through profit or loss | 3,923 | (28,838) | | **Expenses** | | | | Commission expenses | (2,324) | (1,239) | | General and administrative expenses | (63,145) | (65,390) | | Finance costs | (5,740) | (6,874) | | Impairment reversal/(provision) for financial instruments | 273 | (7,917) | | **Loss for the year** | (36,412) | (56,840) | | Basic and diluted loss per share (HK cents) | (4.85) | (7.64) | [Consolidated Statement of Comprehensive Income](index=3&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income) Total comprehensive expenses for FY2025 decreased to HK$72,055 thousand from HK$81,550 thousand in FY2024, mainly due to a narrower loss for the year despite increased revaluation loss on land and buildings held for own use Consolidated Statement of Comprehensive Income Key Data (HK$ thousand) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Loss for the year | (36,412) | (56,840) | | Land and buildings held for own use – revaluation loss (net of tax) | (36,757) | (24,823) | | Exchange differences arising from translation of overseas operations | 1,114 | (554) | | **Total comprehensive income for the year** | (72,055) | (81,550) | [Consolidated Statement of Financial Position](index=4&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets slightly increased, non-current assets decreased, and current assets grew significantly, while net assets decreased from HK$709,557 thousand in 2024 to HK$625,933 thousand Consolidated Statement of Financial Position Key Data (HK$ thousand) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | **Non-current assets** | 353,848 | 457,665 | | Investment properties | 58,657 | 68,599 | | Property and equipment | 227,743 | 281,777 | | **Current assets** | 927,808 | 753,301 | | Financial assets at fair value through profit or loss | 261,030 | 213,096 | | Bank balances and cash – trust accounts | 431,854 | 313,325 | | **Current liabilities** | 647,981 | 484,046 | | Trade and other payables | 470,410 | 344,924 | | Bank loans and overdrafts | 97,304 | 73,295 | | **Net assets** | 625,933 | 709,557 | [Notes to the Financial Statements](index=5&type=section&id=Notes%20to%20the%20Financial%20Statements) This section provides detailed explanations and breakdowns of the figures presented in the consolidated financial statements [Changes in Accounting Policies and Adoption of New Standards](index=5&type=section&id=Changes%20in%20Accounting%20Policies%20and%20Adoption%20of%20New%20Standards) The Group adopted several revised HKFRSs, including those on lease liabilities in sale and leaseback transactions, classification of liabilities, and supplier finance arrangements, with no significant impact on financial position or performance, while assessing future impacts of new standards not yet effective [Revised HKFRSs Adopted](index=5&type=section&id=Revised%20HKFRSs%20Adopted) The Group adopted several revised HKFRSs, including those on lease liabilities in sale and leaseback transactions, classification of liabilities, and supplier finance arrangements, with no significant impact on financial position or performance - Amendments to HKFRS 16 (Lease Liability in a Sale and Leaseback) had no impact on the Group's financial position or performance as no such transactions occurred since initial application[8](index=8&type=chunk) - Amendments to HKAS 1 (Classification of Liabilities as Current or Non-current) had no impact on the Group's financial position or performance, with liability classifications remaining unchanged after reassessment[9](index=9&type=chunk) - Amendments to HKAS 7 and HKFRS 7 (Supplier Finance Arrangements) had no impact on the Group's financial statements as the Group has no such arrangements[10](index=10&type=chunk) [New and Revised HKFRSs Issued But Not Yet Effective](index=5&type=section&id=New%20and%20Revised%20HKFRSs%20Issued%20But%20Not%20Yet%20Effective) The Group is assessing the impact of new and revised HKFRSs issued but not yet effective, including those on financial statement presentation, subsidiary disclosures, and financial instrument classification, with most not expected to have a significant impact New and Revised HKFRSs Issued But Not Yet Effective | Standard Number | Title | Effective Date | | :--- | :--- | :--- | | HKFRS 18 | Presentation and Disclosure in Financial Statements | On or after January 1, 2027 | | HKFRS 19 | Subsidiaries without Public Accountability: Disclosures | On or after January 1, 2027 | | Amendments to HKFRS 9 and HKFRS 7 | Classification and Measurement of Financial Instruments | On or after January 1, 2026 | | Amendments to HKFRS 10 and HKAS 28 | Sale or Contribution of Assets between an Investor and its Associate or Joint Venture | To be determined | | Amendments to HKAS 21 | Lack of Exchangeability | On or after January 1, 2025 | | Annual Improvements to HKFRSs – Volume 11 | Various standards amendments | On or after January 1, 2026 | - HKFRS 18 will introduce new requirements for profit or loss presentation, including specified totals and subtotals, and stricter rules for information aggregation and location in financial statements and notes, with the Group currently assessing its impact[13](index=13&type=chunk) - HKFRS 19 allows eligible entities to reduce disclosure requirements, but the Company, as a listed entity, is not eligible, though some subsidiaries are considering its application[14](index=14&type=chunk) - Amendments to HKFRS 9 and HKFRS 7 are not expected to have any significant impact on the Group's financial statements[15](index=15&type=chunk) - Amendments to HKFRS 10 and HKAS 28 are not expected to have any significant impact on the Group's financial statements, as no such transactions are anticipated between the Group and its associates or joint ventures[16](index=16&type=chunk) - Amendments to HKAS 21 are not expected to have any significant impact on the Group's financial statements[18](index=18&type=chunk) [Revenue Breakdown](index=8&type=section&id=Revenue%20Breakdown) The Group's total revenue for FY2025 was HK$48,703 thousand, a slight decrease from HK$51,038 thousand in FY2024, with reduced commission and fee income but stable interest and dividend income [Revenue by Service Type](index=8&type=section&id=Revenue%20by%20Service%20Type) Revenue from customer contracts decreased to HK$17,698 thousand in FY2025, with a notable decline in corporate finance income, while other revenue sources remained stable Revenue from Contracts with Customers (HK$ thousand) | Service Type | 2025 | 2024 | | :--- | :--- | :--- | | Stock, options, funds and futures brokerage | 7,517 | 6,308 | | Securities capital market underwriting and placement | 3,916 | 603 | | Corporate finance | 1,807 | 10,350 | | Asset management | 117 | 78 | | Handling and clearing services | 2,663 | 2,287 | | Other fee income | 1,678 | 1,076 | | **Total commission and fee income** | **17,698** | **20,702** | Revenue from Other Sources (HK$ thousand) | Source | 2025 | 2024 | | :--- | :--- | :--- | | Interest income from financial assets at amortized cost | 18,793 | 19,094 | | Interest income from debt securities at fair value through profit or loss | 2,398 | 1,595 | | Dividend income | 7,493 | 6,453 | | Rental income | 2,321 | 3,194 | | **Total revenue from other sources** | **31,005** | **30,336** | [Revenue by Geographical Market](index=10&type=section&id=Revenue%20by%20Geographical%20Market) Total revenue from customer contracts in FY2025 was HK$17,698 thousand, with the majority generated from Hong Kong, while revenue from other countries significantly decreased Total Revenue from Customer Contracts by Geographical Market (HK$ thousand) | Region | 2025 | 2024 | | :--- | :--- | :--- | | Hong Kong | 17,652 | 20,316 | | Other Countries | 46 | 386 | | **Total Revenue** | **17,698** | **20,702** | [Revenue by Timing of Revenue Recognition](index=10&type=section&id=Revenue%20by%20Timing%20of%20Revenue%20Recognition) Total revenue from customer contracts in FY2025 was HK$17,698 thousand, with the majority recognized at a point in time, while revenue recognized over time decreased Total Revenue from Customer Contracts by Timing of Revenue Recognition (HK$ thousand) | Timing of Recognition | 2025 | 2024 | | :--- | :--- | :--- | | Services transferred at a point in time | 16,401 | 18,100 | | Services transferred over time | 1,297 | 2,602 | | **Total Revenue** | **17,698** | **20,702** | [Net Gain/Loss from Financial Assets and Liabilities at Fair Value](index=11&type=section&id=Net%20Gain%2FLoss%20from%20Financial%20Assets%20and%20Liabilities%20at%20Fair%20Value) In FY2025, the Group recorded a net gain of HK$3,923 thousand from financial assets and liabilities at fair value through profit or loss, a significant improvement from a net loss of HK$28,838 thousand in FY2024, primarily driven by gains from listed equity securities Net Gain/(Loss) from Financial Assets and Liabilities at Fair Value (HK$ thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Listed equity securities | 6,853 | (20,211) | | Listed debt securities | 91 | (1,087) | | Listed derivative instruments | (3,245) | (15) | | Bond funds | 236 | 165 | | Unlisted investment funds | (78) | 60 | | Overseas unlisted equity securities | 66 | (7,750) | | **Total net gain/(loss)** | **3,923** | **(28,838)** | [Segment Reporting](index=12&type=section&id=Segment%20Reporting) The Group allocates resources and assesses performance across six business segments: proprietary investments, property investments, brokerage and lending, corporate finance and capital markets, asset management, and others, with varied performance across segments in FY2025 [Segment Statement of Profit or Loss (by Business Segment)](index=13&type=section&id=Segment%20Statement%20of%20Profit%20or%20Loss%20(by%20Business%20Segment)) In FY2025, the brokerage and lending segment turned profitable, proprietary investments significantly narrowed losses, while corporate finance and capital markets revenue decreased Segment Revenue (HK$ thousand) | Segment | 2025 | 2024 | | :--- | :--- | :--- | | Proprietary investments | 10,696 | 8,944 | | Property investments | 2,531 | 3,428 | | Brokerage and lending | 30,628 | 28,957 | | Corporate finance and capital markets | 5,730 | 10,972 | | Asset management | 2,643 | 2,725 | | Others | 17,117 | 15,852 | | **Total segment revenue** | **69,345** | **70,878** | Segment (Loss)/Profit Before Tax (HK$ thousand) | Segment | 2025 | 2024 | | :--- | :--- | :--- | | Proprietary investments | (15,799) | (37,001) | | Property investments | (9,327) | (5,273) | | Brokerage and lending | 3,790 | (4,694) | | Corporate finance and capital markets | (5,321) | (1,896) | | Asset management | (610) | 1,918 | | Others | (9,157) | (9,463) | | **Total loss before tax** | **(36,424)** | **(56,409)** | [Segment Assets and Liabilities (by Business Segment)](index=13&type=section&id=Segment%20Assets%20and%20Liabilities%20(by%20Business%20Segment)) As of June 30, 2025, total segment assets increased, with significant growth in brokerage and lending assets, while property investment assets decreased Segment Assets (HK$ thousand) | Segment | 2025 | 2024 | | :--- | :--- | :--- | | Proprietary investments | 325,973 | 315,016 | | Property investments | 100,893 | 110,070 | | Brokerage and lending | 624,123 | 508,608 | | Corporate finance and capital markets | 9,527 | 5,508 | | Asset management | 1,245 | 1,053 | | Others | 232,832 | 285,922 | | **Total segment assets** | **1,294,593** | **1,226,177** | | Write-off | (12,937) | (15,211) | | **Total assets** | **1,281,656** | **1,210,966** | [Geographical Information](index=15&type=section&id=Geographical%20Information) In FY2025, Hong Kong remained the primary source of revenue and non-current assets, while revenue from Mainland China increased and non-current assets decreased across all regions Revenue and Non-current Assets by Geographical Region (HK$ thousand) | Region | 2025 Revenue | 2024 Revenue | 2025 Non-current Assets | 2024 Non-current Assets | | :--- | :--- | :--- | :--- | :--- | | Hong Kong | 42,641 | 46,698 | 299,516 | 359,054 | | Mainland China | 5,388 | 3,347 | 30,605 | 33,980 | | Others | 674 | 993 | 4,264 | 3,442 | | **Total** | **48,703** | **51,038** | **334,385** | **396,476** | [Major Customer Information](index=15&type=section&id=Major%20Customer%20Information) The Group had no major customers in FY2025, contrasting with FY2024 where the largest customer contributed HK$8.4 million in sponsor and compliance advisory fees - No major customers in FY2025, compared to FY2024 where the largest customer contributed **HK$8.4 million** in sponsor and compliance advisory fees[39](index=39&type=chunk) [Loss Before Tax Breakdown](index=15&type=section&id=Loss%20Before%20Tax%20Breakdown) Loss before tax for FY2025 narrowed to HK$36,424 thousand from HK$56,409 thousand in FY2024, primarily due to reduced finance costs and impairment provisions for financial instruments [Finance Costs](index=15&type=section&id=Finance%20Costs) Total finance costs decreased to HK$5,740 thousand in FY2025 from HK$6,874 thousand in FY2024, driven by reductions in secured bank loans and brokerage client interest Finance Costs Breakdown (HK$ thousand) | Source | 2025 | 2024 | | :--- | :--- | :--- | | Unsecured bank loans and overdrafts repayable within one month | 23 | 9 | | Secured bank loans repayable within one year | 2,914 | 3,589 | | Brokerage clients | 1,802 | 2,901 | | Others | 996 | 368 | | Lease liabilities | 5 | 7 | | **Total finance costs** | **5,740** | **6,874** | [Impairment (Reversal)/Provision for Financial Instruments](index=15&type=section&id=Impairment%20(Reversal)%2FProvision%20for%20Financial%20Instruments) The Group recorded an impairment reversal of HK$273 thousand for financial instruments in FY2025, a significant improvement from a provision of HK$7,917 thousand in FY2024 Impairment for Financial Instruments (HK$ thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Trade receivables, loans and other receivables | 78 | 8,026 | | Recovery of loans written off in prior years | (351) | (109) | | **Total impairment (reversal)/provision** | **(273)** | **7,917** | [Staff Costs](index=15&type=section&id=Staff%20Costs) Total staff costs remained stable at HK$36,350 thousand in FY2025, slightly down from HK$36,679 thousand in FY2024 Staff Costs (HK$ thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Salaries and other allowances | 35,374 | 35,711 | | Pension costs – defined contribution plans | 976 | 968 | | **Total staff costs** | **36,350** | **36,679** | [Other Items (Depreciation, Rent, Auditor's Remuneration)](index=16&type=section&id=Other%20Items%20(Depreciation%2C%20Rent%2C%20Auditor's%20Remuneration)) Depreciation expenses decreased in FY2025, while rental expenses excluding lease liabilities and auditor's remuneration remained relatively stable Other Expense Items (HK$ thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Depreciation | 8,342 | 9,559 | | Rental expenses not included in the measurement of lease liabilities | 173 | 107 | | Auditor's remuneration | 3,156 | 3,222 | [Income Tax (Credit)/Expense](index=16&type=section&id=Income%20Tax%20(Credit)%2FExpense) Income tax recorded a credit of HK$12 thousand in FY2025, a significant improvement from an expense of HK$431 thousand in FY2024, primarily due to the recovery of over-provision in prior years Income Tax (HK$ thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Current tax | 0 | 0 | | Over-provision in prior years | (16) | (6) | | Deferred tax | 4 | 437 | | **Total income tax (credit)/expense** | **(12)** | **431** | - Hong Kong profits tax is calculated at **16.5%**, while Mainland China subsidiaries are subject to **25%** corporate income tax[41](index=41&type=chunk) [Dividends](index=16&type=section&id=Dividends) The Group paid an interim dividend of HK 1 cent per share in FY2025 and proposed a final dividend of HK 1 cent per share, totaling HK$15,206 thousand, largely consistent with FY2024 Dividends Paid and Payable (HK$ thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Interim dividend paid of HK 1 cent per share | 7,603 | 7,445 | | Proposed final dividend of HK 1 cent per share | 7,603 | 7,445 | | **Total dividends** | **15,206** | **14,890** | [Loss Per Share](index=17&type=section&id=Loss%20Per%20Share) Basic and diluted loss per share for FY2025 significantly narrowed to HK 4.85 cents from HK 7.64 cents in FY2024, primarily due to a reduction in the loss for the year Loss Per Share (HK cents) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Loss attributable to owners of the Company (HK$ thousand) | (36,412) | (56,654) | | Weighted average number of ordinary shares | 751,376,839 | 741,707,376 | | **Basic and diluted loss per share (HK cents)** | **(4.85)** | **(7.64)** | [Trade Receivables, Loans and Other Receivables](index=17&type=section&id=Trade%20Receivables%2C%20Loans%20and%20Other%20Receivables) As of June 30, 2025, net trade receivables, loans, and other receivables increased to HK$139,729 thousand from HK$118,062 thousand in FY2024, while impairment provisions decreased from HK$23,706 thousand to HK$20,913 thousand [Trade Receivables and Loans Breakdown](index=17&type=section&id=Trade%20Receivables%20and%20Loans%20Breakdown) Trade receivables from brokers and clearing houses significantly increased, while margin client and cash client receivables decreased, and loans receivable remained stable Trade Receivables and Loans Breakdown (HK$ thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Amounts due from brokers and clearing houses | 88,220 | 71,892 | | Amounts due from margin clients | 5,472 | 7,684 | | Amounts due from cash clients | 5,033 | 8,996 | | Loans receivable | 48,729 | 48,021 | | Other receivables | 392 | 46 | | **Total trade receivables and loans** | **147,846** | **136,639** | | Less: Impairment allowance | (20,913) | (23,706) | | **Net amount** | **126,933** | **112,933** | - As of June 30, 2025, the total market value of securities collateral for margin client loans was approximately **HK$153 million**, significantly higher than **HK$9 million** in 2024[43](index=43&type=chunk) - Loans receivable include **HK$17 million** in fixed-rate loans and **HK$32 million** in factoring receivables, primarily secured by personal/corporate guarantees, properties, and trade receivables[46](index=46&type=chunk) [Movement in Impairment Allowance](index=18&type=section&id=Movement%20in%20Impairment%20Allowance) Impairment allowance decreased to HK$20,913 thousand at year-end 2025, primarily due to significant write-offs of unrecoverable amounts in prior years Movement in Impairment Allowance (HK$ thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | At beginning of period | 23,706 | 58,554 | | Impairment loss (reversal)/recognition | 78 | 8,026 | | Amounts written off as uncollectible | (2,871) | (42,874) | | **At end of period** | **20,913** | **23,706** | [Trade Payables, Accruals and Other Provisions](index=19&type=section&id=Trade%20Payables%2C%20Accruals%20and%20Other%20Provisions) Total trade payables, accruals, and other provisions increased significantly to HK$470,410 thousand as of June 30, 2025, from HK$344,924 thousand in FY2024, primarily driven by a substantial increase in amounts due to clients Trade Payables, Accruals and Other Provisions (HK$ thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Amounts due to brokers and clearing houses | 25 | 3,262 | | Amounts due to clients | 456,389 | 327,281 | | Others | 3,755 | 6,676 | | **Total trade payables** | **460,169** | **337,219** | | Other payables, accruals and other provisions | 10,241 | 7,705 | | **Total** | **470,410** | **344,924** | [Share Capital and Share Premium](index=19&type=section&id=Share%20Capital%20and%20Share%20Premium) As of June 30, 2025, issued share capital increased to HK$76,026 thousand and share premium to HK$373,205 thousand, mainly due to the issuance of scrip shares for dividend payment Issued Share Capital and Share Premium Movement (HK$ thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Issued share capital | 76,026 | 74,452 | | Share premium | 373,205 | 371,300 | | **Total** | **449,231** | **445,752** | - On January 23, 2025, the Company issued **15,742,135** new shares at **HK$0.221** per share to settle the declared final dividend for 2024[49](index=49&type=chunk) [Management Discussion and Analysis](index=20&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an overview of the Group's operational and financial performance, market conditions, and future outlook [Market Review](index=20&type=section&id=Market%20Review) The Hong Kong stock market experienced significant volatility in FY2025, with the Hang Seng Index rebounding strongly to 24,072 points by June 30, 2025, a 35.86% increase from June 30, 2024, alongside a 92% surge in average monthly total turnover and a substantial increase in IPO fundraising - The Hong Kong stock market experienced significant volatility in FY2025, with the Hang Seng Index closing at **24,072 points** on June 30, 2025, a **35.86%** increase from **17,719 points** on June 30, 2024[50](index=50&type=chunk) - Average monthly total turnover for the Main Board and GEM reached **HK$3,991 billion** in FY2025, a significant **92%** increase from **HK$2,084 billion** in FY2024[51](index=51&type=chunk) - Main Board IPO fundraising reached **HK$184 billion** in FY2025, a substantial increase from **HK$42 billion** in FY2024, primarily driven by the listing of H-shares from two large A-share companies[51](index=51&type=chunk) [Group Overall Performance Review](index=21&type=section&id=Group%20Overall%20Performance%20Review) The Group's loss after tax narrowed to HK$36 million in FY2025, with total comprehensive expenses decreasing to HK$72 million, driven by improved net gain from financial assets and liabilities at fair value through profit or loss, and reduced general and administrative and interest expenses Group Overall Performance Overview (HK$ million) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Loss after tax | (36) | (57) | | Total comprehensive expenses | (72) | (82) | | Commission and fee income from financial intermediary business | 18 | 21 | | Interest income | 21 | 21 | | Dividend and rental income | 10 | 10 | | Net gain/(loss) from financial assets and liabilities at fair value through profit or loss | 4 | (29) | | General and administrative expenses | (63) | (65) | | Interest expenses | (6) | (7) | | Impairment reversal/(loss) | Small reversal | (8) | - Self-occupied properties recorded a post-tax revaluation loss of **HK$37 million**, an increase from **HK$25 million** in the prior year, primarily due to the weak Hong Kong Grade A office market[52](index=52&type=chunk) [Business Segment Performance Review](index=21&type=section&id=Business%20Segment%20Performance%20Review) Segment performance varied, with brokerage and lending turning profitable, proprietary investments significantly reducing losses, corporate finance revenue declining, asset management stable, and property investment valuation losses expanding due to market conditions [Brokerage and Lending](index=21&type=section&id=Brokerage%20and%20Lending) The brokerage and lending segment turned profitable in FY2025, reporting a net profit of HK$4 million, driven by increased total income and impairment reversals Brokerage and Lending Segment Performance (HK$ million) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Total income | 31 | 29 | | Commission income growth | 1 | - | | Decrease in bank interest income | 1 | - | | Net profit/(loss) | 4 | (5) | - The brokerage and lending segment benefited from impairment reversals, successfully recovering **HK$1 million** from brokerage clients during the year[56](index=56&type=chunk) - Margin loans, fixed-rate loans, and factoring receivables remained at **HK$33 million** after deducting expected credit losses, with the department strictly enforcing loan approval and collateral assessment standards[56](index=56&type=chunk) [Corporate Finance and Capital Markets](index=22&type=section&id=Corporate%20Finance%20and%20Capital%20Markets) The corporate finance and capital markets segment's total income decreased to HK$6 million in FY2025, despite successfully completing a placement of unlisted convertible bonds for a listed company Corporate Finance and Capital Markets Segment Performance (HK$ million) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Total income | 6 | 11 | | Placement fee income | 4 | 1 | - The department successfully completed the placement of unlisted convertible bonds for a listed company in FY2025, earning **HK$4 million** in placement fees[57](index=57&type=chunk) [Asset Management](index=22&type=section&id=Asset%20Management) The asset management segment maintained stable total income at HK$3 million in FY2025, with managed fund unit prices increasing, potentially leading to performance fees by year-end Asset Management Segment Performance (HK$ million) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Total income | 3 | 3 | - Asset management department's managed fund unit prices significantly increased, with performance fees anticipated by the end of 2025 if current performance is sustained[58](index=58&type=chunk) [Proprietary Investments](index=22&type=section&id=Proprietary%20Investments) The proprietary investments segment's total income increased to HK$11 million in FY2025, with a significant turnaround from a net outflow to a net inflow before management fees, and a net gain from equity securities investment portfolio Proprietary Investments Segment Performance (HK$ million) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Total income | 11 | 9 | | Net inflow/(outflow) before management fees | 15 | (21) | | Net realized and unrealized gains from equity securities investment portfolio | 7 | (20) | - An unlisted investment successfully listed on Nasdaq in October 2024, but its stock price had fallen by approximately **50%** from its initial listing price as of June 30, 2025[59](index=59&type=chunk) - As of June 30, 2025, the carrying values of unlisted investments, listed securities, and listed debt securities and bond fund portfolios were **HK$5 million**, **HK$205 million**, and **HK$51 million**, respectively[60](index=60&type=chunk) [Property Investments](index=23&type=section&id=Property%20Investments) The property investment segment's total income remained stable at HK$3 million in FY2025, but total valuation losses expanded to HK$10 million, primarily due to revaluation losses on retail shops in Kwun Tong and office properties in Beijing Property Investments Segment Performance (HK$ million) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Total income | 3 | 3 | | Revaluation loss on Kwun Tong retail shop | (8) | (7) | | Revaluation loss on Beijing office property | (2) | (1) | | **Total valuation loss** | **(10)** | **(8)** | - The Group owns one shop and one parking space in Hong Kong, an office property in Mainland China, and has investments in two Japanese commercial property associates and one Hong Kong land joint venture[62](index=62&type=chunk) [Outlook](index=23&type=section&id=Outlook) The Group will adjust business and investment strategies to navigate geopolitical and economic uncertainties and rapid technological advancements, anticipating market confidence to be boosted by the US interest rate cut cycle, and will develop more services for local family offices in line with Hong Kong's financial hub initiatives - The Group will adjust business and investment strategies to adapt to geopolitical, economic uncertainties, and rapid developments in high-tech fields such as blockchain, biotechnology, and AI[63](index=63&type=chunk) - The anticipated resumption of the US interest rate cut cycle in September is expected to boost market confidence[63](index=63&type=chunk) - The Group will align with the Hong Kong government's initiatives to promote the city as a regional and international financial and asset management hub, developing more services and products, particularly for the rapidly growing local family office sector[63](index=63&type=chunk) [Liquidity and Financial Resources](index=23&type=section&id=Liquidity%20and%20Financial%20Resources) As of June 30, 2025, the Group's total assets were HK$1.282 billion, with approximately 72% being current assets, a net current asset position of HK$280 million, and a capital gearing ratio of approximately 16%, with certain assets pledged as collateral for bank financing Liquidity and Financial Resources Overview (HK$ million) | Metric | June 30, 2025 | | :--- | :--- | | Total assets | 1,282 | | Proportion of current assets | 72% | | Net current assets | 280 | | Net current assets as a percentage of net assets | 45% | | Cash and cash equivalents | 95 | | Total loans | 97 | | Capital gearing ratio | 16% | - Office and investment properties with a carrying value of **HK$253 million** and financial assets at fair value through profit or loss with a fair value of **HK$8 million** have been pledged to banks as collateral for bank financing[64](index=64&type=chunk) - The Company provided corporate guarantees of **HK$210 million** for bank financing granted to its subsidiaries[65](index=65&type=chunk) [Foreign Exchange Risk](index=24&type=section&id=Foreign%20Exchange%20Risk) The Group's assets are primarily located in Hong Kong and Mainland China, with most monetary assets and liabilities denominated in HKD, and while foreign currency-denominated financial assets are monitored daily, no hedging for RMB-denominated assets is currently deemed necessary, but will be closely watched - The majority of the Group's monetary assets and liabilities are denominated in HKD, with primary assets located in Hong Kong and Mainland China[66](index=66&type=chunk) - The Group monitors daily market value changes of foreign currency-denominated financial assets and currently deems no hedging necessary for RMB-denominated assets, but will closely monitor and implement hedging measures as appropriate[66](index=66&type=chunk) [Employment, Training and Development Policies](index=24&type=section&id=Employment%2C%20Training%20and%20Development%20Policies) As of June 30, 2025, the Group had 56 full-time employees, a slight decrease from the previous year, with remuneration and bonuses determined by performance, comprehensive onboarding, internal training, and an employee share option scheme for directors, staff, and consultants Number of Employees | Metric | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Number of full-time employees | 56 | 58 | - Remuneration and bonuses are performance-based, reviewed annually against individual, departmental, and overall Group performance[67](index=67&type=chunk) - The Group provides comprehensive onboarding programs and internal training courses for employees, and allows directors, staff, and consultants to participate in a share option scheme[67](index=67&type=chunk) [Corporate Governance and Other Information](index=24&type=section&id=Corporate%20Governance%20and%20Other%20Information) This section outlines the Group's adherence to corporate governance standards and provides other relevant information [Corporate Governance Code](index=24&type=section&id=Corporate%20Governance%20Code) The Group in FY2025 applied and complied with the principles and code provisions of the Corporate Governance Code as set out in Appendix C1 to the HKEX Listing Rules - The Group has applied and complied with the principles and code provisions of the Corporate Governance Code as set out in Appendix C1 to the Listing Rules[68](index=68&type=chunk) [Directors' Securities Transactions](index=24&type=section&id=Directors'%20Securities%20Transactions) The Company adopted and complied with the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 to the Listing Rules, with all directors confirming compliance - The Company has adopted and complied with the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 to the Listing Rules, and all directors have confirmed compliance[69](index=69&type=chunk) [Dividend Distribution and Share Transfer Registration Arrangements](index=25&type=section&id=Dividend%20Distribution%20and%20Share%20Transfer%20Registration%20Arrangements) The Board proposed a final dividend of HK 1 cent per ordinary share for FY2025, offering a scrip dividend scheme, and announced book closure dates for the Annual General Meeting and final dividend entitlement [Proposed Final Dividend and Scrip Dividend Scheme](index=25&type=section&id=Proposed%20Final%20Dividend%20and%20Scrip%20Dividend%20Scheme) The Board proposed a final dividend of HK 1 cent per ordinary share for FY2025, with an option for shareholders to elect new shares in lieu of cash, subject to shareholder and HKEX approvals - The Board recommended a final dividend of **HK 1 cent** per ordinary share for FY2025[70](index=70&type=chunk) - Shareholders may elect to receive new shares in lieu of the cash final dividend (scrip dividend scheme), subject to approval at the Annual General Meeting and listing approval from the Stock Exchange[70](index=70&type=chunk) [Book Closure for Annual General Meeting](index=25&type=section&id=Book%20Closure%20for%20Annual%20General%20Meeting) The share transfer registration will be suspended from Monday, November 24, 2025, to Thursday, November 27, 2025, for the Annual General Meeting - The book closure period for the Annual General Meeting share transfer registration is from **Monday, November 24, 2025, to Thursday, November 27, 2025**[72](index=72&type=chunk) [Book Closure for Final Dividend](index=25&type=section&id=Book%20Closure%20for%20Final%20Dividend) The share transfer registration will be suspended from Wednesday, December 3, 2025, to Friday, December 5, 2025, for the final dividend entitlement - The book closure period for the final dividend share transfer registration is from **Wednesday, December 3, 2025, to Friday, December 5, 2025**[73](index=73&type=chunk) [Review by Audit Committee](index=25&type=section&id=Review%20by%20Audit%20Committee) The Group's audited consolidated financial results for the year ended June 30, 2025, have been reviewed by the Company's Audit Committee - The Group's audited consolidated financial results for FY2025 have been reviewed by the Company's Audit Committee[74](index=74&type=chunk) [Auditor's Scope of Work](index=26&type=section&id=Auditor's%20Scope%20of%20Work) Ernst & Young, the auditor, confirmed that the financial figures in the preliminary results announcement align with the audited consolidated financial statements, but their work does not constitute an assurance engagement, thus no guarantee is provided for the preliminary results announcement - Auditor Ernst & Young confirmed that the financial data in the preliminary results announcement aligns with the audited consolidated financial statements, but provides no assurance for the preliminary results announcement as their work does not constitute an assurance engagement[75](index=75&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=26&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during FY2025 - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities in FY2025[76](index=76&type=chunk) [Board of Directors](index=26&type=section&id=Board%20of%20Directors) The announcement lists the Board of Directors as of the announcement date, including the Chairman, CEO and Executive Director, Non-executive Director, and Independent Non-executive Directors - As of the announcement date, the Board of Directors includes Chairman **Dr. Jonathan Choi Koon Shum**, CEO and Executive Director **Mr. Choi Koon Ming**, Non-executive Director **Ms. Kwan Wing Kam**, and Independent Non-executive Directors **Mr. Shih Sze Tao**, **Ms. Lo Kwan Mei**, **Mr. Kwan Wan Fei**, and **Ms. To Chu Lien**[77](index=77&type=chunk)