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)

目錄 | 財務摘要 | 2 | | --- | --- | | 主席報告 | 3 | | 管理層討論及分析 | 11 | | 簡明綜合資產負債表 | 17 | | 簡明綜合收益表 | 19 | | 簡明綜合全面收益表 | 20 | | 簡明綜合權益變動表 | 21 | | 簡明綜合現金流量表 | 23 | | 簡明綜合財務資料附註 | 25 | | 集團之其他資料 | 64 | | 公司資料 | 77 | 1 信義玻璃控股有限公司 I 二零二五年中期報告 財務摘要 | | | | 截至 | | --- | --- | --- | --- | | | | | 十二月 | | | | | 三十一日 | | | 截至六月三十日止六個月 | | 止年度 | | | 二零二五年 | 二零二四年 | 二零二四年 | | （以人民幣千元計） | （未經審核） | （未經審核） | （經審核） | | | | （經重列） | | | 收益 | 9,821,324 | 10,881,695 | 22,323,569 | | 未計所得稅前溢利 | 1,334,979 | 2,989,647 | 4,248,029 | | 本公司 ...

2025 中期報告 目錄 | 公司資料 | 2 | | --- | --- | | 管理層討論與分析 | 4 | | 其他資料 | 14 | | 財務資料 | | | 簡明綜合損益及其他全面收益表 | 20 | | 簡明綜合財務狀況表 | 21 | | 簡明綜合權益變動表 | 23 | | 簡明綜合現金流量表 | 24 | | 簡明綜合中期財務資料附註 | 26 | | 釋義 | 45 | 公司資料 董事會 執行董事 Prapan Asvaplungprohm先生 （主席兼行政總裁） 洪怡紋女士 吳樹昱先生 （於二零二五年七月九日獲委任） 劉貴香女士 （於二零二四年十月十八日獲委任及 於二零二五年七月三日辭任） 獨立非執行董事 張斌先生 阮國權先生 陳志輝先生 （於二零二五年七月三日獲委任） 蔡琛誠先生 （於二零二五年七月三日辭任） 張斌先生 （主席） Prapan Asvaplungprohm先生 阮國權先生 陳志輝先生 洪怡紋女士 公司秘書 陳星能先生 開曼群島註冊辦事處 Cricket Square, Hutchins Drive PO Box 2681 Grand Cayman, KY1-1111 C ...

Mr. KWOK Ying Shing (Chairman) Mr. LIAO Chuanqiang (Chief executive officer) Mr. LIU Lihao (Appointed on 10 July 2025) Mr. KWOK Hiu Kwan Mr. ZHAO Jianhua Ms. MOU Zhaohui Mr. LI Haiming (Resigned on 10 July 2025) INDEPENDENT NON-EXECUTIVE DIRECTORS 2025 INTERIM REPORT 中期報告 KAISA CONTENTS 目錄 2 Corporate Information 公司資料 4 Chairman's Statement 主席報告 12 Management Discussion and Analysis 管理層討論及分析 30 Corporate Governance and Other Information 企業管治及其他資料 32 Disclosure of Interests 權益披露 41 Condensed Consolidated Sta ...

CONTENT 目錄 Financial Statements 財務報告 | | Condensed Consolidated Statement of Profit or Loss 簡明綜合損益表 | | 3 | | --- | --- | --- | --- | | | Condensed Consolidated Statement of Profit or Loss and | | | | | Other Comprehensive Income 簡明綜合損益及其他綜合收益表 | | 4 | | | Condensed Consolidated Statement of Financial Position 簡明綜合財務狀況表 | | 5 | | | Condensed Consolidated Statement of Changes in Equity 簡明綜合權益變動表 | | 7 | | | Condensed Consolidated Statement of Cash Flows 簡明綜合現金流量表 | | 9 | | | Notes to the Unaudited Condensed ...

2025╈僿㕕⼔ 目錄 重要提示 01 關於我們 第一節 釋義 /6 第二節 公司簡介和主要財務指標 /9 02 經營分析 第三節 管理層討論與分析 /24 03 公司治理 第四節 公司治理、環境和社會 /72 第五節 重要事項 /83 第六節 股份變動及股東情況 /89 第七節 債券相關情況 /96 04 財務報告 第八節 財務報告 /122 一、本公司董事會、監事會及董事、監事、高級管 理人員保證半年度報告內容的真實性、準確性、完整 性，不存在虛假記載、誤導性陳述或重大遺漏，並 承擔個別和連帶的法律責任。 二、公司全體董事出席董事會會議。 三、本半年度報告未經審計。畢馬威華振會計師事務 所（特殊普通合夥）和畢馬威會計師事務所分別根據中 國註冊會計師審閱準則和國際審閱準則出具了審閱意 見。 四、公司負責人霍達、主管會計工作負責人劉傑及會 計機構負責人（會計主管人員）王劍平聲明：保證半年 度報告中財務報告的真實、準確、完整。 五、董事會決議通過的本報告期利潤分配預案或公積 金轉增股本預案 2025年中期公司不計提法定盈餘公積金，以實施權 益分派股權登記日登記的總股本為基數，向全體股東 每10股派發現金紅利1. ...

2025 | 目錄 | | --- | | 財務摘要 | 02 | | --- | --- | | 業務概覽 | 03 | | 管理層討論與分析 | 10 | | 簡明中期綜合損益表 | 35 | | 簡明中期綜合收益表 | 36 | | 簡明中期綜合財務狀況表 | 38 | | 簡明中期綜合權益變動表 | 40 | | 簡明中期綜合現金流量表 | 42 | | 簡明中期綜合財務報表附註 | 44 | | 法定披露 | 80 | | 公司資料 | 101 | | 詞彙定義 | 102 | 財務摘要 | | | 截至6月30日止六個月 | | | --- | --- | --- | --- | | 以人民幣百萬元列示 | | 2025 | 2024 | | 總收入 | | 87,283.1 | 97,838.4 | | 健康 | | 22,565.2 | 23,260.5 | | 快樂 | | 33,721.4 | 43,172.1 | | 富足 | | 27,828.3 | 26,947.3 | | 保險 | | 20,890.3 | 18,457.6 | | 資管 | | 6,938.0 | 8,489.7 ...

(於百慕達註冊成立之有限公司) (incorporated in Bermuda with limited liability) (Stock Code 股份代號：00500) 2025 INTERIM REPORT 2025 INTERIM REPORT 中期報告 中期報告 CONTENTS 目錄 | | | Page(s) 頁 | | --- | --- | --- | | Corporate Information | 公司資料 | 2-3 | | Management Discussion and Analysis | 管理層討論與分析 | 4-13 | | Condensed Consolidated Interim Financial Statements | 簡明綜合中期財務報表 | | | Condensed Consolidated Income Statement | 簡明綜合收益表 | 14 | | Condensed Consolidated Statement of Comprehensive Income | 簡明綜合全面收益表 | 15 | | Condensed Consoli ...

香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就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。 NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. 新 東 方 教 育 科 技（ 集 團 ）有 限 公 司 * （於開曼群島存續的有限公司） （股份代號：9901） 2025 財年年報 我們欣然發佈我們截至2025年5月31日止財政年度的年報，當中載有我們於本報告期間 的經審核全年業績。本文件乃根據《香港聯合交易所有限公司證券上市規則》第13.46(2) 條作為我們的年報提供予我們的股東。本文件在香港聯交所網站( www.hkexnews.hk )及我 們的網站( http://investor.neworiental.org/ )可供查閱。 目錄概要： | A節：表格20-F的摘錄部分 | 2 | | --- | --- | | — 表格20-F的摘錄章節 | 3 | | — 附件8.1 | 181 | | B節：獨立核數師報告 | 182 | ...