[Financial Summary](index=2&type=section&id=Financial%20Summary) [Consolidated Performance](index=2&type=section&id=Consolidated%20Performance) The Group swung to a net loss in H1 2025 due to a sharp revenue decline and soaring finance costs Summary of Consolidated Statement of Profit or Loss | Indicator | Six Months Ended June 30 (2025) | Six Months Ended June 30 (2024) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 11,995 (RMB'000) | 31,297 (RMB'000) | -61.7% | | Gross Profit | 10,012 (RMB'000) | 5,706 (RMB'000) | +75.5% | | Finance Costs | (14,597) (RMB'000) | (6,005) (RMB'000) | +143.1% | | (Loss)/Profit Before Income Tax | (16,906) (RMB'000) | 785 (RMB'000) | From Profit to Loss | | (Loss)/Profit for the Period | (16,906) (RMB'000) | 661 (RMB'000) | From Profit to Loss | (Loss)/Earnings Per Share | Indicator | Six Months Ended June 30 (2025) | Six Months Ended June 30 (2024) | | :--- | :--- | :--- | | Basic and Diluted (RMB cents) | (3.03) | 0.25 | [Consolidated Financial Position](index=4&type=section&id=Consolidated%20Financial%20Position) The Group's severe financial position is marked by significant net current liabilities and a total capital deficiency Summary of Consolidated Statement of Financial Position | Indicator (RMB'000) | As of June 30, 2025 | As of December 31, 2024 | | :--- | :--- | :--- | | Total Assets | 344,410 | 334,075 | | Current Liabilities | 620,912 | 725,065 | | **Net Current Liabilities** | **(592,693)** | **(708,880)** | | **Net Liabilities** | **(276,877)** | **(399,108)** | | **Total Capital Deficiency** | **(276,877)** | **(399,108)** | [Notes to Financial Statements](index=6&type=section&id=Notes%20to%20Financial%20Statements) [Basis of Preparation and Going Concern](index=6&type=section&id=Basis%20of%20Preparation%20and%20Going%20Concern) Material uncertainties regarding the Group's going concern ability arise from net losses and severe liquidity issues - As of June 30, 2025, the Group recorded a **net loss of approximately RMB 16.906 million**, **net current liabilities of about RMB 593 million**, and **total borrowings of around RMB 316 million due within the next twelve months**, while its unrestricted cash balance was only about RMB 4.634 million, indicating material uncertainties about its going concern ability[12](index=12&type=chunk) - To address liquidity pressure, management is taking several measures: negotiating with lenders to extend loan repayment dates; focusing on developing a full-cycle platform for "detection, treatment, and rehabilitation" in the bone health sector and expanding into AI detection and health management services; and actively seeking new financing sources and strategic capital[14](index=14&type=chunk) - The Group's ability to continue as a going concern depends on the successful implementation of these measures, including successful debt negotiations, stable revenue generation from new businesses, and securing new financing and strategic investments; failure to achieve these may render the Group unable to operate on a going concern basis[15](index=15&type=chunk)[16](index=16&type=chunk) [Revenue and Segment Information](index=8&type=section&id=Revenue%20and%20Segment%20Information) Total revenue declined sharply, with business restructured into agency and medical services showing a major geographic shift Revenue by Business Type | Business Type | H1 2025 (RMB'000) | H1 2024 (RMB'000) | | :--- | :--- | :--- | | Agency service income | 6,054 | – | | Medical service income | 5,941 | 31,297 | | **Total** | **11,995** | **31,297** | Revenue and Profit by Business Segment (H1 2025) | Business Segment | Revenue (RMB'000) | Segment Profit (RMB'000) | | :--- | :--- | :--- | | Agency services | 6,054 | 2,692 | | Medical services | 5,941 | 3,400 | | **Total** | **11,995** | **6,092** | Revenue by Geographical Location | Region | H1 2025 (RMB'000) | H1 2024 (RMB'000) | | :--- | :--- | :--- | | Hong Kong | 291 | 30,793 | | China | 11,704 | 504 | | **Total** | **11,995** | **31,297** | [Key Asset and Liability Items](index=12&type=section&id=Key%20Asset%20and%20Liability%20Items) The Group's high-risk liability structure includes significant current borrowings and substantial financial guarantee obligations Composition of Other Borrowings | Item (RMB'000) | As of June 30, 2025 | As of December 31, 2024 | | :--- | :--- | :--- | | Current borrowings | 315,659 | 367,495 | | Non-current borrowings | – | 7,993 | | **Total** | **315,659** | **375,488** | - The Group provides financial guarantees for bank and other borrowings of its former subsidiary, Suzhou First Pharmaceutical; as of June 30, 2025, the carrying amount of this financial guarantee contract (i.e., provision for credit losses) was **RMB 133 million**[39](index=39&type=chunk)[42](index=42&type=chunk) - On February 21, 2025, the company completed a loan capitalization with one of its lenders, discharging a **financial guarantee contract of RMB 44 million** by issuing new shares[40](index=40&type=chunk) [Management Discussion & Analysis](index=17&type=section&id=Management%20Discussion%20&%20Analysis) [Business Review and Outlook](index=17&type=section&id=Business%20Review%20and%20Outlook) The Group is actively transforming towards a bone health ecosystem to counter declining revenue and recent losses - During the review period, the Group's total revenue was approximately **RMB 12.0 million**, a year-on-year decrease of RMB 19.3 million; it recorded a **loss of about RMB 16.9 million**, compared to a profit of RMB 0.7 million in the same period last year[44](index=44&type=chunk) - In the future, the Group will focus on developing a full-cycle intelligent health ecosystem for "detection, treatment, and rehabilitation" in the bone health sector, planning to expand its AI bone health diagnosis and detection robot business through acquisitions and establish smart health management centers in cooperation with state-owned enterprises[45](index=45&type=chunk) [Financial Review](index=18&type=section&id=Financial%20Review) A sharp rise in finance costs offset gross profit growth, leading to a net loss despite lower sales costs Changes in Key Financial Indicators | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 12.0 | 31.3 | -61.7% | | Cost of sales | 2.0 | 25.6 | -92.3% | | Gross profit | 10.0 | 5.7 | +75.5% | | Finance costs | 14.6 | 6.0 | +143.1% | | (Loss)/profit attributable to owners of the Company | (16.9) | 0.7 | From Profit to Loss | [Liquidity and Financial Resources](index=19&type=section&id=Liquidity%20and%20Financial%20Resources) The Group faces extreme financial strain with high net debt and a gearing ratio indicating severe insolvency Group's Debt Position | Indicator (RMB'000) | As of June 30, 2025 | As of December 31, 2024 | | :--- | :--- | :--- | | Total Debt | 449,731 | 552,962 | | Less: Cash and cash equivalents | (4,634) | (9,623) | | **Net Debt** | **445,097** | **543,339** | Gearing Ratio | Indicator | As of June 30, 2025 | As of December 31, 2024 | | :--- | :--- | :--- | | Total Debt (RMB'000) | 449,731 | 552,962 | | Total Assets (RMB'000) | 344,410 | 334,075 | | **Gearing Ratio** | **130.58%** | **165.52%** | [Other Corporate Matters](index=21&type=section&id=Other%20Corporate%20Matters) The period saw strategic acquisitions, significant staff reductions, and a decision to withhold interim dividends - In April 2025, the company entered into an agreement to acquire 100% of the shares of a target company by issuing consideration shares, thereby indirectly acquiring a **58.11% interest in Zhejiang Kangyuan Medical Device Co., Ltd**[66](index=66&type=chunk) - As of June 30, 2025, the Group had **8 full-time employees**, a significant decrease from 22 as of December 31, 2024[68](index=68&type=chunk) - The Board of Directors does not recommend the payment of an interim dividend for the six months ended June 30, 2025[74](index=74&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何 部份內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 本公司謹此澄清，(i) 於二零一二年六月十五日採納的為期十年的購股權計劃已於 二零二二年屆滿；(ii) 並無根據購股權計劃授出購股權；及(iii) 於二零二四年及二 零二三年十二月三十一日，購股權計劃項下並無普通股可供發行。 1 股份獎勵計劃 CHINA ENVIRONMENTAL TECHNOLOGY AND BIOENERGY HOLDINGS LIMITED 中科生物控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1237） 有關二零二四年報之 補充公佈 茲提述中科生物控股有限公司（「本公司」）截至二零二四年十二月三十一日止年 度之年報（「二零二四年報」）。除另有規定外，本公佈所用詞彙與二零二四年報所 界定者具有相同涵義。 本公司謹此就股份獎勵計劃及購股權計劃提供以下資料： 購股權計劃 於二零二四年報第43及156頁分別披露，「於二零二四年十二月三十一日，購股權計 劃項下可供發行的普通股 ...

照亮美好明天 股份代號：00002 2025 中期報告 中電控股有限公司 CLP Holdings Limited 電話 : (852) 2678 8111 傳真 : 852) 2760 4448 ( www.clpgroup.com 股份代號 : 00002 香港九龍啟德承啟道43號 中電總部 目錄 1 財務摘要 2 主席報告 6 財務回顧 14 業務表現及展望 26 企業管治 34 簡明綜合中期財務報表 58 簡明綜合中期財務報表的審閱報告 59 管制計劃明細表 60 集團的業務組合 64 投資者參考資料 財務摘要 2025年上半年，集團營運盈利在計入公平價值變動前下跌8.0%至5,227百萬港元，主要由於EnergyAustralia 客戶業務在持續的零售市場競爭下表現遜色，以及中國內地核電及可再生能源資產貢獻減少所致，部分跌 幅被香港的強勁表現所抵銷。今年首六個月總盈利為5,624百萬港元，已計入有利的一次性影響可比性項目， 主要來自Wooreen儲能系統項目在引入澳洲的合營夥伴後，有關交易入賬。 | | | | 增加 ╱ | | --- | --- | --- | --- | | | 6月30日止6 ...

[Corporate Information](index=4&type=section&id=Corporate%20Information) This section provides the company's basic information, including board members, committee composition, registered office, principal place of business, stock code, auditor, and principal bankers - This section provides the company's basic information, including board members, committee composition, registered office, principal place of business, stock code (**2030**), auditor (**KPMG**), and principal bankers[11](index=11&type=chunk)[13](index=13&type=chunk)[15](index=15&type=chunk) [Financial Highlights](index=7&type=section&id=Financial%20Highlights) The company's financial performance for the six months ended June 30, 2025, shows a decrease in revenue and gross profit, but an increase in operating profit and net profit Financial Highlights for the Six Months Ended June 30, 2025 | Indicator | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | **Revenue (RMB thousands)** | 422,292 | 505,549 | -16.5% | | **Gross Profit (RMB thousands)** | 185,113 | 237,582 | -22.1% | | **Operating Profit (RMB thousands)** | 51,255 | 42,931 | +19.4% | | **Profit for the Period (RMB thousands)** | 18,391 | 16,993 | +8.2% | | **EBITDA (RMB thousands)** | 74,344 | 73,211 | +1.5% | | **Basic Earnings Per Share (RMB cents)** | 2.48 | 2.14 | +15.9% | | **Interim Dividend (HK cents)** | 1.08 | 0.93 | +16.1% | | **Gross Profit Margin** | 43.8% | 47.0% | -3.2pp | | **Net Profit Margin** | 4.4% | 3.4% | +1.0pp | | **Average Inventory Turnover Days** | 208 | 183 | +25 days | [Management Discussion and Analysis](index=9&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an overview of the Group's business performance, future outlook, and detailed financial review for the period [BUSINESS REVIEW](index=12&type=section&id=BUSINESS%20REVIEW) As of June 30, 2025, the Group operated 636 retail stores in mainland China, with overall retail performance declining by 8.2% year-on-year, primarily due to a significant 24.7% drop in online platform revenue, while physical store retail revenue remained largely stable, decreasing by only 0.7% - Total retail revenue across all channels decreased by **8.2%** for the six months ended June 30, 2025, compared to the same period in 2024[26](index=26&type=chunk)[28](index=28&type=chunk) - Online platform retail revenue significantly decreased by **24.7%** year-on-year, while physical retail store revenue remained relatively stable, with only a slight decrease of **0.7%**[29](index=29&type=chunk) - The average retail discount for physical stores expanded from **25.7%** in the prior year to **27.4%**, indicating increased promotional efforts[29](index=29&type=chunk) Retail Store Network Changes | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Stores** | 638 | 655 | | Wholesale | 220 | 227 | | Consignment | 416 | 423 | | Self-operated | 2 | 5 | [PROSPECTS](index=16&type=section&id=PROSPECTS) The Group maintains a cautious outlook on the Chinese apparel market due to weak domestic demand, rising costs, and intensified competition, focusing on enhancing product quality, comfort, and functionality, while strengthening brand promotion and integrating online and offline sales platforms in the second half of the year - The company maintains a cautious outlook on the Chinese apparel market, as retail sales of non-essential consumer goods like apparel are in a weak recovery phase due to suppressed consumer spending willingness[37](index=37&type=chunk)[40](index=40&type=chunk) - The core of the future development strategy is to "persist in making every piece of clothing well," allocating more resources to improve fabric quality, garment comfort, and functionality[38](index=38&type=chunk)[41](index=41&type=chunk) - Plans for the second half of the year include strengthening brand promotion, such as holding an annual brand launch event and collaborating with famous Chinese IPs to launch new product series[39](index=39&type=chunk)[42](index=42&type=chunk) - In business operations, the Group will continue to optimize its operational structure to enhance efficiency and control costs, and deepen the integration of online and offline sales platforms[43](index=43&type=chunk)[44](index=44&type=chunk) [FINANCIAL REVIEW](index=17&type=section&id=FINANCIAL%20REVIEW) In the first half of 2025, the Group's total revenue decreased by 16.5% to RMB 422.3 million, primarily due to a significant decline in online channel revenue, leading to a 22.1% drop in gross profit and a decrease in gross profit margin from 47.0% to 43.8%, yet operating profit increased by 19.4% to RMB 51.3 million, and net profit by 8.2% to RMB 18.4 million, driven by a substantial increase in other net income and effective control over selling and distribution expenses [Revenue](index=17&type=section&id=Revenue) Total revenue decreased by 16.5% year-on-year, with online store revenue declining by 30.1% as the main drag, while offline store revenue remained relatively stable, decreasing slightly by 2.2%, and the main brand Cabbeen's revenue decreased by 20.5% Revenue by Sales Channel (RMB thousands) | Channel | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Online Stores | 191,391 | 273,994 | -30.1% | | Offline Stores | 198,970 | 203,525 | -2.2% | | OEM | 31,931 | 28,030 | +13.9% | | **Total** | **422,292** | **505,549** | **-16.5%** | Revenue by Brand (RMB thousands) | Brand | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Cabbeen | 268,610 | 337,738 | -20.5% | | Cabbeen Urban | 94,977 | 98,288 | -3.4% | | 2AM | 11,307 | 13,828 | -18.2% | | Other Brands | 15,467 | 27,665 | -44.1% | | OEM | 31,931 | 28,030 | +13.9% | | **Total** | **422,292** | **505,549** | **-16.5%** | [Gross profit and gross profit margin](index=18&type=section&id=Gross%20profit%20and%20gross%20profit%20margin) Gross profit decreased by 22.1% year-on-year to RMB 185 million, with the gross profit margin falling from 47.0% to 43.8%, primarily due to increased sales discounts offered to distributors during the period - Gross profit margin decreased from **47.0%** to **43.8%**, primarily attributable to increased sales discounts offered to distributors during the period[49](index=49&type=chunk)[51](index=51&type=chunk) [Other net income](index=18&type=section&id=Other%20net%20income) Other net income significantly increased by 208% year-on-year to RMB 58.6 million, primarily due to increased net foreign exchange gains and gains from the disposal of certain investment properties - Other net income increased from **RMB 19 million** to **RMB 58.6 million**, mainly due to increased net foreign exchange gains and gains from the disposal of certain investment properties[50](index=50&type=chunk)[52](index=52&type=chunk) [Selling and distribution expenses](index=19&type=section&id=Selling%20and%20distribution%20expenses) Selling and distribution expenses significantly decreased by 32.9% year-on-year to RMB 71.8 million, primarily due to reduced operating costs, shipping and logistics expenses, and other expenses in e-commerce sales channels Selling and Distribution Expenses Breakdown (RMB thousands) | Item | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | E-commerce Platform and Operating Expenses | 10,926 | 26,727 | -59.1% | | Shipping and Logistics | 15,630 | 21,275 | -26.5% | | Advertising and Promotion | 29,748 | 31,432 | -5.4% | | Staff Costs | 9,123 | 11,458 | -20.4% | | Other | 6,398 | 16,165 | -60.4% | | **Total** | **71,825** | **107,057** | **-32.9%** | [Administrative and other operating expenses](index=20&type=section&id=Administrative%20and%20other%20operating%20expenses) Administrative and other operating expenses increased by 13.2% year-on-year to RMB 121 million, mainly due to increased inventory write-downs and other expenses, partially offset by reduced staff costs and a reversal of impairment losses on trade receivables - Inventory write-downs increased from **RMB 46.74 million** to **RMB 59.32 million**, which is one of the main reasons for the increase in administrative expenses[60](index=60&type=chunk) - Impairment losses on trade and other receivables saw a reversal of **RMB 8.97 million**, compared to an impairment loss of **RMB 4.87 million** in the prior year[60](index=60&type=chunk) [Profit from operations](index=21&type=section&id=Profit%20from%20operations) Operating profit increased by 19.4% year-on-year to RMB 51.3 million, driven by a significant increase in other net income and a reduction in operating expenses, despite a decrease in gross profit - Operating profit increased from **RMB 42.9 million** to **RMB 51.3 million**, primarily benefiting from the net effect of increased other net income and reduced operating expenses[61](index=61&type=chunk)[66](index=66&type=chunk) [Profit for the period](index=21&type=section&id=Profit%20for%20the%20period) Profit for the period was RMB 18.4 million, an 8.2% increase from RMB 17.0 million in the prior year, with the net profit margin improving from 3.4% to 4.4%, and basic earnings per share at RMB 2.48 cents, up from RMB 2.14 cents Profit and Earnings Per Share | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | **Profit for the Period (RMB millions)** | 18.4 | 17.0 | | **Net Profit Margin** | 4.4% | 3.4% | | **Basic Earnings Per Share (RMB cents)** | 2.48 | 2.14 | [LIQUIDITY AND FINANCIAL RESOURCES](index=22&type=section&id=LIQUIDITY%20AND%20FINANCIAL%20RESOURCES) As of June 30, 2025, the Group's total cash and equivalents amounted to RMB 464 million, transitioning from a net cash position to a net debt position of RMB 0.8 million during the period, with net cash outflow from operating activities of RMB 37.2 million, while investing activities generated RMB 48.5 million in cash inflow from property disposals, and the gearing ratio decreased from 16.8% to 14.8% - The Group transitioned from a net cash position of **RMB 13.2 million** at the end of 2024 to a net debt position of **RMB 0.8 million** as of June 30, 2025[72](index=72&type=chunk) - Cash flow from operating activities shifted from a net inflow of **RMB 65.9 million** in the prior year to a net outflow of **RMB 37.2 million** in the current period, primarily due to an increase in other receivables and settlement of trade payables[73](index=73&type=chunk) - Investing activities generated a net cash inflow of **RMB 48.5 million**, mainly attributable to proceeds from the disposal of property, plant and equipment, and certain investment properties[74](index=74&type=chunk) - Average inventory turnover days increased from **183 days** to **208 days**, and trade receivables turnover days increased from **229 days** to **237 days**, indicating a decrease in working capital efficiency[84](index=84&type=chunk)[87](index=87&type=chunk)[89](index=89&type=chunk)[93](index=93&type=chunk) - The gearing ratio (bank loans/equity) decreased from **16.8%** at the end of 2024 to **14.8%**, primarily due to a reduction in bank loans[95](index=95&type=chunk)[99](index=99&type=chunk) [Other Disclosures](index=26&type=section&id=Other%20Disclosures) The Group adopts a centralized financing and treasury policy, primarily operating in mainland China with transactions denominated in RMB, but faces HKD/RMB foreign exchange risk due to dividend payments and some expenses in HKD, with no derivative financial instruments used for hedging as of period-end, and certain bank deposits, land, and properties pledged as collateral for bank financing - The Group primarily operates in mainland China, with most transactions denominated in RMB, but is exposed to HKD/RMB foreign exchange risk due to dividend payments and some expenses denominated in HKD[98](index=98&type=chunk)[101](index=101&type=chunk) - As of June 30, 2025, the Group had pledged assets totaling **RMB 225 million** (including bank deposits, land, and properties) as collateral for bank loans and bills payable financing[103](index=103&type=chunk)[107](index=107&type=chunk) - During the period, the Group did not undertake any significant acquisitions or disposals of subsidiaries, associates, or joint ventures[105](index=105&type=chunk)[109](index=109&type=chunk) [HUMAN RESOURCES](index=28&type=section&id=HUMAN%20RESOURCES) As of June 30, 2025, the Group's employee count significantly decreased to 108 from 163 in the prior year, primarily due to organizational structure optimization and outsourcing of non-core functions, resulting in a reduction of total staff costs from RMB 33.6 million to RMB 27.7 million - The number of employees decreased from **163** in the prior year to **108**, and staff costs decreased from **RMB 33.6 million** to **RMB 27.7 million**, mainly due to organizational structure optimization and outsourcing of certain non-core functions[112](index=112&type=chunk)[116](index=116&type=chunk) [INTERIM DIVIDEND](index=28&type=section&id=INTERIM%20DIVIDEND) The Board resolved to declare an interim dividend of 1.08 HK cents per ordinary share for the six months ended June 30, 2025, representing a 16.1% increase from 0.93 HK cents in the prior year, payable on or about September 5, 2025 - The Board declared an interim dividend of **1.08 HK cents** per share, higher than the **0.93 HK cents** declared for the same period in 2024[113](index=113&type=chunk)[117](index=117&type=chunk) [Review Report of Interim Financial Report](index=30&type=section&id=Review%20Report%20of%20Interim%20Financial%20Report) This section presents the independent review report on the interim financial information [Auditor's Conclusion](index=31&type=section&id=Auditor's%20Conclusion) KPMG, the auditor, has reviewed the interim financial report in accordance with Hong Kong Standard on Review Engagements, and based on their review, found no matters that cause them to believe the interim financial report is not prepared in all material respects in accordance with International Accounting Standard 34 'Interim Financial Reporting' - The auditor **KPMG** concluded that they have not noted any matters that cause them to believe the interim financial report is not prepared in all material respects in accordance with International Accounting Standard 34 'Interim Financial Reporting'[125](index=125&type=chunk)[127](index=127&type=chunk) [Consolidated Financial Statements](index=32&type=section&id=Consolidated%20Financial%20Statements) This section contains the Group's consolidated financial statements, including the statement of profit or loss, financial position, changes in equity, and cash flows [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=32&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This statement details the Group's revenue, costs, expenses, taxes, and ultimate profit for the reporting period, showing a profit for the period of RMB 18.391 million for the six months ended June 30, 2025 [Consolidated Statement of Financial Position](index=33&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) This statement presents the Group's assets, liabilities, and equity as of the end of the reporting period, with total assets of approximately RMB 1.911 billion, total liabilities of approximately RMB 567 million, and net assets of approximately RMB 1.344 billion as of June 30, 2025 [Consolidated Statement of Changes in Equity](index=35&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Equity) This statement reflects changes in shareholders' equity items such as share capital, reserves, and retained earnings during the reporting period, including the impact of profit for the period and declared dividends [Condensed Consolidated Cash Flow Statement](index=36&type=section&id=Condensed%20Consolidated%20Cash%20Flow%20Statement) This statement summarizes the Group's cash inflows and outflows from operating, investing, and financing activities during the reporting period, showing a net decrease in cash and cash equivalents of RMB 40.12 million during the period [Notes to the Unaudited Interim Financial Report](index=38&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Report) This section provides detailed notes to the unaudited interim financial report, offering further explanations and breakdowns of financial figures [Note 11 TRADE AND OTHER RECEIVABLES](index=50&type=section&id=Note%2011%20TRADE%20AND%20OTHER%20RECEIVABLES) As of June 30, 2025, net trade and other receivables amounted to RMB 577 million, a decrease from RMB 673 million at the end of 2024, with a loss allowance balance of RMB 142 million, and high customer concentration as the top five customers accounted for 59% of total receivables - Total trade and other receivables decreased from **RMB 673 million** at the end of 2024 to **RMB 577 million**[188](index=188&type=chunk) - During the period, impairment losses on trade receivables saw a reversal of **RMB 8.971 million**, compared to an impairment loss of **RMB 9.605 million** in the prior year[193](index=193&type=chunk) - Credit risk concentration is high, with the top five customers accounting for **59%** of total trade receivables[194](index=194&type=chunk)[195](index=195&type=chunk) [Note 15 CAPITAL, RESERVES AND DIVIDENDS](index=59&type=section&id=Note%2015%20CAPITAL,%20RESERVES%20AND%20DIVIDENDS) This note discloses dividend distributions, including the declared interim dividend of 1.08 HK cents per share and the final dividend of 0.86 HK cents per share for the previous fiscal year already paid during the period, with a total of 668,593,000 ordinary shares issued as of period-end Dividend Distribution | Dividend Type | Amount Per Share (HK cents) | Fiscal Year | | :--- | :--- | :--- | | **Interim Dividend (Declared)** | 1.08 | 2025 | | **Final Dividend (Paid)** | 0.86 | 2024 | [Corporate Governance and Other Information](index=64&type=section&id=Corporate%20Governance%20and%20Other%20Information) This section provides information on the Group's corporate governance practices and other relevant disclosures [Directors' and Chief Executives' Interests](index=64&type=section&id=Directors'%20and%20Chief%20Executives'%20Interests) This section discloses the shareholdings of directors and chief executives, with Chairman and CEO Dr. Yang Ziming holding approximately 67.66% of the company's shares as the controlling shareholder, and Executive Director Mr. Ke Rongqin holding approximately 1.56% - Chairman Dr. Yang Ziming holds a total of **452,383,209 shares** in the company, directly and indirectly, representing **67.66%** of the issued shares[240](index=240&type=chunk) [Compliance with the Corporate Governance Code](index=69&type=section&id=Compliance%20with%20the%20Corporate%20Governance%20Code) The company has complied with most provisions of the Corporate Governance Code, with one deviation where the roles of Chairman and CEO are held by the same person, Dr. Yang Ziming, an arrangement the Board believes provides strong leadership and efficient decision-making, balanced by sufficient independent non-executive directors - The company deviated from the Corporate Governance Code's provision requiring the separation of the roles of Chairman and Chief Executive Officer, as both positions are held by **Dr. Yang Ziming**[267](index=267&type=chunk)[271](index=271&type=chunk) - The Audit Committee has reviewed and approved the interim results, confirming that appropriate accounting policies have been adopted and sufficient disclosures made[270](index=270&type=chunk)[272](index=272&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司（「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，並明確表示概不就因本公告全部或 任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 CHINA NEW TOWN DEVELOPMENT COMPANY LIMITED 中國新城鎮發展有限公 司 （根據英屬維京群島法例註冊成立為商業股份有限公司） （股份代號：1278） 截至2025年6月30日止六個月的未經審核中期業績公告 中國新城鎮發展有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然公佈本公司及其附 屬公司（「本集團」）截至2025年6月30日止六個月（「報告期間」）的未經審核中期簡明合併 財務報表連同相關比較數字如下： 中期簡明合併損益及其他綜合收益表 截至2025年6月30日止六個月 （除另有指明者外，金額乃以人民幣（「人民幣」）千元列示） | | | 截至6月30日止六個月 | | | --- | --- | --- | --- | | | | 2025年 | 2024年 | | | 附註 | （未經審核） | （未經審核） | | 經營收入 | | ...

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。 Victory Securities (Holdings) Company Limited 勝利證券（控股）有限公司 （於開曼群島註冊成立的有限公司） （股份代號：8540） 截 至2025年6月30日止六個月 中期業績公告 勝 利 證 券（控 股）有 限 公 司（「本公司」）之 董 事（「董 事」）會（「董事會」）欣 然 宣 佈 本 公 司及其附屬公司截至2025年6月30日 止 六 個 月 之 未 經 審 計 業 績。本 公 告 列 載 本 公 司2025年 中 期 報 告 全 文，乃 符 合 香 港 聯 合 交 易 所 有 限 公 司GEM證券上市規則 （「GEM上市規則」）中 有 關 中 期 業 績 初 步 公 告 附 載 的 資 料 之 要 求。本 公 司 將 於 適 當時候發送2025年 中 期 報 告 的 印 刷 版 本 予 本 公 ...

[Performance Highlights](index=2&type=section&id=%E6%A5%AD%E7%B8%BE%E6%91%98%E8%A6%81) [Performance Highlights](index=2&type=section&id=Performance%20Highlights) For the six months ended June 30, 2025, the Group's total revenue was approximately HK$42.63 million, a slight year-on-year decrease of 0.3%, with profit attributable to owners at HK$0.976 million, down 65.5%, and EPS at HK$0.0033 Performance Highlights for the Six Months Ended June 30, 2025 | Metric | For the six months ended June 30, 2025 | For the six months ended June 30, 2024 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Total Revenue | Approx. HK$42,625,000 | Approx. HK$42,768,000 | -0.3% | | Profit Attributable to Owners of the Company | Approx. HK$976,000 | Approx. HK$2,825,000 | -65.5% | | Earnings Per Share | Approx. HK$0.0033 | Approx. HK$0.0096 | -65.6% | [Consolidated Financial Statements](index=3&type=section&id=Consolidated%20Financial%20Statements) [Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) During the reporting period, Group revenue was HK$42.625 million, largely flat year-on-year, but profit before tax decreased from HK$3.002 million to HK$0.976 million due to significantly lower other income and increased expenses Condensed Consolidated Statement of Comprehensive Income Summary (HK$'000) | Item | 2025 H1 (Unaudited) | 2024 H1 (Unaudited) | | :--- | :--- | :--- | | Revenue | 42,625 | 42,768 | | Other Income | 1,625 | 6,921 | | Employee Benefit Expenses | (37,974) | (35,360) | | Depreciation and Amortization | (1,762) | (839) | | Other Operating Expenses | (3,348) | (10,353) | | Operating Profit | 1,037 | 3,014 | | Profit Before Tax | 976 | 3,002 | | Profit for the Period | 976 | 2,825 | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets were HK$75.673 million, total liabilities HK$14.303 million, and net assets HK$61.37 million, a slight increase from HK$60.394 million at year-end 2024, with a significant decrease in cash and cash equivalents offset by new fixed deposits Consolidated Statement of Financial Position Summary (HK$'000) | Item | As at June 30, 2025 (Unaudited) | As at December 31, 2024 (Audited) | | :--- | :--- | :--- | | **Non-current Assets** | **3,721** | **7,938** | | **Current Assets** | **71,952** | **71,614** | | Of which: Cash and Cash Equivalents | 19,553 | 49,523 | | Of which: Fixed Deposits | 33,000 | – | | **Current Liabilities** | **14,289** | **18,785** | | **Non-current Liabilities** | **14** | **373** | | **Net Assets** | **61,370** | **60,394** | | **Total Equity** | **61,370** | **60,394** | [Condensed Consolidated Statement of Changes in Equity](index=6&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) As of June 30, 2025, total equity attributable to owners of the Company was HK$61.37 million, primarily increasing due to the HK$0.976 million profit recorded during the period - As of June 30, 2025, total equity was **HK$61,370 thousand**, an increase of **HK$976 thousand** from **HK$60,394 thousand** at the beginning of the period, primarily driven by profit for the period[10](index=10&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) During the reporting period, net cash generated from operating activities significantly decreased to HK$3.874 million, with net cash outflow from investing activities at HK$32.678 million, mainly for fixed deposits, resulting in cash and cash equivalents decreasing to HK$19.553 million at period-end Condensed Consolidated Statement of Cash Flows Summary (HK$'000) | Item | 2025 H1 (Unaudited) | 2024 H1 (Unaudited) | | :--- | :--- | :--- | | Net Cash Generated from Operating Activities | 3,874 | 8,278 | | Net Cash Used in Investing Activities | (32,678) | (23,259) | | Net Cash Used in Financing Activities | (1,166) | (134) | | **Net Decrease in Cash** | **(29,970)** | **(15,115)** | | Cash at Beginning of Period | 49,523 | 26,587 | | **Cash at End of Period** | **19,553** | **11,472** | [Notes to Financial Information](index=8&type=section&id=Notes%20to%20Financial%20Information) [Segment Information and Revenue](index=8&type=section&id=Segment%20Information%20and%20Revenue) The Group's business segments include outsourced inbound/outbound customer contact, staff secondment, equipment management, and other services, with staff secondment being the largest revenue source at 67% of total revenue; financial services ceased in late 2024, and overall segment results significantly decreased to HK$5.084 million - The Group's reportable operating segments include outsourced inbound/outbound customer contact services, staff secondment services, customer contact service center equipment management services, and other services; financial services related to credit financing ceased operations on December 27, 2024[16](index=16&type=chunk) Segment Revenue and Results (HK$'000) | Segment | 2025 H1 Revenue | 2024 H1 Revenue | 2025 H1 Results | 2024 H1 Results | | :--- | :--- | :--- | :--- | :--- | | Outsourced Inbound Customer Contact Services | 6,506 | 8,421 | 527 | 824 | | Staff Secondment Services | 28,567 | 26,768 | 2,829 | 1,494 | | Equipment Management Services | 1,542 | 3,312 | 278 | 861 | | Financial Services (Terminated) | – | 12 | – | 6,182 | | Others | 6,010 | 4,255 | 1,450 | 976 | | **Total** | **42,625** | **42,768** | **5,084** | **10,337** | [Interim Dividend](index=11&type=section&id=Interim%20Dividend) The Board does not recommend paying any interim dividend for the six months ended June 30, 2025, consistent with the prior year - The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025 (2024: nil)[23](index=23&type=chunk) [Earnings Per Share](index=11&type=section&id=Earnings%20Per%20Share) Basic earnings per share for the six months ended June 30, 2025, was HK$0.0033, calculated based on HK$0.976 million profit and 295,625,000 weighted average ordinary shares, with diluted EPS equal to basic EPS due to no potential dilutive ordinary shares Earnings Per Share Calculation | Item | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | Profit Attributable to Owners of the Company | HK$976,000 | HK$2,825,000 | | Weighted Average Number of Ordinary Shares in Issue | 295,625,000 Shares | 295,625,000 Shares | | **Basic and Diluted Earnings Per Share** | **HK$0.0033** | **HK$0.0096** | [Management Discussion and Analysis](index=15&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review and Outlook](index=15&type=section&id=Business%20Review%20and%20Outlook) Despite export-driven growth in Hong Kong's economy, geopolitical tensions foster a cautious business environment, while a tight labor market increases recruitment costs and wages, pressuring profit margins; the Group is focusing on system solutions and AI integration into customer contact centers, with management cautiously optimistic for 2025, expecting AI to drive new business momentum - The macroeconomic environment remains challenging due to geopolitical influences, leading to a cautious local business sentiment[36](index=36&type=chunk) - The tight local labor market has led to increased wages and recruitment costs, impacting profit margins; management has strengthened talent retention programs to mitigate these costs[37](index=37&type=chunk) - The Group is focused on developing system solution businesses and collaborating with local AI companies to integrate AI technologies, such as chatbots and voice bots, into customer contact service center systems to enhance operational efficiency[38](index=38&type=chunk) - Management maintains a cautiously optimistic outlook for the 2025 financial performance, anticipating that the integration of AI technology will bring new momentum to the business[39](index=39&type=chunk) [Financial Review](index=17&type=section&id=Financial%20Review) During the reporting period, total Group revenue slightly decreased to HK$42.6 million, gross profit margin significantly dropped from 24.2% to 11.9%, and profit attributable to owners decreased from HK$2.8 million to HK$1 million, primarily due to a substantial decline in other income from reduced expected credit loss provisions on recovered financial assets Financial Performance Overview | Metric | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | Total Revenue | Approx. HK$42.6 million | Approx. HK$42.8 million | | Gross Profit Margin | Approx. 11.9% | Approx. 24.2% | | Profit Attributable to Owners of the Company | Approx. HK$1 million | Approx. HK$2.8 million | - The decrease in profit is primarily due to a significant decline in other income, resulting from reduced expected credit loss provisions on recovered financial assets[51](index=51&type=chunk)[53](index=53&type=chunk) [Segment Performance Analysis](index=18&type=section&id=Segment%20Performance%20Analysis) During the reporting period, staff secondment services revenue grew by 6.7%, becoming the primary growth driver, while outsourced inbound services and equipment management services revenues decreased by 22.6% and 53.4% respectively, with other services (mainly system-related) showing significant revenue growth - Outsourced inbound customer contact services revenue decreased by **22.6%** to **HK$6.5 million** due to reduced customer sales orders[45](index=45&type=chunk) - Staff secondment services revenue increased by **6.7%** to **HK$28.6 million** due to increased customer demand, with gross profit margin rising from **5.6%** to **9.9%** due to reduced expected credit losses[46](index=46&type=chunk) - Customer contact service center equipment management services revenue significantly decreased by **53.4%** to **HK$1.5 million** due to reduced customer service demand[47](index=47&type=chunk) - Other services (Weis related services) revenue increased to **HK$6 million** (compared to HK$4.3 million in the prior period) due to increased demand for system-related services[50](index=50&type=chunk) - Financial services business was sold and ceased operations on December 27, 2024[49](index=49&type=chunk) [Corporate Governance and Other Disclosures](index=20&type=section&id=Corporate%20Governance%20and%20Other%20Disclosures) [Corporate Governance](index=20&type=section&id=Corporate%20Governance) The Company complied with all Corporate Governance Code provisions in Appendix C1 of the GEM Listing Rules during the reporting period, having adopted and confirmed compliance with a code of conduct for directors' securities transactions - For the entire six-month period ended June 30, 2025, the Company complied with all code provisions set out in the Corporate Governance Code in Appendix C1 to the GEM Listing Rules[54](index=54&type=chunk) [Directors' and Major Shareholders' Interests](index=21&type=section&id=Directors%27%20and%20Major%20Shareholders%27%20Interests) As of June 30, 2025, Mr. Tang Yiu Sing, as executor or administrator of the late Mr. Tang Shing Bor's will, held 210,000,000 shares, representing 71.04% of the issued share capital, through Mastermind Enterprises Limited Major Shareholders' Shareholding | Shareholder Name/Capacity | Nature of Interest | Number of Shares Held | Percentage of Issued Share Capital | | :--- | :--- | :--- | :--- | | Tang Yiu Sing (Executor or Administrator of the Will of the late Tang Shing Bor) | Corporate Interest | 210,000,000 | 71.04% | [Audit Committee](index=22&type=section&id=Audit%20Committee) The Audit Committee has reviewed the Group's unaudited interim results for the six months ended June 30, 2025, confirming compliance with accounting policies and adequate disclosure - The Audit Committee has reviewed the Group's unaudited interim results and is of the opinion that the accounting policies comply with Hong Kong Generally Accepted Accounting Principles, the Stock Exchange, and legal requirements, with adequate disclosure made[62](index=62&type=chunk)

[Performance Highlights](index=1&type=section&id=%E6%A5%AD%E7%B8%BE%E6%91%98%E8%A6%81) [Financial Summary](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) H1 2025 operating revenue reached a record HKD 16.66 billion (+2.7%), but profit attributable to owners decreased 11.3% to HKD 2.38 billion due to rising costs and exchange losses Financial Summary for the Six Months Ended June 30, 2025 | Metric | H1 2025 (HKD Thousands) | H1 2024 (HKD Thousands) | Change | | :--- | :--- | :--- | :--- | | **Operating Revenue** | 16,660,956 | 16,217,982 | +2.7% | | **Adjusted EBITDA** | 4,879,212 | 4,948,002 | -1.4% | | **Operating Profit** | 3,383,020 | 3,522,333 | -4.0% | | **Profit Attributable to Owners of the Company for the Period** | 2,383,261 | 2,685,454 | -11.3% | | **Basic Earnings Per Share** | 62.8 HK cents | 70.6 HK cents | -11.0% | [Operational Highlights](index=3&type=section&id=%E7%87%9F%E9%81%8B%E6%91%98%E8%A6%81) The Group's H1 2025 gaming market share was 16.2%, with mass table GGR up 2.1% and VIP table GGR up 2.7% due to higher win rates, despite a slight 0.9% drop in slot GGR - For the six months ended June 30, 2025, the Group's overall gaming market share was **16.2%**, slightly lower than **16.5%** in the prior year but higher than **15.8%** for the full year 2024[5](index=5&type=chunk) - Mass table gross gaming revenue increased by **2.1%** year-on-year to **HKD 15.07 billion**, primarily driven by a **2.6%** increase in wagering volume at MGM Cotai[5](index=5&type=chunk) - VIP table gross gaming revenue increased by **2.7%** year-on-year to **HKD 2.44 billion**, mainly due to a higher win rate offsetting the decline in rolling chip turnover[5](index=5&type=chunk) - Slot machine gross gaming revenue slightly decreased by **0.9%** year-on-year to **HKD 1.09 billion**, as a lower win rate was partially offset by increased wagering volume[5](index=5&type=chunk) [Interim Dividend](index=2&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board declared an interim dividend of HKD 0.313 per share, totaling HKD 1.1894 billion, representing 49.9% of H1 profit, while maintaining sufficient resources 2025 Interim Dividend Details | Item | Amount/Date | | :--- | :--- | | Interim Dividend | HKD 0.313 per share | | Total Dividend Amount | Approximately HKD 1.1894 billion | | Payout Ratio | Approximately 49.9% of Profit Attributable | | Book Closure Date | August 22, 2025 | | Estimated Payment Date | On or about September 3, 2025 | [Management Discussion and Analysis](index=22&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) [Business Overview](index=22&type=section&id=%E6%A5%AD%E5%8B%99%E6%A6%82%E8%A6%BD) MGM China operates two integrated resorts in Macau, holding a gaming concession until 2032, leveraging global brand strength and local expertise - The Group is one of Macau's six licensed gaming operators, managing two integrated resorts: MGM Macau and MGM Cotai[51](index=51&type=chunk) - The controlling shareholder is MGM Resorts International (**55.95%** stake), with Ms. Pansy Ho as a major shareholder (**22.49%** stake)[51](index=51&type=chunk) - Under the gaming concession contract, MGM Grand Paradise is authorized to operate a total of **750 gaming tables** and **1,700 slot machines** until December 31, 2032[52](index=52&type=chunk) [MGM Macau](index=23&type=section&id=%E6%BE%B3%E9%96%80%E7%BE%8E%E9%AB%98%E6%A2%85) MGM Macau, opened in 2007, features 335 gaming tables, 985 slot machines, and 585 hotel rooms, with "The Box" added in H1 2025 MGM Macau Facilities Overview (As of June 30, 2025) | Facility | Quantity/Area | | :--- | :--- | | Casino Floor Area | Approximately 23,283 square meters | | Gaming Tables | 335 | | Slot Machines | 985 | | Hotel Rooms | 585 | [MGM Cotai](index=23&type=section&id=%E7%BE%8E%E7%8D%85%E7%BE%8E%E9%AB%98%E6%A2%85) MGM Cotai, opened in 2018, features 415 gaming tables, 989 slot machines, and 1,418 hotel rooms, highlighted by the Spectacle and dynamic theater MGM Cotai Facilities Overview (As of June 30, 2025) | Facility | Quantity/Area | | :--- | :--- | | Casino Floor Area | Approximately 24,549 square meters | | Gaming Tables | 415 | | Slot Machines | 989 | | Hotel Rooms | 1,418 | [Competitive Strengths and Operating Strategies](index=24&type=section&id=%E6%88%91%E5%80%91%E7%9A%84%E7%AB%B6%E7%88%AD%E5%84%AA%E5%8B%A2%E5%8F%8A%E7%B6%93%E7%87%9F%E7%AD%96%E7%95%A5) The Group's strengths include a world-class brand and unique market position, with strategies focused on enhancing customer experience and investing in non-gaming offerings - The Group's competitive advantages include a widely recognized brand, unique market positioning, innovative "tourism+" products, strong leadership, and a supportive shareholder network[57](index=57&type=chunk) - Operating strategies align with the Macau government's goals, committing to invest **MOP 19.7 billion** during the concession period, with approximately **91% (MOP 18 billion)** allocated to expanding international visitor markets and non-gaming projects[58](index=58&type=chunk) - Since 2023, the Group has expanded its overseas sales network and leveraged MGM Resorts International's network to further develop international markets, while enriching its non-gaming product portfolio through facility upgrades and new offerings like the MGM Art Space and "MGM 2049" resident show[59](index=59&type=chunk) [Key Factors Affecting Operating Results and Financial Position](index=26&type=section&id=%E5%BD%B1%E9%9F%BF%E6%88%91%E5%80%91%E7%B6%93%E7%87%9F%E6%A5%AD%E7%B8%BE%E5%8F%8A%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E7%9A%84%E5%9B%A0%E7%B4%A0) Group performance is influenced by Macau's gaming and tourism market, benefiting from infrastructure and policy, but facing risks from economic slowdowns and regulatory changes - Macau's tourism industry shows a growth trend, with total visitor arrivals increasing by **14.9%** year-on-year and gross gaming revenue growing by **4.4%** year-on-year in the first half of 2025[61](index=61&type=chunk) - Long-term growth drivers include continuous investments by gaming concessionaires, improved infrastructure in the Greater Bay Area, favorable policies from the Chinese government, and increasing outbound tourism demand from mainland China[62](index=62&type=chunk)[65](index=65&type=chunk) - Risks to performance include China's economic slowdown, changes in gaming regulations, visa and currency control policies, and competition from other integrated resorts regionally and globally[63](index=63&type=chunk)[64](index=64&type=chunk) [Financial Performance Analysis](index=33&type=section&id=%E8%B2%A1%E5%8B%99%E6%A5%AD%E7%B8%BE%E5%88%86%E6%9E%90) H1 2025 operating revenue increased 2.7% to HKD 16.66 billion, driven by casino growth, but profit attributable to owners declined 11.3% to HKD 2.38 billion due to rising expenses and exchange losses [Operating Revenue](index=33&type=section&id=%E7%B6%93%E7%87%9F%E6%94%B6%E7%9B%8A) Operating revenue grew 2.7% to HKD 16.66 billion, with casino revenue up 3.1% driven by mass market, and MGM Cotai's growth offsetting MGM Macau's slight decline Operating Revenue by Segment (For the Six Months Ended June 30) | Segment | 2025 (HKD Thousands) | 2024 (HKD Thousands) | Change | | :--- | :--- | :--- | :--- | | **MGM Macau** | 6,535,458 | 6,755,319 | -3.3% | | Casino Revenue | 5,716,030 | 5,970,852 | -4.3% | | Other Revenue | 819,428 | 784,467 | +4.5% | | **MGM Cotai** | 10,125,498 | 9,462,663 | +7.0% | | Casino Revenue | 8,880,649 | 8,191,381 | +8.4% | | Other Revenue | 1,244,849 | 1,271,282 | -2.1% | | **Total** | **16,660,956** | **16,217,982** | **+2.7%** | - Mass table gross gaming revenue increased by **2.1%** year-on-year, primarily due to increased wagering volume and a higher win rate at MGM Cotai[85](index=85&type=chunk) - VIP table gross gaming revenue increased by **2.7%** year-on-year, as a higher win rate offset significant declines in rolling chip turnover (**-43.2%** at MGM Macau and **-23.0%** at MGM Cotai)[86](index=86&type=chunk) [Operating Costs and Expenses](index=37&type=section&id=%E7%B6%93%E7%87%9F%E6%88%90%E6%9C%AC%E5%8F%8A%E9%96%8B%E6%94%AF) Total operating costs increased 4.6%, driven by higher gaming taxes, an 8.8% rise in staff costs, a 113.4% surge in trade receivables impairment, and a 9.4% increase in depreciation Key Operating Costs and Expenses (For the Six Months Ended June 30) | Item | 2025 (HKD Thousands) | 2024 (HKD Thousands) | Change | | :--- | :--- | :--- | :--- | | Gaming Taxes and Levies | 7,396,466 | 7,242,106 | +2.1% | | Staff Costs | 2,480,319 | 2,279,459 | +8.8% | | Net Impairment Losses on Trade Receivables | 67,953 | 31,849 | +113.4% | | Other Expenses and Losses | 1,696,912 | 1,681,712 | +0.9% | | Depreciation and Amortization | 1,007,845 | 921,369 | +9.4% | [Finance Costs and Net Profit](index=39&type=section&id=%E8%9E%8D%E8%B3%87%E6%88%90%E6%9C%AC%E8%88%87%E6%B7%A8%E5%88%A9%E6%BD%A4) Total finance costs decreased 5.4% to HKD 793 million, but a significant net exchange loss of HKD 207 million on USD senior notes contributed to an 11.3% decline in profit attributable to owners - Total finance costs decreased from **HKD 839 million** to **HKD 793 million**, primarily due to reduced interest expenses on unsecured credit facilities and the cancellation of MGM Resorts International's revolving credit facility[98](index=98&type=chunk)[99](index=99&type=chunk) - Net exchange losses surged from **HKD 7 million** in the prior period to **HKD 207 million**, mainly due to losses on USD-denominated senior notes amidst Hong Kong dollar depreciation[98](index=98&type=chunk) - The combined effect resulted in a **11.3%** decrease in profit attributable to owners of the Company, from **HKD 2.686 billion** to **HKD 2.383 billion**[101](index=101&type=chunk) [Liquidity and Capital Resources](index=40&type=section&id=%E6%B5%81%E5%8B%95%E6%80%A7%E8%88%87%E8%B3%87%E6%9C%AC%E8%B3%87%E6%BA%90) [Capital Structure and Cash Flow](index=40&type=section&id=%E8%B3%87%E6%9C%AC%E7%B5%90%E6%A7%8B%E8%88%87%E7%8F%BE%E9%87%91%E6%B5%81) As of June 30, 2025, the Group held HKD 5.52 billion cash and HKD 17 billion undrawn credit, with capital gearing at 88.7%; operating cash flow was HKD 4.46 billion Capital Gearing Ratio | Item (HKD Thousands) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Net Debt | 15,432,375 | 16,924,499 | | Total Equity | 1,966,593 | 527,527 | | **Capital Gearing Ratio** | **88.7%** | **97.0%** | Cash Flow Summary (For the Six Months Ended June 30) | Item (HKD Thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Net Cash Generated from Operating Activities | 4,464,779 | 4,256,843 | | Net Cash Used in Investing Activities | (882,133) | (564,517) | | Net Cash Used in Financing Activities | (3,382,697) | (2,707,385) | | **Cash and Cash Equivalents at End of Period** | **5,518,326** | **5,214,454** | [Debt Overview](index=45&type=section&id=%E5%82%B5%E5%8B%99%E6%A6%82%E8%A6%BD) As of June 30, 2025, total borrowings were HKD 21.63 billion; the Group repaid USD 500 million senior notes and refinanced with a new HKD 23.4 billion revolving credit facility [Unsecured Senior Notes](index=45&type=section&id=%E7%84%A1%E6%8A%B5%E6%8A%BC%E5%84%AA%E5%85%88%E7%A5%A8%E6%93%9A) The Group has three outstanding unsecured senior notes maturing in 2026, 2027, and 2031, having repaid USD 500 million notes due June 2025, with special redemption clauses - On June 18, 2025, the **USD 500 million** aggregate principal amount of senior notes due 2025 was fully repaid[31](index=31&type=chunk)[55](index=55&type=chunk)[116](index=116&type=chunk) - On June 26, 2024, **USD 500 million** aggregate principal amount of **7.125%** senior notes due 2031 was issued[32](index=32&type=chunk)[117](index=117&type=chunk) - The notes include special put option provisions in the event of a change of control or a material adverse change to the gaming concession[34](index=34&type=chunk)[35](index=35&type=chunk)[119](index=119&type=chunk)[120](index=120&type=chunk) [2025 Revolving Credit Facility](index=48&type=section&id=2025%E5%B9%B4%E5%BE%AA%E7%92%B0%E4%BF%A1%E8%B2%B8%E8%9E%8D%E9%80%9A) In April 2025, a new HKD 23.4 billion revolving credit facility was secured, maturing in 2030, which is unsecured and includes financial covenants - On April 15, 2025, a new **HKD 23.4 billion** revolving credit facility was entered into, maturing on April 15, 2030, replacing the previous credit arrangements[37](index=37&type=chunk)[56](index=56&type=chunk)[122](index=122&type=chunk) - The facility includes financial covenants: a leverage ratio not exceeding **4.5:1** and an interest coverage ratio of not less than **2.5:1**; as of the period-end, the Group has complied with all covenants[40](index=40&type=chunk)[41](index=41&type=chunk)[125](index=125&type=chunk)[126](index=126&type=chunk) [Market Risk Management](index=50&type=section&id=%E5%B8%82%E5%A0%B4%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86) The Group faces foreign currency and interest rate risks, managing USD-denominated notes and floating-rate credit facilities through a balanced portfolio, with no hedging undertaken - Foreign currency risk primarily arises from **USD 2 billion** of outstanding senior notes; while exchange rate fluctuations are generally not expected to be significant due to the HKD-USD peg, the depreciation of the Hong Kong dollar during the period still resulted in substantial exchange losses[133](index=133&type=chunk) - Interest rate risk stems from floating-rate borrowings under the 2025 revolving credit facility, which the Group manages through a combination of fixed-rate notes and floating-rate credit facilities[134](index=134&type=chunk) [Capital Commitments and Guarantees](index=44&type=section&id=%E8%B3%87%E6%9C%AC%E6%89%BF%E6%93%94%E8%88%87%E6%93%94%E4%BF%9D) As of June 30, 2025, the Group had HKD 611.4 million in contracted but unprovided capital commitments and HKD 978.7 million in outstanding bank guarantees Capital Commitments and Guarantees | Item | Amount (HKD) | | :--- | :--- | | Capital Commitments (Contracted but not provided for) | 611.4 million | | Outstanding Bank Guarantees | 978.7 million | [Other Significant Matters](index=52&type=section&id=%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A0%85) [Employees and Remuneration Policy](index=52&type=section&id=%E5%83%B1%E5%93%A1%E5%8F%8A%E8%96%AA%E9%85%AC%E6%94%BF%E7%AD%96) As of June 30, 2025, the Group employed 13,556 staff, with a market-based remuneration system including performance-based incentives - As of June 30, 2025, the Group employed a total of **13,556** full-time and part-time employees across Macau, Hong Kong, and Zhuhai[137](index=137&type=chunk) [Purchases, Sales or Redemptions of the Company's Listed Securities](index=53&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) In H1 2025, the Company repurchased 2,002,150 shares for HKD 22.3 million to offset new shares from share option exercises and maintain issued capital H1 2025 Share Repurchase Details | Month of Repurchase | Total Shares Repurchased | Total Consideration Paid (HKD Thousands) | | :--- | :--- | :--- | | March 2025 | 374,700 | 4,208 | | June 2025 | 1,627,450 | 18,055 | | **Total** | **2,002,150** | **22,263** | [Corporate Governance Practices](index=54&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%B8%B8%E8%A6%8F) The Company complied with Listing Rules' Corporate Governance Code, and interim financial statements were reviewed by the Audit Committee and Deloitte - The Company complied with the Corporate Governance Code in Appendix C1 of the Listing Rules during the reporting period[143](index=143&type=chunk) - The unaudited condensed consolidated financial statements have been reviewed by the Company's Audit Committee and auditor Deloitte[145](index=145&type=chunk) [Condensed Consolidated Financial Statements](index=4&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=4&type=section&id=%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E5%85%A5%E8%A1%A8) Operating revenue for the period was HKD 16.66 billion, with operating profit at HKD 3.38 billion, leading to HKD 2.38 billion profit attributable to owners Condensed Consolidated Statement of Profit or Loss (For the Six Months Ended June 30) | Item (HKD Thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Operating Revenue | 16,660,956 | 16,217,982 | | Operating Profit | 3,383,020 | 3,522,333 | | Profit Before Tax | 2,415,234 | 2,716,848 | | **Profit Attributable to Owners of the Company for the Period** | **2,383,261** | **2,685,454** | [Consolidated Statement of Financial Position](index=5&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, total assets were HKD 30.86 billion, total liabilities HKD 28.90 billion, and total equity rose to HKD 1.97 billion, with a net current liability of HKD 4.54 billion Asset Position (As of June 30, 2025) | Item (HKD Thousands) | Amount | | :--- | :--- | | Total Non-current Assets | 23,886,560 | | Total Current Assets | 6,976,684 | | **Total Assets** | **30,863,244** | Equity and Liability Position (As of June 30, 2025) | Item (HKD Thousands) | Amount | | :--- | :--- | | **Total Equity** | **1,966,593** | | Total Non-current Liabilities | 17,383,257 | | Total Current Liabilities | 11,513,394 | | **Total Liabilities** | **28,896,651** | [Summary of Notes to Financial Statements](index=7&type=section&id=%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB%E6%91%98%E8%A6%81) Financial statements are historical cost-based; despite net current liabilities, management expects to meet obligations given cash, undrawn credit, and expected cash flows, with notes detailing key financial information - Despite a net current liability of **HKD 4.5367 billion**, the Group believes it can meet its financial obligations for the next 12 months, considering its cash position (**HKD 5.5183 billion**), available credit facilities (**approximately HKD 17 billion**), and projected operating cash flows[11](index=11&type=chunk) - The Group's two properties (MGM Macau and MGM Cotai) have been aggregated into one reportable segment due to similar economic characteristics, customers, products, and regulatory environments, with Adjusted EBITDA used as the primary measure of segment profit[13](index=13&type=chunk) - MGM Grand Paradise has committed to invest **MOP 19.7 billion** over the 10-year concession period, with **MOP 18 billion** allocated to non-gaming projects[23](index=23&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，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。 HUTCHMED (China) Limited 和黃醫藥（中國）有限公司 （於開曼群島註冊成立的有限公司） （股份代號：13） 和黃醫藥公佈2025年中期業績 — 適應症擴展推動增長及ATTC平台為管線注入新活力 — 出售非核心業務部分股權為和黃醫藥帶來4.55億美元應佔淨收益 — 和黃醫藥（中國）有限公司（簡稱「和黃醫藥」、「本公司」或「我們」）今日公佈截至2025年6月30日止六個月 的財務業績以及提供關鍵臨床項目和商業化發展的最新進展。 和黃醫藥將於今天2025年8月7日（星期四）美國東部夏令時間上午8時/ 英國夏令時間下午1時/ 中國香港時間晚 上8時舉行業績會網絡直播（英語場次），並於明天2025年8月8日（星期五）中國香港時間上午8時30分舉行中 文（普通話）場次。 投資者可於www.hutch-med.com/event登記後參與實時網絡直播。 除另有說明外，所有金額均以美元列示。縮寫清單 ...

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，概不會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。 Zai Lab Limited 再鼎醫藥有限公司* （於開曼群島註冊成立的有限公司） （股份代號: 9688） 截至2025年6月30日止三個月及六個月的未經審計業績 以及公司進展 再鼎醫藥有限公司（「本公司」）謹此公佈根據美國證券交易委員會的適用規則刊發的本公 司及其附屬公司截至2025年6月30日止三個月及六個月的未經審計簡明合併業績（「2025年第 二季度業績」）以及近期產品亮點和公司進展與2025年和2026年上半年的預期重要里程碑事 件。 2025年第二季度業績乃根據有別於國際財務報告準則（「國際財務報告準則」）的美國公認 會計準則（「美國公認會計準則」）編製。 本公司預期於2025年8月31日或之前根據香港聯合交易所有限公司證券上市規則發佈截至2025 年6月30日止六個月的中期業績，其中將載有聲明，顯示根據美國公認會計準則及國際財務報 告準則報告的財務報表之間的任何重大差異的財務影響。 ...