火岩控股(01909) - 2025 - 中期业绩

Company Information and Financial Summary Company Overview FireRock Holdings Limited (Stock Code: 1909) announced its interim results for the six months ended June 30, 2025, with its primary business in mobile game development, licensing, and publishing - FireRock Holdings Limited (Stock Code: 1909) announced its interim results for the six months ended June 30, 2025[2][4] - The Group is principally engaged in the development, licensed operation, and publishing of mobile device games, and self-operates games in overseas markets[10] Financial Highlights For the six months ended June 30, 2025, the Group's revenue increased by 15.7% to HK$72.9 million, while gross profit grew by 6.1% to HK$55.4 million, but the period shifted from a profit to a loss of HK$6.7 million Key Financial Data Comparison for H1 2025 | Metric | H1 2025 (HK$ Million) | H1 2024 (HK$ Million) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 72.9 | 63.0 | +15.7% | | Gross Profit | 55.4 | 52.2 | +6.1% | | (Loss)/Profit for the Period | (6.7) | 14.1 | Profit to Loss | | Interim Dividend | Nil | Nil | - | Condensed Consolidated Financial Statements Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income For the six months ended June 30, 2025, the Group's revenue increased to HK$72,919 thousand, but an impairment loss on intangible assets and higher income tax expense led to a loss of HK$6,673 thousand Summary of Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Metric | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Revenue | 72,919 | 62,999 | | Gross Profit | 55,398 | 52,216 | | Other income | 659 | 238 | | Fair value change of financial assets at FVTPL | (232) | 6,468 | | Impairment loss on intangible assets | (10,803) | — | | Promotion costs | (19,960) | (26,553) | | Administrative expenses | (23,057) | (14,216) | | Profit before income tax | 1,961 | 18,109 | | Income tax expense | (8,634) | (4,046) | | (Loss)/Profit for the period | (6,673) | 14,063 | | (Loss)/Profit for the period attributable to owners of the Company | (18,242) | 6,766 | Condensed Consolidated Statement of Financial Position As of June 30, 2025, the Group's total assets and net assets decreased, mainly due to a reduction in intangible assets, while net current assets remained stable with a slight decrease from year-end 2024 Summary of Condensed Consolidated Statement of Financial Position | Metric | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Non-current assets | 49,079 | 57,687 | | Current assets | 71,018 | 76,989 | | Current liabilities | 16,826 | 19,865 | | Net current assets | 54,192 | 57,124 | | Net assets | 102,577 | 113,994 | | Total equity attributable to owners of the Company | 96,929 | 112,299 | Notes to the Condensed Consolidated Financial Statements This section details the basis of preparation, segment information, revenue composition, expense breakdowns, balance sheet item changes, and events after the reporting period General Information FireRock Holdings Limited, incorporated in the Cayman Islands, is primarily engaged in mobile game development, licensed operation, and publishing, with self-operated games in overseas markets - The Company is an investment holding company incorporated in the Cayman Islands, primarily engaged in mobile game development, licensed operation, and publishing, with self-operated games in overseas markets[10] Basis of Preparation The interim financial statements are prepared in accordance with Hong Kong Financial Reporting Standards on a historical cost basis and do not early adopt new and revised standards not yet in effect - The interim condensed financial statements are prepared in accordance with Hong Kong Financial Reporting Standards issued by the HKICPA and have been reviewed by the Audit Committee[11][12] - The statements are prepared on a historical cost basis, modified for the revaluation of certain financial assets held at fair value[14] - The Group has not early adopted the new and revised HKFRSs that have been issued but are not yet effective[13] Segment Information The Group has two reportable segments, Game and Software Development and Publishing, and Game Operation and Publishing, with the latter contributing the vast majority of revenue, all from the Asia-Pacific region Reportable Segments The Group's two reportable segments are Game and Software Development and Publishing, and Game Operation and Publishing, with the latter contributing all external revenue of HK$72,919 thousand in H1 2025 - The Group has two reportable segments: Game and Software Development and Publishing, and Game Operation and Publishing[15] Revenue from Customers by Segment | Segment | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Game and Software Development and Publishing | — | 22 | | Game Operation and Publishing | 72,919 | 62,977 | | Total | 72,919 | 62,999 | Reportable Segment (Loss)/Profit | Segment | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Game and Software Development and Publishing | (34,938) | (6,661) | | Game Operation and Publishing | 34,514 | 21,556 | | Total | (424) | 14,895 | Revenue from Customers by Geographical Market and Timing of Revenue Recognition All of the Group's customer revenue originates from the Asia-Pacific region and is recognized at a point in time, with non-current assets primarily located in Singapore, China, and Thailand Revenue by Major Geographical Market | Geographical Market | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Asia-Pacific | 72,919 | 62,999 | Revenue by Timing of Revenue Recognition | Timing of Revenue Recognition | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | | :--- | :--- | :--- | | At a point in time | 72,919 | 62,999 | Non-current Assets by Geography | Geography | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Thailand | 1,616 | 1,745 | | China | 4,990 | 962 | | Hong Kong | 6 | 535 | | Singapore | 13,938 | 25,867 | | Indonesia | 31 | — | | Total | 20,581 | 29,109 | Information about Major Licensed Operators For the six months ended June 30, 2025, no single customer accounted for 10% or more of the Group's total revenue - For the six months ended June 30, 2025, no revenue from an individual customer accounted for 10% or more of the Group's total revenue[23] Revenue and Other Income The Group's revenue, primarily from game operation and publishing, reached HK$72,919 thousand in H1 2025, while other income grew significantly due to increased interest income and net exchange gains Breakdown of Revenue and Other Income | Item | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Revenue | | | | Game and Software Development and Publishing | — | 22 | | Game Operation and Publishing | 72,919 | 62,977 | | Total Revenue | 72,919 | 62,999 | | Other Income | | | | Interest income | 136 | 51 | | Government grants | 25 | — | | Net exchange (loss)/gain | 348 | (65) | | Others | 150 | 252 | | Total Other Income | 659 | 238 | (Loss)/Profit Before Income Tax Profit before income tax fell sharply from HK$18,109 thousand in H1 2024 to HK$1,961 thousand in H1 2025, mainly due to impairment and amortization of intangible assets and higher staff costs Components of (Loss)/Profit Before Income Tax | Item | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Depreciation of property, plant and equipment | 590 | 576 | | Depreciation of right-of-use assets | 654 | 444 | | Amortisation of intangible assets | 2,701 | — | | Impairment of intangible assets | 10,803 | — | | Legal and professional fees | 2,099 | 3,666 | | Employee costs (including directors' emoluments) | 23,760 | 8,279 | Income Tax Expense The Group's income tax expense increased from HK$4,046 thousand in H1 2024 to HK$8,634 thousand in H1 2025, primarily due to higher corporate income tax and dividend withholding tax in Thailand Breakdown of Income Tax Expense | Item | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | | :--- | :--- | :--- | | China Corporate Income Tax | 59 | — | | Thailand Corporate Income Tax | 7,098 | 2,597 | | Dividend Withholding Tax | 1,477 | 1,449 | | Total | 8,634 | 4,046 | Dividends The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025, consistent with the same period last year - The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025 (H1 2024: Nil)[27] (Loss)/Earnings Per Share For the six months ended June 30, 2025, the loss attributable to owners of the Company resulted in a basic and diluted loss per share of 9.50 HK cents, compared to earnings per share of 3.52 HK cents last year (Loss)/Earnings Per Share | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | (Loss)/Profit attributable to owners of the Company | (HK$18,242,000) | HK$6,766,000 | | Weighted average number of ordinary shares issued | 192,000,000 shares | 192,000,000 shares | | Basic and diluted (loss)/earnings per share | (9.50) HK cents | 3.52 HK cents | - The calculation of earnings per share has been adjusted to reflect the share consolidation effective on March 31, 2025[28] Property, Plant and Equipment For the six months ended June 30, 2025, the Group's additions to property, plant and equipment amounted to approximately HK$637,000, a significant increase from the same period last year Additions to Property, Plant and Equipment | Item | H1 2025 (HK$) | H1 2024 (HK$) | | :--- | :--- | :--- | | Additions to property, plant and equipment | 637,000 | 203,000 | Intangible Assets As of June 30, 2025, the net carrying amount of intangible assets decreased to HK$14,697 thousand, mainly due to an impairment loss of HK$10,803 thousand and amortization of HK$2,701 thousand Summary of Changes in Intangible Assets | Item | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Net carrying amount | 14,697 | 23,538 | | Additions during the period | 3,450 | 8,788 | | Amortisation during the period | 2,701 | — | | Impairment loss during the period | 10,803 | — | Leases The Group entered into a new lease agreement in China during H1 2025, leading to an increase in total lease liabilities, with a notable rise in the portion due within one year - The Group entered into a new lease agreement in China during the first half of 2025[31] Analysis of Lease Liability Maturity | Maturity | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Within 1 year | 2,059 | 1,372 | | After 1 year but within 2 years | 499 | 526 | | After 2 years but within 5 years | — | 96 | | Total present value of minimum lease payments | 2,558 | 1,994 | Trade Receivables As of June 30, 2025, total trade receivables decreased to HK$12,823 thousand, mainly due to a significant reduction in receivables aged 31-60 days, with no impairment provision recognized Ageing Analysis of Trade Receivables | Ageing | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | 0–30 days | 10,420 | 10,504 | | 31–60 days | 1,400 | 5,818 | | 61–90 days | — | 52 | | 91–180 days | — | 126 | | 181–365 days | — | 218 | | Over 1 year | 1,003 | 1,500 | | Total | 12,823 | 18,218 | - Management believes there has been no significant change in credit quality and no impairment provision has been made, and the Group does not hold any collateral[33][34] Other Payables and Accruals As of June 30, 2025, total other payables and accruals decreased to HK$6,182 thousand, primarily due to a reduction in other tax payables Breakdown of Other Payables and Accruals | Item | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Other payables and accruals | 4,461 | 6,194 | | Other tax payables | 1,721 | 4,129 | | Total | 6,182 | 10,323 | Share Capital The Company completed a share consolidation on March 31, 2025, consolidating every 20 shares of HK$0.001/12 each into 1 share of HK$0.0167 each, reducing issued shares from 3,840,000,000 to 192,000,000 Changes in Share Capital | Item | Number of Shares | Amount (HK$ Thousand) | | :--- | :--- | :--- | | Issued and fully paid at Dec 31, 2024 & Jan 1, 2025 | 3,840,000,000 | 3,200 | | Share Consolidation | (3,648,000,000) | — | | Issued and fully paid at June 30, 2025 | 192,000,000 | 3,200 | - The share consolidation, effective March 31, 2025, consolidated every 20 shares of HK$0.001/12 each into 1 share of HK$0.0167 each[37] Events After the Reporting Period The placing agreement dated June 24, 2025, lapsed as its conditions were not fulfilled, and the placing did not proceed; no other significant events occurred after the reporting period - The placing agreement entered into by the Company with the placing agent has lapsed, and the placing did not proceed[38] - Apart from the lapse of the placing agreement, no other significant events occurred after the reporting period and up to the date of this announcement[39] Management Discussion and Analysis Business Review and Prospects The Group shifted from profit to loss in H1 2025 due to intangible asset impairment, new game amortization, and higher staff costs, with future plans to establish an R&D team and expand into Indonesia Overview The loss attributable to owners of the Company was approximately HK$18.2 million, mainly due to impairment of existing games, amortization of a new game, and increased staff costs - The loss attributable to owners of the Company was approximately HK$18.2 million, compared to a profit of approximately HK$6.8 million in the prior period[41] - The loss was mainly due to: (i) provision for impairment loss on intangible assets of certain existing games; (ii) amortisation of intangible assets for the new game "Gods of Mythic"; and (iii) an increase in staff costs[41] Future Prospects The Group plans to establish an R&D team, launch games in Indonesia, and prudently consider acquisitions or investments in online projects aligned with its business interests to support growth - The Group intends to establish an R&D team and launch games in Indonesia[41] - The Group will prudently consider acquiring or investing in games and other online projects that align with its business interests[41] Financial Review Revenue growth was driven by the new game "Gods of Mythic," but the gross margin declined due to new game amortization and staff cost reclassification, while impairment losses and higher administrative expenses led to a net loss Revenue For the six months ended June 30, 2025, the Group's revenue increased by 15.7% to HK$72.9 million, driven by the mobile games "Royal World" and the newly launched "Gods of Mythic" Revenue Comparison | Metric | H1 2025 (HK$ Million) | H1 2024 (HK$ Million) | Change (HK$ Million) | | :--- | :--- | :--- | :--- | | Revenue | 72.9 | 63.0 | +9.9 | - The increase in revenue was mainly due to increased revenue from the mobile device game "Royal World" and the newly launched self-developed mobile device game "Gods of Mythic"[42] Revenue by Geographical Market All of the Group's revenue was generated from the Asia-Pacific region, accounting for 100% of the total, consistent with the same period last year Revenue by Geographical Market | Geography | H1 2025 (HK$ Thousand) | % of Total | H1 2024 (HK$ Thousand) | % of Total | | :--- | :--- | :--- | :--- | :--- | | Asia-Pacific | 72,919 | 100.0 | 62,999 | 100.0 | Direct Costs Total direct costs increased to HK$17.5 million, primarily due to a significant rise in staff costs, intangible asset amortization, and channel costs related to the launch of "Gods of Mythic" Breakdown of Direct Costs | Item | H1 2025 (HK$ Thousand) | % of Total | H1 2024 (HK$ Thousand) | % of Total | | :--- | :--- | :--- | :--- | :--- | | Staff costs and benefits | 4,616 | 26.4 | 566 | 5.3 | | Amortisation of intangible assets | 2,701 | 15.4 | — | 0.0 | | Self-operated channel costs | 7,156 | 40.8 | 3,809 | 35.3 | | Others | 3,048 | 17.4 | 6,408 | 59.4 | | Total | 17,521 | 100.0 | 10,783 | 100.0 | - Staff costs and benefits increased significantly by HK$4.0 million, mainly due to the launch of the "Gods of Mythic" game during the period[45] - Amortisation of intangible assets of approximately HK$2.7 million was mainly attributable to the "Gods of Mythic" game, which was commercially launched in March 2025[46] Gross Profit and Gross Profit Margin The Group's gross profit increased to HK$55.4 million, but the gross profit margin decreased from 82.9% to 76.0% due to amortization from the new game and reclassification of staff costs Gross Profit and Gross Profit Margin Comparison | Metric | H1 2025 (HK$ Million) | H1 2024 (HK$ Million) | | :--- | :--- | :--- | | Gross Profit | 55.4 | 52.2 | | Gross Profit Margin | 76.0% | 82.9% | - The decrease in gross profit margin was mainly due to the amortisation after the launch of the "Gods of Mythic" game and the reclassification of staff costs to direct costs[48] Other Income The Group's other income increased to HK$0.7 million, primarily due to the gain on the disposal of a motor vehicle during the reporting period Other Income Comparison | Metric | H1 2025 (HK$ Million) | H1 2024 (HK$ Million) | | :--- | :--- | :--- | | Other income | 0.7 | 0.2 | - The increase in other income was mainly due to the gain on disposal of a motor vehicle during the reporting period[49] Impairment Loss on Intangible Assets For the six months ended June 30, 2025, the Group recognized an impairment loss of approximately HK$10.8 million on existing games, as their operating income could not cover operating costs Impairment Loss on Intangible Assets | Metric | H1 2025 (HK$ Million) | H1 2024 (HK$ Million) | | :--- | :--- | :--- | | Impairment loss on intangible assets | 10.8 | — | - The impairment loss was due to the operating income from existing games being unable to cover operating costs in the foreseeable future[50] Promotion Costs The Group's promotion costs decreased to HK$20.0 million, a reduction of HK$6.6 million from the prior year period, mainly due to lower advertising and promotion expenses Promotion Costs Comparison | Metric | H1 2025 (HK$ Million) | H1 2024 (HK$ Million) | Change (HK$ Million) | | :--- | :--- | :--- | :--- | | Promotion costs | 20.0 | 26.6 | (6.6) | - The decrease in promotion costs was due to a reduction in advertising and promotion expenses[51] Administrative Expenses The Group's administrative expenses increased to HK$23.1 million, up by HK$8.9 million from the prior year period, primarily due to higher staff costs and other office expenses Administrative Expenses Comparison | Metric | H1 2025 (HK$ Million) | H1 2024 (HK$ Million) | Change (HK$ Million) | | :--- | :--- | :--- | :--- | | Administrative expenses | 23.1 | 14.2 | +8.9 | - The increase in administrative expenses was mainly due to higher staff costs and other office expenses during the reporting period[52] Income Tax Expense The Group's income tax expense rose to HK$8.6 million, an increase of HK$4.6 million from the prior year period, mainly due to higher revenue and profit from its Thai subsidiary Income Tax Expense Comparison | Metric | H1 2025 (HK$ Million) | H1 2024 (HK$ Million) | Change (HK$ Million) | | :--- | :--- | :--- | :--- | | Income tax expense | 8.6 | 4.0 | +4.6 | - The increase in income tax expense was mainly due to the increased revenue and profit of our Thai subsidiary[53] (Loss)/Profit for the Period The loss attributable to owners of the Company was approximately HK$18.2 million, primarily driven by impairment losses on intangible assets, amortization of a new game, and increased staff costs (Loss)/Profit Attributable to Owners of the Company | Metric | H1 2025 (HK$ Million) | H1 2024 (HK$ Million) | | :--- | :--- | :--- | | (Loss)/Profit attributable to owners of the Company | (18.2) | 6.8 | - The loss was mainly due to: (i) provision for impairment loss on intangible assets of certain existing games; (ii) amortisation of intangible assets for the new game; and (iii) an increase in staff costs[54] Liquidity and Financial Resources The Group funds its operations primarily through cash from operating activities and plans to use internal resources for expansion, with a slight decrease in cash reserves and a lower gearing ratio as of June 30, 2025 Financial Policies The Group deposits its funds with commercial banks in China, Hong Kong, Thailand, Singapore, and Indonesia and has not engaged in any high-risk investments or speculative derivative transactions - The Group deposits its funds with commercial banks in China, Hong Kong, Thailand, Singapore, and Indonesia[56] - The Group has not engaged in any high-risk investments or speculative derivative transactions[56] Cash and Cash Equivalents As of June 30, 2025, cash and cash equivalents stood at HK$49.9 million, a slight decrease from HK$53.6 million at year-end 2024, denominated mainly in USD, THB, and HKD Cash and Cash Equivalents Comparison | Metric | June 30, 2025 (HK$ Million) | December 31, 2024 (HK$ Million) | | :--- | :--- | :--- | | Cash and cash equivalents | 49.9 | 53.6 | - Cash and cash equivalents were mainly denominated in USD (approx 45.5%), THB (approx 28.7%), and HKD (approx 21.4%)[57] Capital Expenditure For the six months ended June 30, 2025, total capital expenditure was approximately HK$0.6 million, mainly for office furniture and equipment, representing an increase from the prior year period Capital Expenditure Comparison | Metric | H1 2025 (HK$ Million) | H1 2024 (HK$ Million) | | :--- | :--- | :--- | | Total capital expenditure | 0.6 | 0.2 | - Capital expenditure was mainly for the purchase of office furniture and office equipment[58] Capital Structure The Company's shares were listed on GEM in 2016 and transferred to the Main Board in 2019, with its capital structure comprising issued share capital and reserves - The Company's shares were listed on GEM of the Stock Exchange on February 18, 2016, and transferred to the Main Board on June 27, 2019[59] - The Company's capital structure consists of issued share capital and reserves[59] Borrowings and Gearing Ratio As of June 30, 2025, the Group had no short-term or long-term borrowings, and its gearing ratio decreased to approximately 14.6% from 15.4% at year-end 2024 - As of June 30, 2025, the Group did not have any short-term or long-term borrowings[60] Gearing Ratio | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Gearing Ratio | 14.6% | 15.4% | Pledge of Group's Assets As of June 30, 2025, the Group had not pledged any of its assets as collateral for bank borrowings or any other financing arrangements - As of June 30, 2025, the Group had not pledged any of its assets as collateral for bank borrowings or any other financing arrangements[61] Employee Information and Remuneration Policies As of June 30, 2025, the Group's headcount increased to 160 employees, with total remuneration rising significantly, reflecting competitive compensation and regular training programs Number of Employees by Functional Area | Department | June 30, 2025 (No.) | % of Total | June 30, 2024 (No.) | % of Total | | :--- | :--- | :--- | :--- | :--- | | Management | 7 | 4% | 6 | 5% | | Project Development | 67 | 41% | 41 | 34% | | Game Design | 23 | 14% | 13 | 11% | | Programming | 31 | 19% | 17 | 14% | | Art | 13 | 8% | 11 | 9% | | Project Support | 56 | 36% | 52 | 44% | | Marketing | 25 | 16% | 27 | 23% | | Licensing and Operation Support | 28 | 18% | 24 | 20% | | Information Technology | 3 | 2% | 1 | 1% | | Finance and Administration | 30 | 19% | 21 | 17% | | Total | 160 | 100% | 120 | 100% | Total Employee Remuneration | Metric | H1 2025 (HK$ Million) | H1 2024 (HK$ Million) | | :--- | :--- | :--- | | Total employee remuneration | 23.8 | 8.3 | - The Group offers competitive remuneration packages and benefits commensurate with industry practice and regularly provides various training courses for its employees[63][64] Material Investments, Acquisitions or Disposals For the six months ended June 30, 2025, the Company had no material investments, acquisitions, or disposals of subsidiaries and associated companies - For the six months ended June 30, 2025 and 2024, the Company had no material investments, acquisitions, or disposals of subsidiaries and associated companies[65] Future Plans for Material Investments or Capital Assets As of the date of this announcement, the Board has not authorized any plans for material investments or additions of capital assets, other than those disclosed in this announcement - Other than as disclosed in this announcement, as at the date of this announcement, the Board had not authorised any plans for material investments or additions of capital assets[66] Contingent Liabilities As of June 30, 2025, the Group did not have any significant contingent liabilities - As of June 30, 2025, the Group did not have any significant contingent liabilities[67] Foreign Exchange Risk The Group is exposed to multiple foreign exchange risks, primarily related to the USD, THB, RMB, SGD, and IDR, and currently has no hedging policy but closely monitors risks - The Group is exposed to multiple foreign exchange risks, mainly related to the US dollar, Thai baht, Renminbi, Singapore dollar, and Indonesian rupiah[68] - The Group currently does not have a hedging policy for foreign currency risk, but the management team closely monitors foreign exchange risks[69] (Loss)/Earnings Per Share For the six months ended June 30, 2025, the basic and diluted loss per share was 9.50 HK cents, compared to earnings per share of 3.52 HK cents in the prior year period, reflecting the share consolidation (Loss)/Earnings Per Share | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | (Loss)/Earnings per share | (9.50) HK cents | 3.52 HK cents | - The calculation of earnings per share has been adjusted to reflect the share consolidation effective on March 31, 2025[70] Dividends The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025, consistent with the same period last year - The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025 (H1 2024: Nil)[71] Corporate Governance and Other Information Compliance with Listing Rules and Corporate Governance Code The Group is committed to high standards of corporate governance and has complied with all code provisions of the Corporate Governance Code as set out in the Listing Rules for the period ended June 30, 2025 - The Group is committed to achieving high standards of corporate governance to safeguard interests and enhance corporate value and accountability[72] - The Company has complied with all code provisions of the Corporate Governance Code as set out in Appendix C1 to the Listing Rules throughout the six months ended June 30, 2025[73] Purchase, Sale or Redemption of the Company's Listed Securities Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the six months ended June 30, 2025 - Neither the Company nor any of its subsidiaries purchased, sold or redeemed any of the Company’s listed securities during the six months ended June 30, 2025[74] Audit Committee The Company's Audit Committee has reviewed the Group's unaudited financial statements for the six months ended June 30, 2025, and found them compliant with applicable standards and rules - The Company established an Audit Committee on January 24, 2016, chaired by Mr Tam Cheuk Yi, an independent non-executive Director[75] - The Audit Committee has reviewed the Group's unaudited financial statements for the six months ended June 30, 2025[75] - The Audit Committee considers that the preparation of the financial statements complies with applicable accounting standards, the Listing Rules, and that adequate disclosures have been made[75] Publication of Interim Results and Despatch of Interim Report This announcement and the interim report will be published on the websites of the Stock Exchange and the Company, and will be despatched to shareholders in due course - This announcement will be published on the website of the Stock Exchange at www.hkexnews.hk and the Company's website at www.firerock.sg[76](index=76&type=chunk) - The interim report of the Company for the six months ended June 30, 2025 will be despatched to shareholders and published on the above websites[76]