中国建筑兴业(00830) - 2025 - 中期业绩

Unaudited Interim Results Announcement Unaudited Condensed Consolidated Statement of Profit or Loss For the six months ended June 30, 2025, the company experienced significant declines in both turnover and net profit, with a corresponding decrease in basic earnings per share | Indicator | 2025 (HKD Million) | 2024 (HKD Million) | Change Rate | | :--- | :--- | :--- | :--- | | Turnover | 3,338.064 | 4,722.048 | -29.3% | | Gross Profit | 588.035 | 760.634 | -22.7% | | Profit Before Tax | 442.980 | 616.637 | -28.2% | | Profit for the Period | 384.665 | 545.668 | -29.5% | | Profit Attributable to Equity Holders of the Company | 386.159 | 550.470 | -29.8% | | Basic and Diluted Earnings Per Share (HK Cents) | 17.12 | 24.41 | -29.9% | Unaudited Condensed Consolidated Statement of Comprehensive Income For the six months ended June 30, 2025, total comprehensive income was HKD 450.952 million, a decrease from the prior year, but foreign currency translation differences turned from loss to gain | Indicator | 2025 (HKD Million) | 2024 (HKD Million) | Change | | :--- | :--- | :--- | :--- | | Profit for the Period | 384.665 | 545.668 | -29.5% | | Exchange differences on translation of foreign operations | 65.765 | (69.756) | From loss to gain | | Total Comprehensive Income for the Period | 450.952 | 476.513 | -5.4% | | Total Comprehensive Income Attributable to Equity Holders of the Company | 451.200 | 482.170 | -6.5% | Unaudited Condensed Consolidated Statement of Financial Position As of June 30, 2025, the company's total assets less current liabilities increased, net current assets significantly improved, and shareholders' equity grew, reflecting a robust financial position | Indicator | 2025 June 30 (HKD Million) | 2024 Dec 31 (HKD Million) | Change | | :--- | :--- | :--- | :--- | | Total Non-current Assets | 1,943.202 | 1,928.607 | +0.76% | | Total Current Assets | 9,974.343 | 9,573.764 | +4.18% | | Total Current Liabilities | 7,300.795 | 7,343.772 | -0.59% | | Net Current Assets | 2,673.548 | 2,229.992 | +19.9% | | Total Assets Less Current Liabilities | 4,616.750 | 4,158.599 | +11.0% | | Equity Attributable to Equity Holders of the Company | 3,062.010 | 2,674.712 | +14.5% | | Total Equity | 2,947.238 | 2,560.188 | +15.1% | Notes to Financial Statements Basis of Preparation These interim financial statements are prepared in accordance with HKEX Listing Rules and HKAS 34, using the historical cost basis and presented in HKD - Financial statements are prepared in accordance with Appendix D2 of the HKEX Listing Rules and HKAS 34 "Interim Financial Reporting"[7] - The statements are prepared on a historical cost basis, except for investment properties, and presented in HKD[8] Changes in Accounting Policies and Disclosures This period marks the first application of HKAS 21 (Amendment) "Lack of Exchangeability," which has no significant impact on the Group's results or financial position - This period marks the first application of HKAS 21 (Amendment) "Lack of Exchangeability"[9][10] - The aforementioned amendment has no significant impact on the Group's results and financial position[10] Turnover and Segment Information The Group primarily engages in curtain wall and contracting engineering and operations management businesses, with turnover mainly from Hong Kong, Mainland China, and other regions, showing a significant decline in curtain wall and contracting engineering revenue, while operations management revenue slightly decreased but gross profit increased - The Group primarily operates curtain wall and contracting engineering business and operations management business, with turnover representing revenue from engineering and management contracts[11] | Segment | 2025 Turnover (HKD Million) | 2024 Turnover (HKD Million) | Change Rate | 2025 Gross Profit (HKD Million) | 2024 Gross Profit (HKD Million) | Change Rate | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Curtain Wall and Contracting Engineering | 2,848.698 | 4,214.456 | -32.4% | 487.186 | 665.377 | -26.8% | | Operations Management | 489.366 | 507.592 | -3.6% | 100.849 | 95.257 | +5.9% | | Total | 3,338.064 | 4,722.048 | -29.3% | 588.035 | 760.634 | -22.7% | - For the six months ended June 30, 2025, the majority of turnover (HKD 3,304.264 million) originated from Hong Kong, Mainland China, and other regions, with revenue from North America totaling HKD 33.8 million[14] Other Income and Gains, Net Other income and net gains decreased from HKD 23,097 thousand in 2024 to HKD 13,710 thousand in 2025, primarily due to a gain on disposal of property, plant, and equipment in the prior year | Item | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | Bank interest income | 4,185 | 1,193 | +250.8% | | Gain on disposal of property, plant and equipment | - | 13,128 | -100% | | Miscellaneous income | 9,525 | 8,776 | +8.5% | | Total | 13,710 | 23,097 | -40.6% | Finance Costs Finance costs decreased from HKD 34,899 thousand in 2024 to HKD 30,507 thousand in 2025, mainly due to lower interest on bank borrowings | Item | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | Interest on bank borrowings | 28,472 | 32,469 | -12.3% | | Interest on lease liabilities | 2,035 | 2,430 | -16.3% | | Total | 30,507 | 34,899 | -12.6% | Profit Before Tax Total depreciation expenses deducted from profit before tax for 2025 were HKD 7,218 thousand, remaining largely consistent with the prior year | Item | 2025 (HKD Thousand) | 2024 (HKD Thousand) | | :--- | :--- | :--- | | Depreciation of property, plant and equipment (net) | 3,773 | 3,255 | | Depreciation of right-of-use assets (net) | 3,445 | 3,929 | | Total Depreciation Expense | 7,218 | 7,184 | Income Tax Expense Income tax expense decreased from HKD 70,969 thousand in 2024 to HKD 58,315 thousand in 2025, mainly due to reduced Hong Kong profits tax provision, despite an increase in Mainland China and overseas tax provisions | Item | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | Hong Kong profits tax | 24,812 | 47,061 | -47.3% | | Mainland China and overseas tax | 30,044 | 17,530 | +71.4% | | Deferred tax | 3,459 | 6,378 | -45.7% | | Income Tax Expense for the Period | 58,315 | 70,969 | -17.8% | - Hong Kong profits tax is calculated at a rate of 16.5%, while other regions are calculated according to local prevailing laws[19] Dividends and Earnings Per Share The 2024 final dividend was HKD 2.8 cents per share, a decrease from 2023, and the Board declared a 2025 interim dividend of HKD 5.0 cents per share, also lower than the prior year, with basic and diluted earnings per share at HKD 17.12 cents, down 29.9% year-on-year | Indicator | 2025 (HKD Million/HK Cents) | 2024 (HKD Million/HK Cents) | Change | | :--- | :--- | :--- | :--- | | 2024 Final Dividend (per share) | 2.8 HK Cents | 3.2 HK Cents | -12.5% | | 2024 Final Dividend (total) | 63.155 | 72.177 | -12.5% | | 2025 Interim Dividend (per share) | 5.0 HK Cents | 7.0 HK Cents | -28.6% | | 2025 Interim Dividend (total) | 112.752 | 157.888 | -28.6% | | Profit Attributable to Equity Holders of the Company (for EPS calculation) | 386.159 | 550.470 | -29.8% | | Basic and Diluted Earnings Per Share | 17.12 HK Cents | 24.41 HK Cents | -29.9% | - As of the period ended June 30, 2025, the company had no potential ordinary shares that could dilute earnings[20] Interests in Infrastructure Project Investments As of June 30, 2025, the Group no longer holds interests in infrastructure project investments, as this portion matured and was reclassified to current assets by December 31, 2024 | Item | 2025 June 30 (HKD Thousand) | 2024 Dec 31 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | Interests in infrastructure project investments | - | 13,705 | -100% | | Less: Portion due within one year reclassified to current assets | - | (13,705) | -100% | - This investment interest represented financing advances to Mainland China infrastructure projects, with a yield of 10.2% per annum as of December 31, 2024[22][23] Trade and Other Receivables As of June 30, 2025, total trade and other receivables decreased to HKD 1,869.204 million from HKD 2,083.521 million at the end of 2024, primarily due to a reduction in trade receivables | Item | 2025 June 30 (HKD Million) | 2024 Dec 31 (HKD Million) | Change | | :--- | :--- | :--- | :--- | | Trade receivables (0-30 days) | 54.724 | 191.440 | -71.4% | | Trade receivables (31-90 days) | 56.788 | 243.507 | -76.7% | | Trade receivables (over 90 days) | 685.515 | 572.428 | +19.8% | | Retention money receivables | 988.235 | 1,017.114 | -2.8% | | Other receivables | 83.942 | 59.032 | +42.2% | | Total Trade and Other Receivables | 1,869.204 | 2,083.521 | -10.3% | - The Group generally grants customers an average credit period of no more than 90 days, and retention money receivables are repaid approximately one year after the expiry of the project maintenance liability period[24] Bank Borrowings As of June 30, 2025, total bank borrowings increased to HKD 1,762.669 million, primarily denominated in HKD, with the average annual interest rate significantly decreasing to 3.28% | Item | 2025 June 30 (HKD Million) | 2024 Dec 31 (HKD Million) | Change | | :--- | :--- | :--- | :--- | | Total bank borrowings | 1,762.669 | 1,580.948 | +11.5% | | Current portion | 667.653 | 583.341 | +14.4% | | Non-current portion | 1,095.016 | 997.607 | +9.8% | | Currency | 2025 June 30 (HKD Million) | 2024 Dec 31 (HKD Million) | | :--- | :--- | :--- | | HKD | 1,408.057 | 1,377.607 | | RMB | 354.612 | 203.341 | | Total | 1,762.669 | 1,580.948 | - As of June 30, 2025, the average annual interest rate for bank loans was 3.28%, a significant decrease from 4.69% as of December 31, 2024[25] Trade and Other Payables and Accrued Expenses As of June 30, 2025, total trade and other payables and accrued expenses increased to HKD 4,010.164 million, mainly due to a substantial increase in trade payables over 90 days | Item | 2025 June 30 (HKD Million) | 2024 Dec 31 (HKD Million) | Change | | :--- | :--- | :--- | :--- | | Trade payables (0-30 days) | 2,095.693 | 2,138.321 | -2.0% | | Trade payables (31-90 days) | 433.622 | 750.160 | -42.2% | | Trade payables (over 90 days) | 856.413 | 338.724 | +152.8% | | Retention money payables | 395.058 | 370.390 | +6.7% | | Other payables and accrued expenses | 229.378 | 217.398 | +5.5% | | Total | 4,010.164 | 3,814.993 | +5.1% | Share Capital As of June 30, 2025, the company's issued and fully paid share capital was HKD 22,555 thousand, with 500,000 shares repurchased during the period for a total consideration of HKD 747 thousand, which were subsequently cancelled after the reporting period | Item | 2025 June 30 (Thousand Shares/HKD Thousand) | 2024 Dec 31 (Thousand Shares/HKD Thousand) | | :--- | :--- | :--- | | Number of issued ordinary shares | 2,255,545 | 2,255,545 | | Share capital amount | 22,555 | 22,555 | | Treasury shares (HKD Thousand) | (747) | - | - For the six months ended June 30, 2025, the company repurchased 500,000 shares for a total consideration of HKD 747,000, all of which were cancelled on July 23, 2025[27] Business Review and Outlook Market Conditions In the first half of 2025, global trade policy tensions led to slower economic growth, but China's economy maintained stable and positive momentum, with the Group solidifying its leading position in Hong Kong and Macau and steadily advancing its Building-Integrated Photovoltaics (BIPV) business - Global trade policy tensions and uncertainties severely impacted international trade and investment, potentially slowing global economic growth[29] - China's macroeconomic policies yielded significant results, with the economy continuing its stable and positive momentum[29] - The Group solidified its leading position in the Hong Kong and Macau markets, with steady progress in its Building-Integrated Photovoltaics (BIPV) business[29] Construction Engineering Business The Group's curtain wall engineering business maintains a leading position in Hong Kong and Macau, actively expanding into Mainland China, Singapore, and Belt and Road markets, with BIPV as a new key focus, achieving product commercialization and winning major projects, while continuously promoting technological innovation and digital transformation - The Group continues to strengthen its brand effect and performance capabilities, maintaining its leading position in the Hong Kong curtain wall market and deepening strategic cooperation with major clients[30] - In Macau, leveraging high-quality performance, the Galaxy Phase 4 project successfully completed its first phase objectives, maintaining close cooperation with major strategic clients including Sands, MGM, and Galaxy[31] - The Mainland China market focuses on 'large markets, large owners, large projects,' winning landmark projects such as Guangzhou Zhujiang Taikoo Julongwan and Shenzhen Huawei Baicaoyuan[32] - Accelerated expansion into the Singapore market, having won the Changi Airport T2 Terminal Hotel project, with market share expected to steadily increase[32] - Seizing development opportunities in the curtain wall market along the 'Belt and Road' countries, prudently expanding business, and focusing on large potential projects in the Middle East and Southeast Asia[32] Curtain Wall Engineering Business The curtain wall engineering business maintains a leading position in Hong Kong and Macau, winning multiple major medium-to-large projects and expanding into curtain wall inspection, maintenance, and renovation services, while focusing on high-end brands and challenging projects in Mainland China, accelerating its presence in Singapore, and exploring opportunities in Belt and Road countries - Hong Kong curtain wall business solidified its market leading position, winning projects such as Wharf Wheelock Man Wai Road, Swire Queen's Road East Wanchai, and New World State Theatre redevelopment[30] - Macau Galaxy Phase 4 project successfully completed its first phase objectives, maintaining close cooperation with major strategic key accounts[31] - Mainland China market won landmark projects including Guangzhou Zhujiang Taikoo Julongwan, Shenzhen Huawei Baicaoyuan, and Beijing Indigo Phase II[32] - Singapore market won the Changi Airport T2 Terminal Hotel project, with market share expected to steadily increase[32] - Seizing development opportunities in the curtain wall market along the 'Belt and Road' countries, focusing on large potential projects in the Middle East and Southeast Asia[32] Building-Integrated Photovoltaics (BIPV) BIPV is a new key development area for the Group, having successfully overcome critical technologies and achieved commercial mass production, with its technical strength recognized by the market, signing a multi-billion HKD framework agreement with Kunshan Municipal Government and winning China's largest BIPV project, Shenzhen Qianhai Huafa Ice and Snow World - BIPV is a new key development area for the Group, having successfully overcome critical technologies such as ultra-thin surface layers and lightweight high-strength structures[33] - The mass production line officially commenced operations, achieving product commercialization, and a multi-billion HKD framework agreement was signed with the Kunshan Municipal People's Government[33] - Won China's largest BIPV project, Shenzhen Qianhai Huafa Ice and Snow World project[33] Technology Innovation The Group highly values technological innovation, promoting smart factory construction and digital transformation, possessing world-leading ultra-high-rise glass curtain wall technology and automated production lines, and enhancing management and performance quality by integrating BIM and AI technologies - Highly values technological innovation, promoting smart factory construction and accelerating digital transformation and upgrading[33] - Possesses world-leading ultra-high-rise glass curtain wall technology, double-curved irregular complex curtain wall technology, and industry-leading automated production lines[33] - Leveraging its independently developed curtain wall full industry chain intelligent manufacturing information system and Digital Far East platform, combined with BIM and AI technologies, to enhance refined management capabilities[33] Contracting Business The general contracting business for construction developed steadily, actively participating in tenders for small and medium-sized building projects in Hong Kong, and winning the Tsim Sha Tsui Observatory Headquarters project - General contracting business for construction developed steadily, actively participating in tenders for small and medium-sized building projects in Hong Kong[35] - Won the Tsim Sha Tsui Observatory Headquarters project during the year[35] Operations Management Business Under operations management, China Overseas Supervision actively expanded project management and engineering consulting services, transforming into a full industry chain service, while Huanggu Thermal Power expanded its heating market, achieving energy saving and emission reduction through refined management and technological innovation - China Overseas Supervision optimized traditional supervision services, actively expanding project management and engineering consulting businesses, transforming into a 'technology + supervision + consulting + project management' full industry chain service[36] - Huanggu Thermal Power actively expanded its heating market, achieving energy saving, consumption reduction, and emission reduction through refined management and technological innovation[36] Overall Performance and Segment Analysis For the six months ended June 30, 2025, the Group's total turnover and profit attributable to equity holders of the company both significantly decreased by approximately 29%, primarily due to reduced revenue from curtain wall and contracting businesses, while operations management business revenue slightly declined but achieved operating profit growth through cost control | Indicator | 2025 (HKD Million/HK Cents) | 2024 (HKD Million/HK Cents) | Change Rate | | :--- | :--- | :--- | :--- | | Total Turnover | 3,338.000 | 4,722.000 | -29.3% | | Profit Attributable to Equity Holders of the Company | 386.000 | 550.000 | -29.8% | | Basic Earnings Per Share | 17.12 HK Cents | 24.41 HK Cents | -29.9% | | Segment | 2025 Revenue (HKD Million) | 2024 Revenue (HKD Million) | Change Rate | 2025 Operating Profit (HKD Million) | 2024 Operating Profit (HKD Million) | Change Rate | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Curtain Wall and Contracting Business | 2,849.000 | 4,214.000 | -32.4% | 436.000 | 636.000 | -31.4% | | Operations Management Business | 489.000 | 508.000 | -3.6% | 79.000 | 65.000 | +21.5% | - The decrease in curtain wall and contracting business revenue was primarily due to the completion of certain large-scale projects in Hong Kong and Macau in the previous year[38] - Operations management business revenue declined due to the depreciation of RMB, but achieved operating profit growth through cost control[39] Expenses and Financial Performance The Group achieved a reduction in administrative, selling, and other operating expenses through strict cost control, and finance costs also decreased due to strategic financing adjustments, despite an increase in total bank borrowings, demonstrating significant financial management effectiveness Administrative, Selling and Other Operating Expenses For the six months ended June 30, 2025, administrative, selling, and other operating expenses decreased to HKD 128 million, primarily due to strict cost control | Indicator | 2025 (HKD Million) | 2024 (HKD Million) | Change Rate | | :--- | :--- | :--- | :--- | | Administrative, Selling and Other Operating Expenses | 128 | 132 | -3.0% | - The decrease in expenses was primarily attributable to the implementation of strict cost control measures[40] Finance Costs For the six months ended June 30, 2025, finance costs decreased to HKD 31 million, primarily through bank loan replacement and early refinancing, effectively controlling financial costs | Indicator | 2025 (HKD Million) | 2024 (HKD Million) | Change Rate | | :--- | :--- | :--- | :--- | | Finance Costs | 31 | 35 | -11.4% | - The reduction in finance costs benefited from bank loan replacement and early refinancing, demonstrating significant effectiveness in strategic financing allocation[41] New Contracts Awarded For the six months ended June 30, 2025, the Group recorded cumulative new contract awards totaling HKD 4.711 billion | Indicator | For the six months ended June 30, 2025 (HKD Billion) | | :--- | :--- | | Cumulative New Contract Awards | 4.711 | Financial Management and Treasury Policy As of June 30, 2025, the Group's cash and bank balances were HKD 824 million, total bank borrowings were HKD 1.763 billion, and the net gearing ratio was approximately 31.9%, with ample financial resources from HKD 7.439 billion in unutilized bank facilities, and a prudent treasury policy | Indicator | 2025 June 30 (HKD Million/Billion) | 2024 Dec 31 (HKD Million/Billion) | Change | | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 824 Million | 982 Million | -16.1% | | Total Bank Borrowings | 1.763 Billion | 1.581 Billion | +11.5% | | Net Gearing Ratio | 31.9% | 23.4% | +8.5 percentage points | - The Group possesses approximately HKD 7.439 billion in unutilized bank credit facilities, indicating ample financial resources[43] - Bank borrowings are primarily on a floating interest rate basis, with no interest rate hedging undertaken[43] - The treasury policy is prudent, focusing on centralized risk management and reducing funding costs, with most cash held in short-term HKD or RMB deposits[46] Employees and Remuneration Policy As of June 30, 2025, the Group's total number of employees was 3,834, a decrease from the end of 2024, with an effective management incentive policy and competitive remuneration package that is reviewed periodically based on market conditions and employee performance | Indicator | 2025 June 30 | 2024 Dec 31 | Change | | :--- | :--- | :--- | :--- | | Total Number of Employees | 3,834 | 4,006 | -4.3% | - The Group has an effective management incentive policy and competitive remuneration, which includes basic salary, allowances, fringe benefits, and discretionary bonuses[47] Outlook and Operating and Development Strategy Looking ahead to the second half, global economic risks persist, but China's economy and the Hong Kong and Macau regions are expected to remain stable and positive, with the Group seizing market opportunities in Hong Kong's Northern Metropolis, Macau's large-scale projects, and Belt and Road countries to accelerate global expansion, while continuously focusing on its core curtain wall business, leveraging BIPV as a new growth driver, actively exploring the old curtain wall inspection and maintenance market, researching smart cleaning robots, and adhering to a high-quality and sustainable development strategy by integrating ESG considerations into its operations Outlook In the second half, the global economy still faces downside risks, but China's economy is expected to maintain steady and positive growth, with Hong Kong and Macau benefiting from integration into national development, and the Hong Kong property market recovering, while the Northern Metropolis development, new large-scale projects in Macau, and Belt and Road country development plans will bring numerous project opportunities to the Group - In the second half, the global economy still faces downside risks, but China's economy is expected to maintain a stable, progressive, and positive trend[48] - The economies of Hong Kong and Macau will further integrate into the national development strategy, with the Hong Kong property market continuing its recovery[48] - The development of Hong Kong's Northern Metropolis, a new round of large-scale projects in Macau, and development plans in 'Belt and Road' countries will bring numerous project opportunities to the Group[48] Operating and Development Strategy The Group will continue to focus on its core curtain wall business, strengthening brand promotion and market expansion, optimizing smart manufacturing and digitalization, with BIPV as a new growth driver for future curtain wall business, creating demonstration projects in first-tier cities to promote green building development, while actively exploring the old curtain wall inspection and maintenance market, researching the "high-altitude robot" niche, and adhering to a high-quality and sustainable development strategy by integrating ESG considerations into its business - Curtain wall business is the core principal business, operating with the philosophy of 'targeting high-end markets and providing high-quality services,' optimizing global business layout[49] - BIPV is a new growth driver for future curtain wall business, aiming to create demonstration projects in first-tier high-energy cities to promote near-zero energy building construction[49] - Actively planning for the curtain wall industry chain business, exploring the market for inspection, maintenance, and renovation of old curtain walls[50] - Focusing on the 'high-altitude robot' niche, exploring the design of smart cleaning and maintenance robots for curtain walls[50] - Adhering to a high-quality and sustainable development strategy, actively promoting environmental and social responsibility, and gradually integrating ESG considerations into business operations[50] Other Information Interim Dividend The Board declared an interim dividend of HKD 5.0 cents per share for 2025, to be distributed on October 24, 2025, to shareholders registered on September 19, 2025 | Indicator | 2025 (HK Cents per share) | 2024 (HK Cents per share) | Change | | :--- | :--- | :--- | :--- | | Interim Dividend | 5.0 | 7.0 | -28.6% | - The payment date is October 24, 2025, with the record date for entitlement being September 19, 2025[51] Closure of Register of Members To determine interim dividend entitlements, the company will suspend share transfer registration from September 18 to September 19, 2025 - Share transfer registration will be suspended from September 18 to September 19, 2025[52] - Shareholders must complete share transfer registration by 4:30 p.m. on September 17, 2025, to qualify for the interim dividend[52] Purchase, Sale or Redemption of the Company's Listed Securities For the six months ended June 30, 2025, the company repurchased 500,000 ordinary shares for a total consideration of HKD 745,840, which were cancelled on July 23, 2025, with no other purchases, sales, or redemptions of listed securities during the reporting period | Month | Number of Ordinary Shares Repurchased | Highest Purchase Price (HKD) | Lowest Purchase Price (HKD) | Total Consideration (HKD) | | :--- | :--- | :--- | :--- | :--- | | 2025 June | 500,000 | 1.51 | 1.47 | 745,840 | - All repurchased shares were cancelled on July 23, 2025[53] - As of June 30, 2025, the company held no treasury shares[53] Events After Reporting Period As of the date of this announcement, no significant events have occurred after the reporting period - As of the date of this announcement, no significant events have occurred for the Group[54] Corporate Governance and Review of Accounts For the six months ended June 30, 2025, the company consistently complied with all applicable code provisions of Appendix C1 "Corporate Governance Code" of the Listing Rules, and the Audit Committee reviewed these interim results - During the reporting period, the company consistently complied with all applicable code provisions of Appendix C1 'Corporate Governance Code' of the Listing Rules[55] - The Audit Committee, comprising three independent non-executive directors, reviewed these interim results[56]