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保宝龙科技(01861) - 2025 - 中期业绩

Interim Results Announcement Company Information and Announcement PRECIOUS DRAGON TECHNOLOGY HOLDINGS LIMITED (Stock Code: 1861) announced its unaudited condensed consolidated financial results for the six months ended June 30, 2025, which have been reviewed by Ernst & Young and the Audit Committee, providing comparative figures for the same period in 2024 - Company Name: PRECIOUS DRAGON TECHNOLOGY HOLDINGS LIMITED, Stock Code: 18612 - The announcement presents unaudited condensed consolidated financial results for the six months ended June 30, 2025, with comparative figures for the six months ended June 30, 20243 - The results have been reviewed by the Group's external auditor, Ernst & Young, and the Company's Audit Committee3 Condensed Consolidated Financial Statements Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income For the six months ended June 30, 2025, the company's revenue significantly increased by 18.4% to HK$324,749 thousand, with profit for the period surging by 119.8% to HK$52,711 thousand, and basic and diluted earnings per share rising to 22.5 HK cents, indicating a substantial improvement in profitability Key Data from Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (HK$ Thousand) | Indicator | For the six months ended June 30, 2025 (HK$ Thousand) | For the six months ended June 30, 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 324,749 | 274,248 | +18.4% | | Cost of Sales | (180,589) | (183,802) | -1.7% | | Gross Profit | 144,160 | 90,446 | +59.4% | | Other Income and Gains | 26,422 | 8,816 | +199.7% | | Selling and Distribution Expenses | (69,728) | (23,464) | +197.2% | | Administrative Expenses | (22,597) | (23,051) | -2.0% | | Research and Development Expenses | (11,169) | (10,772) | +3.7% | | Profit Before Tax | 64,463 | 33,918 | +90.0% | | Income Tax Expense | (11,752) | (9,940) | +18.2% | | Profit for the Period | 52,711 | 23,978 | +119.8% | | Total Comprehensive Income for the Period | 55,631 | 23,811 | +133.6% | | Basic Earnings Per Share Attributable to Owners of the Parent | 22.5 HK cents | 10.3 HK cents | +118.4% | Condensed Consolidated Statement of Financial Position As of June 30, 2025, the company's net current assets significantly increased by 74.3% to HK$168,140 thousand, total assets less current liabilities rose to HK$414,332 thousand, and total equity grew to HK$381,111 thousand, indicating a robust improvement in financial position Key Data from Condensed Consolidated Statement of Financial Position (HK$ Thousand) | Indicator | As of June 30, 2025 (HK$ Thousand) | As of December 31, 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Total Non-current Assets | 246,192 | 266,839 | -7.7% | | Total Current Assets | 285,701 | 209,691 | +36.2% | | Total Current Liabilities | 117,561 | 113,207 | +3.8% | | Net Current Assets | 168,140 | 96,484 | +74.3% | | Total Assets Less Current Liabilities | 414,332 | 363,323 | +14.0% | | Total Non-current Liabilities | 33,221 | 37,843 | -12.3% | | Net Assets | 381,111 | 325,480 | +17.1% | | Total Equity | 381,111 | 325,480 | +17.1% | Notes to the Condensed Consolidated Financial Information Basis of Preparation and Changes in Accounting Policies The interim condensed consolidated financial information is prepared in accordance with IAS 34 and is consistent with the accounting policies adopted in the 2024 annual consolidated financial statements, with the initial adoption of the revised IAS 21 'Lack of Exchangeability' having no impact on the Group's financial information - The financial information is prepared in accordance with International Accounting Standard 34 'Interim Financial Reporting' and should be read in conjunction with the annual consolidated financial statements for the year ended December 31, 20248 - The revised International Accounting Standard 21 'Lack of Exchangeability' was adopted for the first time, but it had no impact on the financial information as the Group's transaction and functional currencies are all exchangeable910 Revenue Analysis For the six months ended June 30, 2025, total revenue from contracts with customers was HK$324,749 thousand, primarily from automotive beauty and maintenance products and personal care products, with the Chinese mainland market being the largest contributor Total Revenue (HK$ Thousand) | Indicator | For the six months ended June 30, 2025 (HK$ Thousand) | For the six months ended June 30, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Revenue from contracts with customers | 324,749 | 274,248 | Segment Revenue Information Revenue by Product Type and Geographical Market for the Six Months Ended June 30, 2025 (HK$ Thousand) | Category | Automotive Beauty and Maintenance Products | Personal Care Products | Total | | :--- | :--- | :--- | :--- | | Product Type | | | | | Product Sales | 257,822 | 66,927 | 324,749 | | Geographical Market | | | | | Chinese Mainland | 220,517 | 63,203 | 283,720 | | Japan | 25,340 | — | 25,340 | | Other Asia Pacific Countries/Regions | 2,881 | 2,884 | 5,765 | | Middle East | 3,080 | — | 3,080 | | Americas | 3,326 | — | 3,326 | | Other Regions | 2,678 | 840 | 3,518 | Revenue by Product Type and Geographical Market for the Six Months Ended June 30, 2024 (HK$ Thousand) | Category | Automotive Beauty and Maintenance Products | Personal Care Products | Total | | :--- | :--- | :--- | :--- | | Product Type | | | | | Product Sales | 209,847 | 64,401 | 274,248 | | Geographical Market | | | | | Chinese Mainland | 167,783 | 54,888 | 222,671 | | Japan | 31,087 | — | 31,087 | | Other Asia Pacific Countries/Regions | 3,186 | 4,514 | 7,700 | | Middle East | 4,040 | — | 4,040 | | Americas | 2,612 | 3,716 | 6,328 | | Other Regions | 1,139 | 1,283 | 2,422 | Components of Profit Before Tax For the six months ended June 30, 2025, profit before tax was primarily influenced by cost of inventories sold, depreciation, R&D costs, employee benefits expense, net exchange gains, and net gain on disposal of property, plant and equipment, with the gain on property disposal being significant Key Deductions/(Additions) to Profit Before Tax (HK$ Thousand) | Item | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Cost of inventories sold | 180,589 | 183,802 | | Depreciation of property, plant and equipment | 9,287 | 12,381 | | Depreciation of right-of-use assets | 766 | 763 | | Research and development costs | 11,169 | 10,772 | | Employee benefits expense | 22,780 | 25,241 | | Net exchange (gains)/losses | (6,525) | 5,993 | | Net (gain)/loss on disposal of items of property, plant and equipment | (14,230) | 35 | | Write-down/(reversal of write-down) of inventories to net realisable value | 1,069 | (518) | Income Tax Expense For the six months ended June 30, 2025, income tax expense was HK$11,752 thousand, primarily from Chinese mainland, with Hong Kong profits tax rate at 16.5% and a two-tiered profits tax rate applicable to some subsidiaries - Hong Kong profits tax rate is 16.5%, with the first HK$2,000,000 of assessable profits for eligible subsidiaries taxed at 8.25%16 Income Tax Expense (HK$ Thousand) | Item | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Current - Chinese mainland for the period | 12,228 | 9,898 | | Underprovision in prior years | 12 | 153 | | Deferred | (488) | (111) | | Total | 11,752 | 9,940 | Dividends For the six months ended June 30, 2025, the proposed interim dividend is 3.24 HK cents per ordinary share, a significant increase of 128.2% from 1.42 HK cents in the prior year Proposed Interim Dividends (HK$ Thousand) | Item | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Proposed interim - per ordinary share | 3.24 HK cents | 1.42 HK cents | | Total amount | 7,579 | 3,322 | Earnings Per Share Attributable to Owners of the Parent For the six months ended June 30, 2025, both basic and diluted earnings per share were 22.5 HK cents, a significant increase from 10.3 HK cents in the prior year, primarily based on profit attributable to owners of the parent of HK$52,711 thousand, with no adjustment for anti-dilutive share options Earnings Per Share Calculation (HK$ Thousand) | Indicator | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Profit attributable to owners of the parent for the purpose of calculating basic and diluted earnings per share | 52,711 | 23,978 | | Weighted average number of ordinary shares in issue for the purpose of calculating basic earnings per share | 233,917,250 shares | 233,917,250 shares | | Basic and diluted earnings per share | 22.5 HK cents | 10.3 HK cents | - No adjustment for dilution was made as the unexercised share options had an anti-dilutive effect on the basic earnings per share presented19 Trade and Bills Receivables As of June 30, 2025, total trade and bills receivables amounted to HK$69,391 thousand, an increase from HK$46,791 thousand as of December 31, 2024, with the highest proportion aged within 30 days Ageing Analysis of Trade and Bills Receivables (HK$ Thousand) | Ageing | As of June 30, 2025 (HK$ Thousand) | As of December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Within 30 days | 31,364 | 20,724 | | 31 to 60 days | 16,250 | 13,804 | | 61 to 90 days | 13,825 | 6,422 | | Over 90 days | 7,952 | 5,841 | | Total | 69,391 | 46,791 | Trade and Bills Payables As of June 30, 2025, total trade and bills payables were HK$42,322 thousand, a slight increase from HK$41,620 thousand as of December 31, 2024, with the largest proportion aged within 30 days Ageing Analysis of Trade and Bills Payables (HK$ Thousand) | Ageing | As of June 30, 2025 (HK$ Thousand) | As of December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Within 30 days | 22,900 | 22,206 | | 31 to 60 days | 5,835 | 8,620 | | 61 to 90 days | 3,783 | 6,977 | | Over 90 days | 9,804 | 3,817 | | Total | 42,322 | 41,620 | Management Discussion and Analysis Business Review The Group is a leading Chinese manufacturer of automotive beauty and maintenance aerosol products, engaged in designing, developing, manufacturing, and selling various automotive beauty and maintenance products, as well as personal care products. Operating under CMS and OBM models, the OBM business primarily sells proprietary brands through distributors and online platforms, with significant growth in online market sales during the reporting period due to increased resource allocation - The Group is a leading Chinese manufacturer of automotive beauty and maintenance aerosol products, including car cleaning, paint coatings, winter/summer specialty products, and air fresheners24 - Business models include Contract Manufacturing Services (CMS) and Original Brand Manufacturing (OBM), with OBM products sold through a distributor network and online platforms like Tmall and JD.com under proprietary brands (e.g., Botny, ATM)24 - For the period ended June 30, 2025, the Group increased resources to develop its OBM business, achieving significant growth in online market sales through brand awareness campaigns and e-commerce strategies25 Operating Environment and Outlook The global economy faces uncertainties from trade protectionism, international conflicts, and raw material price volatility. China's economy grew steadily in H1 2025 but recovery remains fragile, presenting opportunities and challenges from aerosol product safety and environmental regulations. The Group will monitor industry developments, adjust strategies, strengthen proprietary brand promotion, expand into new markets, and enhance OBM business competitiveness through eco-friendly formulations, cost control, and brand enhancement - The global economy faces high uncertainty, influenced by trade protectionism, international conflicts, and raw material price volatility26 - China's economy grew steadily in H1 2025, but recovery is fragile, with government implementing aerosol product safety and environmental regulations, and consumers focusing on eco-friendly products27 - The Group will continue to enhance its OBM business through exhibitions, eco-friendly formulations, strict cost control, brand image improvement, and increased product competitiveness27 Financial Review The Group's H1 2025 financial performance was strong, with significant growth in both turnover and net profit, primarily driven by successful e-commerce strategies for OBM products in China, lower raw material costs, and a one-off gain from yacht disposal. Selling and distribution expenses increased significantly due to e-commerce platform promotions Turnover Turnover Changes (HK$ Million) | Item | For the six months ended June 30, 2025 (HK$ Million) | For the six months ended June 30, 2024 (HK$ Million) | Change (%) | | :--- | :--- | :--- | :--- | | Total Turnover | 324.7 | 274.2 | +18.4% | | Revenue from Chinese customers | 283.7 | 222.7 | +27.4% | | Revenue from overseas customers | 41.0 | 51.6 | -20.5% | - Significant increase in Chinese sales was primarily due to the steady recovery of the Chinese economy and successful execution of effective e-commerce sales strategies for OBM products28 - Decrease in overseas sales was mainly due to weak demand in key export markets, global supply chain disruptions, exchange rate fluctuations, and increased geopolitical uncertainties29 Cost of Sales Cost of Sales Changes (HK$ Million) | Item | For the six months ended June 30, 2025 (HK$ Million) | For the six months ended June 30, 2024 (HK$ Million) | Change (%) | | :--- | :--- | :--- | :--- | | Cost of Sales | 180.6 | 183.8 | -1.7% | | As a percentage of turnover | 55.6% | 67.0% | -11.4 percentage points | - Decrease in cost of sales was primarily due to economies of scale from increased product sales, improved procurement strategies, lower average raw material prices (e.g., tinplate containers, solvents, and gasoline), and optimization of automation and manufacturing processes30 Gross Profit and Gross Margin Gross Profit Changes (HK$ Million) | Item | For the six months ended June 30, 2025 (HK$ Million) | For the six months ended June 30, 2024 (HK$ Million) | Change (%) | | :--- | :--- | :--- | :--- | | Gross Profit | 144.2 | 90.4 | +59.4% | - Significant increase in gross profit was primarily attributable to the successful e-commerce sales strategy for high-margin OBM products, lower raw material prices, improved procurement strategies, and optimization of automation and manufacturing processes31 Other Income and Gains Other Income and Gains Changes (HK$ Million) | Item | For the six months ended June 30, 2025 (HK$ Million) | For the six months ended June 30, 2024 (HK$ Million) | Change (%) | | :--- | :--- | :--- | :--- | | Other Income and Gains | 26.4 | 8.8 | +199.7% | - The increase was primarily due to a disposal gain of approximately HK$14.3 million from the sale of a yacht, and net exchange gains from favorable foreign currency exchange rate movements32 Selling and Distribution Expenses Selling and Distribution Expenses Changes (HK$ Million) | Item | For the six months ended June 30, 2025 (HK$ Million) | For the six months ended June 30, 2024 (HK$ Million) | Change (%) | | :--- | :--- | :--- | :--- | | Selling and Distribution Expenses | 69.7 | 23.5 | +197.2% | | Advertising and promotion costs | 53.9 | 9.5 | +467.4% | - The significant increase was primarily due to higher advertising and promotion costs to enhance e-commerce platforms33 Administrative Expenses Administrative Expenses Changes (HK$ Million) | Item | For the six months ended June 30, 2025 (HK$ Million) | For the six months ended June 30, 2024 (HK$ Million) | Change (%) | | :--- | :--- | :--- | :--- | | Administrative Expenses | 22.6 | 23.1 | -2.0% | - The decrease in administrative expenses was primarily due to the implementation of strict cost control measures to reduce general expenses34 Finance Costs Finance Costs Changes (HK$ Million) | Item | For the six months ended June 30, 2025 (HK$ Million) | For the six months ended June 30, 2024 (HK$ Million) | Change (%) | | :--- | :--- | :--- | :--- | | Finance Costs | 0.7 | 1.0 | -28.0% | - The decrease in finance costs was primarily due to a lower average outstanding balance of bank borrowings compared to the same period in 202435 Net Profit Net Profit Attributable to Owners of the Parent Changes (HK$ Million) | Item | For the six months ended June 30, 2025 (HK$ Million) | For the six months ended June 30, 2024 (HK$ Million) | Change (%) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Owners of the Parent | 52.7 | 24.0 | +119.8% | - The significant increase in net profit was a combined effect of the successful e-commerce strategy for high-margin OBM products, increased selling and distribution expenses, gain from yacht disposal, and net exchange gains36 Liquidity and Capital Resources The Group is committed to maintaining adequate cash and cash equivalents and prudently managing borrowing costs. As of June 30, 2025, both net current assets and current ratio significantly improved, and the gearing ratio turned negative, indicating a robust financial position Treasury Policy - The Group has adopted a treasury policy aimed at more effective control over treasury operations and reducing borrowing costs37 - Committed to maintaining adequate levels of cash and cash equivalents, and considering multiple funding sources to ensure financial resources are utilized in the most cost-effective and efficient manner37 Net Current Assets Liquidity Position (HK$ Million) | Item | As of June 30, 2025 (HK$ Million) | As of December 31, 2024 (HK$ Million) | Change (%) | | :--- | :--- | :--- | :--- | | Net Current Assets | 168.1 | 96.5 | +74.2% | | Cash and cash equivalents (including pledged bank deposits) | 158.6 | 110.5 | +43.5% | | Current ratio | 2.4 | 1.9 | +26.3% | - Cash and cash equivalents are primarily denominated in Renminbi, US dollars, Japanese Yen, Thai Baht, and Hong Kong dollars38 Borrowings and Pledged Assets Borrowings and Available Facilities (HK$ Million) | Item | As of June 30, 2025 (HK$ Million) | As of December 31, 2024 (HK$ Million) | Change (%) | | :--- | :--- | :--- | :--- | | Bank borrowings | 21.2 | 25.3 | -16.2% | | Available unutilised bank facilities | 350.5 | 337.5 | +3.8% | - Bank borrowings are secured by property, plant and equipment, and leasehold land, maturing between 2026 and 2027, and bear interest with reference to the minimum lending rate and Loan Market Quoted Rate39 Gearing Ratio Gearing Ratio Changes | Item | As of June 30, 2025 | As of December 31, 2024 | Change (percentage points) | | :--- | :--- | :--- | :--- | | Gearing ratio | -10.7% | 4.0% | -14.7 | - The improvement in gearing ratio was primarily due to an increase in cash and cash equivalents and a decrease in total borrowings40 Other Significant Matters This section covers the company's share issuance, foreign exchange risk management, employee and remuneration policies, material investments, acquisitions and disposals, future capital plans, capital commitments, contingent liabilities, and listed securities transactions during the reporting period, confirming no significant events occurred after the reporting period Issued Shares Total Number of Issued Shares | Date | Total number of issued shares | | :--- | :--- | | June 30, 2025 | 233,917,250 shares | | December 31, 2024 | 233,917,250 shares | Foreign Exchange and Currency Risk - Approximately 12.6% of revenue is denominated in US dollars, while over 90% of production costs are settled in Renminbi, leading to foreign exchange risk due to currency mismatch42 - No foreign currency forward contracts were entered into during the reporting period42 Employees and Remuneration Policy Number of Employees and Staff Costs (HK$ Million) | Item | As of June 30, 2025 | As of December 31, 2024 | | :--- | :--- | :--- | | Number of employees | 460 persons | 468 persons | | Staff costs (for the six months ended June 30) | 20.7 HK$ Million | 23.3 HK$ Million | - Remuneration policy is determined with reference to market terms, individual employee performance, qualifications, and experience, and includes year-end bonuses and share options43 Material Investments - As of June 30, 2025, the Group had no material investments44 Material Acquisitions and Disposals - On June 27, 2025, the wholly-owned subsidiary Botny Yacht Limited disposed of a yacht for a consideration of HK$35,021,73745 - Save for the aforementioned yacht disposal, there were no other material acquisitions or disposals of subsidiaries, associates, or joint ventures during the reporting period45 Future Plans for Material Investments or Capital Assets - Save as disclosed in the prospectus, the Group had no other approved plans for material investments or capital assets as of June 30, 202546 Capital Commitments Capital Commitments (HK$ Million) | Item | As of June 30, 2025 (HK$ Million) | As of December 31, 2024 (HK$ Million) | Change (%) | | :--- | :--- | :--- | :--- | | Commitments for plant and machinery | 0.3 | 0.5 | -40.0% | Contingent Liabilities - As of June 30, 2025, the Group had no material contingent liabilities48 Purchase, Sale or Redemption of Listed Securities - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the reporting period49 Events After Reporting Period - No significant events occurred after June 30, 2025, and up to the date of this announcement50 Corporate Governance Audit Committee The Audit Committee, established on May 27, 2019, comprises three independent non-executive directors responsible for recommending external auditors, reviewing financial statements, financial reporting procedures, risk management, and internal control systems, and has reviewed the Group's accounting principles, policies, and interim financial statements - The Audit Committee, composed of three independent non-executive directors, is responsible for recommending external auditors, reviewing financial statements, providing financial reporting advice, and monitoring risk management and internal controls51 - The Audit Committee, in conjunction with management, has reviewed the Group's accounting principles and policies and discussed the unaudited condensed consolidated financial statements for the six months ended June 30, 202551 Remuneration Committee The Remuneration Committee, established on May 27, 2019, consists of one executive director and three independent non-executive directors, responsible for recommending remuneration policies and structures for all directors and senior management, and approving individual executive directors' remuneration packages - The Remuneration Committee comprises four members, including one executive director and three independent non-executive directors, responsible for recommending remuneration policies and structures for directors and senior management52 Nomination Committee The Nomination Committee, established on May 27, 2019, consists of one executive director and three independent non-executive directors, responsible for reviewing board composition, formulating director nomination and appointment procedures, assessing the independence of independent non-executive directors, and developing succession plans for executive directors and senior executives - The Nomination Committee comprises four members, including one executive director and three independent non-executive directors, responsible for reviewing board composition, formulating director nomination procedures, and assessing independence53 - The Committee assesses the effectiveness, integrity, and independence of directors, ensuring a balanced mix of expertise, skills, and experience among board members53 Compliance with Corporate Governance Code The Company has complied with the Corporate Governance Code throughout the reporting period, except for the combined roles of Chairman and Chief Executive Officer held by Ms. Gao Xiumei. The Board believes this arrangement facilitates unified leadership and efficient decision-making, with sufficient checks and balances, and will consider separating the roles when appropriate - The Company has complied with the Corporate Governance Code throughout the reporting period, except for the combined roles of Chairman and Chief Executive Officer held by Ms. Gao Xiumei54 - The Board believes this combined role ensures unified leadership and more efficient overall strategic planning, with sufficient checks and balances provided by the three independent non-executive directors on the Board55 Sufficiency of Public Float For the six months ended June 30, 2025, and up to the date of this announcement, the Company has maintained a sufficient public float of not less than 25% of its total issued shares as required by the Listing Rules - For the six months ended June 30, 2025, and up to the date of this announcement, the Company has maintained a sufficient public float (not less than 25% of the total issued shares) as required by the Listing Rules56 Standard Code for Securities Transactions by Directors The Company has adopted the Standard Code as set out in Appendix C3 of the Listing Rules, and all Directors confirm compliance with the Code throughout the reporting period - The Company has adopted the Standard Code as set out in Appendix C3 of the Listing Rules, and all Directors confirm compliance with the Code throughout the reporting period57 Other Information Declaration of Dividends The Board has resolved to declare an interim dividend of 3.24 HK cents per share for the six months ended June 30, 2025, a significant increase of 128.2% from 1.42 HK cents in the prior year, payable on or about October 28, 2025 Interim Dividend Declaration (Per Share) | Item | For the six months ended June 30, 2025 | For the six months ended June 30, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Interim dividend (per share) | 3.24 HK cents | 1.42 HK cents | +128.2% | - The dividend will be paid on or about October 28, 2025, to shareholders whose names appear on the Company's register of members on September 10, 202558 Closure of Register of Members To qualify for the interim dividend, the Company will suspend its share transfer registration from September 5 to September 10, 2025 (both dates inclusive), with all share transfer documents to be lodged with the Hong Kong share registrar by 4:30 p.m. on September 4, 2025 - The register of members will be closed from September 5 to September 10, 202559 - All share transfer documents, accompanied by the relevant share certificates, must be lodged with the Company's Hong Kong share registrar, Tricor Investor Services Limited, by 4:30 p.m. on September 4, 202559 Publication of Interim Results and Report This interim results announcement has been published on the HKEX website and the Company's website, and the interim report for the six months ended June 30, 2025, will be dispatched to shareholders and published on the relevant websites in due course - This interim results announcement has been published on the HKEX website (www.hkex.com.hk) and the Company's website (http://www.botny.com)[60](index=60&type=chunk) - The interim report for the six months ended June 30, 2025, will be dispatched to the Company's shareholders and published on the HKEX and Company websites in due course60