HM INTL HLDGS(08416) - 2025 - 中期财报

Company Information and Disclaimer Company Overview This report is the 2025 interim report for HM International Holdings Limited (Stock Code: 8416), a company incorporated in the Cayman Islands - Company Name: HM International Holdings Limited, Stock Code: 8416[1] - Report Type: 2025 Interim Report[1] GEM Market Characteristics and Disclaimer The GEM market provides a listing platform for high-risk small and medium-sized companies, requiring investors to carefully consider potential risks, and the Stock Exchange is not responsible for this report's content, with the Board confirming its accuracy and completeness - GEM market is positioned as a listing market for high-investment-risk small and medium-sized companies[2] - The Stock Exchange takes no responsibility for the contents of this report, and the Board confirms the information is accurate and complete[3] Interim Financial Results Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income For the six months ended June 30, 2025, the company's revenue decreased by 15.7% year-on-year, but profit for the period increased by 28.1%, mainly due to a significant increase in other income and gains Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 78,465 | 93,109 | -15.7% | | Cost of sales | (46,012) | (55,103) | -16.5% | | Gross profit | 32,453 | 38,006 | -14.6% | | Other income and gains | 3,556 | 451 | +688.5% | | Selling expenses | (5,591) | (5,725) | -2.3% | | Administrative expenses | (22,256) | (26,934) | -17.3% | | Finance costs | (493) | (409) | +20.5% | | Profit before tax | 7,669 | 5,389 | +42.3% | | Income tax expense / (credit) | (407) | 277 | -246.6% | | Profit for the period | 7,262 | 5,666 | +28.1% | | Total comprehensive income for the period | 6,845 | 5,665 | +20.8% | | Profit for the period attributable to owners of the Company | 7,537 | 5,192 | +45.2% | | Basic and diluted earnings per share (HK cents) | 1.79 | 1.23 | +45.5% | Condensed Consolidated Statement of Financial Position As of June 30, 2025, the company's total assets and total equity both increased, with a significant rise in net current assets and a healthy current ratio Condensed Consolidated Statement of Financial Position (As of June 30) | Indicator | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Assets | | | | | Non-current assets | 21,360 | 24,539 | -13.0% | | Current assets | 109,815 | 97,028 | +13.2% | | Total assets | 131,175 | 121,567 | +7.9% | | Liabilities | | | | | Current liabilities | 38,704 | 36,117 | +7.2% | | Non-current liabilities | 12,848 | 12,922 | -0.6% | | Equity | | | | | Net assets | 79,623 | 72,528 | +9.8% | | Equity attributable to owners of the Company | 80,181 | 76,734 | +4.5% | | Non-controlling interests | (558) | (4,206) | +86.7% | | Total equity | 79,623 | 72,528 | +9.8% | - Net current assets increased from HK$60,911 thousand as of December 31, 2024, to HK$71,111 thousand as of June 30, 2025[7] Condensed Consolidated Statement of Changes in Equity For the six months ended June 30, 2025, total equity attributable to owners of the Company increased, primarily due to profit for the period and the acquisition of non-controlling interests - Equity attributable to owners of the Company increased from HK$76,734 thousand at the beginning of the year to HK$80,181 thousand as of June 30, 2025[9] - Profit for the period was HK$7,537 thousand, with exchange differences arising from translation of overseas operations of (HK$416) thousand[9] - In June 2025, the Group acquired the remaining 49% equity interest in its indirect subsidiary Tilt Pte. Ltd. for S$100, resulting in a difference between the carrying amount of non-controlling interests and the consideration paid of approximately HK$3.9 million transferred to retained earnings[9] Condensed Consolidated Statement of Cash Flows For the six months ended June 30, 2025, cash flow from operating activities turned positive, with a net increase in cash and cash equivalents, and the period-end cash balance remained stable Condensed Consolidated Statement of Cash Flows (For the six months ended June 30) | Indicator | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | Change (HK$ Thousand) | | :--- | :--- | :--- | :--- | | Net cash generated from / (used in) operating activities | 3,155 | (6,129) | +9,284 | | Net cash used in investing activities | (102) | (7,867) | +7,765 | | Net cash used in financing activities | (2,654) | (14,575) | +11,921 | | Net increase / (decrease) in cash and cash equivalents | 399 | (28,571) | +28,970 | | Cash and cash equivalents at end of period | 64,833 | 62,006 | +2,827 | Notes to the Financial Statements General Information and Accounting Policies The company, incorporated in the Cayman Islands, primarily provides integrated printing services including financial printing, marketing collateral printing, and other services, with financial statements prepared under HKAS 34 and GEM Listing Rules, reviewed but unaudited - The Company was incorporated in the Cayman Islands on January 13, 2016, primarily engaged in providing integrated printing services[11] - The financial statements have been prepared in accordance with HKAS 34 and the GEM Listing Rules, and have been reviewed but not audited by the auditors[12][13] Revenue Analysis For the six months ended June 30, 2025, total revenue was HK$78,465 thousand, a 15.7% year-on-year decrease, mainly due to reduced revenue from financial printing and marketing collateral printing services Revenue Composition (For the six months ended June 30) | Service Type | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Provision of financial printing services | 59,455 | 71,658 | -17.0% | | Provision of marketing collateral printing services | 7,254 | 9,609 | -24.5% | | Provision of other services | 11,756 | 11,842 | -0.7% | | Total Revenue | 78,465 | 93,109 | -15.7% | Segment Information and Major Customers The Group operates in a single segment, integrated printing services, with most revenue, assets, and liabilities derived from Hong Kong, and no single customer contributed over 10% of revenue during the reporting period - The Group has only one operating segment, which is the provision of integrated printing services[16] - The majority of the Group's revenue, assets, and liabilities are located in Hong Kong[16] - For the period ended June 30, 2025, no single customer contributed more than 10% of the Group's revenue[17] Income Tax For the six months ended June 30, 2025, income tax expense was HK$407 thousand, compared to a HK$277 thousand credit in the prior year, mainly due to changes in Hong Kong profits tax and deferred tax credit Income Tax Expense/(Credit) (For the six months ended June 30) | Tax Type | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Hong Kong profits tax - current period | 407 | 488 | | PRC enterprise income tax - current period | - | 4 | | Deferred tax credit - current period | - | (769) | | Total income tax expense / (credit) recognized in profit or loss | 407 | (277) | - Hong Kong profits tax is calculated at 8.25% on the first HK$2,000,000 of assessable profits and 16.5% on the remaining amount[18] Components of Profit for the Period Profit for the period was net of various expenses, with total employee benefit expenses decreasing year-on-year, but impairment loss provision for trade receivables significantly increasing Profit for the Period Deductions (For the six months ended June 30) | Item | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | Change (HK$ Thousand) | | :--- | :--- | :--- | :--- | | Total employee benefit expenses | 33,833 | 37,296 | -3,463 | | Auditor's remuneration | 401 | 354 | +47 | | Depreciation of property, plant and equipment | 1,316 | 667 | +649 | | Depreciation of right-of-use assets | 2,114 | 5,954 | -3,840 | | Impairment loss provision for trade receivables | 2,646 | 177 | +2,469 | Dividend Policy The Board does not recommend paying any dividend for the six months ended June 30, 2025, consistent with the prior year - The Board does not recommend the payment of any dividend for the six months ended June 30, 2025[20] Earnings Per Share For the six months ended June 30, 2025, basic and diluted earnings per share were 1.79 HK cents, an increase from 1.23 HK cents in the prior year, with diluted earnings per share not presented due to the absence of potential ordinary shares Earnings Per Share (For the six months ended June 30) | Indicator | 2025 | 2024 | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Profit attributable to owners of the Company (HK$ Thousand) | 7,537 | 5,192 | +45.2% | | Weighted average number of ordinary shares (Thousand shares) | 421,215 | 421,215 | 0% | | Basic and diluted earnings per share (HK cents) | 1.79 | 1.23 | +45.5% | - No diluted earnings per share are presented for the six months ended June 30, 2025 and 2024, as there were no potential ordinary shares[21] Trade and Other Receivables As of June 30, 2025, total trade and other receivables were HK$26,991 thousand, slightly lower than at the end of 2024, with the impairment loss provision for trade receivables significantly increasing Trade and Other Receivables (As of June 30) | Item | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | Change (HK$ Thousand) | | :--- | :--- | :--- | :--- | | Trade receivables (before provision) | 24,565 | 22,382 | +2,183 | | Less: Impairment loss provision | (3,547) | (870) | -2,677 | | Other receivables and prepayments | 5,973 | 6,363 | -390 | | Total | 26,991 | 27,875 | -884 | - Ageing analysis of trade receivables shows an increase in amounts aged 0 to 30 days, while amounts over 365 days have been cleared[22] Trade and Other Payables As of June 30, 2025, total trade and other payables were HK$26,557 thousand, an increase from the end of 2024, mainly due to growth in trade payables Trade and Other Payables (As of June 30) | Item | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | Change (HK$ Thousand) | | :--- | :--- | :--- | :--- | | Trade payables | 15,682 | 10,014 | +5,668 | | Other payables and accrued expenses | 10,336 | 11,587 | -1,251 | | Long service payment provision | 539 | 539 | 0 | | Total | 26,557 | 22,140 | +4,417 | - The credit period for trade payables ranges from 30 days to 90 days[23] Management Discussion and Analysis Business Review and Outlook The Group primarily provides integrated printing services to Hong Kong financial and capital market clients, with revenue decreasing by 15.7% year-on-year, but the company is confident in its core business resilience and plans to expand into China and Southeast Asian markets - The Group primarily provides integrated printing services to corporate clients in Hong Kong's financial and capital markets[24] - For the six months ended June 30, 2025, revenue decreased by 15.7% to HK$78.47 million year-on-year, mainly due to fewer work orders from several major clients[24] - Looking ahead, the Group plans to expand its existing business, focusing particularly on the China and Southeast Asian markets, and explore complementary business opportunities[25] Business Review The Group offers financial printing, marketing collateral printing, and other services, and despite revenue decline, the company maintains a solid customer base, reflecting client recognition of its quality services - The Group provides financial printing services, marketing collateral printing services, and other services[24] - Revenue decreased by approximately 15.7%, but the Company maintains a solid and continuously transacting customer base[24] Outlook Management is confident in the resilience of its core business, will closely monitor market trends, and plans to enhance competitive advantages by expanding existing operations and exploring new opportunities, especially in China and Southeast Asia - Management is confident in the resilience and sustainability of its core business, will closely monitor market trends, and regularly review the Group's policies[25] - Strategic focus is on expanding existing business, particularly concentrating on development in China and Southeast Asian markets, while exploring complementary business opportunities[25] Financial Review The financial review indicates that despite a revenue decline, gross profit margin slightly improved, other income and gains significantly increased due to exchange gains, administrative expenses substantially decreased, ultimately driving a 28.1% year-on-year increase in profit for the period - Revenue decreased by 15.7% year-on-year, mainly affected by reduced financial printing and marketing collateral printing projects[26] - Gross profit margin increased from 40.8% to 41.4%[27] - Profit for the period increased by 28.1% year-on-year to HK$7.26 million[33] Revenue For the six months ended June 30, 2025, total revenue was HK$78.47 million, a 15.7% year-on-year decrease, primarily due to reductions of HK$12.20 million and HK$2.36 million in financial printing and marketing collateral printing projects, respectively Revenue Composition (For the six months ended June 30) | Item | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | Change (HK$ Thousand) | | :--- | :--- | :--- | :--- | | Financial printing projects | 59,455 | 71,658 | -12,203 | | Marketing collateral printing projects | 7,254 | 9,609 | -2,355 | | Other projects | 11,756 | 11,842 | -86 | | Total | 78,465 | 93,109 | -14,644 | Gross Profit and Gross Profit Margin Gross profit decreased by 14.6% year-on-year to HK$32.45 million, but the gross profit margin slightly increased from 40.8% to 41.4% - Gross profit decreased by 14.6% to HK$32.45 million[27] - Gross profit margin increased from 40.8% in 2024 to 41.4% in 2025[27] Other Income and Gains Other income and gains significantly increased by approximately HK$3.11 million, primarily attributable to exchange gains of approximately HK$2.68 million from the appreciation of the Singapore Dollar and Euro - Other income and gains increased by approximately HK$3.11 million[28] - Mainly due to exchange gains of approximately HK$2.68 million arising from the appreciation of the Singapore Dollar and Euro[28] Selling Expenses Selling expenses slightly decreased by 2.3% year-on-year to HK$5.59 million - Selling expenses decreased by approximately HK$0.13 million or 2.3% to HK$5.59 million[29] Administrative Expenses Administrative expenses significantly decreased by 17.3% year-on-year to HK$22.26 million, mainly due to reduced staff costs and depreciation of right-of-use assets, partially offset by an increased impairment loss provision for trade receivables - Administrative expenses decreased by approximately HK$4.67 million or 17.3% to HK$22.26 million[30] - The decrease was mainly due to reduced staff costs and depreciation of right-of-use assets, partially offset by an increased impairment loss provision for trade receivables[30] Finance Costs Finance costs slightly increased by approximately HK$0.08 million year-on-year to HK$0.49 million, primarily due to increased interest expenses on lease liabilities - Finance costs slightly increased by approximately HK$0.08 million to HK$0.49 million[31] - The increase was mainly due to increased interest expenses on lease liabilities[31] Tax Income tax changed from a HK$0.28 million credit in the prior year to a HK$0.41 million expense in the current period, an increase of approximately HK$0.69 million - Income tax expense increased from a HK$0.28 million credit for the six months ended June 30, 2024, to a HK$0.41 million expense for the same period in 2025[32] Profit for the Period The Group's profit after tax increased by 28.1% year-on-year to HK$7.26 million - The Group's profit after tax increased by approximately HK$1.59 million or 28.1% to HK$7.26 million[33] Dividends The Board does not recommend paying any dividend for the review period - The Board does not recommend the payment of any dividend for the review period[34] Staff and Remuneration Policy As of June 30, 2025, the Group employed 154 staff globally, with total staff costs decreasing year-on-year, and the company incentivizes and retains employees through share option and share award schemes Employee Headcount (As of June 30) | Region | 2025 | 2024 | | :--- | :--- | :--- | | Hong Kong | 115 | 117 | | China | 11 | 9 | | Taiwan | 20 | 20 | | Singapore | 8 | 9 | | Total | 154 | 155 | - For the review period, total staff costs (including directors' emoluments) were approximately HK$33.8 million, a decrease from HK$37.3 million in the prior year[35] - The Group has adopted a share option scheme and a share award scheme to incentivize and retain eligible employees[35][36] Financial Resources, Liquidity and Gearing Ratio As of June 30, 2025, the Group's total assets and total equity both increased, with a healthy current ratio of 2.8 times and a gearing ratio reduced to 19.9% Financial Resources Overview (As of June 30) | Indicator | 2025 (HK$ Million) | 2024 (HK$ Million) | Change (%) | | :--- | :--- | :--- | :--- | | Total assets | 131.2 | 121.6 | +7.9% | | Total equity | 79.6 | 72.5 | +9.8% | | Current assets | 109.8 | 97.0 | +13.2% | | Current liabilities | 38.7 | 36.1 | +7.2% | | Cash and bank balances | 64.8 | 64.6 | +0.3% | | Current ratio | 2.8 times | 2.7 times | +3.7% | | Gearing ratio | 19.9% | 24.8% | -19.8% | - Cash and bank balances include RMB6.3 million, US$0.6 million, NT$0.7 million, S$0.1 million, and Euro2.0 million[37] Risk Management and Commitments The Group's primary business is in Hong Kong, with transactions denominated in HKD, so foreign exchange risk is not significant, and there were no asset pledges, significant investments, contingent liabilities, or material capital commitments during the reporting period, with no significant events occurring after the review period - The Group's business is primarily operated in Hong Kong, with trading transactions mainly denominated in HKD, and foreign exchange risk is not significant[38] - As of June 30, 2025, the Group had no pledged assets, no significant investments, acquisitions or disposals, no material contingent liabilities, and no material capital commitments[39][40][41][42] - No significant events affecting the Group occurred after the review period and up to the date of this report[43] Foreign Exchange Risk The Group's business is primarily in Hong Kong, with transactions denominated in HKD, and only a small portion of bank deposits in other foreign currencies, so directors consider foreign exchange risk not significant, with no hedging arrangements currently in place - The Group's business is primarily operated in Hong Kong, with trading transactions mainly denominated in HKD[38] - The Directors believe that the Group's operating cash flows and liquidity are not exposed to significant foreign exchange rate risk, and no hedging arrangements were made during the review period[38] Indebtedness and Pledge of Assets As of June 30, 2025, the Group had not pledged any assets as collateral for general banking facilities - As of June 30, 2025, the Group had not pledged any assets as collateral for general banking facilities[39] Material Investments, Acquisitions or Disposals As of June 30, 2025, the Group held no material investments, material acquisitions, or disposals of subsidiaries - As of June 30, 2025, the Group held no material investments, material acquisitions, or disposals of subsidiaries[40] Contingent Liabilities As of June 30, 2025, the Group had no material contingent liabilities - As of June 30, 2025, the Group had no material contingent liabilities[41] Capital Commitments As of June 30, 2025, the Group had no material capital commitments - As of June 30, 2025, the Group had no material capital commitments[42] Significant Events After Review Period No significant events affecting the Group occurred after the review period and up to the date of this report - No significant events affecting the Group occurred after the review period and up to the date of this report[43] General Commitments As of June 30, 2025, no commitments were reported - As of June 30, 2025, no commitments were reported[44] Other Information Directors' and Chief Executive's Interests As of June 30, 2025, Mr. Yu Chi Ming and Mr. Chan Wai Lim jointly held 51.67% of the company's shares through HM Ultimate Holdings Limited, while Ms. Chan Wai Chung beneficially owned 2.54% of shares Directors' Long Position in the Company's Shares (As of June 30, 2025) | Name of Director | Nature of Interest | Number of Ordinary Shares | Percentage | | :--- | :--- | :--- | :--- | | Mr. Yu Chi Ming | Jointly held interest with other persons; interest held by controlled corporation | 217,760,000 | 51.67% | | Mr. Chan Wai Lim | Jointly held interest with other persons; interest held by controlled corporation | 217,760,000 | 51.67% | | Ms. Chan Wai Chung | Beneficial owner | 10,700,000 | 2.54% | - Mr. Yu Chi Ming and Mr. Chan Wai Lim beneficially own 70.2% and 29.8% respectively of HM Ultimate Holdings Limited, jointly controlling its 217,760,000 shares[45] Directors' Long Position in Shares of Associated Corporations (As of June 30, 2025) | Name of Director | Name of Associated Corporation | Nature of Interest | Number of Ordinary Shares | Percentage | | :--- | :--- | :--- | :--- | | Mr. Yu | HM Ultimate | Beneficial owner | 702 | 70.2% | | Mr. Chan | HM Ultimate | Beneficial owner | 298 | 29.8% | Substantial Shareholders' Interests As of June 30, 2025, HM Ultimate Holdings Limited was the largest shareholder, holding 51.67% of shares, with spouses of Mr. Yu Chi Ming and Mr. Chan Wai Lim deemed to hold the same shares due to spousal interest, and Mr. Tse Kam Wing and his spouse also holding 17.15% of shares Substantial Shareholders' Long Position in the Company's Shares (As of June 30, 2025) | Name of Shareholder / Person | Nature of Interest | Number of Ordinary Shares | Percentage | | :--- | :--- | :--- | :--- | | HM Ultimate | Beneficial owner | 217,760,000 | 51.67% | | Ms. Wong Mei Chi (spouse of Mr. Yu) | Interest of spouse | 217,760,000 | 51.67% | | Ms. Tang Wai Kwan (spouse of Mr. Chan) | Interest of spouse | 217,760,000 | 51.67% | | Mr. Tse Kam Wing | Beneficial owner | 72,285,000 | 17.15% | | Ms. Wong Yuk Cham (spouse of Mr. Tse) | Interest of spouse | 72,285,000 | 17.15% | Share Option Scheme The company adopted a share option scheme on December 15, 2016, to reward eligible participants contributing to the Group, with the scheme having a ten-year validity and a maximum of 40,000,000 shares issuable, and no options were granted or exercised during the review period - The Share Option Scheme was adopted on December 15, 2016, to reward eligible participants who have contributed to the Group[49] - The total number of shares that may be issued under the scheme shall not exceed 40,000,000 shares in aggregate[51] - No share options were granted or exercised, and no outstanding share options existed under the Share Option Scheme during the review period[51] Share Award Scheme The company adopted a share award scheme on July 4, 2022, to recognize, reward, and retain employees contributing to the Group's business growth, with the scheme having a ten-year validity and total awarded shares not exceeding 10% of issued shares at adoption, and no new shares were awarded during the review period, but some vested and lapsed - The Share Award Scheme was adopted on July 4, 2022, to recognize, reward, and retain eligible participants[52] - The total number of shares awarded shall not exceed 10% of the total issued shares at the adoption date[53] Share Award Scheme Vesting Status (As of June 30, 2025) | Category of Participants | Unvested as at January 1, 2025 (Shares) | Vested as at June 30, 2025 (Shares) | Lapsed as at June 30, 2025 (Shares) | Unvested as at June 30, 2025 (Shares) | | :--- | :--- | :--- | :--- | :--- | | Executive Director (Ms. Chan Wai Chung) | 2,650,000 | 2,650,000 | – | – | | Other Employees (14) | 11,620,000 | 10,915,000 | 705,000 | – | | Total | 14,270,000 | 13,565,000 | 705,000 | – | - Vesting conditions for awarded shares include continued contribution to the Group's business, demonstrated in-service performance, and achievement of performance targets favorable to the Group's operational development[55][56][57] Share Dealings and Corporate Governance Neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities during the review period, and the company complies with the Corporate Governance Code, with directors and controlling shareholders having no competing business interests, and directors and relevant employees adhering to securities dealing standards - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the review period[64] - The Company has complied with all code provisions of the Corporate Governance Code set out in Appendix C1 to the GEM Listing Rules[66] - The Directors, the Company's management, and controlling shareholders were not involved in any business directly or indirectly competing with the Group's business during the review period[67] - Directors and relevant employees have complied with the required standard of dealings in securities and the written guidelines for employees[68] Purchase, Sale or Redemption of the Company's Listed Shares During the review period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities - During the review period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[64] Corporate Governance The company has applied and complied with all code provisions of the Corporate Governance Code set out in Appendix C1 to the GEM Listing Rules - The Company has applied the Corporate Governance Code set out in Appendix C1 to the GEM Listing Rules and has complied with all code provisions[65][66] Directors' and Controlling Shareholders' Interests in Competing Business The Directors, the company's management, and controlling shareholders were not involved in any business directly or indirectly competing with the Group's business during the review period - The Directors, the Company's management, and controlling shareholders were not involved in any business directly or indirectly competing with the Group's business during the review period[67] Securities Transactions by Directors and Relevant Employees The company adopted the required standard of dealings as per GEM Listing Rules for directors' securities transactions and established written guidelines for employees, with all directors and employees complying with relevant regulations - The Company has adopted the required standard of dealings set out in Rules 5.48 to 5.67 of the GEM Listing Rules as the code of conduct for Directors' dealings in the Company's securities[68] - The Directors confirm that they have complied with the required standard of dealings throughout the review period[68] - The Company has not identified any instances of employees violating the written guidelines for employees[68] Audit Committee The Audit Committee, comprising three independent non-executive directors, reviews and oversees the company's financial reporting, risk management, and internal control systems, and has reviewed the financial statements in this interim report - The Audit Committee was established on December 15, 2016, and comprises three independent non-executive Directors[69] - Its primary responsibilities include reviewing and overseeing the company's financial reporting process, risk management, and internal control systems[69] - The Audit Committee has reviewed the unaudited condensed consolidated financial statements of the Group for the review period with management[69]