百勤油服(02178) - 2025 - 中期业绩

Company Information and Performance Summary This section provides an overview of the company and its financial performance for the first half of 2025 Company Profile PETRO-KING OILFIELD SERVICES LIMITED, a BVI-registered company (stock code 2178), presents its unaudited consolidated results for the six months ended June 30, 2025 - Company name: PETRO-KING OILFIELD SERVICES LIMITED, stock code: 2178[2] First Half Performance Overview In H1 2025, the Group's revenue significantly decreased by 32.9% to 111.3 million HKD, resulting in a net loss of 11.5 million HKD and no interim dividend Key Financial Performance for H1 2025 | Metric | 2025 H1 (million HKD) | 2024 H1 (million HKD) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 111.3 | 165.9 | -32.9% | | Net Loss | (11.5) | (0.4) | Increased by 11.1 million HKD | | Loss attributable to owners of the Company | (11.8) | (0.4) | Increased by 11.4 million HKD | | Basic loss per share (HK cents) | (0.68) | (0.02) | Increased by 0.66 HK cents | - The Board resolved not to declare an interim dividend for H1 2025 (H1 2024: nil)[4] Business Review and Operational Analysis This section analyzes the Group's operational performance across geographical markets, service types, and customer segments, alongside human resources, R&D, and future outlook Geographical Market Analysis In H1 2025, overall revenue decreased by 32.9%, with China market revenue down 26.4% and overseas market revenue sharply declining by 86.7% H1 2025 Geographical Market Revenue Comparison | Market | 2025 H1 (million HKD) | 2024 H1 (million HKD) | Approximate % Change (%) | % of Total Revenue H1 2025 (%) | % of Total Revenue H1 2024 (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | China Market | 108.9 | 147.9 | -26.4 | 97.8 | 89.2 | | Overseas Market | 2.4 | 18.0 | -86.7 | 2.2 | 10.8 | | Total | 111.3 | 165.9 | -32.9 | 100 | 100 | - China market revenue decreased primarily due to reduced production enhancement services in Southwest China[5] - Overseas market revenue significantly decreased due to the expiration of a Middle East supervision service contract in H1 2024 with no H1 2025 revenue, and reduced drilling services in Uzbekistan and integrated project management services in the Middle East[6][9][10] China Market China market revenue decreased by 26.4% year-on-year, with Southwest China seeing the largest decline due to reduced production enhancement services, while Northwest China grew by 17.0% from increased drilling services H1 2025 China Market Revenue Comparison by Region | Region | 2025 H1 (million HKD) | 2024 H1 (million HKD) | Approximate % Change (%) | % of Total China Market Revenue H1 2025 (%) | % of Total China Market Revenue H1 2024 (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Southwest China | 73.4 | 113.7 | -35.4 | 67.4 | 76.9 | | North China | 21.0 | 21.9 | -4.1 | 19.3 | 14.8 | | Northwest China | 11.0 | 9.4 | 17.0 | 10.1 | 6.3 | | Other China Regions | 3.5 | 2.9 | 20.7 | 3.2 | 2.0 | | Total | 108.9 | 147.9 | -26.4 | 100 | 100 | - Southwest China revenue decreased primarily due to reduced production enhancement services[7] - Northwest China revenue increased mainly due to increased drilling services, partially offset by reduced production enhancement and completion services[8] Overseas Market Overseas market revenue sharply declined by 86.7% year-on-year, primarily due to the expiration of a Middle East supervision service contract and reduced drilling services in Uzbekistan H1 2025 Overseas Market Revenue Comparison by Region | Region | 2025 H1 (million HKD) | 2024 H1 (million HKD) | Approximate % Change (%) | % of Total Overseas Market Revenue H1 2025 (%) | % of Total Overseas Market Revenue H1 2024 (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Middle East | 1.4 | 14.2 | -90.1 | 58.3 | 78.9 | | Other | 1.0 | 3.8 | -73.7 | 41.7 | 21.1 | | Total | 2.4 | 18.0 | -86.7 | 100 | 100 | - Middle East revenue decreased primarily due to the expiration of a supervision service contract in H1 2024 with no H1 2025 revenue, and reduced integrated project management services[9] - Other overseas regions' revenue decreased mainly due to reduced drilling services provided in Uzbekistan[10] Analysis by Service Type In H1 2025, oilfield project tools and services revenue decreased by 28.6%, and consulting services revenue sharply declined by 67.6%, while drilling services saw a 32.1% increase H1 2025 Revenue Comparison by Service Type | Service Type | 2025 H1 (million HKD) | 2024 H1 (million HKD) | Approximate % Change (%) | % of Total Revenue H1 2025 (%) | % of Total Revenue H1 2024 (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Oilfield Project Tools and Services | 105.4 | 147.7 | -28.6 | 94.7 | 89.0 | | Consulting Services | 5.9 | 18.2 | -67.6 | 5.3 | 11.0 | | Total | 111.3 | 165.9 | -32.9 | 100 | 100 | Oilfield Project Tools and Services Revenue from oilfield project tools and services decreased by 28.6% year-on-year, primarily due to reduced production enhancement services in Southwest China - Oilfield project tools and services revenue decreased primarily due to reduced production enhancement services provided in Southwest China[11] Consulting Services Consulting services revenue sharply decreased by 67.6% year-on-year, mainly due to the expiration of a Middle East supervision service contract and reduced integrated project management services - Consulting services revenue decreased primarily due to the expiration of a supervision service contract in H1 2024 with no H1 2025 revenue, and reduced integrated project management services in the Middle East[12] Production Enhancement Services Production enhancement services revenue decreased by 31.4% to 93.7 million HKD, primarily due to reduced services in Southwest China H1 2025 Oilfield Project Tools and Services Sub-segment Revenue | Service Type | 2025 H1 (million HKD) | 2024 H1 (million HKD) | Approximate % Change (%) | % of Total Oilfield Project Tools and Services Revenue H1 2025 (%) | % of Total Oilfield Project Tools and Services Revenue H1 2024 (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Production Enhancement | 93.7 | 136.6 | -31.4 | 88.9 | 92.5 | | Drilling | 10.7 | 8.1 | 32.1 | 10.2 | 5.5 | | Completion | 1.0 | 3.0 | -66.7 | 0.9 | 2.0 | | Total | 105.4 | 147.7 | -28.6 | 100 | 100 | - Production enhancement revenue decreased primarily due to reduced production enhancement services provided in Southwest China[13] Drilling Services Drilling services revenue increased by 32.1% to 10.7 million HKD, mainly driven by increased services in Northwest China, partially offset by reductions in Uzbekistan - Drilling revenue increased primarily due to increased drilling services provided in Northwest China, partially offset by reduced drilling services provided in Uzbekistan[14] Completion Services Completion services revenue decreased by 66.7% to 1.0 million HKD, mainly due to reduced completion tool sales in Northwest China, partially offset by increased sales in North China - Completion revenue decreased primarily due to reduced completion tool sales in Northwest China, partially offset by increased sales in North China[15] - Completion revenue includes commission income of approximately 0.3 million HKD from facilitating sales of completion tools by Petro-King Energy Technology (Guangdong) Co., Ltd. and its subsidiaries to independent customers[15] Analysis by Customer In H1 2025, revenue from the top three customers significantly declined, with Customer 1 down 29.6% due to project delays and Customer 3 down 90.1% from contract expiration H1 2025 Revenue Comparison by Customer | Customer | 2025 H1 (million HKD) | 2024 H1 (million HKD) | Approximate % Change (%) | % of Total Revenue H1 2025 (%) | % of Total Revenue H1 2024 (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Customer 1 | 81.0 | 115.0 | -29.6 | 72.8 | 69.3 | | Customer 2 | 26.4 | 30.3 | -12.9 | 23.7 | 18.3 | | Customer 3 | 1.4 | 14.1 | -90.1 | 1.3 | 8.5 | | Customer 4 | 1.2 | 2.3 | -47.8 | 1.1 | 1.4 | | Customer 5 | 0.5 | – | N/A | 0.4 | – | | Other Customers | 0.8 | 4.2 | -81.0 | 0.7 | 2.5 | | Total | 111.3 | 165.9 | -32.9 | 100 | 100 | - Customer 1 revenue decreased primarily due to internal extraction plan adjustments, delaying certain shale gas production enhancement projects to H2 2025[16] - Customer 3 revenue significantly decreased due to the expiration of a Middle East supervision service contract in H1 2024 with no H1 2025 revenue[16] Human Resources The Group values its employees, provides training, streamlines its organizational structure, and recruits international experts, resulting in a 2.1% reduction in total employees to 191 as of June 30, 2025 - In H1 2025, the Group arranged 68 training courses totaling over 2,163 hours, attended by 131 employees[17] - As of June 30, 2025, the Group had 191 employees, a decrease of approximately 2.1% from 195 employees as of December 31, 2024[17] - The Company prioritizes talent acquisition and has hired several international experts skilled in market development[17] Research and Development Investment and Achievements The Group prioritizes R&D in oilfield services and new energy, holding 40 utility model patents and 11 invention patents, with 35 additional applications pending as of June 30, 2025 - In H1 2025, in addition to oilfield service technology R&D, the Group also conducted several new energy utilization studies, including CO2 geological sequestration, LNG cold energy utilization, solidified hydrogen storage, geothermal energy utilization, and in-situ underground coal hydrogen production technology[18] - As of June 30, 2025, the Group held 40 utility model patents and 11 invention patents, with 27 utility model patents and 8 invention patents currently under application[18] Business Outlook The Group anticipates stable demand for production enhancement and other oilfield services in H2 2025, driven by stable international oil prices and China's shale gas policies, while also exploring diversified investment opportunities in green energy - Market demand for the Group's production enhancement and other oilfield services is expected to remain robust for the remainder of 2025, supported by relatively stable international oil prices and China's policies encouraging shale gas consumption[19] - The Group will continue to focus on marketing and promoting oilfield services and technologies, and explore diversified investment opportunities, including green and renewable energy projects[19] Financial Statements This section presents the Group's interim condensed consolidated statements of comprehensive income and financial position for H1 2025 Interim Condensed Consolidated Statement of Comprehensive Income In H1 2025, the Group's revenue significantly decreased to 111,266 thousand HKD, resulting in an operating loss of 4,730 thousand HKD and a net loss of 11,532 thousand HKD Summary of Interim Condensed Consolidated Statement of Comprehensive Income | Metric | 2025 H1 (thousand HKD) | 2024 H1 (thousand HKD) | | :--- | :--- | :--- | | Revenue | 111,266 | 165,908 | | Operating (Loss)/Profit | (4,730) | 7,636 | | Loss for the period | (11,532) | (412) | | Loss for the period attributable to owners of the Company | (11,793) | (395) | | Basic loss per share (HK cents) | (0.68) | (0.02) | Interim Condensed Consolidated Statement of Financial Position As of June 30, 2025, the Group reported total assets less current liabilities of 211,532 thousand HKD and net assets of 171,799 thousand HKD, with net current liabilities increasing to 7,896 thousand HKD Summary of Interim Condensed Consolidated Statement of Financial Position | Metric | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | | :--- | :--- | :--- | | Non-current assets | 219,428 | 226,208 | | Current assets | 381,579 | 416,731 | | Current liabilities | 389,475 | 417,096 | | Net current liabilities | (7,896) | (365) | | Net assets | 171,799 | 180,263 | | Equity attributable to owners of the Company | 164,093 | 172,818 | Notes to Financial Information and Management Discussion This section provides detailed notes on the financial information, including general company data, accounting policies, segment performance, and balance sheet item analysis General Information PETRO-KING OILFIELD SERVICES LIMITED, incorporated in BVI in 2007 and listed in Hong Kong in 2013, primarily provides oilfield technical and consulting services - The Group primarily provides oilfield technical services covering different stages of the oilfield lifecycle (including drilling, completion, and production enhancement) and oil and gas field consulting services, supplemented by trading activities of related oil and gas field products[24] - The Company was listed on The Stock Exchange of Hong Kong Limited on March 6, 2013[24] Basis of Preparation and Going Concern The interim financial information, prepared under IAS 34, highlights a net loss and net current liabilities as of June 30, 2025, indicating significant going concern uncertainties, which the directors plan to address through additional financing - For the six months ended June 30, 2025, the Group recorded a net loss of approximately 11,532,000 HKD, with net current liabilities of approximately 7,896,000 HKD and total current bank and other borrowings of approximately 112,083,000 HKD, while holding cash and cash equivalents of only approximately 18,832,000 HKD[25] - The directors have prepared cash flow forecasts covering the next fifteen months and plan to apply for additional loan facilities from Bank of China (expected to be no less than RMB 20,000,000) and draw down unutilized loan facilities of RMB 30,000,000 to support going concern[26][27] - These conditions indicate the existence of a material uncertainty that may cast significant doubt about the Group's ability to continue as a going concern[26] Significant Accounting Policies The accounting policies adopted are consistent with the 2024 financial statements, and the adoption of new and revised IFRS effective January 1, 2025, had no significant impact on the interim condensed consolidated financial statements - The Group has adopted all new and revised International Financial Reporting Standards (IFRS) relevant to its operations and effective for the accounting period beginning on January 1, 2025[30] - The adoption of new and revised IFRS did not have a significant impact on the Group's interim condensed consolidated financial statements[30] Revenue and Segment Information The Group's primary operating segments are oilfield project tools and services (105,376 thousand HKD revenue, 13,013 thousand HKD loss) and consulting services (5,890 thousand HKD revenue, 3,764 thousand HKD profit) for H1 2025 - The Group has two operating segments: Oilfield Project Tools and Services (providing oilfield technical services and related product trading) and Consulting Services (providing integrated project management and supervision services)[33] Revenue Recognition In H1 2025, the Group's total revenue was 111,266 thousand HKD, with oilfield project tools and services contributing 105,376 thousand HKD and consulting services contributing 5,890 thousand HKD H1 2025 Revenue Recognized by Service Type | Service Type | 2025 H1 (thousand HKD) | 2024 H1 (thousand HKD) | | :--- | :--- | :--- | | Oilfield Project Tools and Services | 105,376 | 147,716 | | – Production Enhancement Projects | 93,721 | 136,623 | | – Drilling Projects | 10,664 | 8,061 | | – Completion Projects | 991 | 3,032 | | Consulting Services | 5,890 | 18,192 | | – Integrated Project Management Services | 1,692 | 3,496 | | – Supervision Services | 4,198 | 14,696 | | Total Revenue | 111,266 | 165,908 | - In H1 2025, most revenue (110,557 thousand HKD) was recognized over time, with only 709 thousand HKD recognized at a point in time[35] Segment Results In H1 2025, the oilfield project tools and services segment recorded a loss of 13,013 thousand HKD, while the consulting services segment recorded a profit of 3,764 thousand HKD, resulting in an overall segment loss H1 2025 Segment Results | Segment | 2025 H1 (thousand HKD) | 2024 H1 (thousand HKD) | | :--- | :--- | :--- | | Oilfield Project Tools and Services Revenue | 105,376 | 147,716 | | Consulting Services Revenue | 5,890 | 18,192 | | Oilfield Project Tools and Services Results | (13,013) | (4,219) | | Consulting Services Results | 3,764 | 8,717 | | Total Segment Results | (9,249) | 4,498 | Other Income and Losses, Net In H1 2025, net other income increased significantly to 2,777 thousand HKD, primarily due to higher government subsidies, partially offset by a loss on deemed acquisition of an associate's interest H1 2025 Composition of Other Income and Losses, Net | Item | 2025 H1 (thousand HKD) | 2024 H1 (thousand HKD) | | :--- | :--- | :--- | | Net foreign exchange (losses)/gains | (258) | 308 | | Loss on deemed acquisition of interest in an associate | (2,095) | – | | Government subsidies | 4,390 | 553 | | Total | 2,777 | 225 | Net Finance Costs In H1 2025, net finance costs decreased by 16.2% to 5,670 thousand HKD, primarily due to reduced interest expenses on bank and other borrowings H1 2025 Net Finance Costs | Item | 2025 H1 (thousand HKD) | 2024 H1 (thousand HKD) | | :--- | :--- | :--- | | Finance income | 220 | 834 | | Finance costs | (5,890) | (7,584) | | Net finance costs | (5,670) | (6,750) | - Net finance costs decreased primarily due to repayment of bank and other borrowings in H1 2025[57] Income Tax Expense In H1 2025, income tax expense decreased to 412 thousand HKD, comprising current tax of 98 thousand HKD and overseas withholding tax of 314 thousand HKD H1 2025 Income Tax Expense | Item | 2025 H1 (thousand HKD) | 2024 H1 (thousand HKD) | | :--- | :--- | :--- | | Current tax | 98 | (21) | | Overseas withholding tax | 314 | 1,027 | | Income tax expense | 412 | 1,006 | Loss Per Share In H1 2025, loss attributable to owners of the Company was 11,793 thousand HKD, resulting in a basic and diluted loss per share of 0.68 HK cents, a significant increase from the prior year H1 2025 Loss Per Share | Metric | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | Loss for the period attributable to owners of the Company (thousand HKD) | (11,793) | (395) | | Weighted average number of ordinary shares (thousand shares) | 1,726,674 | 1,726,674 | | Basic and diluted loss per share (HK cents) | (0.68) | (0.02) | - Diluted loss per share for H1 2025 was the same as basic loss per share, as all potential ordinary shares had an anti-dilutive effect[43] Dividend Policy The Board resolved not to declare an interim dividend for H1 2025, consistent with the prior year - The Board resolved not to declare an interim dividend for H1 2025 (H1 2024: nil)[44] Balance Sheet Item Analysis This section details changes in key balance sheet items, including reduced property, plant and equipment acquisitions, increased right-of-use assets, and changes in trade receivables, payables, contract assets, inventories, and interests in associates Property, Plant and Equipment In H1 2025, the Group acquired 1,576 thousand HKD and disposed of 32 thousand HKD in property, plant and equipment, both lower than the prior year H1 2025 Property, Plant and Equipment Movements | Item | 2025 H1 (thousand HKD) | 2024 H1 (thousand HKD) | | :--- | :--- | :--- | | Additions to property, plant and equipment | 1,576 | 4,472 | | Disposals of property, plant and equipment | 32 | 210 | Right-of-use Assets In H1 2025, the Group added 142 thousand HKD in right-of-use assets, with no additions in the prior year - In H1 2025, the Group added approximately 142,000 HKD in right-of-use assets (H1 2024: nil)[46] Trade Receivables As of June 30, 2025, net trade receivables decreased by 24.0% to 153.3 million HKD, while the average turnover days increased from 206 to 289 days due to reduced revenue Trade Receivables Ageing Analysis (thousand HKD) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Up to 3 months | 39,209 | 160,362 | | 3 to 6 months | 66,401 | 38,582 | | 6 to 12 months | 47,852 | 2,545 | | Over 12 months | 4,002 | 5,066 | | Trade receivables – Total | 157,464 | 206,555 | - As of June 30, 2025, net trade receivables were approximately 153.3 million HKD, a decrease of approximately 24.0% from December 31, 2024[63] - The average turnover days for trade receivables increased from approximately 206 days in H1 2024 to approximately 289 days in H1 2025, primarily due to reduced revenue[63] Trade Payables As of June 30, 2025, trade payables decreased by 6.8% to 189.4 million HKD, while the average turnover days increased from 426 to 500 days due to reduced material costs and technical service fees Trade Payables Ageing Analysis (thousand HKD) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Up to 3 months | 26,990 | 87,226 | | 3 to 6 months | 40,979 | 9,529 | | 6 to 12 months | 49,573 | 23,619 | | Over 12 months | 71,890 | 82,858 | | Total | 189,432 | 203,232 | - As of June 30, 2025, trade payables were approximately 189.4 million HKD, a decrease of approximately 6.8% from December 31, 2024[65] - The average turnover days for trade payables increased from approximately 426 days in H1 2024 to approximately 500 days in H1 2025, primarily due to reduced material costs and technical service fees incurred in H1 2025[65] Contract Assets As of June 30, 2025, contract assets increased by 8.4% to 119.4 million HKD, mainly due to increased unbilled work for production enhancement services - As of June 30, 2025, the Group's contract assets were approximately 119.4 million HKD, an increase of approximately 8.4% from December 31, 2024, primarily due to increased unbilled work for production enhancement services provided to certain customers[64] Inventories As of June 30, 2025, inventories remained stable at 8.4 million HKD, but average turnover days decreased from 131 to 78 days, reflecting stricter inventory control - As of June 30, 2025, the Group's inventories were approximately 8.4 million HKD, consistent with December 31, 2024[62] - The average inventory turnover days decreased from approximately 131 days in H1 2024 to approximately 78 days in H1 2025, reflecting the Group's implementation of stricter inventory control policies[62] Interests in Associates As of June 30, 2025, interests in associates decreased by 2.1 million HKD to 82.3 million HKD, mainly due to the share of losses from Petro-King Energy Group and exchange differences - As of June 30, 2025, the Group's interests in associates were approximately 82.3 million HKD, a decrease of approximately 2.1 million HKD from December 31, 2024, primarily due to its share of losses from Petro-King Energy Group and exchange differences[61] - The Group holds approximately 28.11% equity interest in Petro-King Energy (December 31, 2024: approximately 27.67%) and intends to retain its interest as a long-term investment[61] Liquidity and Capital Resources The Group aims to ensure going concern and optimize capital structure, with cash and cash equivalents at 18.8 million HKD and total borrowings of 146.7 million HKD, facing restricted bank deposits and pledged assets Cash and Borrowings As of June 30, 2025, cash and cash equivalents increased to 18.8 million HKD, while total bank and other borrowings amounted to 146.7 million HKD, with 76.4% due within one year - As of June 30, 2025, the Group's cash and cash equivalents were approximately 18.8 million HKD, an increase of approximately 3.2 million HKD from December 31, 2024[66] - As of June 30, 2025, the Group's bank and other borrowings were approximately 146.7 million HKD, of which approximately 76.4% are repayable within one year[66] Restricted Bank Deposits and Pledged Assets As of June 30, 2025, approximately 31.7 million HKD in bank deposits were frozen, and the Group pledged 56.7 million HKD in machinery and 79.5 million HKD in trade receivables as collateral for borrowings - As of June 30, 2025, bank deposits of approximately RMB 28.9 million (approximately 31.7 million HKD) were frozen by the court, pending the outcome of an appeal for a technical service fee claim[67] - As of June 30, 2025, the Group pledged certain machinery with a carrying amount of approximately 56.7 million HKD and trade receivables of approximately 79.5 million HKD as collateral for borrowings[67] Gearing Ratio As of June 30, 2025, the Group's gearing ratio was 36.2%, a slight decrease from 36.7% at the end of 2024 - As of June 30, 2025, the Group's gearing ratio (calculated as net debt divided by total capital) was approximately 36.2% (December 31, 2024: approximately 36.7%)[68] Foreign Exchange Risk The Group faces foreign exchange risk primarily related to USD and RMB, arising from various foreign currency-denominated financial instruments, and did not use hedging instruments in H1 2025 - The Group is exposed to foreign exchange risk primarily related to USD and RMB, arising from foreign currency-denominated trade and other receivables, contract assets, cash and cash equivalents, trade and other payables, intercompany balances, bank and other borrowings, and lease liabilities[69] - In H1 2025, the Group did not use any financial instruments for hedging purposes[69] Off-balance Sheet Arrangements As of June 30, 2025, the Group had no off-balance sheet arrangements - As of June 30, 2025, the Group had no off-balance sheet arrangements[70] Other Information This section covers post-reporting period events, corporate governance, directors' securities transactions, dealings in listed securities, interim dividend policy, and the audit committee's review Events After Reporting Period No significant events materially affecting the Group's operations or financial position have occurred since the end of the reporting period or the publication of the 2024 annual report - No significant events materially affecting the Group's business operations occurred from the end of the reporting period up to the date of this announcement[71] - There have been no significant changes in the development or future development of the Group's business and financial position since the publication of the Company's annual report for the year ended December 31, 2024[72] Corporate Governance The Company maintains high corporate governance standards, with a Board comprising three executive, one non-executive, and three independent non-executive directors, and complied with Appendix C1 of the Listing Rules in H1 2025 - The Board comprises three executive directors, one non-executive director, and three independent non-executive directors[73][78] - In H1 2025, the Company complied with the Corporate Governance Code set out in Appendix C1 of the Listing Rules in all applicable aspects[73] Directors' Securities Transactions All directors fully complied with the Model Code for Securities Transactions by Directors of Listed Issuers, as set out in Appendix C3 of the Listing Rules, during H1 2025 - The Company confirms that all directors fully complied with the standards set out in the Model Code as stipulated in Appendix C3 of the Listing Rules during H1 2025[74] Dealings in Listed Securities Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during H1 2025 - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during H1 2025[75] Interim Dividend The Board resolved not to declare an interim dividend for H1 2025, consistent with the prior year - The Board resolved not to declare an interim dividend for H1 2025 (H1 2024: nil)[76] Audit Committee The Company has established an Audit Committee, composed of three independent non-executive directors, which has reviewed the unaudited interim condensed consolidated financial information - The Company has established an Audit Committee, comprising three independent non-executive directors, which has reviewed the unaudited interim condensed consolidated financial information[77]