嘉泓物流(02130) - 2025 - 中期业绩

Financial Highlights Overview of Financial Highlights The Group achieved 19.4% revenue growth to HKD 1,461.5 million in H1 2025, driven by freight forwarding and cruise logistics, maintaining HKD 19.1 million net profit and declaring HKD 0.01 interim dividend Key Financial Indicators for H1 2025 | Indicator | H1 2025 (HKD Million) | H1 2024 (HKD Million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,461.5 | 1,223.6 | +19.4% | | Freight Forwarding & Cruise Logistics Revenue | 1,307.0 | 1,038.9 | +25.8% | | Net Profit | 19.1 | 20.2 | -5.4% | | EBITDA | 93.6 | 104.4 | -10.4% | | Interim Dividend (Per Share) | HKD 0.01 | - | - | Financial Statements Consolidated Statement of Profit or Loss The Group's H1 2025 revenue grew 19.4%, but operating profit and profit for the period slightly decreased, with basic EPS falling from HKD 0.064 to HKD 0.053 Consolidated Statement of Profit or Loss Summary (Six Months Ended June 30) | Indicator | 2025 (HKD Thousand) | 2024 (HKD Thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,461,540 | 1,223,581 | +19.4% | | Cost of Services | (1,219,692) | (995,331) | +22.5% | | Gross Profit | 241,848 | 228,250 | +6.0% | | Net Other Income | 1,430 | 6,164 | -76.8% | | Operating Profit | 47,908 | 50,033 | -4.2% | | Profit for the Period | 19,093 | 20,248 | -5.7% | | Profit Attributable to Equity Holders of the Company | 15,429 | 18,610 | -17.2% | | Basic and Diluted EPS (HK Cents) | 5.3 | 6.4 | -17.1% | Consolidated Statement of Profit or Loss and Other Comprehensive Income The Group's H1 2025 total comprehensive income significantly increased, driven by positive exchange differences from overseas subsidiaries and associates, reversing a prior period negative trend Consolidated Statement of Profit or Loss and Other Comprehensive Income Summary (Six Months Ended June 30) | Indicator | 2025 (HKD Thousand) | 2024 (HKD Thousand) | | :--- | :--- | :--- | | Profit for the Period | 19,093 | 20,248 | | Exchange Differences on Translation | 27,796 | (14,233) | | Total Comprehensive Income for the Period | 46,645 | 6,097 | | Total Comprehensive Income Attributable to Equity Holders of the Company | 41,152 | 6,253 | Consolidated Statement of Financial Position As of June 30, 2025, the Group's total assets and net current assets increased due to higher receivables and contract assets, reflecting improved financial health Consolidated Statement of Financial Position Summary (As of June 30) | Indicator | June 30, 2025 (HKD Thousand) | December 31, 2024 (HKD Thousand) | | :--- | :--- | :--- | | Non-current Assets | 490,033 | 474,324 | | Current Assets | 1,261,428 | 1,126,464 | | Current Liabilities | 1,099,554 | 982,521 | | Net Current Assets | 161,874 | 143,943 | | Total Assets Less Current Liabilities | 651,907 | 618,267 | | Net Assets | 582,858 | 548,458 | | Total Equity | 582,858 | 548,458 | Notes to the Consolidated Financial Statements Principal Accounting Policies This interim financial report is prepared under HKAS 34, using consistent accounting policies with 2024 annual statements, and HKAS 21 (Revised) had no material impact - The interim financial report is prepared in accordance with HKAS 34 and reviewed by KPMG[10][11] - HKAS 21 (Revised), "The Effects of Changes in Foreign Exchange Rates — Lack of Exchangeability," has been applied but has no material impact on this interim report[12] Revenue and Segment Information The Group's H1 2025 total revenue reached HKD 1,461.5 million, primarily from air and ocean freight, with Mainland China, Italy, and Hong Kong as key geographical contributors Revenue from Contracts with Customers by Major Service Items (HKD Thousand) | Service Item | 2025 | 2024 | | :--- | :--- | :--- | | Air Freight Forwarding Services | 627,359 | 503,592 | | Ocean Freight Forwarding Services | 424,718 | 308,940 | | Distribution and Logistics Services | 154,515 | 184,659 | | Cruise Logistics Services | 254,948 | 226,390 | | Total | 1,461,540 | 1,223,581 | Revenue from Customers by Geographical Location (HKD Thousand) | Region | 2025 | 2024 | | :--- | :--- | :--- | | Hong Kong | 284,883 | 258,302 | | Mainland China | 333,627 | 252,615 | | Italy | 349,739 | 303,858 | | Taiwan | 64,087 | 59,389 | | United States | 240,114 | 224,835 | | Other Countries | 189,090 | 124,582 | | Total | 1,461,540 | 1,223,581 | - Revenue from air freight forwarding, ocean freight forwarding, and cruise logistics services is recognized over time, while revenue from distribution and logistics services is recognized at a point in time when the services are provided[15][16] Profit Before Tax The Group's H1 2025 profit before tax was HKD 37.9 million, a slight decrease, with lower finance costs but stable depreciation and amortization expenses Components of Profit Before Tax (HKD Thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Finance Costs | 11,770 | 12,983 | | Interest on Bank Loans and Overdrafts | 9,859 | 10,384 | | Interest on Lease Liabilities | 1,818 | 2,599 | | Depreciation — Property, Plant and Equipment | 14,011 | 14,505 | | Depreciation — Right-of-use Assets | 30,965 | 38,081 | | Amortisation of Intangible Assets | 206 | 209 | | Reversal of Provision for Expected Credit Losses on Trade Receivables | (181) | — | - As of June 30, 2025, amounts payable to the DP World Group include an unsecured loan of HKD 20,223,000, bearing interest at 6.54% per annum and repayable on demand[26] Income Tax in Consolidated Statement of Profit or Loss The Group's H1 2025 total income tax was HKD 18.8 million, consistent with the prior year, with Hong Kong profits tax at 16.5% and overseas taxes including withholding taxes in Taiwan and France Components of Income Tax (HKD Thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Current Tax — Hong Kong Profits Tax | 2,085 | 1,855 | | Current Tax — Outside Hong Kong | 18,151 | 16,499 | | Withholding Tax on Distributable Profits of Subsidiaries | 2,258 | 1,981 | | Deferred Tax | (3,673) | (1,502) | | Total | 18,821 | 18,833 | - Hong Kong profits tax rate is 16.5%, while withholding tax rates in Taiwan and France are 21% and 10%, respectively[28][29] Earnings Per Share The Group's H1 2025 basic EPS was HKD 0.053, down from HKD 0.064 last year, with diluted EPS remaining identical due to no dilutive shares Earnings Per Share Calculation (HK Cents) | Indicator | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Profit Attributable to Equity Holders of the Company (HKD Thousand) | 15,429 | 18,610 | | Weighted Average Number of Ordinary Shares in Issue (Thousand Shares) | 292,692 | 292,692 | | Basic and Diluted EPS (HK Cents) | 5.3 | 6.4 | Dividends The Group's subsidiaries declared and paid HKD 12.3 million in dividends to non-controlling interests in H1 2025, a significant increase year-on-year Dividends Paid to Non-controlling Interests (HKD Thousand) | Period | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Dividends Paid | 12,295 | 5,489 | Goodwill As of June 30, 2025, the Group's total goodwill was HKD 227.3 million, mainly allocated to Taiwan air freight and Allport Cruise logistics, affected by exchange adjustments Goodwill Allocation (HKD Thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | As at January 1 | 222,224 | 224,762 | | Exchange Adjustments | 5,077 | (2,538) | | End of Period/Year | 227,301 | 222,224 | | Air Freight Forwarding Business — Taiwan | 24,104 | 21,188 | | Cruise Logistics Business — Allport Cruise Group | 203,197 | 201,036 | Loans Receivable As of June 30, 2025, loans receivable include an unsecured USD 1,750,000 employee loan at 5% annual interest, repayable by August 31, 2029 - As of June 30, 2025, the balance of loans receivable was HKD 13,636,000, primarily an USD 1,750,000 loan provided to an employee[34] - This employee loan is unsecured, bears interest at 5% per annum, and is repayable in five equal annual installments of one-fifth of the loan balance plus accrued interest by August 31, 2029[34] - A loan of HKD 2,800,000 provided to a director as of December 31, 2024, was settled in March 2025[35] Trade and Other Receivables and Contract Assets As of June 30, 2025, total trade and other receivables and contract assets increased to HKD 921.1 million, with trade receivables mostly due within one month Ageing Analysis of Trade Receivables (HKD Thousand) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 1 month | 469,275 | 432,883 | | 1 to 2 months | 85,999 | 63,671 | | 2 to 3 months | 46,863 | 25,111 | | Over 3 months | 15,041 | 13,249 | | Total Trade Receivables | 617,178 | 534,914 | | Other Receivables, Prepayments and Deposits | 111,689 | 107,179 | | Total Contract Assets | 192,226 | 153,233 | | Total | 921,093 | 795,326 | - Contract assets primarily represent unbilled amounts from freight forwarding contracts where revenue recognition exceeds amounts billed[37] Trade and Other Payables and Contract Liabilities As of June 30, 2025, total trade and other payables and contract liabilities increased to HKD 432.8 million, with trade payables mostly due within one month Ageing Analysis of Trade Payables (HKD Thousand) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 1 month | 270,354 | 228,272 | | 1 to 3 months | 57,004 | 68,235 | | Over 3 months | 14,779 | 11,832 | | Total Trade Payables | 342,137 | 308,339 | | Other Payables and Accruals | 69,564 | 77,487 | | Total Contract Liabilities | 21,147 | 20,756 | | Total | 432,848 | 406,582 | - Contract liabilities represent amounts billed to customers for certain freight forwarding contracts before service performance at the end of the reporting period[38] Share Capital As of June 30, 2025, the Company had 300,489,000 ordinary shares in issue, with a par value of USD 0.001 per share, unchanged from December 31, 2024 - The Company has 300,489,000 ordinary shares in issue, with a par value of USD 0.001 per share[40] Management Discussion and Analysis Business Review The Group, specializing in high-end logistics, saw H1 2025 revenue grow 19.4%, but profit attributable to equity holders decreased 17.2% due to cruise logistics changes and project delays - The Group operates 28 branch offices in 16 countries and regions globally, collaborating with over 100 business partners to cover more than 100 countries worldwide[41] - The global air cargo industry demonstrated robust growth despite complex geopolitical challenges, primarily driven by e-commerce demand[41] Key Financial Data from Business Review (HKD Million) | Indicator | H1 2025 | H1 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,461.5 | 1,223.6 | +19.4% | | Profit Attributable to Equity Holders of the Company | 15.4 | 18.6 | -17.2% | Geographical Analysis — Greater China Greater China revenue grew 21.1% to HKD 618.5 million, driven by increased business volume and surging e-commerce demand, particularly via Cargo Services Express Greater China Revenue (HKD Million) | Region | H1 2025 | H1 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | China and Hong Kong | 618.5 | 510.9 | +21.1% | Geographical Analysis — Europe European market revenue grew 15.1% to HKD 349.7 million, driven by increased volume, strong luxury demand, and rapid e-commerce expansion, especially in air freight and last-mile delivery Europe Region Revenue (HKD Million) | Region | H1 2025 | H1 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Italy | 349.7 | 303.9 | +15.1% | Geographical Analysis — Southeast Asia The Group saw continuous growth in Southeast Asia, with Vietnam and Indonesia revenues up 64.1% and 26.8% respectively, benefiting from RCEP and "China+1" strategies Southeast Asia Region Revenue (HKD Million) | Region | H1 2025 | H1 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Vietnam | 52.3 | - | +64.1% | | Indonesia | 8.6 | - | +26.8% | Cargo Services Express: New Partnerships, Expanded Reach, and Volume Growth Cargo Services Express revenue reached HKD 246.1 million, a 178.6% YoY increase, driven by expanded partnerships with Chinese e-commerce platforms into more European and African cities Cargo Services Express Revenue (HKD Million) | Indicator | H1 2025 | YoY Change (%) | | :--- | :--- | :--- | | Cargo Services Express Revenue | 246.1 | +178.6% | - Cargo Services Express has successfully expanded its service scope with major Chinese e-commerce platforms, providing freight forwarding, customs clearance, and last-mile delivery services to more cities in European and African countries[46] Steady Global Tourism Recovery Benefits Cruise Logistics Business Cruise logistics revenue grew 12.6% to HKD 254.9 million due to tourism recovery, but US "reciprocal tariffs" delayed upgrades, impacting profit margins Cruise Logistics Segment Revenue (HKD Million) | Indicator | H1 2025 | H1 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Cruise Logistics Revenue | 254.9 | 226.4 | +12.6% | - US "reciprocal tariffs" led some cruise operators to postpone major upgrade and renovation projects, impacting the profit margins of the cruise logistics business[48] Financial Performance The Group's H1 2025 revenue grew 19.4% to HKD 1,461.5 million, gross profit increased 6.0% to HKD 241.8 million, but EBITDA decreased to HKD 93.6 million Financial Performance Overview (HKD Million) | Indicator | H1 2025 | H1 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,461.5 | 1,223.6 | +19.4% | | Gross Profit | 241.8 | 228.3 | +6.0% | | EBITDA | 93.6 | 104.9 | -10.8% | Segment Analysis The Group's main segments are air freight, ocean freight, cruise logistics, and distribution; air freight is largest, ocean freight saw significant growth, cruise logistics grew steadily, while distribution declined due to a weak Chinese luxury market - The Group is primarily engaged in providing freight forwarding services (including air and ocean freight forwarding services), cruise logistics, and distribution and logistics services[50] Air Freight Forwarding Services Air freight forwarding, the Group's largest segment, grew 24.6% to HKD 627.4 million in H1 2025, accounting for 42.9% of total revenue, driven by Cargo Services Express's e-commerce logistics Air Freight Forwarding Services Revenue (HKD Million) | Indicator | H1 2025 | H1 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Air Freight Forwarding Revenue | 627.4 | 503.6 | +24.6% | | % of Total Revenue | 42.9% | 41.2% | +1.7 percentage points | | Cargo Services Express E-commerce Logistics Solutions Revenue Growth | 157.8 | - | - | - The Group is one of the few specialized companies providing freight forwarding services for wine exports from France and the UK to Hong Kong[51] Ocean Freight Forwarding Services Ocean freight forwarding revenue grew 37.5% to HKD 424.7 million, with gross profit up 74.0% to HKD 90.3 million, driven by rising freight rates, increased demand, and new client partnerships Ocean Freight Forwarding Services Financial Data (HKD Million) | Indicator | H1 2025 | H1 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Ocean Freight Forwarding Revenue | 424.7 | 308.9 | +37.5% | | Gross Profit | 90.3 | 51.9 | +74.0% | - The increase in revenue and gross profit was primarily due to rising ocean freight rates, increased local demand from existing customers for tire products, luxury raw materials, and tableware, and a significant increase in export shipments from a growing number of factories in Vietnam and Indonesia[53] - The Group's Japan branch began collaborating with a leading international automotive brand, expanding its customer base[53] Cruise Logistics Cruise logistics revenue grew 12.6% to HKD 254.9 million, providing freight forwarding for the cruise industry, including dry-dock transport and provisioning across multiple global cities Cruise Logistics Segment Revenue (HKD Million) | Indicator | H1 2025 | H1 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Cruise Logistics Revenue | 254.9 | 226.4 | +12.6% | Distribution and Logistics Services Distribution and logistics revenue fell 16.4% to HKD 154.5 million, with gross profit down 45.8% to HKD 7.7 million, mainly due to weak Chinese luxury demand Distribution and Logistics Services Financial Data (HKD Million) | Indicator | H1 2025 | H1 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Distribution and Logistics Revenue | 154.5 | 184.7 | -16.4% | | Gross Profit | 7.7 | 14.2 | -45.8% | | % of Total Revenue | 10.6% | 15.1% | -4.5 percentage points | - The decrease in revenue and gross profit was primarily due to reduced domestic demand for luxury goods in China and a weaker-than-expected Chinese luxury market[56] - The Group manages and operates 33 distribution centers with a total gross floor area of approximately 1,063,000 square feet, offering specialized warehousing, logistics, and other value-added services like wine distribution[55] Liquidity, Financial Resources and Capital Structure The Group's working capital increased to HKD 161.9 million as of June 30, 2025, with a current ratio of 1.15, significantly increased operating cash inflow, and an improved gearing ratio of -24.3%, maintaining a net cash position Liquidity and Capital Structure Indicators (HKD Million) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Working Capital | 161.9 | 143.9 | | Current Ratio | 1.15 | 1.15 | | Cash and Cash Equivalents | 263.7 | 255.0 | | Operating Cash Inflow | 49.5 | 15.0 | | Outstanding Bank Loans and Overdrafts | 363.3 | 384.1 | | Gearing Ratio | -24.3% | 35.2% | - The Group maintains a net cash position and will continue to secure financing as needed[58] Foreign Exchange Risk The Group faces foreign exchange risk from multiple currencies, with RMB fluctuations having the most significant impact, and does not engage in specific hedging or speculative transactions - The Group's borrowings and cash and cash equivalents are primarily denominated in RMB, USD, HKD, and EUR[59] - As the HKD is pegged to the USD, the Group's operations are primarily affected by RMB fluctuations[59] - The Group does not maintain any specific hedging policies or foreign currency forward contracts for foreign exchange risk and does not engage in speculative trading of debt securities or financial derivatives[59] Material Investments The Group held no material investments during the reporting period - The Group held no material investments during the reporting period[60] Capital Commitments As of June 30, 2025, the Group had no significant capital commitments contracted but not provided for - The Group had no significant capital commitments contracted but not provided for as of June 30, 2025[61] Contingent Liabilities As of June 30, 2025, the Company provided financial guarantees for subsidiaries' bank facilities, with a maximum liability of HKD 331.2 million, and has no material legal proceedings - The Company provided financial guarantees for subsidiaries' bank facilities, with a maximum liability of HKD 331.2 million (December 31, 2024: HKD 345.8 million)[62] - The Group is not involved in any existing material legal proceedings, nor is it aware of any pending or potential material legal proceedings[62] Pledged Group Assets As of June 30, 2025, approximately HKD 2.4 million of the Group's pledged bank deposits were used for certain bank guarantees - Approximately HKD 2.4 million (December 31, 2024: HKD 2.3 million) of the Group's pledged bank deposits were used for certain bank guarantees[63] Events After Reporting Period No material events affecting the Group have occurred from the end of the reporting period up to the date of this announcement - No material events affecting the Group have occurred from the end of the reporting period up to the date of this announcement[64] Material Acquisitions or Disposals of Subsidiaries and Associates There were no material acquisitions or disposals of the Company's subsidiaries or associates during the reporting period - There were no material acquisitions or disposals of the Company's subsidiaries or associates during the reporting period[65] Use of Proceeds The Company raised HKD 35.6 million from a May 2021 share subscription; HKD 7.7 million was used for expansion, with HKD 19.7 million remaining for use by June 2, 2026 Use of Net Proceeds from Share Subscription (HKD Million) | Item | Net Proceeds | Unutilized Amount as at January 1, 2025 | Amount Utilized During the Reporting Period | Unutilized Amount as at June 30, 2025 | Expected Timeline for Utilization | | :--- | :--- | :--- | :--- | :--- | :--- | | Expansion of business and local presence in Hainan, Southeast Asia, and the UK | 35.6 | 27.4 | 7.7 | 19.7 | By June 2, 2026 | - There were no material changes in the use of proceeds, consistent with the Company's previously disclosed intentions[68] Outlook Prospects Despite geopolitical tensions, the Group is optimistic about global logistics recovery, planning organic growth and market position enhancement through new verticals, e-commerce partnerships, and synergies with DP World - The Group plans to expand into the aerospace industry, having established a dedicated logistics team and providing services to the largest aviation and engineering companies in China, Singapore, and Taiwan[69][70] - Cargo Services Express will strengthen e-commerce platform collaborations, having partnered with several globally renowned platforms to expand freight forwarding, customs clearance, and last-mile delivery services from China to South Africa, Algeria, and the UK[71] - The Group will enhance synergies with its controlling shareholder, DP World, leveraging its global network to provide more comprehensive services and gain new client referrals[72] Human Resources Human Resources Overview As of June 30, 2025, the Group employed 883 staff with HKD 172.0 million in employee costs, utilizing share option and award schemes to reward contributors and providing regular training Human Resources Data | Indicator | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Number of Employees | 883 | 823 | | Employee Costs (HKD Thousand) | 172,021 | 166,624 | - The Company has adopted a share option scheme and a share award scheme to reward eligible participants who contribute to the Group's business achievements[73][74] Purchase, Redemption or Sale of the Company's Listed Securities Listed Securities Transaction Status During the reporting period, neither the Company nor its subsidiaries purchased, sold, or redeemed any listed securities, and the Company held no treasury shares as of June 30, 2025 - During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[75] - As of June 30, 2025, the Company held no treasury shares[75] Interim Dividend Declaration of Interim Dividend The Board declared an interim dividend of HKD 0.01 per ordinary share, totaling HKD 3,004,890, payable on October 30, 2025, to shareholders registered on October 8, 2025 - The Board has declared an interim dividend of HKD 0.01 per ordinary share for the reporting period, with a total dividend amount of HKD 3,004,890[76] - The proposed interim dividend is expected to be paid on October 30, 2025, to shareholders whose names appear on the Company's register of members on October 8, 2025[76] Closure of Register of Members Share Transfer Registration Arrangements To determine interim dividend eligibility, share transfer registration will be suspended from October 3 to October 8, 2025, requiring shareholders to register transfers by 4:30 p.m. on October 2, 2025 - Share transfer registration will be suspended from Friday, October 3, 2025, to Wednesday, October 8, 2025[77] - To qualify for the interim dividend, all share transfer documents must be lodged with the Company's Hong Kong share registrar by 4:30 p.m. (Hong Kong time) on Tuesday, October 2, 2025[77] Corporate Governance Practices Compliance with Corporate Governance Code The Company adopted and complied with the Corporate Governance Code in Appendix C1 Part 2 of the Listing Rules during the reporting period, with the Board reviewing its corporate governance - The Company has adopted the code provisions of the Corporate Governance Code set out in Appendix C1 Part 2 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[78] - The Board has reviewed the Company's corporate governance and is satisfied that the Company has complied with the code provisions of the Corporate Governance Code during the reporting period[78] Standard Code for Securities Transactions by Directors Directors' Securities Dealing Code The Company established a directors' securities dealing code, with terms no less exacting than Appendix C3 of the Listing Rules, and all directors confirmed compliance during the reporting period - The Company has adopted its own code of conduct for directors' dealings in the Company's securities, with terms no less exacting than the Standard Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules[79] - Following specific enquiries with all Directors, they confirmed compliance with the Securities Dealing Code and the Standard Code throughout the reporting period[79] Audit Committee Audit Committee Responsibilities The Audit Committee, composed of three independent non-executive directors, reviewed the Group's unaudited consolidated financial results, including accounting principles, financial reporting, and risk management - The Audit Committee comprises three independent non-executive directors: Mr. Lam Hing Lun, Alain (Chairman), Mr. Chan Chun Hung and Mr. Chun Chi Ming[80] - The Audit Committee has reviewed the Group's unaudited consolidated financial results for the reporting period and discussed accounting principles, financial reporting systems, and risk management and internal control systems[80] Publication of Interim Results Announcement and Interim Report Announcement and Report Publication Channels This interim results announcement is published on the Stock Exchange and the Company's website; the interim report will be provided to shareholders and published on both platforms in due course - This interim results announcement is published on the Stock Exchange and the Company's website[81] - The interim report will be provided to the Company's shareholders in due course in accordance with the Listing Rules and published on the Stock Exchange and the Company's website[81] By Order of the Board Board of Directors Composition This announcement is issued by Mr. Lau Shek Yau, Chairman and Executive Director; the Board comprises five executive, one non-executive, and four independent non-executive directors - This announcement is issued by Mr. Lau Shek Yau, Chairman and Executive Director[82] - The Board comprises Executive Directors Mr. Lau Shek Yau, Mr. Ngan Tim Wing, Ms. Chan Nga Man, Ms. Augusta Morandin, and Mr. Fabio Di Nello; Non-executive Director Mr. Zissis Jason Varsamidis; and Independent Non-executive Directors Mr. Lam Hing Lun, Alain, Mr. Chan Chun Hung, Mr. Chun Chi Ming, and Mr. Roussel Christophe Albert Jean[82]