超媒体控股(00072) - 2025 - 中期业绩

Financial Highlights Key Financial Data Metamedia Holdings reported interim revenue of RMB 168,949 thousands and a loss of RMB 15,752 thousands for the six months ended June 30, 2025, with no interim dividend recommended Key Financial Data Summary | Metric | Six Months Ended June 30, 2025 (RMB thousands) | Six Months Ended June 30, 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 168,949 | 160,616 | | Loss for the period | (15,752) | (13,985) | | Loss per share - basic and diluted | RMB (0.0362) | RMB (0.0346) | - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 (2024: nil)[3] Condensed Consolidated Financial Statements Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Group revenue grew 5.2% year-on-year, but loss for the period expanded to RMB 15,752 thousands, driven by increased operating loss and exchange differences Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Summary | Metric | Six Months Ended June 30, 2025 (RMB thousands) | Six Months Ended June 30, 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 168,949 | 160,616 | | Cost of sales | (106,203) | (101,008) | | Gross profit | 62,746 | 59,608 | | Operating loss | (12,099) | (7,276) | | Finance Costs | (3,343) | (5,970) | | Loss for the period | (15,752) | (13,985) | | Total comprehensive expense for the period | (21,272) | (11,522) | - Other comprehensive expense for the period was mainly affected by exchange differences arising from the translation of financial statements of overseas subsidiaries, changing from an income of RMB 2,463 thousands in 2024 to an expense of RMB 5,520 thousands in 2025[6] Condensed Consolidated Statement of Financial Position Total assets and equity decreased as of June 30, 2025, with net current assets significantly reduced due to changes in receivables, payables, and borrowings Condensed Consolidated Statement of Financial Position Summary | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Non-current assets | 274,516 | 280,528 | | Current assets | 275,265 | 314,716 | | Current liabilities | 271,782 | 300,815 | | Net current assets | 3,483 | 13,901 | | Net assets | 246,314 | 267,586 | | Total equity | 246,314 | 267,586 | - Trade and other receivables decreased from RMB 185,231 thousands as of December 31, 2024, to RMB 148,771 thousands as of June 30, 2025[7] - Trade and other payables decreased from RMB 127,577 thousands as of December 31, 2024, to RMB 95,012 thousands as of June 30, 2025[7] Notes to the Condensed Consolidated Financial Statements General Information Metamedia Holdings, incorporated in the Cayman Islands and listed in Hong Kong, operates diversified businesses including publishing, advertising, art, and catering - The Company was incorporated in the Cayman Islands on March 8, 2007, and its shares were listed on the Main Board of the Hong Kong Stock Exchange on September 9, 2009[9][10] - The Group is primarily engaged in magazine and periodical publishing, advertising agency services, digital publishing business, art trading and auction, art exhibitions and related education, and catering operations[10] Basis of Preparation These condensed financial statements adhere to IAS 34 and Listing Rules, maintaining consistent accounting policies with the 2024 annual report - These condensed consolidated financial statements have been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" and the applicable disclosure provisions of the Listing Rules of the Stock Exchange[11] - The accounting policies and calculation methods used in preparing these condensed consolidated financial statements are consistent with those used in the annual financial statements for the year ended December 31, 2024[11] Adoption of New and Revised International Financial Reporting Standards All new and revised IFRSs effective January 1, 2025, were adopted, causing no significant changes to accounting policies or reported amounts - The adoption of new and revised International Financial Reporting Standards has caused no significant changes to the Group's accounting policies, the preparation of the Group's financial statements, or the reported amounts for the current and prior periods[12] - The Group has not adopted any new and revised International Financial Reporting Standards that have been issued but are not yet effective, and is assessing their potential impact[12] Revenue and Segment Reporting Performance of Art and Digital Platforms is assessed by revenue and adjusted EBITDA; Digital Platform revenue grew, Art Platform revenue declined, and total assets slightly decreased - The Group has two reportable segments: Art Platform (engaged in magazine, periodical, advertising agency, art trading and auction, art exhibitions and catering) and Digital Platform (engaged in digital publishing and advertising agency)[14] Revenue by Product Line and Service Type Digital Platform revenue grew 32.6% to RMB 84,802 thousands, while Art Platform revenue fell 13.0% to RMB 84,886 thousands, driven by advertising growth Revenue by Reportable Segment | Reportable Segment | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Art Platform | 84,886 | 97,497 | | Digital Platform | 84,802 | 63,969 | | Total | 169,688 | 161,466 | Revenue by Type of Goods or Services | Type of Goods or Services | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Advertising revenue | 104,571 | 93,008 | | Production, program and service revenue | 59,147 | 59,806 | | Distribution and subscription revenue | 4,533 | 7,297 | | Restaurant operating revenue | 698 | 505 | | Total | 168,949 | 160,616 | - Regarding revenue recognition timing, the vast majority of revenue (RMB 168,251 thousands) is recognized over time[15] Adjusted EBITDA Digital Platform adjusted EBITDA grew 46.4% to RMB 23,048 thousands, but Art Platform's loss expanded, significantly reducing overall adjusted EBITDA Adjusted EBITDA by Reportable Segment | Reportable Segment | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Art Platform | (21,840) | (7,249) | | Digital Platform | 23,048 | 15,744 | | Total | 1,208 | 8,495 | Segment Total Assets Group total assets decreased to RMB 549,781 thousands as of June 30, 2025, with both Art and Digital Platform segment assets declining Segment Total Assets Summary | Reportable Segment | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Art Platform | 204,281 | 235,727 | | Digital Platform | 195,275 | 207,935 | | Total | 399,556 | 443,662 | | Investment properties | 77,960 | 77,960 | | Cash and cash equivalents | 34,852 | 37,820 | | Total assets | 549,781 | 595,244 | Non-current Segment Asset Additions Total non-current segment asset additions increased to RMB 3,549 thousands, primarily driven by higher additions in the Art Platform Non-current Segment Asset Additions | Reportable Segment | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Art Platform | 2,391 | 240 | | Digital Platform | 1,158 | 2,232 | | Total | 3,549 | 2,472 | Geographical Information The Group's non-current assets are primarily located across China, Hong Kong, and the United Kingdom - The geographical locations of the Group's property, plant and equipment, right-of-use assets, investment properties, intangible assets, goodwill, investment in a joint venture, and software under development are primarily in China, Hong Kong and the UK[19] Other Income Other income significantly increased to RMB 1,485 thousands, primarily due to a substantial rise in Chinese government subsidies Other Income Sources | Source | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Chinese government subsidies | 1,209 | 170 | | Bank interest income | 12 | 243 | | Other | 264 | 149 | | Total | 1,485 | 562 | - Chinese government subsidies refer to subsidies received by several of the Group's subsidiaries from local government authorities[20] Other (Losses)/Gains - Net The Group recorded a net other loss of RMB 605 thousands, contrasting with a prior year net gain of RMB 7,203 thousands due to lease termination Other (Losses)/Gains - Net Breakdown | Source | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Net gain/(loss) on disposal of property, plant and equipment | 24 | (67) | | Net gain on lease termination | – | 8,189 | | Exchange differences | (629) | (919) | | Total | (605) | 7,203 | Finance Costs Group finance costs significantly decreased by 44.0% to RMB 3,343 thousands, driven by reduced interest on borrowings and lease liabilities Finance Costs Breakdown | Source | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Interest expense on borrowings | 3,089 | 3,897 | | Finance costs on lease liabilities | 221 | 1,466 | | Total | 3,343 | 5,970 | Loss Before Income Tax Loss before income tax expanded to RMB 15,626 thousands, influenced by reduced depreciation and amortization, and a reversal of expected credit loss provisions Loss Before Income Tax Adjustments | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Depreciation of property, plant and equipment and right-of-use assets | 7,924 | 12,439 | | Amortisation of intangible assets | 1,490 | 1,384 | | Reversal of expected credit loss provision for trade receivables | (1,732) | (1,461) | Income Tax Expense Income tax expense was RMB 126 thousands, mainly for China corporate income tax, with no provisions in Hong Kong and the UK - The Company is exempt from Cayman Islands income tax[24] - Hong Kong profits tax is calculated at 16.5%, but no provision has been made due to sufficient tax losses available for offset[25] - China corporate income tax provision for the period was RMB 604 thousands (2024: RMB 602 thousands), mainly for withholding income tax on service income received from Chinese subsidiaries[25][27] Loss Per Share Basic loss per share expanded to RMB (0.0362); diluted loss per share remained the same due to no dilutive events Loss Per Share Calculation | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Loss attributable to owners of the Company | (15,885) | (14,933) | | Weighted average number of ordinary shares (thousand shares) | 438,353 | 431,994 | | Basic loss per share | RMB (0.0362) | RMB (0.0346) | - As there were no dilutive events for the six months ended June 30, 2025 and 2024, the diluted loss per share is the same as the basic loss per share[29] Property, Plant and Equipment The Group acquired RMB 1,291 thousands in PPE and recorded a net gain of RMB 24 thousands from disposals - For the six months ended June 30, 2025, the Group acquired property, plant and equipment items at a cost of approximately RMB 1,291 thousands (2024: approximately RMB 1,027 thousands)[30] - The Group disposed of certain property, plant and equipment with a net book value of approximately RMB 113 thousands (2024: RMB 314 thousands), recording a net gain on disposal of approximately RMB 24 thousands (2024: net loss of approximately RMB 67 thousands)[30] Goodwill Group goodwill increased to RMB 37,349 thousands due to currency exchange differences, primarily allocated to Digital Platforms in China and the UK Goodwill Movement and Allocation | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Beginning of period | 36,648 | 36,615 | | Currency exchange differences | 701 | 33 | | End of period | 37,349 | 36,648 | Goodwill Allocation | Goodwill Allocation | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Digital Platform – China | 28,203 | 28,203 | | Digital Platform – UK | 9,146 | 8,445 | | Total | 37,349 | 36,648 | - The recoverable amount of goodwill is determined using the value-in-use method, consistent with the method used as of December 31, 2024[31] Trade and Other Receivables Total trade and other receivables decreased to RMB 148,771 thousands, with reduced net trade receivables and a reversal of expected credit loss provisions Trade and Other Receivables Summary | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade receivables | 110,468 | 150,274 | | Less: Expected credit loss provision | (2,110) | (3,817) | | Trade receivables - net | 108,358 | 146,430 | | Total other receivables | 40,413 | 38,801 | | Total | 148,771 | 185,231 | Trade Receivables Aging Analysis | Trade Receivables Aging | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 30 days | 36,315 | 51,231 | | Over 30 days and within 90 days | 38,473 | 47,080 | | Over 90 days and within 180 days | 17,440 | 29,920 | | Over 180 days and within one year | 11,584 | 13,778 | | Over one year | 6,656 | 8,278 | | Total | 110,468 | 150,247 | - Expected credit loss provision decreased from RMB 3,817 thousands as of December 31, 2024, to RMB 2,110 thousands as of June 30, 2025, mainly due to a provision change of RMB (1,732) thousands[34] Trade and Other Payables Total trade and other payables decreased to RMB 100,314 thousands, with reductions in trade payables and employee-related liabilities Trade and Other Payables Summary | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade payables | 67,089 | 98,483 | | Accrued taxes other than income tax | 6,926 | 7,199 | | Other payables | 16,280 | 13,828 | | Salaries, wages, bonuses and benefits payable | 2,580 | 5,247 | | Amount due to a director | 6,071 | 1,195 | | Other liabilities | 1,368 | 1,625 | | Total | 100,314 | 127,577 | Trade Payables Aging Analysis | Trade Payables Aging | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 30 days | 25,198 | 51,697 | | Over 30 days and within 90 days | 14,665 | 17,373 | | Over 90 days and within 180 days | 10,126 | 14,390 | | Over 180 days | 17,100 | 15,023 | | Total | 67,089 | 98,483 | - Of the amount due to a director, approximately RMB 5,302 thousands is secured, bears an annual interest rate of 5%, and is repayable within 3 years, while the remainder is interest-free and repayable on demand[37] Borrowings Total borrowings reached RMB 155,486 thousands, mostly secured bank loans; a covenant violation allows banks to demand immediate repayment Borrowings by Type | Borrowings Type | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Secured bank borrowings | 141,147 | 135,334 | | Unsecured bank borrowings | 13,541 | 12,391 | | Secured other borrowings | 798 | 1,948 | | Total | 155,486 | 151,012 | Borrowings Repayment Schedule | Repayment Terms | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within one year or on demand | 153,937 | 149,260 | | In the second year | 428 | 413 | | In the third to fifth year | 1,121 | 1,339 | | Total | 155,486 | 151,012 | - Borrowings are secured by certain properties with a total book value of approximately RMB 176,146 thousands and/or guaranteed by Mr. Shao Zhong, his spouse, his son, the Company and/or its subsidiaries[38] - For the six months ended June 30, 2025, the Group has violated a covenant of an interest-bearing borrowing, allowing the bank to demand immediate repayment[38] Share Capital, Dividends and Reserves Share capital remained unchanged; no interim dividend was recommended to conserve financial resources amid market challenges Share Capital Structure | Share Capital Type | Number of shares (thousand shares) | Share Capital (RMB thousands) | | :--- | :--- | :--- | | Authorized: HK$0.01 per ordinary share | 8,000,000 | 80,000 | | Ordinary shares (issued and fully paid) | 438,353 | 3,853 | - The Directors do not recommend the payment of any interim dividend for the six months ended June 30, 2025 and 2024[40] Management Discussion and Analysis Amid economic pressure, stable overall EBITDA was achieved through innovation and cost control, with Digital Platform profit growth; operating loss narrowed excluding a prior year one-off gain Results Overview Amid economic pressure, stable overall EBITDA was achieved through innovation and cost control, with Digital Platform profit growth; operating loss narrowed excluding a prior year one-off gain Reportable Segment Revenue | Segment | 2025 Reportable Segment Revenue (RMB thousands) | 2024 Reportable Segment Revenue (RMB thousands) | | :--- | :--- | :--- | | Art Platform | 84,886 | 97,497 | | Digital Platform | 84,802 | 63,969 | | Total | 169,688 | 161,466 | Segment EBITDA | Segment | 2025 Segment EBITDA (RMB thousands) | 2024 Segment EBITDA (RMB thousands) | | :--- | :--- | :--- | | Art Platform | (21,840) | (7,249) | | Digital Platform | 23,048 | 15,735 | | Total | 1,208 | 8,486 | - Digital Platform business showed profit growth, while Art Platform loss expanded[41] - Excluding the one-off net gain on lease termination from the strategic transformation of the art space business in H1 2024, the operating loss for the current period has narrowed year-on-year[41] Business Outlook The Group is transforming into 'Intelligent Media,' leveraging AI, global art platforms, NOWNESS, and strategic collaborations to expand markets and redefine value - The Group has been renamed "Metamedia Holdings", marking a new era of development and emphasizing the concept of "No IP, No Business", focusing on strengthening existing IPs and developing more sustainable commercial IPs[43] - The Group's strategic direction is to "reshape the commercial future with art and technology", driving the industry's transformation from print media to intelligent media, achieving a critical transition from PGC to UGC and then to AIGC, and launching the "Shao.ai" AI application[45][46] - The short film "Stiff Neck" produced by the NOWNESS China team won the Golden Leopard Award for Best Short Film at the Locarno International Film Festival, affirming its positioning of "Global Vision, Local Culture"[50] - The Group has established a media partnership with Art Basel Hong Kong and hosted the inaugural Shanghai International Contemporary Photography Festival (SICPF), adopting an "Art Fair + Exhibition" dual-track structure[53][54] - The Group collaborated with Shanghai Zhangyuan to create a new intelligent art space, promoting a new trendy cultural lifestyle with the "Space Zine" concept, expected to become a revenue-generating IP project for the Group[56] - In July 2025, the MC2 global website MC2 · Art and social media platforms officially launched, marking the Group's full entry into the intelligent AI era, focusing on AI dynamic image art[61] - The Group plans to strengthen cooperation with the Montgomery Group to host the Tokyo Contemporary Art Fair in September 2025, actively expanding into the Japanese market and enhancing the influence of "Art Review" and "NOWNESS" locally[62] Events After June 30, 2025 and Up to the Date of This Announcement No other significant events affecting the Group occurred from June 30, 2025, up to the date of this announcement - No other significant events affecting the Group have occurred from June 30, 2025, up to the date of this announcement[65] Dividends No interim dividend was recommended to conserve financial resources; a final dividend will be considered after full-year 2025 performance assessment - The Directors do not recommend the payment of any interim dividend for the six months ended June 30, 2025 (2024: nil)[66] - The Directors will consider the payment of a final dividend after assessing the full-year 2025 financial performance[66] Liquidity and Financial Resources Liquidity as of June 30, 2025, showed decreased operating cash inflow, increased investing cash outflow, and a slight rise in the gearing ratio Net Cash Flows Net cash inflow from operating activities significantly decreased to RMB 2,000 thousands, while net cash outflow from investing activities increased Net Cash Flows Summary | Cash Flow Type | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Net cash inflow from operating activities | 2,000 | 5,864 | | Net cash outflow from investing activities | (3,377) | (2,327) | Gearing Ratio The Group's gearing ratio increased to 34.1% as of June 30, 2025, up from 31.7% at December 31, 2024 Gearing Ratio | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Gearing ratio | 34.1% | 31.7% | - The gearing ratio is calculated as net debt divided by total capital at each reporting date, where total debt includes borrowings and lease liabilities[68] Capital Expenditure and Commitments Capital expenditure primarily comprised property, plant and equipment expenses of RMB 1,291 thousands, an increase from the prior period - The Group's capital expenditure during the interim period included property, plant and equipment expenses of approximately RMB 1,291 thousands (2024: approximately RMB 1,027 thousands)[69] Capital Structure The Company's capital structure remained unchanged, comprising ordinary shares and capital reserves, with working capital met by operations and borrowings - During the interim period, the Company's capital structure remained unchanged. The Group's capital includes ordinary shares and capital reserves[70] - The Group meets its working capital needs through operating funds and bank borrowings[70] Contingent Liabilities and Pledged Assets Borrowings were secured by properties totaling RMB 176,146 thousands and/or guaranteed by Mr. Shao Zhong, his associates, and Group entities - Other than corporate guarantees, as of June 30, 2025, the Group had no significant contingent liabilities or guarantees[71] - Borrowings are secured by certain properties with a total book value of approximately RMB 176,146 thousands (including investment properties of approximately RMB 77,960 thousands and property, plant and equipment of approximately RMB 98,186 thousands)[71] - The collateral and/or guarantors include Mr. Shao Zhong, his spouse, his son, the Company and/or its subsidiaries[71] Foreign Currency Risk Operating in China, Hong Kong, and the UK, the Group's transactions are mainly in RMB, HKD, or GBP, with no significant foreign currency risk - The Group operates primarily in China, Hong Kong and the UK, with most transactions denominated and settled in RMB, HKD or GBP[72] - As of June 30, 2025, the Group faced no significant foreign currency risk from its operations[72] Employees The Group had 394 employees as of June 30, 2025, with salaries and benefits determined by market wages, national policies, and performance Employee Headcount | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Employee headcount | 394 employees | 388 employees | - Salaries and benefits for employees are determined based on market wages, national policies and individual performance[73] Purchase, Sale or Redemption of the Company's Listed Securities Neither the Company nor its subsidiaries purchased, sold, or redeemed any listed securities, and no treasury shares were held - During the interim period, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[74] - As of June 30, 2025, the Company held no treasury shares[74] Corporate Governance The Company maintains high corporate governance, with the Chairman and CEO's dual role enhancing efficiency and a strong independent board ensuring power balance - The Company has applied the principles and complied with the code provisions of Part 2 of the Corporate Governance Code in Appendix C1 of the Listing Rules, except for not segregating the roles of Chairman and Chief Executive Officer as per Code Provision C.2.1[75] - Mr. Shao Zhong serves as the Group's Chief Executive Officer and Chairman of the Board, and the Board believes this dual role enhances business strategy execution and operational efficiency[75] - The Board comprises experienced and high-caliber individuals, with three of its six members being independent non-executive directors, ensuring a balance of power and authority[76] Audit Committee The Audit Committee, comprising three independent non-executive directors, reviewed interim results and found no disagreement with accounting treatments - The Audit Committee comprises three independent non-executive directors: Mr. Yick Wing Fat, Peter (Chairman), Ms. Wei Wei, and Mr. Wan Jie[77] - The Audit Committee has reviewed the Group's unaudited interim consolidated results for the six months ended June 30, 2025, and has no disagreement with the accounting treatments adopted by the Company[77] Remuneration Committee The Remuneration Committee, comprising three independent non-executive directors, recommends director remuneration policies and determines specific packages - The Remuneration Committee comprises three independent non-executive directors: Mr. Yick Wing Fat, Peter (Chairman), Ms. Wei Wei, and Mr. Wan Jie[78] - The Committee is responsible for providing recommendations to the Board on director remuneration policy and determining the specific remuneration packages and terms of appointment for each director on behalf of the Board[78] Nomination Committee The Nomination Committee, comprising three independent non-executive directors, reviews Board structure and recommends director appointments or re-appointments - The Nomination Committee comprises three independent non-executive directors: Ms. Wei Wei (Chairman), Mr. Wan Jie, and Mr. Yick Wing Fat, Peter[79] - The Committee is responsible for reviewing the Board's structure, size and composition at least annually, and for providing recommendations on any proposed changes to the Board and the appointment or re-appointment of directors[79] Compliance with the Model Code for Securities Transactions by Directors The Company adopted the Model Code for Securities Transactions by Directors, and all directors confirmed compliance throughout the interim period - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules as its code of conduct for directors' securities transactions[80] - Following specific enquiry by the Company, all Directors confirmed their compliance with the Model Code throughout the interim period[80] Other Information Publication of Announcement This interim results announcement is published on HKEX and the Company's website; the 2025 interim report will be available to shareholders in due course - This interim results announcement has been published on the HKEX website (www.hkexnews.hk) and the Company's website (www.metamediahldg.com)[81](index=81&type=chunk) - The Company's 2025 interim report will be provided to shareholders and published on the HKEX and Company's respective websites in due course[81] Board of Directors As of this announcement, the Board comprises three executive directors and three independent non-executive directors - The Board includes executive directors Mr. Shao Zhong, Ms. Yang Ying, and Mr. Li Jian[82] - The Board includes independent non-executive directors Mr. Yick Wing Fat, Peter, Ms. Wei Wei, and Mr. Wan Jie[82]