盈利时(06838) - 2025 - 中期业绩

Company Information Company Overview Winox Holdings Limited (Stock Code: 6838) released its interim results report for the six months ended June 30, 2025 - Winox Holdings Limited (Stock Code: 6838) released its 2025 interim results[2] Financial Summary Financial Performance Overview The Group's revenue slightly increased by 0.6% in the first half of 2025, but gross profit significantly decreased by 16.1%, leading to a turn from profit to loss for the period, with basic loss per share of 2.3 HK cents, and no interim dividend recommended 2025 First Half Key Financial Data | Indicator | 2025 First Half (HK$ Thousand) | Year-on-Year Change (%) | | :--- | :--- | :--- | | Revenue | 324,228 | +0.6% | | Gross Profit | 57,508 | -16.1% | | Loss for the period | (13,821) | Turned from profit to loss | | Basic loss per share | 2.3 HK Cents | Turned from profit to loss | | Interim dividend | Not recommended for distribution | - | Management Discussion and Analysis Business Review The Group focuses on the development and production of high-grade stainless steel products, with main business segments including watch straps, mobile phone casings and components, smart wearable device casings and components, and fashion jewelry. Facing global economic challenges and slowing demand for luxury goods, the Group implemented manpower streamlining and cost-saving measures, and despite a decrease in revenue for some products, the smart wearable device business performed strongly, and the Group's financial position remained robust - The Group's main business segments are watch straps, mobile phone casings and components, smart wearable device casings and components, and fashion jewelry[4] - Global economy faces challenges including escalating US-China tariff wars, Russia-Ukraine conflict, Middle East wars, and uncertain effectiveness of China's consumption stimulus measures, leading to a slowdown in global demand for luxury consumer goods[6] - Revenue from smart wearable device casings and components increased by 54.7% year-on-year, while revenue from watch straps, fashion jewelry, and mobile phone casings and components decreased[6] - The Group implemented a manpower streamlining plan and other cost-saving policies, paying severance compensation of approximately HK$10,336,000[6] 2025 First Half Financial Position | Indicator | Amount (HK$ Thousand) | | :--- | :--- | | Net current assets | 288,376 | | Cash and bank balances | 200,205 | Financial Review The Group's revenue slightly increased by 0.6% to HK$324 million in the first half of 2025, but gross profit margin declined due to intensified market competition. The period saw a turn from profit to loss, mainly affected by increased severance payments and R&D expenses, but the Group maintained ample liquidity and a stable gearing ratio Revenue The Group's total revenue slightly increased by 0.6%, with a significant 54.7% growth in revenue from smart wearable device casings and components, while other major product revenues decreased 2025 First Half Revenue Composition and Year-on-Year Change | Product Category | 2025 First Half Revenue (HK$ Thousand) | Percentage (%) | 2024 First Half Revenue (HK$ Thousand) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | :--- | | Total Revenue | 324,228 | 100.0% | 322,245 | +0.6% | | Mobile phone casings and components | 139,652 | 43.1% | 152,124 | -8.2% | | Watch straps | 93,794 | 28.9% | 99,701 | -5.9% | | Smart wearable device casings and components | 81,314 | 25.1% | 52,564 | +54.7% | | Fashion jewelry | 9,468 | 2.9% | 17,856 | -47.0% | Gross Profit The Group's gross profit decreased by 16.1% year-on-year, with gross profit margin declining by 3.6 percentage points, primarily due to price reductions by domestic manufacturers amid intense market competition 2025 First Half Gross Profit and Gross Profit Margin | Indicator | 2025 First Half (HK$ Thousand) | 2024 First Half (HK$ Thousand) | Year-on-Year Change (%) | | :--- | :--- | :--- | | Gross Profit | 57,508 | 68,559 | -16.1% | | Gross Profit Margin | 17.7% | 21.3% | -3.6 percentage points | | Primary Reason | Price reductions by domestic manufacturers, intense market competition | | | Loss for the Period The Group turned from a profit in the same period last year to a loss of HK$13,821,000 for the period, with basic loss per share of 2.3 HK cents 2025 First Half Loss for the Period | Indicator | 2025 First Half (HK$ Thousand) | 2024 First Half (HK$ Thousand) | | :--- | :--- | :--- | | (Loss) Profit for the period | (13,821) | 9,255 | | Basic (loss) earnings per share | (2.3 HK Cents) | 1.5 HK Cents | Cost of Sales Cost of sales increased by 5.1% year-on-year, with direct material costs accounting for a higher proportion at 49.8% 2025 First Half Cost of Sales Composition | Cost Category | 2025 First Half (HK$ Thousand) | 2024 First Half (HK$ Thousand) | | :--- | :--- | :--- | | Direct material costs | 132,907 | 120,919 | | Direct labor costs | 95,712 | 91,638 | | Manufacturing overheads and other costs | 38,101 | 41,129 | | Total Cost of Sales | 266,720 | 253,686 | | Direct material costs percentage | 49.8% | 47.7% | | Direct labor costs percentage | 35.9% | 36.1% | | Manufacturing overheads and other costs percentage | 14.3% | 16.2% | Other Income Other income decreased by 49.6% year-on-year, mainly due to a reduction in interest income from bank fixed deposits 2025 First Half Other Income | Indicator | 2025 First Half (HK$ Thousand) | 2024 First Half (HK$ Thousand) | Year-on-Year Change (%) | | :--- | :--- | :--- | | Other income | 3,945 | 7,826 | -49.6% | | Primary Reason | Reduction in interest income from bank fixed deposits | | | Other Expenses Selling and distribution costs decreased, while administrative and other expenses increased by 9.6% due to higher severance payments, and R&D expenses significantly increased by 77.4% 2025 First Half Other Expenses Change | Expense Category | 2025 First Half (HK$ Thousand) | 2024 First Half (HK$ Thousand) | Year-on-Year Change (%) | | :--- | :--- | :--- | | Selling and distribution costs | 6,248 | 6,923 | -9.8% | | Administrative and other expenses | 53,643 | 48,924 | +9.6% | | Research and development expenses | 15,414 | 8,687 | +77.4% | | Primary reason for administrative and other expenses | Payment of HK$10,336,000 in severance payments | | | Finance Costs Finance costs decreased by 27.0% year-on-year to HK$1,143,000 2025 First Half Finance Costs | Indicator | 2025 First Half (HK$ Thousand) | 2024 First Half (HK$ Thousand) | Year-on-Year Change (%) | | :--- | :--- | :--- | | Finance costs | 1,143 | 1,565 | -27.0% | Tax Hong Kong Profits Tax implements a two-tiered system, and China Corporate Income Tax rate is 25%, but high-tech enterprises can enjoy a 15% preferential tax rate and apply for a 200% super deduction for R&D expenses - Hong Kong Profits Tax two-tiered system: 8.25% for the first HK$2 million of assessable profits, and 16.5% for the excess[15] - China Group entities' tax rate is 25%, with some high-tech enterprises enjoying a 15% preferential tax rate until December 31, 2025[15] - Chinese enterprises engaged in R&D activities are entitled to claim 200% of eligible R&D expenses as deductible expenses (super deduction)[15] Inventories The Group's inventory balance increased by 16.7% to HK$74,995,000, with a slight increase in inventory turnover days 2025 First Half Inventory Situation | Indicator | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | | Inventory balance | 74,995 | 64,244 | +16.7% | | Inventory turnover days | 47.2 days | 46.3 days | +0.9 days | Trade Receivables Trade receivables decreased to HK$113,081,000, with credit periods ranging from 30 to 90 days, a lower risk of default payment, and improved turnover days - The company grants credit periods ranging from 30 to 90 days to customers, with major customers being internationally renowned brands, resulting in a relatively low risk of default payment[17] 2025 First Half Trade Receivables | Indicator | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Trade receivables | 113,081 | 166,055 | | Amount recovered (as of July 31) | 67,730 | - | | Trade receivables turnover days | 77.9 days | 82.7 days | Trade Payables Trade payables decreased to HK$94,320,000, with credit periods ranging from 30 to 90 days, and a slight increase in turnover days - Trade payables are mainly related to the purchase of raw materials from suppliers, with credit periods ranging from 30 to 90 days[18] 2025 First Half Trade Payables | Indicator | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Trade payables | 94,320 | 116,514 | | Trade payables turnover days | 71.5 days | 64.7 days | Liquidity, Indebtedness and Charges on Assets The Group maintained an ideal level of liquidity, with sufficient net current assets and cash balances. Bank borrowings increased, some assets were pledged, and the gearing ratio remained stable - Bank balances and cash are primarily held in US dollars (49.6%), Renminbi (33.6%), and Hong Kong dollars (16.7%)[19] - Some bank borrowings are secured by assets with a total book value of HK$76,662,000, including the Dongguan factory land, property, and bills receivable[20] 2025 First Half Liquidity and Indebtedness | Indicator | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Net current assets | 288,376 | 297,079 | | Bank balances and cash | 200,205 | 222,249 | | Outstanding bank borrowings | 73,306 | 67,783 | | Gearing ratio | 0.06 | 0.06 | Treasury The Group adopts a prudent treasury policy, with sales primarily settled in US dollars, Hong Kong dollars, and Renminbi. As production costs are mainly settled in Renminbi, fluctuations in the Renminbi exchange rate may impact costs, but no financial instruments were used for hedging purposes during the period - The Group's sales are primarily settled in US dollars (40.1%), Hong Kong dollars (31.2%), and Renminbi (28.7%)[21] - As production facilities are located in mainland China, labor costs and manufacturing overheads are mainly settled in Renminbi, and fluctuations in the Renminbi exchange rate can impact overall production costs[21] - During the review period, the Group did not use any financial instruments for hedging purposes, and there were no hedging instruments as of June 30, 2025[22] Capital Commitments The Group's contracted but unprovided capital expenditure amounted to HK$49,437,000, primarily for the acquisition of property, plant and equipment, and land use rights 2025 First Half Capital Commitments | Indicator | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Capital expenditure | 49,437 | 46,935 | | Primary Use | Acquisition of property, plant and equipment, and land use rights | | Contingent Liabilities The Group had no other significant contingent liabilities apart from corporate guarantees granted to wholly-owned subsidiaries - The Group had no other significant contingent liabilities as of June 30, 2025, except for corporate guarantees[24] Employees and Remuneration Policy The Group's total number of employees decreased to 2,202, while staff costs increased. Remuneration policy is based on Group performance and individual performance, and provides medical and retirement benefits - Employee remuneration includes salaries and discretionary bonuses, determined based on Group performance and individual performance, and provides medical and retirement benefit plans[25] 2025 First Half Employees and Remuneration | Indicator | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Total number of employees | 2,202 | 2,408 | | Staff costs | HK$140,126,000 | HK$124,708,000 | Outlook Facing continued global economic challenges in the second half of 2025, the Group will continue to take measures to address them, and will prioritize revenue enhancement, long-term profitability, improved operational efficiency, and optimal resource utilization to achieve sustainable growth - In the second half of 2025, the global economy continues to face challenges such as the US-China tariff war, trade sanctions, conflicts, and geopolitical tensions[26] - The Group will focus on enhancing revenue, ensuring long-term profitability, improving operational efficiency, and optimizing resource utilization to achieve sustainable growth[26] Condensed Consolidated Financial Statements Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income This statement presents the Group's condensed consolidated statement of profit or loss and other comprehensive income for the six months ended June 30, 2025, showing a turn from profit to loss for the period, but with a positive impact from exchange differences Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30, 2025) | | For the six months | | | :--- | :--- | :--- | | | 2025 | 2024 | | | June 30 | June 30 | | Note | HK$ Thousand | HK$ Thousand | | | (Unaudited) | (Unaudited) | | Revenue | 3 | 324,228 | 322,245 | | Cost of sales | | (266,720) | (253,686) | | Gross Profit | | 57,508 | 68,559 | | Other income | | 3,945 | 7,826 | | Other gains and losses | | 517 | 2,251 | | Impairment loss reversal on financial assets under expected credit loss model | | 1,230 | 46 | | Selling and distribution costs | | (6,248) | (6,923) | | Administrative and other expenses | | (53,643) | (48,924) | | Research and development expenses | | (15,414) | (8,687) | | Finance costs | | (1,143) | (1,565) | | (Loss) Profit before tax | 4 | (13,248) | 12,583 | | Tax | 5 | (573) | (3,328) | | (Loss) Profit for the period | | (13,821) | 9,255 | | Other comprehensive income (expense) for the period | | | | | Items that may be reclassified subsequently to profit or loss | | | | | - Exchange differences on translation of foreign operations | | 28,806 | (23,378) | | Total comprehensive income (expense) for the period | | 14,985 | (14,123) | | (Loss) Earnings per share - Basic | 7 | (2.3 HK Cents) | 1.5 HK Cents | Condensed Consolidated Statement of Financial Position This statement presents the Group's condensed consolidated statement of financial position as of June 30, 2025, showing an increase in total assets and shareholders' equity, and robust net current assets Condensed Consolidated Statement of Financial Position (As of June 30, 2025) | | | 2025 | 2024 | | :--- | :--- | :--- | :--- | | | | June 30 | December 31 | | | Note | HK$ Thousand | HK$ Thousand | | | | (Unaudited) | (Audited) | | Non-current assets | | | | | Property, plant and equipment | | 589,435 | 553,631 | | Right-of-use assets | | 60,474 | 56,236 | | Deposits for non-current assets paid | | 23,742 | 29,388 | | Deposits and prepayments for a life insurance policy | | - | 8,850 | | | | 673,651 | 648,105 | | Current assets | | | | | Inventories | | 74,995 | 64,244 | | Trade and other receivables | 8 | 215,263 | 231,926 | | Recoverable tax | | 3,139 | 3,221 | | Short-term bank deposits | | 70,650 | 97,637 | | Bank balances and cash | | 129,555 | 124,612 | | | | 493,602 | 521,640 | | Current liabilities | | | | | Trade and other payables | 9 | 128,414 | 154,823 | | Tax payable | | 1,212 | 1,096 | | Bank borrowings | | 73,306 | 67,783 | | Lease liabilities | | 2,294 | 859 | | | | 205,226 | 224,561 | | Net current assets | | 288,376 | 297,079 | | Total assets less current liabilities | | 962,027 | 945,184 | | Non-current liabilities | | | | | Lease liabilities | | 4,307 | 2,449 | | Net assets | | 957,720 | 942,735 | | Capital and reserves | | | | | Share capital | | 60,000 | 60,000 | | Reserves | | 897,720 | 882,735 | | Total equity | | 957,720 | 942,735 | Notes Basis of Preparation The condensed consolidated financial statements are prepared in accordance with HKAS 34 and the HKEX Listing Rules, and presented in Hong Kong dollars - The condensed consolidated financial statements are prepared in compliance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants and the applicable disclosure requirements of the HKEX Listing Rules[29] - The condensed consolidated financial statements are presented in Hong Kong dollars, which is the same as the Company's functional currency[30] Accounting Policies The condensed consolidated financial statements are prepared on a historical cost basis, and the accounting policies adopted are consistent with those of the previous year's consolidated financial statements, except for the application of amendments to Hong Kong Financial Reporting Standards - The condensed consolidated financial statements are prepared on a historical cost basis[31] Application of Amendments to Hong Kong Financial Reporting Standards HKAS 21 (Amendment) "Lack of Exchangeability" was first applied in this interim period, but it had no significant impact on the Group's financial position and performance - HKAS 21 (Amendment) "Lack of Exchangeability" was first applied in this interim period[32] - The application of amendments to Hong Kong Financial Reporting Standards had no significant impact on the Group's financial position and performance for the current and prior periods[32] Revenue and Segment Information The Group is engaged in the manufacturing and sale of stainless steel products, with revenue analyzed by product category and customer location, but only entity-wide disclosures are presented - The Group is engaged in the manufacturing and sale of high-grade stainless steel products, with revenue recognized at the point in time when goods are transferred to customers[33] - Revenue analysis focuses on segmentation by product (mobile phone casings and components, watch straps, smart wearable device casings and components, fashion jewelry) and customer geographical location[33] Revenue by Major Products Among the Group's major product revenues, revenue from smart wearable device casings and components grew significantly, while revenue from mobile phone casings and components, watch straps, and fashion jewelry all decreased Revenue by Product (For the six months ended June 30, 2025) | Product Category | 2025 First Half (HK$ Thousand) | 2024 First Half (HK$ Thousand) | | :--- | :--- | :--- | | Mobile phone casings and components | 139,652 | 152,124 | | Watch straps | 93,794 | 99,701 | | Smart wearable device casings and components | 81,314 | 52,564 | | Fashion jewelry | 9,468 | 17,856 | | Total | 324,228 | 322,245 | Geographical Information The Group's revenue from China increased, while revenue from Switzerland, Hong Kong, Liechtenstein, and other European countries decreased Revenue by Region (For the six months ended June 30, 2025) | Region | 2025 First Half (HK$ Thousand) | 2024 First Half (HK$ Thousand) | | :--- | :--- | :--- | | China | 158,331 | 138,145 | | Switzerland | 84,906 | 94,669 | | Hong Kong | 41,760 | 45,734 | | Vietnam | 17,396 | 15,684 | | Liechtenstein and other European countries | 8,748 | 17,529 | | Taiwan | 6,281 | 7,229 | | Other countries | 6,806 | 3,255 | | Total | 324,228 | 322,245 | (Loss) Profit Before Tax This section details the various expenses and incomes deducted or included in the calculation of (loss) profit before tax, including staff costs, depreciation, interest, and exchange gains/losses (Loss) Profit Before Tax Composition (For the six months ended June 30, 2025) | Item | 2025 First Half (HK$ Thousand) | 2024 First Half (HK$ Thousand) | | :--- | :--- | :--- | | Total staff costs | 140,126 | 124,708 | | Depreciation of property, plant and equipment | 24,826 | 25,918 | | Depreciation of right-of-use assets | 2,007 | 2,080 | | Finance costs | 1,143 | 1,565 | | Loss on disposal of property, plant and equipment | 201 | 594 | | Net exchange loss (gain) | 130 | (2,845) | | Gain on surrender of a life insurance policy | (848) | - | Tax This section describes the tax policies applicable to the Group in Hong Kong and mainland China, including Hong Kong Profits Tax's two-tiered system, China Corporate Income Tax's preferential policies, and super deduction for R&D expenses 2025 First Half Tax Expense | Tax Category | 2025 First Half (HK$ Thousand) | 2024 First Half (HK$ Thousand) | | :--- | :--- | :--- | | Hong Kong Profits Tax (current period) | 200 | 3,188 | | China Corporate Income Tax (current period) | 568 | 288 | | China Corporate Income Tax (over-provision in prior years) | (195) | (148) | | Total Tax Expense | 573 | 3,328 | Hong Kong Profits Tax Hong Kong Profits Tax implements a two-tiered system, where eligible entities are taxed at 8.25% on the first HK$2 million of assessable profits and 16.5% on the excess - Hong Kong Profits Tax two-tiered system: 8.25% for the first HK$2 million of assessable profits, and 16.5% for the portion exceeding HK$2 million[38] China Corporate Income Tax China Group entities' tax rate is 25%, with some high-tech enterprises enjoying a 15% preferential tax rate and eligible for a 200% super deduction for R&D expenses - The corporate income tax rate for China Group entities is 25%[39] - Certain Chinese subsidiaries have been granted high-tech enterprise certificates, qualifying them for a 15% tax rate for the three years ending December 31, 2025[39] - Enterprises engaged in R&D activities are entitled to claim 200% of their eligible R&D expenses as deductible expenses (super deduction)[39] Dividends The Company's Board of Directors did not recommend a final dividend for 2024, nor declared an interim dividend for the first half of 2025 - The Company's Board of Directors did not recommend a final dividend for the year ended December 31, 2024 (2024: 2.0 HK cents per ordinary share)[40] - The Company's Board of Directors resolved not to declare an interim dividend for the six months ended June 30, 2025 (2024: HK$3,000,000)[40] (Loss) Earnings Per Share The Group's basic loss per share for the first half of 2025 was 2.3 HK cents, compared to basic earnings per share of 1.5 HK cents in the same period last year - Diluted (loss) earnings per share are not presented as there were no potential ordinary shares outstanding for both periods[41] 2025 First Half (Loss) Earnings Per Share | Indicator | 2025 First Half | 2024 First Half | | :--- | :--- | :--- | | (Loss) Profit used to calculate basic (loss) earnings per share | (13,821) HK$ Thousand | 9,255 HK$ Thousand | | Weighted average number of shares | 600,000,000 | 600,000,000 | | Basic (loss) earnings per share | (2.3 HK Cents) | 1.5 HK Cents | Trade and Other Receivables The Group's total trade and other receivables amounted to HK$215,263,000, with trade receivables and bills receivable being the main components, and an aging analysis is provided - As of June 30, 2025, the Group held bills receivable totaling HK$79,882,000, of which HK$48,986,000 were discounted with recourse[43] Trade and Other Receivables Composition (As of June 30, 2025) | Item | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Trade receivables (net of allowance) | 113,081 | 166,055 | | Bills receivable (net of allowance) | 79,882 | 41,018 | | VAT receivables | 16,281 | 18,094 | | Prepayments and deposits | 3,206 | 4,165 | | Refundable lease deposits | 502 | 330 | | Others | 2,311 | 2,264 | | Total Trade and Other Receivables | 215,263 | 231,926 | Trade Receivables Ageing Analysis (As of June 30, 2025) | Ageing | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | 0 to 30 days | 39,877 | 56,788 | | 31 to 60 days | 44,180 | 50,620 | | 61 to 90 days | 20,989 | 32,238 | | Over 90 days | 8,035 | 26,409 | | Total | 113,081 | 166,055 | Trade and Other Payables The Group's total trade and other payables amounted to HK$128,414,000, with trade payables being the main component, and an aging analysis is provided Trade and Other Payables Composition (As of June 30, 2025) | Item | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Trade payables | 94,320 | 116,514 | | Wages and welfare payables | 16,039 | 19,029 | | VAT payable | 456 | 355 | | Commission and other payables to agents | 3,891 | 3,977 | | Payables for acquisition of property, plant and equipment | 5,368 | 5,729 | | Other tax payables | 976 | 748 | | Accrued expenses | 6,098 | 6,552 | | Interest payable | 176 | 91 | | Others | 1,090 | 1,828 | | Total | 128,414 | 154,823 | Trade Payables Ageing Analysis (As of June 30, 2025) | Ageing | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | 0 to 30 days | 15,637 | 27,961 | | 31 to 60 days | 20,856 | 29,130 | | 61 to 90 days | 29,830 | 31,342 | | Over 90 days | 28,081 | 27,997 | | Total | 94,320 | 116,514 | Corporate Governance and Other Information Corporate Governance The Company is committed to maintaining high standards of corporate governance and has complied with all applicable provisions of the Corporate Governance Code set out in Appendix C1 of the Listing Rules during the review period - The Company is committed to establishing and maintaining high standards of corporate governance and has complied with all applicable provisions of the Corporate Governance Code set out in Appendix C1 of the Listing Rules[46] Purchase, Sale or Redemption of the Company’s Listed Securities During the six months ended June 30, 2025, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - During the six months ended June 30, 2025, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[47] Standard Code for Securities Transactions by Directors The Company has adopted the Standard Code set out in Appendix C3 of the Listing Rules, and all Directors have confirmed compliance with the Code throughout the review period - The Company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers set out in Appendix C3 of the Listing Rules[48] - All Directors have confirmed their compliance with the required standards set out in the Standard Code during the six months ended June 30, 2025[48] Review of Interim Results The Group's interim results for the six months ended June 30, 2025, are unaudited but have been reviewed by Deloitte Touche Tohmatsu and the Company's Audit Committee - The Group's interim results for the six months ended June 30, 2025, are unaudited but have been reviewed by Deloitte Touche Tohmatsu in accordance with Hong Kong Standard on Review Engagements 2410[49] - The interim results have also been reviewed by the Company's Audit Committee[49] Interim Dividend The Board of Directors did not recommend an interim dividend for the six months ended June 30, 2025 - The Board of Directors did not recommend an interim dividend for the six months ended June 30, 2025 (2024: 0.5 HK cents)[50] Other Acknowledgement The Board of Directors sincerely thanks all customers, suppliers, shareholders, and Group employees for their support and contributions during the period - The Board of Directors sincerely thanks all customers, suppliers, and shareholders for their continuous support to the Group, and also expresses gratitude to the Group's diligent employees for their contributions during the period[51] Board of Directors As of the date of this announcement, the Board of Directors comprises six executive directors and three independent non-executive directors - As of the date of this announcement, the Board of Directors includes six executive directors (Mr. Yao Hon Ming, Mr. Yao Tat Sing, Mr. Li Chin Keung, Ms. Lo Wai Ping, Mr. Chow Kam Wing, and Ms. Yao Ho Ting) and three independent non-executive directors (Mr. Hou Pak Kin, Professor Wong Lung Tak Patrick, and Mr. Wu Ming Lin)[53]