中国铸晨81(00810) - 2025 - 中期业绩

Condensed Consolidated Financial Statements This section presents the unaudited condensed consolidated financial statements for the six months ended June 30, 2025, showing a significant reduction in loss but a decrease in total assets and net current assets Condensed Consolidated Income Statement For the six months ended June 30, 2025, both operating loss and loss for the period significantly narrowed, primarily due to a turnaround from loss to gain in financial assets at fair value through profit or loss Condensed Consolidated Income Statement | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Total operating income | 3,465 | 16,054 | (12,589) | -78.42% | | Dividend income from financial assets | 147 | 165 | (18) | -10.91% | | Net gains/(losses) on financial assets | 2,159 | (8,265) | 10,424 | N/A | | Other income | – | 82 | (82) | -100.00% | | Other gains and losses | 1 | 215 | (214) | -99.53% | | Administrative expenses | (5,539) | (5,987) | 448 | -7.48% | | Other operating expenses | (585) | (571) | (14) | 2.45% | | Operating loss | (3,817) | (14,361) | 10,544 | -73.42% | | Loss before tax | (3,817) | (14,370) | 10,553 | -73.44% | | Loss for the period attributable to owners of the Company | (3,817) | (14,370) | 10,553 | -73.44% | | Basic loss per share (HKD cents) | (2.25) | (10.16) | 7.91 | -77.85% | Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income For the six months ended June 30, 2025, the total comprehensive loss for the period significantly narrowed to HKD 3,817 thousand from HKD 14,370 thousand in the prior year Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Loss for the period | (3,817) | (14,370) | 10,553 | -73.44% | | Other comprehensive income for the period (net of tax) | – | – | – | N/A | | Total comprehensive loss for the period attributable to owners of the Company | (3,817) | (14,370) | 10,553 | -73.44% | Condensed Consolidated Statement of Financial Position As of June 30, 2025, total assets and net current assets decreased, mainly due to a reduction in bank and cash balances, while total equity remained stable and total liabilities significantly reduced Condensed Consolidated Statement of Financial Position | Indicator | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Assets | | | | | | Non-current assets | 15,545 | 16,108 | (563) | -3.50% | | Current assets | 13,225 | 16,990 | (3,765) | -22.16% | | Total assets | 28,770 | 33,098 | (4,328) | -13.08% | | Equity and Liabilities | | | | | | Total equity | 28,045 | 31,862 | (3,817) | -11.98% | | Total liabilities | 725 | 1,236 | (511) | -41.34% | | Total equity and liabilities | 28,770 | 33,098 | (4,328) | -13.08% | | Net current assets | 12,500 | 15,754 | (3,254) | -20.65% | | Net asset value per share (HKD) | 0.17 | 0.19 | (0.02) | -10.53% | Notes to the Condensed Consolidated Financial Statements This section details the basis of preparation, accounting policies, segment information, and specific components and changes in financial data, providing essential supplementary information for understanding the financial statements 1. Basis of Preparation The condensed consolidated financial statements are prepared in accordance with HKAS 34 and the Listing Rules, with accounting policies consistent with the 2024 annual financial statements - The condensed consolidated financial statements are prepared in compliance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" and the disclosure requirements of the Listing Rules[7] - Except for specific amendments, accounting policies and calculation methods remain consistent with the financial statements for the year ended December 31, 2024[7] 2. New and Revised Hong Kong Financial Reporting Standards The Group first adopted HKAS 21 (Amendment) "Lack of Exchangeability" from January 1, 2025, without resulting in changes to accounting policies or retrospective adjustments - The Group first adopted Hong Kong Accounting Standard 21 (Amendment) "Lack of Exchangeability" from January 1, 2025[8] - The adoption of the new revised standard did not result in changes to accounting policies or retrospective adjustments[8] 3. Segment Information The Group's principal business is investing in equity and debt instruments, managed on a portfolio basis, thus no segment information is presented, with all revenue and non-current assets (excluding financial assets) originating from Hong Kong - The Group's principal business is investing in equity and debt instruments, with management reviewing investments on a portfolio basis, hence no segment information is presented[9] - All the Group's revenue and non-current assets (excluding financial assets at fair value through profit or loss) originate from Hong Kong[9] 4. Total Operating Income For the six months ended June 30, 2025, total operating income significantly decreased, primarily due to reduced proceeds from the disposal of financial assets at fair value through profit or loss Total Operating Income | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Proceeds from disposal of financial assets at fair value through profit or loss | 3,318 | 15,889 | (12,571) | -79.12% | | Dividend income from financial assets at fair value through profit or loss | 147 | 165 | (18) | -10.91% | | Total | 3,465 | 16,054 | (12,589) | -78.42% | 5. Other Income For the six months ended June 30, 2025, the company had no other income, whereas the prior year's period mainly included bank interest and miscellaneous income Other Income | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Bank interest income | – | 77 | (77) | -100.00% | | Miscellaneous income | – | 5 | (5) | -100.00% | | Total | – | 82 | (82) | -100.00% | 6. Other Gains and Losses For the six months ended June 30, 2025, other gains and losses were only HKD 1 thousand, a significant decrease from HKD 215 thousand in the prior year, mainly due to gains from disposal of property, plant and equipment and write-off of accrued expenses in the prior period Other Gains and Losses | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Exchange gains | 1 | – | 1 | N/A | | Gains on disposal of property, plant and equipment | – | 40 | (40) | -100.00% | | Write-off of accrued expenses | – | 175 | (175) | -100.00% | | Total | 1 | 215 | (214) | -99.53% | 7. Loss for the Period Attributable to Owners of the Company The loss for the period was primarily influenced by employee benefit expenses, depreciation, and investment management fees, with employee benefit expenses remaining stable Loss for the Period Attributable to Owners of the Company | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Depreciation | 270 | 272 | (2) | -0.74% | | Donations | – | 2 | (2) | -100.00% | | Employee benefit expenses | 4,288 | 4,268 | 20 | 0.47% | | Custodian fees | 5 | 45 | (40) | -88.89% | | Investment management fees | 195 | 195 | – | 0.00% | 8. Income Tax Expense No Hong Kong profits tax provision was required as the Group had no assessable profits in both reporting periods - The Group had no assessable profits in both the first half of 2025 and 2024, thus no Hong Kong profits tax provision was required[13] 9. Dividends For the six months ended June 30, 2025, the company neither paid, declared, nor proposed any dividends, consistent with the prior year - For the six months ended June 30, 2025, the company neither paid, declared, nor proposed any dividends[14] 10. Loss Per Share Attributable to Owners of the Company For the six months ended June 30, 2025, basic loss per share significantly narrowed to HKD 2.25 cents from HKD 10.16 cents in the prior year, mainly due to reduced loss for the period, with diluted loss per share being the same as basic loss per share due to the absence of potentially dilutive ordinary shares Loss Per Share Attributable to Owners of the Company | Indicator | 2025 (HKD cents) | 2024 (HKD cents) | Change (HKD cents) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Basic loss per share | (2.25) | (10.16) | 7.91 | -77.85% | | Diluted loss per share | (2.25) | (10.16) | 7.91 | -77.85% | - Basic loss per share is calculated based on a loss for the period of approximately HKD 3,817,000 and a weighted average of 169,707,187 ordinary shares outstanding[15] - Diluted loss per share is the same as basic loss per share due to the absence of potentially dilutive ordinary shares[16] 11. Financial Assets at Fair Value Through Profit or Loss As of June 30, 2025, the total financial assets at fair value through profit or loss slightly increased, primarily comprising Hong Kong listed equity securities, one of which was suspended from trading Financial Assets at Fair Value Through Profit or Loss | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Hong Kong listed equity securities | 20,233 | 20,065 | 168 | 0.84% | | - Current assets | 12,169 | 11,707 | 462 | 3.95% | | - Non-current assets | 8,064 | 8,358 | (294) | -3.52% | - The fair value of Hong Kong listed equity securities is primarily based on market quotations, but includes one security suspended from trading since April 2, 2024[17] 12. Share Capital As of June 30, 2025, the company's authorized and issued and fully paid share capital remained unchanged Share Capital | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Authorized share capital (20,000,000,000 ordinary shares of HKD 0.01 each) | 200,000 | 200,000 | | Issued and fully paid share capital (169,707,187 ordinary shares of HKD 0.01 each) | 1,697 | 1,697 | 13. Net Asset Value Per Share As of June 30, 2025, net asset value per share decreased to HKD 0.17 from HKD 0.19 as of December 31, 2024, primarily due to a reduction in net assets Net Asset Value Per Share | Indicator | June 30, 2025 | December 31, 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Net assets (HKD thousands) | 28,045 | 31,862 | (3,817) | -11.98% | | Number of issued ordinary shares | 169,707,187 | 169,707,187 | – | 0.00% | | Net asset value per share (HKD) | 0.17 | 0.19 | (0.02) | -10.53% | 14. Events After the Reporting Period As of the approval date of the condensed consolidated financial statements, financial assets at fair value through profit or loss as of June 30, 2025, generated a net gain of approximately HKD 2,300,000 - As of the approval date of the condensed consolidated financial statements, financial assets at fair value through profit or loss as of June 30, 2025, generated a net gain of approximately HKD 2,300,000[20] Management Discussion and Analysis This section reviews the operating performance and macroeconomic environment for the first half of 2025, analyzes changes in financial indicators, and outlines future investment strategies and market outlook, emphasizing diversified investment and strengthening financial position Interim Dividend The Board does not recommend paying an interim dividend for the period ended June 30, 2025, consistent with the first half of 2024 - The Board does not recommend paying an interim dividend for the period ended June 30, 2025[21] Key Performance Indicators As of June 30, 2025, the company's net assets decreased to approximately HKD 28,000,000, with net asset value per share at HKD 0.17, primarily due to the operating loss recorded during the period Key Performance Indicators | Indicator | June 30, 2025 | December 31, 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Net assets (approx., HKD) | 28,000,000 | 31,900,000 | (3,900,000) | -12.23% | | Net asset value per share (HKD) | 0.17 | 0.19 | (0.02) | -10.53% | - The decrease in net assets is primarily attributed to an operating loss of approximately HKD 3,800,000 recorded during the period[22] Investment Portfolio Review As of June 30, 2025, the investment portfolio primarily consisted of Hong Kong listed equities, totaling approximately HKD 20,200,000, largely consistent with the end of 2024 Investment Portfolio Review | Item | June 30, 2025 (approx., HKD) | December 31, 2024 (approx., HKD) | Change (approx., HKD) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Financial assets at fair value through profit or loss investment portfolio | 20,200,000 | 20,100,000 | 100,000 | 0.50% | | - Current portion | 12,100,000 | 11,700,000 | 400,000 | 3.42% | | - Non-current portion | 8,100,000 | 8,400,000 | (300,000) | -3.57% | Details of Major Investments The Group's major investments include several Hong Kong listed equities, with Xiangxian International Holdings Limited having the largest proportion of total assets, and Xiaomi Corporation and HSBC Holdings plc showing higher unrealized gains Details of Major Investments | Investment Name | Carrying Amount (HKD thousands) | Unrealized Fair Value Gains/(Losses) (HKD thousands) | Dividends Received (HKD thousands) | Percentage of Group's Total Assets | | :--- | :--- | :--- | :--- | :--- | | Xiangxian International Holdings Limited | 8,064 | (4,636) | – | 28.03% | | Xiaomi Corporation | 3,597 | 2,402 | – | 12.50% | | Luchi Culture Co Ltd | 1,738 | (2,757) | – | 6.04% | | HSBC Holdings plc | 1,900 | 490 | 71 | 6.60% | | Chow Tai Fook Jewellery Group Limited | 1,788 | 786 | – | 6.21% | | China Mobile Limited | 1,742 | 344 | 50 | 6.05% | | China Life Insurance Company Limited | 942 | 475 | – | 3.27% | | Longfor Group Holdings Limited | 463 | (81) | 12 | 1.61% | | Total | 20,234 | (2,977) | 133 | | Operations Review In the first half of 2025, global stock markets rose, with China's market driven by stimulus and AI advancements, leading to a 20% and 18.7% increase in the Hang Seng Index and Hang Seng Tech Index, respectively; however, the Group's listed equity investment portfolio recorded a net fair value gain of approximately HKD 2,200,000, underperforming the market due to the rally concentrating on major constituent stocks - In the first half of 2025, global stock markets generally rose, with China's stock market driven by government stimulus measures and advancements in artificial intelligence[25][26] - The Hong Kong Hang Seng Index and Hang Seng Tech Index increased by 20% and 18.7% respectively[26] - The Group's listed equity investment portfolio recorded a net fair value gain of approximately HKD 2,200,000, but underperformed the market as the rally primarily concentrated on major Hang Seng Index constituent stocks[26] Total Operating Income Despite the rise in the Hong Kong stock market, geopolitical tensions, tariffs, and inflation pressured its performance, leading to a decrease in total proceeds from investment disposals and investment income to approximately HKD 3,300,000 during the period - Despite the rise in the Hong Kong stock market, its performance was pressured by external uncertainties such as geopolitical tensions, tariffs, and inflation[27] - Total proceeds from investment disposals and investment income decreased to approximately HKD 3,300,000 during the period (first half of 2024: approximately HKD 15,900,000)[27] Revenue Interim revenue, primarily from listed securities dividend income, decreased to approximately HKD 147,000 during the period, partly due to reduced dividends from certain investee companies - Interim revenue, primarily from listed securities dividend income, decreased to approximately HKD 147,000 during the period (first half of 2024: HKD 165,000)[28] - The decrease in revenue is partly attributed to reduced dividends from certain investee companies[28] Operating Loss The interim operating loss was approximately HKD 3,800,000, a significant reduction from HKD 14,400,000 in the prior year, mainly due to a turnaround from loss to gain in fair value changes of financial assets at fair value through profit or loss - The interim operating loss was approximately HKD 3,800,000 (first half of 2024: HKD 14,400,000), representing a significant reduction[29] - The reduction in operating loss is primarily due to the net fair value change of financial assets at fair value through profit or loss turning from a loss to a gain[29] Net Gains/(Losses) on Financial Assets at Fair Value Through Profit or Loss As of June 30, 2025, the listed equity investment portfolio recorded a net fair value gain of approximately HKD 2,200,000, compared to a net loss of approximately HKD 8,300,000 in the prior period, consistent with the upward trend of the Hang Seng Index and Hang Seng Tech Index - The listed equity investment portfolio recorded a net fair value gain of approximately HKD 2,200,000, compared to a net loss of approximately HKD 8,300,000 in the prior period[30] - This performance is consistent with the market movements, where the Hang Seng Index and Hang Seng Tech Index rose by 20% and 18.7% respectively[30] Other Income Other income for the current period was negligible, while the prior period primarily included bank interest income and miscellaneous income - Other income for the current period was negligible, whereas the prior period primarily included bank interest income and miscellaneous income[31] Other Gains and Losses Other gains and losses for the current period were negligible, while the prior period primarily included gains from disposal of property, plant and equipment and write-off of accrued expenses - Other gains and losses for the current period were negligible, whereas the prior period primarily included gains from disposal of property, plant and equipment and write-off of accrued expenses[32] Administrative and Other Operating Expenses Administrative expenses were approximately HKD 5,500,000, a decrease from the prior year due to lower operating costs, while other operating expenses remained stable Administrative and Other Operating Expenses | Item | 2025 (approx., HKD) | 2024 (approx., HKD) | Change (approx., HKD) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Administrative expenses | 5,500,000 | 6,000,000 | (500,000) | -8.33% | | Employee benefit expenses | 4,300,000 | 4,300,000 | – | 0.00% | | Other operating expenses | 600,000 | 600,000 | – | 0.00% | - The decrease in administrative expenses is primarily due to a reduction in the Group's operating costs[33] Interest in an Associate The Group holds a 30% equity interest in Superb King Limited and its subsidiaries, which had no carrying value at the reporting date - The Group holds a 30% equity interest in Superb King Limited and its subsidiaries[34] - This interest had no carrying value at the reporting date[34] Outlook Despite short-term global market challenges from geopolitics, tariffs, and inflation, investments in AI technology are expected to yield significant returns, and Hong Kong's "Stablecoin Ordinance" will strengthen digital asset regulation; the company will continue prudent and active investment, emphasizing diversification and considering strengthening its financial position - Global markets in the short term remain affected by geopolitical tensions, tariffs, inflation, interest rate, and monetary policy fluctuations[35] - Investments in artificial intelligence technology are expected to yield substantial returns, especially as costs decrease and applications expand from digital to physical domains[35] - Hong Kong's "Stablecoin Ordinance" became effective on August 1, 2025, establishing a licensing regime for fiat-backed stablecoin issuers, reinforcing Hong Kong's status as an international financial center[35] - The company will continue its investment activities in a prudent yet proactive manner, emphasizing diversified investment to manage risks in the second half of the year, and considering strengthening its financial position[36] Financial Resources and Liquidity As of June 30, 2025, bank and cash balances and net current assets both decreased, primarily due to net cash used in operating activities, with the Group having no capital commitments Financial Resources and Liquidity | Indicator | June 30, 2025 (approx., HKD) | December 31, 2024 (approx., HKD) | Change (approx., HKD) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Bank and cash balances | 300,000 | 4,300,000 | (4,000,000) | -93.02% | | Net current assets | 12,500,000 | 15,800,000 | (3,300,000) | -20.89% | - The decrease in bank and cash balances is primarily attributed to net cash used in operating activities[37] - The Group had no capital commitments as of June 30, 2025[37] - As of June 30, 2025, the Group's capital gearing ratio was approximately zero (December 31, 2024: 0.2%)[38] Use of Net Proceeds from Placing As of June 30, 2025, the company had fully utilized the net proceeds of approximately HKD 4,120,000 from the placing for potential investments and general working capital - On December 13, 2024, the company placed 28,284,000 new ordinary shares, raising net proceeds of approximately HKD 4,120,000[39] - As of June 30, 2025, the net proceeds from the placing have been fully utilized for potential investments and general working capital[39][40] Use of Net Proceeds from Placing | Intended Use of Net Proceeds | Intended Use (HKD millions) | Amount Utilized as of December 31, 2024 (HKD millions) | Amount Utilized as of June 30, 2025 (HKD millions) | Unutilized Net Proceeds as of June 30, 2025 (HKD millions) | | :--- | :--- | :--- | :--- | :--- | | Potential investments | 2.00 | (0.68) | (1.32) | – | | General working capital | 2.12 | – | (2.12) | – | | Total | 4.12 | (0.68) | (3.44) | – | Property, Plant and Equipment As of June 30, 2025, the value of property, plant and equipment was approximately HKD 7,500,000, with no additions during the period Property, Plant and Equipment | Item | June 30, 2025 (approx., HKD) | December 31, 2024 (approx., HKD) | Change (approx., HKD) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Value of property, plant and equipment | 7,500,000 | 7,800,000 | (300,000) | -3.85% | - There were no additions to property, plant and equipment during the period[41] Material Acquisitions and Disposals During the period, the Group did not undertake any material acquisitions or disposals involving major subsidiaries - The Group did not undertake any material acquisitions or disposals involving major subsidiaries during the period[42] Capital Structure As of the reporting date, the total number of issued shares of the company remained at 169,707,187 shares, with a par value of HKD 0.01 each - As of the reporting date, the total number of issued shares of the company remained at 169,707,187 shares, with a par value of HKD 0.01 each[43] Share Option Scheme During the period, no share options lapsed, were granted, exercised, or cancelled, and there were no outstanding share options as of June 30, 2025 - During the period, no share options lapsed, were granted, exercised, or cancelled[44] - As of June 30, 2025, there were no outstanding share options[44] Events After the Reporting Period As of the approval date of the condensed consolidated financial statements, financial assets at fair value through profit or loss as of June 30, 2025, generated a net gain of approximately HKD 2,300,000 - As of the approval date of the condensed consolidated financial statements, financial assets at fair value through profit or loss as of June 30, 2025, generated a net gain of approximately HKD 2,300,000[45] Foreign Exchange Risk The Board believes the Group is not exposed to significant foreign exchange fluctuation risk as the investment portfolio primarily consists of Hong Kong listed equities denominated in HKD - The investment portfolio primarily consists of Hong Kong listed equities, with other funds mainly denominated in HKD[46] - The Board believes the Group is not exposed to significant foreign exchange fluctuation risk as of the reporting date[46] Borrowings and Pledges of Group Assets As of June 30, 2025, the Group had not pledged its leasehold land and buildings for any bank loans, unlike December 31, 2024 - As of June 30, 2025, the Group had not pledged its leasehold land and buildings for any bank loans[47] - As of December 31, 2024, the Group had pledged leasehold land and buildings with a carrying value of HKD 7,800,000 for bank loans of HKD 300,000[47] Human Resources As of June 30, 2025, the company's employee count remained at 15, with remuneration packages aligned with market practices and determined by performance and experience - As of June 30, 2025, the company's employee count was 15, consistent with December 31, 2024[48] - Remuneration packages for employees and directors are consistent with current market practices and determined by performance and experience[48] Corporate Governance This section outlines the company's commitment to corporate governance, discloses two exceptions to the Corporate Governance Code, and describes the composition and responsibilities of the Audit, Remuneration, and Nomination Committees Corporate Governance Practices The company is committed to high standards of corporate governance and complies with the Corporate Governance Code in Appendix C1 of the Listing Rules, with two exceptions regarding meeting document delivery and the separation of Chairman and CEO roles - The company is committed to upholding high standards of corporate governance and complies with the Corporate Governance Code set out in Appendix C1 of the Listing Rules[49] - There are two exceptions: Code Provision C.5.8 (meeting documents not delivered three days in advance) and Code Provision C.2.1 (Chairman and Chief Executive Officer roles not separated)[49][50] - The responsibilities of the Chief Executive Officer have been assumed by other members of the Board and senior management[51] Audit Committee The Audit Committee comprises three independent non-executive directors, with Mr. Tam Yuk Sang as Chairman, responsible for reviewing accounting principles, financial reporting matters, and the interim financial statements - The Audit Committee comprises three independent non-executive directors: Mr. Tam Yuk Sang (Chairman), Dr. Ng Chi Yeung, and Ms. Law So Fun[52] - The Committee has reviewed the accounting principles and practices adopted by the company and discussed financial reporting matters, including the unaudited condensed consolidated financial statements[52] Remuneration Committee The Remuneration Committee consists of three independent non-executive directors, with Mr. Tam Yuk Sang as Chairman - The Remuneration Committee comprises three independent non-executive directors: Mr. Tam Yuk Sang (Chairman), Dr. Ng Chi Yeung, and Ms. Law So Fun[53] Nomination Committee The Nomination Committee comprises one executive director and three independent non-executive directors, with Dr. Ng Chi Yeung as Chairman - The Nomination Committee comprises Executive Director Mr. Li Kwok Leung and three independent non-executive directors: Dr. Ng Chi Yeung (Chairman), Mr. Tam Yuk Sang, and Ms. Law So Fun[54] Directors' Securities Transactions The company has adopted the Model Code in Appendix C3 of the Listing Rules as the standard for directors' securities transactions, with all directors confirming full compliance - The company has adopted the Model Code set out in Appendix C3 of the Listing Rules as the standard for directors' securities transactions[55] - For the six months ended June 30, 2025, all directors confirmed full compliance with the Model Code[55] Purchase, Sale or Redemption of the Company's Securities For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities - Neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities for the six months ended June 30, 2025[56] Other Information This section provides information on the publication channels for the interim results announcement and interim report, and includes the Board's appreciation to management and staff, and lists the Board members as of the announcement date Publication of Interim Results Announcement and Interim Report The interim results announcement has been published on the HKEX and company websites, and the interim report will be dispatched to shareholders and posted on the websites in due course - This interim results announcement has been published on the HKEX website (http://www.hkex.com.hk) and the company's website (http://www.irasia.com/listco/hk/810)[57](index=57&type=chunk) - The interim report will be dispatched to shareholders and published on the aforementioned websites in due course[57] Appreciation The Chairman of the Board, on behalf of the company, extends sincere gratitude to fellow directors, management, and staff for their support and contributions - The Chairman of the Board, on behalf of the company, extends sincere gratitude to fellow directors, management, and staff for their support and contributions[58] Board Composition As of the announcement date, August 27, 2025, the Board of Directors comprises one executive director, one non-executive director, and three independent non-executive directors - As of the announcement date, August 27, 2025, the Executive Director of the Board is Mr. Li Kwok Leung[60] - The Non-executive Director is Dr. Lam Man Chan (who also serves as Chairman)[59][60] - The Independent Non-executive Directors are Dr. Ng Chi Yeung, Mr. Tam Yuk Sang, and Ms. Law So Fun[60]