新时代集团控股(00166) - 2025 - 中期业绩

Financial Highlights The Group's financial performance for the six months ended June 30, 2025, shows increased revenue but expanded losses and a decline in equity per share | Metric | 2025 (HK$ million) | 2024 (HK$ million) | | :--- | :--- | :--- | | Revenue | 7,085.8 | 4,517.7 | | Adjusted EBITDA | (29.6) | (71.3) | | Loss before tax | (64.6) | (19.3) | | Loss for the period | (61.1) | (24.9) | | Loss per share – basic and diluted (HK$) | (0.0070) | (0.0028) | | Total equity per share (HK$) | 0.1165 | 0.1215 | - The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025[2] Condensed Consolidated Financial Statements This section presents the Group's condensed consolidated financial statements, including the statement of profit or loss, comprehensive income, and financial position Condensed Consolidated Statement of Profit or Loss The Group recorded revenue of HK$7,085.8 million in H1 2025, a 56.8% increase, but gross profit turned into a gross loss, and loss for the period expanded to HK$61.1 million Summary of Condensed Consolidated Statement of Profit or Loss (HK$ million) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | 7,085.8 | 4,517.7 | | Gross (loss)/profit | (38.9) | 33.0 | | Other income and net gains and losses | 20.5 | 33.8 | | Net investment gains/(losses) | 9.3 | (4.3) | | General and administrative expenses | (46.9) | (62.2) | | Finance costs | (8.6) | (19.6) | | Loss before tax | (64.6) | (19.3) | | Income tax credit/(expense) | 3.5 | (5.6) | | Loss for the period | (61.1) | (24.9) | | Loss per share attributable to owners of the Company – basic and diluted (HK$) | (0.0070) | (0.0028) | Condensed Consolidated Statement of Comprehensive Income In H1 2025, the Group's total comprehensive loss expanded to HK$41.5 million, primarily due to increased loss for the period, partially offset by positive foreign exchange differences Summary of Condensed Consolidated Statement of Comprehensive Income (HK$ million) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Loss for the period | (61.1) | (24.9) | | Exchange differences on translation of overseas operations | 19.6 | (7.5) | | Other comprehensive income/(loss) for the period, net of tax | 19.6 | (7.5) | | Total comprehensive loss for the period | (41.5) | (32.4) | Condensed Consolidated Statement of Financial Position As of June 30, 2025, total assets slightly increased, but a significant rise in current liabilities led to a decrease in net current assets and total equity Summary of Condensed Consolidated Statement of Financial Position (HK$ million) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total non-current assets | 692.1 | 666.3 | | Total current assets | 807.3 | 760.8 | | Total current liabilities | 302.7 | 206.1 | | Net current assets | 504.6 | 554.7 | | Total assets less current liabilities | 1,196.7 | 1,221.0 | | Total non-current liabilities | 178.1 | 158.6 | | Net assets | 1,018.6 | 1,062.4 | | Total equity | 1,018.6 | 1,062.4 | Notes to the Condensed Consolidated Interim Financial Information This section provides detailed notes to the condensed consolidated interim financial information, covering general information, accounting policies, and specific financial line items 1 General Information New Era Group Holdings Limited, listed on HKEX, primarily engages in oil and gas exploration and sales in Canada and Argentina, and precious metals trading in Hong Kong - Company's principal activities include oil and gas product exploration, extraction, and sales in Canada and Argentina, and precious metals trading and refining in Hong Kong[11][13] - This interim financial information is unaudited but has been reviewed by the Company's audit committee and approved for publication by the Board[11] 2 Basis of Preparation The condensed consolidated interim financial information is prepared in accordance with HKAS 34 and should be read in conjunction with the annual financial statements - Financial information is prepared in accordance with HKAS 34 "Interim Financial Reporting" and complies with Listing Rules disclosure requirements[12] - Financial information is presented in HK$, with all values rounded to the nearest million and one decimal place[12] 3 Accounting Policies The accounting policies adopted are consistent with the 2024 annual financial statements, with no material impact from the new HKAS 21 amendment on lack of exchangeability - The first-time adoption of HKAS 21 amendment "Lack of Exchangeability" has no material impact on the Group's condensed consolidated interim financial information[13][14] 4 Revenue and Segment Reporting The Group identifies two reportable segments: upstream energy and industrial park development, and precious metals refining and trading, with the latter contributing the majority of revenue - The Group has two reportable segments: upstream energy and industrial park development, and precious metals refining and trading[17] Reportable Segment Revenue (HK$ million) | Segment | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Upstream energy and industrial park development | 118.1 | 163.7 | -27.9% | | Precious metals refining and trading | 6,967.7 | 4,354.0 | +60.0% | | Total | 7,085.8 | 4,517.7 | +56.8% | Reportable Segment Results (HK$ million) | Segment | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Upstream energy and industrial park development | (72.1) | 1.8 | | Precious metals refining and trading | (8.6) | (13.6) | | Total | (80.7) | (11.8) | - Revenue from the precious metals refining and trading segment significantly increased by 60% to HK$6,967.7 million, while upstream energy segment revenue decreased by 27.9% to HK$118.1 million[18] - The Group's total revenue by geographical location primarily originates from Hong Kong (precious metals) and Canada (energy), with a smaller contribution from Argentina[21] 5 Other Income and Net Gains and Losses Other income and net gains and losses decreased to HK$20.5 million in H1 2025, mainly due to lower bank interest income and hyperinflation monetary adjustments Other Income and Net Gains/Losses (HK$ million) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Bank interest income | 5.6 | 12.2 | | Net gains/(losses) on derivative financial instruments | 0.4 | (5.0) | | Hyperinflation monetary adjustment | 3.2 | 10.5 | | Rental income | 6.6 | 8.5 | | Total | 20.5 | 33.8 | - Due to hyperinflation accounting for Argentina operations, hyperinflation monetary adjustment gains in H1 2025 were HK$3.2 million, a significant decrease from HK$10.5 million in H1 2024[23][24] 6 Net Investment Gains/(Losses) Net investment gains of HK$9.3 million were recorded in H1 2025, reversing the prior year's loss, primarily driven by fair value gains on listed equity securities Net Investment Gains/(Losses) (HK$ million) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net gains/(losses) on fair value of listed equity securities | 8.5 | (5.5) | | Dividend income from listed equity securities | 0.3 | 1.1 | | Total | 9.3 | (4.3) | 7 Loss Before Tax Loss before tax expanded to HK$64.6 million in H1 2025, with significant costs including cost of inventories sold, depreciation, and employee benefit expenses Major Cost Components (HK$ million) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Cost of inventories sold | 7,026.9 | 4,473.4 | | Depreciation of property, plant and equipment | 32.0 | 52.4 | | Employee benefit expenses | 46.6 | 51.7 | - In H1 2024, an asset impairment reversal of HK$111.8 million was recognized due to impairment assessment of Canadian Montney oil and gas assets as a single cash-generating unit[26] 8 Finance Costs Finance costs significantly decreased to HK$8.6 million in H1 2025, primarily due to reduced interest accretion on asset retirement obligations Finance Costs (HK$ million) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Interest accretion on asset retirement obligations | 8.2 | 16.0 | | Carbon tax deferred payment (interest reversal)/interest | (0.3) | 3.0 | | Total | 8.6 | 19.6 | 9 Income Tax Credit/(Expense) An income tax credit of HK$3.5 million was recorded in H1 2025, reflecting changes in current and deferred tax for upstream operations, with varying tax rates across jurisdictions Income Tax (HK$ million) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Current tax (credit)/provision | (2.3) | 5.1 | | Deferred tax (credited)/charged to profit or loss | (1.2) | 0.5 | | Total | (3.5) | 5.6 | - Hong Kong profits tax rate is 16.5%, Canadian corporate income tax rates range from 23% to 27%, and Argentina's corporate income tax rate is 35%[28][29] 10 Dividends The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025, consistent with the prior year - The Board does not recommend the payment of an interim dividend for H1 2025[30] 11 Loss Per Share Attributable to Owners of the Company Basic and diluted loss per share expanded to HK$0.0070 in H1 2025, primarily due to the increased loss for the period Loss Per Share | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Loss for the period (HK$ million) | 61.1 | 24.9 | | Weighted average number of ordinary shares outstanding (shares) | 8,741,776,988 | 8,741,776,988 | | Basic and diluted loss per share (HK$) | (0.0070) | (0.0028) | 12 Exploration and Evaluation Assets, Property, Plant and Equipment and Investment Properties In H1 2025, additions to property, plant and equipment amounted to HK$23.4 million, with no additions to exploration and evaluation assets Asset Additions (HK$ million) | Asset Type | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Property, plant and equipment | 23.4 | 29.8 | | Exploration and evaluation assets | 0 | 33.9 | 13 Inventories Total inventories decreased to HK$147.0 million as of June 30, 2025, mainly due to a reduction in precious metals held for refining and trading Inventory Composition (HK$ million) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Precious metals held for refining and trading | 143.2 | 167.6 | | Consumables | 3.5 | 5.6 | | Petroleum products | 0.3 | 0.2 | | Total | 147.0 | 173.4 | 14 Trade and Other Receivables Total trade and other receivables increased to HK$170.0 million as of June 30, 2025, driven by a rise in trade receivables Trade and Other Receivables (HK$ million) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade receivables | 96.0 | 40.2 | | Other receivables | 33.1 | 16.4 | | Total | 170.0 | 93.8 | - The aging of trade receivables is primarily concentrated within 0 to 30 days, but receivables over 90 days have also increased[34] 15 Other Financial Assets at Fair Value Through Profit or Loss Other financial assets at fair value through profit or loss totaled HK$29.1 million as of June 30, 2025, primarily comprising listed equity securities Other Financial Assets at Fair Value Through Profit or Loss (HK$ million) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Listed equity securities | 28.9 | 30.7 | | Listed debt securities | 0.2 | 0.3 | | Total | 29.1 | 31.0 | - In H1 2025, listed equity securities contributed HK$8.8 million in net investment gains, reversing the loss recorded in H1 2024[35] 16 Trade and Other Payables Total trade and other payables significantly increased to HK$236.6 million as of June 30, 2025, primarily due to higher trade payables and contract liabilities Trade and Other Payables (HK$ million) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade payables | 36.9 | 11.6 | | Other payables and accrued expenses | 142.5 | 127.7 | | Contract liabilities | 53.5 | 1.2 | | Total | 236.6 | 144.0 | - Contract liabilities significantly increased from HK$1.2 million to HK$53.5 million[36] - Other payables include HK$45.0 million in deposits from two independent third parties for a cancelled potential acquisition, which are expected to be refunded[37] 17 Provision for Asset Retirement Obligations and Other Provisions Total provisions for asset retirement obligations and other provisions increased to HK$183.6 million, influenced by interest accretion and exchange adjustments Provision Movements (HK$ million) | Item | Provision for Asset Retirement Obligations | Other Provisions | Total | | :--- | :--- | :--- | :--- | | As at January 1, 2025 | 145.0 | 21.5 | 166.5 | | Interest accretion | 8.2 | – | 8.2 | | Exchange adjustments | 5.9 | 0.6 | 6.5 | | As at June 30, 2025 | 161.5 | 22.1 | 183.6 | - Asset retirement obligations primarily relate to estimated decommissioning costs for upstream operations in Argentina and Canada[38] - Other provisions include arbitration claims from an Argentinian business partner and accrued legal fees[40] 18 Share Capital As of June 30, 2025, issued and fully paid share capital remained unchanged at HK$87.4 million, with 8,741,776,988 shares outstanding Share Capital Information | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Issued and fully paid share capital (HK$ million) | 87.4 | 87.4 | | Number of shares | 8,741,776,988 | 8,741,776,988 | 19 Capital Commitments As of June 30, 2025, the Group had no contracted but unprovided capital commitments, a decrease from HK$0.4 million at the end of 2024 Capital Commitments (HK$ million) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Contracted but unprovided | – | 0.4 | 20 Contingent Liabilities The Group faces contingent liabilities including an arbitration award for the Los Blancos concession and a legal claim from Beijing Gas Blue Sky Holdings Limited - An arbitration award for the Los Blancos concession in Argentina ruled that High Luck violated operator obligations, requiring payment of Pampa's legal fees of US$0.6 million (approximately HK$4.4 million) and transfer of operating rights[44][45] - Beijing Gas Blue Sky Holdings Limited filed a lawsuit against the Company in mainland China, claiming a total of HK$45.9 million and RMB64.4 million, which the Company believes lacks legal basis and is defending against[45] 21 Events After the Reporting Period Subsequent to the reporting period, the company agreed to sell a 49% stake in Macro Gold Precious Metals Refining Limited for approximately HK$13.3 million - On July 24, 2025, the Company agreed to sell a 49% stake in Macro Gold Precious Metals Refining Limited and shareholder loans for a total consideration of approximately HK$13.3 million[46] - Upon completion of the transaction, Macro Gold will become an indirect non-wholly owned subsidiary of the Company[46] Management Discussion and Analysis This section provides an overview of the Group's interim financial results, business operations update, and outlook for the remainder of 2025 and beyond Introduction New Era Group Holdings Limited operates in oil and gas, new energy industrial parks, and precious metals, with a commitment to ESG and sustainable clean energy investments - The Group's core businesses include oil and gas exploration and development, new energy industrial parks in Canada and Argentina, and precious metals refining and trading in Hong Kong[47] - The Group is committed to global sustainable clean energy investments and net-zero emission targets under its ESG mandate[47] Interim Financial Results for 2025 In H1 2025, the Group reported a post-tax loss of HK$61.1 million and an adjusted EBITDA loss of HK$29.6 million, influenced by weak gas prices and precious metals losses H1 2025 Key Financial Performance (HK$ million) | Metric | Amount | | :--- | :--- | | Post-tax loss | 61.1 | | Adjusted EBITDA | (29.6) | - The loss is primarily attributed to weak natural gas prices, decreased production in Canadian energy operations, and ongoing losses in the precious metals refining and trading business, partially offset by HK$9.3 million in net investment gains[50] - The Group maintains a robust financial position with no external borrowings and holds HK$502.8 million in highly liquid current assets[49] Business Operations Update The Group provides updates on its Canada Energy, Discovery Park, Argentina Energy, and Precious Metals Refining and Trading segments, highlighting challenges and strategic shifts Canada Energy Canada Energy's daily production decreased by 17% in H1 2025 due to facility closures and pipeline constraints, but the Group is pursuing hedging and alternative sales channels - Canada Energy's average daily production was 6,600 barrels of oil equivalent (boe), a 17% year-on-year decrease, with 94% being natural gas[52] - Production decline was mainly due to the closure of the third-party Fort Nelson Gas Plant, NGTL pipeline transportation restrictions, and proactive production curtailment in response to weak natural gas prices[52] - The AECO spot average price was C$1.93 per cubic meter, while the Group achieved an average price of C$17.20 per boe, remaining largely stable[54] - The Group has initiated hedging programs to mitigate commodity price volatility risks and is evaluating alternative sales channels, such as long-term gas supply for containerized data centers[58] - Montney assets have estimated reserves of 7.6 million boe (2P proved plus probable reserves), with a pre-tax net present value of HK$432.4 million[59] - The Horn River Basin holds significant contingent resources, with estimated natural gas volumes of 3.08 trillion cubic feet (tcf), but commercial production faces challenges from low gas prices and lack of transportation access[61] - The Group is advancing energy audits, feasibility studies for facility upgrades, and evaluating carbon offset projects to achieve net-zero emission targets[62] - The Group entered into an MOU with a data center operator consortium to explore opportunities for developing a 10.5 MW natural gas-powered data center pilot[63] Discovery Park Discovery Park is transitioning to a 'Green Energy' hub, leveraging renewable hydropower to attract data center and aquaculture investments, with environmental remediation progressing - Discovery Park has put on hold circular economy hub plans, such as green hydrogen, to focus on large-scale data centers, land-based aquaculture, and emerging offshore aquaculture concepts[65] - The park is being repositioned as a "Green Energy" hub, relying entirely on renewable hydropower, aligning with ESG objectives[66] - In July 2025, the project received in-principle approval for its remediation plan from the BC Ministry of Environment and Climate Change Strategy[67] - Phase 1 demolition is complete, and Phase 2 demolition will commence within the next 12 months, targeting power energization of the park by Q4 2026[69] - An assessment at the end of 2024 confirmed a post-tax fair value gain of HK$96.4 million for the property, reflecting its prime location and development potential[70] - The Group is collaborating with BC Hydro to advance additional power capacity to support the energy demands of AI-driven data center clusters[71] - Project risks, including execution and market uncertainties, are being mitigated through phased development, deferral of hydrogen projects, seeking alternative power solutions, and collaboration with Indigenous Nations[73][74] Argentina Energy Argentina Energy faces arbitration and macroeconomic challenges, with Los Blancos production significantly declining, and the Group is gradually divesting from the region - High Luck was ruled by the arbitration tribunal to have violated operator obligations for refusing to drill additional development wells, requiring payment of Pampa's legal fees of US$0.6 million and transfer of Los Blancos operating rights[79][80] - Los Blancos oil production has declined by over 90% from a peak of 1,400 barrels per day to approximately 120 barrels per day, validating NSAI's estimated 1.5 million barrels of recoverable reserves for High Luck[78][80] - The Tartagal Oriental & Morillo exploration license was not renewed, and High Luck has filed an appeal, currently awaiting judicial decision[81][82] - The Argentinian Peso depreciated by 15% against the US dollar, with an inflation rate of 15.1%, and the Group is evaluating High Luck's options and continuing its divestment from Argentina[83][84] Precious Metals Refining and Trading Precious metals refining and trading segment loss narrowed by 37% in H1 2025, with revenue growing 60%, and the Group is pursuing international expansion and has agreed to sell a stake - Macro Gold's segment loss for H1 2025 was HK$8.6 million, a 37% reduction from the prior year[86] - Overall trading volume increased by approximately 18%, with total revenue growing by 60% to HK$6,967.7 million, primarily driven by rising gold prices[86] - Macro Gold managed gold price volatility through active hedging strategies, which limited its ability to profit from recent gold price increases[86] - The Group is actively pursuing international expansion for its precious metals trading and refining business to enhance long-term competitiveness and reduce reliance on a single market[87] - Subsequent to the reporting period, the Company agreed to sell a 49% stake in Macro Gold and shareholder loans for a total consideration of approximately HK$13.3 million[88] Outlook for the Remainder of 2025 and Beyond The Group plans to diversify and expand internationally, focusing on Discovery Park's data center projects, leveraging Canada's Montney assets, and growing its precious metals business - The Group will actively pursue business diversification and expand its international footprint to address geopolitical uncertainties and the low-carbon transition trend[90] - Discovery Park will prioritize the development of AI-driven data center and aquaculture projects, and finalize power supply arrangements with BC Hydro[91] - Canada's Montney assets are expected to benefit from natural gas price recovery driven by the commissioning of LNG Canada, and the Group will explore stable sales channels such as converting natural gas for data center applications[92] - The precious metals refining and trading business will actively pursue international expansion to broaden its customer base, diversify supply sources, and reduce geographical concentration risk[93] Financial Review This section provides a detailed financial review, including an overview of performance, capital structure, liquidity, and financial resources Overview of Financial Performance In H1 2025, revenue increased by 56.8% to HK$7,085.8 million, driven by precious metals sales, but gross profit turned to a loss, and the loss attributable to owners expanded H1 2025 Financial Performance Summary (HK$ million) | Metric | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Revenue | 7,085.8 | 4,517.7 | +56.8% | | Gross (loss)/profit | (38.9) | 33.0 | From profit to loss | | Other income, gains and losses, net | 20.5 | 33.8 | -39% | | General and administrative expenses | 46.9 | 62.2 | -25% | | Finance costs | 8.6 | 19.6 | -56% | | Income tax (credit)/expense | (3.5) | 5.6 | From expense to credit | | Loss attributable to owners of the Company | 61.1 | 24.9 | Loss expanded | - Growth in precious metals sales was the primary driver of increased revenue, while weak Canadian natural gas prices led to a gross loss[94] - Net working capital was HK$206.1 million, and cash and bank balances totaled HK$473.7 million[96] Capital Structure, Liquidity and Financial Resources This section details the Group's capital structure, liquidity, and financial resources, including the use of IPO proceeds and its debt-free status Use of Proceeds and Liquidity As of June 30, 2025, HK$161.7 million of IPO proceeds remain unutilized for energy investments, with the Group maintaining a strong financial position with no external borrowings Unutilized Net Proceeds from Public Offering (HK$ million) | Item | December 31, 2024 | June 30, 2025 | | :--- | :--- | :--- | | Investment in oil and gas, power generation and renewable energy | 161.7 | 161.7 | | Total | 161.7 | 161.7 | - The Group has no external borrowings, resulting in a 0% debt-to-asset ratio[102] - As of June 30, 2025, net current assets were HK$504.6 million, cash and bank balances were HK$473.7 million, and total highly liquid assets amounted to HK$502.8 million[100] - The Group's total equity was HK$1,018.6 million, with a net asset value per share of HK$0.12[100] Principal Risks and Uncertainties This section outlines the principal risks and uncertainties facing the Group, encompassing business, operational, and financial risks Business and Financial Risks The Group faces development and supply chain risks in precious metals, geological and operational risks in oil and gas, wildfire risks in Canada, and various financial market risks - Precious metals refining and trading business faces development and supply chain risks, mitigated by expanding customer and supplier bases[106] - Oil and gas operations face geological, exploration, and development risks, managed through planning analysis by technical and operational teams and expert support[107] - Canadian operations face wildfire risks, which are mitigated by purchasing insurance, real-time weather monitoring, and rapid response plans[107] - The Group faces financial risks from credit, liquidity, interest rate, currency, and commodity price fluctuations, currently without a foreign currency hedging policy but continuously monitored[107][108] Other Information This section covers additional information regarding the Group's employees, stakeholder relationships, significant transactions, corporate governance, and publication details Employees As of June 30, 2025, the Group employed 122 permanent staff, with total employee remuneration of HK$46.6 million, offering competitive compensation and training Employee Information | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total permanent employees | 122 | 134 | | Total employee remuneration (HK$ million) | 46.6 | 51.7 | Relationship with Suppliers, Customers and Other Stakeholders The Group maintains good relationships with its suppliers, customers, social groups, and government, with no other material disputes reported during the period, except for contingent liabilities - The Group maintains good relationships with its suppliers, customers, and other stakeholders, with no material disputes during the reporting period (excluding contingent liabilities)[110] Material Acquisitions and Disposals There were no material acquisitions or disposals of subsidiaries, associates, or joint ventures during the six months ended June 30, 2025 - No material acquisitions or disposals occurred during the reporting period[111] Material Investments As of June 30, 2025, the Group held HK$29.1 million in financial assets at fair value through profit or loss, but no single investment constituted more than 5% of total assets - The Group holds HK$29.1 million in financial assets at fair value through profit or loss, but no single investment is considered material[112] Corporate Governance and Other Information The Group adheres to high corporate governance standards, complying with HKEX Listing Rules, with interim results reviewed by the audit committee and directors confirming compliance with trading standards - The Group complies with the Corporate Governance Code in Appendix C1 of the Listing Rules and regularly reviews its practices[113] - Directors confirm compliance with the Model Code for Securities Transactions by Directors of Listed Issuers in Appendix C3 of the Listing Rules during the reporting period[115] - The Audit Committee has reviewed the interim results and deemed them to comply with applicable accounting standards and the Listing Rules[116] - During the reporting period, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[117] - The Company complies with the 25% public float requirement of the Listing Rules[118] - The Group has complied with relevant laws and regulations in all material respects, with no serious breaches during the reporting period[119] - The Board does not recommend the payment of an interim dividend[120] Publication of Interim Results and Interim Report on HKEX and Company Website The interim results announcement has been published on the HKEX website and the company's website, with the interim report to be dispatched to shareholders in due course - The interim results announcement has been published on the HKEX website and the Company's website[122] Acknowledgement The Board of Directors, led by Chairman Mr. Zheng Jinchao, extends gratitude to all directors, management, staff, shareholders, investors, partners, banks, clients, and suppliers for their support - Mr. Zheng Jinchao, Chairman of the Board, thanks all Board members, management, staff, shareholders, investors, business partners, banks, clients, and suppliers for their support[123] Board of Directors The Board of Directors comprises executive directors Mr. Zheng Jinchao (Chairman) and Mr. Tang Wing Yan (CEO), non-executive director Mr. Li Chi Hin, and four independent non-executive directors - The Board of Directors includes executive directors Mr. Zheng Jinchao (Chairman) and Mr. Tang Wing Yan (CEO), non-executive director Mr. Li Chi Hin, and four independent non-executive directors[124]