隆成金融(01225) - 2025 - 中期业绩

Company Information and Announcement Statement This section provides the company's basic information, including its name, stock code, announcement details, and current board of directors, along with the HKEX disclaimer Announcement Statement The Hong Kong Stock Exchange disclaims responsibility for this announcement's content, accuracy, or completeness, and accepts no liability for any loss arising from it - The Hong Kong Stock Exchange disclaims responsibility for the content, accuracy, or completeness of this announcement, and accepts no liability for any loss arising from or in reliance upon it[1] Company Basic Information Lerado Financial Group Company Limited announces its unaudited interim results for the six months ended June 30, 2025, with current board members listed - Company name: Lerado Financial Group Company Limited, Stock Code: 1225[2] - The announcement covers the unaudited consolidated results for the six months ended June 30, 2025, complying with HKEX Listing Rules[3] - As of the announcement date (August 28, 2025), executive directors are Ho Koon Lai, Chan Chun Kit, Leung Kam Po; independent non-executive directors are Yu Tat Chi, Yeung Hoi Fai, Lam Chuen Chi[4] Condensed Consolidated Financial Statements This section presents the condensed consolidated financial statements, including the statement of profit or loss, financial position, changes in equity, and cash flows, for the reporting period Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income For the six months ended June 30, 2025, the company achieved revenue of HK$91,004 thousand and a profit of HK$49,263 thousand, reversing last year's loss, with basic and diluted EPS of HK$21.39 cents Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (HK$'000) | 2024 (HK$'000) | Change (HK$'000) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Revenue | 91,004 | 96,750 | (5,746) | -5.94% | | Cost of inventories and services | (26,566) | (30,261) | 3,695 | -12.21% | | Other income | 26,354 | 2,737 | 23,617 | 862.88% | | Net other gains and losses | 1,293 | (52,729) | 54,022 | -102.45% | | Net impairment losses (financial assets at amortised cost) | (6,250) | – | (6,250) | N/A | | Promotion and distribution expenses | (3,335) | (6,708) | 3,373 | -50.28% | | Administrative expenses | (29,723) | (31,507) | 1,784 | -5.66% | | Finance costs | (3,237) | (13,396) | 10,159 | -75.83% | | Profit/(Loss) before tax | 49,540 | (35,114) | 84,654 | -241.08% | | Income tax expense | (277) | (29) | (248) | 855.17% | | Profit/(Loss) for the period | 49,263 | (35,143) | 84,406 | -240.19% | | Profit/(Loss) for the period attributable to owners of the Company | 49,263 | (35,143) | 84,406 | -240.19% | | Basic earnings/(loss) per share (HK cents) | 21.39 | (15.26) | 36.65 | -240.17% | | Diluted earnings/(loss) per share (HK cents) | 21.39 | (15.26) | 36.65 | -240.17% | - Total comprehensive income for the period was HK$51,645 thousand, compared to a total comprehensive expense of HK$36,178 thousand in the prior period, primarily due to exchange differences[9] Condensed Consolidated Statement of Financial Position As of June 30, 2025, total assets were HK$571,749 thousand, with a significant reduction in current liabilities, leading to improved net current assets and total equity Condensed Consolidated Statement of Financial Position (As of June 30) | Indicator | 2025-06-30 (HK$'000) | 2024-12-31 (HK$'000) | Change (HK$'000) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Assets | | | | | | Non-current assets | 70,490 | 69,997 | 493 | 0.70% | | Current assets | 501,259 | 754,717 | (253,458) | -33.58% | | Liabilities | | | | | | Current liabilities | 207,948 | 512,763 | (304,815) | -59.44% | | Non-current liabilities | 62,904 | 62,699 | 205 | 0.33% | | Equity | | | | | | Total equity | 300,897 | 249,252 | 51,645 | 20.72% | | Net current assets | 293,311 | 241,954 | 51,357 | 21.23% | - Bonds within current liabilities significantly decreased from HK$313,092 thousand as of December 31, 2024, to HK$13,734 thousand as of June 30, 2025, driving the overall reduction in current liabilities[13] Condensed Consolidated Statement of Changes in Equity For the six months ended June 30, 2025, total equity attributable to owners increased from HK$249,626 thousand to HK$301,271 thousand, driven by profit for the period and exchange differences Condensed Consolidated Statement of Changes in Equity (For the six months ended June 30) | Indicator | 2025-01-01 (HK$'000) | Profit for the period (HK$'000) | Exchange differences (HK$'000) | 2025-06-30 (HK$'000) | | :--- | :--- | :--- | :--- | :--- | | Subtotal attributable to owners of the Company | 249,626 | 49,263 | 2,382 | 301,271 | | Non-controlling interests | (374) | – | – | (374) | | Total | 249,252 | 49,263 | 2,382 | 300,897 | - In the corresponding period of 2024, total equity attributable to owners decreased from HK$428,581 thousand to HK$392,403 thousand, primarily due to a loss of HK$35,143 thousand for the period and comprehensive expenses from exchange differences[15] Condensed Consolidated Statement of Cash Flows For the six months ended June 30, 2025, net cash from operating activities significantly increased to HK$267,913 thousand, but net cash used in financing activities rose substantially, resulting in a net decrease in cash and cash equivalents Condensed Consolidated Statement of Cash Flows (For the six months ended June 30) | Indicator | 2025 (HK$'000) | 2024 (HK$'000) | Change (HK$'000) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Net cash from operating activities | 267,913 | 105,666 | 162,247 | 153.55% | | Net cash (used in)/from investing activities | (486) | 519 | (1,005) | -193.64% | | Net cash used in financing activities | (279,836) | (100,399) | (179,437) | 178.73% | | Net (decrease)/increase in cash and cash equivalents | (12,409) | 5,786 | (18,191) | -314.40% | | Cash and cash equivalents at beginning of period | 91,137 | 127,822 | (36,685) | -28.70% | | Cash and cash equivalents at end of period | 78,061 | 132,573 | (54,512) | -41.12% | - The substantial increase in net cash outflow from financing activities was primarily due to bond redemptions[13][52] Notes to the Condensed Consolidated Financial Statements This section details the basis of preparation, principal accounting policies, revenue and segment information, tax expenses, and other key financial notes for the condensed consolidated financial statements 1. Basis of Preparation The condensed consolidated financial statements are prepared in accordance with HKAS 34 Interim Financial Reporting and applicable disclosure requirements of HKEX Listing Rules Appendix D2 - The financial statements are prepared in accordance with Hong Kong Accounting Standard 34 Interim Financial Reporting issued by the HKICPA and the applicable disclosure requirements of Appendix D2 to the Listing Rules of the Stock Exchange[18] 2. Principal Accounting Policies Accounting policies are consistent with the 2024 annual report; new HKFRS standards have no material financial impact, and the statements are reviewed by the audit committee but unaudited - Accounting policies are consistent with the 2024 annual report, and newly adopted HKFRS standards (such as amendments to HKAS 21 and HKFRS 1) have no material financial impact on the Group's condensed consolidated interim financial information[19] - The condensed consolidated financial statements are unaudited by the auditors but have been reviewed by the audit committee[20] 3. Revenue and Segment Information The Group operates in medical products and plastic toys, securities brokerage and asset management, and money lending. Total revenue decreased by 5.94% year-on-year, with money lending being the primary profit contributor - The Group is divided into three operating and reportable segments: medical products and plastic toys business, securities brokerage and asset management services, and money lending and other financial services[22] Revenue by Major Product and Service Categories (For the six months ended June 30) | Revenue Category | 2025 (HK$'000) | 2024 (HK$'000) | Change (HK$'000) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Medical products | 32,058 | 36,286 | (4,228) | -11.65% | | Plastic toys | 3,363 | 1,812 | 1,551 | 85.60% | | Fees and commission income | 661 | 572 | 89 | 15.56% | | Total revenue from contracts with customers | 36,082 | 38,670 | (2,588) | -6.69% | | Interest income from loans receivable and finance leases | 54,922 | 58,080 | (3,158) | -5.44% | | Total Revenue | 91,004 | 96,750 | (5,746) | -5.94% | Revenue and Results by Reportable and Operating Segments (For the six months ended June 30) | Segment | 2025 Segment Revenue (HK$'000) | 2025 Segment Results (HK$'000) | 2024 Segment Revenue (HK$'000) | 2024 Segment Results (HK$'000) | | :--- | :--- | :--- | :--- | :--- | | Medical products and plastic toys business | 35,421 | (17,529) | 38,098 | (6,742) | | Securities brokerage and asset management services | 1,198 | (1,087) | 9,897 | (3,275) | | Money lending and other financial services | 54,385 | 49,812 | 48,755 | 24,239 | | Total | 91,004 | 31,196 | 96,750 | 14,222 | 4. Income Tax Expense Income tax expense for H1 2025 was HK$277 thousand, mainly from PRC corporate income tax, with Hong Kong profits tax at a two-tiered rate and PRC subsidiaries at 25% Income Tax Expense (For the six months ended June 30) | Tax Source | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | Hong Kong | – | 29 | | PRC corporate income tax | 277 | – | | Total Income Tax Expense | 277 | 29 | - Hong Kong profits tax is subject to a two-tiered tax rate system, with the first HK$2,000,000 of assessable profits taxed at 8.25% and the remainder at 16.5%; PRC subsidiaries are taxed at 25%[27][28] 5. Profit/(Loss) for the Period Profit for the period was primarily driven by a reversal from loss to gain in fair value changes of financial assets and a significant reduction in finance costs Key Items Affecting Profit/(Loss) for the Period (For the six months ended June 30) | Item | 2025 (HK$'000) | 2024 (HK$'000) | Change (HK$'000) | | :--- | :--- | :--- | :--- | | Depreciation of property, plant and equipment | 458 | 574 | (116) | | Depreciation of right-of-use assets | 359 | 1,004 | (645) | | Fair value change of financial assets at fair value through profit or loss | (4,796) | 43,230 | (48,026) | | Net impairment losses recognised on financial assets at amortised cost | 6,250 | – | 6,250 | | Bank interest income | (1,190) | (725) | (465) | | Gain on disposal of investment in a subsidiary | (241) | – | (241) | | Finance costs (bonds) | 3,224 | 13,361 | (10,137) | | Finance costs (lease liabilities) | 13 | 35 | (22) | - In H1 2025, financial assets at fair value through profit or loss recorded a gain of HK$4,796 thousand, compared to a loss of HK$43,230 thousand in the prior period, a key factor in the turnaround to profit[30] - Bond finance costs significantly decreased from HK$13,361 thousand to HK$3,224 thousand, a reduction of HK$10,137 thousand[30] 6. Dividends The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 (2024: nil)[31] 7. Earnings/(Loss) Per Share For the six months ended June 30, 2025, basic and diluted earnings per share were HK$21.39 cents, a significant improvement from a loss of HK$15.26 cents per share in the prior period Earnings/(Loss) Per Share (For the six months ended June 30) | Indicator | 2025 (HK cents) | 2024 (HK cents) | | :--- | :--- | :--- | | Basic earnings/(loss) per share | 21.39 | (15.26) | | Diluted earnings/(loss) per share | 21.39 | (15.26) | - The exercise of share options was not assumed for the calculation of diluted earnings per share as it would decrease earnings per share[32] 8. Trade and Other Receivables, Prepayments, Loans Receivable and Finance Lease Receivables This section details the Group's trade and other receivables, prepayments, and loans receivable, highlighting changes in balances and credit terms across business segments Trade and Other Receivables and Prepayments As of June 30, 2025, total trade and other receivables and prepayments decreased by 18.16% to HK$94,455 thousand, mainly due to reduced trade receivables in medical products and securities brokerage Trade and Other Receivables and Prepayments (As of June 30) | Item | 2025-06-30 (HK$'000) | 2024-12-31 (HK$'000) | Change (HK$'000) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Trade receivables from medical products and plastic toys business (net of allowance) | 6,964 | 20,400 | (13,436) | -65.86% | | Trade receivables from securities brokerage business (net of allowance) | 42,651 | 50,405 | (7,754) | -15.38% | | Total trade receivables | 49,615 | 70,805 | (21,190) | -29.93% | | Purchase deposits, other receivables and deposits | 26,229 | 22,946 | 3,283 | 14.31% | | Amounts due from brokers | 17,213 | 20,202 | (2,989) | -14.79% | | Prepayments | 1,398 | 1,467 | (69) | -4.70% | | Total | 94,455 | 115,420 | (20,965) | -18.16% | - The average credit period for trade receivables in the medical products and plastic toys business is 60 days[35] - For the securities brokerage business, trade receivables from cash clients are typically settled within two days after the transaction date, while margin client loans are repayable on demand[36] Loans Receivable As of June 30, 2025, total loans receivable (net of loss allowance) significantly decreased by 54.87% to HK$181,412 thousand, primarily due to reductions in loans receivable and interest receivable Loans Receivable (As of June 30) | Item | 2025-06-30 (HK$'000) | 2024-12-31 (HK$'000) | Change (HK$'000) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Loans receivable | 627,825 | 797,270 | (169,445) | -21.25% | | Interest receivable | 187,670 | 259,234 | (71,564) | -27.61% | | Factoring loans receivable | 5,020 | 4,856 | 164 | 3.38% | | Loss allowance for expected credit losses | (639,103) | (659,353) | 20,250 | -3.07% | | Total (net of allowance) | 181,412 | 402,007 | (220,595) | -54.87% | - Loans receivable carry annual interest rates ranging from 6% to 18%, and factoring loans have effective interest rates between 10% and 15%[37][38] 9. Financial Assets at Fair Value Through Profit or Loss As of June 30, 2025, total financial assets at fair value through profit or loss were HK$129,661 thousand, with a gain of HK$4,796 thousand from fair value changes, reversing last year's loss, mainly due to growth in listed securities Financial Assets at Fair Value Through Profit or Loss (As of June 30) | Item | 2025-06-30 (HK$'000) | 2024-12-31 (HK$'000) | Change (HK$'000) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Listed securities held for trading (Hong Kong equities) | 116,143 | 114,150 | 1,993 | 1.75% | | Unlisted equity funds | 8,373 | 13,494 | (5,121) | -37.95% | | Unlisted debt securities | 5,145 | 6,540 | (1,395) | -21.33% | | Total | 129,661 | 134,184 | (4,523) | -3.37% | - A gain of approximately HK$4,796 thousand from fair value changes was recorded for the current period, compared to a loss of HK$997 thousand as of December 31, 2024[39] - Listed securities fair value measurement is classified as Level 1, while unlisted equity funds and unlisted debt securities are classified as Level 3[40] 10. Trade and Other Payables and Accruals As of June 30, 2025, total trade and other payables and accruals slightly decreased to HK$184,799 thousand, with an increase in trade payables for medical products and plastic toys, particularly for items over 90 days old Trade and Other Payables and Accruals (As of June 30) | Item | 2025-06-30 (HK$'000) | 2024-12-31 (HK$'000) | Change (HK$'000) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Trade payables from medical products and plastic toys business | 16,704 | 10,472 | 6,232 | 59.51% | | Trade payables from securities brokerage business (cash clients) | 14,058 | 12,914 | 1,144 | 8.86% | | Trade payables from securities brokerage business (margin clients) | 3,693 | 4,144 | (451) | -10.88% | | Total trade payables | 34,455 | 27,530 | 6,925 | 25.15% | | Other payables and accruals | 150,344 | 162,198 | (11,854) | -7.31% | | Total | 184,799 | 189,728 | (4,929) | -2.60% | - Trade payables for medical products and plastic toys with an aging over 90 days increased from HK$2,533 thousand as of December 31, 2024, to HK$7,500 thousand as of June 30, 2025[41] 11. Bonds As of June 30, 2025, total unsecured bonds significantly decreased by 82.45% to HK$63,734 thousand, carrying a fixed annual interest rate of 6% Bonds (As of June 30) | Item | 2025-06-30 (HK$'000) | 2024-12-31 (HK$'000) | Change (HK$'000) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Bonds, unsecured | 63,734 | 363,092 | (299,358) | -82.45% | - The bonds are unsecured, mature on the eighth anniversary of their issue date, and bear a fixed annual interest rate of 6%, payable annually[42] 12. Share Capital As of June 30, 2025, authorized share capital was HK$5,000,000 thousand, with issued share capital of HK$2,304 thousand, comprising 230,322,413 shares, consistent with the end of 2024 Share Capital (As of June 30) | Item | 2025-06-30 (HK$'000) | 2024-12-31 (HK$'000) | | :--- | :--- | :--- | | Authorized share capital (500,000,000,000 ordinary shares) | 5,000,000 | 5,000,000 | | Issued share capital (230,322,413 ordinary shares) | 2,304 | 2,304 | 13. Related Party Disclosures For the six months ended June 30, 2025, key management personnel compensation slightly increased to HK$1,269 thousand, with director's remuneration determined by the Board and reviewed by the Remuneration Committee Key Management Personnel Compensation (For the six months ended June 30) | Item | 2025 (HK$'000) | 2024 (HK$'000) | Change (HK$'000) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Short-term employee benefits | 1,269 | 1,229 | 40 | 3.25% | - Directors' remuneration is determined by the Board based on individual performance and market trends, and reviewed by the Remuneration Committee[45] Management Discussion and Analysis This section provides a comprehensive review of the Group's business operations, financial performance, liquidity, and future prospects, along with discussions on key risks and corporate governance Business Review The Group engages in financial services (securities brokerage, margin financing, money lending) and manufacturing/distribution of plastic toys and medical products, with money lending as the primary revenue source - The Company is an investment holding company, primarily engaged in financial services (securities brokerage, margin financing, money lending) and the manufacturing and distribution of children's plastic toys and medical products[46] Medical Products and Plastic Toys Business For the six months ended June 30, 2025, medical product sales decreased by 11.7% to HK$32.1 million, while plastic toy sales significantly increased by 85.6% to HK$3.4 million due to increased orders from China - Medical product sales revenue was approximately HK$32.1 million, a year-on-year decrease of approximately 11.7%[47] - Plastic toy sales revenue was approximately HK$3.4 million, a year-on-year increase of approximately 85.6%, primarily due to increased orders from Chinese customers[47] Securities Brokerage, Margin Financing, Underwriting and Placement, and Asset Management Business Bagallon Securities Limited's revenue significantly decreased to HK$1.2 million, and the Group is planning to develop asset management and provide comprehensive financial services - Wholly-owned subsidiary Bagallon Securities Limited's revenue for the period was approximately HK$1.2 million, a significant decrease from HK$9.9 million in the corresponding period of 2024[48] - The Group plans to offer comprehensive financial services to clients, including asset management and corporate finance, and is currently in the planning stage for developing its asset management business[48] Money Lending and Finance Lease Money lending business generated approximately HK$54.4 million in interest income, accounting for 59.8% of total Group revenue, and is expected to continue contributing significantly - The money lending business continues to develop, providing secured and unsecured loans to individuals and corporations, and conducting finance lease business in China[49] - Interest income for the period was approximately HK$54.4 million, accounting for approximately 59.8% of the Group's total revenue, and the Directors believe this business will continue to contribute revenue[49] Prospects The Group aims to expand its financial services in Hong Kong and China, including money lending, finance leasing, and securities brokerage, while exploring new investments and strengthening corporate governance for shareholder value - The Group will develop and expand its financial segment in Hong Kong and China, including money lending, finance lease, and securities brokerage businesses[50] - Plans include offering corporate finance, asset management, and financial planning services, and identifying potential investment opportunities to diversify business scope[50] - The Group will adopt prudent and flexible strategies to address market challenges and is committed to strengthening corporate governance to create maximum shareholder value[50][51] Financial Review For the six months ended June 30, 2025, consolidated revenue decreased by 5.9% to HK$91.0 million, but the Group achieved a profit of HK$49.5 million, reversing last year's loss, mainly due to fair value gains on financial assets and bond finance cost reversal - Consolidated revenue was approximately HK$91.0 million, a year-on-year decrease of approximately 5.9%, primarily due to a decrease of approximately HK$4.2 million in medical product revenue[52] - Gross profit margin was approximately 70.8%, with gross profit of approximately HK$64.4 million, a decrease of approximately HK$2.1 million from the prior period[6][52] - Profit for the period was approximately HK$49.5 million (compared to a loss of HK$35.1 million in the prior period), mainly due to: (i) a fair value gain of approximately HK$4.8 million on financial assets at fair value through profit or loss (compared to a loss of HK$43.2 million in the prior period); and (ii) a reversal of finance costs on redeemed bonds of approximately HK$23.1 million[52] Liquidity and Financial Resources As of June 30, 2025, cash and cash equivalents decreased to HK$78.1 million, but a significant reduction in bonds payable improved net current assets, current ratio, and debt-to-asset ratio, indicating a stronger financial position Key Liquidity and Financial Resources Indicators (As of June 30) | Indicator | 2025-06-30 (HK$'000) | 2024-12-31 (HK$'000) | Change (HK$'000) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Cash and cash equivalents | 78,100 | 91,100 | (13,000) | -14.27% | | Bonds payable | 63,700 | 363,100 | (299,400) | -82.46% | | Net current assets | 293,300 | 242,000 | 51,300 | 21.20% | | Current ratio | 2.4 | 1.5 | 0.9 | 60.00% | | Debt-to-asset ratio | 21.2% | 145.7% | -124.5% | -85.45% | - The debt-to-asset ratio significantly decreased to 21.2%, indicating a substantial improvement in financial position, primarily due to the significant reduction in bonds payable[53] Significant Investments As of June 30, 2025, the Group held no significant investments exceeding 5% of its total assets - As of June 30, 2025, the Group held no trading investments or other investments exceeding 5% of its total assets, thus no significant investments[54] Pledge of Assets As of June 30, 2025, the Group had no pledged assets - As of June 30, 2025, the Group had no pledged assets[55] Foreign Exchange Risk The Group faces foreign exchange risk from transactions in USD, RMB, HKD, EUR, and TWD, with RMB appreciation posing a direct impact; management assesses risk but has no hedging policy - The Group's monetary assets, liabilities, and transactions are primarily denominated in USD, RMB, HKD, EUR, and TWD, exposing it to foreign exchange risk[56] - The Group would be directly affected by an appreciation of the RMB; management continuously assesses the risk but currently has no hedging policy[56] Share Price Risk The Group is exposed to share price risk from its investments in listed securities; management monitors price movements and market conditions but has no hedging policy - The Group is exposed to share price risk due to its investments in listed securities[57] - Management manages this risk by monitoring price movements and market conditions but currently has no hedging policy[57] Contingent Liabilities As of June 30, 2025, the Company had no significant contingent liabilities - As of June 30, 2025, the Company had no significant contingent liabilities[58] Employees and Remuneration Policy As of June 30, 2025, the Group employed 141 staff, with 132 in China; remuneration includes basic salary, discretionary bonuses, retirement benefits, and share options, with training provided - As of June 30, 2025, the Group employed a total of 141 staff, with 132 in China and the remainder in Hong Kong[59] - Employee remuneration includes basic salary, discretionary bonuses, and contributions to retirement benefit schemes, with share options granted based on individual performance, and internal and external training provided[59] Interim Dividend The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 (2024: nil)[60] Purchase, Sale or Redemption of the Company's Listed Securities For the six months ended June 30, 2025, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed 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[61] Share Option Scheme The 2022 Share Option Scheme was adopted on June 29, 2022; no options were granted, exercised, lapsed, or cancelled, and none were outstanding for the six months ended June 30, 2025 - The 2022 Share Option Scheme was adopted on June 29, 2022; for the six months ended June 30, 2025, no share options were granted, exercised, lapsed, or cancelled[62] - As of June 30, 2025, there were no outstanding share options under the 2022 Share Option Scheme, with 23,032,241 share options available for grant[62] Future Plans for Material Investments or Capital Assets As of June 30, 2025, the Group had no specific future plans for material investments or capital assets - As of June 30, 2025, the Group had no specific plans for material investments or capital assets[63] Material Acquisitions and Disposals For the six months ended June 30, 2025, the Group had no material acquisitions or disposals - For the six months ended June 30, 2025, the Group had no material acquisitions or disposals[64] Events After the Reporting Period No significant events occurred after the reporting period up to the date of this report - No significant events occurred after the six months ended June 30, 2025, and up to the date of this report[65] Other Information This section covers additional disclosures, including directors' and major shareholders' interests, corporate governance compliance, audit committee review, and other relevant statutory information Directors' Interests in Shares and Underlying Shares As of June 30, 2025, no directors, supervisors, or chief executives held disclosable interests or short positions in the Company's or its associated corporations' shares, underlying shares, or debentures - As of June 30, 2025, no directors, supervisors, or chief executives of the Company held any interests or short positions in the shares, underlying shares, and/or debentures of the Company or its associated corporations required to be disclosed under Section 352 of the SFO or Appendix C3 of the Listing Rules[66] Major Shareholders As of June 30, 2025, Opus Platinum Growth Fund held 7.82% of the Company's issued share capital, with Mr. Lai Shu Fun deemed to have the same interest due to indirect ownership Major Shareholders' Shareholdings (As of June 30) | Shareholder Name/Name | Nature of Interest | Number of Ordinary Shares Held | Percentage of Company's Issued Share Capital | | :--- | :--- | :--- | :--- | | Opus Platinum Growth Fund | Beneficial owner | 18,000,000 | 7.82% | | Mr. Lai Shu Fun | Interest in controlled corporation | 18,000,000 | 7.82% | - Mr. Lai Shu Fun indirectly owns approximately 40.03% of the total issued share capital of Opus Platinum Growth Fund and is therefore deemed to have an interest in the shares held by the fund[68] Corporate Governance Code The Directors believe the Company has complied with the Corporate Governance Code set out in Appendix C1 of the Listing Rules for the six months ended June 30, 2025 - The Directors believe that the Company has complied with the Corporate Governance Code set out in Appendix C1 to the Listing Rules for the six months ended June 30, 2025[70] Audit Committee The Audit Committee, comprising three independent non-executive directors, has reviewed the Company's accounting principles, internal controls, financial reporting, and the unaudited condensed consolidated financial statements - The Audit Committee comprises three independent non-executive directors (Mr. Yu Tat Chi (Chairman), Mr. Yeung Hoi Fai, and Mr. Lam Chuen Chi)[71] - The Audit Committee has reviewed the accounting principles and practices adopted by the Company, discussed auditing, internal control, and financial reporting matters, and reviewed the Group's unaudited condensed consolidated financial statements for the six months ended June 30, 2025[71] Compliance with the Model Code All Directors confirmed full compliance with the Model Code for Securities Transactions by Directors of Listed Issuers for the six months ended June 30, 2025 - All Directors confirmed that they have fully complied with the required standards set out in the Model Code for Securities Transactions by Directors of Listed Issuers for the six months ended June 30, 2025[72]