未来发展控股(01259) - 2025 - 中期业绩

Announcement Cover and Financial Highlights The company's revenue and gross profit increased, gross profit margin improved, and loss for the period significantly narrowed in the first half of 2025 Financial Highlights for the First Half of 2025 | Metric | 1H 2025 (HKD thousand) | 1H 2024 (HKD thousand) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | 263,907 | 251,982 | Increased by approx. 4.7% | | Gross Profit | 69,115 | 64,546 | Increased by approx. 7.1% | | Gross Profit Margin | 26.2% | 25.6% | Increased by approx. 0.6 percentage points | | Loss for the Period | (28,552) | (32,854) | Decreased by approx. 13.1% | | Basic Loss Per Share | (1.36) HK cents | (1.32) HK cents | Increased by approx. 3.0% | Condensed Consolidated Financial Statements This section presents the condensed consolidated financial statements, including the statement of profit or loss and other comprehensive income, and the statement of financial position Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income For the six months ended June 30, 2025, the company saw increased revenue, improved gross profit and margin, and a significantly narrowed loss, primarily due to increased fair value gains on financial assets at fair value through other comprehensive income Key Data from Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Metric | 1H 2025 (HKD thousand) | 1H 2024 (HKD thousand) | | :--- | :--- | :--- | | Revenue | 263,907 | 251,982 | | Cost of Sales | (194,792) | (187,436) | | Gross Profit | 69,115 | 64,546 | | Other Income and Gains | 3,657 | 5,425 | | Selling and Distribution Expenses | (18,410) | (21,659) | | Administrative Expenses | (77,726) | (61,579) | | Other Expenses | (3,272) | (17,642) | | Finance Costs | (301) | (359) | | Share of Profit of Associates | 324 | – | | Loss Before Tax | (26,613) | (31,268) | | Income Tax Expense | (1,939) | (1,586) | | Loss for the Period | (28,552) | (32,854) | | Loss for the Period Attributable to Equity Holders of the Company | (29,932) | (29,512) | | Fair Value Change on Financial Assets at Fair Value Through Other Comprehensive Income | 25,706 | 10,818 | | Basic Loss Per Share (HK cents) | (1.36) | (1.32) | Condensed Consolidated Statement of Financial Position As of June 30, 2025, the Group's total assets significantly increased, driven by substantial rises in net assets of segregated funds and cash held for clients within current assets, while current liabilities also surged due to increased net liabilities of segregated funds and trade payables, leading to a higher gearing ratio Key Data from Condensed Consolidated Statement of Financial Position | Metric | June 30, 2025 (HKD thousand) | December 31, 2024 (HKD thousand) | | :--- | :--- | :--- | | Assets | | | | Non-current Assets | 372,186 | 339,313 | | Current Assets | 2,148,372 | 745,712 | | Of which: Net Assets of Segregated Funds | 1,271,638 | – | | Of which: Cash Held for Clients | 467,218 | 223,522 | | Liabilities | | | | Current Liabilities | 1,824,577 | 385,009 | | Of which: Net Liabilities of Segregated Funds | 1,271,638 | – | | Of which: Trade Payables | 506,572 | 335,483 | | Non-current Liabilities | 1,875 | 3,064 | | Equity | | | | Total Equity | 694,106 | 696,952 | | Other | | | | Net Current Assets | 323,795 | 360,703 | | Total Assets Less Current Liabilities | 695,981 | 700,016 | Notes to the Condensed Consolidated Interim Financial Statements This section provides detailed notes to the condensed consolidated interim financial statements, covering company information, accounting policies, and segment performance 1. Company Information Future Development Holdings Limited is an investment holding company incorporated in the Cayman Islands and listed on the Main Board of the HKEX, with subsidiaries primarily engaged in catering services, financial business, property holding, and investment holding - The company is an investment holding company incorporated in the Cayman Islands, with shares listed on the Main Board of the HKEX[10] - Principal businesses include catering services, financial business, property holding, and investment holding[10] 2. Basis of Preparation and Accounting Policies The condensed consolidated interim financial statements are prepared in accordance with IAS 34 and the HKEX Listing Rules, adopting IFRS amendments issued by the IASB, with no material impact on reported amounts - The financial statements are prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" and Appendix 16 of the HKEX Listing Rules[11] - Amendments to International Financial Reporting Standards issued by the IASB have been adopted, with no material impact on reported amounts and disclosures[12][13] 3. Operating Segment Information The Group's operating segments include catering, financial business, and property holding, with management allocating resources and assessing performance based on segment results. The financial business segment reported an expanded loss in 1H 2025, while catering maintained profit growth - The Group's operating segments include catering, financial business, and property holding[14][15] Operating Segment Revenue and Profit/(Loss) (HKD thousand) | Segment | 1H 2025 Revenue | 1H 2024 Revenue | 1H 2025 Profit/(Loss) | 1H 2024 Profit/(Loss) | | :--- | :--- | :--- | :--- | :--- | | Catering | 213,811 | 203,800 | 5,364 | 4,019 | | Financial Business | 49,452 | 47,598 | (24,101) | (10,463) | | Property Holding | 644 | 584 | (2,637) | (17,852) | | Total | 263,907 | 251,982 | (21,374) | (24,296) | Operating Segment Assets and Liabilities (HKD thousand) | Segment | June 30, 2025 Assets | December 31, 2024 Assets | June 30, 2025 Liabilities | December 31, 2024 Liabilities | | :--- | :--- | :--- | :--- | :--- | | Catering | 135,124 | 128,123 | 20,315 | 17,723 | | Financial Business | 2,272,185 | 837,132 | 1,804,650 | 366,076 | | Property Holding | 40,149 | 42,757 | 322 | 297 | | Total Assets/Liabilities | 2,520,558 | 1,085,025 | 1,826,452 | 388,073 | 4. Revenue For the six months ended June 30, 2025, the Group's total revenue grew by 4.7% year-on-year, driven by increased catering revenue, credit card processing fees, and the introduction of insurance and wealth management services, despite a decline in professional services income Revenue by Major Product and Service Categories (HKD thousand) | Revenue Source | 1H 2025 | 1H 2024 | | :--- | :--- | :--- | | Revenue from catering services | 213,811 | 203,800 | | Revenue from provision of professional services | 29,638 | 36,555 | | Revenue from provision of services for trading of securities, futures contracts and other related products | 3,604 | 4,089 | | Revenue from asset management and advisory services on securities | 5,556 | 3,657 | | Credit card processing fees | 6,929 | 3,267 | | Revenue from insurance and wealth management services | 3,558 | – | | Total revenue from contracts with customers | 263,096 | 251,368 | | Interest income from money lending business | 167 | – | | Margin interest income from securities brokerage business | – | 30 | | Rental income from investment properties | 644 | 584 | | Revenue from other sources | 811 | 614 | | Total Revenue | 263,907 | 251,982 | Disaggregation of Revenue from Contracts with Customers (HKD thousand) | Timing of Revenue Recognition | 1H 2025 | 1H 2024 | | :--- | :--- | :--- | | At a point in time | 234,120 | 220,780 | | Over time | 28,976 | 30,588 | | Total | 263,096 | 251,368 | 5. Other Income and Gains For the six months ended June 30, 2025, other income and gains decreased by 32.6% year-on-year, primarily due to lower interest income from bank deposits and unrecognised net exchange gains Details of Other Income and Gains (HKD thousand) | Item | 1H 2025 | 1H 2024 | | :--- | :--- | :--- | | Interest income from bank deposits | 3,064 | 3,463 | | Net exchange gains | – | 481 | | Reversal of impairment loss on loans and interest receivables | 500 | 657 | | Reversal of impairment loss on trade receivables | – | 199 | | Miscellaneous income | 93 | 625 | | Total Other Income and Gains | 3,657 | 5,425 | 6. Other Expenses For the six months ended June 30, 2025, other expenses significantly decreased by 81.5% year-on-year, mainly due to reduced fair value losses on investment properties and the elimination of impairment losses on properties under development Details of Other Expenses (HKD thousand) | Item | 1H 2025 | 1H 2024 | | :--- | :--- | :--- | | Impairment loss on trade receivables | 836 | – | | Impairment loss on margin loans receivables | 36 | 242 | | Fair value loss on investment properties | 2,400 | 8,400 | | Impairment loss on properties under development | – | 9,000 | | Total Other Expenses | 3,272 | 17,642 | 7. Finance Costs For the six months ended June 30, 2025, finance costs slightly decreased year-on-year, primarily comprising finance costs on lease liabilities Details of Finance Costs (HKD thousand) | Item | 1H 2025 | 1H 2024 | | :--- | :--- | :--- | | Interest on bank borrowings | – | 2 | | Finance costs on lease liabilities | 301 | 357 | | Total Finance Costs | 301 | 359 | 8. Loss Before Tax For the six months ended June 30, 2025, the components of loss before tax showed a significant increase in employee benefit expenses, while depreciation charges decreased Components of Loss Before Tax (HKD thousand) | Item | 1H 2025 | 1H 2024 | | :--- | :--- | :--- | | Cost of inventories sold | 188,615 | 179,254 | | Depreciation of property, plant and equipment | 438 | 849 | | Depreciation of right-of-use assets | 2,880 | 4,169 | | Warehousing service expenses | 8,974 | 9,880 | | Employee benefit expenses (including directors' emoluments) | 51,031 | 36,855 | | Auditor's remuneration | 442 | 318 | | Net foreign exchange loss/(gain) | 1,889 | (481) | 9. Income Tax Expense For the six months ended June 30, 2025, income tax expense increased year-on-year, with Hong Kong profits tax continuing to apply a two-tiered tax rate system Details of Income Tax Expense (HKD thousand) | Item | 1H 2025 | 1H 2024 | | :--- | :--- | :--- | | Current tax expense | 1,741 | 1,363 | | Deferred tax expense | 198 | 223 | | Total Income Tax Expense | 1,939 | 1,586 | - Hong Kong profits tax adopts a two-tiered system, with the first HKD 2 million of assessable profits taxed at 8.25% and the remainder at 16.5%[26] 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 any interim dividend for the six months ended June 30, 2025[27] 11. Loss Per Share For the six months ended June 30, 2025, basic loss per share was 1.36 HK cents, a slight increase from the prior year, with basic and diluted loss per share being identical due to the anti-dilutive effect of share options Loss Per Share Calculation Data | Metric | 1H 2025 | 1H 2024 | | :--- | :--- | :--- | | Loss for the Period Attributable to Equity Holders of the Company (HKD thousand) | (29,932) | (29,512) | | Weighted Average Number of Ordinary Shares (thousand shares) | 2,203,361 | 2,241,283 | | Basic Loss Per Share (HK cents) | (1.36) | (1.32) | - Basic loss per share is the same as diluted loss per share because the granted share options are anti-dilutive[31] 12. Property, Plant and Equipment and Investment Properties The Group's property, plant and equipment acquisition costs significantly decreased this period compared to the prior year, and investment properties were valued by independent valuers using the investment method, resulting in a fair value decrease of HKD 2.4 million - Acquisition costs for property, plant and equipment were approximately HKD 15,000 this period, a significant decrease from approximately HKD 110,000 in the prior year[32] - Investment properties were valued by external valuers using the investment method, resulting in a fair value decrease of HKD 2.4 million (1H 2024: decrease of HKD 8.4 million)[32] 13. Goodwill As of June 30, 2025, the carrying amount of goodwill increased to HKD 43.715 million due to the acquisition of a subsidiary Movement in Goodwill (HKD thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cost at beginning/end of period | 48,313 | 48,313 | | Impact of acquisition of a subsidiary | 2,934 | – | | Cost at end of period/year | 51,247 | 48,313 | | Accumulated impairment losses | 7,532 | 7,532 | | Carrying Amount at end of period/year | 43,715 | 40,781 | 14. Financial Assets at Fair Value Through Other Comprehensive Income As of June 30, 2025, total financial assets at fair value through other comprehensive income increased to HKD 209.2 million, primarily driven by unlisted investment funds Financial Assets at Fair Value Through Other Comprehensive Income (HKD thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Equity securities listed in Hong Kong | 20,795 | 15,180 | | Unlisted investment funds | 188,405 | 168,314 | | Total | 209,200 | 183,494 | 15. Loans and Interest Receivables As of June 30, 2025, total loans and interest receivables amounted to HKD 3.916 million, including new loans and impairment loss reversals, with a non-current portion appearing for the first time Details and Movement of Loans and Interest Receivables (HKD thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total loans and interest receivables | 6,620 | 3,204 | | Less: Impairment losses recognised | (2,704) | (3,204) | | Carrying Amount | 3,916 | – | | Of which: Non-current assets | 3,508 | – | | Of which: Current assets | 408 | – | | Movement during the period | | | | Beginning of period/year | – | – | | New loans granted | 3,749 | – | | Interest income on loans | 167 | – | | Repayment of loans and interest by borrowers | (500) | (757) | | Reversal of recognised impairment losses | 500 | 757 | | End of period/year | 3,916 | – | 16. Trade Receivables As of June 30, 2025, total trade receivables were HKD 60.99 million, a decrease from end-2024, mainly due to reduced receivables from securities and futures trading services, while other business trade receivables generally have 30-180 day credit terms Details of Trade Receivables (HKD thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade receivables from securities and futures trading services | 1,161 | 6,976 | | Trade receivables from other businesses | 62,178 | 64,458 | | Less: Provision for trade receivables from other businesses | (2,349) | (1,513) | | Total | 60,990 | 69,957 | - Trade receivables from other businesses generally have credit terms of 30 to 180 days, with no significant concentration of credit risk[37] Ageing Analysis of Trade Receivables from Other Businesses (HKD thousand) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 30 days | 36,227 | 45,686 | | 31 to 60 days | 19,974 | 13,500 | | 61 to 90 days | 1,039 | 2,505 | | 91 to 180 days | 1,388 | 502 | | 181 to 365 days | 74 | 178 | | Over 365 days | 1,127 | 574 | 17. Prepayments, Deposits and Other Receivables As of June 30, 2025, total prepayments, deposits, and other receivables increased to HKD 88.599 million, with a significant portion being non-current assets Details of Prepayments, Deposits and Other Receivables (HKD thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Prepayments | 21,053 | 17,616 | | Deposits and other receivables | 67,546 | 65,336 | | Total | 88,599 | 82,952 | | Of which: Non-current assets | 59,788 | 57,675 | | Of which: Current assets | 28,811 | 25,277 | 18. Trade Payables As of June 30, 2025, total trade payables significantly increased to HKD 506.572 million, primarily due to increased payables from securities and futures trading services and custody services Details of Trade Payables (HKD thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade payables from securities and futures trading services | 420,623 | 282,416 | | Trade payables from provision of custody services | 82,438 | 49,884 | | Trade payables from other businesses | 3,511 | 3,183 | | Total | 506,572 | 335,483 | - Trade payables are interest-free and generally settled within 30 to 180 days[42] Ageing Analysis of Trade Payables from Other Businesses (HKD thousand) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 30 days | 849 | 1,200 | | 31 to 90 days | – | 948 | | 91 to 180 days | 517 | 87 | | Over 180 days | 2,145 | 948 | | Total | 3,511 | 3,183 | 19. Other Payables and Accruals As of June 30, 2025, total other payables and accruals were HKD 35.156 million, a slight decrease from end-2024, with contract liabilities showing an increase Details of Other Payables and Accruals (HKD thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Other payables | 9,128 | 11,797 | | Accrued expenses | 4,138 | 7,363 | | Contract liabilities | 18,820 | 16,766 | | Other taxes payable | 5 | 4 | | Amounts due to related parties | 3,065 | 2,708 | | Total | 35,156 | 38,638 | Management Discussion and Analysis This section provides management's discussion and analysis of the Group's business and financial performance, including segment reviews, financial highlights, capital structure, risk management, and future outlook Business Review The Group's business review indicates catering services achieved revenue and profit growth despite adverse economic conditions, financial business saw slight revenue growth but expanded segment loss, and property holding revenue remained stable with a significantly narrowed segment loss Provision of Catering Services The catering services segment achieved revenue and profit growth, benefiting from increased sales and reduced logistics costs - Catering services business revenue was approximately HKD 213.8 million, an increase of approximately 4.9% year-on-year[45] - Segment profit was approximately HKD 5.4 million, primarily due to increased revenue and reduced warehousing and logistics costs[45] Provision of Financial Business The financial business segment experienced revenue growth but a significant increase in segment loss, driven by expanded operations and higher costs - Total financial business revenue was approximately HKD 49.5 million, an increase of approximately 3.9% year-on-year[46] - Segment loss was approximately HKD 24.1 million, a significant increase from approximately HKD 10.5 million in the prior year[46] - The securities investment portfolio was approximately HKD 209.2 million, mainly comprising unlisted investment funds, with fair value change gains of HKD 20.091 million recorded during the period[48] - Turnover from securities brokerage, margin financing, asset management, and professional services businesses decreased, primarily due to weak demand for fund management and establishment services[50] - Turnover from money lending and credit card businesses was approximately HKD 7.1 million, mainly due to increased credit card processing fees, but recorded a loss of approximately HKD 30.3 million, primarily due to increased staff costs[53] - Successfully launched insurance and wealth management businesses, recording turnover of approximately HKD 3.6 million, but incurred a loss of approximately HKD 0.8 million due to staff costs[54][55] - As of June 30, 2025, the total investment value of net assets of segregated funds was HKD 1,271.6 million[55] Property Holding The property holding segment maintained stable revenue, with a substantial reduction in segment loss due to decreased fair value losses on investment properties - Property holding business revenue was approximately HKD 0.6 million, consistent with the prior year[57] - Segment loss was approximately HKD 2.6 million, a significant reduction from approximately HKD 17.9 million in the prior year[58] - Fair value loss on investment properties was approximately HKD 2.4 million, a decrease from HKD 8.4 million in the prior year; no impairment loss on properties under development was recorded during the period[59] Financial Review The Group's revenue grew by 4.7% during the reporting period, with improved gross profit and margin, but administrative expenses significantly increased. Other expenses substantially decreased due to reduced fair value losses on investment properties, and while liquidity remained robust, the gearing ratio rose sharply due to financial business expansion Revenue Total revenue for the period increased by 4.7% year-on-year, driven by growth in catering and new financial services - Total revenue was approximately HKD 263.9 million, an increase of approximately 4.7% year-on-year[60] Gross Profit and Gross Profit Margin Gross profit increased by 7.1% and gross profit margin improved by 0.6 percentage points, primarily due to higher financial business margins - Gross profit was approximately HKD 69.1 million, an increase of approximately 7.1% year-on-year[61] - Gross profit margin was approximately 26.2%, an increase of approximately 0.6 percentage points year-on-year, primarily due to an increase in financial business gross profit margin[61] Gross Profit by Business (HKD thousand) | Business | 1H 2025 Gross Profit | 1H 2024 Gross Profit | | :--- | :--- | :--- | | Catering Services | 25.2 | 24.5 | | Financial Business | 43.3 | 39.4 | | Property Holding | 0.6 | 0.6 | Other Income and Gains Other income and gains decreased by 32.6%, mainly due to lower bank interest income and unrecognised foreign exchange gains - Other income and gains were approximately HKD 3.7 million, a decrease of 32.6% year-on-year[63] - The decrease was primarily due to lower interest income from bank deposits and unrecognised net foreign exchange gains[63] Selling and Distribution Expenses Selling and distribution expenses decreased by 15.0%, primarily due to reduced advertising costs in financial professional services - Selling and distribution expenses were approximately HKD 18.4 million, a decrease of approximately 15.0% year-on-year[64] - The decrease was primarily due to reduced advertising expenses incurred by the financial professional services business[64] Administrative Expenses Administrative expenses increased by 26.2%, mainly attributable to higher staff costs and professional fees - Administrative expenses were approximately HKD 77.7 million, an increase of approximately 26.2% year-on-year[65] - The increase was primarily due to higher staff costs and professional fees[65] Other Expenses Other expenses significantly decreased by 81.5%, primarily due to reduced investment property fair value losses and no impairment on properties under development - Other expenses were approximately HKD 3.3 million, a decrease of 81.5% year-on-year[66] - The decrease was primarily due to no impairment loss on properties under development and reduced fair value loss on investment properties during the period[66] Finance Costs Finance costs slightly decreased year-on-year, predominantly consisting of finance costs on lease liabilities - Finance costs were approximately HKD 0.3 million, a slight decrease from approximately HKD 0.4 million in the prior year[67] Disposal of a Subsidiary The company disposed of a subsidiary in November 2024, resulting in a net gain of approximately HKD 1.9 million - On November 20, 2024, the company disposed of its entire interest in Apex Magic International Limited for HKD 27 million, recognising a net gain of approximately HKD 1.9 million[68] Material Investments Held, Material Acquisitions or Disposals of Subsidiaries and Affiliated Companies, and Plans for Material Investments or Capital Assets The Group had no material acquisitions, disposals of subsidiaries, or plans for significant investments or capital assets during the reporting period, other than disclosed items - Other than disclosed matters, the Group had no material acquisitions, disposals of subsidiaries and affiliated companies, or future plans for material investments or capital assets during the reporting period[69] Net Loss and Net Loss Margin Loss attributable to equity holders slightly increased, while the net loss margin showed a marginal improvement - Loss attributable to equity holders of the company was approximately HKD 29.9 million, a slight increase from approximately HKD 29.5 million in the prior year[70] - Net loss margin was approximately 11.3%, a slight improvement from 11.7% in the prior year[70] Capital Expenditure Capital expenditure significantly decreased, primarily allocated to office renovation and equipment acquisition - Capital expenditure was approximately HKD 15,000, mainly for office renovation and acquisition of office equipment, a significant decrease from approximately HKD 0.1 million in the prior year[71] Financial Resources and Liquidity The Group maintained robust liquidity with a current ratio of 1.2, despite a decrease in cash and bank balances - Cash and bank balances were approximately HKD 267.3 million (December 31, 2024: HKD 389.4 million)[72] - The current ratio was 1.2 (December 31, 2024: 1.9), indicating robust liquidity[72] - Cash is primarily used for financial business operations, catering business development, and exploring potential acquisition and investment opportunities[72] Fund Raising Activities of the Group No equity securities were issued for cash during the reporting period - No equity securities were issued for cash during the reporting period[73] Loans and Interest Receivables Loans and interest receivables amounted to HKD 3.9 million, including new loans and impairment loss reversals, with an average annual interest rate of 8.9 percent - Loans and interest receivables were approximately HKD 3.9 million (December 31, 2024: nil)[74] - Loans of approximately HKD 3.7 million were provided during the period, with an average annual interest rate of approximately 8.9 percent p.a.[74] - Reversal of impairment loss on loans and interest receivables of approximately HKD 0.5 million was recognised[74] Trade Receivables Trade receivables decreased to HKD 61.0 million, mainly due to a reduction in receivables from securities and futures trading services - Trade receivables were approximately HKD 61.0 million (December 31, 2024: HKD 70.0 million)[76] - This includes approximately HKD 1.2 million from securities and futures trading services and approximately HKD 59.8 million from other businesses[76] Trade Payables Trade payables significantly increased to HKD 506.6 million, driven by higher payables from securities and futures trading and custody services - Trade payables were approximately HKD 506.6 million (December 31, 2024: HKD 335.5 million)[77] - This primarily includes approximately HKD 420.6 million from securities and futures trading services and approximately HKD 82.4 million from custody services[77] Inventories Inventories increased by approximately 38.5% compared to the end of 2024 - Inventories were approximately HKD 52.0 million, an increase of approximately 38.5% compared to December 31, 2024[78] Gearing Ratio The gearing ratio significantly increased to 72.5% from 35.8% at the end of 2024 - The gearing ratio (total liabilities/total assets) was approximately 72.5% (December 31, 2024: 35.8%)[79] Pledge of Assets The Group did not pledge any assets for borrowings during the reporting period - The Group did not pledge any assets for borrowings[80] Capital Structure The Group's capital management objective is to ensure going concern, maintain a healthy capital ratio, and optimize capital structure through an appropriate mix of equity and debt to reduce funding costs - Capital management objectives are to ensure going concern, maintain a healthy capital ratio, and ensure an efficient capital structure through a combination of equity and debt[81] Foreign Exchange Risk The Group's operations are primarily denominated in HKD and USD, and due to the HKD-USD peg, foreign currency risk is considered minimal, with the Group closely monitoring exchange rate movements - Business operations are primarily denominated in HKD and USD, with foreign currency risk considered minimal due to the HKD-USD peg[82] - The Group has not entered into any agreements or purchased instruments to hedge foreign exchange risk but closely monitors exchange rate movements[82][83] Contingent Liabilities As of June 30, 2025, and December 31, 2024, the Group had no significant contingent liabilities - The Group had no significant contingent liabilities at the end of the reporting period or at the end of 2024[84] Future Outlook The Group will continue to create value through a diversified business portfolio, anticipating a challenging Hong Kong business environment and structural transformation in the catering industry. The Group remains confident in Hong Kong's financial hub status, plans to expand its financial services portfolio, and will maintain a cautious approach to securities investments - Global economic uncertainty and escalating geopolitical tensions are expected to keep Hong Kong's business environment challenging[85] - The catering services industry faces structural transformation, and the Group will focus on consolidating its market position and building diversified supplier relationships[85] - The Group is confident in Hong Kong's strategic position as a global hub for offshore RMB business and a regional green technology and financial center, planning to expand its financial services portfolio across Hong Kong and Asia[86] - Given the highly volatile investment environment, the Group will continue to adopt a cautious approach to investing in securities and other financial products[87] Employees and Remuneration As of June 30, 2025, the Group's employee count increased to 168. Remuneration policy is based on individual performance, professional qualifications, industry experience, and market trends, with MPF and share option schemes to incentivise staff - As of June 30, 2025, the Group employed 168 employees (December 31, 2024: 164 employees)[88] - Remuneration is determined based on individual performance, professional qualifications, industry experience, and market trends, with year-end bonuses provided[88] - A Mandatory Provident Fund Scheme and a share option scheme are in place to incentivise employees[88][89] Dividends The Board resolved not to declare any interim dividend for the six months ended June 30, 2025 - The Board resolved not to declare any interim dividend for the six months ended June 30, 2025[90] Purchase, Redemption or Sale of the Company's Listed Securities During the reporting period, neither the Company nor any of its subsidiaries purchased, redeemed, or sold any of the Company's listed securities - During the reporting period, neither the Company nor any of its subsidiaries purchased, redeemed, or sold any of the Company's listed securities[91] Audit Committee The Company's Audit Committee has reviewed the unaudited condensed consolidated results for the six months ended June 30, 2025, and discussed accounting principles and financial reporting matters - The Audit Committee has reviewed the Company's unaudited condensed consolidated results for the six months ended June 30, 2025[92] Corporate Governance The Company generally complied with the Corporate Governance Code during the reporting period, with deviations including the Chairman's absence from the AGM and the Chairman and CEO roles not being separated; the Board will nominate a suitable Chairman as soon as practicable - The Company complied with the Corporate Governance Code in Appendix C1 of the Listing Rules during the reporting period, except for Code Provisions F.2.2 and C.2.1[93] - Deviations include the Chairman of the Board not attending the Annual General Meeting, and the roles of Chairman and Chief Executive Officer not being separated[93][94] - The Board will nominate a suitable candidate to serve as Chairman of the Board as soon as practicable[94] - All Directors confirmed compliance with the Model Code for Securities Transactions by Directors throughout the reporting period[95] Compliance with the Model Code for Securities Transactions by Directors All Directors confirmed compliance with the Model Code for Securities Transactions by Directors of Listed Issuers throughout the reporting period - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers, and all Directors confirmed compliance throughout the reporting period[95] Events After the Reporting Period As of the announcement date, no significant events after June 30, 2025, have materially impacted the Group's operations and financial performance - As of the announcement date, no significant events after the reporting period have materially impacted the Group's operations and financial performance[96] Publication of Interim Results Announcement and Interim Report This interim results announcement has been published on the Company's and HKEX websites, and the interim report will be dispatched to shareholders and available on the websites in due course - The interim results announcement has been published on the Company's website (www.pfh.hk) and the HKEX website (www.hkexnews.hk)[97](index=97&type=chunk) - The interim report will be dispatched to shareholders and made available on the aforementioned websites in due course[97]