力丰(集团)(00387) - 2025 - 中期业绩

Company Information and Interim Dividend This section covers the interim results announcement, interim dividend declaration, and suspension of share transfer registration Interim Results Announcement Lifung (Group) Limited announced its unaudited condensed consolidated interim results for the six months ended June 30, 2025, prepared under HKAS 34 and reviewed by the Audit Committee - This announcement presents Lifung (Group) Limited's unaudited condensed consolidated interim results for the six months ended June 30, 2025[2] Interim Dividend The Board resolved to declare an interim dividend of HKD 3 cents per share, consistent with the prior year, payable on or around October 2, 2025, after the record date of September 17, 2025 Interim Dividend Declaration | Indicator | H1 2025 | | :--- | :--- | | Dividend per share | 3 HK cents | | Record Date | September 17, 2025 | | Payment Date | On or around October 2, 2025 | - The interim dividend for the first half of 2025 is HKD 3 cents per share, consistent with 2024[3] Suspension of Share Transfer Registration To ensure shareholders' eligibility for the interim dividend, the company will suspend share transfer registration from September 16 to September 17, 2025, requiring transfer documents by 4:30 PM on September 15 - Share transfer registration will be suspended from September 16 to September 17, 2025, to determine eligibility for the interim dividend[14] Financial Performance Highlights This section details the company's revenue, gross profit, other income, operating expenses, finance costs, associate losses, tax expenses, and profit attributable to owners Revenue and Gross Profit In H1 2025, group revenue decreased by 7.2% to HKD 236,882,000, but gross profit increased by 8.9% to HKD 73,263,000, with gross margin significantly improving to 30.9% due to a new commission-based revenue model Revenue and Gross Profit Overview | Indicator | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 236,882 | 255,249 | -7.2% | | Gross Profit | 73,263 | 67,246 | +8.9% | | Gross Margin | 30.9% | 26.3% | +4.6pp | - The decline in revenue but increase in gross margin is primarily due to some new businesses transitioning to a commission-based revenue model, where only net income is recognized as revenue[5] Other Income and Gains, Net Total other income and gains, net, for H1 2025 was a loss of HKD 6,000, a significant decrease from H1 2024's gain of HKD 8,948,000, mainly due to fair value losses on financial assets at FVTPL, despite increased rental and supplier incentive income Other Income and Gains, Net | Indicator | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | | :--- | :--- | | Total other income and gains, net | (6) | 8,948 | | Fair value changes of financial assets | (2,815) (loss) | 6,507 (gain) | | Rental income | 1,975 | 1,809 | | Supplier incentive income | 689 | 486 | Operating Expenses In H1 2025, selling and distribution expenses increased by 30.4% due to higher supply chain costs, while administrative expenses decreased by 18.7% due to recognized exchange gains Changes in Operating Expenses | Indicator | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Selling and distribution expenses | 12,232 | 9,383 | +30.4% | | Administrative expenses | 40,291 | 49,570 | -18.7% | - Selling and distribution expenses increased primarily due to higher supply chain costs[8] - Administrative expenses decreased mainly due to the recognition of exchange gains in 2025[8] Net Finance Costs Net finance costs for H1 2025 significantly decreased by 50.8% to HKD 2,356,000, attributed to lower-cost loan financing and reduced HIBOR, while the net debt-to-equity ratio rose from 21.7% (end 2024) to 25.7% (end June 2025) Net Finance Costs and Net Debt-to-Equity Ratio | Indicator | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Net finance costs | 2,356 | 4,790 | -50.8% | | Finance income | 668 | 808 | -17.3% | | Finance costs | 3,024 | 5,598 | -46.0% | | Net debt-to-equity ratio (period-end) | 25.7% | 21.7% (Dec 2024) | +4.0pp | - The reduction in finance costs is primarily due to lower-cost loan financing and a lower Hong Kong Interbank Offered Rate (HIBOR)[9] Share of Loss of Associates after Tax Share of loss of associates after tax for H1 2025 was HKD 5,254,000, a slight narrowing from HKD 5,511,000 in the prior year, but OPS-Ingersoll Funkenerosion GmbH and Prima Power Sheet Metal Equipment (Suzhou) Co., Ltd. continued to record losses Share of Loss of Associates after Tax | Indicator | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | | :--- | :--- | :--- | | Share of loss of associates after tax | 5,254 | 5,511 | - Both OPS-Ingersoll Funkenerosion GmbH and Prima Power Sheet Metal Equipment (Suzhou) Co., Ltd. recorded losses[10] Income Tax Expense Income tax expense for H1 2025 was HKD 3,113,000, compared to HKD 401,000 in the prior year, mainly due to the need to make provision for Hong Kong profits tax this period, unlike previous periods where available tax losses offset taxable profits Income Tax Expense | Indicator | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | | :--- | :--- | :--- | | Income tax expense | 3,113 | 401 | - In H1 2025, a provision for Hong Kong profits tax was required, whereas in prior periods, no provision was needed due to available tax losses offsetting taxable profits[11] Profit Attributable to Owners of the Company and Earnings Per Share Profit attributable to owners of the company for H1 2025 increased by 18.9% year-on-year to HKD 10,023,000, with basic earnings per share rising by 19.1% to HKD 4.36 cents, and operating profit from trading business also growing by 8.4% Profit Attributable to Owners of the Company and Earnings Per Share | Indicator | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Profit attributable to owners of the company | 10,023 | 8,430 | +18.9% | | Operating profit from trading business | 20,745 | 19,130 | +8.4% | | Basic earnings per share | 4.36 HK cents | 3.66 HK cents | +19.1% | Condensed Consolidated Financial Statements This section presents the condensed consolidated statement of profit or loss and other comprehensive income, and the condensed consolidated 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 recorded a profit for the period of HKD 10,022,000, an increase from the prior year. Other comprehensive income shifted from a loss to a gain, primarily due to exchange differences on translation of foreign operations, significantly boosting total comprehensive income for the period Summary of Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Indicator | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | | :--- | :--- | :--- | | Revenue | 236,882 | 255,249 | | Gross Profit | 73,263 | 67,246 | | Operating Profit | 20,745 | 19,130 | | Profit before tax | 13,135 | 8,829 | | Profit for the period | 10,022 | 8,428 | | Exchange differences on translation of foreign operations | 4,273 | (5,192) | | Total comprehensive income for the period | 14,540 | 3,872 | Condensed Consolidated Statement of Financial Position As of June 30, 2025, total non-current assets decreased, mainly due to a significant reduction in financial assets at fair value through profit or loss. Total current assets significantly increased, driven by new current financial assets at FVTPL, and growth in trade receivables and inventories. Total current liabilities also rose, leading to increases in both net current assets and total equity Summary of Condensed Consolidated Statement of Financial Position | Indicator | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Total non-current assets | 330,170 | 400,969 | | Total current assets | 456,988 | 336,349 | | Total current liabilities | 304,289 | 263,452 | | Net current assets | 152,699 | 72,897 | | Total equity | 452,686 | 445,048 | - The decrease in total non-current assets is primarily due to financial assets at fair value through profit or loss decreasing from HKD 76,718 thousand to HKD 6,903 thousand[17] - The increase in total current assets is mainly due to new current financial assets at fair value through profit or loss of HKD 67,000 thousand, as well as growth in trade receivables and inventories[17] Notes to the Condensed Consolidated Financial Information This section provides detailed notes on the basis of preparation, accounting policy changes, operating segment information, revenue breakdown, profit before tax details, income tax expense, dividends, earnings per share, trade and other receivables, trade and other payables, and borrowings Basis of Preparation and Changes in Accounting Policies The interim condensed consolidated financial information is prepared in accordance with HKAS 34 and the Listing Rules, using consistent accounting policies as the annual consolidated financial statements for the year ended December 31, 2024, except for the first-time adoption of amended HKAS 21 "Lack of Exchangeability," which had no impact on the Group - The financial information is prepared in accordance with Hong Kong Accounting Standard 34 and the Listing Rules[19] - The first-time adoption of amended Hong Kong Accounting Standard 21 "Lack of Exchangeability" had no impact on the Group's interim condensed consolidated financial information[20][21] Operating Segment Information Management assesses business performance by geographical region (Mainland China, Hong Kong, and other countries), primarily engaging in the trading of metal processing machinery, measuring instruments, cutting tools, and electronic equipment. In H1 2025, Mainland China contributed the vast majority of external customer sales and segment results - Operating segments are geographically divided into Mainland China, Hong Kong, and other countries, primarily engaged in the trading of metal processing machinery, measuring instruments, cutting tools, and electronic equipment[22] H1 2025 Operating Segment Data by Region | Indicator | Mainland China (HKD thousands) | Hong Kong (HKD thousands) | Other Countries (HKD thousands) | Total (HKD thousands) | | :--- | :--- | :--- | :--- | :--- | | Sales to external customers | 227,584 | 1,661 | 7,637 | 236,882 | | Segment results | 19,278 | 843 | 624 | 20,745 | | Segment assets | 463,855 | 268,208 | 55,095 | 787,158 | | Capital expenditure | 54 | – | – | 54 | Disaggregation of Revenue Revenue primarily derives from sales of goods, commission income, and service income. In H1 2025, commission income significantly grew by 107.6% to HKD 59,527,000, becoming a new revenue model, while sales of goods revenue decreased. Approximately 25% of revenue came from a single major customer Disaggregation of Revenue | Type of Goods or Services | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Sales of goods | 167,976 | 215,160 | -21.9% | | Commission income | 59,527 | 28,677 | +107.6% | | Service income | 9,379 | 11,412 | -17.8% | | Total | 236,882 | 255,249 | -7.2% | - Commission income significantly increased, representing a new revenue model since H2 2023, involving technical support and agency services for business partners[30] - Approximately 25% of revenue (HKD 59,551 thousand) was derived from a single major customer[30] Details of Profit Before Tax Profit before tax is influenced by various factors, including cost of inventories sold, depreciation, employee benefit expenses, net exchange gains, short-term leases, provision for obsolete inventories, and professional service fees. Notably, H1 2025 recorded a net exchange gain of HKD 4,495,000, compared to a loss in the prior year Items Deducted From/(Credited To) Profit Before Tax | Item | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | | :--- | :--- | :--- | | Cost of inventories sold | 160,315 | 185,299 | | Depreciation of plant and equipment | 1,072 | 1,070 | | Depreciation of right-of-use assets | 2,272 | 2,760 | | Employee benefit expenses | 29,731 | 28,689 | | Exchange (gains)/losses, net | (4,495) (gain) | 5,829 (loss) | | Provision for obsolete inventories | 2,152 | 944 | Details of Income Tax Expense Total income tax expense for H1 2025 was HKD 3,113,000, entirely from Hong Kong profits tax, whereas the prior year's expense mainly originated from Mainland China and other countries. Hong Kong profits tax is provided at a rate of 16.5%, differing from past periods where tax losses offset taxable profits Composition of Income Tax Expense | Category | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | | :--- | :--- | :--- | | Hong Kong profits tax | 3,113 | – | | Mainland China and other countries | – | 401 | | Total tax expense for the period | 3,113 | 401 | - Hong Kong profits tax is provided at a rate of 16.5%, differing from prior periods where available tax losses offset taxable profits, requiring no provision[32] Dividends As of June 30, 2025, a final dividend of HKD 6,902,000 for 2024 was payable. The Board declared an interim dividend of HKD 3 cents per share for the six months ended June 30, 2025, which was declared after the reporting period and thus not recognized as a liability in the condensed consolidated statement of financial position Dividend Information | Dividend Type | June 30, 2025 (HKD thousands) | June 30, 2024 (HKD thousands) | | :--- | :--- | :--- | | Final dividend payable | 6,902 (for 2024) | 8,053 (for 2023) | | Interim dividend (per share) | 3 HK cents (H1 2025) | 3 HK cents (H1 2024) | - The interim dividend for H1 2025 was declared after the reporting period and therefore not recognized as a liability in the statement of financial position[34] Earnings Per Share Attributable to Owners of the Company Basic earnings per share for H1 2025 was HKD 4.36 cents, calculated based on profit attributable to owners of HKD 10,023,000 and 230,076,000 ordinary shares in issue. The company had no dilutive share options Basic Earnings Per Share Calculation | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit attributable to owners of the company (HKD thousands) | 10,023 | 8,430 | | Weighted average number of ordinary shares in issue (thousand shares) | 230,076 | 230,076 | | Basic earnings per share (HK cents) | 4.36 | 3.66 | - The company had no outstanding or unexercised share options during the reporting period, thus no dilutive effect[36] Trade and Other Receivables As of June 30, 2025, total trade and other receivables were HKD 242,139,000, an increase from December 31, 2024. The aging analysis shows a significant increase in receivables aged 7 to 12 months, while those aged 4 to 6 months substantially decreased. The company typically grants customers a 30-day credit period Aging Analysis of Trade and Other Receivables (by invoice date) | Aging | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Within 3 months | 144,707 | 145,397 | | 4 to 6 months | 3,189 | 31,902 | | 7 to 12 months | 83,430 | 1,795 | | Over 12 months | 13,232 | 29,638 | | Total (net of impairment) | 242,139 | 206,372 | - The company generally grants customers a 30-day credit period, with longer terms potentially extended to customers with good repayment records and long-term business relationships[37] Trade and Other Payables As of June 30, 2025, total trade and other payables were HKD 58,341,000, a decrease from December 31, 2024. The aging analysis indicates that payables within 3 months constitute the largest portion but have decreased Aging Analysis of Trade and Other Payables (by invoice date) | Aging | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Within 3 months | 48,144 | 65,652 | | 4 to 6 months | 2,489 | 6,113 | | 7 to 12 months | 5,524 | 1,237 | | Over 12 months | 2,184 | 3,676 | | Total | 58,341 | 76,678 | Borrowings As of June 30, 2025, total short-term borrowings were HKD 141,938,000, an increase from December 31, 2024, primarily to meet trade working capital needs. Bank borrowings are secured by certain land and buildings, investment properties, and financial assets at fair value through profit or loss Composition of Borrowings | Borrowing Type | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Trust receipt loans | 83,575 | 75,963 | | Bank term loans due within one year | 58,363 | 52,108 | | Total borrowings | 141,938 | 128,071 | - The increase in borrowings aims to meet trade working capital requirements[46] - Bank borrowings are secured by certain land and buildings, investment properties, and a financial asset at fair value through profit or loss of the Group[39] Management Discussion and Analysis This section provides a business review, discusses liquidity and financial resources, and outlines future plans and prospects Business Review In H1 2025, China's economy remained resilient despite challenges, with GDP and exports growing, and domestic consumption playing a key role. The Group's trading business performed well, particularly the machine tools division, benefiting from strong demand from new energy vehicle and mobile phone manufacturers, leading to a 130.4% increase in total order intake. However, investment business was affected by a weak European economy and associate losses - China's economy remained resilient in H1 2025, with GDP growing by 5.5%, exports by 7.2%, and domestic consumption contributing 68.8% of GDP growth[42] H1 2025 Total Order Intake | Indicator | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Total order intake | 1,106,143 | 480,038 | +130.4% | Trading Business China's manufacturing investment grew, with rapid increases in "new three" products like NEVs, lithium batteries, and photovoltaic products. The Group's machine tools division performed well, driven by strong demand from NEV and mobile phone manufacturers. Cutting tools sales declined, but the electronic equipment division performed well, with service income becoming a key profit driver - China's manufacturing investment grew by 7.5%, with high-tech industries growing by 9.5%[43] China's "New Three" and Auto Production/Sales Growth | Product | Production Growth | | :--- | :--- | | Electric vehicles | +30.0% | | Lithium batteries | +53.3% | | Photovoltaic products | +17.8% | | China auto sales | +11.4% (15,653,000 units) | | New energy vehicle sales | +40.3% (6,937,000 units) | - The machine tools division performed well, supported by strong demand from new energy vehicle and mobile phone manufacturers, with service income becoming a key profit driver[43] Investment Business The weak European economy, especially in Germany, negatively impacted associate OPS Ingersoll Funkenerosion GmbH. Prima Power Sheet Metal Equipment (Suzhou) Co., Ltd. also faced intense competition in China. Both associates continued to record losses - The weak European economy, particularly in Germany, negatively impacted associate OPS Ingersoll Funkenerosion GmbH[44] - Prima Power Sheet Metal Equipment (Suzhou) Co., Ltd. faced intense competition from local manufacturers in China[44] - Both associates, OPS Ingersoll Funkenerosion GmbH and Prima Power Sheet Metal Equipment (Suzhou) Co., Ltd., continued to record losses[44] Liquidity and Financial Resources As of June 30, 2025, cash and cash equivalents slightly decreased, while inventories and trade receivables increased, leading to longer inventory and trade receivables turnover days. Short-term borrowings rose to meet working capital needs, and the net debt-to-equity ratio increased to 25.7%. The Group has ample bank financing facilities, secured by assets Key Liquidity and Financial Resources Indicators | Indicator | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Cash and cash equivalents | 25,487 | 26,048 | | Inventories | 77,901 | 69,993 | | Trade and other receivables | 242,139 | 206,372 | | Trade and other payables | 58,341 | 76,678 | | Short-term borrowings | 141,938 | 128,071 | Turnover Days and Net Debt-to-Equity Ratio | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Inventory turnover days | 87 days | 61 days | | Trade receivables turnover days | 188 days | 125 days | | Net debt-to-equity ratio | 25.7% | 21.7% | - The Group has total bank facilities of approximately HKD 226,755 thousand, of which approximately HKD 155,453 thousand was utilized, secured by assets with a total carrying amount of approximately HKD 92,453 thousand[47][51] Future Plans and Prospects For the second half, the Chinese government will continue to support domestic consumption and high-tech industries. The Group will maintain key customer relationships, expand product offerings in NEV and smartphone manufacturing, and invest in a new CRM system. A joint venture with a European metal sheet processing equipment manufacturer will expand into China and Southeast Asia. Despite potential short-term impacts from long delivery times for imported machinery, the Group expects 2025 financial performance to surpass 2024 - The Chinese government will continue to support domestic consumption (new energy vehicles, smart home appliances) and high-tech industries (smartphones, computers, printed circuit boards)[48] - The Group will continue to maintain key customer relationships, expand product ranges in new energy vehicle and smartphone manufacturing, and invest in a new customer relationship management system[48][49] - A joint venture has been formed with a European metal sheet processing equipment manufacturer, with business scope covering China and Southeast Asian markets[49] - While a large number of machine tool orders in H2 2025 may not be delivered by year-end, the Group believes its 2025 financial performance should be better than 2024[49] Other Information This section covers employee details, asset pledges, capital expenditure, contingent liabilities, exchange rate fluctuations, and share transactions Employees As of June 30, 2025, the Group employed 225 staff, primarily in Mainland China and Hong Kong. The company offers competitive remuneration packages and benefits, including medical plans, education allowances, and discretionary performance bonuses Employee Count and Distribution | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total employees | 225 | 233 | | Hong Kong employees | 37 | N/A | | Mainland China employees | 176 | N/A | | Employees in other Asian offices | 12 | N/A | - The Group provides employees with a competitive remuneration package and benefits such as medical plans, education allowances, and discretionary performance bonuses[50] Details of Pledged Assets As of June 30, 2025, certain land and buildings, investment properties, and a financial asset at fair value through profit or loss, with a total carrying amount of approximately HKD 92,453,000, were pledged by way of fixed charges to secure bank facilities Total Carrying Amount of Pledged Assets | Date | Total Carrying Amount of Pledged Assets (HKD thousands) | | :--- | :--- | | June 30, 2025 | 92,453 | | December 31, 2024 | 97,273 | - Pledged assets include land and buildings in Hong Kong and Mainland China, investment properties, and a financial asset at fair value through profit or loss, used to secure bank facilities[51] Capital Expenditure and Contingent Liabilities Total capital expenditure for H1 2025 was HKD 54,000, mainly for plant and equipment. As of June 30, 2025, the Group had no capital commitments but had contingent liabilities totaling HKD 4,208,000 for customer guarantees Capital Expenditure and Contingent Liabilities | Indicator | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | | :--- | :--- | :--- | | Total capital expenditure | 54 | 111 | | Contingent liabilities (customer guarantees) | 4,208 | 3,811 (Dec 31, 2024) | - As of June 30, 2025, the Group had no capital commitments[52] Exchange Rate Fluctuations and Related Hedging Risks The Group's revenue and purchases are largely denominated in foreign currencies, exposing it to exchange rate risk. The company mitigates this by using foreign currency income to settle payments to overseas suppliers and may enter into foreign currency forward contracts. As of June 30, 2025, the Group had no outstanding foreign currency forward contracts - The Group's majority of revenue and purchases are denominated in foreign currencies, exposing it to exchange rate risk[53] - The Group mitigates exchange rate risk by utilizing foreign currency income to settle payments to overseas suppliers and may enter into foreign currency forward contracts[53] - As of June 30, 2025, the Group had no outstanding foreign currency forward contracts for settlement[53] Purchase, Sale or Redemption of Shares During the reporting period, neither the company nor any of its subsidiaries redeemed, purchased, or sold any of the company's shares, and as of June 30, 2025, the company held no treasury shares - During the reporting period, neither the company nor any of its subsidiaries redeemed, purchased, or sold any of the company's shares[55] - As of June 30, 2025, the company had no treasury shares[55] Corporate Governance This section details the company's adherence to the Corporate Governance Code, Standard Code for Securities Transactions, and the Audit Committee's review Corporate Governance Code For the six months ended June 30, 2025, the company complied with the code provisions in Part 2 of Appendix C1 of the Listing Rules, though the Chairman and Group Chief Executive are the same person, which the Board believes ensures a balance of power and accountability, and will be continuously reviewed - The company has complied with the code provisions in Part 2 of Appendix C1 of the Listing Rules on Corporate Governance Code[56] - The Chairman and Group Chief Executive are the same person, but the Board believes the current operations ensure a balance of power and accountability, and will be continuously reviewed[56] Standard Code for Securities Transactions The company has adopted the Standard Code for Securities Transactions by Directors as set out in Appendix C3 of the Listing Rules and confirms that all directors complied with it during the reporting period - The company has adopted the Standard Code for Securities Transactions by Directors as set out in Appendix C3 of the Listing Rules[57] - All directors confirmed compliance with the Standard Code during the reporting period[57] Audit Committee The Audit Committee has reviewed the Group's accounting principles and practices with management, and discussed internal controls and financial reporting matters, including the unaudited condensed consolidated interim financial information for the six months ended June 30, 2025 - The Audit Committee has reviewed the Group's accounting principles, internal controls, and financial reporting matters[58] - The Audit Committee has reviewed the unaudited condensed consolidated interim financial information for the six months ended June 30, 2025[58] Report Conclusion This section covers the interim report publication and the Board Chairman's signature Interim Report Publication The company's interim report for the six months ended June 30, 2025, will be published on the Stock Exchange and the company's website by the end of September 2025 and sent to shareholders upon request - The interim report will be published on the Stock Exchange and the company's website by the end of September 2025[59] Board Chairman's Signature This interim results announcement was signed by Mr. Li Xiu Liang, Chairman of the Board, on behalf of the Board on August 28, 2025 - This announcement was signed by Mr. Li Xiu Liang, Chairman of the Board, on August 28, 2025[60][61]