CNT GROUP(00701) - 2025 - 中期业绩

Financial Summary North Sea Group reported a 26.1% revenue decrease and 160.1% loss expansion for H1 2025, with per-share loss at 1.92 HK cents and debt-to-equity ratio rising to 14.6% H1 2025 Financial Summary | Indicator | 2025 (HKD Thousands) | 2024 (HKD Thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 119,045 | 161,111 | -26.1 | | Gross Profit | 50,191 | 66,334 | -24.3 | | Gross Profit Margin | 42.2% | 41.2% | 2.4 | | Loss for the Period | (43,876) | (16,868) | 160.1 | | Loss Attributable to Owners of the Company | (36,551) | (13,462) | 171.5 | | Loss Per Share (HK cents) | (1.92) | (0.71) | 171.5 | | Cash and Cash Equivalents and Pledged Deposits | 329,228 | 308,948 | 6.6 | | Bank Borrowings | 175,216 | 137,618 | 27.3 | | Debt-to-Equity Ratio | 14.6% | 11.3% | 29.2 | | Net Asset Value Per Share (HKD) | 0.68 | 0.70 | -2.9 | | Shareholders' Funds Per Share (HKD) | 0.63 | 0.64 | -1.6 | Condensed Consolidated Financial Statements Condensed Consolidated Statement of Profit or Loss The Group's H1 2025 revenue decreased by 26.1% to HKD 119,045 thousand, with gross profit down 24.3% and loss expanding to HKD 43,876 thousand, driven by investment property fair value losses Condensed Consolidated Statement of Profit or Loss Key Data | Indicator | 2025 (HKD Thousands) | 2024 (HKD Thousands) | | :--- | :--- | :--- | | Revenue | 119,045 | 161,111 | | Cost of Sales | (68,854) | (94,777) | | Gross Profit | 50,191 | 66,334 | | Other Income and Net Gains | 4,881 | 11,800 | | Net Fair Value Loss on Investment Properties | (30,751) | (11,632) | | Loss Before Tax | (44,519) | (17,116) | | Loss for the Period | (43,876) | (16,868) | | Loss Attributable to Owners of the Parent | (36,551) | (13,462) | | Basic and Diluted Loss Per Share (HK cents) | (1.92) | (0.71) | Condensed Consolidated Statement of Comprehensive Income The Group's H1 2025 total comprehensive loss narrowed to HKD 22,409 thousand, primarily due to a positive swing in exchange differences on foreign operations translation Condensed Consolidated Statement of Comprehensive Income Key Data | Indicator | 2025 (HKD Thousands) | 2024 (HKD Thousands) | | :--- | :--- | :--- | | Loss for the Period | (43,876) | (16,868) | | Exchange Differences on Translation of Foreign Operations | 21,467 | (18,082) | | Total Comprehensive Loss for the Period | (22,409) | (34,950) | | Total Comprehensive Loss Attributable to Owners of the Parent | (18,919) | (28,176) | Condensed Consolidated Statement of Financial Position As of June 30, 2025, total assets less current liabilities increased to HKD 1,406,191 thousand, with net current assets rising to HKD 197,550 thousand and equity attributable to owners at HKD 1,200,642 thousand Condensed Consolidated Statement of Financial Position Key Data | Indicator | June 30, 2025 (HKD Thousands) | December 31, 2024 (HKD Thousands) | | :--- | :--- | :--- | | Total Non-Current Assets | 1,208,641 | 1,230,652 | | Investment Properties | 709,566 | 725,819 | | Total Current Assets | 483,836 | 486,732 | | Total Current Liabilities | 286,286 | 332,471 | | Net Current Assets | 197,550 | 154,261 | | Total Assets Less Current Liabilities | 1,406,191 | 1,384,913 | | Total Non-Current Liabilities | 104,984 | 61,318 | | Net Assets | 1,301,207 | 1,323,595 | | Equity Attributable to Owners of the Parent | 1,200,642 | 1,219,561 | | Total Equity | 1,301,207 | 1,323,595 | Notes to the Condensed Consolidated Financial Statements Basis of Preparation and Changes in Accounting Policies Interim financial statements are prepared under HKAS 34 and Listing Rules, with HKAS 21 amendments having no material impact due to currency convertibility - This condensed consolidated interim financial information is prepared in accordance with HKAS 34 and the Listing Rules, and should be read in conjunction with the annual consolidated financial statements for the year ended December 31, 2024[10] - Amendments to HKAS 21 (Lack of Exchangeability) had no impact on the interim condensed consolidated financial statements, as the Group's entities transact and translate in convertible currencies[12] Operating Segment Information The Group operates in four segments: paint products, property investment, hotel operations, and others, with performance assessed on adjusted pre-tax profit/loss excluding certain corporate costs - The Group's operating segments include paint products, property investment, hotel operations, and others (primarily investment holding)[13] - Segment performance is assessed based on adjusted profit/loss before tax, excluding interest income, finance costs, and head office/corporate expenses[14] Segment Revenue and Results H1 2025 segment revenues were HKD 96,893 thousand for paint products, HKD 16,806 thousand for property investment, and HKD 5,346 thousand for hotel operations, with the Group reporting a HKD 44,519 thousand loss before tax H1 2025 Segment Revenue and Results (HKD Thousands) | Segment | Sales to External Customers | Segment Results | | :--- | :--- | :--- | | Paint Products | 96,893 | (21,578) | | Property Investment | 16,806 | (16,174) | | Hotel Operations | 5,346 | 214 | | Others | – | 3,396 | | Total (after reconciliation) | 119,045 | (44,519) (Loss Before Tax) | H1 2024 Segment Revenue and Results (HKD Thousands) | Segment | Sales to External Customers | Segment Results | | :--- | :--- | :--- | | Paint Products | 137,044 | (19,296) | | Property Investment | 18,863 | 5,084 | | Hotel Operations | 5,204 | 123 | | Others | – | 9,354 | | Total (after reconciliation) | 161,111 | (17,116) (Loss Before Tax) | Segment Assets and Liabilities As of June 30, 2025, total segment assets were HKD 1,520,413 thousand, with property investment at HKD 816,449 thousand, and total segment liabilities at HKD 422,835 thousand, both showing a decrease from year-end 2024 Segment Assets and Liabilities (HKD Thousands) | Segment | June 30, 2025 Segment Assets | December 31, 2024 Segment Assets | June 30, 2025 Segment Liabilities | December 31, 2024 Segment Liabilities | | :--- | :--- | :--- | :--- | :--- | | Paint Products | 408,654 | 482,223 | 308,967 | 381,312 | | Property Investment | 816,449 | 830,372 | 105,829 | 106,424 | | Hotel Operations | 262,071 | 263,212 | 5,700 | 7,031 | | Others | 33,239 | 33,086 | 2,339 | 2,778 | | Total (after reconciliation) | 1,520,413 | 1,608,893 | 422,835 | 497,545 | Other Segment Information H1 2025 saw property, plant and equipment depreciation of HKD 7,806 thousand, right-of-use asset depreciation of HKD 3,075 thousand, and a HKD 30,751 thousand fair value loss on investment properties Other Segment Information (HKD Thousands) | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Depreciation of Property, Plant and Equipment | 7,806 | 9,544 | | Depreciation of Right-of-Use Assets | 3,075 | 3,057 | | Capital Expenditure | 284 | 73 | | Fair Value Loss on Investment Properties | 30,751 | 11,632 | | Net Reversal of Impairment Allowance for Trade and Bills Receivables | (933) | 689 | | Net Reversal of Write-down of Inventories to Net Realizable Value | (269) | 291 | Geographical Information and Major Customers The Group's revenue primarily originated from Mainland China (HKD 99,774 thousand), with non-current assets evenly distributed, and no single customer contributing over 10% of total revenue Revenue from External Customers (HKD Thousands) | Region | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Hong Kong | 19,271 | 36,997 | | Mainland China | 99,774 | 124,114 | | Total | 119,045 | 161,111 | Non-Current Assets (HKD Thousands) | Region | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Hong Kong | 581,902 | 591,903 | | Mainland China | 580,763 | 590,318 | | Total | 1,162,665 | 1,182,221 | - For the six months ended June 30, 2025 and 2024, no revenue from any single customer accounted for 10% or more of the Group's total revenue[25] Revenue, Other Income and Net Gains Revenue primarily from paint product sales (HKD 96,893 thousand) and investment property rentals (HKD 16,806 thousand), with other income and net gains significantly reduced due to the absence of prior year's one-off legal cost recovery Revenue Source Analysis (HKD Thousands) | Revenue Source | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Sales of Paint Products | 96,893 | 137,044 | | Hotel Operations | 5,346 | 5,204 | | Gross Rental Income from Investment Properties under Operating Leases | 16,806 | 18,863 | | Total Revenue | 119,045 | 161,111 | Other Income and Net Gains Analysis (HKD Thousands) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Bank Interest Income | 2,856 | 3,248 | | Government Grants | 40 | 204 | | Government Subsidies | 342 | 408 | | Recovery of Legal Defense Costs for Derivative Litigation | – | 6,412 | | Others | 1,340 | 1,339 | | Total | 4,881 | 11,800 | Finance Costs H1 2025 finance costs decreased to HKD 2,722 thousand from HKD 3,692 thousand, primarily driven by reduced interest expenses on bank borrowings Finance Costs Analysis (HKD Thousands) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Interest on Bank Borrowings | 2,558 | 3,499 | | Interest on Lease Liabilities | 164 | 193 | | Total | 2,722 | 3,692 | Loss Before Tax H1 2025 loss before tax significantly increased to HKD 44,519 thousand, primarily due to higher fair value losses on investment properties and increased staff severance costs Loss Before Tax Components (HKD Thousands) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Cost of Inventories Sold | 68,854 | 94,777 | | Depreciation of Property, Plant and Equipment | 7,806 | 9,544 | | Net Fair Value Loss on Investment Properties | 30,751 | 11,632 | | Net Impairment Allowance / (Reversal) for Trade and Bills Receivables | (933) | 689 | | Staff Severance Costs | 1,128 | 600 | Income Tax The Group recorded an H1 2025 income tax credit of HKD 643 thousand, primarily from deferred tax, with no Hong Kong profits tax provision and varied Mainland China tax rates - The Group had sufficient brought-forward tax losses to offset taxable profits in Hong Kong, resulting in no Hong Kong profits tax provision for the current period[31] - Mainland China subsidiaries are subject to a standard corporate income tax rate of 25%, while those qualified as high-tech enterprises enjoy a preferential rate of 15%[31] Total Income Tax Credit (HKD Thousands) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Current - Other Regions Expense for the Period | 105 | 93 | | Deferred | (748) | (341) | | Total Tax Credit for the Period | (643) | (248) | Loss Per Share and Dividends H1 2025 basic and diluted loss per share attributable to parent's equity holders significantly increased to 1.92 HK cents, with no interim dividend declared - Basic and diluted loss per share attributable to ordinary equity holders of the parent was 1.92 HK cents (H1 2024: 0.71 HK cents), representing a 171.5% increase in loss[33] - No diluted adjustment was made as unexercised share options had an anti-dilutive effect on basic loss per share[33] - The Board resolved not to declare an interim dividend for the six months ended June 30, 2025[34] Property, Plant and Equipment and Investment Properties H1 2025 property, plant and equipment additions cost HKD 284 thousand, while investment property carrying value decreased to HKD 709,566 thousand due to fair value losses - The Group's cost of additions to property, plant and equipment for the six months ended June 30, 2025, was HKD 284 thousand, a significant increase from HKD 73 thousand in the prior year[35] Investment Property Carrying Value (HKD Thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Carrying Value at Beginning of Period/Year | 725,819 | 772,933 | | Fair Value Loss | (30,751) | (46,604) | | Exchange Adjustment | 14,498 | (15,514) | | Carrying Value at End of Period/Year | 709,566 | 725,819 | - The fair value loss on investment properties was primarily derived from revaluation by independent professional valuers using the income capitalization approach, market comparison approach, and depreciated replacement cost approach[36] Trade and Bills Receivables and Payables As of June 30, 2025, trade and bills receivables decreased to HKD 78,275 thousand, and payables to HKD 96,124 thousand, with the Group maintaining strict credit risk control - The Group's trade receivables primarily arise from investment property leases and paint product sales, with credit terms typically ranging from one to three months[37] Ageing Analysis of Trade and Bills Receivables (HKD Thousands) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 3 Months | 39,287 | 57,477 | | Over 3 Months but Within 6 Months | 8,436 | 7,585 | | Over 6 Months | 30,552 | 40,447 | | Total | 78,275 | 105,509 | Ageing Analysis of Trade and Bills Payables (HKD Thousands) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 3 Months | 34,946 | 49,975 | | Over 3 Months but Within 6 Months | 20,141 | 34,389 | | Over 6 Months | 41,037 | 41,073 | | Total | 96,124 | 125,437 | - Trade and bills payables are unsecured, non-interest-bearing, and generally settled within two months, with some bills payable secured by time deposits[39] Share Option Schemes Both the Company and China Paint Group have share option schemes, with no new grants by the Company in H1 2025, some China Paint options lapsing, and a net expense of HKD 21 thousand recognized - The Company's 2022 Share Option Scheme is valid for ten years from June 2, 2022, with no share options granted during H1 2025[40] - China Paint Group's share option scheme granted 80,000,000 share options on June 15, 2022, with an exercise price of HKD 0.335 per share and a four-year vesting period[41][42] China Paint Group Outstanding Share Options (Million shares) | Item | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | At January 1 | 70 | 80 | | Lapsed During the Period | (10) | (10) | | At June 30 | 60 | 70 | | Vested and Exercisable at June 30 | 54 | 56 | - A net share option expense of approximately HKD 21 thousand was recognized for H1 2025 (H1 2024: HKD 209 thousand)[44] Management Discussion and Analysis Business Review The Group recorded a significant H1 2025 loss of HKD 36,550 thousand, driven by investment property fair value losses and the absence of prior year's one-off legal cost recovery, with revenue down 26.1% due to weak market demand - Loss attributable to owners of the Company was approximately HKD 36,550 thousand, a significant increase from HKD 13,460 thousand in the prior year[48] - The expanded loss is primarily attributed to a fair value loss on investment properties of approximately HKD 30,750 thousand (H1 2024: HKD 11,630 thousand) and the absence of a one-off recovery of legal defense costs for derivative litigation of HKD 6,410 thousand in the prior year[48] - Total revenue was approximately HKD 119,050 thousand, a 26.1% year-on-year decrease, with gross profit at approximately HKD 50,190 thousand, a 24.3% year-on-year decrease[49] - The significant decrease in gross profit was mainly due to weak demand in the Mainland China and Hong Kong real estate and construction sectors, coupled with intensified competition in the paint and coatings industry, leading to a 29.3% decline in paint and coatings product sales[49] Property Investment Business Property investment revenue decreased to HKD 16,810 thousand, with total investment property market value down 2.2% to HKD 709,570 thousand, and segment results turning to a HKD 16,170 thousand loss due to market downturn and lower occupancy - Property investment business revenue was approximately HKD 16,810 thousand, a decrease from HKD 18,860 thousand in the prior year, mainly due to changes in monthly value-added clauses in long-term lease agreements[51] - The total market value of investment properties was approximately HKD 709,570 thousand, a 2.2% decrease from December 31, 2024, primarily due to fair value losses resulting from the continued sluggish real estate markets in Mainland China and Hong Kong[52] - The average occupancy rate decreased from 93.6% to 85.9%, mainly because an investment property (the former China Paint Group Hubei production plant) remains unleased[53] - Segment results turned from a profit of HKD 5,080 thousand in the prior year to a loss of HKD 16,170 thousand, primarily due to a significant increase in fair value loss on investment properties to HKD 19,120 thousand[53] Properties Under Development The Yuen Long Au Tau redevelopment project, including conservation and elderly care facilities, has been approved, with the Group exploring a sale to an independent third party for optimal shareholder benefit - The redevelopment project on Au Tau land in Yuen Long has been approved by the Town Planning Board, including the conservation of Poon Uk, construction of recreational and cultural facilities, and an elderly care home providing approximately 530 beds[55] - This permission is valid for four years, until August 2026[55] - The Company's directors initially believe that selling the redevelopment project to an independent third party would be in the overall best interests of the Company and its shareholders[56] Hotel Operations Hotel operations generated HKD 5,350 thousand in revenue with 94% occupancy, turning to a HKD 210 thousand profit due to cost control, with high occupancy and improved room rates expected - Total hotel operations revenue was approximately HKD 5,350 thousand, with an average occupancy rate of approximately 94%[57] - Segment results turned from a loss of HKD 120 thousand in the prior year to a profit of HKD 210 thousand, primarily due to effective cost control[57] - Room occupancy rates are expected to remain high in 2025, and average room rates are anticipated to improve, benefiting from ongoing promotional activities by the Hong Kong government[58] Paint and Coatings Business Paint and coatings revenue significantly decreased by 29.3% to HKD 96,890 thousand due to weak real estate markets and intense competition, with gross profit down 30.6% despite lower raw material costs Paint Sales Revenue Analysis (HKD Thousands) | Product Category | H1 2025 (HKD Thousands) | H1 2024 (HKD Thousands) | Net Change (%) | | :--- | :--- | :--- | :--- | | Industrial Paints and Coatings Products | 56,485 | 64,904 | -13.0 | | Architectural Paints and Coatings Products | 17,190 | 35,217 | -51.2 | | General Paints and Coatings and Ancillary Products | 23,218 | 36,923 | -37.1 | | Total | 96,893 | 137,044 | -29.3 | - The Mainland China market contributed 89.4% of total paint sales revenue (2024: 79.8%)[60] - Paint sales to Hong Kong wholesale and retail distributors significantly decreased by 67.7%, primarily due to the negative impact of the construction and building industry on local GDP and contractors' preference for direct procurement from Mainland China[62] - Paint sales to Mainland China wholesale and retail distributors decreased by 13.8%, mainly affected by the sluggish real estate market and intensified industry competition[63] - Paint sales to real estate developers and contractors for private residential property projects in Mainland China significantly declined by 97.5%, attributed to the continued downturn in the real estate market and stalled progress on new projects[64] - Raw material costs decreased by 19.2% due to falling crude oil prices, providing China Paint Group with a more competitive pricing advantage[66] - Gross profit decreased by 30.6%, but the gross profit margin only declined by 0.6 percentage points, demonstrating resilience through strategic pricing adjustments[67] - Selling and distribution expenses decreased by 30.5%, and administrative expenses decreased by 8.5%, primarily due to reduced legal and professional fees, lower staff costs, and other operational savings[68] Other Businesses The Group holds a 12.5% equity in Profitable Industries Limited, operating a phased cemetery project in Sihui City, Guangdong, with sales and marketing strategies under review - The Group holds a 12.5% equity interest in Profitable Industries Limited, which is engaged in the "Jufu Baohua Overseas Chinese Cemetery" project in Sihui City, Guangdong Province, Mainland China[69] - The cemetery project is being developed in phases, with the first phase completed, and the remaining 418 mu of land to be developed in phases two to five[69][70] - The cemetery has obtained a comprehensive marketing license, allowing sales to residents in Mainland China, overseas Chinese, and residents of Hong Kong, Macau, and Taiwan[70] Financial Review The Group's liquidity improved with cash and cash equivalents up 6.6% to HKD 311,720 thousand, while bank borrowings increased to HKD 175,220 thousand, raising the debt-to-equity ratio to 14.6% - Cash and cash equivalents were approximately HKD 311,720 thousand, an increase of 6.6% from December 31, 2024, primarily due to an increase in long-term bank borrowings[71] - Total bank borrowings were approximately HKD 175,220 thousand, an increase of 27.3% from December 31, 2024, with 72.3% repayable within one year and 27.7% repayable in the second and third years[72] - The debt-to-equity ratio was 14.6% (December 31, 2024: 11.3%), and the current ratio was 1.69 times (December 31, 2024: 1.46 times)[73] Turnover Days Indicators | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Inventory Turnover Days | 57 days | 47 days | | Trade and Bills Receivables Turnover Days | 119 days | 158 days | Equity, Net Assets and Shareholders' Funds As of June 30, 2025, shareholders' funds were approximately HKD 1,200,640 thousand, with net asset value per share at HKD 0.68 and shareholders' funds per share at HKD 0.63, all slightly decreased Equity and Per Share Indicators | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Shareholders' Funds | HKD 1,200,640 thousand | HKD 1,219,560 thousand | | Net Asset Value Per Share | HKD 0.68 | HKD 0.70 | | Shareholders' Funds Per Share | HKD 0.63 | HKD 0.64 | Contingent Liabilities and Pledge of Assets As of June 30, 2025, no bank facilities under Company guarantees were utilized, while approximately HKD 511,780 thousand of assets were pledged as collateral for various liabilities - As of June 30, 2025 and December 31, 2024, no bank facilities obtained by several subsidiaries under the Company's guarantees were utilized[75] - Approximately HKD 511,780 thousand of assets (including property, plant and equipment, investment properties, right-of-use assets, and cash deposits) were pledged as collateral for bank borrowings, lease liabilities, bills payable, and performance bonds[76] - As of June 30, 2025, the total outstanding secured bank borrowings amounted to approximately HKD 175,220 thousand[76] Business Outlook Global economic challenges persist, with Hong Kong and Mainland China real estate markets facing downturns, while hotel operations anticipate recovery; China Paint Group plans revitalization through product diversification and cost reduction - The global environment remains challenging, with geopolitical tensions, trade uncertainties, and volatile US monetary policy posing investment and trade risks[78] - The Hong Kong commercial real estate market continues to face challenges, with sluggish demand for office and industrial leases, leading to downward pressure on rents[79] - The Mainland China property leasing market faces significant pressure, with a slight increase in unemployment rates expected to further challenge the property leasing market[80] - The Hong Kong hotel industry is expected to benefit from the resumption of multiple-entry permits for Shenzhen permanent residents, leading to continued recovery in hotel occupancy rates, though room rates remain pressured[81] - China Paint Group will implement "Business Revitalization Measures and Actions," including enriching its product portfolio, expanding its distribution network, improving operational efficiency, and reducing costs to navigate market fluctuations[82][84] Material Investments and Future Plans As of June 30, 2025, the Group had no undisclosed material investments, significant acquisitions, or disposals of subsidiaries, nor any approved plans for future capital asset additions - For the six months ended June 30, 2025, there were no other material investments acquired, nor any other significant acquisitions or disposals of subsidiaries[85] - The Board has not approved any other plans for material investments or additions to capital assets[85] Purchase, Sale or Redemption of the Company's Shares Neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's shares during the review period - During the review period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's shares[86] Corporate Governance Corporate Governance Practices The Company applies Listing Rules' Corporate Governance Code, with the Chairman also serving as Managing Director since June 6, 2025, an arrangement the Board believes ensures policy continuity and business stability - The Company applies the principles of the Corporate Governance Code set out in Appendix C1 Part 2 of the Listing Rules[87] - Since June 6, 2025, Mr. Tsui Yam Tong has served as both the Chairman of the Board and the Managing Director of the Company, which deviates from Code Provision C.2.1 regarding the separation of roles for Chairman and Chief Executive[87] - The Board believes this dual role arrangement helps maintain policy continuity and business operational stability for the Company, and its effectiveness will be regularly reviewed[87][88] Code for Securities Transactions by Directors The Company adopted a directors' securities transaction code, no less exacting than the Listing Rules' Model Code, with all directors confirming compliance for H1 2025 - The Company has adopted a code for directors' securities transactions no less exacting than the Model Code set out in Appendix C3 of the Listing Rules[89] - All directors of the Company confirmed compliance with the standards set out in the Model Code and the Company's own code for the six months ended June 30, 2025[89] Board of Directors As of this announcement, the Board comprises two executive, two non-executive, and three independent non-executive directors - The Board of Directors includes Mr. Tsui Yam Tong (Chairman and Managing Director), Mr. Mak Chi Wah (Executive Director), Mr. Tsui Ho Chuen (Non-executive Director), Mr. Zhang Jun (Non-executive Director), Mr. Ko Kwok Fai (Independent Non-executive Director), Mr. Wong Tak Yue (Independent Non-executive Director), and Ms. Lam Ying Yu (Independent Non-executive Director)[90]