赛伯乐国际控股(01020) - 2025 - 中期业绩

Corporate Information Corporate Information Details This section details the company's governance structure and contact information, including key personnel and operational specifics - Executive Directors include Mr. Zhu Min (Chairman) and Ms. Ye Xinyu[7] - Independent Non-executive Directors include Mr. Li Kam Wing (appointed on June 25, 2025), Mr. Li Yisheng, and Mr. Cao Ke, with Mr. Tang Yiu On resigning on August 15, 2025[7] - The company's stock code is HKEX: 1020[14] Unaudited Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Profit or Loss Summary For the six months ended June 30, 2025, the group experienced a significant decline in revenue, leading to an increased loss for the period and total comprehensive expenses, alongside a wider basic and diluted loss per share Key Profit or Loss Data (RMB in thousands) | Indicator | H1 2025 | H1 2024 (Restated) | | :--- | :--- | :--- | | Revenue | 28,029 | 44,505 | | Cost of sales/services | (17,356) | (35,388) | | Gross profit | 10,673 | 9,117 | | Net other gains or losses | (8,320) | (2,362) | | Net impairment losses | (2,077) | 2,002 | | Administrative expenses | (16,655) | (14,510) | | Finance costs | (14,624) | (21,658) | | Loss before tax | (31,003) | (27,411) | | Loss for the period | (31,003) | (27,411) | | Total comprehensive expenses for the period | (31,512) | (25,835) | | Basic and diluted loss per share | (RMB 0.63 cents) | (RMB 0.55 cents) | Unaudited Interim Condensed Consolidated Statement of Financial Position Financial Position Summary As of June 30, 2025, the group's net current liabilities significantly increased, resulting in a substantial decrease in total assets less current liabilities and net assets, primarily due to a sharp rise in the current portion of promissory notes Key Financial Position Data (RMB in thousands) | Indicator | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Non-current assets | 82,548 | 86,956 | | Current assets | 233,126 | 306,988 | | Current liabilities | 265,354 | 126,504 | | Net current (liabilities)/assets | (32,228) | 180,484 | | Total assets less current liabilities | 50,320 | 267,440 | | Non-current liabilities | – | 185,615 | | Net assets | 50,320 | 81,825 | | Total equity | 50,320 | 81,825 | - The current portion of promissory notes significantly increased from approximately RMB 2,984 thousand as of December 31, 2024, to approximately RMB 176,873 thousand as of June 30, 2025[20] Unaudited Interim Condensed Consolidated Statement of Changes in Equity Equity Changes Summary For the six months ended June 30, 2025, total equity attributable to owners decreased from approximately RMB 82,270 thousand at the beginning of the period to RMB 50,716 thousand at the end, mainly due to loss for the period and exchange differences Key Equity Changes Data (RMB in thousands) | Indicator | January 1, 2025 (Audited) | Loss for the period | Other comprehensive expenses | June 30, 2025 (Unaudited) | | :--- | :--- | :--- | :--- | :--- | | Equity attributable to owners of the Company | 82,270 | (31,053) | (508) | 50,716 | | Non-controlling interests | (445) | 50 | (1) | (396) | | Total equity | 81,825 | (31,003) | (509) | 50,320 | Unaudited Interim Condensed Consolidated Statement of Cash Flows Cash Flows Summary For the six months ended June 30, 2025, the group generated net cash from operating activities, but net cash used in financing activities led to an overall decrease in cash and cash equivalents Key Cash Flow Data (RMB in thousands) | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net cash generated from operating activities | 26,067 | 21,511 | | Net cash used in investing activities | 107 | (4,510) | | Net cash used in financing activities | (28,685) | 1,944 | | Net decrease in cash and cash equivalents | (2,511) | 18,945 | | Cash and cash equivalents at end of period | 23,248 | 51,557 | Notes to the Unaudited Interim Condensed Consolidated Financial Statements 1. BASIS OF PREPARATION The condensed consolidated financial statements are prepared under HKAS 34 "Interim Financial Reporting" and Appendix 16 of the Listing Rules, primarily on a historical cost basis, with some financial instruments measured at fair value - The financial statements are prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants and Appendix 16 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[25][29] - The statements are prepared on a historical cost basis, except for certain financial instruments measured at fair value[26][30] 2. PRINCIPAL ACCOUNTING POLICIES Accounting policies for this period are consistent with those applied in the annual financial statements for the year ended December 31, 2024, with no significant impact from new or revised HKFRSs - The accounting policies for the six months ended June 30, 2025, are consistent with those presented in the group's annual financial statements for the year ended December 31, 2024[27][30] - New or revised standards effective from January 1, 2025, had no significant impact on the group's consolidated financial statements[32] 3. PRIOR PERIOD ADJUSTMENTS ON COMPARATIVE FIGURES Management adjusted prior period financial statements to correct errors in exchange difference allocation for non-controlling interests and promissory note amortization, leading to restated comparative information - An error was identified regarding the allocation of exchange differences arising from the translation of the presentation currency of a non-wholly owned subsidiary, requiring a revision of the allocation between owners of the Company and non-controlling interests[34] - The amortization schedule for promissory notes was previously incorrect, with the revised effective interest rate for the PN corrected from 16.78% to 23.72%, necessitating an adjustment to interest expenses[34] Impact of Prior Period Adjustments on Profit or Loss (RMB in thousands) | Indicator | Previously Reported | Prior Period Adjustment (1) | Prior Period Adjustment (2) | Restated | | :--- | :--- | :--- | :--- | :--- | | Finance costs | (17,050) | – | (4,608) | (21,658) | | Loss before tax | (22,803) | – | (4,608) | (27,411) | | Loss for the period | (22,803) | – | (4,608) | (27,411) | | Loss for the period attributable to owners of the Company | (22,149) | – | (4,608) | (26,757) | | Basic and diluted loss per share | (RMB 0.45 cents) | – | (RMB 0.1 cents) | (RMB 0.55 cents) | 4. REVENUE The group's total revenue decreased by approximately 37% year-on-year in the first half of 2025, primarily due to a significant reduction in internet business revenue, while money lending business revenue slightly increased Revenue Analysis (RMB in thousands) | Revenue Source | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Revenue from internet business | 18,498 | 35,568 | | Revenue from money lending business | 9,531 | 8,937 | | Total Revenue | 28,029 | 44,505 | 5. OPERATING SEGMENTS The group's operating segments have been reclassified from three (money lending, e-commerce, internet education services) to two (money lending business and internet business) to reflect the current internal reporting structure, with money lending business recording a profit and internet business a loss in H1 2025 - The group's operating activities are divided into two segments: i) money lending business; and ii) internet business (e-commerce and internet education services have been merged)[41][43] Revenue and Results by Operating Segment (RMB in thousands) | Segment | H1 2025 Revenue | H1 2025 Segment (Loss)/Profit | | :--- | :--- | :--- | | Money lending business | 9,531 | 5,212 | | Internet business | 18,498 | (6,124) | | Consolidated | 28,029 | (912) | | Unallocated corporate income | | 832 | | Unallocated corporate expenses | | (30,923) | | Loss before tax | | (31,003) | 6. NET IMPAIRMENT LOSS RECOGNISED/(REVERSED) In the first half of 2025, the group recognized a net impairment loss of approximately RMB 2,077 thousand, contrasting with a net impairment reversal of approximately RMB 2,002 thousand in the same period of 2024, mainly due to impairment loss on other receivables Net Impairment Loss Recognised/(Reversed) (RMB in thousands) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Trade receivables | (1,512) | (53) | | Loan receivables | (195) | (1,949) | | Other receivables | 3,784 | – | | Net impairment loss recognised/(reversed) | 2,077 | (2,002) | 7. FINANCE COSTS The group's finance costs decreased by approximately 32.5% year-on-year in the first half of 2025, primarily due to reduced interest on promissory notes Finance Costs (RMB in thousands) | Item | H1 2025 | H1 2024 (Restated) | | :--- | :--- | :--- | | Interest on lease liabilities | 45 | 43 | | Interest on promissory notes | 14,492 | 21,476 | | Interest on borrowings | 87 | 139 | | Total finance costs | 14,624 | 21,658 | 8. TAXATION The group has no assessable profits in Hong Kong, thus no Hong Kong profits tax is provided, while its PRC subsidiaries are subject to a 25% corporate income tax rate - No provision for Hong Kong profits tax has been made for the current and prior periods as the group had no assessable profits arising in Hong Kong[55][58] - The tax rate for the PRC subsidiaries is 25%[59][61] 9. LOSS FOR THE PERIOD For the first half of 2025, the group's loss for the period was RMB 31,003 thousand, primarily after deducting inventory costs recognized as expenses, depreciation of property, plant and equipment, and right-of-use assets Key Deductions for Loss for the Period (RMB in thousands) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Cost of inventories recognized as expense | 16,274 | 34,447 | | Depreciation of property, plant and equipment | 246 | 281 | | Depreciation of right-of-use assets | 668 | 716 | 10. DIVIDENDS The Board of Directors does not recommend the payment of an interim dividend for the current period - The Directors do not recommend the payment of an interim dividend for the six months ended June 30, 2025 (H1 2024: nil)[64][65] 11. LOSS PER SHARE In the first half of 2025, basic and diluted loss per share attributable to owners was RMB 0.63 cents, an increase from RMB 0.55 cents in the same period of 2024, with diluted loss being the same as basic loss as share options would reduce loss per share Loss Per Share Data | Indicator | H1 2025 | H1 2024 (Restated) | | :--- | :--- | :--- | | Loss for the period attributable to owners of the Company (RMB in thousands) | (31,053) | (26,757) | | Weighted average number of ordinary shares for basic and diluted loss per share (thousands of shares) | 4,918,781 | 4,908,781 | | Basic and diluted loss per share | (RMB 0.63 cents) | (RMB 0.55 cents) | - The diluted loss per share is the same as the basic loss per share because the calculation of diluted loss per share does not assume the exercise of the company's outstanding share options, as they would result in a reduction in loss per share[69][72] 12. PROPERTY, PLANT AND EQUIPMENT For the six months ended June 30, 2025, the group neither purchased nor disposed of any property, plant and equipment - For the six months ended June 30, 2025, the group neither purchased nor disposed of any property, plant and equipment (2024: nil)[70][73] 13. RIGHT-OF-USE ASSETS No new right-of-use assets were added during the period ended June 30, 2025, compared to RMB 2,615 thousand in the same period of 2024 - During the period ended June 30, 2025, no new right-of-use assets were added (2024: RMB 2,615 thousand)[71][74] 14. TRADE RECEIVABLES As of June 30, 2025, trade receivables significantly decreased to RMB 23,217 thousand, with an impairment reversal of approximately RMB 1,512 thousand recognized Ageing Analysis of Trade Receivables (RMB in thousands) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | 0 to 30 days | 8,473 | 7,208 | | 31 to 60 days | 3,192 | 17,966 | | 61 to 90 days | 3,707 | 12,929 | | 91 to 120 days | 1,349 | 566 | | 121 to 180 days | – | – | | 181 days to one year | 6,496 | 11,618 | | Total | 23,217 | 50,287 | - An impairment reversal of approximately RMB 1,512 thousand was recognized for the six months ended June 30, 2025 (H1 2024: approximately RMB 53 thousand)[79][81] 15. LOAN RECEIVABLES As of June 30, 2025, net loan receivables decreased to RMB 168,703 thousand, with an impairment reversal of approximately RMB 195 thousand recognized Loan Receivables by Maturity (RMB in thousands) | Remaining Period | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within three months | 82,960 | 122,208 | | Three months to one year | 81,011 | 80,367 | | Over one year (with repayment on demand clause) | 4,732 | 6,644 | | Over one year | – | 523 | | Total | 168,703 | 209,742 | - An impairment reversal of approximately RMB 195 thousand was recognized for the six months ended June 30, 2025 (H1 2024: approximately RMB 1,949 thousand)[84][86] - Loan receivables bear interest at variable and fixed rates and are secured by properties and personal guarantees of the debtors/certain individuals[80][82] 16. TRADE PAYABLES As of June 30, 2025, trade payables decreased to RMB 40,300 thousand, with suppliers granting credit terms within 30 days Ageing Analysis of Trade Payables (RMB in thousands) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | 0 to 30 days | 7,933 | 7,167 | | 31 to 60 days | – | 17,064 | | 61 to 90 days | 6,733 | 12,084 | | Over 90 days | 25,634 | 31,748 | | Total | 40,300 | 68,063 | - The credit period granted by suppliers to the group is within 30 days[89] 17. PROMISSORY NOTES As of June 30, 2025, total promissory notes amounted to RMB 176,873 thousand, with all promissory notes classified as current liabilities and no non-current portion Promissory Notes Movement and Analysis (RMB in thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | At January 1 | 188,360 | 198,256 | | Accrued interest deducted | 14,492 | 36,868 | | Loss on revised promissory notes | 1,045 | 6,876 | | Repayment | (12,996) | (39,257) | | Exchange adjustment | (6,197) | 8,345 | | At June 30/December 31 | 176,873 | 188,360 | | Analysed as: | | | | Current | 176,873 | 2,984 | | Non-current | – | 185,376 | 18. SHARE CAPITAL As of June 30, 2025, the company's issued and fully paid share capital remained at 4,081,448 thousand shares, equivalent to RMB 346,736 thousand Share Capital Details | Item | Number of Shares (thousands of shares) | Amount (HKD in thousands) | | :--- | :--- | :--- | | Authorised share capital (HKD 0.10 par value per share) | 19,066,667 | 1,906,667 | | Issued and fully paid share capital (as at June 30, 2025) | 4,081,448 | 408,145 | | Shown in condensed consolidated financial statements (RMB in thousands equivalent) | | 346,736 | 19. RELATED PARTY TRANSACTIONS Related party transactions primarily involve remuneration for directors and key management, along with loan receivables and interest received from executive directors, with one executive director's loan fully repaid in early 2025 Remuneration of Directors and Key Management (RMB in thousands) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Remuneration of directors and other key management personnel | 849 | 1,136 | | Contributions to retirement benefit schemes | 8 | 7 | | Total | 857 | 1,143 | Related Party Transactions (RMB in thousands) | Name of Related Party | Relationship | Nature of Transaction/Balance | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Lu Yongchao (resigned Executive Director) | Executive Director | Interest received on loan | 28 | 63 | | | | Loan receivables | – | 2,692 | | Ye Xinyu | Executive Director | Interest received on loan | 81 | 79 | | | | Loan receivables | 2,644 | 2,647 | - The loan receivables from Mr. Lu Yongchao were fully repaid in early 2025[100] 20. EVENT AFTER THE REPORTING PERIOD Two significant events occurred after the reporting period: a subsidiary granted a HKD 5 million loan, and the maturity dates of two promissory notes were extended to January 1, 2027 - On July 11, 2025, AIA Credit Limited, a subsidiary of the Company, granted a loan with a principal amount of HKD 5 million to a borrower[101][104] - The maturity dates of two promissory notes with principal amounts of HKD 44,208,000 and HKD 153,208,000 were extended from January 1, 2026, to January 1, 2027[103][105] Management Discussion and Analysis MARKET REVIEW In the first half of 2025, China's economy grew by 5.3% amidst a complex international environment and US tariff policies, leading major economies, while Hong Kong's economy also expanded steadily, though global uncertainties remain high - In the first half of 2025, China's Gross Domestic Product (GDP) grew by 5.3% year-on-year, leading major economies[106][109] - Major international economic institutions forecast global economic growth to slow to 2.3%-2.4% in 2025[107][109] - Hong Kong's economy demonstrated considerable resilience with a 3.1% year-on-year real GDP growth in Q2 2025, but external uncertainties remain high[112][113] BUSINESS REVIEW The group's business is divided into money lending and internet segments; money lending performed stably, while internet business revenue decreased due to lower demand for refurbished used iPhones, and internet education services are undergoing restructuring after suspending operations due to policy changes - The group's money lending business (AIA Credit Limited, TCL) provides a stable revenue source by offering first mortgage property loans to high-net-worth or large corporate clients[116][119] - The e-commerce segment of the internet business (VTZero) saw a decrease in revenue in the first half of 2025, primarily due to reduced demand for refurbished used iPhones[121][123] - Internet education services (WoXue) suspended operations in July 2021 due to China's "Double Reduction" policy and are currently undergoing restructuring, with business expected to resume upon completion of equity transfer[122][124] FINANCIAL REVIEW The group experienced a decline in revenue and an expanded loss for the period in the first half of 2025, despite an increase in gross profit, alongside rising administrative expenses, reduced finance costs, an increased gearing ratio, and challenging liquidity Key Financial Review Data (RMB in thousands) | Indicator | H1 2025 | H1 2024 (Restated) | | :--- | :--- | :--- | | Total revenue | 28,029 | 44,505 | | Money lending business revenue | 9,500 | 8,900 | | Internet business revenue | 18,500 | 35,600 | | Cost of sales/services | 17,400 | 35,400 | | Gross profit | 10,700 | 9,100 | | Impairment reversal on trade receivables | 1,500 | 100 | | Impairment reversal on loan receivables | 200 | 1,900 | | Administrative expenses | 16,700 | 14,500 | | Finance costs | 14,600 | 21,700 | | Loss for the period and total comprehensive expenses | 31,500 | 25,800 | | Basic loss per share | RMB 0.63 cents | RMB 0.55 cents | | Bank balances and cash (end of period) | 23,200 | 26,500 | | Total equity (end of period) | 50,300 | 81,800 | | Promissory notes (end of period) | 176,900 | 188,400 | | Gearing ratio | 57% | 53% | - The group did not declare any interim dividend for the first half of 2025[148][152] - As of June 30, 2025, the group pledged buildings with a carrying value of approximately RMB 6.4 million as collateral for promissory notes totaling approximately RMB 173.9 million, with no bank deposits pledged[154][155][158] - During the reporting period, the group had no significant acquisitions or disposals of subsidiaries and associates[156][159] CONTINGENT LIABILITIES The group is involved in a significant lawsuit against its subsidiary VT Zero Limited, claiming approximately HKD 63.16 million; the court dismissed the plaintiff's interim payment and injunction applications, with the trial scheduled for early July 2026 - VT Zero Limited, a wholly-owned subsidiary, received a writ of summons from the High Court of Hong Kong, with a supplier, Ai Shou Hui Co., Limited, claiming approximately HKD 26.23 million (net proceeds from sales of unpaid goods) and approximately HKD 36.93 million (overdue remittances)[157][160] - VT Zero disputes the claims and has filed a counterclaim, alleging the plaintiff breached quality warranties and that the overdue remittances constitute unenforceable penalties[162][166] - The court dismissed the plaintiff's applications for interim payment and proprietary injunction in June 2023, finding that VT Zero had a reasonably arguable defense, with the trial scheduled for early July 2026[163][166] CURRENCY EXCHANGE EXPOSURES The group's purchases and sales are primarily denominated in Euro, RMB, and HKD, while operating expenses are mainly in HKD and RMB, with robust monitoring and management of currency exchange rate fluctuation risks - The group's purchases and sales are primarily denominated in Euro, RMB, and HKD, while operating expenses are mainly in HKD and RMB[167][169] - The group has established a robust system to monitor and manage the risks associated with currency exchange rate fluctuations[167][169] HUMAN RESOURCES AND STAFF REMUNERATION As of June 30, 2025, the group's total headcount increased to 42, with continued investment in training programs and fair compensation to enhance employee professionalism and cohesion - As of June 30, 2025, the group employed a total of 42 staff in mainland China and Hong Kong (2024: 35 staff)[168][170] - The group continues to invest significant resources to enhance training programs, providing learning opportunities for management and professional technical personnel[168][170] - The group provides fair remuneration to its employees to encourage their dedication and enhance professionalism[168][170] FUTURE PROSPECTS Despite global economic uncertainties, the group anticipates a slow recovery in Hong Kong and mainland China's economies, planning cautious capital management, seeking growth in money lending, diversifying internet business, and actively expanding into new areas like satellite technology products and intellectual property services, especially in Southeast Asia - The group anticipates a slow recovery in the economies of Hong Kong and mainland China in the second half of 2025, though market volatility and geopolitical situations continue to pose uncertainties[173][174] - The group will continue to adopt prudent capital management and liquidity risk management, seek reasonable returns from loan growth in its money lending business, and implement robust and flexible marketing strategies for its internet business[173][174] - The group is actively exploring market opportunities for communication, navigation, and remote sensing satellite technology products and solutions, particularly in Hong Kong, Southeast Asia, and the Middle East, and has signed MOUs with several ASEAN companies[175][176] - The group intends to acquire Newsbaba Ltd. for RMB 120 million to expand into the Chinese intellectual property asset management and maintenance services market[178][180] COMPLIANCE WITH MONEY LENDERS ORDINANCE (CHAPTER 163 OF THE LAWS OF HONG KONG) (THE "MLO") The group's money lending business strictly complies with the Money Lenders Ordinance, targeting high-net-worth individuals, corporations, and other licensed money lenders, with most loans secured by Hong Kong properties and rigorous credit risk assessment and monitoring procedures - The group's money lending business is required to and has at all times strictly complied with all relevant laws and regulations, including the Money Lenders Ordinance (Chapter 163 of the Laws of Hong Kong)[182][184] - The primary target clients are high-net-worth individuals, corporations, and other licensed money lenders referred through commercial networks, with most loans secured by first legal mortgages on Hong Kong properties[186][187] - The company has adopted procedures for monitoring loan repayment and recovery, including direct management of the lending segment by executive directors and regular reporting to the Board[186][187] Other Information COMPLIANCE WITH THE CORPORATE GOVERNANCE CODE The company has adopted the principles and code provisions of the Corporate Governance Code and complied with all applicable code provisions for the six months ended June 30, 2025 - The company has adopted the principles and code provisions of the Corporate Governance Code as set out in Appendix 14 of the Listing Rules[188][191] - The Board believes that the company has complied with all applicable code provisions set out in Part 2 of the Corporate Governance Code for the six months ended June 30, 2025[188][191] COMPLIANCE WITH THE MODEL CODE FOR SECURITIES TRANSACTIONS BY DIRECTORS OF LISTED ISSUERS The company has adopted a strict code of conduct for directors' securities transactions, with all directors confirming compliance, and relevant employees also bound by similar rules - The company has adopted a code of conduct for directors' securities transactions with terms no less exacting than the required standard set out in Appendix 10 of the Listing Rules[189][192] - Following specific enquiries with all Directors, all Directors have confirmed their compliance with the required standard set out in the Model Code for the six months ended June 30, 2025[189][192] - Relevant employees who may possess unpublished price-sensitive information are required to comply with the company's code for employee securities transactions[190][192] CHANGES IN DIRECTORS' INFORMATION Mr. Li Kam Wing was appointed as an Independent Non-executive Director on June 25, 2025, while Mr. Tang Yiu On resigned as an Independent Non-executive Director on August 15, 2025 - Mr. Li Kam Wing was appointed as an Independent Non-executive Director of the company on June 25, 2025[193][196] - Mr. Tang Yiu On resigned as an Independent Non-executive Director on August 15, 2025[194][196] AUDIT COMMITTEE AND REVIEW OF THE UNAUDITED INTERIM RESULTS The Audit Committee, in conjunction with management, reviewed the group's accounting principles and policies, discussed audit, internal control, and financial reporting matters, and reviewed the unaudited interim results for the six months ended June 30, 2025 - The Audit Committee comprises three Independent Non-executive Directors: Mr. Li Kam Wing (appointed on August 15, 2025), Mr. Li Yisheng, Mr. Cao Ke, and Mr. Tang Yiu On (resigned on August 15, 2025)[195][197] - The Audit Committee has reviewed the group's accounting principles, policies, audit, internal control, and financial reporting matters, and has reviewed the unaudited interim results for the first half of 2025[195][197] IMPORTANT EVENTS AFTER THE REPORTING PERIOD After the reporting period, a subsidiary of the company granted a HKD 5 million loan, and the maturity dates of two promissory notes were extended to January 1, 2027 - On July 11, 2025, AIA Credit Limited, a subsidiary of the company, entered into a loan agreement with a borrower, granting a loan with a principal amount of HKD 5 million[198][200] - The maturity dates of two promissory notes with principal amounts of HKD 44,208,000 and HKD 153,208,000 were extended from January 1, 2026, to January 1, 2027[199][201] PURCHASE, SALE OR REDEMPTION OF THE COMPANY'S LISTED SECURITIES During 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 - During 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[203][205] SHARE OPTION SCHEME AND MOVEMENT OF THE SHARE OPTIONS The company has a share option scheme to incentivize eligible participants; as of June 30, 2025, 237,000,000 share options remained unexercised, representing 5.81% of issued shares, with clear exercise price and period stipulations - The company has a share option scheme, adopted on September 24, 2021, to provide incentives or rewards to selected eligible participants[204][206] - As of June 30, 2025, the number of shares involved in share options granted and outstanding under the scheme was 237,000,000 shares, representing 5.81% of the company's issued shares on that date[214][215] - The exercise price of the share options shall be determined by the Board, but shall not be less than the highest of the closing price on the Stock Exchange on the date of grant, the average closing price for the five trading days immediately preceding the date of grant, and the par value per share[213][216] - Share options may be exercised at any time from the date of grant for a period of three years up to the tenth anniversary of the date of grant[219][221] INTERESTS AND SHORT POSITIONS OF OUR DIRECTORS IN THE SHARES, UNDERLYING SHARES OR DEBENTURES OF OUR COMPANY As of June 30, 2025, Mr. Zhu Min, through his wholly-owned Cybernaut International Limited, held a beneficial interest of approximately 15.54% in the company's issued share capital - Mr. Zhu Min holds 356,000,000 shares (long position) through a controlled corporation, representing approximately 8.72%[231] - Cybernaut International Limited, wholly-owned by Mr. Zhu Min, is the legal and beneficial owner of approximately 15.54% of the company's entire issued share capital, holding 634,284,000 shares (long position)[231] INTEREST DISCLOSEABLE UNDER THE SFO AND SUBSTANTIAL SHAREHOLDERS As of June 30, 2025, apart from the disclosed directors, the company had not been notified by any person of interests or short positions in shares or underlying shares of 5% or more, as required by the SFO - As of June 30, 2025, save for the Directors of the company, no person had notified the company of any interests or short positions in the shares or underlying shares, or directly or indirectly owned 5% or more of the shares, as required to be disclosed under Divisions 2 and 3 of Part XV of the Securities and Futures Ordinance[232][234] APPRECIATION The Board of Directors extends its sincere gratitude to shareholders, business partners, clients, and all employees for their continuous support and contributions - The Board of Directors extends its sincere gratitude to shareholders, business partners, and clients for their continuous support, and to the dedicated staff for their contributions to the group's success[233][235]