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长城环亚控股(00583) - 2025 - 中期业绩
GWPA HOLDINGSGWPA HOLDINGS(HK:00583)2025-08-29 14:07

Interim Results Announcement This section presents the condensed consolidated interim financial statements, including the statement of financial position and comprehensive income for the period Condensed Consolidated Statement of Financial Position As of June 30, 2025, the Group's total assets were HK$9,483,707 thousand, a slight decrease from December 31, 2024, with net current liabilities of HK$5,550,428 thousand primarily due to increased loans from an intermediate holding company Changes in Total Assets and Liabilities | Metric | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Total Assets | 9,483,707 | 9,635,754 | (152,047) | -1.58% | | Non-current Assets | 9,207,180 | 9,398,872 | (191,692) | -2.04% | | Current Assets | 276,527 | 236,882 | 39,645 | 16.74% | | Total Liabilities | 5,846,349 | 5,718,346 | 127,993 | 2.24% | | Non-current Liabilities | 19,394 | 19,759 | (365) | -1.85% | | Current Liabilities | 5,826,955 | 5,698,587 | 128,368 | 2.25% | | Total Equity | 3,637,358 | 3,917,408 | (280,050) | -7.15% | - As of June 30, 2025, the Group's net current liabilities amounted to HK$5,550,428 thousand, primarily comprising loans from an intermediate holding company of HK$5,610,000 thousand9 Condensed Consolidated Statement of Comprehensive Income For the six months ended June 30, 2025, the Group reported a loss of HK$280,050 thousand, compared to a profit of HK$4,518 thousand in the prior period, resulting in a basic loss per share of HK17.86 cents Key Financial Performance (For the six months ended June 30) | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Revenue | 58,215 | 60,948 | (2,733) | -4.48% | | Operating (Loss)/Profit | (64,357) | 115,274 | (179,631) | -155.83% | | Net Finance Costs | (142,103) | (173,113) | 31,010 | -17.91% | | Share of (Losses)/Profits of an Associate | (70,766) | 64,866 | (135,632) | -209.10% | | (Loss)/Profit for the Period | (280,050) | 4,518 | (284,568) | -6300.09% | | Basic (Loss)/Earnings Per Share (HK cents) | (17.86) | 0.29 | (18.15) | -6258.62% | - The loss for the period was primarily attributable to fair value loss on investment properties and share of loss of an associate46 Notes to the Condensed Consolidated Interim Financial Information This section details the accounting policies, segment information, and financial instrument specifics underlying the condensed consolidated interim financial information Basis of Preparation and Accounting Policies The interim financial information is prepared in accordance with HKAS 34 and the Listing Rules, with consistent accounting policies, except for the adoption of revised HKFRSs effective January 1, 2025, and management assesses the Group as a going concern despite net current liabilities - The interim financial information is prepared in accordance with Hong Kong Accounting Standard 34 and the Listing Rules issued by the Hong Kong Institute of Certified Public Accountants8 - For the six months ended June 30, 2025, the Group recorded a loss of HK$280,050,000 and had net current liabilities of HK$5,550,428,000, yet the Board believes the Group has sufficient working capital for continued operation910 - Revised Hong Kong Financial Reporting Standards effective for annual periods beginning on or after January 1, 2025, have been adopted, with no significant financial impact1011 Revenue and Segment Information The Group primarily operates in property investment and financial services segments, with total revenue of HK$58,215 thousand for the six months ended June 30, 2025, entirely from property investment, while the financial services segment generated no revenue, and the property investment segment recorded a net loss of HK$89,422 thousand, contrasting with a net profit of HK$43 thousand from financial services Segment Revenue (For the six months ended June 30) | Segment | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Property Investment | 58,215 | 60,948 | | Financial Services | – | – | | Total | 58,215 | 60,948 | Net (Loss)/Profit from Reportable Segments (For the six months ended June 30) | Segment | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Property Investment | (89,422) | 86,310 | | Financial Services | 43 | (6,177) | | Total | (89,379) | 80,133 | - The financial services segment is licensed for Type 9 (asset management) regulated activities but generated no revenue12 - The loss for the period of HK$280,050 thousand includes a share of loss from an associate of HK$70,766 thousand and finance costs of HK$122,946 thousand incurred for financing the associate16 Property, Plant and Equipment As of June 30, 2025, the net book value of property, plant and equipment was HK$492,264 thousand, a decrease from HK$503,650 thousand on January 1, 2025, primarily due to depreciation and property transfers Changes in Net Book Value of Property, Plant and Equipment | Metric | January 1, 2025 (HK$ thousand) | June 30, 2025 (HK$ thousand) | Change (HK$ thousand) | | :--- | :--- | :--- | :--- | | Net Book Value | 503,650 | 492,264 | (11,386) | - Depreciation expense amounted to HK$2,877 thousand17 - During the period, HK$239,400 thousand was transferred from investment properties, and HK$247,909 thousand was transferred to investment properties17 Investment Properties As of June 30, 2025, the carrying value of investment properties decreased to HK$3,378,300 thousand from HK$3,469,900 thousand on December 31, 2024, primarily due to a recognized fair value loss of HK$88,839 thousand, with valuation based on income capitalization method using rental and capitalization rates as key assumptions Changes in Carrying Value of Investment Properties | Metric | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Carrying Value | 3,378,300 | 3,469,900 | (91,600) | -2.64% | - For the six months ended June 30, 2025, a fair value loss of HK$88,839 thousand was recognized (Year ended December 31, 2024: fair value gain of HK$131,648 thousand)18 - Valuation uses the income capitalization method, with rental rates decreasing (e.g., retail shops from HK$63.9 to HK$62.0 per square foot, office buildings from HK$55.0-71.0 to HK$44.0-70.0 per square foot), while capitalization rates remained between 2.00% and 5.00%1819 - Investment properties with a value of HK$2,108,000 thousand have been pledged as collateral for bank financing19 Investment in an Associate As of June 30, 2025, the carrying value of the investment in associate Everwell City Limited decreased to HK$5,336,512 thousand from HK$5,425,218 thousand on December 31, 2024, with the Group's share of loss from the associate being HK$70,766 thousand, compared to a profit of HK$64,666 thousand in the prior period Changes in Carrying Value of Investment in an Associate | Metric | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Carrying Value of Investment | 5,336,512 | 5,425,218 | (88,706) | -1.64% | - For the six months ended June 30, 2025, the Group's share of loss from the associate (Everwell City Limited) was HK$70,766 thousand (2024: profit of HK$64,666 thousand)2023 - Everwell City Limited's summary statement of comprehensive income shows a loss of HK$236,961 thousand for the six months ended June 30, 2025, compared to a profit of HK$215,774 thousand in the prior period23 Amounts Due from an Intermediate Holding Company As of June 30, 2025, amounts due from China Great Wall Asset (International) Holdings Company Limited, an intermediate holding company, significantly increased to HK$5,133 thousand from HK$162 thousand on December 31, 2024, primarily comprising rental income and deposits Amounts Due from an Intermediate Holding Company | Date | Amount (HK$ thousand) | | :--- | :--- | | June 30, 2025 | 5,133 | | December 31, 2024 | 162 | - These amounts are unsecured, interest-free, and repayable on demand25 Trade Receivables As of June 30, 2025, total trade receivables decreased to HK$3,997 thousand from HK$4,531 thousand on December 31, 2024, with receivables overdue less than thirty days accounting for the largest portion at 54.9% Ageing Analysis of Trade Receivables (June 30, 2025) | Ageing | Balance (HK$ thousand) | Percentage (%) | | :--- | :--- | :--- | | Current | 791 | 19.6 | | Overdue less than 30 days | 2,219 | 54.9 | | Overdue 31 to 60 days | 680 | 16.8 | | Overdue 61 to 90 days | 108 | 2.7 | | Overdue more than 90 days | 242 | 6.0 | | Total | 4,040 | 100.0 | - Impairment allowance increased from HK$23 thousand on December 31, 2024, to HK$43 thousand on June 30, 202526 Prepayments, Deposits and Other Receivables As of June 30, 2025, prepayments, deposits, and other receivables totaled HK$7,111 thousand, a decrease from HK$10,502 thousand on December 31, 2024, primarily comprising utility and management fee deposits of HK$3,872 thousand and rent-free receivables of HK$3,239 thousand Prepayments, Deposits and Other Receivables | Item | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Utility and Management Fee Deposits | 3,872 | 3,782 | | Rent-free Receivables | 3,239 | 6,720 | | Total | 7,111 | 10,502 | Bank Borrowings As of June 30, 2025, the Group had no bank borrowings, compared to HK$849,457 thousand on December 31, 2024, as the loan was fully repaid in May 2025, while HK$850,000 thousand of unutilized bank facilities remains available Bank Borrowing Status | Date | Amount (HK$ thousand) | | :--- | :--- | | June 30, 2025 | – | | December 31, 2024 | 849,457 | - In May 2025, the bank loan with an annual interest rate of HIBOR plus 1.2% was fully repaid29 - As of June 30, 2025, the Group had HK$850,000 thousand of unutilized bank facilities available, with investment properties and bank deposits pledged as collateral29 Loans from an Intermediate Holding Company As of June 30, 2025, total loans from an intermediate holding company increased to HK$5,610,000 thousand from HK$4,760,000 thousand on December 31, 2024, including a new HK$900,000 thousand one-year term loan, of which HK$850,000 thousand was used to repay bank borrowings Changes in Loans from an Intermediate Holding Company | Date | Amount (HK$ thousand) | | :--- | :--- | | June 30, 2025 | 5,610,000 | | December 31, 2024 | 4,760,000 | - In November 2024, an agreement was reached with Great Wall International to amend and restructure term loan facilities with a principal amount of HK$4,760,000 thousand for one year at an annual interest rate of HIBOR plus 2%30 - In May 2025, Great Wall International provided a new HK$900,000 thousand one-year term loan facility at an annual interest rate of HIBOR plus 1.4%, with HK$850,000 thousand used to repay bank borrowings30 Other Payables and Accruals As of June 30, 2025, total other payables and accruals significantly increased to HK$209,156 thousand from HK$86,044 thousand on December 31, 2024, primarily due to a substantial rise in interest payable Changes in Other Payables and Accruals | Item | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Interest Payable | 165,936 | 42,232 | 123,704 | 292.92% | | Rental Deposits Received | 24,231 | 26,171 | (1,940) | -7.41% | | Other Payables and Accrued Expenses | 13,205 | 13,585 | (380) | -2.80% | | Rent Received in Advance | 4,666 | 2,458 | 2,208 | 89.83% | | Others | 1,118 | 1,598 | (480) | -30.04% | | Total | 209,156 | 86,044 | 123,112 | 143.08% | Share Capital As of June 30, 2025, the Company's authorized share capital was HK$500,000 thousand, with issued and fully paid share capital of HK$156,775 thousand, comprising 1,567,745,596 shares, unchanged from December 31, 2024 Share Capital Structure | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Authorized Share Capital (HK$ thousand) | 500,000 | 500,000 | | Issued and Fully Paid Share Capital (HK$ thousand) | 156,775 | 156,775 | | Number of Issued Shares | 1,567,745,596 | 1,567,745,596 | Other Reserves As of June 30, 2025, total other reserves amounted to HK$333,445 thousand, consistent with the January 1, 2025 balance, primarily composed of asset revaluation reserve and exchange fluctuation reserve Changes in Other Reserves | Item | January 1, 2025 (HK$ thousand) | June 30, 2025 (HK$ thousand) | | :--- | :--- | :--- | | Asset Revaluation Reserve | 334,065 | 334,065 | | Exchange Fluctuation Reserve | (620) | (620) | | Total | 333,445 | 333,445 | Net Finance Costs For the six months ended June 30, 2025, net finance costs decreased to HK$142,103 thousand from HK$173,113 thousand in the prior period, primarily due to reduced interest expense on loans from an intermediate holding company Net Finance Costs (For the six months ended June 30) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Interest expense on loans from an intermediate holding company | 125,884 | 170,816 | (44,932) | -26.30% | | Interest expense on bank borrowings | 18,194 | 4,108 | 14,086 | 342.90% | | Bank interest income | (1,975) | (1,811) | (164) | 9.06% | | Total | 142,103 | 173,113 | (31,010) | -17.91% | Income Tax Expense For the six months ended June 30, 2025, income tax expense increased to HK$2,824 thousand from HK$2,509 thousand in the prior period, with the Hong Kong Profits Tax rate remaining at 16.5% Income Tax Expense (For the six months ended June 30) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Current income tax (Hong Kong Profits Tax) | 2,822 | 2,505 | 317 | 12.65% | | Deferred income tax (Deferred tax expense) | 2 | 4 | (2) | -50.00% | | Total | 2,824 | 2,509 | 315 | 12.55% | - Hong Kong Profits Tax is provided at a rate of 16.5% (2024: 16.5%) on the estimated assessable profit for the period37 Earnings Per Share For the six months ended June 30, 2025, basic loss per share was HK17.86 cents, compared to basic earnings per share of HK0.29 cents in the prior period, with diluted earnings per share being the same as basic due to no potential dilutive ordinary shares (Loss)/Earnings Per Share (For the six months ended June 30) | Metric | 2025 (HK cents) | 2024 (HK cents) | Change (HK cents) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Basic | (17.86) | 0.29 | (18.15) | -6258.62% | | Diluted | (17.86) | 0.29 | (18.15) | -6258.62% | - Earnings per share is calculated based on the weighted average of 1,567,745,596 issued shares during the period41 Dividends The Board resolved not to declare any interim dividend for the six months ended June 30, 2025, nor to recommend any final dividend for the year ended December 31, 2024 - The Board resolved not to declare any interim dividend for the six months ended June 30, 202542 - The Board resolved not to recommend any final dividend for the year ended December 31, 202443 Management Discussion and Analysis This section provides a comprehensive review of the Group's financial performance, business operations, liquidity, and future outlook Operating Results of the Group For the six months ended June 30, 2025, the Group reported a loss of HK$280.1 million, a reversal from profit, primarily due to a fair value loss on investment properties of HK$88.8 million and a share of loss from an associate of HK$70.8 million, resulting in a loss per share of HK17.9 cents Consolidated Operating Results (For the six months ended June 30) | Metric (HK$ million, except percentages and per share amounts) | 2025 | 2024 | Percentage Change | | :--- | :--- | :--- | :--- | | Revenue | 58.2 | 60.9 | (4.4%) | | Operating (Loss)/Profit | (64.4) | 115.3 | ** | | Net Finance Costs | (142.1) | (173.1) | (17.9%) | | Share of (Losses)/Profits of an Associate | (70.8) | 64.8 | ** | | (Loss)/Profit for the Period | (280.1) | 4.5 | ** | | (Loss)/Earnings Per Share (HK cents) | (17.9) | 0.3 | ** | - The loss was primarily driven by a fair value loss on investment properties of HK$88.8 million (prior period: gain of HK$78.8 million) and a share of loss from an associate of HK$70.8 million (prior period: profit of HK$64.8 million)46 Business Review The Group primarily operates in property investment and financial services segments; property investment revenue slightly decreased but remained stable in a challenging economic environment, while the financial services segment generated no revenue, but the Group continues to explore development opportunities - The Group primarily engages in two segments: property investment and financial services47 Property Investment Segment The property investment segment experienced a slight revenue decrease and a fair value loss on investment properties, reflecting challenges in the Hong Kong real estate market, yet maintains a diversified portfolio - Property investment segment revenue was HK$58.2 million, representing a 4.4% year-on-year decrease49 - A fair value loss on investment properties of HK$88.8 million (prior period: gain of HK$78.8 million) reflects the challenges in the Hong Kong real estate market50 - The Group holds a diversified investment property portfolio, including Kwai Fong Plaza, Bank of America Tower in Central, Discovery Building in Causeway Bay, Ko Fai Industrial Building in Yau Tong, and certain floors of Seaview Building in North Point47 Financial Services Segment The financial services segment is licensed for Type 9 regulated activities (asset management services) but generated no revenue during the period - The financial services segment is licensed by the SFC to conduct Type 9 regulated activities (asset management services)52 - No revenue was generated in this period52 Revenue For the six months ended June 30, 2025, the Group's total revenue was HK$58.2 million, a 4.4% decrease from HK$60.9 million in the prior period, entirely derived from the property investment segment Total Revenue (For the six months ended June 30) | Segment (HK$ million, except percentages) | 2025 | 2024 | Percentage Change | | :--- | :--- | :--- | :--- | | Property Investment | 58.2 | 60.9 | (4.4%) | | Financial Services | – | – | – | | Total Revenue | 58.2 | 60.9 | (4.4%) | Financial Review of Operating Segments The Group's operating segments include property investment and financial services, with the property investment segment experiencing a 4.4% revenue decrease and a fair value loss, while the financial services segment generated no revenue this period Property Investment The property investment segment's revenue decreased by 4.4%, primarily due to new lease agreements, and recorded a fair value loss on investment properties reflecting challenging market conditions Financial Performance of Property Investment Segment (For the six months ended June 30) | Metric (HK$ million, except percentages) | 2025 | 2024 | Percentage Change | | :--- | :--- | :--- | :--- | | Revenue | 58.2 | 60.9 | (4.4%) | | Adjusted Operating Profit | 20.0 | 28.9 | (30.8%) | | Fair Value (Loss)/Gain on Investment Properties and Other Income | (88.3) | 86.2 | ** | | (Loss)/Profit Attributable to Equity Holders | (92.2) | 83.8 | ** | - The decrease in revenue was primarily due to reduced income from new lease agreements related to certain floors of the Bank of America Tower in Central57 - The fair value loss on investment properties of HK$88.8 million resulted from challenges faced by the Hong Kong real estate market in early 202557 Financial Services The financial services segment generated no revenue in both the current and prior periods Financial Performance of Financial Services Segment (For the six months ended June 30) | Metric (HK$ million, except percentages) | 2025 | 2024 | Percentage Change | | :--- | :--- | :--- | :--- | | Revenue | – | – | – | | Adjusted Earnings Before Interest, Tax, Depreciation and Amortisation | – | (6.2) | ** | | Adjusted Operating Loss | – | (6.2) | ** | | Loss Attributable to Equity Holders | – | (6.2) | ** | - No revenue was generated from the financial services segment in the first half of 2025 and 202459 Significant Investment in an Associate and Share of (Losses)/Profits of an Associate The Group holds a 35.78% equity interest in Everwell City Limited, with the investment's fair value at HK$5,336.5 million as of June 30, 2025, representing approximately 56.27% of total assets, and a share of loss of HK$70.8 million for the period, mainly due to increased finance costs and revaluation losses on the joint group's investment properties - The Group holds a 35.78% equity interest in the associate, Everwell City Limited60 - As of June 30, 2025, the fair value of this investment was HK$5,336.5 million, accounting for approximately 56.27% of the Group's total assets60 - The share of loss from the associate for the period was approximately HK$70.8 million (first half of 2024: share of profit from an associate of HK$64.8 million)60 - The loss was primarily due to increased finance costs and revaluation losses on the joint group's investment properties, attributed to challenges in the Hong Kong real estate market in early 202560 Liquidity and Capital Resources The Group's cash and bank balances increased to HK$247.9 million, while the gearing ratio rose to 59.6% primarily due to fair value loss on investment properties and share of loss from an associate, with increased loans from an intermediate holding company and full repayment of bank borrowings Key Indicators of Liquidity and Capital Resources | Metric (HK$ million, except percentages) | June 30, 2025 | December 31, 2024 | Percentage Change | | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 247.9 | 209.3 | 18.4% | | Shareholders' Funds | 3,637.4 | 3,917.4 | (7.1%) | | Current Ratio | 0.05 | 0.04 | 25.0% | | Gearing Ratio | 59.6% | 58.0% | 2.8% | - The gearing ratio increased primarily due to fair value loss on investment properties and share of loss from an associate62 - The outstanding principal of unsecured shareholder loans from an intermediate holding company was HK$5,610.0 million (December 31, 2024: HK$4,760.0 million)62 - The Group had no outstanding bank borrowings but had HK$850.0 million of unutilized bank facilities available62 Pledged Assets As of June 30, 2025, the Group had pledged investment properties with a fair value of approximately HK$2,108.0 million and bank deposits of HK$12.4 million as collateral for bank financing - Investment properties with a fair value of approximately HK$2,108.0 million were pledged (December 31, 2024: HK$2,145.0 million)64 - Bank deposits of HK$12.4 million were pledged (December 31, 2024: HK$12.4 million)64 Operating Activities For the six months ended June 30, 2025, net cash generated from operating activities increased to HK$38.1 million from HK$34.7 million in the prior period, primarily due to an increase in prepayments, deposits, and other receivables Net Cash from Operating Activities (For the six months ended June 30) | Date | Amount (HK$ million) | | :--- | :--- | | June 30, 2025 | 38.1 | | June 30, 2024 | 34.7 | - The increase was primarily due to a rise in prepayments, deposits, and other receivables during the period65 Investing Activities For the six months ended June 30, 2025, net cash from investing activities significantly increased to HK$18.8 million from HK$3.5 million in the prior period, primarily due to dividend income from an associate Net Cash from Investing Activities (For the six months ended June 30) | Date | Amount (HK$ million) | | :--- | :--- | | June 30, 2025 | 18.8 | | June 30, 2024 | 3.5 | - The increase in 2025 was primarily due to dividend income of HK$17.9 million from an associate66 Financing Activities For the six months ended June 30, 2025, net cash used in financing activities significantly decreased to HK$18.3 million from HK$79.5 million in the prior period, primarily because bank borrowings repaid in the current period were less than loans from an intermediate holding company repaid in the previous period Net Cash from Financing Activities (For the six months ended June 30) | Date | Amount (HK$ million) | | :--- | :--- | | June 30, 2025 | 18.3 (used) | | June 30, 2024 | 79.5 (used) | - The decrease in cash outflow was primarily due to bank borrowings of HK$850 million repaid in the current period being less than HK$900 million of loans from an intermediate holding company repaid in the prior period67 Employees and Remuneration Policy As of June 30, 2025, the Group had 10 employees, a decrease of one from the prior period, with a remuneration policy designed to recognize performance, incentivize goal achievement, retain talent, and provide benefits such as medical insurance and provident funds - As of June 30, 2025, the Group had 10 employees (2024: 11 employees)68 - The remuneration policy aims to recognize outstanding performance, incentivize employees, retain talent, and provide benefits such as medical insurance, health check-up plans, mandatory and voluntary provident fund schemes, and housing allowance schemes68 Interim Dividend 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, 202569 Outlook 2025 is anticipated as a period of cautious stability and strategic repositioning; despite challenges in the Hong Kong property market, the Group's financial and business conditions remain robust, focusing on managing its existing portfolio, optimizing returns, exploring new opportunities, and leveraging the "Greater Bay Area" strategy to deepen synergies with its controlling shareholder, China Great Wall Asset - 2025 is expected to be a period of cautious stability and strategic repositioning for the Group70 - Despite increasing challenges in the Hong Kong property market, the Group's overall financial and business conditions remain robust70 - The Group will focus on actively managing its existing investment portfolio, preserving capital, optimizing returns from core assets, and prudently exploring new opportunities aligned with shareholders' interests70 - The Group will seize development opportunities from the national "Guangdong-Hong Kong-Macao Greater Bay Area" strategic deployment, leveraging the strong resources of its controlling shareholder, China Great Wall Asset, to further deepen synergies and actively expand domestic business71 Corporate Governance and Other Information This section outlines the Group's commitment to corporate governance, including board responsibilities, committee reviews, and compliance with regulatory standards Corporate Governance The Board and management are committed to fulfilling their responsibilities to shareholders, prioritizing the enhancement and protection of shareholder interests, and the Company has complied with the applicable principles and code provisions of Appendix C1 of the Listing Rules' Corporate Governance Code throughout the reporting period - The Board and management are committed to fulfilling their responsibilities to the Company's shareholders, prioritizing the enhancement and protection of shareholder interests72 - The Company has consistently complied with the applicable principles and code provisions of Appendix C1 of the Listing Rules' Corporate Governance Code throughout the six months ended June 30, 202572 Audit Committee and Review of Interim Financial Information The Audit Committee has reviewed the Group's unaudited condensed consolidated interim financial information for the six months ended June 30, 2025, confirming compliance with applicable accounting standards and requirements, and the external auditor also conducted a review in accordance with Hong Kong Standard on Review Engagements 2410 - The Audit Committee currently comprises two independent non-executive directors and a non-executive director, with two independent non-executive directors possessing professional qualifications73 - The Audit Committee has reviewed the Group's unaudited condensed consolidated interim financial information for the six months ended June 30, 2025, deeming these interim results prepared in compliance with applicable accounting standards, requirements, and the Listing Rules73 - The Group's unaudited condensed consolidated interim financial statements for the six months ended June 30, 2025, were also reviewed by the Group's external auditor, BDO Limited, in accordance with Hong Kong Standard on Review Engagements 241073 Remuneration Committee Established in 2000, the Remuneration Committee, predominantly composed of independent non-executive directors, is responsible for formulating remuneration policies - The Remuneration Committee was established in 2000, with the majority of its members being independent non-executive directors74 - The Remuneration Committee currently comprises two independent non-executive directors and an executive director74 Nomination Committee Established in 2005, the Nomination Committee, predominantly composed of independent non-executive directors, is responsible for nominating Board members - The Nomination Committee was established in 2005, with the majority of its members being independent non-executive directors75 - The Nomination Committee currently comprises an executive director and two independent non-executive directors75 Compliance with Model Code and Company Guidelines The Board has adopted the Model Code for Securities Transactions by Directors of Listed Issuers in Appendix C3 of the Listing Rules as the standard for directors' securities dealings, confirming full compliance by all directors during the reporting period, and the Company has also adopted written guidelines no less exacting than the Model Code, with no non-compliance by relevant employees - The Board has adopted the Model Code for Securities Transactions by Directors of Listed Issuers in Appendix C3 of the Listing Rules as the standard for the Company's directors' securities dealings76 - Following specific inquiries, all directors confirmed their continuous compliance with the Model Code's required standards throughout the six months ended June 30, 2025, and up to the date of this announcement76 - The Company has adopted written guidelines no less exacting than the Model Code in accordance with Code Provision C.1.3 of the Corporate Governance Code, with no instances of non-compliance by relevant employees76 Purchase, Sale or Redemption of the Company's Listed Securities For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities77 Disclosure Requirements under Listing Rules Except as disclosed in this announcement, there were no significant changes in the Company's existing information related to matters in paragraph 46(3) of Appendix D2 of the Listing Rules for the six months ended June 30, 2025, compared to the 2024 annual report - Except as disclosed in this announcement, there were no significant changes in the Company's existing information related to matters in paragraph 46(3) of Appendix D2 of the Listing Rules for the six months ended June 30, 2025, compared to the 2024 annual report's relevant disclosures78 Publication of Interim Results on HKEX and Company Websites This interim results announcement has been published on the HKEX and Company websites, and the interim report will be dispatched to shareholders and published on the aforementioned websites in due course - This interim results announcement is published on the HKEX website (www.hkexnews.hk) and the **Company's website (www.gwpaholdings.com)**[79](index=79&type=chunk) - The Company's interim report for the six months ended June 30, 2025, containing information required by Appendix D2 of the Listing Rules, will be dispatched to shareholders and published on the HKEX and Company websites in due course79