永胜医疗(01612) - 2025 - 中期财报

Company Information Board of Directors and Committees This section lists the executive, non-executive, and independent non-executive directors of the company's board, along with the composition of audit, nomination, remuneration, risk management, and ESG committees, noting changes in the nomination and risk management committees on August 20, 2025 - The Nomination Committee added Dr. Leung Ming Chu and Mr. Au Yu Chiu as members on August 20, 2025[3] - The Risk Management Committee added Ms. Tsui Wing Kwan, Mr. Yeung Wing Fung, and Mr. Zuo Lihui as members on August 20, 2025, while Ms. Hu Fang and Mr. Zhang Changqing ceased to be members[3] Company Contact and Registration Information This section provides the company's essential contact and registration details, including company secretary, authorized representatives, registered office, Hong Kong headquarters, auditor, share registrar, principal bankers, investor relations, stock code, and website - The company's registered office is in the Cayman Islands, with its Hong Kong headquarters located in Hung Hom, Kowloon[4] - The auditor is RSM Hong Kong, and the stock code is 1612[4][5] Financial Highlights For the six months ended June 30, 2025, the company achieved significant growth in revenue and profit, with increased basic earnings per share and interim dividend, primarily driven by imaging disposables and respiratory products in key markets like the US and Spain Financial Highlights for the Six Months Ended June 30 | Indicator | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 449,441 | 380,706 | 18.1% | | Gross Profit | 159,006 | 119,181 | 33.4% | | Profit for the Period | 54,272 | 33,561 | 61.7% | | Profit Attributable to Owners of the Company | 51,629 | 33,288 | 55.1% | | Basic Earnings Per Share (HK Cents) | 8.03 | 5.17 | 55.3% | | Interim Dividend Per Share (HK Cents) | 2.40 | 1.60 | 50.0% | - In the first half of 2025, imaging disposables accounted for 55% of total revenue, respiratory products for 28%, orthopedic support and rehabilitation devices for 13%, and other products for 4%, showing an increased share for imaging disposables and respiratory products compared to the first half of 2024, while orthopedic support and rehabilitation devices decreased[7] - By geographical market, in the first half of 2025, the US accounted for 33% of total revenue, Spain for 37%, China for 8%, Japan for 8%, and other regions for 14%, with Spain and Japan increasing their share while the US and China slightly decreased[9] Management Discussion and Analysis Overall Business Review Despite global economic slowdowns, trade frictions, and supply chain uncertainties, the Group achieved strong results in the first half of 2025, with profit for the period reaching a post-COVID-19 high, driven by enhanced client collaboration, robust imaging disposables performance, stable respiratory product growth, and ongoing construction of new production facilities - In the first half of 2025, the Group's profit for the period reached a new high in the post-COVID-19 era[12] - The new production facility in Kaiping City, Jiangmen, Guangdong Province, China, is on schedule for trial operation by end of 2025 and phased production from 2026 onwards[13] Segment Results The Group's product segments showed varied performance, with significant growth in imaging disposables and respiratory products, a decline in orthopedic support and rehabilitation devices due to trade relations, and improved revenue and gross profit margin for other products through diversification Imaging Disposables Segment Driven by market tailwinds such as an aging population, rising chronic disease rates, and increased disease detection awareness, the imaging disposables segment saw continuous order growth, with revenue increasing by 28.6% year-on-year to HK$244.0 million, accounting for 54.3% of total revenue, while gross profit margin improved from 30.2% to 34.8% due to economies of scale, operating leverage, and improved production efficiency Imaging Disposables Segment Revenue and Gross Profit Margin | Indicator | 2025 First Half (HK$ Million) | 2024 First Half (HK$ Million) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 244.0 | 189.7 | 28.6% | | Percentage of Total Revenue | 54.3% | - | - | | Gross Profit Margin | 34.8% | 30.2% | +4.6pp | Respiratory Products Segment Leveraging strong R&D and manufacturing capabilities, the respiratory products segment resumed stable growth, with revenue increasing by 5.0% year-on-year to HK$126.4 million, representing 28.1% of total revenue, primarily driven by increased sales of inspiredTM disposable respiratory consumables in Japan, the UK, Canada, and Turkey, while reduced inventory provisions and product mix changes improved the gross profit margin from 36.8% to 38.7% Respiratory Products Segment Revenue and Gross Profit Margin | Indicator | 2025 First Half (HK$ Million) | 2024 First Half (HK$ Million) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 126.4 | 120.4 | 5.0% | | Percentage of Total Revenue | 28.1% | - | - | | Gross Profit Margin | 38.7% | 36.8% | +1.9pp | Orthopedic Support and Rehabilitation Devices Segment Affected by global supply chain uncertainties and strategic order reductions from US clients, the orthopedic support and rehabilitation devices segment's revenue decreased by 18.4% year-on-year to HK$19.3 million, accounting for 4.3% of total revenue, while the segment's gross profit margin remained stable at 30.3% Orthopedic Support and Rehabilitation Devices Segment Revenue and Gross Profit Margin | Indicator | 2025 First Half (HK$ Million) | 2024 First Half (HK$ Million) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 19.3 | 23.6 | -18.4% | | Percentage of Total Revenue | 4.3% | - | - | | Gross Profit Margin | 30.3% | 29.9% | +0.4pp | Other Products The Group's diversification strategy into healthcare and wellness products expanded customer reach and increased inquiries and orders, leading to a 27.1% year-on-year revenue growth to HK$59.7 million, representing 13.3% of total revenue, with gross profit margin improving from 22.4% to 32.3% due to economies of scale and product mix changes Other Products Revenue and Gross Profit Margin | Indicator | 2025 First Half (HK$ Million) | 2024 First Half (HK$ Million) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 59.7 | 47.0 | 27.1% | | Percentage of Total Revenue | 13.3% | - | - | | Gross Profit Margin | 32.3% | 22.4% | +9.9pp | Investments and Collaborations The Group views external investments and collaborations as crucial for expanding product offerings and technological expertise, and despite a 20.0% decrease in the fair value of its investment in Inovytec Medical Solutions Ltd. due to order delays and delivery complexities, the Group remains cautiously optimistic about its future prospects while increasing R&D allocation and seeking strategic partnerships - The Group recorded a 20.0% decrease in the fair value of its investment in Inovytec Medical Solutions Ltd., primarily due to customer order delays and delivery complexities[19] - The Group is increasing R&D resource allocation to expand its skill and intellectual property base, and seeking strategic investments and collaborations with business partners and universities[19] Outlook Looking ahead to the second half of 2025, despite ongoing trade disputes, the Group remains optimistic about future development, continuing as a strategic partner to key clients, investing in new production lines for imaging disposables, promoting respiratory product registration and penetration, and exploring new opportunities in healthcare and wellness products, with the Kaiping new production facility expected to commence trial operation by end of 2025 and phased production from 2026 to support long-term growth and profitability while maintaining prudent cost control measures - The Group will continue to act as a strategic partner to key customers, investing in new production lines and facilities to meet increasing orders for imaging disposables[20] - The Group will promote the registration and penetration of respiratory products and explore new product categories or business opportunities in healthcare and wellness products[20] - The Kaiping new production facility is progressing well, expected to commence trial operation by end of 2025 and phased production from 2026 onwards, supporting long-term order growth and profit enhancement[20] Financial Review Total revenue for the period increased by 18.1% year-on-year, primarily driven by increased orders for imaging disposables, while gross profit grew by 33.4% and gross profit margin improved to 35.4% due to operational efficiency and economies of scale, with other income significantly increasing, selling and distribution expenses decreasing as a percentage of revenue, administrative and R&D expenses rising, and income tax expense increasing due to higher profit before tax, ultimately leading to a post-COVID-19 high in profit attributable to owners of the company Revenue Total revenue for the period was HK$449.4 million, an 18.1% year-on-year increase, mainly due to increased orders in the imaging disposables segment, with growing geographical diversification, significant sales growth in Spain and Japan, a slight decrease in the US market share, and a marginal decline in China sales Revenue by Geographical Region | Region | 2025 First Half (HK$ Million) | 2024 First Half (HK$ Million) | Year-on-Year Change (%) | Percentage of Total Revenue (2025) | | :--- | :--- | :--- | :--- | :--- | | United States | 164.4 | 145.2 | 13.2% | 36.6% | | Spain | 146.8 | 121.2 | 21.1% | 32.7% | | Japan | 34.5 | 21.1 | 63.5% | 7.7% | | China | 36.1 | 36.9 | -2.0% | 8.0% | Gross Profit and Gross Profit Margin Gross profit increased by 33.4% to HK$159.0 million, and gross profit margin rose from 31.3% to 35.4%, primarily benefiting from improved operational efficiency, expanded economies of scale, and reduced inventory provisions Gross Profit and Gross Profit Margin | Indicator | 2025 First Half (HK$ Million) | 2024 First Half (HK$ Million) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Gross Profit | 159.0 | 119.2 | 33.4% | | Gross Profit Margin | 35.4% | 31.3% | +4.1pp | Other Income, Other Gains and Losses Other income, other gains and losses significantly increased to HK$3.9 million (2024 first half: HK$0.5 million), mainly due to increased exchange gains offsetting higher impairment losses and write-offs Other Income, Other Gains and Losses | Indicator | 2025 First Half (HK$ Million) | 2024 First Half (HK$ Million) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Amount | 3.9 | 0.5 | 680.0% | Selling and Distribution Expenses Selling and distribution expenses increased by 11.4% year-on-year to HK$20.7 million, but the growth rate was lower than revenue growth, reducing its proportion of total revenue from 4.9% to 4.6%, primarily due to higher sales volume in the imaging disposables segment with relatively lower expenses Selling and Distribution Expenses | Indicator | 2025 First Half (HK$ Million) | 2024 First Half (HK$ Million) | Year-on-Year Change (%) | Percentage of Total Revenue (2025) | | :--- | :--- | :--- | :--- | :--- | | Amount | 20.7 | 18.5 | 11.4% | 4.6% | | Percentage of Total Revenue | 4.6% | 4.9% | -0.3pp | - | Administrative Expenses Administrative expenses increased by 8.4% year-on-year to HK$55.8 million, but their proportion of total revenue decreased from 13.5% to 12.4%, primarily due to higher administrative staff costs, software amortization, and upgrades to IT and management systems Administrative Expenses | Indicator | 2025 First Half (HK$ Million) | 2024 First Half (HK$ Million) | Year-on-Year Change (%) | Percentage of Total Revenue (2025) | | :--- | :--- | :--- | :--- | :--- | | Amount | 55.8 | 51.5 | 8.4% | 12.4% | | Percentage of Total Revenue | 12.4% | 13.5% | -1.1pp | - | Research and Development Expenses Research and development expenses increased by 46.5% year-on-year to HK$21.9 million, and their proportion of total revenue rose from 3.9% to 4.9%, mainly due to increased R&D-related staff costs, reflecting the company's continuous investment in product and technology innovation Research and Development Expenses | Indicator | 2025 First Half (HK$ Million) | 2024 First Half (HK$ Million) | Year-on-Year Change (%) | Percentage of Total Revenue (2025) | | :--- | :--- | :--- | :--- | :--- | | Amount | 21.9 | 14.9 | 46.5% | 4.9% | | Percentage of Total Revenue | 4.9% | 3.9% | +1.0pp | - | Income Tax Expense Income tax expense significantly increased to HK$9.5 million (2024 first half: HK$0.3 million), primarily due to higher profit before tax and no reversal of income tax provision for a wholly-owned subsidiary in Hong Kong during the period Income Tax Expense | Indicator | 2025 First Half (HK$ Million) | 2024 First Half (HK$ Million) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Amount | 9.5 | 0.3 | 3066.7% | Profit Attributable to Owners of the Company As a result of the combined impact of the aforementioned factors, profit attributable to owners of the company reached HK$51.6 million (2024 first half: HK$33.3 million), marking a new high in the post-COVID-19 era Profit Attributable to Owners of the Company | Indicator | 2025 First Half (HK$ Million) | 2024 First Half (HK$ Million) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Amount | 51.6 | 33.3 | 55.0% | Balance Sheet Item Analysis In the first half of 2025, the Group continued to invest in property, plant, and equipment, particularly for new production facilities, leading to significant increases in capital expenditure and related assets, while trade receivables rose with revenue growth, inventory levels remained stable, and prepayments and other receivables increased due to deposits for goods and machinery, with trade payables and other payables also rising in line with revenue growth and construction costs Property, Plant and Equipment Capital expenditure for the period was HK$57.6 million, primarily for the construction of new production facilities, purchase of automated machinery, and equipment upgrades for capacity expansion, resulting in total property, plant and equipment valued at HK$270.3 million as of June 30, 2025, an increase from December 31, 2024, with contracted but unprovided capital commitments of HK$72.2 million Property, Plant and Equipment Related Data | Indicator | 2025 First Half (HK$ Million) | 2024 First Half (HK$ Million) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Capital Expenditure | 57.6 | 39.9 | 44.4% | | Total Property, Plant and Equipment (Period End) | 270.3 | 220.5 (December 31, 2024) | 22.6% | | Contracted but Unprovided Capital Commitments (Period End) | 72.2 | - | - | Right-of-Use Assets and Lease Liabilities As of June 30, 2025, right-of-use assets were HK$48.3 million and lease liabilities were HK$17.9 million, a slight decrease from December 31, 2024, mainly influenced by depreciation, exchange differences, lease payments, and renewal contracts Right-of-Use Assets and Lease Liabilities | Indicator | June 30, 2025 (HK$ Million) | December 31, 2024 (HK$ Million) | Change (%) | | :--- | :--- | :--- | :--- | | Right-of-Use Assets | 48.3 | 49.8 | -3.0% | | Lease Liabilities | 17.9 | 19.5 | -8.2% | Inventories As of June 30, 2025, inventories amounted to HK$175.4 million, maintaining a stable level despite increased revenue due to strict inventory policies Inventories | Indicator | June 30, 2025 (HK$ Million) | December 31, 2024 (HK$ Million) | Change (%) | | :--- | :--- | :--- | :--- | | Inventories | 175.4 | 162.7 | 7.8% | Trade Receivables As of June 30, 2025, trade receivables were HK$230.8 million, an increase from December 31, 2024, primarily due to increased revenue in the imaging disposables segment, with the company satisfied with the quality of receivables and prudently managing credit risk Trade Receivables | Indicator | June 30, 2025 (HK$ Million) | December 31, 2024 (HK$ Million) | Change (%) | | :--- | :--- | :--- | :--- | | Trade Receivables | 230.8 | 169.3 | 36.3% | Contract Assets As of June 30, 2025, contract assets were HK$24.4 million, a decrease from December 31, 2024, mainly due to a reduction in inventories related to revenue to be recognized over time Contract Assets | Indicator | June 30, 2025 (HK$ Million) | December 31, 2024 (HK$ Million) | Change (%) | | :--- | :--- | :--- | :--- | | Contract Assets | 24.4 | 31.6 | -22.7% | Prepayments, Deposits and Other Receivables As of June 30, 2025, prepayments, deposits and other receivables increased to HK$98.2 million, up from December 31, 2024, primarily due to increased deposits for the purchase of goods and machinery Prepayments, Deposits and Other Receivables | Indicator | June 30, 2025 (HK$ Million) | December 31, 2024 (HK$ Million) | Change (%) | | :--- | :--- | :--- | :--- | | Amount | 98.2 | 75.0 | 30.9% | Trade Payables As of June 30, 2025, trade payables were HK$66.7 million, an increase from December 31, 2024, broadly in line with the increase in revenue Trade Payables | Indicator | June 30, 2025 (HK$ Million) | December 31, 2024 (HK$ Million) | Change (%) | | :--- | :--- | :--- | :--- | | Trade Payables | 66.7 | 41.6 | 60.3% | Other Payables and Accrued Expenses As of June 30, 2025, other payables and accrued expenses increased to HK$191.4 million, up from December 31, 2024, primarily due to increased accrued staff costs, payable construction costs for new production facilities, and customer advances Other Payables and Accrued Expenses | Indicator | June 30, 2025 (HK$ Million) | December 31, 2024 (HK$ Million) | Change (%) | | :--- | :--- | :--- | :--- | | Amount | 191.4 | 170.6 | 12.2% | Liquidity, Financial Resources and Borrowings The Group maintained a robust financial position amidst a volatile macroeconomic environment, with increased bank and cash balances and a stable current ratio of 2.1 times as of June 30, 2025, while total interest-bearing borrowings significantly increased due to new production facility financing, leading to a higher net gearing ratio, but unutilized bank facilities remained ample Liquidity and Borrowing Situation | Indicator | June 30, 2025 (HK$ Million) | December 31, 2024 (HK$ Million) | Change (%) | | :--- | :--- | :--- | :--- | | Bank and Cash Balances | 204.3 | 173.4 | 17.8% | | Current Ratio | 2.1 times | 2.2 times | -4.5% | | Total Interest-Bearing Borrowings | 144.9 | 80.2 | 80.7% | | Net Gearing Ratio | 0.23 | 0.14 | 64.3% | | Unutilized Bank Facilities | 428.4 | 487.0 | -12.0% | - The increase in interest-bearing borrowings was primarily due to funds raised for the construction of new production facilities[40] Human Resources As of June 30, 2025, the Group's total number of full-time employees increased to 1,463, with staff remuneration reviewed annually based on individual performance, qualifications, Group financial performance, and market conditions, and various benefits provided to attract and retain talent, resulting in a year-on-year increase in staff costs (including directors' emoluments) but a decrease as a percentage of total revenue Human Resources Data | Indicator | June 30, 2025 | December 31, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Total Full-Time Employees | 1,463 | 1,328 | 10.2% | | Staff Costs (2025 First Half) | HK$117.6 Million | HK$104.5 Million (2024 First Half) | 12.5% | | Staff Costs as % of Total Revenue (2025 First Half) | 26.2% | 27.5% (2024 First Half) | -1.3pp | Capital Structure As of June 30, 2025, the company's issued share capital was approximately HK$6.5 million, comprising 653,336,332 shares with a par value of HK$0.01 each, remaining unchanged from December 31, 2024 Capital Structure | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Issued Share Capital | HK$6.5 Million | HK$6.5 Million | | Number of Issued Shares | 653,336,332 shares | 653,336,332 shares | Significant Investments As of June 30, 2025, the fair value of the company's equity investment in Inovytec Medical Solutions Ltd. was HK$20.0 million, representing approximately 13.68% of its equity, a decrease from HK$25.0 million as of December 31, 2024, due to Inovytec's performance being affected by customer order delays and delivery complexities, which reduced the asset ratio as defined by the Listing Rules to 1.8%, leading the company to no longer consider this investment significant after June 30, 2025 Inovytec Investment Fair Value | Indicator | June 30, 2025 (HK$ Million) | December 31, 2024 (HK$ Million) | Change (%) | | :--- | :--- | :--- | :--- | | Fair Value of Equity Investment | 20.0 | 25.0 | -20.0% | | Asset Ratio as Defined by Listing Rules | 1.8% | 2.7% | -0.9pp | - The decrease in Inovytec's investment fair value was primarily due to customer order delays and complex delivery situations[44] - Due to the decrease in the asset ratio, the company no longer considers the Inovytec investment significant after June 30, 2025[45] Significant Acquisitions and Disposals During the period, the Group did not undertake any significant acquisitions or disposals of subsidiaries and associated companies - There were no significant acquisitions or disposals of subsidiaries and associated companies during the period[47] Pledge of Group Assets As of June 30, 2025, the Group had HK$189.7 million in property, plant and equipment and HK$30.5 million in right-of-use assets pledged as security for borrowings related to the construction of new production facilities Pledged Assets | Asset Type | June 30, 2025 (HK$ Million) | December 31, 2024 (HK$ Million) | | :--- | :--- | :--- | | Property, Plant and Equipment | 189.7 | 132.7 | | Right-of-Use Assets | 30.5 | 30.4 | - Asset pledges are primarily used to finance the construction of new production facilities[48] Foreign Exchange Risk As some of the Group's costs are denominated in RMB while most sales are in USD and JPY, an appreciation of RMB against USD and JPY could lead to increased costs and reduced profitability, a risk the Board has assessed as potentially significant, and while no foreign currency hedging policy is currently in place, the Group closely monitors the situation and will consider hedging when necessary - An appreciation of RMB against USD and JPY could lead to increased costs and reduced profitability for the Group[49] - The Group currently has no foreign currency hedging policy but closely monitors foreign currency risk and will consider hedging when necessary[49] Contingent Liabilities As of June 30, 2025, the Group had no other contingent liabilities - As of June 30, 2025, the Group had no other contingent liabilities[50] Other Information Interim Dividend The Board resolved to declare an interim dividend of 2.4 HK cents per share for the six months ended June 30, 2025, a 50% increase from the first half of 2024, payable on or about September 26, 2025, with shareholders required to complete transfer registration by 4:30 p.m. on September 3, 2025, to receive the dividend Interim Dividend | Indicator | 2025 First Half (HK Cents) | 2024 First Half (HK Cents) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Interim Dividend Per Share | 2.40 | 1.60 | 50.0% | - The record date for the interim dividend is September 8, 2025, with payment on or about September 26, 2025[51] Directors' and Chief Executive's Interests and/or Short Positions in Shares, Underlying Shares and Debentures of the Company As of June 30, 2025, several directors and chief executive held interests in the company's shares and underlying shares, primarily through beneficial ownership, controlled corporation interests, and spouse interests, with Mr. Choi Man Sing being the largest shareholder, and Mr. Choi Cheung Tai, Mr. Hui Ming Fai, and Mr. Fu Kwok Fu also holding shares and share options Directors' and Chief Executive's Share Interests | Director Name | Capacity/Nature of Interest | Number of Shares | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Mr. Choi Man Sing | Beneficial Owner/Interest of Controlled Corporation | 393,189,890 shares | 60.18% | | Mr. Choi Cheung Tai | Beneficial Owner | 11,700,000 shares | 1.79% | | Mr. Hui Ming Fai | Beneficial Owner/Spouse's Interest | 7,645,166 shares | 1.17% | | Mr. Fu Kwok Fu | Beneficial Owner/Spouse's Interest | 7,867,166 shares | 1.20% | - Mr. Choi Man Sing's interests include shares held personally, through controlled corporations VRI and VRHK, and his spouse Ms. Liu Pui Ching's interest in VRI[53] - The interests of Mr. Choi Cheung Tai, Mr. Hui Ming Fai, and Mr. Fu Kwok Fu include share options granted under the share option scheme[53] Substantial Shareholders' Interests and/or Short Positions in Shares of the Company As of June 30, 2025, Ms. Liu Pui Ching and VINCENT RAYA INTERNATIONAL LIMITED (VRI) were substantial shareholders of the company, holding 60.18% and 58.50% of the share interests respectively, primarily through spouse interests and controlled corporation interests Substantial Shareholders' Share Interests | Shareholder Name/Name | Capacity/Nature of Interest | Number of Shares | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Ms. Liu Pui Ching | Spouse's Interest/Interest of Controlled Corporation | 393,189,890 shares | 60.18% | | VRI | Beneficial Owner/Interest of Controlled Corporation | 382,189,890 shares | 58.50% | - Ms. Liu Pui Ching's interests include shares held by her spouse Mr. Choi Man Sing, and shares held through VRI and VRHK[57] - VRI's interests include shares held directly and shares held through VRHK[57] Share Option Schemes and Share Award Scheme The company operates a Pre-IPO Share Option Scheme, a Terminated Share Option Scheme, a New Share Option Scheme, and a Share Award Scheme to incentivize and reward employees and executives; the Terminated Share Option Scheme ceased on May 22, 2024, but previously granted options remain valid, while the New Share Option Scheme was adopted on the same day to replace it, and during the period, no options were exercised, cancelled, or lapsed under the Pre-IPO scheme, 100,000 options lapsed under the Terminated scheme, and no options or awards were granted under the New Share Option Scheme or Share Award Scheme Pre-IPO Share Option Scheme Adopted on June 17, 2016, this scheme aims to reward executives, directors, employees, and consultants, expiring on June 16, 2026, with 19,684,000 share options granted at an exercise price of HK$0.80 per share, and as of June 30, 2025, 1,986,668 options remained unexercised, representing approximately 0.3% of the issued share capital, with no exercises, cancellations, or lapses during the period - The Pre-IPO Share Option Scheme expires on June 16, 2026[59] Pre-IPO Share Option Scheme Details | Indicator | Unexercised as of January 1, 2025 | Exercised During the Period | Cancelled During the Period | Lapsed During the Period | Unexercised as of June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | | Number of Share Options | 1,986,668 | – | – | – | 1,986,668 | | Weighted Average Exercise Price (HK$) | 0.80 | – | – | – | 0.80 | Terminated Share Option Scheme Adopted on June 24, 2016, this scheme was terminated on May 22, 2024, prohibiting further option grants but keeping previously granted options valid, with 100,000 options lapsing during the period and no exercises or cancellations, leaving 27,486,332 unexercised options as of June 30, 2025, representing approximately 4.2% of the issued share capital - The Terminated Share Option Scheme was terminated on May 22, 2024, but previously granted options remain valid[64] Terminated Share Option Scheme Details | Indicator | Unexercised as of January 1, 2025 | Exercised During the Period | Cancelled During the Period | Lapsed During the Period | Unexercised as of June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | | Number of Share Options | 27,586,332 | – | – | (100,000) | 27,486,332 | | Weighted Average Exercise Price (HK$) | 0.89 | – | – | 0.80 | 0.90 | New Share Option Scheme Adopted on May 22, 2024, to replace the terminated scheme and comply with Listing Rules amendments, this scheme will expire on May 21, 2034, with no options granted during the period or up to the interim report date, and a maximum of 65,333,633 shares, or 10% of the issued share capital, available for grant - The New Share Option Scheme was adopted on May 22, 2024, replacing the Terminated Share Option Scheme and complying with Listing Rules amendments[68] - No share options were granted under the New Share Option Scheme during the period or up to the interim report date[71] - The maximum number of share options that can be granted is 65,333,633 shares, equivalent to 10% of the issued share capital[70] Share Award Scheme Adopted on December 2, 2021, and amended on May 22, 2024, this scheme aims to recognize and reward eligible participants for their contributions to the Group, expiring on December 1, 2031, with no awards granted during the period or up to the interim report date, and the trustee holding 10,000,000 shares as of June 30, 2025, representing approximately 1.53% of the issued share capital - The Share Award Scheme was adopted on December 2, 2021, and amended on May 22, 2024, to reward participants for their contributions to the Group[72] - No awards were granted under the amended Share Award Scheme during the period or up to the interim report date[75] Share Award Scheme Holding Details | Indicator | June 30, 2025 | | :--- | :--- | | Number of Shares Held by Trustee | 10,000,000 shares | | Percentage of Issued Share Capital | Approximately 1.53% | Scheme Mandate Limit and Service Provider Sub-limit The total number of all options and awards granted must not exceed 10% of the company's issued share capital at the adoption date (Scheme Mandate Limit), which is 65,333,633 shares, and options granted to service providers must not exceed 1% of the issued share capital (Service Provider Sub-limit), or 6,533,363 shares, with 0 shares available for issue during the period due to no options or awards being granted Scheme Mandate Limit | Limit Type | Number of Shares | Percentage of Issued Share Capital | | :--- | :--- | :--- | | Scheme Mandate Limit | 65,333,633 shares | 10% | | Service Provider Sub-limit | 6,533,363 shares | 1% | - During the period, the number of shares available for issue under all schemes was 0 due to no options or awards being granted[78] Disclosure Pursuant to Rule 13.51B(1) of the Listing Rules This section discloses changes in directors' information since the date of the 2024 annual report, including Mr. Choi Cheung Tai's changes in positions at The Hong Kong Polytechnic University and the Vocational Training Council, Mr. Fu Kwok Fu's changes at The Hong Kong Institution of Engineers, and the appointments of Dr. Leung Ming Chu and Mr. Au Yu Chiu to the Nomination Committee - Mr. Choi Cheung Tai was re-appointed as an Industry Advisor to the Technology Transfer Assessment Committee of The Hong Kong Polytechnic University and appointed as a member of the Advanced Manufacturing Training Board of the Vocational Training Council[81] - Dr. Leung Ming Chu and Mr. Au Yu Chiu were appointed as members of the company's Nomination Committee[81] Purchase, Sale or Redemption of the Company's Listed Securities During the period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities, including treasury shares - No purchase, sale, or redemption of the company's listed securities occurred during the period[83] Corporate Governance Practices The company is committed to maintaining the highest standards of corporate governance and has adopted the Corporate Governance Code set out in Appendix C1 Part 2 of the Listing Rules, with the Board believing that the company has complied with the code provisions throughout the period and up to the date of the interim report - The company has adopted and complied with the Corporate Governance Code set out in Appendix C1 Part 2 of the Listing Rules throughout the period[84] Model Code for Securities Transactions by Directors The company has adopted the Model Code set out in Appendix C3 of the Listing Rules as the code of conduct for directors' dealings in the company's securities, and all directors have confirmed compliance with the Model Code throughout the period and up to the date of the interim report - All directors confirmed compliance with the Model Code set out in Appendix C3 of the Listing Rules throughout the period[85] Environmental, Social and Governance ("ESG") Responsibilities The Group upholds its mission and values, committed to providing innovative, high-quality, and reliable medical devices, and achieving sustainable development by integrating environmental and social measures into its operations, with further details available in the 2024 Annual Report's ESG Report - The Group is committed to sustainable development and integrates environmental and social measures into its operations[86] Review of Interim Financial Statements The Audit Committee has reviewed the Group's unaudited condensed consolidated financial statements for the six months ended June 30, 2025, which have also been reviewed by the auditor, RSM Hong Kong, in accordance with Hong Kong Standard on Review Engagements 2410 - The Audit Committee has reviewed the interim financial statements, and the auditor, RSM Hong Kong, has completed an independent review[87] Sufficiency of Public Float The company has maintained a sufficient public float of not less than 25% as required by the Listing Rules throughout the period and up to the date of the interim report - The company has consistently maintained a sufficient public float of not less than 25% as required by the Listing Rules[88] Events After the Reporting Period On August 20, 2025, non-executive director Dr. Leung Ming Chu and independent non-executive director Mr. Au Yu Chiu were appointed as members of the Nomination Committee, with no other significant events occurring after the period end up to the interim report date - On August 20, 2025, Dr. Leung Ming Chu and Mr. Au Yu Chiu were appointed as members of the Nomination Committee[89] Publication of Interim Report The company's interim report for the six months ended June 30, 2025, has been published on the HKEXnews website and the company's website - The interim report has been published on the HKEXnews website (www.hkexnews.hk) and the company's website (www.vincentmedical.com)[91](index=91&type=chunk) Independent Review Report Introduction RSM Hong Kong has reviewed the condensed consolidated interim financial information of Vincent Medical Holdings Limited and its subsidiaries for the six months ended June 30, 2025, with the Board of Directors responsible for its preparation and presentation in accordance with Hong Kong Accounting Standard 34 - RSM Hong Kong has reviewed the Group's condensed consolidated interim financial information for the six months ended June 30, 2025[95] - The Board of Directors is responsible for preparing and presenting the interim financial information in accordance with Hong Kong Accounting Standard 34[95] Scope of Review The review was conducted in accordance with Hong Kong Standard on Review Engagements 2410, primarily involving inquiries of financial accounting personnel and performing analytical and other review procedures, and as the scope is less than an audit, the auditor cannot guarantee awareness of all significant matters and therefore does not express an audit opinion - The review was conducted in accordance with Hong Kong Standard on Review Engagements 2410, with a scope less than an audit[96] - The auditor does not express an audit opinion, as it cannot guarantee awareness of all significant matters[96] Conclusion Based on the review, the auditor has not noted any matters that lead them to believe the interim financial information is not prepared, in all material respects, in accordance with Hong Kong Accounting Standard 34 - The auditor believes the interim financial information is prepared, in all material respects, in accordance with Hong Kong Accounting Standard 34[97] Condensed Consolidated Statement of Profit or Loss For the six months ended June 30, 2025, the Group's revenue increased by 18.1% year-on-year to HK$449.4 million, gross profit grew by 33.4% to HK$159.0 million, profit for the period surged by 61.7% to HK$54.3 million, profit attributable to owners of the company was HK$51.6 million, and basic earnings per share reached 8.03 HK cents Condensed Consolidated Statement of Profit or Loss Key Data | Indicator | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Revenue | 449,441 | 380,706 | | Cost of Sales | (290,435) | (261,525) | | Gross Profit | 159,006 | 119,181 | | Operating Profit | 64,556 | 34,737 | | Profit Before Tax | 63,766 | 33,860 | | Profit for the Period | 54,272 | 33,561 | | Profit Attributable to Owners of the Company | 51,629 | 33,288 | | Basic Earnings Per Share (HK Cents) | 8.03 | 5.17 | Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income For the six months ended June 30, 2025, the Group's profit for the period was HK$54.3 million, with other comprehensive income primarily influenced by exchange differences on translating foreign operations (HK$9.8 million gain) and fair value changes of equity investments measured at fair value through other comprehensive income (HK$4.9 million loss), resulting in a total comprehensive income for the period of HK$59.1 million Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Key Data | Indicator | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Profit for the Period | 54,272 | 33,561 | | Fair Value Change of Equity Investments Measured at Fair Value Through Other Comprehensive Income | (4,986) | 3,688 | | Exchange Differences on Translating Foreign Operations | 9,765 | (4,769) | | Other Comprehensive Income for the Period, Net of Tax | 4,779 | (1,081) | | Total Comprehensive Income for the Period | 59,051 | 32,480 | | Attributable to Owners of the Company | 55,542 | 32,983 | Condensed Consolidated Statement of Financial Position As of June 30, 2025, the Group's total assets were HK$1,083.9 million, an increase from December 31, 2024, with non-current assets driven by property, plant and equipment, and significant increases in trade receivables and bank and cash balances within current assets, while total equity was HK$631.6 million, non-current liabilities rose due to increased borrowings, and current liabilities also increased due to higher trade payables and other payables Condensed Consolidated Statement of Financial Position Key Data | Indicator | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Total Non-Current Assets | 388,387 | 332,028 | | Total Current Assets | 695,556 | 587,657 | | Total Assets | 1,083,943 | 919,685 | | Total Equity | 631,582 | 583,359 | | Total Non-Current Liabilities | 117,199 | 64,386 | | Total Current Liabilities | 335,162 | 271,940 | | Net Current Assets | 360,394 | 315,717 | Condensed Consolidated Statement of Changes in Equity For the six months ended June 30, 2025, total equity attributable to owners of the company increased from HK$578.6 million as of January 1, 2025, to HK$623.4 million, primarily influenced by a total comprehensive income for the period of HK$55.5 million and share-based payments of HK$281 thousand, offset by dividends paid of HK$10.9 million Condensed Consolidated Statement of Changes in Equity Key Data | Indicator | As of January 1, 2025 (HK$ Thousand) | Total Comprehensive Income for the Period (HK$ Thousand) | Share-Based Payments (HK$ Thousand) | Dividends Paid (HK$ Thousand) | As of June 30, 2025 (HK$ Thousand) | | :--- | :--- | :--- | :--- | :--- | :--- | | Equity Attributable to Owners of the Company | 578,553 | 55,542 | 281 | (10,937) | 623,439 | | Non-Controlling Interests | 4,806 | 3,509 | – | (172) | 8,143 | | Total Equity | 583,359 | 59,051 | 281 | (11,109) | 631,582 | Condensed Consolidated Statement of Cash Flows For the six months ended June 30, 2025, the Group's net cash generated from operating activities was HK$42.9 million, net cash used in investing activities was HK$60.1 million, primarily for purchasing property, plant and equipment, and net cash generated from financing activities was HK$45.0 million, mainly from borrowings raised, resulting in an ending bank and cash balance of HK$204.3 million, an increase of HK$27.8 million from the beginning of the period Condensed Consolidated Statement of Cash Flows Key Data | Indicator | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Net Cash Generated from Operating Activities | 42,917 | 33,373 | | Net Cash Used in Investing Activities | (60,130) | (22,293) | | Net Cash Generated from/(Used in) Financing Activities | 45,018 | (17,691) | | Net Increase/(Decrease) in Cash and Cash Equivalents | 27,805 | (6,611) | | Cash and Cash Equivalents at June 30 | 204,332 | 166,730 | Notes to the Condensed Consolidated Financial Statements Basis of Preparation These condensed consolidated 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 the applicable disclosure requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, consistent with the accounting policies and methods of computation used in the 2024 annual financial statements - These condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 and the Listing Rules[110] - The accounting policies and methods of computation used are consistent with those in the 2024 annual financial statements[110] New and Revised Hong Kong Financial Reporting Standards The Group first applied the amendments to Hong Kong Accounting Standard 21 "Lack of Exchangeability" from January 1, 2025, without changing accounting policies or making retrospective adjustments, and the Board is currently evaluating the expected impact of new and revised standards issued but not yet adopted for the first application period - The Group first applied the amendments to Hong Kong Accounting Standard 21 "Lack of Exchangeability" from January 1, 2025, without changing accounting policies or making retrospective adjustments[111] - The Board is evaluating the expected impact of new and revised standards issued but not yet adopted[113] Fair Value Measurement The carrying amounts of the Group's financial assets and liabilities approximate their fair values, with fair value measurements categorized into a three-level hierarchy; as of June 30, 2025, unlisted equity securities measured at fair value through other comprehensive income were HK$19.987 million, classified as Level 3, and the fair value change of these financial assets for the period was a loss of HK$4.986 million recognized in other comprehensive income, with valuation procedures overseen by the Chief Financial Officer and conducted by external valuation experts - The carrying amounts of the Group's financial assets and financial liabilities approximate their respective fair values[114] Financial Assets Measured at Fair Value Through Other Comprehensive Income | Indicator | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Unlisted Equity Securities | 19,987 | 24,973 | Reconciliation of Financial Assets Measured at Level 3 Fair Value | Indicator | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | As of January 1 | 24,973 | 26,802 | | Total Gains or Losses Recognized in Other Comprehensive Income | (4,986) | 3,688 | | As of June 30 | 19,987 | 30,490 | Segment Information The Group is primarily divided into two reporting segments: OEM and OBM; for the six months ended June 30, 2025, the OEM segment generated revenue of HK$359.0 million and a segment profit of HK$77.6 million, while the OBM segment generated revenue of HK$90.4 million and a segment loss of HK$0.7 million, with revenue from a major customer A amounting to HK$245.2 million, representing a significant portion of the OEM segment's revenue Reportable Segment Profit or Loss | Segment | 2025 First Half Revenue (HK$ Thousand) | 2025 First Half Profit/(Loss) (HK$ Thousand) | 2024 First Half Revenue (HK$ Thousand) | 2024 First Half Profit/(Loss) (HK$ Thousand) | | :--- | :--- | :--- | :--- | :--- | | OEM | 359,032 | 77,574 | 302,691 | 46,947 | | OBM | 90,409 | (694) | 78,015 | (4,694) | | Total | 449,441 | 76,880 | 380,706 | 42,253 | Revenue from Major Customers | Customer | 2025 First Half (HK$ Thousand) | 2024 First Half (HK$ Thousand) | | :--- | :--- | :--- | | Customer A (OEM Segment) | 245,182 | 191,505 | Revenue The Group's revenue is derived from contracts with customers, disaggregated by product category, geographical market, and timing of revenue recognition, with imaging disposables being the largest revenue source, followed by respiratory products, and the United States and Spain as key geographical markets, with most revenue recognized for products transferred over time Revenue by Product Category | Product Category | 2025 First Half (HK$ Thousand) | 2024 First Half (HK$ Thousand) | | :--- | :--- | :--- | | Imaging Disposables | 244,022 | 189,718 | | Respiratory Products | 126,410 | 120,369 | | Orthopedic Support and Rehabilitation Devices | 19,279 | 23,629 | | Other Products | 59,730 | 46,990 | | Total | 449,441 | 380,706 | Revenue by Geographical Market | Geographical Market | 2025 First Half (HK$ Thousand) | 2024 First Half (HK$ Thousand) | | :--- | :--- | :--- | | United States | 164,439 | 145,246 | | Spain | 146,847 | 121,231 | | People's Republic of China | 36,111 | 36,864 | | Japan | 34,483 | 21,089 | | Total | 449,441 | 380,706 | Revenue by Timing of Recognition | Timing of Recognition | 2025 First Half (HK$ Thousand) | 2024 First Half (HK$ Thousand) | | :--- | :--- | :--- | | Products Transferred at a Point in Time | 205,419 | 190,988 | | Products Transferred Over Time | 244,022 | 189,718 | | Total | 449,441 | 380,706 | Income Tax Expense Income tax expense for the period was HK$9.5 million, a significant increase from the prior year, with Hong Kong profits tax provision at HK$5.1 million, China corporate income tax provision at HK$2.3 million, and other regions at HK$1.9 million, noting that Hong Kong profits tax applies a two-tiered tax rate and China corporate income tax rates range from 15% to 25% Income Tax Expense Details | Tax Category | 2025 First Half (HK$ Thousand) | 2024 First Half (HK$ Thousand) | | :--- | :--- | :--- | | Current Tax – Hong Kong Profits Tax | 4,999 | (2,099) | | Current Tax – China | 2,333 | 962 | | Current Tax – Others | 1,902 | 541 | | Deferred Tax | 260 | 895 | | Total | 9,494 | 299 | - Hong Kong profits tax applies a two-tiered tax rate, and China corporate income tax rates range from 15% to 25%[136][137] Profit for the Period Profit for the period is presented after deducting/crediting various expenses and income, with key influencing factors including inventory provisions, amortization, cost of inventories sold, depreciation of property, plant and equipment, depreciation expense of right-of-use assets, directors' emoluments, equity-settled share-based payments, impairment of other intangible assets, staff costs, and write-offs of inventories and property, plant and equipment Major Adjustments to Profit for the Period | Item | 2025 First Half (HK$ Thousand) | 2024 First Half (HK$ Thousand) | | :--- | :--- | :--- | | Inventory Provisions | 3,142 | 5,064 | | Amortization | 1,368 | 1,104 | | Cost of Inventories Sold | 286,312 | 255,485 | | Depreciation of Property, Plant and Equipment | 10,543 | 9,484 | | Depreciation Expense of Right-of-Use Assets | 6,679 | 7,186 | | Staff Costs (including Directors' Emoluments) | 117,592 | 104,540 | | Write-off of Property, Plant and Equipment | 2,181 | 99 | Dividends The Board resolved to declare an interim dividend of 2.4 HK cents per share for the six months ended June 30, 2025, a 50% increase from the prior year, and the final dividend of 1.7 HK cents per share for the year ended December 31, 2024, was paid on June 20, 2025 Dividend Declaration | Dividend Type | 2025 First Half (HK Cents/Share) | 2024 First Half (HK Cents/Share) | | :--- | :--- | :--- | | Interim Dividend | 2.4 | 1.6 | | 2024 Final Dividend | 1.7 (Paid) | - | Earnings Per Share For the six months ended June 30, 2025, profit attributable to owners of the company was HK$51.6 million, resulting in basic earnings per share of 8.03 HK cents, and diluted earnings per share is not applicable as the exercise price of unexercised share options was higher than the average market price of shares, thus not assuming their exercise Earnings Per Share Calculation | Indicator | 2025 First Half (HK$ Thousand/Thousand Shares) | 2024 First Half (HK$ Thousand/Thousand Shares) | | :--- | :--- | :--- | | Profit Attributable to Owners of the Company | 51,629 | 33,288 | | Weighted Average Number of Ordinary Shares for Basic EPS | 643,336 | 643,336 | | Basic Earnings Per Share (HK Cents) | 8.03 | 5.17 | | Diluted Earnings Per Share | Not Applicable | Not Applicable | - Diluted earnings per share is not applicable as the exercise price of share options was higher than the average market price of shares[142] Property, Plant and Equipment For the six months ended June 30, 2025, the Group purchased approximately HK$57.6 million in property, plant and equipment, a significant increase from the prior year, reflecting continuous investment in fixed assets Property, Plant and Equipment Purchase Amount | Indicator | 2025 First Half (HK$ Thousand) | 2024 First Half (HK$ Thousand) | | :--- | :--- | :--- | | Purchase Amount | 57,573 | 39,939 | Right-of-Use Assets For the six months ended June 30, 2025, the Group entered into a three-year office premises lease renewal agreement, recognizing right-of-use assets and lease liabilities of approximately HK$4.9 million - The Group entered into a three-year office premises lease renewal agreement, recognizing right-of-use assets and lease liabilities of approximately HK$4.9 million[144] Trade Receivables The Group grants customers a general credit period ranging from 30 to 90 days and maintains strict control over unrecovered receivables; as of June 30, 2025, total trade receivables were HK$230.8 million, with the 0 to 30 days aging category accounting for the largest proportion Trade Receivables Aging Analysis | Aging | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | 0 to 30 Days | 79,961 | 61,139 | | 31 to 60 Days | 69,943 | 49,452 | | 61 to 90 Days | 58,100 | 38,953 | | Over 90 Days | 22,775 | 19,788 | | Total | 230,779 | 169,332 | Prepayments, Deposits and Other Receivables As of June 30, 2025, total prepayments, deposits and other receivables amounted to HK$98.2 million, primarily comprising deposits for goods purchased and deposits for property, plant and equipment and intangible assets Prepayments, Deposits and Other Receivables Details | Item | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Deposits for Purchase of Goods | 35,359 | 21,330 | | Deposits for Purchase of Property, Plant and Equipment and Intangible Assets | 35,889 | 23,816 | | Prepaid Expenses | 4,840 | 2,948 | | Rent and Other Deposits | 1,806 | 1,776 | | VAT and Other Receivables | 20,280 | 25,127 | | Total | 98,174 | 74,997 | | Less: Non-Current Deposits | (37,596) | (24,446) | | Current Portion | 60,578 | 50,551 | Trade Payables As of June 30, 2025, the Group's total trade payables were HK$66.7 million, with the 0 to 30 days aging category representing the largest proportion, reflecting normal procurement and payment cycles Trade Payables Aging Analysis | Aging | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | 0 to 30 Days | 49,575 | 25,259 | | 31 to 60 Days | 8,527 | 5,988 | | Over 60 Days | 8,635 | 10,354 | | Total | 66,737 | 41,601 | Other Payables and Accrued Expenses As of June 30, 2025, total other payables and accrued expenses increased to HK$191.4 million, primarily comprising accrued staff costs, other accrued expenses, other payables, warranty provisions, and contract liabilities Other Payables and Accrued Expenses Details | Item | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Accrued Staff Costs | 51,696 | 47,735 | | Other Accrued Expenses | 5,544 | 7,362 | | Other Payables | 84,941 | 70,420 | | Warranty Provisions | 403 | 399 | | Contract Liabilities | 48,865 | 44,651 | | Total | 191,449 | 170,567 | Share Option and Share Award Schemes The Group operates a Pre-IPO Share Option Scheme, a Terminated Share Option Scheme, a New Share Option Scheme, and a Share Award Scheme; the Terminated Share Option Scheme was terminated on May 22, 2024, but previously granted options remain valid, while the New Share Option Scheme was adopted on the same day, and during the period, no changes occurred in the Pre-IPO scheme, 100,000 options lapsed under the Terminated scheme, and no options or awards were granted under the New Share Option Scheme or Share Award Scheme Share Option Schemes The Group operates three share option schemes: the Pre-IPO Share Option Scheme (adopted June 17, 2016, expiring June 16, 2026, with 1,986,668 unexercised options as of June 30, 2025), the Terminated Share Option Scheme (adopted June 24, 2016, terminated May 22, 2024, with 27,486,332 unexercised options as of June 30, 2025, and 100,000 options lapsed during the period), and the New Share Option Scheme (adopted May 22, 2024, expiring May 21, 2034, with no grants during the period) - The Pre-IPO Share Option Scheme expires on June 16, 2026, with 1,986,668 unexercised share options as of June 30, 2025[153][158] - The Terminated Share Option Scheme was terminated on **May 2