2025 年中期業績 董事局主席報告 2025 年上半年，港燈電力投資及其全資附屬公司港燈在各項業務均有良好進展。集團致 力為客戶提供可靠和可負擔的低碳電力，有序地推進其發展計劃以支持香港的零碳轉 型。 期內，港燈的供電可靠度達至 99.9999% 以上的世界級水平，即每名客戶每年遇上非計劃 停電的時間平均少於半分鐘。 隨着全球燃料價格回落，令集團得以按照發展計劃進行重要資本投資的同時，可以下調 淨電費。 集團繼續向零碳營運的目標邁進，積極落實總值港幣 220 億元的 2024 – 2028 年度發展計 劃，確保所有工程如期進行。上一個五年發展計劃有助港燈在 2024 年將發電所產生的碳 排放量，相較 2005 年的基準水平減少約 40%。新的發展計劃將進一步增加港燈的燃氣發 電比例，確保能源供應長期穩定，支持香港的減碳目標。期內，各項主要工程進展順 利，包括興建一台新燃氣聯合循環發電機組 L13，以及數台可以在緊急情況下提供電力的 單循環燃油機組。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發 表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生 ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 之 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 份 內 容 而 產 生 或 因 依 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任。 Changhong Jiahua Holdings Limited 長虹佳華控股有限公司 （於百慕達註冊成立之有限公司） （股份代號：3991） 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 之 中 期 業 績 公 告 未 經 審 核 中 期 業 績 本 公 司 董 事 會（「董 事 會」）欣 然 宣 佈，本 公 司 及 其 附 屬 公 司（統 稱「本 集 團」） 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 之 未 經 審 核 簡 明 綜 合 中 期 業 績，連 同 二 零 二 四 年 相 應 期 間 的 未 經 審 核 比 較 數 字 載 列 如 下： 簡 明 綜 合 損 益 及 其 ...

南 華 金 融 控 股 有 限 公 司 香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 之 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部 或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 SOUTH CHINA FINANCIAL HOLDINGS LIMITED （於香港註冊成立之有限公司） （股份代號：00619） 有關截至二零二四年十二月三十一日止年度年報之 補充公告 茲提述South China Financial Holdings Limited南華金融控股有限公司（「本公司」）於 二 零 二 五 年 四 月 二 十 五 日 刊 發 截 至 二 零 二 四 年 十 二 月 三 十 一 日 止 年 度 之 年 報 （「年報」）。除本公告文義另有所指外，本公告所用所有詞彙與年報所界定者具有 相同涵義。 除 年 報 所 提 供 資 料 外 ， 本 公 司 謹 此 根 據 香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則 （「上市規則」）第十七章補充以下有關二零二 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而 引致之任何損失承擔任何責任。 • 上半年公司經營業績穩健增長，收入規模穩中有升，營業收入突破人民幣2,000 億元，同比增長1.5%；盈利能力持續增強，稅前利潤達到人民幣178億元，同比 增長5.1%。 • 公司業務結構持續優化。聯網通信收入達到人民幣1,319億元；算網數智收入達 到人民幣454億元，佔比提升到26%；國際業務收入達到人民幣68億元，同比增 長11%；戰略性新興產業收入佔比提升到86%，成為公司高質量發展的新動能。 • 公司始終高度重視股東回報，在實現經營業績穩健增長的同時，致力於和股東共 享發展紅利，今年將繼續派發中期股息，董事會決定派發中期股息每股人民幣 0.2841元（含稅），同比提升14.5%。 董事長報告書 尊敬的各位股東： 上半年，公司搶抓戰略機遇，有力應對挑戰，全面推進融合創新，培育壯大新質生產 力，經營發展保持良好勢頭，高質量發展的基礎更穩，動能更強，質量更優。 （在香港註冊成立之有限公司） （股份 ...

[Financial Performance Summary](index=1&type=section&id=Financial_Performance_Summary) The company reported a **23.9%** decline in revenue for H1 2025, but achieved significant growth in operating profit and net profit attributable to equity holders. H1 2025 Financial Performance Summary | Metric | H1 2025 (RMB '000) | H1 2024 (RMB '000) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 3,190,584 | 4,190,933 | (23.9%) | | Gross Profit | 1,612,384 | 2,083,230 | (22.6%) | | Operating Profit | 875,799 | 454,449 | 92.7% | | Profit for the Period | 849,565 | 503,932 | 68.6% | | Profit Attributable to Equity Holders of the Company | 849,755 | 504,303 | 68.5% | | Non-IFRS Profit Attributable to Equity Holders of the Company | 507,807 | 702,061 | (27.7%) | [Business Review and Outlook](index=2&type=section&id=Business_Review_and_Outlook) The company continues to expand its IP ecosystem through creation, visualization, and commercialization, while actively integrating new technologies like AI to drive future growth. [IP Creation](index=2&type=section&id=IP_Creation) In H1 2025, the company's online reading content ecosystem continued to thrive, with a significant increase in writers and works, substantial growth in high-revenue works, and enhanced user community engagement, driving online business revenue up **2.3% to RMB 1.99 billion** and monthly paying users (MPU) up **4.5% to 9.2 million** - Content ecosystem expanded, with approximately **200,000 new writers**, **410,000 new novels**, and **20 billion characters** added in H1[6](index=6&type=chunk) - Strong output of quality content, with newly signed works generating over **RMB 1 million in revenue up 63% YoY**, and newly signed writers achieving average subscriptions over **10,000 up 45% YoY**[6](index=6&type=chunk) Online Business Key Metrics | Metric | H1 2025 | YoY Change | | :--- | :--- | :--- | | Online Business Revenue | RMB 1.99 billion | +2.3% | | Average Monthly Paying Users (MPU) | 9.2 million | +4.5% | [IP Visualization](index=3&type=section&id=IP_Visualization) The company demonstrated strong performance in IP visualization, with significant achievements in premium film, television, animation, and short-form dramas, as multiple Yuewen IP-adapted works topped popular charts and short-form drama revenue for a single project exceeded **RMB 80 million** - Significant achievements in premium film and television adaptations, with **6 of the top 10** long-form dramas by effective viewership in H1 2025 adapted from Yuewen IPs, according to Yunhe Data[8](index=8&type=chunk) - Solid advantages in animation, with **8 of the top 10** animated works by effective viewership adapted from Yuewen IPs, and 'Battle Through the Heavens' annual series ranking first on Tencent Video's paid content chart[8](index=8&type=chunk) - Strong growth in short-form drama business, with a single project's highest revenue exceeding **RMB 80 million**, and over **2,000 web novel IPs** made available for short-form drama adaptation to promote high-quality industry development[10](index=10&type=chunk) [IP Commercialization and Monetization](index=4&type=section&id=IP_Commercialization_and_Monetization) In H1 2025, IP derivative business achieved significant growth, with GMV reaching **RMB 480 million**, nearly equaling last year's total, driven by product development, channel expansion, user operations, and brand licensing, while multiple licensed game adaptations obtained publishing licenses for future launch - IP derivative business GMV reached **RMB 480 million** in H1, nearly equaling the **RMB 500 million** total for full-year 2024[11](index=11&type=chunk) - Business growth attributed to efforts including **3-4x faster new product launches**, expansion of online and offline channels, deep user engagement, and licensing partnerships with **230 brands**[11](index=11&type=chunk) - Game licensing business continued to advance, with 'Soul Land: Hunting World' receiving enthusiastic feedback post-launch, and multiple games including 'Under One Person' and 'Lord of the Mysteries' obtaining publishing licenses[12](index=12&type=chunk) [Exploration of New Technologies](index=5&type=section&id=Exploration_of_New_Technologies) The company actively integrated AI technology into its operations, launching the industry's first AI web novel knowledge base 'Miaobi Tongjian,' significantly boosting daily active users and AI feature usage for writer assistants, while AI translation models drove a **38% YoY increase** in AI-translated work revenue, accounting for over **35%** of total overseas platform novel revenue - Launched AI web novel knowledge base 'Miaobi Tongjian,' driving 'Writer Assistant' daily active users up over **40% YoY** and AI feature weekly usage to nearly **70%**[13](index=13&type=chunk) - On overseas reading platform WebNovel, AI-translated work revenue increased **38% YoY**, accounting for over **35%** of the platform's total novel revenue[13](index=13&type=chunk) - AI-translated works on WebNovel reached **7,200 titles**, representing **70%** of total Chinese translated works[13](index=13&type=chunk) [Future Outlook](index=5&type=section&id=Future_Outlook) Looking ahead, the company believes the rise of diverse content consumption forms like short-form dramas and trendy toys highlights the core value of creative transformation of quality IP, positioning Yuewen Group to lead industry development and drive the leapfrog evolution of China's IP ecosystem through its vast IP reserves and full industry chain synergy - The company believes the underlying logic of phenomenal growth stems from the creative transformation and deep scenario-based cultivation of quality IP[14](index=14&type=chunk) - The company's strategy will be based on its vast IP reserves, leveraging full industry chain synergy to lead industry restructuring[14](index=14&type=chunk) [Management Discussion and Analysis](index=6&type=section&id=Management_Discussion_and_Analysis) This section provides a detailed analysis of the company's financial performance, including revenue, costs, profitability, segment results, and liquidity, highlighting key drivers and trends. [Financial Results Overview](index=6&type=section&id=Financial_Results_Overview) In H1 2025, total revenue decreased **23.9% to RMB 3.19 billion**, primarily due to uneven scheduling of film and TV projects, yet operating profit surged **92.7% to RMB 876 million** and net profit attributable to equity holders grew **68.5% to RMB 850 million**, driven by gains from deemed disposal of investees and cost control, with non-IFRS net profit attributable to equity holders (excluding New Classics Media) increasing **35.7%** H1 2025 Consolidated Income Statement Core Data | Metric (RMB '000) | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 3,190,584 | 4,190,933 | -23.9% | | Gross Profit | 1,612,384 | 2,083,230 | -22.6% | | Operating Profit | 875,799 | 454,449 | +92.7% | | Profit Attributable to Equity Holders of the Company | 849,755 | 504,303 | +68.5% | - Operating profit significantly increased primarily due to net other income of **RMB 582 million** (compared to a loss of **RMB 3.7 million** in the prior period) and reduced selling, marketing, and administrative expenses[27](index=27&type=chunk)[28](index=28&type=chunk) - Excluding the impact of New Classics Media, non-IFRS net profit attributable to equity holders increased **35.7%** from **RMB 402 million** in the prior period to **RMB 545 million**[29](index=29&type=chunk) [Revenue Analysis](index=7&type=section&id=Revenue_Analysis) Total revenue decreased **23.9% to RMB 3.19 billion**, primarily due to a **48.4% YoY decline** in copyright operations revenue impacted by film and TV project scheduling, while online business revenue remained robust, growing **2.3% to RMB 1.99 billion**, with proprietary platform product revenue up **3.1%** and third-party platform revenue up **23.1%** Segment Revenue Details (RMB million) | Segment | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | **Online Business** | **1,985.4** | **1,940.4** | **+2.3%** | | - Proprietary Platform Products | 1,746.0 | 1,694.2 | +3.1% | | - Tencent Product Channels | 97.1 | 130.7 | -25.6% | | - Third-Party Platforms | 142.2 | 115.5 | +23.1% | | **Copyright Operations and Others** | **1,205.2** | **2,250.6** | **-46.4%** | | - Copyright Operations | 1,137.5 | 2,202.8 | -48.4% | | **Total Revenue** | **3,190.6** | **4,190.9** | **-23.9%** | - Decline in copyright operations revenue primarily due to New Classics Media having no new film or TV series launched in H1, compared to **RMB 1.05 billion** revenue contribution in the prior period[23](index=23&type=chunk) [Operating Data](index=8&type=section&id=Operating_Data) Despite monthly active users (MAU) decreasing **19.7% to 141.3 million** due to channel optimization, core monthly paying users (MPU) increased **4.5% to 9.2 million**, indicating stronger user willingness to pay, with average monthly revenue per paying user (ARPPU) remaining stable at **RMB 31.3** Key Operating Data | Metric | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Average Monthly Active Users (MAU) | 141.3 million | 176.0 million | -19.7% | | Average Monthly Paying Users (MPU) | 9.2 million | 8.8 million | +4.5% | | Average Monthly Revenue Per Paying User (ARPPU) | RMB 31.3 | RMB 31.7 | -1.3% | - MAU decline primarily due to Tencent channel optimization efforts reducing active users in free reading channels[22](index=22&type=chunk) [Cost and Expenses Analysis](index=9&type=section&id=Cost_and_Expenses) Cost of revenue decreased **25.1% to RMB 1.58 billion** YoY, mainly due to a corresponding reduction in film and TV production costs, while selling and marketing expenses and general and administrative expenses also decreased **20.4%** and **11.0%** respectively, reflecting effective cost control, with gross margin slightly increasing to **50.5%** - Cost of revenue decreased **25.1% YoY**, primarily because no new film or TV series were launched in H1, resulting in no corresponding production cost recognition[23](index=23&type=chunk) - Selling and marketing expenses decreased **20.4% YoY**, mainly due to reduced promotional expenses related to film and TV series[27](index=27&type=chunk) - Gross margin improved from **49.7%** in the prior period to **50.5%**[27](index=27&type=chunk) [Segment Information](index=11&type=section&id=Segment_Information) By business segment, online business gross profit was **RMB 990 million** with a gross margin of **49.8%**, remaining largely stable, while copyright operations and others gross profit decreased to **RMB 620 million** due to lower revenue, but its gross margin improved from **49.3% to 51.7%** Segment Results (RMB '000) | H1 2025 | Online Business | Copyright Operations and Others | Total | | :--- | :--- | :--- | :--- | | Segment Revenue | 1,985,359 | 1,205,225 | 3,190,584 | | Gross Profit | 989,474 | 622,910 | 1,612,384 | | **Gross Margin** | **49.8%** | **51.7%** | **50.5%** | | **H1 2024** | **Online Business** | **Copyright Operations and Others** | **Total** | | Segment Revenue | 1,940,377 | 2,250,556 | 4,190,933 | | Gross Profit | 974,426 | 1,108,804 | 2,083,230 | | **Gross Margin** | **50.2%** | **49.3%** | **49.7%** | [Non-IFRS Measures and Liquidity](index=12&type=section&id=Non-IFRS_Measures_and_Liquidity) The company's financial position remained robust, with net cash of **RMB 9.57 billion** and a debt-to-asset ratio decreasing from **19.9% to 17.4%** as of June 30, 2025, while adjusted EBITDA was **RMB 387 million**, a decrease YoY, with zero leverage and **RMB 1.57 billion** in unutilized bank facilities Key Financial Position Metrics (RMB '000) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Net Cash | 9,572,967 | 9,935,700 | | Total Assets | 23,203,000 | 22,945,400 | | Total Liabilities | 4,043,200 | 4,569,300 | | Debt-to-Asset Ratio | 17.4% | 19.9% | - Adjusted EBITDA decreased from **RMB 588 million** in the prior period to **RMB 387 million**, with the adjusted EBITDA margin declining from **14.0% to 12.1%**[31](index=31&type=chunk)[32](index=32&type=chunk) - The company maintains zero leverage with no total borrowings and **RMB 1.57 billion** in unutilized bank facilities[39](index=39&type=chunk) [Condensed Consolidated Financial Statements](index=17&type=section&id=Condensed_Consolidated_Financial_Statements) This section presents the condensed consolidated financial statements, including the statement of comprehensive income, financial position, changes in equity, and cash flows, providing a summary of the company's financial performance and position. [Condensed Consolidated Statement of Comprehensive Income](index=17&type=section&id=Condensed_Consolidated_Statement_of_Comprehensive_Income) During the reporting period, the company achieved revenue of **RMB 3.19 billion**, operating profit of **RMB 876 million**, and profit for the period of **RMB 850 million**, with basic earnings per share significantly increasing to **RMB 0.84** from **RMB 0.50** in the prior period Condensed Consolidated Statement of Comprehensive Income Summary (RMB '000) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Revenue | 3,190,584 | 4,190,933 | | Operating Profit | 875,799 | 454,449 | | Profit Before Income Tax | 999,044 | 602,996 | | Profit for the Period | 849,565 | 503,932 | | Basic Earnings Per Share (RMB) | 0.84 | 0.50 | [Condensed Consolidated Statement of Financial Position](index=19&type=section&id=Condensed_Consolidated_Statement_of_Financial_Position) As of June 30, 2025, the company's total assets were **RMB 23.20 billion**, total liabilities were **RMB 4.04 billion**, and total equity was **RMB 19.16 billion**, maintaining a robust asset structure with comparable non-current and current asset sizes Condensed Consolidated Statement of Financial Position Summary (RMB '000) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Assets | 23,203,016 | 22,945,442 | | Total Liabilities | 4,043,249 | 4,569,254 | | Total Equity | 19,159,767 | 18,376,188 | | Cash and Cash Equivalents | 2,025,285 | 3,264,188 | [Condensed Consolidated Statement of Changes in Equity](index=21&type=section&id=Condensed_Consolidated_Statement_of_Changes_in_Equity) As of June 30, 2025, total equity attributable to equity holders of the company increased to **RMB 19.16 billion** from **RMB 18.37 billion** at the beginning of the period, primarily driven by **RMB 850 million** in profit for the period, with share repurchases and cancellations totaling approximately **RMB 147 million** in consideration during the period - Beginning equity totaled **RMB 18.38 billion**, with total comprehensive income for the period of **RMB 868 million**, and transactions with owners resulting in an **RMB 84.53 million** decrease in equity, leading to an ending equity total of **RMB 19.16 billion**[48](index=48&type=chunk) - During the reporting period, share repurchases and cancellations resulted in a **RMB 147 million** reduction in share premium[48](index=48&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=23&type=section&id=Condensed_Consolidated_Statement_of_Cash_Flows) In H1 2025, cash flow from operating activities was a net outflow of **RMB 72 million**, compared to a net inflow of **RMB 1.61 billion** in the prior period, with both investing and financing activities resulting in net cash outflows, and cash and cash equivalents at period-end totaling **RMB 2.03 billion** Condensed Consolidated Statement of Cash Flows Summary (RMB '000) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Cash Flows from Operating Activities | (72,474) | 1,613,843 | | Net Cash Flows Used in Investing Activities | (975,563) | (1,477,826) | | Net Cash Flows Used in Financing Activities | (188,977) | (63,231) | | Cash and Cash Equivalents at End of Period | 2,025,285 | 2,898,306 | [Notes to the Interim Financial Information](index=24&type=section&id=Notes_to_the_Interim_Financial_Information) This section provides detailed notes to the interim financial information, covering segment reporting, intangible assets, and share-based payment arrangements. [Note 4: Segment Information](index=26&type=section&id=Note_4_Segment_Information) The company's reportable segments are 'Online Business' and 'Copyright Operations and Others,' with online business contributing **RMB 1.99 billion** in revenue and **RMB 990 million** in gross profit in H1 2025, and copyright operations and others contributing **RMB 1.21 billion** in revenue and **RMB 620 million** in gross profit, with the vast majority of revenue and non-current assets located in China - The Group's reportable segments are Online Business (online text, advertising, game distribution, etc.) and Copyright Operations and Others (film and TV, copyright licensing, derivative sales, etc.)[62](index=62&type=chunk) - For the six months ended June 30, 2025, no single customer, other than Tencent, contributed more than **10%** of the Group's total revenue[65](index=65&type=chunk) [Note 11: Intangible Assets](index=34&type=section&id=Note_11_Intangible_Assets) As of June 30, 2025, the net book value of intangible assets was **RMB 6.14 billion**, with goodwill accounting for **RMB 5.53 billion**, and while impairment tests were conducted on goodwill from acquired film and TV businesses with no impairment loss recognized, a **RMB 13.9 million** impairment provision was made for certain content copyrights Intangible Assets Composition (RMB '000) | Category | Net Book Value as of June 30, 2025 | | :--- | :--- | | Goodwill | 5,528,215 | | Trademarks | 507,577 | | Content Copyrights | 88,621 | | Others | 13,267 | | **Total** | **6,137,680** | - Management conducted an impairment review of goodwill from acquired film and TV businesses, with no impairment loss recognized[81](index=81&type=chunk)[82](index=82&type=chunk) - An impairment provision of approximately **RMB 13.904 million** was made for certain content copyrights[83](index=83&type=chunk) [Note 18: Share-based Payments](index=42&type=section&id=Note_18_Share-based_Payments) The company implemented 2014 and 2020 Restricted Share Unit (RSU) schemes and a 2021 Share Option Scheme, with **13,137,330** unexercised RSUs and **9,167,836** unexercised share options as of June 30, 2025, and share-based compensation expenses for H1 totaling approximately **RMB 65.92 million** - As of June 30, 2025, the unexercised balance for the 2014 RSU Scheme was **1,219,235 units**, and for the 2020 RSU Scheme was **11,918,095 units**[97](index=97&type=chunk)[100](index=100&type=chunk) - As of June 30, 2025, unexercised share options totaled **9,167,836 units** with a weighted average exercise price of **HKD 39.98**[102](index=102&type=chunk) - For the six months ended June 30, 2025, share-based compensation expenses were approximately **RMB 65,916,000**[69](index=69&type=chunk) [Other Information](index=46&type=section&id=Other_Information) This section covers additional information regarding the company's operations, including dividend policy, share repurchases, and corporate governance practices. [Dividends](index=46&type=section&id=Dividends) The Board decided not to recommend an interim dividend for the six months ended June 30, 2025 - The Board does not recommend an interim dividend for 2025[108](index=108&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=46&type=section&id=Purchase_Sale_or_Redemption_of_Listed_Securities) For the six months ended June 30, 2025, the company repurchased a total of **6,338,800 shares** on the Stock Exchange for a total consideration of **HKD 158 million**, with the repurchased shares subsequently cancelled Share Repurchase Details | Month of Repurchase | Number of Shares Repurchased | Total Consideration (HKD) | | :--- | :--- | :--- | | January | 2,400,000 | 58,929,370 | | April | 2,738,800 | 68,997,960 | | May | 1,000,000 | 24,917,320 | | June | 200,000 | 5,178,550 | | **Total** | **6,338,800** | **158,023,200** | [Corporate Governance](index=47&type=section&id=Corporate_Governance) The company is committed to maintaining high standards of corporate governance and has complied with all applicable provisions of the Corporate Governance Code, with the Audit Committee reviewing the unaudited interim results and deeming the company's risk management and internal control systems effective and adequate - For the six months ended June 30, 2025, the company complied with all applicable code provisions of the Corporate Governance Code[112](index=112&type=chunk) - The Audit Committee reviewed the interim results and deemed the company's risk management and internal control systems effective and adequate[114](index=114&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 GALAXY ENTERTAINMENT GROUP LIMITED 銀河娛樂集團有限公司 （於香港註冊成立之有限公司） （股份代號：27） 截至二零二五年六月三十日止六個月 之中期業績公佈 銀河娛樂集團有限公司（「銀娛」或「本公司」）主席的信 我很高興向大家報告澳門市場及銀娛在二零二五年第二季度及上半年的穩健表現。儘管面對 全球關稅糾紛、經濟持續放緩及區域競爭等因素，整體澳門市場於二零二五年第二季度表現 仍然強韌，博彩收益總額按年增長 8%，按季增長 6%，達到 593 億港元。銀娛在競爭激烈的 市場環境下，取得穩健的表現，市場佔有率亦上升。我們成功推動各項業務板塊的發展，特 別是高端中場。 二零二五年上半年，集團錄得淨收益為 232 億港元，按年上升 8%。經調整 EBITDA 為 69 億 港元，較去年增加 14%。第二季度，集團淨收益為 120 億港元，按年增加 10%，按季增加 8%。經調整 ...

[Performance Summary](index=1&type=section&id=%E6%91%98%E8%A6%81) [Group Performance Overview](index=1&type=section&id=%E9%9B%86%E5%9C%98%E6%A5%AD%E7%B8%BE) The Group achieved a 3% increase in underlying net profit to HKD 2.035 billion, turning around to a HKD 535 million profit attributable to shareholders, while maintaining a low gearing ratio and stable interim dividend Half-Year Core Financial Indicators | Indicator | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Underlying Net Profit | HKD 2.035 billion | HKD 1.979 billion | +3% | | Profit/(Loss) Attributable to Shareholders | HKD 535 million | (HKD 2.637 billion) | Turnaround to Profit | Interim Dividend | Item | Amount | | :--- | :--- | | First Interim Dividend | HKD 0.20 per share | | Total Dividend Payout | HKD 611 million | - The Group's financial strategy emphasizes prudent management, including asset revaluation, maintaining a **low gearing ratio**, and using RMB debt for risk hedging and cost savings[6](index=6&type=chunk) [Business Review](index=2&type=section&id=%E6%A5%AD%E5%8B%99%E8%A9%95%E8%AD%B0) [Macroeconomic Environment](index=2&type=section&id=%E5%AE%8F%E8%A7%80%E7%B6%93%E6%BF%9F%E7%92%B0%E5%A2%83) The global economy faces challenges from tariffs and geopolitical instability, while Hong Kong's residential market shows resilience, Mainland China's property market remains weak, and the Group maintains a healthy financial position with a 4.4% gearing ratio - The global economy faces multiple pressures from **US tariffs**, **policy uncertainties**, and **geopolitical instability**[7](index=7&type=chunk) - The Hong Kong residential market demonstrated resilience, contrasting with the **weak Mainland China property market** and subdued consumer sentiment[7](index=7&type=chunk) - The Group maintained a **healthy financial position** with a **low gearing ratio of 4.4%** and ample liquidity at period-end[7](index=7&type=chunk) [Hong Kong Property](index=2&type=section&id=%E9%A6%99%E6%B8%AF%E7%89%A9%E6%A5%AD) The Group strategically focused on the high-end residential market, achieving a record-breaking sale at Mount Nicholson, yet operating profit for development properties declined despite increased recognized revenue - A penthouse unit at Mount Nicholson sold for **HKD 609 million**, achieving a record-breaking **HKD 144,000 per square foot** for stratified units[8](index=8&type=chunk) Hong Kong Development Property Financial Performance (Share of) | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Recognized Revenue | HKD 475 million | - | | Operating Profit | HKD 31 million | HKD 179 million | [Mainland China Investment Property](index=2&type=section&id=%E4%B8%AD%E5%9C%8B%E5%85%A7%E5%9C%B0%E6%8A%95%E8%B3%87%E7%89%A9%E6%A5%AD) Mainland China investment properties faced challenges from weak consumer sentiment, oversupply, and e-commerce trends, leading to pressure on office rents and occupancy, with both segment revenue and operating profit declining Mainland China Investment Property Financial Performance | Indicator | H1 2025 | YoY Change | | :--- | :--- | :--- | | Revenue | HKD 2.244 billion | -4% | | Operating Profit | HKD 1.470 billion | -5% | [Mainland China Development Property](index=3&type=section&id=%E4%B8%AD%E5%9C%8B%E5%85%A7%E5%9C%B0%E7%99%BC%E5%B1%95%E7%89%A9%E6%A5%AD) The Group's decision to halt land replenishment reduced portfolio risk, resulting in limited contracted sales and significant declines in recognized revenue and operating profit, alongside impairment provisions for slow-selling office inventory Mainland China Development Property Financial and Sales Performance (Share of) | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Contracted Sales | RMB 859 million | RMB 699 million | | Recognized Revenue | HKD 520 million | - (YoY -79%) | | Operating Profit | HKD 40 million | - (YoY -92%) | | Impairment Provisions | HKD 522 million | HKD 564 million | [Hotels](index=3&type=section&id=%E9%85%92%E5%BA%97) The hotel business faced a challenging environment with pressured room rates and declining Mainland China occupancy due to competition, resulting in an overall operating loss despite revenue growth Hotel Segment Financial Performance | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Revenue | HKD 312 million | - (YoY +7%) | | Operating Profit/(Loss) | (HKD 11 million) | HKD 12 million | [Logistics Infrastructure](index=3&type=section&id=%E7%89%A9%E6%B5%81%E5%9F%BA%E5%BB%BA) The logistics business was impacted by shipping alliance restructuring and trade concerns, with Hong Kong throughput declining but Shenzhen terminals growing, leading to a slight revenue increase and double-digit operating profit growth - Throughput at Hong Kong Modern Terminals decreased by **3% to 1.7 million TEUs**, while Shenzhen Da Chan Bay and Shekou Container Terminals grew by **20% and 11%** respectively[12](index=12&type=chunk) Logistics Segment Financial Performance | Indicator | H1 2025 | YoY Change | | :--- | :--- | :--- | | Revenue | HKD 1.076 billion | Slight increase | | Operating Profit | HKD 137 million | +11% | [Outlook](index=3&type=section&id=%E5%B1%95%E6%9C%9B) Future market volatility is expected due to geopolitical and trade uncertainties, while Mainland China's property market faces fundamental recovery challenges, and Hong Kong's property market depends on interest rates and economic recovery, requiring the Group to remain vigilant - Future markets will continue to be impacted by complex external factors like **geopolitical developments** and **trade uncertainties**, limiting global economic growth[15](index=15&type=chunk) - Mainland China's property market recovery faces fundamental challenges including **oversupply**, **weak confidence**, and a **sluggish job market**[15](index=15&type=chunk) [Financial Review](index=4&type=section&id=%E8%B2%A1%E5%8B%99%E8%A9%95%E8%AD%B0) [Interim Results Review](index=4&type=section&id=(I)%20%E4%BA%8C%E2%97%8B%E4%BA%94%E4%BA%94%E5%B9%B4%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E8%A9%95%E8%AD%B0) The Group's underlying net profit increased by 3% to HKD 2.035 billion, achieving a turnaround to HKD 535 million profit attributable to shareholders, despite declines in total revenue and operating profit primarily from development properties [Revenue and Operating Profit](index=4&type=section&id=%E6%94%B6%E5%85%A5%E5%8F%8A%E7%87%9F%E6%A5%AD%E7%9B%88%E5%88%A9) Group total revenue decreased by 19% to HKD 5.669 billion and operating profit by 14% to HKD 2.657 billion, primarily due to development property declines and weak investment property rents, while hotels turned to loss and logistics profit rose Revenue and Operating Profit Performance by Business Segment | Business Segment | Revenue Change (YoY) | Operating Profit/Loss Change (YoY) | Main Reason | | :--- | :--- | :--- | :--- | | Investment Property | -4% | -6% | Soft mall and office rents | | Development Property | -64% | -82% | Slow sales of Mainland inventory | | Hotels | +7% | Turnaround from profit to loss | New Changsha hotel in early operation | | Logistics | Slight increase | +11% | Increased Mainland throughput and favorable cargo mix | | Investments | - | -2% | Reduced dividend income | [Profit/(Loss) Attributable to Shareholders](index=5&type=section&id=%E8%82%A1%E6%9D%B1%E6%87%89%E4%BD%94%E7%9B%88%E5%88%A9%EF%BC%8F%EF%BC%88%E虧%E6%90%8D%EF%BC%89) Underlying net profit increased by 3% to HKD 2.035 billion, driven by logistics and development property improvements, but offset by investment property declines, resulting in HKD 535 million profit attributable to shareholders and HKD 0.18 basic EPS after revaluation adjustments Profitability Indicators Comparison | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Underlying Net Profit | HKD 2.035 billion | HKD 1.979 billion | | Profit/(Loss) Attributable to Shareholders | HKD 535 million | (HKD 2.637 billion) | | Basic Earnings/(Loss) Per Share | HKD 0.18 | (HKD 0.86) | [Liquidity, Financial Resources and Capital Commitments](index=6&type=section&id=(III)%20%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E3%80%81%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90%E8%88%87%E8%B3%87%E6%9C%AC%E6%89%BF%E6%93%94) The Group maintained a robust financial position with shareholders' equity increasing to HKD 143.3 billion, net debt decreasing to HKD 6.5 billion, and a low 4.4% gearing ratio, supported by ample credit facilities and a liquid investment portfolio [Shareholders' Equity and Asset Position](index=6&type=section&id=%E8%82%A1%E6%9D%B1%E6%AC%8A%E7%9B%8A%E5%8F%8A%E7%B8%BD%E6%AC%8A%E7%9B%8A) As of June 30, 2025, shareholders' equity increased by 5% to HKD 143.3 billion, with NAV per share at HKD 46.89, and total operating assets grew 3% to HKD 185 billion, primarily in property, logistics, and investments Equity and Asset Overview | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Shareholders' Equity | HKD 143.3 billion | HKD 136.8 billion | | Net Asset Value Per Share | HKD 46.89 | HKD 44.77 | | Total Operating Assets | HKD 185.0 billion | HKD 179.6 billion | [Long-Term Investments](index=7&type=section&id=%E9%95%B7%E6%9C%9F%E6%8A%95%E8%B3%87) Long-term investments increased by 15% to HKD 48.4 billion, with listed equities at HKD 39.8 billion, primarily concentrated in Hong Kong across property, new economy, and financial sectors Long-Term Investment Portfolio Analysis (HKD billion) | By Industry | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Property | 19.6 | 17.6 | | New Economy | 14.1 | 12.6 | | Financial & Others | 14.7 | 11.8 | | **Total** | **48.4** | **42.0** | [Net Debt and Gearing Ratio](index=7&type=section&id=%E8%B2%A0%E5%82%B5%E6%B7%A8%E9%A1%8D%E5%8F%8A%E8%B2%A0%E5%82%B5%E6%AF%94%E7%8E%87) Net debt decreased by 9% to HKD 6.5 billion due to operating cash flow and dividend income, maintaining a low 4.4% gearing ratio against total equity Debt Position | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Net Debt | HKD 6.5 billion | HKD 7.1 billion | | Gearing Ratio | 4.4% | 5.0% | [Capital Commitments](index=10&type=section&id=%E6%89%BF%E6%93%94) As of June 30, 2025, the Group's estimated future capital expenditures total HKD 17.6 billion, with HKD 9.5 billion committed primarily for development and investment property construction in Hong Kong and Mainland China Future Major Expenditure Commitments (HKD million) | Segment | Committed | Uncommitted | Total | | :--- | :--- | :--- | :--- | | Investment Property | 33 | 6,448 | 6,481 | | Development Property | 8,120 | 1,643 | 9,763 | | Others | 1,336 | 55 | 1,391 | | **Group Total** | **9,489** | **8,146** | **17,635** | [Human Resources](index=10&type=section&id=(IV)%20%E4%BA%BA%E5%8A%9B%E8%B3%87%E6%BA%90) As of June 30, 2025, the Group employed approximately 6,000 staff, with remuneration based on responsibilities and market trends, including discretionary performance bonuses linked to individual and Group performance - The Group employed approximately **6,000 staff**, with about **1,200** in management operations[45](index=45&type=chunk) [Consolidated Financial Statements](index=11&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) [Consolidated Income Statement](index=11&type=section&id=%E7%B6%9C%E5%90%88%E6%94%B6%E7%9B%8A%E8%A1%A8) The Consolidated Income Statement shows the Group's operating results for the six months ended June 30, 2025, with revenue at HKD 5.669 billion, and a turnaround to HKD 592 million profit from a prior-year loss, largely due to a narrowed fair value decrease in investment properties Key Items from Consolidated Income Statement (HKD million) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Revenue | 5,669 | 7,032 | | Operating Profit | 2,657 | 3,085 | | Profit/(Loss) Before Tax | 755 | (5,543) | | Profit/(Loss) for the Period | 592 | (2,558) | | Profit/(Loss) Attributable to Company Shareholders | 535 | (2,637) | | Basic Earnings/(Loss) Per Share | HKD 0.18 | (HKD 0.86) | [Consolidated Statement of Comprehensive Income](index=12&type=section&id=%E7%B6%9C%E5%90%88%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) The Consolidated Statement of Comprehensive Income shows a significant improvement to HKD 7.182 billion total comprehensive income for the period, primarily driven by a HKD 5.966 billion gain from fair value changes in equity investments, compared to a prior-year comprehensive loss Key Items from Consolidated Statement of Comprehensive Income (HKD million) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit/(Loss) for the Period | 592 | (2,558) | | Fair Value Change of Equity Investments | 5,966 | (4,920) | | Other Comprehensive Income for the Period | 6,590 | (5,073) | | Total Comprehensive Income for the Period | 7,182 | (7,631) | [Consolidated Statement of Financial Position](index=13&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) The Consolidated Statement of Financial Position as of June 30, 2025, shows total assets at HKD 198.606 billion, total liabilities at HKD 49.565 billion, and net assets at HKD 149.041 billion, all increasing from year-end 2024 Key Items from Consolidated Statement of Financial Position (HKD million) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Non-current Assets | 148,390 | 142,597 | | Current Assets | 50,216 | 47,442 | | **Total Assets** | **198,606** | **190,039** | | Total Liabilities | (49,565) | (47,569) | | **Net Assets** | **149,041** | **142,470** | | Shareholders' Equity | 143,304 | 136,832 | [Notes to the Financial Statements](index=14&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99%E9%99%84%E8%A8%BB) [Segment Information](index=15&type=section&id=2.%20%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) This note details revenue and performance for the Group's five operating segments, highlighting investment property and investments as key operating profit contributors, with Mainland China generating most revenue and Hong Kong showing stable operating profit Revenue and Operating Profit by Business Segment (H1 2025, HKD million) | Business Segment | Revenue | Operating Profit/(Loss) | | :--- | :--- | :--- | | Investment Property | 2,281 | 1,484 | | Development Property | 739 | 71 | | Hotels | 312 | (11) | | Logistics | 1,076 | 137 | | Investments | 1,000 | 1,000 | Revenue and Operating Profit by Geographical Segment (H1 2025, HKD million) | Region | Revenue | Operating Profit | | :--- | :--- | :--- | | Hong Kong | 2,316 | 1,147 | | Mainland China | 3,219 | 1,379 | | Others | 134 | 131 | [Dividends Attributable to Shareholders](index=21&type=section&id=8.%20%E8%82%A1%E6%9D%B1%E6%87%89%E4%BD%94%E8%82%A1%E6%81%AF) The Board declared a first interim dividend of HKD 0.20 per share for the half-year ended June 30, 2025, consistent with the prior year, totaling HKD 611 million First Interim Dividend Details | Item | 2025 | 2024 | | :--- | :--- | :--- | | Dividend Per Share | HKD 0.20 | HKD 0.20 | | Total Dividend | HKD 611 million | HKD 611 million | [Other Information](index=23&type=section&id=%E5%85%B6%E4%BB%96%E8%B3%87%E8%A8%8A) [Corporate Governance Code](index=23&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%89%87) The company complied with the Corporate Governance Code, except for the combined Chairman and CEO roles, which the Board believes enhances strategic efficiency and maintains a balance of power - The company deviated from Corporate Governance Code Rule C.2.1 regarding the separation of **Chairman and CEO roles**, which the Board considers more effective[68](index=68&type=chunk) [Interim Dividend Related Dates](index=23&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF%E7%9B%B8%E9%97%9C%E6%97%A5%E6%9C%9F) The announcement details the 2025 first interim dividend payment schedule, requiring share transfer documents by September 1, 2025, with the dividend payable on September 16 Key Dividend Payment Dates | Item | Date | | :--- | :--- | | Ex-dividend Date | August 29, 2025 | | Latest Time for Lodging Transfer Documents | September 1, 2025 | | Record Date | September 1, 2025 | | Payment Date | September 16, 2025 |

Performance Summary Key financial indicators for H1 FY2025 show a slight revenue decrease but stable EBITDA and a modest increase in profit before tax Key Financial Indicators for H1 FY2025 | Indicator | H1 FY2025 | H1 FY2024 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | HKD 3,279,565,000 | HKD 3,352,595,000 | -2% | | Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) | HKD 1,194,117,000 | HKD 1,196,486,000 | -0.2% | | Profit Before Tax | HKD 832,211,000 | HKD 815,307,000 | +2% | | Profit Attributable to Equity Holders | HKD 563,760,000 | HKD 581,146,000 | -3% | | Interim Dividend | 6.09 HK cents per share | 6.09 HK cents per share | Unchanged | [Consolidated Financial Statements](index=2&type=section&id=Consolidated%20Financial%20Statements) This section presents the consolidated statements of comprehensive income, financial position, changes in equity, and cash flows for the period [Consolidated Statement of Comprehensive Income](index=2&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income) In H1 FY2025, revenue slightly decreased by 2% to HKD 3.28 billion, primarily due to reduced construction services, yet gross profit rose 8% to HKD 1.37 billion due to effective cost control, resulting in a 3% decline in profit attributable to equity holders to HKD 564 million Consolidated Statement of Comprehensive Income Summary (HKD '000) | Indicator | H1 2025 | H1 2024 | Increase/Decrease | | :--- | :--- | :--- | :--- | | Revenue | 3,279,565 | 3,352,595 | (2%) | | Gross Profit | 1,369,235 | 1,269,233 | 8% | | Profit Before Tax | 832,211 | 815,307 | 2% | | Profit for the Period | 625,324 | 627,568 | (0.4%) | | Profit Attributable to Equity Holders of the Company | 563,760 | 581,146 | (3%) | | Basic and Diluted Earnings Per Share (HK cents) | 19.71 | 20.31 | (3%) | [Statement of Financial Position](index=4&type=section&id=Statement%20of%20Financial%20Position) As of June 30, 2025, total assets increased by 6.5% to HKD 38.21 billion, driven by higher contract and intangible assets, while net assets grew 5.9% to HKD 14.82 billion, reflecting an optimized debt structure with increased non-current and decreased current borrowings Statement of Financial Position Summary (HKD '000) | Indicator | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Total Non-Current Assets | 27,121,929 | 25,931,236 | +4.6% | | Total Current Assets | 11,090,917 | 9,958,126 | +11.4% | | **Total Assets** | **38,212,846** | **35,889,362** | **+6.5%** | | Total Current Liabilities | 7,544,712 | 7,521,411 | +0.3% | | Total Non-Current Liabilities | 15,846,545 | 14,376,273 | +10.2% | | **Total Liabilities** | **23,391,257** | **21,897,684** | **+6.8%** | | **Net Assets** | **14,821,589** | **13,991,678** | **+5.9%** | [Consolidated Statement of Changes in Equity](index=6&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Equity) Equity attributable to company owners increased from HKD 11.84 billion at the start of 2025 to HKD 12.62 billion by period-end, primarily driven by profit for the period and foreign currency translation gains, partially offset by declared dividends - Total equity attributable to company owners increased from **HKD 11.835 billion** at the beginning of 2025 to **HKD 12.615 billion** by the end of June[10](index=10&type=chunk) - The primary contributions to the equity increase were **profit for the period (HKD 564 million)** and **foreign currency translation differences (HKD 382 million)**[10](index=10&type=chunk) - The **HKD 167 million** final dividend declared for 2024 was one of the main items reducing equity[10](index=10&type=chunk) [Consolidated Statement of Cash Flows](index=10&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) In H1 2025, operating cash flow significantly improved to a net inflow of HKD 132 million from a net outflow, while investing activities resulted in a net outflow of HKD 174 million, and financing activities generated a net inflow of HKD 41 million, maintaining stable cash and cash equivalents at period-end Consolidated Statement of Cash Flows Summary (HKD '000) | Activity Category | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 131,710 | (422,256) | | Net Cash Flow from Investing Activities | (173,546) | 14,292 | | Net Cash Flow from Financing Activities | 40,889 | 382,787 | | **Net Decrease in Cash and Cash Equivalents** | **(947)** | **(25,177)** | | Cash and Cash Equivalents at End of Period | 1,865,021 | 1,813,216 | [Notes to the Financial Statements](index=12&type=section&id=Notes%20to%20the%20Financial%20Statements) This section details the basis of preparation, accounting policies, operating segment information, revenue breakdown, dividends, and post-reporting period events [Basis of Preparation and Accounting Policies](index=12&type=section&id=1.%20Basis%20of%20Preparation) This interim financial information is prepared in accordance with IAS 34, with accounting policies consistent with the 2024 financial statements, and the adoption of revised IFRS had no significant impact on the Group's financial position - Interim financial information is prepared in accordance with **International Accounting Standard 34**[16](index=16&type=chunk) - The adoption of new and revised International Financial Reporting Standards had no significant impact on the results and financial position for the current accounting period[18](index=18&type=chunk) [Operating Segment Information](index=13&type=section&id=3.%20Operating%20Segment%20Information) The Group operates solely in the water environment management business, with the vast majority of its revenue (99.9%) and non-current assets derived from mainland China - The Group operates in a single business segment: **water environment management**[21](index=21&type=chunk) Revenue by Geographical Region (HKD '000) | Region | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Mainland China | 3,276,626 | 3,339,163 | | Germany | 2,939 | 13,432 | | **Total** | **3,279,565** | **3,352,595** | [Revenue Composition](index=15&type=section&id=4.%20Revenue) Total revenue was HKD 3.28 billion, with operating income from service concession arrangements growing 13.5% to HKD 1.48 billion, while construction service revenue decreased 14.1% to HKD 1.16 billion, and finance income remained stable Revenue Breakdown by Source (HKD '000) | Revenue Category | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Construction Service Revenue | 1,164,178 | 1,355,412 | -14.1% | | Operating Income | 1,476,891 | 1,301,259 | +13.5% | | Equipment Sales and Technical Service Revenue | 79,684 | 131,597 | -39.4% | | Finance Income | 558,812 | 564,327 | -1.0% | | **Total** | **3,279,565** | **3,352,595** | **-2.2%** | [Dividends](index=18&type=section&id=9.%20Dividends) The Board approved an interim dividend of 6.09 HK cents per ordinary share for FY2025, consistent with the prior year, in addition to the payment of the previous fiscal year's final dividend totaling HKD 167 million - An interim dividend of **6.09 HK cents per ordinary share** was declared for the first half of fiscal year 2025, consistent with the same period in 2024[33](index=33&type=chunk) [Trade and Other Receivables](index=19&type=section&id=11.%20Trade%20and%20Other%20Receivables) Net trade receivables increased by 18.8% to HKD 6.29 billion at period-end, with a net provision for expected credit losses of HKD 73.03 million recognized, and a significant portion (HKD 2.33 billion) of receivables aged over 13 months - Net trade receivables increased from **HKD 5.29 billion** to **HKD 6.29 billion**[37](index=37&type=chunk) - Net provision for expected credit losses on trade receivables recognized during the period was **HKD 73.03 million**, a significant increase from **HKD 34.72 million** in the prior year period[29](index=29&type=chunk)[38](index=38&type=chunk) [Events After the Reporting Period](index=25&type=section&id=17.%20Events%20After%20the%20Reporting%20Period) Post-reporting period, Mr. Xiong Jianping was appointed as Executive Director and President, and a new Sustainability Committee was established under the Board to enhance ESG oversight - Effective July 24, 2025, Mr. Xiong Jianping was appointed as an **Executive Director and President** of the company[51](index=51&type=chunk) - On the same day, the company established a **Sustainability Committee** to oversee ESG matters[51](index=51&type=chunk) [Business Review and Outlook](index=26&type=section&id=Business%20Review%20and%20Outlook) This section provides an overview of operating performance, management's discussion and analysis of financial results, key risks, and corporate governance practices [Review of Operating Results](index=26&type=section&id=Operating%20Results) Despite a 2% revenue decrease amid a complex macro environment, the Group maintained stable operations, improving its overall gross profit margin from 38% to 42%, with new light-asset contracts totaling approximately RMB 60 million, and holding 170 environmental projects with a total investment of RMB 31.63 billion - Overall gross profit margin increased by **4 percentage points** from **38%** in the prior year period to **42%**[53](index=53&type=chunk) - Light-asset business achieved new progress, with new contracts totaling approximately **RMB 60 million** and an additional industrial wastewater treatment design capacity of **10,000 cubic meters per day**[54](index=54&type=chunk) - As of June 30, 2025, the Group invested in and held **170 environmental projects** with a total investment of approximately **RMB 31.63 billion**[54](index=54&type=chunk) [Management Discussion and Analysis](index=31&type=section&id=Management%20Discussion%20and%20Analysis) This section analyzes the Group's financial performance, highlighting revenue decline due to reduced construction activities offset by increased operating income, improved gross margin from cost control, decreased finance costs, and enhanced liquidity through debt structure optimization [Financial Review](index=31&type=section&id=Financial%20Review) Revenue decreased by 2% to HKD 3.28 billion due to a 14% drop in construction services, while operating income grew 13% from new projects and tariff adjustments, leading to a 4-percentage-point increase in overall gross margin to 42% due to cost control, with administrative expenses rising from exchange losses and income tax expenses increasing by 10% - Construction service revenue decreased by **14%** to **HKD 1.164 billion** due to reduced construction activities[66](index=66&type=chunk) - Operating income increased by **13%** to **HKD 1.477 billion** due to the commissioning of new projects and water tariff adjustments[66](index=66&type=chunk) - Overall gross profit margin increased by **4 percentage points** to **42%**, primarily due to cost control and a higher proportion of operating service revenue[68](index=68&type=chunk) [Financial Position Analysis](index=34&type=section&id=Consolidated%20Statement%20of%20Financial%20Position%20Analysis) Total assets increased to HKD 38.21 billion, with a stable asset-liability ratio of 61.2% and net assets per share rising to HKD 4.41, while contract and intangible assets grew from new projects, trade receivables increased to HKD 6.29 billion due to seasonal payments and slower government payments, and net current assets significantly improved with the current ratio rising from 1.32 to 1.47 - The asset-liability ratio was **61.2%**, a slight increase of **0.2 percentage points** from **61.0%** at the beginning of the year[75](index=75&type=chunk) - Trade receivables increased by **HKD 993 million**, primarily due to customers' seasonal payment patterns and slower payments from local governments[77](index=77&type=chunk) - Net current assets increased by **HKD 1.109 billion**, and the current ratio improved from **1.32** to **1.47**, mainly due to the issuance of medium-to-long-term notes to replace short-term borrowings[79](index=79&type=chunk) [Key Risks and Uncertainties](index=45&type=section&id=Key%20Risks%20and%20Uncertainties) The Group identified eight key risks, including policy changes, market competition, environmental and safety production, trade receivables collection (especially from local governments), project management, human resources, financing, and cost control, with trade receivables collection being a top priority managed by a dedicated task force - Key risks include **policy changes, market competition, environmental compliance, trade receivables collection, project management, human resources, financing, and cost control**[101](index=101&type=chunk)[103](index=103&type=chunk)[105](index=105&type=chunk)[106](index=106&type=chunk) - Trade receivables collection risk is highly prioritized, as key clients are local governments whose fiscal payment capabilities may decline; the company has established a **task force led by the President** and implemented a **'task force, ledger, incentive, and assessment' mechanism** to address this[106](index=106&type=chunk)[107](index=107&type=chunk) [Corporate Governance](index=55&type=section&id=Corporate%20Governance) The company adheres to corporate governance codes in Singapore and Hong Kong, with the Board overseeing five committees including a newly established Sustainability Committee, and all directors confirmed compliance with strict internal codes for securities dealings during the period - The company's corporate governance practices comply with the **corporate governance codes of Singapore and Hong Kong**[116](index=116&type=chunk) - The Board has five committees: **Audit, Remuneration, Nomination, Strategy, and Sustainability**[117](index=117&type=chunk)

[Financial Highlights](index=4&type=section&id=Financial%20Highlights) The Group's first-half 2025 revenue grew 7.9% to RMB 1.727 billion, while operating profit and profit attributable to equity holders declined, and inventory turnover days increased [Financial Highlights](index=4&type=section&id=Financial%20Highlights) For the six months ended June 30, 2025, the Group's revenue increased by 7.9% to RMB 1.727 billion year-on-year, but operating profit and profit attributable to equity holders decreased by 17.1% and 13.4% respectively, with average inventory turnover days significantly increasing to 231 days 2025 First Half Key Financial Metrics | Metric | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | **Revenue** | RMB 1.727 billion | RMB 1.600 billion | +7.9% | | **Gross Profit** | RMB 868 million | RMB 801 million | +8.4% | | **Operating Profit** | RMB 260 million | RMB 314 million | -17.1% | | **Profit Attributable to Equity Holders** | RMB 243 million | RMB 280 million | -13.4% | | **Basic Earnings Per Share** | RMB 20.2 cents | RMB 23.4 cents | -13.6% | | **Interim Dividend Per Share** | 11 HK cents | 13 HK cents | -15.4% | | **Special Interim Dividend Per Share** | 5 HK cents | 5 HK cents | Unchanged | | **Gross Profit Margin** | 50.2% | 50.0% | +0.2 percentage points | | **Operating Profit Margin** | 15.1% | 19.6% | -4.5 percentage points | | **Average Inventory Turnover Days** | 231 days | 189 days | Increased 42 days | [Management Discussion and Analysis](index=6&type=section&id=Management%20Discussion%20and%20Analysis) The Group achieved 7.9% revenue growth amidst a complex international trade environment and cautious domestic consumption, actively pursuing strategic transformation and internationalization [Overall Performance Overview](index=6&type=section&id=Overall%20Performance%20Overview) Despite a complex international trade environment and cautious domestic consumption, the Group's revenue grew by 7.9% in the first half of 2025, driven by strategic transformation, DTC model success, and international expansion - Facing a cautious consumer environment, the Group actively pursued strategic transformation, including transitioning to a DTC model, optimizing sales channels, and expanding new retail businesses[10](index=10&type=chunk)[12](index=12&type=chunk)[17](index=17&type=chunk) - New retail business showed strong momentum, with online sales growing **24.6% year-on-year**, outperforming the Group's overall performance[14](index=14&type=chunk)[19](index=19&type=chunk) - The Group launched a "multi-brand, internationalization" strategy, opening its first overseas store in Malaysia and commencing online sales of the golf apparel brand MUNSINGWEAR[15](index=15&type=chunk)[19](index=19&type=chunk) [Financial Review](index=8&type=section&id=FINANCIAL%20REVIEW) Total revenue grew 7.9% to RMB 1.727 billion, driven by strong growth in the casual business and other series, while operating profit and profit attributable to equity holders declined due to reduced government subsidies and increased direct store expenses [Revenue Analysis](index=8&type=section&id=Revenue) Total Group revenue increased by 7.9%, with the "Casual Business and Other Series" showing strong growth, while regional performance varied due to channel transformation and distributor changes Revenue by Series (RMB Million) | Series | H1 2025 | % of Total | H1 2024 | % of Total | Growth Rate | | :--- | :--- | :--- | :--- | :--- | :--- | | **Main Series** | 1,190.6 | 68.9% | 1,193.0 | 74.6% | -0.2% | | **Casual Business and Other Series** | 536.6 | 31.1% | 407.0 | 25.4% | +31.8% | | **Total** | **1,727.2** | **100.0%** | **1,600.0** | **100.0%** | **+7.9%** | Revenue by Region (RMB Million) | Region | H1 2025 | Change | | :--- | :--- | :--- | | North China | 127.1 | +1.4% | | Northeast China | 80.2 | +361.3% | | East China | 766.0 | +6.9% | | Central South China | 389.5 | +6.6% | | Southwest China | 181.9 | -11.4% | | Northwest China | 182.0 | +7.2% | | Overseas | 0.5 | N/A | [Cost, Expense, and Profit Analysis](index=10&type=section&id=Profitability%20Analysis) Gross profit margin slightly increased by 0.2 percentage points to 50.2% due to higher direct sales, but operating profit decreased by 17.1% to RMB 260 million due to increased selling and administrative expenses and reduced government subsidies - Gross profit margin slightly increased by **0.2 percentage points to 50.2%** due to a higher proportion of direct sales[35](index=35&type=chunk)[37](index=37&type=chunk) - Selling and distribution expenses increased to **RMB 546 million**, accounting for **31.6% of total revenue**, primarily due to increased direct store and e-commerce expenses[41](index=41&type=chunk)[42](index=42&type=chunk)[47](index=47&type=chunk) - Operating profit decreased by **17.1% year-on-year to RMB 260 million**, mainly due to reduced government subsidies and increased direct store expenses[45](index=45&type=chunk)[50](index=50&type=chunk) [Dividend](index=12&type=section&id=Dividend) The Board recommended an interim dividend of 11 HK cents and a special interim dividend of 5 HK cents per ordinary share for FY2025, totaling approximately HKD 191.6 million 2025 Interim Dividend Proposal | Dividend Type | Amount per share (HK cents) | Same period 2024 (HK cents) | | :--- | :--- | :--- | | Interim Dividend | 11 | 13 | | Special Interim Dividend | 5 | 5 | [Business Review](index=12&type=section&id=BUSINESS%20REVIEW) The Group deepened its presence in the men's wear market with a differentiated brand matrix, successfully transforming its core "LILANZ" series to a DTC model in some regions and achieving significant growth in new retail channels [Brand Performance](index=13&type=section&id=Brand%20Performance) The core "LILANZ" series continued its DTC model transformation, expanding DTC stores, while the "LESS IS MORE" casual business series achieved 31.8% revenue growth - The "LILANZ" main series advanced its DTC model transformation in Northeast, Jiangsu, Shandong, and Chongqing, increasing DTC store count to **273**[63](index=63&type=chunk)[64](index=64&type=chunk)[66](index=66&type=chunk) - The "LESS IS MORE" casual business series revenue grew **31.8% year-on-year**, with a net increase of **9 stores to 331**[65](index=65&type=chunk)[67](index=67&type=chunk)[68](index=68&type=chunk) [Store Network and Channel Strategy](index=14&type=section&id=Store%20Network) As of June 30, 2025, the Group's total retail stores numbered 2,774, with a net increase of 1, focusing on premium shopping mall and outlet stores, while new retail business revenue significantly grew by 24.6% Store Count Changes | Metric | June 30, 2025 | December 31, 2024 | Net Change during Period | | :--- | :--- | :--- | :--- | | **Total Stores** | 2,774 | 2,773 | +1 | | **Shopping Mall Stores** | 957 | 933 | +24 | | **Outlets Stores** | 121 | 103 | +18 | - New retail business revenue grew **24.6% year-on-year**, with channels upgrading from inventory clearance to new product sales platforms[77](index=77&type=chunk)[80](index=80&type=chunk) [Strategic Initiatives and Innovation](index=16&type=section&id=Strategic%20Initiatives) The Group made substantial progress in its "multi-brand, internationalization" strategy, completing brand acquisition and opening its first overseas store, while also achieving significant R&D and ESG milestones - "Multi-brand, internationalization" strategy advanced: completed "MUNSINGWEAR" acquisition and opened the first overseas store in Malaysia[78](index=78&type=chunk)[79](index=79&type=chunk)[81](index=81&type=chunk) - Significant R&D innovation achievements, with products like water-repellent down 3.0 and durable white non-iron shirts receiving multiple certifications and international awards[84](index=84&type=chunk)[85](index=85&type=chunk)[88](index=88&type=chunk) - Released the first independent ESG report, with MSCI ESG rating upgraded to BB, and continued investment in aesthetic education public welfare and environmental protection activities[101](index=101&type=chunk)[102](index=102&type=chunk)[104](index=104&type=chunk) [Prospects](index=21&type=section&id=PROSPECTS) The Group aims for 50-100 net new stores and over 20% growth in new retail business for FY2025, with overall sales growth of at least 10%, while accelerating its "multi-brand, internationalization" strategy FY2025 Full-Year Performance Guidance | Metric | Target | | :--- | :--- | | **Net Store Openings** | 50 - 100 stores | | **New Retail Business Revenue Growth** | ≥ 20% | | **Overall Sales Growth** | ≥ 10% | - Will continue to leverage the operational advantages of the DTC model and moderately expand its scale based on market conditions[108](index=108&type=chunk)[110](index=110&type=chunk) - Accelerate the "multi-brand, internationalization" strategy, with physical stores for "MUNSINGWEAR" opening in the second half and further expansion into Malaysia and Southeast Asian markets[115](index=115&type=chunk)[117](index=117&type=chunk) [Liquidity and Financial Resources](index=23&type=section&id=LIQUIDITY%20AND%20FINANCIAL%20RESOURCES) As of June 30, 2025, the Group maintained a robust financial position with total cash and bank balances of RMB 2.924 billion, while average inventory turnover days increased to 231 days Cash and Bank Balances (RMB Million) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Pledged bank deposits | 795.3 | 995.7 | | Cash and cash equivalents | 517.0 | 827.0 | | Bank fixed deposits | 1,611.7 | 1,334.7 | | **Total** | **2,924.0** | **3,157.4** | Working Capital Turnover Days | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Average inventory turnover days | 231 | 189 | | Average trade receivables turnover days | 37 | 39 | | Average trade payables turnover days | 179 | 162 | - As of June 30, 2025, the Group had **5,191 employees**, with total employee costs of approximately **RMB 291 million** during the period[142](index=142&type=chunk)[146](index=146&type=chunk) [Review Report of the Auditor](index=27&type=section&id=Review%20Report%20of%20the%20Auditor) KPMG reviewed the interim financial report for the six months ended June 30, 2025, finding no material issues indicating non-compliance with IAS 34 [Review Report of the Auditor](index=27&type=section&id=Review%20Report%20of%20the%20Auditor) KPMG conducted a review of the company's interim financial report for the six months ended June 30, 2025, concluding no material issues indicating non-compliance with International Accounting Standard 34 - Review scope: The auditor conducted a review of the interim financial report in accordance with Hong Kong Standard on Review Engagements 2410[150](index=150&type=chunk)[152](index=152&type=chunk) - Review conclusion: No material issues were found indicating the financial report was not prepared in accordance with International Accounting Standard 34[154](index=154&type=chunk)[155](index=155&type=chunk) [Condensed Consolidated Financial Statements](index=29&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents the Group's condensed consolidated financial statements, including statements of profit or loss, financial position, changes in equity, and cash flows [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=29&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This statement details revenue, cost of sales, expenses, operating profit, profit before tax, and profit for the period for the six months ended June 30, 2025, showing revenue of RMB 1.727 billion and profit for the period of RMB 240 million Profit or Loss Statement Summary (RMB Thousand) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | **Revenue** | 1,727,215 | 1,600,043 | | **Gross Profit** | 867,760 | 800,528 | | **Operating Profit** | 260,107 | 313,826 | | **Profit for the Period** | 240,095 | 280,142 | | **Attributable to Equity Holders of the Company** | 242,525 | 280,142 | [Condensed Consolidated Statement of Financial Position](index=30&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This statement presents the Group's assets, liabilities, and equity as of June 30, 2025, with total assets of RMB 6.675 billion, total liabilities of RMB 2.427 billion, and net assets of RMB 4.248 billion Financial Position Statement Summary (RMB Thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Non-current assets** | 2,102,207 | 3,015,500 | | **Current assets** | 4,572,454 | 3,838,123 | | **Current liabilities** | 2,361,345 | 2,050,709 | | **Non-current liabilities** | 65,351 | 747,708 | | **Net Assets** | 4,247,965 | 4,055,206 | [Condensed Consolidated Statement of Changes in Equity](index=32&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) This statement reflects changes in equity items such as share capital, reserves, and retained earnings during the period, including the impact of profit for the period, dividends paid, and other comprehensive income - As of June 30, 2025, total equity attributable to equity holders of the Company increased from **RMB 4.026 billion** at the beginning of the period to **RMB 4.123 billion**[165](index=165&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=33&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) This statement summarizes cash inflows and outflows from operating, investing, and financing activities, showing net cash generated from operating activities of RMB 118 million, net cash used in investing activities of RMB 80 million, and net cash used in financing activities of RMB 347 million, resulting in a net decrease of RMB 310 million in cash and cash equivalents Cash Flow Statement Summary (RMB Thousand) | Item | H1 2025 | | :--- | :--- | | **Net cash generated from operating activities** | 117,695 | | **Net cash used in investing activities** | (80,050) | | **Net cash used in financing activities** | (347,336) | | **Net decrease in cash and cash equivalents** | (309,691) | [Notes to the Unaudited Interim Financial Report](index=34&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Report) This section provides detailed explanations and supplementary information for the condensed consolidated financial statements, covering preparation basis, accounting policy changes, revenue recognition, taxation, EPS, asset/liability details, dividends, equity-settled transactions, and related party transactions [Notes to the Unaudited Interim Financial Report](index=34&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Report) This section provides detailed explanations and supplementary information for the condensed consolidated financial statements, including the basis of preparation, accounting policy changes, and specific details on various financial items and transactions - The notes provide detailed explanations of the basis of preparation for the financial statements, adhering to International Accounting Standard 34 "Interim Financial Reporting"[168](index=168&type=chunk) - Note 18 details the interim, special interim, and final dividend amounts declared and proposed during the period[236](index=236&type=chunk)[237](index=237&type=chunk)[238](index=238&type=chunk) - Notes 12 and 16 provide aging analyses for trade receivables and trade payables, respectively[207](index=207&type=chunk)[228](index=228&type=chunk)[232](index=232&type=chunk) [Other Information](index=49&type=section&id=Other%20Information) This section includes disclosures of interests for directors and major shareholders, details of the share option scheme, and corporate governance matters [Disclosure of Interests](index=49&type=section&id=Disclosure%20of%20Interests) This chapter discloses the interests of the company's directors, chief executives, and major shareholders in the company's shares and related shares as of June 30, 2025, with major shareholders holding significant stakes - Major shareholder Xiao Sheng International Limited holds **692,345,000 shares**, representing approximately **58.77%** of the company's equity[261](index=261&type=chunk) - Executive Directors Wang Liangxing, Wang Congxing, and Non-executive Director Wang Dongxing directly hold company shares and indirectly hold interests through Xiao Sheng International[252](index=252&type=chunk)[253](index=253&type=chunk) [Share Option Scheme](index=54&type=section&id=Share%20Option%20Scheme) The company adopted a share option scheme on April 23, 2019, with 10,739,000 unexercised share options at an exercise price of HKD 4.31 as of June 30, 2025 - As of June 30, 2025, a total of **10,739,000 share options** remained unexercised under the share option scheme[269](index=269&type=chunk) - During the period, **67,000 share options** granted to employees lapsed, with no options exercised or cancelled[269](index=269&type=chunk) [Corporate Governance and Other Matters](index=56&type=section&id=Corporate%20Governance%20and%20Other%20Matters) The company complied with all corporate governance code provisions during the reporting period, with interim results reviewed by the audit committee and KPMG, and no purchases, sales, or redemptions of listed securities - The company complied with all code provisions of the Corporate Governance Code for the six months ended June 30, 2025[275](index=275&type=chunk)[280](index=280&type=chunk) - To determine entitlement to interim and special interim dividends, the register of members will be closed from **September 5 to 8, 2025**[284](index=284&type=chunk)

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 備 性 亦 無 發 表 聲 明，並 表 明 不 會 就 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 IMPRO PRECISION INDUSTRIES LIMITED 鷹普精密工業有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1286） 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 中 期 業 績 公 告 鷹 普 精 密 工 業 有 限 公 司（「本 公 司」）董 事 會（「董 事 會」）欣 然 宣 佈 本 公 司 及 其 附 屬 公 司 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 的 中 期 業 績。本 公 告 列 載 本 公 司 二 零 二 五 年 度 中 期 報 告 全 文，並 符 合 香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則（「上 市 規 則」）中 有 關 ...