Annual R e p ort 2 0 2 4 Interim Report 2025 中期報告 阜博集團有限公司 執行董事 王揚斌先生（「王先生」） （主席兼行政總裁） 王偉軍先生（「王偉軍先生」） 非執行董事 鄧以海先生（「鄧先生」） （副主席） 陳筠霖女士（「陳女士」） J David WARGO先生（「Wargo先生」） （已於2025年6月27日退任） 獨立非執行董事 Vobile Group Limited 目 錄 公司資料 02 業務回顧及展望 04 管理層討論及分析 11 企業管治摘要 20 其他資料 22 中期簡明綜合損益表 30 中期簡明綜合全面收益表 31 中期簡明綜合財務狀況表 32 中期簡明綜合權益變動表 34 中期簡明綜合現金流量表 35 中期簡明綜合財務報表附註 37 釋義 53 公司資料 Alfred Tsai CHU先生（「Chu先生」） Charles Eric EESLEY先生（「Eesley先生」） 關毅傑先生（「關先生」） 公司秘書 何世康先生（「何先生」） 審核委員會 關毅傑先生 （主席） Alfred Tsai CHU先生 Charles Eric EESLEY ...

[Company Information](index=2&type=section&id=Company%20Information) Botai Connected Vehicle Technology (Shanghai) Co., Ltd. listed on September 30, 2025, specializing in intelligent cockpit and connected services - Botai Connected Vehicle Technology (Shanghai) Co., Ltd. (Stock Code: 2889) was listed on the Main Board of the Stock Exchange on **September 30, 2025**[1](index=1&type=chunk)[5](index=5&type=chunk) - The company primarily engages in providing intelligent cockpit solutions and connected services[69](index=69&type=chunk) [Financial Highlights](index=5&type=section&id=Financial%20Highlights) The company reported significant revenue and gross profit growth for H1 2025, despite a slight increase in net loss Financial Highlights for the Six Months Ended June 30, 2025 | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,086,303 | 860,713 | 26.2% | | Gross Profit | 156,099 | 112,897 | 38.3% | | Loss for the Period | (227,371) | (223,374) | 1.8% | | Loss Attributable to Owners of the Company | (227,179) | (223,459) | 1.7% | | Basic Loss Per Share (RMB) | (1.63) | (1.78) | (8.4%) | - Revenue and gross profit growth were primarily driven by increased shipments of intelligent cockpit domain controllers and a strategic shift towards high-end SoC domain controllers[9](index=9&type=chunk) [Management Discussion and Analysis](index=6&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews the company's operational performance, financial results, liquidity, and future strategic plans [Business Review and Outlook](index=6&type=section&id=Business%20Review%20and%20Outlook) The company achieved significant revenue and gross profit growth in H1 2025, driven by intelligent cockpit domain controller shipments and high-end SoC products, expanding market share and innovation [Overview](index=6&type=section&id=Overview) Botai is a leading intelligent cockpit solution provider in China, achieving substantial revenue growth in H1 2025 due to increased shipments and a shift to high-end SoC domain controllers - Botai is a leading intelligent cockpit solution provider in China, ranking as the **third-largest supplier** of intelligent cockpit domain controller solutions for passenger vehicles by 2024 shipment volume[9](index=9&type=chunk) - Revenue reached **RMB 1,086.3 million** in H1 2025 with a gross profit margin of **14.4%**, driven by increased intelligent cockpit domain controller shipments (from **0.3 million to 0.4 million units**) and a shift to high-end SoC domain controller production[9](index=9&type=chunk) [Commercialization Progress](index=6&type=section&id=Commercialization%20Progress) The company achieved a 28% increase in product deliveries in H1 2025, deepening collaboration with Qualcomm and expanding into overseas markets Product Delivery Volume in H1 2025 | Indicator | H1 2025 (thousand units) | YoY Growth | | :--- | :--- | :--- | | Product Delivery Volume | Approx. 370 | 28.0% | | High-end SoC Domain Controller Delivery Volume | 160 | Continuous Increase | - The company deepened its cooperation with Qualcomm, developing a new generation intelligent cockpit solution based on the Snapdragon® Cockpit Platform Premium 'QAM8397P' and securing a nomination from a renowned domestic new energy brand[12](index=12&type=chunk) - In overseas markets, collaboration expanded with a European global luxury automaker, securing a new nomination based on QAM8295P, with delivery expected in the Chinese market in 2026[12](index=12&type=chunk) [Connected Services](index=7&type=section&id=Connected%20Services) Connected services revenue grew by 37.9% in H1 2025, primarily due to new service projects for a prominent OEM Connected Services Revenue | Indicator | H1 2025 (RMB millions) | YoY Growth (%) | | :--- | :--- | :--- | | Connected Services Revenue | 44.2 | 37.9% | - Connected services revenue growth was primarily due to new services provided for a renowned OEM, including user support and platform maintenance[13](index=13&type=chunk) [Research and Development and Innovation](index=8&type=section&id=Research%20and%20Development%20and%20Innovation) The company is collaborating with Qualcomm on next-gen intelligent cockpit solutions, integrating AI large language models, and holds a substantial portfolio of patents and intellectual property - The company is collaborating with Qualcomm to develop a new generation intelligent cockpit solution featuring QAM8397P, with prototypes demonstrating screen illumination, connected functions, audio debugging, and edge-side large models enabling personalized greetings and scenario-specific intelligent features[14](index=14&type=chunk) Patents and Intellectual Property as of June 30, 2025 | Indicator | Quantity | | :--- | :--- | | Granted Patents | 1,785 items (935 invention patents, 52.4%) | | Patent Applications | 6,088 items (5,026 invention patents, 82.6%) | | Trademarks | 639 items | | Registered Domains | 4 items | | Software Copyrights | 127 items | [Environmental, Social and Governance Aspects](index=8&type=section&id=Environmental%2C%20Social%20and%20Governance%20Aspects) The company adheres to ESG reporting guidelines, establishing an EHS committee and implementing mechanisms for environmental monitoring and social responsibility practices - The company adheres to the Stock Exchange's ESG Reporting Guide, establishing an EHS management committee responsible for EHS decision-making, personnel adjustments, duty revisions, and system establishment[15](index=15&type=chunk) - Environmentally, the company has established monitoring and improvement mechanisms for key indicators such as energy consumption, water resource utilization, waste management, and greenhouse gas emissions[16](index=16&type=chunk) - Regarding social responsibility, the company continuously practices its commitments in employee rights, production safety, occupational health, supplier ESG management, and privacy protection[16](index=16&type=chunk) [Outlook and Plans](index=9&type=section&id=Outlook%20and%20Plans) The company plans to expand market share, particularly in new energy vehicles, enhance R&D in central computing platforms and AI, deepen overseas expansion, integrate industry resources, and improve operational efficiency - Strategic objectives include expanding market share (especially in new energy vehicle collaborations with Chinese OEMs), advancing the construction of the Ruian production base, and exploring new production base locations[17](index=17&type=chunk) - Continuous innovation to seize industry development opportunities, strengthening R&D in high-performance central computing platforms, and exploring the application of AI large language models in intelligent cockpit human-machine interaction, cockpit-cloud interaction, and autonomous driving technologies[18](index=18&type=chunk) - Deepening overseas expansion aims to strengthen strategic relationships with international automotive OEMs, expand intelligent cockpit business into mature markets like Europe, and establish overseas sales and R&D functions[19](index=19&type=chunk) - Integrating industry resources through collaboration with OEMs, SoC suppliers, operating system providers, and automotive intelligent component suppliers to accelerate product upgrades and iterations, while actively seeking investments or acquisitions of high-quality targets[20](index=20&type=chunk) - Improving operational efficiency by optimizing production management processes, investing in production automation, strengthening supply chain management, and deepening cooperation with existing suppliers while establishing new relationships[21](index=21&type=chunk) [Financial Review](index=11&type=section&id=Financial%20Review) The company's revenue and gross profit increased in the reporting period, driven by intelligent cockpit solutions and connected services, while net loss slightly rose due to various financial factors [Revenue](index=11&type=section&id=Revenue) Total revenue increased by 26.2% year-on-year, primarily driven by growth in intelligent cockpit solutions and connected services Revenue Breakdown (For the Six Months Ended June 30) | Revenue Source | 2025 (RMB '000) | % of Total Revenue | 2024 (RMB '000) | % of Total Revenue | | :--- | :--- | :--- | :--- | :--- | | Intelligent Cockpit Solutions | 1,039,574 | 95.7 | 825,891 | 96.0 | | Connected Services | 44,246 | 4.1 | 32,087 | 3.7 | | Others | 2,483 | 0.2 | 2,735 | 0.3 | | **Total Revenue** | **1,086,303** | **100.0** | **860,713** | **100.0** | - Total revenue increased by **26.2%** year-on-year, primarily attributable to overall business scale growth, with intelligent cockpit solutions revenue growing by **25.9%** and connected services revenue by **37.9%**[23](index=23&type=chunk) [Cost of Sales](index=12&type=section&id=Cost%20of%20Sales) Cost of sales increased by 24.4% due to higher revenue, particularly from increased shipments of intelligent cockpit domain controllers and new connected service projects Cost of Sales (For the Six Months Ended June 30) | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total Cost of Sales | 930,204 | 747,816 | 24.4% | | % of Total Revenue | 85.6% | - | - | - The increase in cost of sales was primarily due to revenue scale growth, particularly the increase in shipments of intelligent cockpit domain controllers, especially the sales volume and proportion of high-end main units[24](index=24&type=chunk) - Connected services cost of sales increased by **41.7%**, mainly due to increased labor costs associated with the execution of new projects[24](index=24&type=chunk) [Gross Profit and Gross Profit Margin](index=12

Revenue and Profitability - Solar and energy storage revenue increased by approximately RMB 86.4 million or 695.5% to about RMB 98.8 million, compared to approximately RMB 12.4 million in the same period last year[13] - Logistics services revenue decreased by 33.4% to approximately RMB 49.5 million, down from approximately RMB 74.3 million in the same period last year, primarily due to the termination of contracts by two customers[13] - Gross profit increased by approximately 74.4% to about RMB 6.3 million, compared to approximately RMB 3.6 million in the same period last year[15] - Other income rose by 18.5% to approximately RMB 4.1 million, compared to approximately RMB 3.5 million in the same period last year[16] - The company reported revenue of RMB 148,285 thousand for the six months ended June 30, 2025, compared to RMB 86,716 thousand for the same period in 2024, representing a growth of 71.1%[76] - Gross profit for the same period was RMB 6,315 thousand, up from RMB 3,621 thousand, indicating an increase of 74.3%[76] - The company reported a total loss before tax of RMB 23,076,000 for the six months ended June 30, 2025[99] Expenses and Losses - Pre-tax loss decreased by approximately RMB 5.1 million to about RMB 23.1 million, compared to a loss of approximately RMB 28.2 million in the same period last year[24] - Research and development expenses decreased by 48.7% to approximately RMB 0.2 million, down from approximately RMB 0.4 million in the same period last year[22] - Interest expenses increased to approximately RMB 13.9 million, up from approximately RMB 12.5 million in the same period last year, due to refinancing of certain loans[23] - The company reported a net loss of approximately RMB 23.7 million for the six months ended June 30, 2025, compared to a loss of RMB 25.3 million for the same period in 2024[87] - The company’s basic and diluted loss per share for the period was RMB (2.15), compared to RMB (2.50) in the same period last year, showing an improvement of 14%[76] Financial Position - As of June 30, 2025, the current ratio of the group was 0.44, an increase from 0.32 as of December 31, 2024, while the debt-to-equity ratio was 2.2 compared to 1.91 previously[30] - The group reported a net working capital deficit of approximately RMB 195.5 million as of June 30, 2025, up from RMB 175.9 million as of December 31, 2024[30] - Total assets as of June 30, 2025, were RMB 212,872 thousand, compared to RMB 146,259 thousand as of December 31, 2024, reflecting a significant increase of 45.5%[78] - Current liabilities increased to RMB 351,061 thousand as of June 30, 2025, from RMB 259,164 thousand at the end of 2024, marking a rise of 35.5%[78] - The company’s total liabilities net increased from RMB 160.4 million in 2024 to RMB 182.3 million in 2025, an increase of approximately 13.6%[79] Investments and Strategic Initiatives - The company is actively seeking new contracts in the logistics services segment, following the acquisition agreement for Zhilianyun, a logistics cloud technology platform[12] - The company continues to invest in the flywheel energy storage system in Shanxi Province, which commenced operations on March 1, 2025[11] - The company is exploring a new investment in a flywheel energy project in Fushan County, Shanxi Province, with a total capacity of 150 MW, including 20 MW of flywheel storage[41] - A feasibility study for the Fushan project was completed in the first half of 2025, with construction expected to begin in the second half of 2025[42] - The company is investing RMB 15,500,000 in a hybrid lithium iron phosphate energy storage system to enhance profitability[89] Shareholder and Governance Information - The company has not declared any interim dividend for the six months ending June 30, 2025, consistent with the previous period[48] - The company maintained a public float of at least 25% of its issued shares throughout the reporting period[51] - The board has achieved a gender diversity target of at least 10% female directors[45] - The company has complied with the corporate governance code, with the exception of the separation of the roles of Chairman and CEO[44] Share Options and Capital Structure - The total number of shares that may be issued under the new share option plan is capped at 10% of the total issued shares as of the adoption date, which amounts to 209,770,358 shares[60] - The new share option plan is effective for 10 years from the adoption date, and no further options will be granted after that period[62] - A total of 30,946,544 options were granted under the old share option plan, with 25,946,544 options remaining after accounting for cancellations[64] - The company reported a total of 30,946,544 unexercised share options as of June 30, 2025, down from 31,171,544 at the end of 2024[131] Related Party Transactions - The total balance with related parties amounted to RMB 81,045 thousand, an increase of 16.5% from RMB 69,483 thousand as of December 31, 2024[139] - The company continues to engage in significant transactions with related parties, indicating a complex financial relationship[139] - The interest expense on unsecured loans from related parties decreased from RMB 13,119,000 in December 2024 to RMB 8,902,000 in June 2025, a reduction of approximately 32.5%[138]

年 度 報 告 2024/ 2025 香港聯合交易所有限公司（「聯交所」）GEM 之特色 GEM 乃為較其他於聯交所上市之公司帶有較高投資風險之中小型公司提供一個上市之市場。有意投資者應了解投 資於該等公司之潛在風險，並應經過審慎周詳考慮後方作出投資決定。 鑑於GEM 上市公司普遍為中小型公司，於GEM 買賣之證券可能會較於聯交所主板買賣之證券承受較大之市場波動 風險，及無法保證於GEM 買賣之證券會有高流通市場。 香港交易及結算所有限公司及聯交所對本報告之內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確 表示概不對因本報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。 本報告乃遵照聯交所《GEM 證券上市規則》（「GEM 上市規則」）而刊載，旨在提供有關WT 集團控股有限公司（「本 公司」，連同其附屬公司稱為「本集團」）的資料；本公司董事（「董事」）願就本報告的資料共同及個別地承擔全部 責任。各董事在作出一切合理查詢後，確認就其所知、所悉及所信，本報告所載資料在各重要方面均屬準確完備， 沒有誤導或欺詐成分，及並無遺漏任何事項，致使本報告或其所載任何陳述產生誤導。 本報告乃以英 ...

[Company Information](index=4&type=section&id=Company%20Information) This chapter lists the basic information of WT Group Holdings Limited, including board members, committee compositions, company secretary, authorized representatives, registered office, Hong Kong headquarters and principal place of business, share registrar, principal bankers, and auditor - The Board of Directors includes Executive Director Ms. Wong Mei Chun and three Independent Non-executive Directors Ms. Chan Sin Wah, Ms. Li Zangyu, and Mr. Yu Tat Chi[8](index=8&type=chunk) - The Audit Committee, Nomination Committee, and Remuneration Committee are all chaired by Independent Non-executive Directors[8](index=8&type=chunk) - The company's stock code is **8422**, and its website is www.hklistco.com/8422[9](index=9&type=chunk) [Directors' Report and Management Discussion and Analysis](index=5&type=section&id=Directors%27%20Report%20and%20Management%20Discussion%20and%20Analysis) This chapter outlines WT Group Holdings Limited's operating and financial performance for the year ended June 30, 2025, noting increased revenue but a significant decline in gross profit leading to an annual loss, while also discussing the challenging business environment, group strategies, financial management, risk control, and employee policies [Business Review](index=5&type=section&id=Business%20Review) The Group primarily provides specialized and general building engineering services in Hong Kong, with revenue growth but a significant decrease in gross profit leading to a shift from profit to loss for the year ended June 30, 2025 - The Group's principal businesses include foundation and site formation works, demolition works, ground investigation works, superstructure construction works, slope maintenance works, hoarding works, alteration and addition works, and other renovation and building works[11](index=11&type=chunk) Comparison of Business Performance FY2025 vs FY2024 | Indicator | 2025 (Million HKD) | 2024 (Million HKD) | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Revenue | 34.8 | 31.3 | Increase 3.5 | 11.18% | | Gross Profit | 2.9 | 11.4 | Decrease 8.5 | -74.56% | | Total Loss/Profit | (6.1) (Loss) | 3.7 (Profit) | Shift to Loss | -264.86% | [Financial Review](index=5&type=section&id=Financial%20Review) The Group's revenue increase in FY2025 was mainly due to more large-value construction and renovation projects, but gross profit decreased due to lower overall project gross margins, resulting in a net loss - Revenue increased primarily due to an increase in the number of larger contract value construction and renovation projects undertaken[12](index=12&type=chunk) - Gross profit decreased mainly due to a lower overall gross profit margin of projects undertaken compared to FY2024[13](index=13&type=chunk) - Administrative expenses slightly increased from approximately **HKD 11.2 million** in 2024 to approximately **HKD 11.6 million** in 2025[14](index=14&type=chunk) - The loss and total comprehensive loss for the year was approximately **HKD 6.1 million**, compared to a profit of **HKD 3.7 million** in 2024, primarily attributable to the decrease in gross profit[16](index=16&type=chunk) [Outlook](index=6&type=section&id=Outlook) The Group anticipates a continuously challenging business environment with increased operational risks from a declining Hong Kong property market, yet remains cautiously optimistic about the construction and renovation market, focusing on core engineering projects and seeking other investment opportunities to diversify revenue - The business environment is expected to remain challenging, with the downturn in the Hong Kong property market increasing uncertainties in construction project execution[17](index=17&type=chunk) - The Group will focus on foundation and site formation works, superstructure construction works, and renovation projects, aiming to expand its market share[17](index=17&type=chunk) - The Group will adhere to prudent financial management, ensuring sustainable growth and capital adequacy, while closely monitoring developments in the Hong Kong property market[17](index=17&type=chunk) - The Board will consider other investment opportunities to broaden revenue streams, while being mindful of associated risks[18](index=18&type=chunk) [Liquidity and Financial Resources](index=6&type=section&id=Liquidity%20and%20Financial%20Resources) The Group maintained a sound financial position in FY2025, with an improved current ratio but a slight decrease in cash and bank balances Comparison of Liquidity Position | Indicator | June 30, 2025 (Million HKD) | June 30, 2024 (Million HKD) | Change | | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 23.2 | 28.3 | Decrease 5.1 | | Restricted Cash | 3.1 | 3.1 | No Change | | Current Ratio | 8.2 times | 7.8 times | Increase 0.4 times | - The Directors believe the Group's financial position is sound, enabling it to expand its core business and achieve its objectives[19](index=19&type=chunk) [Gearing Ratio](index=6&type=section&id=Gearing%20Ratio) The Group's gearing ratio increased from 0.3% in 2024 to 1.0% in 2025, with total debt primarily comprising lease liabilities Comparison of Gearing Ratio | Indicator | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Gearing Ratio | 1.0% | 0.3% | - Total debt refers to lease liabilities[20](index=20&type=chunk) [Pledge of the Group's Assets](index=7&type=section&id=Pledge%20of%20the%20Group%27s%20Assets) As of June 30, 2025, the Group pledged deposits of approximately HKD 3.1 million as collateral for performance bonds, with no other assets pledged - Pledged deposits of approximately **HKD 3.1 million** (2024: HKD 3.1 million) placed with insurance companies as collateral for performance bonds[21](index=21&type=chunk) - Save as disclosed above, the Group has not pledged any other assets[22](index=22&type=chunk) [Foreign Exchange Risk](index=7&type=section&id=Foreign%20Exchange%20Risk) The Group's foreign exchange risk is not significant as most of its business is transacted in Hong Kong Dollars, and it currently has no foreign currency hedging policy - Most of the Group's revenue-generating business is transacted in Hong Kong Dollars, thus it does not face significant exchange rate fluctuation risks[23](index=23&type=chunk) - The Group currently has no foreign currency hedging policy[23](index=23&type=chunk) [Capital Structure](index=7&type=section&id=Capital%20Structure) The Group's capital structure remained unchanged for the year ended June 30, 2025, primarily consisting of ordinary shares and reserves, with funding mainly derived from operations - The Group's capital structure remained unchanged, comprising ordinary shares and reserves[24](index=24&type=chunk) - The Group primarily funds its operations, working capital, capital expenditures, and other liquidity needs through cash generated from operations[24](index=24&type=chunk) [Treasury Policy](index=7&type=section&id=Treasury%20Policy) The Board will continue to follow a prudent policy in managing cash balances to maintain a sound liquidity position and capitalize on future growth opportunities - The Directors will continue to follow a prudent policy in managing the Group's cash balances to maintain a strong and sound liquidity position[25](index=25&type=chunk) - Ensuring the Group can fully leverage future growth opportunities[25](index=25&type=chunk) [Commitments](index=7&type=section&id=Commitments) As of June 30, 2025, the Group had no capital commitments - As of June 30, 2025, the Group had no capital commitments (2024: nil)[26](index=26&type=chunk) [Material Investments, Acquisitions, and Disposals of Subsidiaries and Associates](index=7&type=section&id=Material%20Investments%2C%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%20and%20Associates) As of June 30, 2025, the Company held no material investments, nor were there any material acquisitions or disposals of subsidiaries and associates - As of June 30, 2025, the Company held no material investments[27](index=27&type=chunk) - For the year ended June 30, 2025, there were no material acquisitions or disposals of subsidiaries and associates by the Group[27](index=27&type=chunk) [Contingent Liabilities](index=7&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group provided guarantees of approximately HKD 10.3 million for performance bonds related to construction contracts, but the Directors consider the likelihood of claims by customers to be low - The Group has provided guarantees of approximately **HKD 10.3 million** (2024: HKD 10.3 million) for performance bonds issued by insurance companies for construction contracts[28](index=28&type=chunk) - The Directors believe it is unlikely that customers will make any claims against the Group[28](index=28&type=chunk) [Employees and Remuneration Policy](index=8&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group employed 25 staff with total staff costs of approximately HKD 9.0 million, and its remuneration policy is based on position, qualifications, and performance, with training and share option schemes to incentivize employees - As of June 30, 2025, the Company employed a total of **25** employees (2024: 25 employees)[30](index=30&type=chunk) Comparison of Staff Costs | Indicator | 2025 (Million HKD) | 2024 (Million HKD) | | :--- | :--- | :--- | | Staff Costs | 9.0 | 9.4 | - Remuneration policy is based on employee position, qualifications, and performance, with bonuses paid referencing Group performance and employee contributions[30](index=30&type=chunk) - The Company has a share option scheme to incentivize and reward participants for their contributions to the Group[30](index=30&type=chunk) [Dividends and Dividend Policy](index=8&type=section&id=Dividends%20and%20Dividend%20Policy) The Company has adopted a dividend policy, and the Board will consider various factors in determining dividend payments; for the year ended June 30, 2025, the Directors do not recommend a final dividend - The Company has adopted a dividend policy, and the Board will consider factors such as financial performance, retained earnings, working capital, capital expenditures, liquidity position, and economic conditions in determining dividends[31](index=31&type=chunk) - The Directors do not recommend the payment of a final dividend for the year ended June 30, 2025 (2024: nil)[32](index=32&type=chunk) [Biographical Details of Directors](index=9&type=section&id=Biographical%20Details%20of%20Directors) This chapter provides detailed biographical information for the Company's Executive Director Ms. Wong Mei Chun and Independent Non-executive Directors Ms. Chan Sin Wah, Ms. Li Zangyu, and Mr. Yu Tat Chi, including their age, professional background, and experience - Executive Director Ms. Wong Mei Chun has over **25 years** of experience in the construction and electrical engineering industries[35](index=35&type=chunk) - Independent Non-executive Director Ms. Chan Sin Wah is a member of the Hong Kong Institute of Certified Public Accountants, with experience in accounting and auditing[36](index=36&type=chunk) - Independent Non-executive Director Ms. Li Zangyu has **10 years** of management and work experience in the building materials industry in China[36](index=36&type=chunk) - Independent Non-executive Director Mr. Yu Tat Chi is a fellow member of CPA Australia and a member of the Hong Kong Institute of Certified Public Accountants, with extensive experience in accounting, corporate finance, and asset management, and serves as an independent non-executive director for several listed companies[36](index=36&type=chunk)[37](index=37&type=chunk) [Corporate Governance Report](index=10&type=section&id=Corporate%20Governance%20Report) This chapter describes WT Group Holdings Limited's corporate governance practices for the year ended June 30, 2025, emphasizing the Company's commitment to maintaining high standards of corporate governance, disclosing deviations from the GEM Listing Rules' Corporate Governance Code, and outlining the responsibilities and operations of the Board and its committees [Introduction](index=10&type=section&id=Introduction) The Company is committed to achieving and maintaining high standards of corporate governance, recognizing its importance for gaining shareholder trust, effective management, and creating long-term value - The Board and management are committed to achieving and maintaining high standards of corporate governance[39](index=39&type=chunk) - Good and effective corporate governance practices are essential elements for effective management, accountability, and transparency, to sustain the Group's success and create long-term value for shareholders[39](index=39&type=chunk) [Corporate Governance Practices](index=10&type=section&id=Corporate%20Governance%20Practices) The Board is responsible for corporate governance duties and has reviewed relevant policies and practices; during the reporting period, the Company complied with all applicable provisions of the Corporate Governance Code, except for the unclear segregation of duties between the Chairman and Chief Executive Officer - The Board is responsible for performing corporate governance duties in accordance with the Corporate Governance Code set out in Appendix 15 to the GEM Listing Rules[40](index=40&type=chunk) - The Group has not appointed a Chief Executive Officer, and the duties of the Chairman and Chief Executive Officer are not clearly segregated, representing a deviation from Code Provision A.2.1 of the Corporate Governance Code[41](index=41&type=chunk) - The Group is currently identifying suitable candidates to fill the vacancies for Chairman and Chief Executive Officer[41](index=41&type=chunk) [Board of Directors](index=11&type=section&id=Board%20of%20Directors) The Board oversees all significant company matters, including strategy, financial performance, internal controls, and risk management, with a balanced composition of skills and experience, where independent non-executive directors play a crucial role and meet independence requirements, supported by a board diversity policy and continuous director training [Responsibilities](index=11&type=section&id=Responsibilities) The Board is responsible for overseeing all significant company matters, including strategy formulation, monitoring financial performance, internal controls, and risk management, as well as fulfilling corporate governance duties - The Board's responsibilities include formulating and approving overall strategies, monitoring financial performance and internal controls, overseeing risk management systems, and evaluating the performance of senior management[44](index=44&type=chunk) - The Board is also responsible for developing and reviewing corporate governance policies and practices, monitoring director and senior management training, ensuring compliance with laws and regulations, establishing codes of conduct, and reviewing compliance with the Corporate Governance Code[46](index=46&type=chunk) [Board Composition](index=11&type=section&id=Board%20Composition) The Board comprises one Executive Director and three Independent Non-executive Directors, with independent non-executive directors constituting over one-third of the Board, meeting GEM Listing Rules requirements, and all directors having no material relationships with each other - The Board members include Executive Director Ms. Wong Mei Chun and Independent Non-executive Directors Ms. Chan Sin Wah, Ms. Li Zangyu, and Mr. Yu Tat Chi[45](index=45&type=chunk) - The number of Independent Non-executive Directors constitutes more than one-third of the Board, complying with GEM Listing Rules, and at least one Independent Non-executive Director possesses appropriate professional qualifications or expertise in accounting or related financial management[45](index=45&type=chunk) - All Independent Non-executive Directors are independent and do not hold any other positions in the Company or any of its subsidiaries[47](index=47&type=chunk) [Chairman and Chief Executive Officer](index=12&type=section&id=Chairman%20and%20Chief%20Executive%20Officer) The Group has not appointed a Chief Executive Officer, and the duties of the Chairman and Chief Executive Officer are not clearly segregated, representing a deviation from the Corporate Governance Code, with suitable candidates currently being sought to fill the vacancies - The Group has not appointed a Chief Executive Officer, and both Board management and daily business management were primarily handled by Mr. Kam Kin Pan (retired)[48](index=48&type=chunk) - The Group believes there is a deviation from Code Provision A.2.1 of the Corporate Governance Code and is currently identifying suitable candidates to fill the vacancies for Chairman and Chief Executive Officer[48](index=48&type=chunk) [Appointment and Re-election of Directors](index=12&type=section&id=Appointment%20and%20Re-election%20of%20Directors) Executive Directors have service agreements for three years, while Independent Non-executive Directors have appointment letters for one year; all directors are subject to retirement by rotation and are eligible for re-election at annual general meetings, ensuring board renewal and vitality - Executive Directors' service agreements are for three years, and Independent Non-executive Directors' letters of appointment are for one year[49](index=49&type=chunk) - All Directors are subject to retirement by rotation and are eligible for re-election at annual general meetings, with each Director required to retire at least once every three years[49](index=49&type=chunk) [Board Diversity Policy](index=13&type=section&id=Board%20Diversity%20Policy) The Company has adopted a Board Diversity Policy considering various factors such as gender, age, cultural and educational background, professional experience, skills, and knowledge; the current Board includes two female directors, and the Nomination Committee monitors and reviews the policy's implementation - The Board Diversity Policy considers various factors including gender, age, cultural and educational background, professional experience, skills, and knowledge[50](index=50&type=chunk) - Appointments to the Board are based on meritocracy, with full consideration of the benefits of board diversity[50](index=50&type=chunk) - During the reporting period, the Board included **two female directors**, and the Nomination Committee monitors and reviews the implementation of the Board Diversity Policy[50](index=50&type=chunk) Board Diversity (by Age Group and Professional Experience) | Director Name | Age (40–59) | Age (60 and above) | Business and Management | Construction | Accounting and Finance | | :--- | :--- | :--- | :--- | :--- | :--- | | Ms. Wong Mei Chun | | ✔ | ✔ | ✔ | | | Ms. Chan Sin Wah | ✔ | | | | ✔ | | Ms. Li Zangyu | ✔ | | | ✔ | | | Mr. Yu Tat Chi | | ✔ | | | ✔ | [Continuous Professional Development of Directors](index=14&type=section&id=Continuous%20Professional%20Development%20of%20Directors) All directors are required to participate in continuous professional development to update their knowledge and skills, ensuring effective contributions to the Board, with the Company providing relevant information and updates on regulatory requirements - All Directors are required to participate in continuous professional development to cultivate and update their knowledge and skills[52](index=52&type=chunk) - The Company provides reading materials on the Corporate Governance Code, inside information provisions of the Securities and Futures Ordinance, and continuous updates on GEM Listing Rules and business developments[52](index=52&type=chunk) - Training content includes presentations by external auditors on changes in accounting standards and updates on proposed amendments to the GEM Listing Rules[54](index=54&type=chunk) [Securities Transactions by Directors](index=14&type=section&id=Securities%20Transactions%20by%20Directors) The Company has adopted Rules 5.48 to 5.67 of the GEM Listing Rules as the code of conduct for directors' securities transactions, and all directors have confirmed compliance with the relevant requirements - The Company has adopted Rules 5.48 to 5.67 of the GEM Listing Rules as its code of conduct for directors' securities transactions[53](index=53&type=chunk) - Following enquiry, all Directors have confirmed compliance with the required standards of dealing and the code of conduct during the reporting period[53](index=53&type=chunk) [Board Committees](index=15&type=section&id=Board%20Committees) The Company has an Audit Committee, Nomination Committee, and Remuneration Committee, each with clear written terms of reference to ensure company operations comply with the Corporate Governance Code and to provide advice and oversight to the Board within their respective areas of responsibility [Audit Committee](index=15&type=section&id=Audit%20Committee) The Audit Committee is responsible for overseeing the independence and effectiveness of external auditors, reviewing financial statements, risk management, and internal control systems, and providing recommendations to the Board; all committee members are Independent Non-executive Directors, with Mr. Yu Tat Chi serving as Chairman - The Audit Committee was established on **December 1, 2017**, with terms of reference compliant with Rule 5.28 of the GEM Listing Rules and the Corporate Governance Code[55](index=55&type=chunk) - Key responsibilities include advising on the appointment of external auditors, monitoring the integrity of financial statements, reviewing financial controls and risk management systems, and performing corporate governance functions[57](index=57&type=chunk) - All committee members are Independent Non-executive Directors, with Mr. Yu Tat Chi serving as Chairman, possessing professional accounting qualifications and experience[56](index=56&type=chunk) [Nomination Committee](index=16&type=section&id=Nomination%20Committee) The Nomination Committee is responsible for reviewing the Board structure, identifying suitable director candidates, assessing the independence of Independent Non-executive Directors, and making recommendations to the Board regarding appointments and re-appointments, with Ms. Chan Sin Wah serving as Chairman - The Nomination Committee was established on **December 1, 2017**, with responsibilities including reviewing the Board structure, identifying suitable director candidates, and assessing the independence of Independent Non-executive Directors[59](index=59&type=chunk) - Selection criteria include integrity, relevant qualifications and experience, commitment of time, board diversity, and independence requirements[59](index=59&type=chunk) - Ms. Chan Sin Wah serves as the Chairman of the Nomination Committee[60](index=60&type=chunk) [Remuneration Committee](index=16&type=section&id=Remuneration%20Committee) The Remuneration Committee is responsible for formulating the Company's remuneration policy, establishing transparent procedures, and making recommendations to the Board regarding the remuneration packages of directors and senior management, with Ms. Chan Sin Wah serving as Chairman - The Remuneration Committee was established on **December 1, 2017**, responsible for formulating remuneration policies and procedures, and making recommendations to the Board[61](index=61&type=chunk)[62](index=62&type=chunk) - The Committee ensures that Executive Directors do not participate in determining their own remuneration[62](index=62&type=chunk) - Ms. Chan Sin Wah serves as the Chairman of the Remuneration Committee[63](index=63&type=chunk) [Board Meetings](index=17&type=section&id=Board%20Meetings) The Board holds at least four meetings annually to discuss company strategy, operations, and financial performance; during the reporting period, all directors maintained high attendance rates and actively participated in Board and committee meetings - The Board holds regular meetings, at least **four times** a year, to discuss the Company's overall strategy and operational and financial performance[64](index=64&type=chunk) Attendance Details for Board and Committee Meetings (FY2025) | Director | Board Meetings | Audit Committee Meetings | Nomination Committee Meetings | Remuneration Committee Meetings | General Meetings | | :--- | :--- | :--- | :--- | :--- | :--- | | Ms. Wong Mei Chun | 4/4 | Not Applicable | 2/2 | 2/2 | 1/1 | | Ms. Chan Sin Wah | 4/4 | 2/2 | 2/2 | 2/2 | 1/1 | | Ms. Li Zangyu | 4/4 | 2/2 | 2/2 | 2/2 | 1/1 | | Mr. Yu Tat Chi | 4/4 | 2/2 | 2/2 | 2/2 | 1/1 | [Responsibilities of Directors and Auditor for the Consolidated Financial Statements](index=18&type=section&id=Responsibilities%20of%20Directors%20and%20Auditor%20for%20the%20Consolidated%20Financial%20Statements) Directors are responsible for ensuring that the consolidated financial statements present a true and fair view of the Group's position and for maintaining proper accounting records and internal controls, while the auditor is responsible for expressing an audit opinion on the consolidated financial statements - Directors are responsible for ensuring that the consolidated financial statements are prepared in accordance with the Companies Ordinance and accounting standards, presenting a true and fair view of the Group's affairs, financial performance, and cash flows[66](index=66&type=chunk) - Directors are responsible for maintaining proper accounting records, safeguarding the Group's assets, and preventing and detecting fraud and other irregularities[66](index=66&type=chunk) - The auditor's reporting responsibilities for the consolidated financial statements are set out in the Independent Auditor's Report[66](index=66&type=chunk) [Auditor's Remuneration](index=18&type=section&id=Auditor%27s%20Remuneration) Evergreen (Hong Kong) CPA Limited serves as the Company's auditor, with audit service fees of approximately HKD 0.5 million for FY2025; the Audit Committee considers the remuneration level reasonable, and there are no disagreements between the auditor and management - Evergreen (Hong Kong) CPA Limited is the Company's auditor, with audit service fees of approximately **HKD 0.5 million** for the year ended June 30, 2025[67](index=67&type=chunk) - The Audit Committee considers the auditor's remuneration level reasonable, and there are no disagreements between the auditor and the Company's management[67](index=67&type=chunk) [Company Secretary](index=18&type=section&id=Company%20Secretary) Mr. Fung Chun Yuen serves as the Company Secretary, assisting the Board in complying with policies and procedures and providing advice on corporate governance matters, with his qualifications meeting GEM Listing Rules requirements - Mr. Fung Chun Yuen is the Company Secretary, assisting the Board in ensuring compliance with policies and procedures and providing advice on corporate governance matters[68](index=68&type=chunk) - Mr. Fung meets all required qualifications, experience, and training requirements under the GEM Listing Rules[68](index=68&type=chunk) [Compliance Officer](index=18&type=section&id=Compliance%20Officer) Ms. Wong Mei Chun serves as the Company's Compliance Officer - Ms. Wong Mei Chun is the Company's Compliance Officer[69](index=69&type=chunk) [Corporate Governance Functions](index=19&type=section&id=Corporate%20Governance%20Functions) The Company has not established a corporate governance committee, with relevant functions performed by the Board, including formulating policies, codes of conduct, monitoring director training, and ensuring compliance with laws and regulations - The Company has not established a corporate governance committee, and the Board is responsible for performing corporate governance functions[70](index=70&type=chunk) - Functions include formulating and reviewing corporate governance policies, codes of conduct, monitoring director and senior management training, ensuring compliance with laws and regulations, and disclosing corporate governance reports[70](index=70&type=chunk) [Shareholders' Rights](index=19&type=section&id=Shareholders%27%20Rights) To protect shareholder interests, all resolutions at general meetings are voted on by poll; shareholders may convene an extraordinary general meeting or submit written inquiries in accordance with the articles of association - All resolutions at general meetings will be voted on by poll, and the results will be published on the Stock Exchange and the Company's website[71](index=71&type=chunk) - Shareholders holding not less than one-tenth of the Company's paid-up capital may requisition an extraordinary general meeting[71](index=71&type=chunk) - Shareholders may submit written inquiries or requests regarding their rights to the Company's principal place of business in Hong Kong[72](index=72&type=chunk) [Communication with Shareholders and Investor Relations](index=19&type=section&id=Communication%20with%20Shareholders%20and%20Investor%20Relations) The Company has adopted a shareholder communication policy to ensure convenient, equal, and timely access to comprehensive and understandable company information for shareholders and investors through various channels, and welcomes suggestions - The Company has adopted a shareholder communication policy aimed at ensuring shareholders and potential investors have convenient, equal, and timely access to comprehensive and easily understandable company information[73](index=73&type=chunk) - Communication channels include the publication of annual reports, interim reports, circulars, regular announcements, corporate information on the Company's website, annual general meetings and extraordinary general meetings, and services of the Hong Kong share registrar[74](index=74&type=chunk) [Risk Management and Internal Control](index=20&type=section&id=Risk%20Management%20and%20Internal%20Control) The Group maintains effective internal control and risk management systems, with the Board annually reviewing their effectiveness; the systems are designed to manage rather than eliminate risk, and procedures for risk identification, assessment, and mitigation have been implemented; the Group currently has no internal audit department, but the Directors are satisfied that adequate and effective control measures are in place - The Group maintains effective internal control and risk management systems to safeguard shareholders' investments and Group assets[76](index=76&type=chunk) - The Board reviews the effectiveness of the risk management and internal control systems at least annually[76](index=76&type=chunk) - Risk management procedures include risk identification, risk assessment, and risk mitigation[78](index=78&type=chunk) - The Group currently has no internal audit department, but the Directors are satisfied that adequate and effective internal control and risk management measures have been implemented[77](index=77&type=chunk) [Dividend Policy](index=21&type=section&id=Dividend%20Policy) The Company adopted a dividend policy on August 1, 2019, where the Board will consider various factors in determining whether and at what level to pay dividends, but the policy does not constitute a legally binding commitment - The Company adopted a dividend policy on **August 1, 2019**, to provide guidance for the Board in determining dividend payments[79](index=79&type=chunk) - The Board will consider factors such as financial performance, retained earnings, working capital, capital expenditures, liquidity position, economic conditions, and legal restrictions[79](index=79&type=chunk)[83](index=83&type=chunk) - The dividend policy does not constitute a legally binding commitment that the Company will pay any specific amount of dividends[80](index=80&type=chunk) [Inside Information](index=21&type=section&id=Inside%20Information) The Group complies with the Securities and Futures Ordinance and GEM Listing Rules, committing to timely public disclosure of inside information and ensuring that information disclosure is clear, balanced, and not misleading - The Group complies with the Securities and Futures Ordinance and GEM Listing Rules, committing to timely public disclosure of any inside information[81](index=81&type=chunk) - Ensuring strict confidentiality of information before disclosure, and immediate disclosure if confidentiality is breached[81](index=81&type=chunk) - Committed to ensuring that information in announcements is clear and balanced, with equal disclosure of both positive and negative facts[81](index=81&type=chunk) [Constitutional Documents](index=21&type=section&id=Constitutional%20Documents) There were no significant changes to the Group's constitutional documents during the reporting period - There were no significant changes to the Group's constitutional documents during the reporting period[82](index=82&type=chunk) [Directors' Report](index=22&type=section&id=Directors%27%20Report) This chapter presents WT Group Holdings Limited's audited consolidated financial statements for the year ended June 30, 2025, detailing the Group's principal activities, business review, environmental policies, compliance with laws and regulations, key risks, results and dividends, financial summary, share capital, share option scheme, related party transactions, major customer and supplier relationships, directors' biographical details, and remuneration policy [Principal Activities](index=22&type=section&id=Principal%20Activities) The Company is an investment holding company, with its subsidiaries primarily providing specialized and general building engineering services in Hong Kong, including foundation, site formation, demolition, superstructure construction, and renovation works; there were no significant changes in the nature of principal activities during the year - The Company's principal business is investment holding, with its subsidiaries primarily providing specialized and general building engineering services in Hong Kong[85](index=85&type=chunk) - Specialized engineering works include foundation and site formation works, demolition works, and ground investigation works[85](index=85&type=chunk) - General building works include superstructure construction works, slope maintenance works, hoarding works, alteration and addition works, and various other renovation and building works[85](index=85&type=chunk) - There were no significant changes in the nature of the Group's principal activities during the year[85](index=85&type=chunk) [Business Review](index=22&type=section&id=Business%20Review) The Group's business review and discussion of future business development for the year ended June 30, 2025, are detailed in the "Directors' Report and Management Discussion and Analysis" chapter - The Group's business review and discussion of future business development for the year ended June 30, 2025, are contained in the 'Directors' Report and Management Discussion and Analysis' section on pages 3 to 6 of this annual report[87](index=87&type=chunk) [Environmental Policies and Performance](index=22&type=section&id=Environmental%20Policies%20and%20Performance) The Company is committed to environmental and social sustainability, complying with environmental laws and regulations, and has adopted effective environmental practices; further details will be disclosed in the 2025 Environmental, Social and Governance Report - The Company recognizes its responsibility to protect the environment from its business activities and pursues environmental and social sustainability[88](index=88&type=chunk) - The Group is committed to complying with environmental laws and regulations and has adopted effective environmental practices[88](index=88&type=chunk) - Further details will be disclosed in the Company's 2025 Environmental, Social and Governance Report[89](index=89&type=chunk) [Compliance with Laws and Regulations](index=22&type=section&id=Compliance%20with%20Laws%20and%20Regulations) The Company has allocated sufficient resources to ensure continuous compliance with applicable laws and regulations; for the year ended June 30, 2025, no non-compliance events materially affecting the Group's operations were identified - The Company has allocated sufficient resources to ensure continuous compliance with applicable laws and regulations[90](index=90&type=chunk) - For the year ended June 30, 2025, to the best of the Board's knowledge, there were no non-compliance events with relevant laws and regulations that materially affected the Group's operations[90](index=90&type=chunk) [Key Risks and Uncertainties](index=23&type=section&id=Key%20Risks%20and%20Uncertainties) The Group's operations involve several risks and uncertainties, including revenue dependence on non-recurring projects, inaccurate cost estimations, reliance on subcontractors, customer credit risk, and the impact of the Hong Kong construction industry and overall economic conditions - Revenue depends on successfully bidding or quoting for non-recurring specialized engineering, general building, and renovation projects, with no guarantee of new business[96](index=96&type=chunk) - Inaccurate project cost estimations or delayed project completion may lead to cost overruns or losses[96](index=96&type=chunk) - The Group relies on subcontractors, and their poor performance or inability to provide services may adversely affect operations and profitability[96](index=96&type=chunk) - Customer credit risk and failure to make timely or full payments may adversely affect liquidity[96](index=96&type=chunk) - The Group's performance depends on trends and developments in the Hong Kong construction industry, as well as market conditions and the overall economic and political situation in Hong Kong[96](index=96&type=chunk) [Results and Dividends](index=23&type=section&id=Results%20and%20Dividends) The Group recorded a loss for the year ended June 30, 2025, and the Directors do not recommend the payment of a final dividend - The Group's results for the year ended June 30, 2025, are presented in the consolidated statement of profit or loss and other comprehensive income[92](index=92&type=chunk) - The Directors do not recommend the payment of a final dividend for the year ended June 30, 2025 (2024: nil)[92](index=92&type=chunk) [Financial Summary](index=23&type=section&id=Financial%20Summary) A summary of the Group's results, assets, and liabilities for the past five financial years is provided on page 88 of the report, which is not part of the audited consolidated financial statements - A summary of the Group's results, assets, and liabilities for the past five financial years is contained on page 88[93](index=93&type=chunk) - This summary is not part of the Group's audited consolidated financial statements[93](index=93&type=chunk) [Property, Plant and Equipment](index=23&type=section&id=Property%2C%20Plant%20and%20Equipment) Details of changes in the Group's property, plant and equipment during the year are provided in Note 15 to the consolidated financial statements - Details of changes in the Group's property, plant and equipment during the year are contained in Note 15 to the consolidated financial statements in this annual report[94](index=94&type=chunk) [Share Capital](index=23&type=section&id=Share%20Capital) Details of the Company's share capital are provided in Note 24 to the consolidated financial statements - Details of the Company's share capital are contained in Note 24 to the consolidated financial statements in this annual report[95](index=95&type=chunk) [Confirmation of Independence](index=24&type=section&id=Confirmation%20of%20Independence) All Independent Non-executive Directors have submitted annual confirmations of independence in accordance with the GEM Listing Rules, and the Company considers them to meet the independence guidelines - Each Independent Non-executive Director has provided an annual confirmation of independence in accordance with Rule 5.09 of the GEM Listing Rules[97](index=97&type=chunk) - The Company considers that all Independent Non-executive Directors meet the independence guidelines set out in Rule 5.09 of the GEM Listing Rules and are independent in accordance with the terms of such guidelines[97](index=97&type=chunk) [Share Option Scheme](index=24&type=section&id=Share%20Option%20Scheme) The Company adopted a share option scheme on December 1, 2017, to attract and retain talent and incentivize employees; the scheme has a ten-year validity, with limits on the number of shares and individual participant allocations; for the year ended June 30, 2025, no share options were granted, exercised, cancelled, or lapsed - The Company adopted a share option scheme on **December 1, 2017**, to attract and retain the best personnel, provide additional incentives, and drive business excellence[98](index=98&type=chunk) - The scheme is valid for **ten years** from the date of adoption[102](index=102&type=chunk) - The maximum number of shares that may be issued upon exercise of share options is **10%** of the issued shares, with an individual participant limit of **1%**[100](index=100&type=chunk)[101](index=101&type=chunk) - For the year ended June 30, 2025, no share options were granted, exercised, cancelled, or lapsed, and there were no outstanding share options as of June 30, 2025[107](index=107&type=chunk) [Reserves](index=26&type=section&id=Reserves) Details of changes in the Company's and the Group's reserves are provided in Note 33 to the consolidated financial statements and the consolidated statement of changes in equity - Details of changes in the Company's and the Group's reserves are contained in Note 33 to the consolidated financial statements and the consolidated statement of changes in equity, respectively[108](index=108&type=chunk) [Pre-emptive Rights](index=26&type=section&id=Pre-emptive%20Rights) Neither the Company's articles of association nor Cayman Islands law contain provisions for pre-emptive rights requiring new shares to be offered to existing shareholders in proportion to their holdings - Neither the Company's articles of association nor Cayman Islands law contain provisions for pre-emptive rights requiring the Company to offer new shares to existing shareholders in proportion to their holdings[109](index=109&type=chunk) [Related Party Transactions and Connected Transactions](index=26&type=section&id=Related%20Party%20Transactions%20and%20Connected%20Transactions) Details of significant related party transactions undertaken by the Group for the year ended June 30, 2025, are provided in Note 28 to the consolidated financial statements; to the best of the Directors' knowledge, no related party transactions constituted disclosable connected transactions - Details of significant related party transactions undertaken by the Group for the year ended June 30, 2025, are contained in Note 28 to the consolidated financial statements in this annual report[110](index=110&type=chunk) - To the best of the Directors' knowledge, no related party transactions constituted connected transactions requiring disclosure under the GEM Listing Rules[110](index=110&type=chunk) [Distributable Reserves](index=26&type=section&id=Distributable%20Reserves) As of June 30, 2025, the Company had no distributable reserves; details of changes in reserves during the year are provided in Note 33 to the consolidated financial statements - As of June 30, 2025, the Company had no distributable reserves (2024: nil)[111](index=111&type=chunk) - Details of changes in reserves during the year are contained in Note 33 to the consolidated financial statements in this annual report[111](index=111&type=chunk) [Major Customers and Suppliers](index=26&type=section&id=Major%20Customers%20and%20Suppliers) The Group faces high concentration risk with its major customers and suppliers; in FY2025, the largest customer contributed 82.1% of revenue, and the top five customers contributed 98.8%, while the largest supplier accounted for 33.1% of purchases, and the top five suppliers accounted for 63.9% Concentration of Major Customers and Suppliers (FY2025) | Category | 2025 | 2024 | | :--- | :--- | :--- | | Largest Customer Revenue Share | 82.1% | 42.1% | | Top Five Customers Total Revenue Share | 98.8% | 86.7% | | Largest Supplier Purchase Share | 33.1% | 9.3% | | Top Five Suppliers Total Purchase Share | 63.9% | 38.3% | - For the year ended June 30, 2025, none of the Company's Directors, their close associates, or shareholders (to the best of the Directors' knowledge holding more than 5% of the Company's issued share capital) held any beneficial interest in the Group's five largest customers or suppliers[112](index=112&type=chunk) [Relationship with Customers, Suppliers, Subcontractors, Employees and Shareholders](index=27&type=section&id=Relationship%20with%20Customers%2C%20Suppliers%2C%20Subcontractors%2C%20Employees%20and%20Shareholders) The Group's success relies on strong relationships with its customers, suppliers, subcontractors, employees, and shareholders; it is committed to providing quality services, maintaining solid cooperation, fostering a positive work environment, and enhancing shareholder returns - The Group provides engineering services to public and private sector clients in Hong Kong, with most revenue derived from private sector clients, emphasizing timely delivery and quality assurance[114](index=114&type=chunk) - The Group maintains good business relationships with suppliers and subcontractors, assessing their performance based on track record, pricing, quality, and other factors[115](index=115&type=chunk) - The Group values employee talent, offering competitive remuneration packages and effective performance appraisal systems, while maintaining good relationships with employees[117](index=117&type=chunk) - The Group's primary objective is to maximize shareholder returns, focusing on developing its core business for sustainable profit growth and considering dividend payments to shareholders[118](index=118&type=chunk) [Directors](index=28&type=section&id=Directors) The Company's Directors include Executive Director Ms. Wong Mei Chun and Independent Non-executive Directors Ms. Chan Sin Wah, Ms. Li Zangyu, and Mr. Yu Tat Chi; Ms. Chan Sin Wah and Mr. Yu Tat Chi will retire at the upcoming annual general meeting and are eligible for re-election, with the Nomination Committee nominating candidates based on the diversity policy - During the year and up to the date of this report, the Company's Directors included Executive Director Ms. Wong Mei Chun and Independent Non-executive Directors Ms. Chan Sin Wah, Ms. Li Zangyu, and Mr. Yu Tat Chi[119](index=119&type=chunk) - Ms. Chan Sin Wah and Mr. Yu Tat Chi will retire at the upcoming annual general meeting and are eligible for re-election[120](index=120&type=chunk) - The Nomination Committee will nominate and select candidates for Independent Non-executive Directors based on the Board Diversity Policy[120](index=120&type=chunk) - The Board believes that Ms. Chan Sin Wah and Mr. Yu Tat Chi are independent of the Group and can contribute to the Board's diversity and development[121](index=121&type=chunk) [Permitted Indemnity Provision](index=29&type=section&id=Permitted%20Indemnity%20Provision) In accordance with the Company's articles of association, each director is entitled to be indemnified by the Company's assets for all losses or liabilities incurred as a director; the Company has arranged directors' and officers' liability insurance - In accordance with the Company's articles of association, each Director shall be entitled to be indemnified out of the Company's assets for all losses or liabilities incurred or suffered by them as a Director[122](index=122&type=chunk) - The Company has arranged appropriate directors' and officers' liability insurance for the Group's Directors and senior officers for the year ended June 30, 2025[122](index=122&type=chunk) [Directors' Service Contracts](index=29&type=section&id=Directors%27%20Service%20Contracts) None of the directors proposed for re-election at the upcoming annual general meeting have unexpired service contracts with the Company that are not terminable within one year without payment of compensation - None of the Directors proposed for re-election at the upcoming annual general meeting have unexpired service contracts with the Company and/or any of its subsidiaries that are not terminable by the Company within one year without payment of compensation (other than statutory compensation)[123](index=123&type=chunk) [Biographical Details of Directors (Report)](index=29&type=section&id=Biographical%20Details%20of%20Directors%20%28Report%29) The biographical details of the Group's Directors are provided on page 7 of the report - The biographical details of the Group's Directors are contained on page 7 of this annual report[124](index=124&type=chunk) [Remuneration of Directors and Five Highest Paid Individuals](index=29&type=section&id=Remuneration%20of%20Directors%20and%20Five%20Highest%20Paid%20Individuals) Details of the remuneration of the Company's Directors and the Group's five highest paid individuals are provided in Notes 11 and 12 to the consolidated financial statements; in FY2025, the total remuneration for the five highest paid individuals (non-directors) was HKD 6.852 million - Details of the remuneration of the Company's Directors and the Group's five highest paid individuals are contained in Notes 11 and 12 to the consolidated financial statements[125](index=125&type=chunk) Remuneration Ranges for Senior Management FY2025 | Remuneration Range | Number of Senior Management | | :--- | :--- | | HKD 1,000,000 or below | 2 | | HKD 1,000,001 to HKD 2,000,000 | 1 | | Above HKD 2,000,000 | 2 | [Remuneration Policy](index=29&type=section&id=Remuneration%20Policy) The Company's remuneration policy primarily comprises a fixed component (basic salary) and a variable component (discretionary bonuses and other incentives), considering employee experience, responsibilities, performance, Group profitability, and market conditions; the Remuneration Committee reviews remuneration matters annually - Employee remuneration primarily comprises a fixed component (basic salary) and a variable component (discretionary bonuses and other incentives), taking into account factors such as employee experience, responsibility level, individual performance, Group profit performance, and overall market conditions[127](index=127&type=chunk) - The Remuneration Committee holds meetings at least once a year to discuss remuneration-related matters and review the Group's remuneration policy, and is authorized to determine the remuneration packages of individual Executive Directors and senior management[127](index=127&type=chunk) [Management Contracts](index=30&type=section&id=Management%20Contracts) As of June 30, 2025, the Company had not entered into or held any management and/or administration contracts concerning all or any substantial part of the Company's business - As of June 30, 2025, the Company had not entered into or held any management and/or administration contracts concerning all or any substantial part of the Company's business[128](index=128&type=chunk) [Directors' Material Interests in Transactions, Arrangements, and Contracts Significant to the Company's Business](index=30&type=section&id=Directors%27%20Material%20Interests%20in%20Transactions%2C%20Arrangements%20and%20Contracts%20Significant%20to%20the%20Company%27s%20Business) Except as disclosed in the report, none of the Company's Directors or their associated entities had any direct or indirect material interests in transactions, arrangements, and contracts significant to the Group's business - Save as disclosed in this report, none of the Company's Directors or their associated entities had any direct or indirect material interests in other transactions, arrangements, and contracts significant to the Group's business that were in effect at year-end or at any time during the year ended June 30, 2025, entered into by the Company's subsidiaries, fellow subsidiaries, or its parent company[129](index=129&type=chunk) [Directors' Rights to Acquire Shares or Debentures](index=30&type=section&id=Directors%27%20Rights%20to%20Acquire%20Shares%20or%20Debentures) For the year ended June 30, 2025, neither the Company nor its subsidiaries participated in any arrangements enabling directors or chief executives to subscribe for securities of the Company or any specified undertaking - At no time during the year ended June 30, 2025, did the Company or any of its subsidiaries or any of its fellow subsidiaries enter into any arrangements that would enable Directors or the Company's chief executive (including their spouses or children under 18) to subscribe for securities of the Company or any specified undertaking or to

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 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 的 任 何 損 失 承 擔 任 何 責 任。 MODERN LAND (CHINA) CO., LIMITED 當代置業（中國）有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1107） 截 至2025年6月30日 止 六 個 月 之 未 經 審 核 中 期 業 績 公 告 中 期 業 績 當 代 置 業（中 國）有 限 公 司（「本 公 司」，連 同 其 附 屬 公 司 統 稱「本 集 團」）董 事（「董 事」，各 自 為 一 名「董 事」）會（「董 事 會」）謹 此 宣 佈 本 集 團 截 至2025年6月30日 止 六 個 月 之 未 經 審 核 合 併 中 期 業 績。 本 集 團 以 下 呈 列 的 未 經 審 核 合 併 損 益 及 其 他 全 面 ...

[I. Condensed Consolidated Financial Statements](index=2&type=section&id=I.%20%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=1.1%20%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) The Group's loss significantly narrowed for the six months ended June 30, 2025, primarily due to fair value gains on investments and reduced associate losses, despite a slight revenue increase and decreased gross profit Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Key Data | Metric | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Revenue | 15,744 | 15,331 | 413 | 2.69% | | Cost of sales | (8,100) | (4,897) | (3,203) | 65.41% | | Gross profit | 7,644 | 10,434 | (2,790) | -26.74% | | Fair value change of investments held for trading | 8,861 | (34,962) | 43,823 | 125.35% | | Other gains and losses, net | (1,355) | 22,097 | (23,452) | -106.13% | | Loss before tax | (376) | (25,701) | 25,325 | -98.54% | | Loss for the period | (376) | (25,701) | 25,325 | -98.54% | | Loss for the period attributable to owners of the Company | (829) | (25,167) | 24,338 | -96.70% | | Basic loss per share (HKD) | (0.001) | (0.031) | 0.030 | -96.77% | | Total comprehensive expense for the period | (1,445) | (41,367) | 39,922 | -96.51% | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=1.2%20%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, the Group's total and net assets slightly decreased, with increased loans receivable and investments held for trading, reduced trade receivables, and higher current and non-current liabilities Condensed Consolidated Statement of Financial Position Key Data | Metric | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Non-current assets | 11,354 | 12,080 | (726) | -6.01% | | Current assets | 319,967 | 311,048 | 8,919 | 2.87% | | Trade and other receivables | 39,025 | 44,301 | (5,276) | -11.91% | | Loans receivable | 155,127 | 147,260 | 7,867 | 5.34% | | Investments held for trading | 83,918 | 74,049 | 9,869 | 13.33% | | Current liabilities | 152,548 | 142,071 | 10,477 | 7.37% | | Non-current liabilities | 24,797 | 25,636 | (839) | -3.27% | | Net assets | 153,976 | 155,421 | (1,445) | -0.93% | | Equity attributable to owners of the Company | 173,657 | 175,194 | (1,537) | -0.88% | [Condensed Consolidated Statement of Changes in Equity](index=6&type=section&id=1.3%20%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) Total equity attributable to owners of the Company slightly decreased for the six months ended June 30, 2025, primarily due to the period's loss and foreign exchange differences, with expired share options reducing reserves Condensed Consolidated Statement of Changes in Equity Key Data | Metric | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | Equity attributable to owners of the Company | 173,657 | 175,194 | (1,537) | | Non-controlling interests | (19,681) | (19,773) | 92 | | Total equity | 153,976 | 155,421 | (1,445) | | Loss for the period (attributable to owners of the Company) | (829) | (25,167) (H1 2024) | 24,338 | | Exchange differences arising from translation of foreign operations | (708) | (15,617) (H1 2024) | 14,909 | | Forfeiture of share options (share option reserve) | (5,717) | (215) (H1 2024) | (5,502) | [Condensed Consolidated Statement of Cash Flows](index=8&type=section&id=1.4%20%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) The Group experienced net cash outflows from operating and financing activities for the six months ended June 30, 2025, leading to a net decrease in cash and cash equivalents and a lower period-end balance Condensed Consolidated Statement of Cash Flows Key Data | Metric | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | Net cash (used in) / generated from operating activities | (1,761) | 6,875 | (8,636) | | Net cash used in financing activities | (964) | (3,535) | 2,571 | | Net (decrease) / increase in cash and cash equivalents | (2,725) | 3,340 | (6,065) | | Cash and cash equivalents at end of period | 16,036 | 23,343 | (7,307) | [II. Notes to the Condensed Consolidated Financial Statements](index=9&type=section&id=II.%20%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) [Basis of Preparation and Principal Accounting Policies](index=9&type=section&id=2.1%20%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96%E5%8F%8A%E4%B8%BB%E8%A6%81%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96) The condensed consolidated financial statements are prepared in accordance with HKAS 34 and Appendix D2 of the Listing Rules, using the historical cost convention, with financial instruments measured at revalued amounts or fair value - Financial statements are prepared in accordance with HKAS 34 and Appendix D2 of the Listing Rules, using the historical cost convention, with financial instruments measured at revalued amounts or fair value[11](index=11&type=chunk)[12](index=12&type=chunk) - The amendments to HKAS 21 "Lack of Exchangeability" were first applied in the current period but had no significant impact on the financial position or disclosures[12](index=12&type=chunk) [Revenue and Segment Information](index=10&type=section&id=2.2%20%E6%94%B6%E5%85%A5%E5%8F%8A%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group operates three reportable segments: advertising services, securities brokerage services, and money lending, with advertising revenue increasing, money lending revenue decreasing, and zero revenue from securities brokerage services in H1 2025 - The Group has three operating and reportable segments: providing advertising services, providing securities brokerage services, and money lending[14](index=14&type=chunk)[15](index=15&type=chunk) Revenue by Reportable Segment | Segment | H1 2025 Revenue (HKD thousands) | H1 2024 Revenue (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Providing advertising services | 10,357 | 8,259 | 2,098 | 25.40% | | Providing securities brokerage services | – | 156 | (156) | -100.00% | | Money lending | 5,387 | 6,916 | (1,529) | -22.11% | | **Total Revenue** | **15,744** | **15,331** | **413** | **2.69%** | Results by Reportable Segment | Segment | H1 2025 Segment (Loss)/Profit (HKD thousands) | H1 2024 Segment (Loss)/Profit (HKD thousands) | | :--- | :--- | :--- | | Providing advertising services | (3,910) | (2,088) | | Providing securities brokerage services | (75) | 86 | | Money lending | 307 | (1,950) | | **Consolidated** | **(3,678)** | **(3,952)** | [Other Gains and Losses, Net](index=11&type=section&id=2.3%20%E5%85%B6%E4%BB%96%E6%94%B6%E7%9B%8A%E5%8F%8A%E虧%E6%90%8D%EF%BC%8C%E6%B7%A8%E9%A1%8D) For the six months ended June 30, 2025, other gains and losses, net, turned from a gain of HKD 22,097 thousand in the prior period to a loss of HKD 1,355 thousand, mainly due to exchange losses and the absence of gains from deregistered subsidiaries Other Gains and Losses, Net | Metric | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | Net exchange (loss) / gain | (1,355) | 2,121 | (3,476) | | Gain on deregistration of subsidiaries | – | 19,985 | (19,985) | | **Total** | **(1,355)** | **22,097** | **(23,452)** | [Loss Before Tax](index=12&type=section&id=2.4%20%E9%99%A4%E7%A8%85%E5%89%8D%E虧%E6%90%8D) For the six months ended June 30, 2025, the Group's loss before tax significantly narrowed to HKD 376 thousand from HKD 25,701 thousand in the prior period, primarily influenced by reduced finance costs and changes in bank interest income Loss Before Tax Components | Metric | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | Loss before tax | (376) | (25,701) | 25,325 | | Bank interest income | (8) | (27) | 19 | | Finance costs | 436 | 1,264 | (828) | [Taxation](index=12&type=section&id=2.5%20%E7%A8%85%E9%A0%85) Hong Kong profits tax uses a two-tiered rate system, with eligible entities taxed at 8.25% on the first HKD 2 million of profits and 16.5% on the remainder, while Chinese subsidiaries are taxed at 25%, with no deferred tax credits in the reporting period - Hong Kong profits tax adopts a two-tiered tax rate: 8.25% on the first HKD 2,000,000 of assessable profits for qualifying entities, and 16.5% on the remaining profits[21](index=21&type=chunk) - Chinese subsidiaries are subject to a tax rate of 25% for both periods[21](index=21&type=chunk) - No deferred tax credits were recognized for the six months ended June 30, 2025, and 2024[22](index=22&type=chunk) [Dividends](index=12&type=section&id=2.6%20%E8%82%A1%E6%81%AF) For the six months ended June 30, 2025, the Board did not recommend the payment of any interim dividend, consistent with the prior year - No dividends were paid, declared, or proposed during the reporting period, and the Board did not recommend any interim dividend (2024: nil)[23](index=23&type=chunk) [Loss Per Share](index=13&type=section&id=2.7%20%E6%AF%8F%E8%82%A1%E虧%E6%90%8D) For the six months ended June 30, 2025, both basic and diluted loss per share were HKD 0.001, a significant reduction from HKD 0.031 in the prior period, primarily due to a substantial narrowing of the loss attributable to owners of the Company Loss Per Share Calculation Data | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Loss for the period attributable to owners of the Company (HKD thousands) | (829) | (25,167) | | Basic loss per share (HKD) | (0.001) | (0.031) | | Diluted loss per share (HKD) | (0.001) | (0.030) | | Weighted average number of ordinary shares (thousand shares) | 821,082 | 821,082 | | Potential dilutive effect of ordinary shares from share options (thousand shares) | 83,840 | 28,620 | | Weighted average number of shares that would have been issued at average market price (thousand shares) | (60,881) | (21,840) | | Weighted average number of shares for diluted loss per share calculation (thousand shares) | 844,041 | 827,862 | - Share options granted by the Company have a potential dilutive effect on loss per share only when the average market price during the period exceeds the adjusted exercise price of the share options[26](index=26&type=chunk) [Property, Plant and Equipment and Right-of-Use Assets](index=13&type=section&id=2.8%20%E7%89%A9%E6%A5%AD%E3%80%81%E6%A9%9F%E5%99%A8%E5%8F%8A%E8%A8%AD%E5%82%99%E4%BB%A5%E5%8F%8A%E4%BD%BF%E7%94%A8%E6%AC%8A%E8%B3%87%E7%94%A2) For the six months ended June 30, 2025, the Group made no acquisitions or disposals of property, plant and equipment, with depreciation expenses remaining stable, while depreciation for right-of-use assets significantly increased - For the six months ended June 30, 2025, the Group did not acquire or dispose of any property, plant and equipment (2024: nil)[27](index=27&type=chunk) - Depreciation of property, plant and equipment was approximately **HKD 1,000** (2024: approximately HKD 1,000)[27](index=27&type=chunk) - Depreciation of right-of-use assets was approximately **HKD 552,000** (2024: approximately HKD 259,000), representing a **113.13% year-on-year increase**[27](index=27&type=chunk) [Trade and Other Receivables](index=14&type=section&id=2.9%20%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) As of June 30, 2025, total trade and other receivables decreased, primarily due to a decline in receivables from advertising services, while receivables from securities trading remained stable but with higher expected credit loss provisions Trade and Other Receivables Components | Metric | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Trade and other receivables from advertising services (net) | 3,592 | 8,868 | (5,276) | -59.49% | | Trade and other receivables from securities trading (net) | 35,433 | 35,433 | 0 | 0.00% | | **Total** | **39,025** | **44,301** | **(5,276)** | **-11.91%** | - The credit period for securities trading business and settlement period for cash clients are typically **one to two days** from the trade date[28](index=28&type=chunk) - The Group maintains strict control over trade receivables from its securities brokerage business and regularly reviews client credit limits and ratings[29](index=29&type=chunk)[30](index=30&type=chunk) [Investments Held for Trading](index=15&type=section&id=2.10%20%E6%8C%81%E4%BD%9C%E8%B2%B7%E8%B3%A3%E4%B9%8B%E6%8A%95%E8%B3%87) As of June 30, 2025, investments held for trading, primarily Hong Kong-listed equity securities, increased to HKD 83,918 thousand, with fair values determined by market bid prices and classified as Level 1 fair value hierarchy Investments Held for Trading | Metric | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Equity securities listed in Hong Kong | 83,918 | 74,049 | 9,869 | 13.33% | - The fair value of investments held for trading is determined based on market bid prices quoted on The Stock Exchange of Hong Kong Limited and classified as Level 1 fair value hierarchy[31](index=31&type=chunk) [Trade and Other Payables](index=15&type=section&id=2.11%20%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85) As of June 30, 2025, total trade and other payables increased, mainly due to higher payables from advertising services, while payables from securities trading remained stable Trade and Other Payables Components | Metric | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Trade and other payables from advertising services | 10,609 | 8,809 | 1,800 | 20.43% | | Trade and other payables from securities trading | 9,828 | 9,828 | 0 | 0.00% | | **Total** | **20,437** | **18,637** | **1,800** | **9.66%** | - The average credit period for trade and other payables is **90 days**, and the Group has established financial risk management policies to ensure all payables are settled within credit terms[33](index=33&type=chunk) [Share Options](index=17&type=section&id=2.12%20%E8%B3%BC%E8%82%A1%E6%AC%8A) For the six months ended June 30, 2025, 31,800,000 share options under the old share option scheme expired, with no expirations under the new scheme, leaving 25,440,000 and 58,400,000 unexercised options under the old and new schemes, respectively, at period-end - For the six months ended June 30, 2025, **31,800,000 share options** under the old share option scheme expired, while no share options under the new share option scheme expired[34](index=34&type=chunk) Share Option Movement | Share Option Scheme | Unexercised as at January 1, 2025 (audited) | Forfeited during the period | Unexercised as at June 30, 2025 (unaudited) | | :--- | :--- | :--- | :--- | | Old Share Option Scheme (Directors and Employees) | 31,800,000 | (31,800,000) | 0 | | New Share Option Scheme (Employees, granted April 16, 2021) | 22,260,000 | – | 22,260,000 | | New Share Option Scheme (Employees, granted July 21, 2023) | 43,800,000 | – | 43,800,000 | | New Share Option Scheme (Luo Zhihong, granted April 16, 2021) | 3,180,000 | – | 3,180,000 | | New Share Option Scheme (Li Wei, granted July 21, 2023) | 7,300,000 | – | 7,300,000 | | New Share Option Scheme (Consultants, granted July 21, 2023) | 7,300,000 | – | 7,300,000 | | **Total** | **115,640,000** | **(31,800,000)** | **83,840,000** | - As of June 30, 2025, the number of shares issuable under the old and new share option schemes represented approximately **11.39%** of the weighted average number of ordinary shares in issue[34](index=34&type=chunk) [Related Party Transactions](index=18&type=section&id=2.13%20%E9%97%9C%E9%80%A3%E4%BA%BA%E5%A3%AB%E4%BA%A4%E6%98%93) For the six months ended June 30, 2025, total key management personnel remuneration decreased to HKD 206 thousand from HKD 380 thousand in the prior period, primarily due to a reduction in equity-settled share-based payment expenses Key Management Personnel Remuneration | Metric | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | Fees, salaries and other benefits | 202 | 202 | 0 | | Contributions to retirement benefit schemes | 4 | 4 | 0 | | Equity-settled share-based payment expenses | – | 174 | (174) | | **Total** | **206** | **380** | **(174)** | [III. Business Review](index=19&type=section&id=III.%20%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) [Advertising and Sale of Books and Magazines](index=19&type=section&id=3.1%20%E5%BB%A3%E5%91%8A%E5%8F%8A%E9%8A%B7%E5%94%AE%E6%9B%B8%E7%B1%8D%E5%8F%8A%E9%9B%9C%E8%AA%8C) Advertising business, a primary revenue source, improved in H1 2025, generating approximately HKD 10.4 million and accounting for about 65.8% of total revenue, with the Group actively expanding digital media marketing and MCN businesses for diversification - Advertising business is one of the Group's primary revenue sources, with improved performance in H1 2025[40](index=40&type=chunk) - Revenue from providing advertising and marketing-related services was approximately **HKD 10.4 million**, accounting for approximately **65.8%** of the Group's total revenue[40](index=40&type=chunk) - The Group has actively expanded its digital media marketing services and Multi-Channel Network (MCN) business since 2020[40](index=40&type=chunk) [Securities Brokerage](index=19&type=section&id=3.2%20%E8%AD%89%E5%88%B8%E7%B6%93%E7%B4%80) Due to continuous losses in the securities brokerage business, the Board has decided to cease operations and is in the process of surrendering its license to the Securities and Futures Commission, with brokerage services suspended since September 19, 2023 - Due to continuous operating losses in the "Securities Brokerage Business Segment," the Board has decided to cease operating the securities brokerage business[41](index=41&type=chunk) - The Group is making every effort to complete all necessary arrangements to surrender its license to the Securities and Futures Commission[41](index=41&type=chunk) - Brokerage services have been suspended since **September 19, 2023**, until further notice[41](index=41&type=chunk) [Money Lending](index=20&type=section&id=3.3%20%E6%94%BE%E5%82%B5) The money lending business, part of the Group's diversified financial services, generated approximately HKD 5.4 million in interest income in H1 2025, representing about 34.2% of total revenue, with credit risk managed through independent credit assessments, collateral checks, and regular monitoring - For the six months ended June 30, 2025, interest income from loans receivable generated by the money lending business was approximately **HKD 5.4 million**, accounting for approximately **34.2%** of the Group's total revenue[43](index=43&type=chunk) - The Group manages credit risk through independent credit assessments, collateral value checks, and regular credit reviews[44](index=44&type=chunk)[45](index=45&type=chunk) - As of June 30, 2025, the loan portfolio included approximately **HKD 94.1 million** in secured loans and approximately **HKD 61.0 million** in unsecured loans, with annual interest rates for both secured and unsecured loans ranging from **6.4% to 8.0%**[46](index=46&type=chunk) [IV. Management Discussion and Analysis](index=22&type=section&id=IV.%20%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) [Outlook and Prospects](index=22&type=section&id=4.1%20%E5%B1%95%E6%9C%9B%E5%8F%8A%E5%89%8D%E6%99%AF) Despite global economic challenges like US-China trade tensions and geopolitical uncertainties, the Chinese economy is expected to rebound with government stimulus and domestic consumption growth, while the Group will strengthen financial services, expand digital media marketing, and explore new investment opportunities - The global economy continues to face significant challenges, including escalating US-China trade tensions, geopolitical uncertainties, and rising trade protectionism[48](index=48&type=chunk) - The Chinese economy is expected to rebound, with domestic recovery supported by government economic stimulus measures and growth in domestic consumption[48](index=48&type=chunk) - The Group will continue to strengthen its financial businesses, actively develop digital media marketing and MCN businesses, and explore other suitable investment opportunities for sustainable returns and maximized shareholder value[48](index=48&type=chunk) [Financial Review](index=22&type=section&id=4.2%20%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) In H1 2025, advertising services revenue grew by 25.4% year-on-year, securities brokerage revenue was zero, and money lending revenue decreased; overall gross profit margin fell to 48.6%, but fair value of investments held for trading turned from loss to gain, and associate losses significantly reduced, leading to a 96.7% decrease in loss attributable to owners of the Company - Revenue from providing advertising services totaled approximately **HKD 10.4 million**, an increase of approximately **25.4%** compared to the six months ended June 30, 2024[49](index=49&type=chunk) - Revenue from securities brokerage business and money lending business was approximately **zero HKD** (H1 2024: approximately HKD 0.2 million) and approximately **HKD 5.4 million** (H1 2024: approximately HKD 6.9 million), respectively[50](index=50&type=chunk) - The Group's overall gross profit margin was approximately **48.6%**, a decrease from approximately **68.1%** in H1 2024, primarily due to a reduced revenue contribution from high-margin business segments[50](index=50&type=chunk) - Fair value gain on investments held for trading was approximately **HKD 8.9 million** (H1 2024: loss of approximately HKD 35.0 million)[50](index=50&type=chunk) - Loss attributable to owners of the Company was approximately **HKD 0.8 million** (H1 2024: approximately HKD 25.2 million), a decrease of approximately **96.7%**, mainly due to increased fair value gains on investments held for trading and reduced losses from an associate[52](index=52&type=chunk) [Use of Proceeds](index=24&type=section&id=4.3%20%E6%89%80%E5%BE%97%E6%AC%BE%E9%A0%85%E7%94%A8%E9%80%94) This section details the use of proceeds from the open offer and subscription of new shares; the net proceeds of approximately HKD 518 million from the open offer have been largely utilized, with HKD 10 million remaining for regulated activities, and the net proceeds of approximately HKD 47.8 million from the subscription of new shares have been mostly used for expanding advertising business, with HKD 1.2 million remaining [Open Offer](index=24&type=section&id=4.3.1%20%E5%85%AC%E9%96%8B%E7%99%BC%E5%94%AE) Net proceeds from the open offer were approximately HKD 518,270,000, largely utilized, with HKD 10,000,000 remaining for establishing and operating companies licensed for Type 4, 6, and 9 regulated activities under the SFO, expected to be used by December 31, 2025 - Net proceeds from the open offer were approximately **HKD 518,270,000**[53](index=53&type=chunk) Use of Proceeds from Open Offer | Intended Use of Proceeds | Actual Use of Net Proceeds (as at December 31, 2024) (HKD thousands) | Actual Use of Net Proceeds (for the six months ended June 30, 2025) (HKD thousands) | Actual Use of Net Proceeds (as at June 30, 2025) (HKD thousands) | Unutilized Balance of Net Proceeds (HKD thousands) | Expected Timeline for Full Utilization of Remaining Proceeds | | :--- | :--- | :--- | :--- | :--- | :--- | | Establishment and operation of Type 1 company | 275,000 | – | 275,000 | – | – | | Establishment and operation of companies licensed for Type 4, Type 6, and Type 9 regulated activities under the SFO | – | – | – | 10,000 | December 31, 2025 | | Acquisition of companies engaged in e-commerce platform development and operation | 124,000 | – | 124,000 | – | – | | Operation and development of money lending business | 110,000 | – | 110,000 | – | – | | **Total** | **509,000** | **–** | **509,000** | **10,000** | **–** | [Subscription of New Shares](index=26&type=section&id=4.3.2%20%E8%AA%8D%E8%B3%BC%E6%96%B0%E8%82%A1%E4%BB%BD) Net proceeds from the subscription of new shares were approximately HKD 47.8 million, with HKD 46.6 million used to expand the advertising business, and the remaining HKD 1.2 million expected to be utilized by December 31, 2025 - Net proceeds from the subscription (after deducting other expenses) were approximately **HKD 47.8 million**, intended for expanding the advertising business[56](index=56&type=chunk) Use of Proceeds from Subscription of New Shares | Nature | Original Intended Use of Proceeds (HKD millions) | Actual Use of Proceeds as at Report Date (HKD millions) | Balance (HKD millions) | Expected Timeline for Full Utilization of Remaining Proceeds | | :--- | :--- | :--- | :--- | :--- | | Expansion of advertising business | 47.8 | 46.6 | 1.2 | December 31, 2025 | [Material Acquisitions and Disposals of Subsidiaries](index=26&type=section&id=4.4%20%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E5%8F%8A%E5%87%BA%E5%94%AE%E9%99%84%E5%B1%AC%E5%85%AC%E5%8F%B8) For the six months ended June 30, 2025, the Group had no material acquisitions or disposals of subsidiaries - For the six months ended June 30, 2025, there were no material acquisitions or disposals of subsidiaries[58](index=58&type=chunk) [Material Investments](index=26&type=section&id=4.5%20%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87) As of June 30, 2025, the Group's investments held for trading (Hong Kong-listed equity securities) amounted to approximately HKD 83.9 million, with an investment in China Investment and Finance Group Limited accounting for 5.9% of total assets and recording an unrealized gain; the Group will maintain a diversified portfolio and closely monitor performance - As of June 30, 2025, the Group's investments held for trading (i.e., Hong Kong-listed equity securities) amounted to approximately **HKD 83.9 million** (December 31, 2024: approximately HKD 74.0 million)[59](index=59&type=chunk) Material Investment Portfolio | Company Name | Number of Shares | Percentage of Total Issued Share Capital | Market Value (HKD thousands) | Percentage of Group's Total Assets | Fair Value Gain on Investment (HKD thousands) | | :--- | :--- | :--- | :--- | :--- | :--- | | China Investment and Finance Group Limited | 13,000,000 | 3.2% | 19,500 | 5.9% | 2,210 | | Other securities | Not applicable | Not applicable | 64,418 | 19.4% | 6,651 | | **Total** | | | **83,918** | **25.3%** | **8,861** | - The Group will continue to maintain a diversified investment portfolio across various business segments and closely monitor its performance to adjust investment strategies as needed[61](index=61&type=chunk) [Liquidity and Financial Resources](index=28&type=section&id=4.6%20%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90) As of June 30, 2025, the Group's total equity slightly decreased to approximately HKD 154 million, mainly due to exchange differences, and the gearing ratio increased to approximately 53.5% - As of June 30, 2025, the Group's total equity was approximately **HKD 154 million** (December 31, 2024: approximately HKD 155.4 million), with the decrease primarily attributable to exchange differences of approximately **HKD 1.1 million** arising from the translation of foreign operations during the period[62](index=62&type=chunk) - As of June 30, 2025, the Group's gearing ratio (total liabilities as a percentage of total assets) was approximately **53.5%** (December 31, 2024: approximately 51.9%)[62](index=62&type=chunk) - As of June 30, 2025, the Group had bonds payable of approximately **HKD 20.9 million** and other loans of approximately **HKD 10.0 million**[62](index=62&type=chunk) [Pledge of Assets](index=28&type=section&id=4.7%20%E8%B3%87%E7%94%A2%E6%8A%B5%E6%8A%BC) As of June 30, 2025, and December 31, 2024, the Group had not pledged any assets or bank deposits to secure bank borrowings or general banking facilities - As of June 30, 2025, and December 31, 2024, the Group had not pledged any assets or bank deposits to secure bank borrowings and general banking facilities granted to the Group[64](index=64&type=chunk) [Events After Reporting Period](index=29&type=section&id=4.8%20%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) Subsequent to the reporting period, the Company completed a rights issue in July 2025, raising net proceeds of approximately HKD 39.5 million, and its wholly-owned subsidiary, Honor Fame Group Limited, entered into an agreement on August 22, 2025, to conditionally acquire sale shares of BFB Development Inc. for HKD 38.22 million - The Company completed a rights issue in **July 2025**, raising total proceeds of approximately **HKD 40.5 million** and net proceeds of approximately **HKD 39.5 million**[65](index=65&type=chunk) - On **August 22, 2025**, Honor Fame Group Limited, a wholly-owned subsidiary of the Company, entered into an agreement with Brother Angel And His Friends Investment Ltd to conditionally agree to sell sale shares for **HKD 38.22 million**[66](index=66&type=chunk) [Foreign Currency and Treasury Policy](index=29&type=section&id=4.9%20%E5%A4%96%E5%B9%A3%E5%8F%8A%E5%BA%AB%E5%8B%99%E6%94%BF%E7%AD%96) The Group's business transactions, assets, and liabilities are primarily denominated in HKD, USD, or RMB, with a treasury policy aimed at managing foreign exchange risk, and no hedging or speculative activities were undertaken during the period - The majority of the Group's business transactions, assets, and liabilities are denominated in **Hong Kong Dollars, US Dollars, or Renminbi**[67](index=67&type=chunk) - The Group's treasury policy is to manage foreign exchange risk when the Group's financial position is significantly affected, and no financial instruments were held for hedging or speculative activities during the period[67](index=67&type=chunk) [Employees](index=29&type=section&id=4.10%20%E5%83%B1%E5%93%A1) As of June 30, 2025, the Group had 48 employees in Hong Kong and China, a decrease from 55 as of December 31, 2024, with remuneration determined based on market conditions and individual performance - As of June 30, 2025, the Group had **48 employees** in Hong Kong and China (December 31, 2024: 55 employees)[68](index=68&type=chunk) - Salaries, bonuses, and benefits are determined based on market conditions and individual employee performance[68](index=68&type=chunk) [V. Corporate Governance and Shareholder Information](index=30&type=section&id=V.%20%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%8F%8A%E8%82%A1%E6%9D%B1%E4%BF%A1%E6%81%AF) [Directors' Interests in Shares](index=30&type=section&id=5.1%20%E8%91%A3%E4%BA%8B%E6%96%BC%E8%82%A1%E4%BB%BD%E4%B9%8B%E6%AC%8A%E7%9B%8A) As of June 30, 2025, Mr. Li Wei held shares and share options in the Company, totaling 5.17% of the issued shares, while Mr. Luo Zhihong held share options, representing 0.43% Directors' Long Positions in Shares and Underlying Shares of the Company | Director's Name | Nature of Interest | Number of Shares Held | Number of Underlying Shares Held under the Company's Share Option Scheme | Percentage of the Company's Issued Shares as at June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | | Li Wei | Beneficial owner | 30,778,750 | 7,300,000 | 5.17% | | Luo Zhihong | Beneficial owner | – | 3,180,000 | 0.43% | [Substantial Shareholders' and Other Persons' Interests and Short Positions in Shares and Underlying Shares of the Company](index=31&type=section&id=5.2%20%E4%B8%BB%E8%A6%81%E8%82%A1%E6%9D%B1%E5%8F%8A%E5%85%B6%E4%BB%96%E4%BA%BA%E5%A3%AB%E6%96%BC%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%82%A1%E4%BB%BD%E5%8F%8A%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E7%9A%84%E6%AC%8A%E7%9B%8A%E5%8F%8A%E6%B7%A1%E5%80%89) As of June 30, 2025, Mr. Li Wei held shares and share options in the Company, totaling 5.17% of the issued shares, and Yongrong (Hong Kong) Asset Management Co., Limited was a substantial shareholder, holding 18.60% of the shares Substantial Shareholders' and Other Persons' Long Positions in Shares and Underlying Shares of the Company | Name | Nature of Interest | Number of Shares Held | Number of Underlying Shares Held under the Company's Share Option Scheme | Percentage of the Company's Issued Shares as at June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | | Li Wei | Beneficial owner | 30,778,750 | 7,300,000 | 5.17% | | Yongrong (Hong Kong) Asset Management Co., Limited | Beneficial owner | 136,940,000 | – | 18.60% | [Purchase, Redemption or Sale of the Company's Listed Securities](index=31&type=section&id=5.3%20%E8%B3%BC%E8%B2%B7%E3%80%81%E8%B4%96%E5%9B%9E%E6%88%96%E5%87%BA%E5%94%AE%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, redeemed, or sold any of the Company's listed securities - Neither the Company nor any of its subsidiaries purchased, redeemed, or sold any of the Company's listed securities for the six months ended June 30, 2025[72](index=72&type=chunk) [Corporate Governance](index=32&type=section&id=5.4%20%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB) The Company complied with the Corporate Governance Code in Appendix C1 of the Listing Rules during the period, except for a more flexible approach to board meeting notice periods, with the Remuneration, Nomination, and Audit Committees all comprising independent non-executive directors - The Company complied with the Corporate Governance Code set out in Appendix C1 of the Listing Rules during the period, except for a more flexible approach to board meeting notice periods[73](index=73&type=chunk) - The Remuneration Committee, Nomination Committee, and Audit Committee are all composed of independent non-executive directors, ensuring independent oversight[74](index=74&type=chunk)[75](index=75&type=chunk)[76](index=76&type=chunk) - All Directors confirmed their compliance with the Model Code for Securities Transactions by Directors of Listed Issuers for the six months ended June 30, 2025[77](index=77&type=chunk) [Board of Directors](index=33&type=section&id=5.5%20%E8%91%A3%E4%BA%8B%E6%9C%83%E6%88%90%E5%93%A1) As of the reporting date, the Board of Directors comprised four executive directors, including Chairman Mr. Li Wei, and three independent non-executive directors - The Board of Directors includes four executive directors: Mr. Zhou Hongtao, Mr. Li Liang, Mr. Li Wei (Chairman), and Mr. Li Zhen[78](index=78&type=chunk) - The Board of Directors includes three independent non-executive directors: Mr. Luo Zhihong, Ms. Fang Ying, and Mr. Guo Hui[78](index=78&type=chunk)

（於開曼群島註冊成立的有限公司） （股份代號：1107） 截 至2024年12月31日 止 年 度 之 全 年 業 績 公 告 全 年 業 績 當 代 置 業（中 國）有 限 公 司（「本 公 司」，連 同 其 附 屬 公 司 統 稱「本 集 團」） 董 事（「董 事」，各 自 為 一 名「董 事」）會（「董 事 會」）謹 此 宣 佈 本 集 團 截 至 2024年12月31日 止 年 度 之 經 審 核 合 併 業 績 及 上 一 財 政 年 度 之 比 較 數 字 如 下： 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 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 的 任 何 損 失 承 擔 任 何 責 任。 – 1 – 合 併 損 益 及 其 他 全 面 收 入 報 表 MODERN LAND (CHINA) CO., LIMITED 當代置業（中國） ...

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 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 的 任 何 損 失 承 擔 任 何 責 任。 MODERN LAND (CHINA) CO., LIMITED 當代置業（中國）有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1107） | | | | | | | | | | | | | 2024年 | | | | | | | | | | | | | | | | | | 2023年 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

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 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 的 任 何 損 失 承 擔 任 何 責 任。 MODERN LAND (CHINA) CO., LIMITED 當代置業（中國）有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1107） 截 至2023年12月31日 止 年 度 之 全 年 業 績 公 告 全 年 業 績 當 代 置 業（中 國）有 限 公 司（「本 公 司」，連 同 其 附 屬 公 司 統 稱「本 集 團」） 董 事（「董 事」，各 自 為 一 名「董 事」）會（「董 事 會」）謹 此 宣 佈 本 集 團 截 至 2023年12月31日 止 年 度 之 經 審 核 合 併 業 績 及 上 一 財 政 年 度 之 比 較 數 字 如 下： – 1 – 合 併 損 益 及 其 他 全 面 收 入 ...