2025 中期報告 2025 INTERIM REPORT INTERIM REPORT 公司資料 董事 執行董事 2025 王宇先生 （董事長兼首席執行官） 邱波先生 中期報告 獨立非執行董事 目錄 趙玉文先生 鄺偉信先生 謝韻女士 2 公司資料 4 管理層討論及分析 11 企業管治及其他資料 17 中期簡明綜合財務報表審閱報告 20 簡明綜合損益及其他全面收益表 22 簡明綜合財務狀況表 24 簡明綜合權益變動表 25 簡明綜合現金流量表 26 中期簡明綜合財務報表附註 56 釋義 鄺偉信先生 （主席） 趙玉文先生 謝韻女士 薪酬委員會 鄺偉信先生 （主席） 趙玉文先生 謝韻女士 邱波先生 提名委員會 王宇先生 （主席） 鄺偉信先生 趙玉文先生 公司秘書 盧斌先生 授權代表 王宇先生 邱波先生 註冊辦事處 審核委員會 Cricket Square, Hutchins Drive P.O. Box 2681 Grand Cayman, KY1-1111 Cayman Islands 總部及香港主要營業地點 香港 灣仔港灣道26號 華潤大廈38樓3803-05室 中國主要營業地點 中國江蘇 無錫市 國家高新技 ...

Contents 目 錄 | | | 頁碼 | | --- | --- | --- | | Corporate Information | 公司資料 | 2 | | Financial Highlights and Key Performance Index | 財務摘要及關鍵業務指標 | 4 | | Consolidated Statement of Profit or Loss | 綜合損益表 | 9 | | Consolidated Statement of Profit or Loss and | 綜合損益及其他全面收益表 | 10 | | Other Comprehensive Income | | | | Consolidated Statement of Financial Position | 綜合財務狀況表 | 11 | | Consolidated Statement of Changes in Equity | 綜合權益變動表 | 13 | | Condensed Consolidated Cash Flow Statement | 簡明綜合現金流量表 | 16 | | Notes to ...

Market Performance - In the first half of 2025, the overall market capacity of the central air conditioning sector declined by 15.9% year-on-year, with traditional application scenarios like commercial and public buildings contracting by 5.6%[8] - The home air conditioning market saw retail volume and retail value increase by 28.5% and 24.9% year-on-year, respectively, driven by the old-for-new policy and rising demand for healthy air[9] - The domestic refrigerator market experienced a retail volume growth of 2.9% and a retail value growth of 3.9% in the first half of 2025, with high-end products (priced above 8000 RMB) seeing a retail value increase of 25.7%[10] - The washing machine market grew by 7.3% in retail volume year-on-year, supported by national subsidy policies encouraging appliance upgrades[12] - The global refrigerator export volume increased by 6.5%, while washing machine and air conditioning exports rose by 10% and 15.2%, respectively, in the first five months of 2025[14] Company Performance - The company holds over 20% market share in the multi-split air conditioning business, maintaining its leading position in the industry[16] - The company's home decoration business achieved a 13% year-on-year growth in scale, driven by innovative air solutions integrating five core functions with AI control[17] - The company signed contracts for old equipment renovation projects with a total value that increased by 110% year-on-year, highlighting its commitment to market expansion[20] - The company's energy-saving and low-carbon solutions in the water machine segment received the 2025 Refrigeration Exhibition Innovation Product Award, showcasing its technological advancements[21] - The company's revenue for the reporting period reached approximately RMB 49.34 billion, a year-on-year increase of 1.44%[50] Financial Highlights - Net profit attributable to shareholders was approximately RMB 2.08 billion, reflecting a year-on-year growth of 3.01%[50] - The net cash flow from operating activities surged by 153.43% to approximately RMB 5.32 billion compared to the previous year[50] - Total assets increased by 7.33% to approximately RMB 74.81 billion compared to the end of the previous year[50] - The gross profit margin for the manufacturing sector was 22.66%, a decrease of 0.01% compared to the previous year[62] - The company reported a net increase in cash and cash equivalents of RMB 1,075,732,900.97, reversing a decrease of RMB 127,424,266.33 from the previous year[57] Regional Performance - In the European region, revenue increased by 22.7%, with refrigerator market share rising by 1.75 percentage points[41] - The Americas region saw a revenue growth of 26.2%, with washing machine sales increasing by 71%[42] - The Middle East and Africa region reported a revenue increase of 22.8%, with air conditioning revenue growing by 28.9%[43] - The Asia-Pacific region's revenue grew by 14.5%, with washing machine sales increasing by 9%[44] Research and Development - The company has established over 20 provincial and national-level technology innovation platforms, focusing on smart, healthy, and energy-saving technology innovations[93] - The company achieved a 16.8% improvement in overall operational energy efficiency for home air conditioning systems, enhancing user comfort[94] - The company developed a dual-direction fresh air exchange technology, improving fresh air replacement efficiency by 21%[94] - The company has made breakthroughs in key technologies for centrifugal compressors, achieving international leading levels in energy efficiency and operational reliability[94] - The company continues to focus on research and development in home appliances, including air conditioning and refrigeration systems, to enhance its market position[166] Corporate Governance - The company has not experienced any bankruptcy reorganization matters during the reporting period[127] - The board of directors has confirmed that there are no overdue commitments from major shareholders during the reporting period[126] - The company has no major properties, factories, or equipment pledged as collateral for borrowings as of June 30, 2025[119] - There were no significant changes in the information of directors, supervisors, and senior management during the reporting period[137] - The financial report for the half-year period was not audited[140] Shareholder Information - As of June 30, 2025, the company's total issued share capital is 1,385,616,805 shares, with A shares accounting for 66.83% (926,026,997 shares) and H shares for 33.17% (459,589,808 shares)[120] - The top ten shareholders hold a total of 1,066,000,000 shares, representing 76.94% of the company's issued share capital, with Qingdao Hisense Air Conditioning Co., Ltd. holding 37.29% (516,758,670 shares)[121] - The company has a total of 41,209 shareholders as of June 30, 2025[121] - The company declared a final dividend of RMB 12.30 per 10 shares for the year ending December 31, 2024, totaling approximately RMB 1.7 billion distributed to shareholders[135] - The company did not declare an interim dividend for the reporting period, consistent with the previous year[136] Risk Management - The group faced significant risks including macroeconomic fluctuations, rising costs, and exchange rate volatility, which could impact consumer demand and profitability[103] - The group has implemented strategies to enhance its resilience against economic challenges, including high-end product transformation and deep development in emerging markets[102] - The group utilized financial instruments such as import and export financing and forward contracts to hedge against exchange rate risks during the reporting period[114] - The company established a foreign exchange risk management team to monitor and manage currency exposure effectively[76] - The company has maintained its commitment to sustainable operations, with no significant doubts regarding its ability to continue as a going concern for the next 12 months[169]

Financial Performance - Revenue for the first half of 2025 increased by approximately HK$2.4 million or 4.7% to approximately HK$52.4 million compared to HK$50.0 million in the first half of 2024[16]. - Loss before tax for the first half of 2025 was HK$5.1 million, an increase of 82.3% from HK$2.8 million in the first half of 2024[14]. - Loss for the period increased to HK$4.96 million in the first half of 2025 from HK$2.94 million in the first half of 2024, representing a 68.5% increase[14]. - Basic and diluted loss per share for the first half of 2025 was HK$0.45, up from HK$0.27 in the first half of 2024, marking a 68.5% increase[14]. - Total comprehensive expense for the period was HK$1,824,000, an improvement from HK$3,360,000 in the same period last year[74]. - Loss for the period attributable to owners of the Company was HK$4,958,000 in 2025, compared to HK$2,943,000 in 2024, indicating an increase in loss of about 68%[131]. Revenue Breakdown - Revenue from Hotel Operation accounted for approximately 56.8% of total revenue, increasing by approximately HK$2.6 million or 9.7% from approximately HK$27.1 million in 1H2024 to approximately HK$29.7 million in 1H2025[44]. - Revenue from Properties Management accounted for approximately 36.7% of total revenue, increasing by approximately HK$0.3 million or 1.5% from approximately HK$18.9 million in 1H2024 to approximately HK$19.2 million in 1H2025[45]. - Revenue from Catering Management decreased by approximately HK$0.5 million or 13.6% from approximately HK$4.0 million in 1H2024 to approximately HK$3.4 million in 1H2025, primarily due to a decrease in the total number of customers[46]. - Hotel operations revenue increased by approximately 9.7% to about HKD 29,700,000 in 1H2025, compared to HKD 27,100,000 in 1H2024, contributing approximately 56.8% to total revenue[47]. - Property management revenue rose by approximately 1.5% to about HKD 19,200,000 in 1H2025, up from HKD 18,900,000 in 1H2024, accounting for approximately 36.7% of total revenue[48]. - Catering management revenue decreased by approximately 13.6% to about HKD 3,400,000 in 1H2025, down from HKD 4,000,000 in 1H2024, representing about 6.6% of total revenue[49]. Expenses and Costs - Gross profit decreased by approximately HK$2.4 million from HK$13.5 million in the first half of 2024 to HK$11.1 million in the first half of 2025, primarily due to higher direct costs[17]. - Administrative expenses rose by approximately HK$0.6 million or 4.3% from HK$14.9 million in the first half of 2024 to HK$15.6 million in the first half of 2025[18]. - Staff costs increased by approximately HK$3.7 million or 16.4% from approximately HK$22.7 million in 1H2024 to approximately HK$26.4 million in 1H2025, mainly due to business expansion in Hotel Operation and Properties Management[36]. - Total depreciation expenses rose to HK$2,204,000 in 2025 from HK$1,858,000 in 2024, marking an increase of approximately 18.5%[125]. - The total legal and professional fees incurred were HK$2,688,000 in 2025, up from HK$2,239,000 in 2024, representing an increase of about 20%[125]. Assets and Liabilities - Total assets as of June 30, 2025, were HK$111.3 million, a 1.2% increase from HK$110.0 million at the end of 2024[14]. - Total liabilities increased by 2.1% to HK$148.8 million as of June 30, 2025, compared to HK$145.7 million at the end of 2024[14]. - The Group's net current liabilities rose by approximately HK$6.0 million from approximately HK$118.0 million as of December 31, 2024, to approximately HK$124.0 million as of June 30, 2025, with the current ratio decreasing from approximately 0.15 times to approximately 0.13 times[21]. - Non-current assets increased to HK$93,337,000 as of June 30, 2025, up from HK$89,564,000 at the end of 2024[76]. - Current liabilities rose to HK$141,885,000, compared to HK$138,369,000 at the end of 2024, indicating a 3.6% increase[76]. - Net liabilities stood at HK$37,502,000 as of June 30, 2025, worsening from HK$35,678,000 at the end of 2024[77]. Cash Flow - As of June 30, 2025, bank balances and cash amounted to approximately HK$7.4 million, down from approximately HK$10.2 million as of December 31, 2024[22]. - The net cash used in operating activities for the six months ended June 30, 2025, was HK$3,196,000, compared to HK$964,000 in the same period of 2024[91]. - The net cash used in investing activities for the same period was HK$1,607,000, an increase from HK$849,000 in 2024[91]. - Financing activities generated a net cash inflow of HK$743,000 for the six months ended June 30, 2025, down from HK$1,549,000 in 2024[91]. - Cash and cash equivalents decreased to HK$7,388,000 from HK$10,189,000, reflecting a decline of 27.5%[76]. Compliance and Governance - The company has maintained the required amount of public float as per the Listing Rules during the six months ended June 30, 2025[62]. - The company has complied with the Corporate Governance Code during the six months ended June 30, 2025[63]. - All directors have complied with the Model Code for Securities Transactions during the period ended June 30, 2025[64]. - The audit committee confirmed compliance with applicable accounting principles and adequate disclosures for the financial statements[70]. Strategic Outlook - The overall outlook for the hotel business in Canada and property management in the PRC remains stable despite potential economic challenges[50]. - The management team is implementing measures to reduce operating losses and improve financial results while exploring new business opportunities[51]. - The company continues to adopt the going concern basis of accounting, indicating confidence in its operational sustainability for the foreseeable future[97].

本集團的成功發展源於董事局主席許健康先生的創新理念，從一開始就 注入企業發展之中，並一直推動著企業變革。本集團將繼續堅定做負責 任的企業，堅持走高質量發展之路，秉承「讓空間有愛」的企業使命，遵 循「簡單真實、共生共贏、進無止盡」的企業價值觀，繼續發揚「誠信、 恭謙、創新、敬業」的企業精神，堅定不移地凝聚全體寶龍人的智慧與 力量，同心同路，砥礪前行，為促進行業平穩健康發展和良性循環貢獻 力量，繼續為企業、為社會、為國家創造更多的價值。 2 寶龍地產控股有限公司 二零二五年中期報告 公司資料 目錄 | 集團簡介 | 2 | | --- | --- | | 公司資料 | 3 | | 管理層討論及分析 | 4 | | 權益披露 | 13 | | 企業管治 | 16 | | 中期簡明綜合財務資料的審閱報告 | 20 | | 中期簡明綜合資產負債表 | 22 | | 中期簡明綜合全面收益表 | 24 | | 中期簡明綜合權益變動表 | 25 | | 中期簡明綜合現金流量表 | 27 | | 中期簡明綜合財務資料附註 | 28 | 寶龍地產控股有限公司 二零二五年中期報告 集團簡介 寶龍地產控股有限公司(1238.HK)（ ...

Financial Performance - The Group recorded a loss of approximately US$0.5 million for the six months ended June 30, 2025, compared to a loss of approximately US$0.1 million for the same period in 2024[13]. - Revenue for the Period was approximately US$2.9 million, a decrease of approximately US$0.2 million from US$3.1 million in the same period of 2024, primarily due to reduced trading of PCB and AI materials[14]. - Gross profit decreased from approximately US$1.5 million in 2024 to approximately US$1.1 million in 2025, mainly due to lower margins from rental TV income[16]. - The Group recorded a net loss of approximately US$0.5 million for the six months ended 30 June 2025, compared to a net current asset of approximately US$4.5 million as of the same date, an increase from US$4.1 million as of 31 December 2024[35][40]. - The Group's cash and cash equivalents decreased to approximately US$0.3 million as of 30 June 2025, down from approximately US$0.9 million as of 31 December 2024[35][40]. - The basic and diluted loss per share for the six months ended 30 June 2025 is approximately US$0.33 cents[111]. - Loss before tax for the period was $469,000, compared to a loss of $134,000 in the prior year, indicating a significant increase in losses[134]. - Loss for the period attributable to owners of the Company was $311,000, a decrease from $498,000 in the previous year[136]. - Total comprehensive expense for the period was $487,000, an improvement from $1,557,000 in the same period last year[134]. - The company reported a net loss for the period of US$311,000, compared to a loss of US$498,000 in the same period last year, indicating a reduction in losses by 37.5%[140]. Expenses and Costs - Administrative expenses remained steady at approximately US$0.7 million compared to US$0.5 million in the corresponding period of 2024[17]. - Finance costs for the Period amounted to approximately US$0.4 million, consistent with the same period in 2024, primarily representing effective interest expense on convertible notes[25]. - Market development and promotion expenses decreased due to tighter cost control, including reductions in consultancy fees and travel expenses[24]. - Staff costs, including directors' remuneration, decreased to $215,000 in the first half of 2025 from $306,000 in 2024, a reduction of approximately 30%[172]. - Legal and professional fees increased slightly to $80,000 in the first half of 2025 from $76,000 in 2024, a rise of approximately 5%[172]. - Effective interest expense on convertible notes increased to $371,000 for the six months ended June 30, 2025, compared to $317,000 in the same period of 2024, representing a 17% increase[164]. Assets and Liabilities - As of June 30, 2025, total assets less current liabilities amounted to US$33,439,000, an increase from US$33,283,000 as of December 31, 2024, reflecting a growth of 0.47%[137]. - Net current assets increased to US$4,541,000 from US$4,142,000, representing a growth of 9.66%[137]. - Non-current liabilities, including convertible notes, increased to US$9,991,000 from US$9,620,000, an increase of 3.86%[139]. - Total equity decreased to US$23,448,000 from US$23,659,000, a decline of 0.89%[139]. - Trade and other receivables rose to US$1,804,000 from US$1,584,000, an increase of 13.84%[137]. - The company reported a decrease in lease liabilities from US$23,000 to US$12,000, a reduction of 47.83%[137]. - Trade receivables increased to US$1,622,000 as of June 30, 2025, up from US$1,474,000 at December 31, 2024, representing a growth of 10.05%[193]. - Trade payables rose to US$632,000 as of June 30, 2025, compared to US$498,000 at December 31, 2024, reflecting a 26.87% increase[195]. - Accruals decreased to US$789,000 as of June 30, 2025, down from US$1,041,000 at December 31, 2024, indicating a reduction of 24.19%[195]. Share Capital and Convertible Notes - CCH holds convertible notes amounting to US$12,000,000, convertible into 13,337,142 shares, representing approximately 13.99% of the issued shares[76]. - The convertible notes are unlisted, interest-free, and convertible at a price of HK$7.0 per share[77]. - The total number of shares available under the 2023 Share Option Scheme is 8,961,949, which is approximately 10% of the issued shares as of January 1, 2025, and June 30, 2025[85]. - The company issued US$96,000,000 in convertible notes on May 29, 2018, with a conversion price of HK$0.4 per share[89]. - The initial number of ordinary shares issuable upon conversion of the 2025 CN is 1,862,400,000 shares, representing 41.5% of the total ordinary shares outstanding at the time of issuance[90]. - The liability component of the 2025 CN was initially measured at approximately US$44,137,000, with an effective interest rate of 11.41% per annum[94]. - The equity component of the 2025 CN amounted to approximately US$51,863,000, presented in equity as convertible notes reserve[94]. - The company conditionally agreed to issue US$65,000,000 in convertible notes under the 2028 CN Subscription Agreement, maturing on the seventh anniversary of the issue date[96]. - The outstanding 2028 Convertible Notes (CN) principal amount as of 30 June 2025 is US$12,000,000, with a potential increase of 13,337,142 shares, representing approximately 13.99% of the issued shares[104]. - Upon full conversion of the 2028 CN, the number of issued shares will increase to approximately 108,656,636 shares, reflecting a dilution impact of approximately 12.27%[106]. - The equity interest of substantial shareholders will change from 50.19% to 56.31% upon full conversion of the 2028 CN[110]. Strategic Focus and Development - The Company is focused on developing advanced satellite communication services utilizing L-band spectrum for scientific research and environmental monitoring, positioning itself as a key player in global scientific advancement[61]. - The L-band platform provides low-latency connectivity essential for long-duration experiments in remote field stations[67]. - The company is establishing strategic collaborations with industry innovators to develop integrated solutions for sustainable food production[67]. - Active partnerships with space agencies and research institutions aim to co-develop specialized communication payloads and data protocols[68]. - The company positions its L-band platform as critical infrastructure for scientific discovery and sustainable development[69]. - The Group is negotiating with potential investors for fundraising arrangements to support its financial obligations[148]. - Chi Capital Holdings Ltd has agreed to provide continuous financial support to the Group[148]. - The company remains confident in the regulatory approval process and is exploring satellite data-casting services in the ASEAN region[189]. Governance and Compliance - The Company has maintained compliance with the Corporate Governance Code throughout the reporting period, except for the separation of the roles of chairman and chief executive[125]. - The Audit Committee has reviewed the financial statements and recommended their adoption by the Board[126]. - The Company has not engaged in any purchase, sale, or redemption of its listed securities during the period[121]. - The Company is committed to enhancing communication with shareholders and stakeholders through an established shareholder communication policy[128]. Taxation - No provision for Hong Kong Profits Tax has been made as the Group had no assessable profit arising in Hong Kong for both periods[166]. - The US Income Tax rate remained constant at 24% for both periods, with no assessable profits reported[167]. - Taiwan Income Tax was charged at 20%, but no provision was made due to the absence of assessable profits in both periods[168].

Revenue and Profitability - The group's revenue increased from approximately RMB 0.20 million for the six months ended June 30, 2024, to approximately RMB 0.80 million for the six months ended June 30, 2025, primarily due to an increase in contract value[12]. - The gross profit decreased from approximately RMB 0.09 million for the six months ended June 30, 2024, to approximately RMB 0.02 million for the six months ended June 30, 2025[13]. - For the six months ended June 30, 2025, the group reported revenue of RMB 840,000, a decrease from RMB 1,971,000 in the same period of 2024[46]. - The group incurred a net loss of RMB 16.87 million for the six months ended June 30, 2025, compared to a net loss of RMB 8.51 million for the same period in 2024[46]. - The group’s administrative expenses for the six months ended June 30, 2025, were RMB 3.63 million, down from RMB 5.42 million in the same period of 2024[46]. - The group’s financial costs for the six months ended June 30, 2025, were RMB 11.20 million, compared to RMB 13.94 million for the same period in 2024[46]. - For the six months ended June 30, 2025, the group reported a net loss of approximately RMB 16,871,000, compared to a net loss of RMB 8,514,000 for the same period in 2024[69]. Cash Flow and Liquidity - As of June 30, 2025, the group's cash and cash equivalents decreased to approximately RMB 5.44 million from RMB 7.03 million as of December 31, 2024, primarily due to daily operational expenses[15]. - Cash and cash equivalents decreased to RMB 106,000 as of June 30, 2025, from RMB 486,000 at the beginning of the period[49]. - The group’s cash and cash equivalents as of June 30, 2025, were approximately RMB 106,000, indicating significant liquidity challenges[57]. - The group is implementing several measures to control administrative expenses to conserve cash flow[59]. Debt and Liabilities - The group reported a loss of approximately RMB 16.87 million for the six months ended June 30, 2025, mainly due to revenues not covering administrative expenses and financial costs[14]. - Trade and other payables increased from approximately RMB 448.71 million as of December 31, 2024, to approximately RMB 462.19 million as of June 30, 2025, due to financial strain and delayed payments[17]. - The group's debt remained stable at approximately RMB 224.81 million as of June 30, 2025, consistent with the previous period[18]. - The asset-liability ratio increased to 1426.91% as of June 30, 2025, from 1319.04% as of December 31, 2024, primarily due to the current period's losses[20]. - The group has defaulted on loans totaling approximately RMB 224.81 million, with RMB 217.70 million owed to eight banks[43]. - The group estimates potential liabilities from lawsuits, including payables, interest, and penalties, to be around RMB 82.88 million, which has been accrued[24]. - Total liabilities increased to RMB 774.85 million as of June 30, 2025, compared to RMB 761.40 million as of December 31, 2024[47]. Employee and Operational Metrics - Employee costs for the six months ending June 30, 2025, were approximately RMB 2.27 million, down from RMB 3.02 million for the same period in 2024[29]. - The group currently has 24 employees as of June 30, 2025, a decrease from 39 employees as of December 31, 2024[29]. Corporate Governance and Shareholder Information - The company has maintained good corporate governance practices and fully complied with applicable corporate governance codes during the reporting period, except for a deviation regarding the roles of the Chairman and CEO[40]. - The Chairman and CEO, Mr. Ye Yujing, holds both positions, which the board believes aids in effective planning and management[40]. - Major shareholders include Ningbo Meishan Bonded Port Area Yixiang Investment Center with a 7.06% stake and Shenzhen Qianhai Xingwang Investment Management with a 12.67% stake[33]. - The company has issued a total of 240,930,645 shares, including 178,167,645 domestic shares and 62,763,000 H shares[34]. - The board does not recommend an interim dividend for the six months ending June 30, 2025, consistent with 2024[28]. - The company has not purchased, sold, or redeemed any of its listed securities during the reporting period[37]. - There have been no changes in the information of directors and supervisors since the last annual report[36]. - The company has adopted a standard code for securities trading, and all directors and supervisors have confirmed compliance during the reporting period[39]. - The board will review the company's corporate governance policies and compliance with the corporate governance code annually[41]. - The company is committed to maintaining high standards of business ethics and corporate governance to enhance shareholder interests[40]. Future Plans and Market Strategy - The group aims to become an internationally leading green decoration service provider, focusing on debt restructuring and attracting new investors to mitigate risks[7]. - The group plans to enhance its business by focusing on niche markets, particularly in the Guangdong-Hong Kong-Macao Greater Bay Area, and improving project management processes[8][9]. - The group has no current plans for market expansion or new product development as indicated in the financial report[27]. Legal and Regulatory Matters - As of June 30, 2025, the group has approximately RMB 5.33 million in bank deposits frozen by Chinese courts due to financial difficulties and overdue bank loans[24]. - The group has not received any waivers from lenders regarding the loan defaults[43]. - The group has not made any significant disclosures regarding events after the reporting period[45].

Financial Performance - For the six months ended June 30, 2025, the loss attributable to owners of the company was HK$298 million, a decrease of 2.9% compared to HK$307 million in the same period of 2024[7]. - Basic loss per share improved slightly to HK(12.92) cents from HK(13.32) cents, a change of 3.0%[7]. - The loss attributable to the owners of the Company decreased by approximately 3.0% from approximately HK$306,999,000 for Period 2024 to approximately HK$297,838,000 for Period 2025[39]. - Loss before taxation for the period was HK$324,414,000, slightly improved from a loss of HK$341,336,000 in the same period last year[146]. - Total comprehensive loss for the period was HK$268,680,000, compared to HK$361,862,000 in 2024, reflecting a decrease of 25.7%[148]. - The total loss for the period ended June 30, 2025, was HK$299,610,000, compared to a loss of HK$334,873,000 for the same period in 2024, representing a decrease of about 10.5%[176]. Assets and Liabilities - Net assets decreased by 36.4% to HK$1,989 million from HK$3,125 million year-on-year[7]. - Total assets declined by 12.5% to HK$6,552 million compared to HK$7,489 million in the previous year[7]. - Non-current assets decreased to HK$3,774,830,000 as of June 30, 2025, down from HK$4,227,628,000 at the end of 2024[149]. - Current liabilities increased to HK$4,387,200,000 from HK$4,223,476,000, marking an increase of 3.9%[149]. - The Group's total borrowings amounted to approximately HK$3,483,021,000, an increase from HK$3,445,720,000 as of December 31, 2024[72]. - The net impairment loss on financial assets increased from approximately HK$4,717,000 in 2024 to approximately HK$55,243,000 in 2025, primarily due to the deterioration in the credit quality of receivables[50]. Revenue and Income - Revenue for Period 2025 included rental income from East Gate Plaza of approximately HK$50,234,000, an increase from HK$46,961,000 in Period 2024, and income from distributed photovoltaic power generation of approximately HK$576,000[42]. - Revenue for the six months ended June 30, 2025, increased to HK$50,810,000 from HK$46,961,000 in 2024, representing an increase of 3.7%[146]. - Income from distributed photovoltaic power generation was approximately HK$576,000 recorded by the Group for Period 2025[35]. - Other income decreased from approximately HK$38,337,000 for Period 2024 to approximately HK$29,493,000 for Period 2025, mainly due to a drop in interest income from loan receivables from approximately HK$36,133,000 to approximately HK$14,714,000[43]. Operational Developments - The Group's distributed photovoltaic power generation capacity expanded to approximately 10 megawatts (MW) with six operational stations and two under construction by June 30, 2025[18]. - The Group has 30 potential photovoltaic projects under negotiation, expected to yield an aggregate installed capacity exceeding 30MW[18]. - The energy storage business is progressing with a 15 megawatt-hour (MWh) project, with construction contracts signed in July 2025[17]. - The Group's energy-saving and emission-reduction initiatives are being promoted alongside digital transformation efforts in its operations[23]. Financial Management - The Group has adopted a conservative treasury policy to manage investment costs and returns efficiently, while closely monitoring liquidity to meet funding requirements[63]. - The Group's cash flow projections indicate sufficient working capital to finance operations and meet financial obligations for at least twelve months from 30 June 2025[87]. - The Group plans to expedite the disposal of financial asset investments, including equity investments and non-performing assets[89]. - The Group is negotiating with lenders for the settlement and/or refinancing of borrowings[89]. Governance and Compliance - The Company has complied with all applicable code provisions of the Corporate Governance Code throughout the reporting period, except for specified deviations[124]. - All independent non-executive directors have served more than nine years on the Board, and the Company is in the process of identifying a suitable candidate for a new independent non-executive director[128]. - The Group's unaudited condensed consolidated financial statements for Period 2025 were reviewed and accepted by the audit committee on August 29, 2025[130]. Shareholding Structure - As of June 30, 2025, Mr. Chu holds 679,890,022 shares, representing 29.50% of the total issued shares of 2,304,849,611[138]. - Central Huijin Investment Ltd., China Cinda Asset Management Co., Ltd., and their affiliates collectively hold 450,300,000 shares, accounting for 19.54% of the total issued shares[141]. - The shareholding structure indicates significant control by a few entities, highlighting potential influence over corporate decisions[145].

CORPORATE INFORMATION 公司資料 BOARD OF DIRECTORS Executive Directors Mr. Zheng Guangfeng (Vice Chairman, General Manager) Ms. Wang Rui Mr. Liu Hui Non-executive Directors Mr. Mei Wei (Chairman) Mr. Dai Richeng Mr. Xia Lin Independent Non-executive Directors Mr. Liu Shuen Kong Mr. Zhong Wei Mr. Zhou Beihai Contents 目錄 | Corporate Information | 2 | | --- | --- | | 公司資料 | | | Definitions | 5 | | 釋義 | | | Financial Highlights | 8 | | 財務摘要 | | | Management Discussion and Analysis | 9 | | 管理層討論及分析 | | | Disclosure o ...

SHENZHEN HIPINE PRECISION TECHNOLOGY CO., LTD. 深圳西普尼精密科技股份有限公司 (A joint stock company incorporated in the People's Republic of China with limited liability) (於中華人民共和國註冊成立的股份有限公司) Stock Code 股份代號 : 2583 中 期 報 告 Contents 目錄 | Corporate Information | 公司資料 | 2 | | --- | --- | --- | | Financial Highlights | 財務摘要 | 4 | | Management Discussion and Analysis | 管理層討論及分析 | 5 | | Directors' and Chief Executives' Interests in | 董事及最高行政人員 | 12 | | Securities | 於債券之權益 | | | Substantial Shareholders' Interests in | 主要股東於股份 ...