香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 HING YIP HOLDINGS LIMITED 興業控股有限公司 （於百慕達註冊成立之有限公司） （股份代號：00132） 二零二五年度中期業績公佈 未經審核綜合業績 興業控股有限公司（「本公司」）董事會（「董事」）宣佈，本公司及其附屬公司（「本集團」）截至二 零二五年六月三十日止六個月之未經審核綜合業績連同二零二四年同期未經審核的比較數字 如下： 簡明綜合損益及其他全面收益表 截至二零二五年六月三十日止六個月 | | | 截至六月三十日止六個月 | | | --- | --- | --- | --- | | | | 二零二五年 | 二零二四年 | | | 附註 | 港幣千元 | 港幣千元 | | | | （未經審核） | （未經審核） | | 持續經營之業務 | | | | | 收入 | 3 | 417,990 | 411,025 | | 銷售及服務成本 | | (220,306) | (232, ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 ZG Group 找鋼產業互聯集團 （於開曼群島註冊成立以不同投票權控制的有限公司，以ZGW之名稱於香港進行業務） （股份代號：6676） （權證代號：2572） 截至2025年6月30日止六個月的 中期業績公告 找鋼產業互聯集團（於開曼群島註冊成立以不同投票權控制的有限公司，以ZGW 之名稱於香港進行業務）（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公 司、其附屬公司及綜合聯屬實體（「本集團」）截至2025年6月30日止六個月（「報告 期」）的未經審核中期綜合業績，連同2024年同期的比較數字。此等中期業績乃根 據國際財務報告準則（「國際財務報告準則」）編製，並經董事會的審核委員會（「審 核委員會」）審閱。本公司獨立核數師德勤•關黃陳方會計師行已根據香港審閱準則 第2410號「由實體的獨立核數師執行中期財務資料審閱」審閱我們截至2025年6月 30日止六個月的中期財務資料。 在本公告中，「 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致之任 何 損 失 承 擔 任 何 責 任。 Luyuan Group Holding (Cayman) Limited 綠 源 集 團 控 股（開 曼）有 限 公 司* （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：2451） 截 至2025年6月30日止六個月之未經審核中期業績公告 Luyuan Group Holding (Cayman) Limited（「本公司」或「綠 源」）董 事（「董 事」）會 （「董事會」）欣 然 宣 佈，本 公 司 及 其 附 屬 公 司（統 稱「本集團」）截 至2025年6 月30日 止 六 個 月（「報告期間」）之 未 經 審 核 綜 合 中 期 業 績，連 同 截 至2024年 6月30日 止 六 個 月 的 比 較 數 字 載 列 如 下： 財務摘要 於 報 告 期 間： – 1 – • 期 內 收 益 約人 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 （於開曼群島註冊成立的有限公司） （股份代號：6038） 截至二零二五年六月三十日止六個月 之中期業績公告 | 財務摘要 | | | | --- | --- | --- | | | 截至六月三十日止六個月 | | | | 二零二五年 | 二零二四年 | | | （未經審核） | （未經審核） | | | 千港元 | 千港元 | | 收 益 | 239,257 | 195,984 | | 毛 利 | 61,528 | 50,377 | | 除所得稅前溢利 | 45,753 | 36,652 | | 期內溢利 | 39,462 | 30,593 | | 每股基本盈利 （港仙） | 3.9 | 3.1 | | 每股攤薄盈利 （港仙） | 3.9 | 3.1 | | | 董事會並不建議於截至二零二五年六月三十日止期間派付中期股息。 | | – 1 – 信 ...

[Condensed Consolidated Financial Statements](index=1&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for the six months ended June 30, 2025, showing a significant reduction in loss but a decrease in total assets and net current assets [Condensed Consolidated Income Statement](index=1&type=section&id=Condensed%20Consolidated%20Income%20Statement) For the six months ended June 30, 2025, both operating loss and loss for the period significantly narrowed, primarily due to a turnaround from loss to gain in financial assets at fair value through profit or loss Condensed Consolidated Income Statement | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Total operating income | 3,465 | 16,054 | (12,589) | -78.42% | | Dividend income from financial assets | 147 | 165 | (18) | -10.91% | | Net gains/(losses) on financial assets | 2,159 | (8,265) | 10,424 | N/A | | Other income | – | 82 | (82) | -100.00% | | Other gains and losses | 1 | 215 | (214) | -99.53% | | Administrative expenses | (5,539) | (5,987) | 448 | -7.48% | | Other operating expenses | (585) | (571) | (14) | 2.45% | | Operating loss | (3,817) | (14,361) | 10,544 | -73.42% | | Loss before tax | (3,817) | (14,370) | 10,553 | -73.44% | | Loss for the period attributable to owners of the Company | (3,817) | (14,370) | 10,553 | -73.44% | | Basic loss per share (HKD cents) | (2.25) | (10.16) | 7.91 | -77.85% | [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the total comprehensive loss for the period significantly narrowed to HKD 3,817 thousand from HKD 14,370 thousand in the prior year Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Loss for the period | (3,817) | (14,370) | 10,553 | -73.44% | | Other comprehensive income for the period (net of tax) | – | – | – | N/A | | Total comprehensive loss for the period attributable to owners of the Company | (3,817) | (14,370) | 10,553 | -73.44% | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets and net current assets decreased, mainly due to a reduction in bank and cash balances, while total equity remained stable and total liabilities significantly reduced Condensed Consolidated Statement of Financial Position | Indicator | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | **Assets** | | | | | | Non-current assets | 15,545 | 16,108 | (563) | -3.50% | | Current assets | 13,225 | 16,990 | (3,765) | -22.16% | | Total assets | 28,770 | 33,098 | (4,328) | -13.08% | | **Equity and Liabilities** | | | | | | Total equity | 28,045 | 31,862 | (3,817) | -11.98% | | Total liabilities | 725 | 1,236 | (511) | -41.34% | | Total equity and liabilities | 28,770 | 33,098 | (4,328) | -13.08% | | Net current assets | 12,500 | 15,754 | (3,254) | -20.65% | | Net asset value per share (HKD) | 0.17 | 0.19 | (0.02) | -10.53% | [Notes to the Condensed Consolidated Financial Statements](index=5&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section details the basis of preparation, accounting policies, segment information, and specific components and changes in financial data, providing essential supplementary information for understanding the financial statements [1. Basis of Preparation](index=5&type=section&id=1.%20Basis%20of%20Preparation) The condensed consolidated financial statements are prepared in accordance with HKAS 34 and the Listing Rules, with accounting policies consistent with the 2024 annual financial statements - The condensed consolidated financial statements are prepared in compliance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" and the disclosure requirements of the Listing Rules[7](index=7&type=chunk) - Except for specific amendments, accounting policies and calculation methods remain consistent with the financial statements for the year ended December 31, 2024[7](index=7&type=chunk) [2. New and Revised Hong Kong Financial Reporting Standards](index=5&type=section&id=2.%20New%20and%20Revised%20Hong%20Kong%20Financial%20Reporting%20Standards) The Group first adopted HKAS 21 (Amendment) "Lack of Exchangeability" from January 1, 2025, without resulting in changes to accounting policies or retrospective adjustments - The Group first adopted Hong Kong Accounting Standard 21 (Amendment) "Lack of Exchangeability" from January 1, 2025[8](index=8&type=chunk) - The adoption of the new revised standard did not result in changes to accounting policies or retrospective adjustments[8](index=8&type=chunk) [3. Segment Information](index=6&type=section&id=3.%20Segment%20Information) The Group's principal business is investing in equity and debt instruments, managed on a portfolio basis, thus no segment information is presented, with all revenue and non-current assets (excluding financial assets) originating from Hong Kong - The Group's principal business is investing in equity and debt instruments, with management reviewing investments on a portfolio basis, hence no segment information is presented[9](index=9&type=chunk) - All the Group's revenue and non-current assets (excluding financial assets at fair value through profit or loss) originate from Hong Kong[9](index=9&type=chunk) [4. Total Operating Income](index=6&type=section&id=4.%20Total%20Operating%20Income) For the six months ended June 30, 2025, total operating income significantly decreased, primarily due to reduced proceeds from the disposal of financial assets at fair value through profit or loss Total Operating Income | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Proceeds from disposal of financial assets at fair value through profit or loss | 3,318 | 15,889 | (12,571) | -79.12% | | Dividend income from financial assets at fair value through profit or loss | 147 | 165 | (18) | -10.91% | | **Total** | **3,465** | **16,054** | **(12,589)** | **-78.42%** | [5. Other Income](index=6&type=section&id=5.%20Other%20Income) For the six months ended June 30, 2025, the company had no other income, whereas the prior year's period mainly included bank interest and miscellaneous income Other Income | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Bank interest income | – | 77 | (77) | -100.00% | | Miscellaneous income | – | 5 | (5) | -100.00% | | **Total** | **–** | **82** | **(82)** | **-100.00%** | [6. Other Gains and Losses](index=6&type=section&id=6.%20Other%20Gains%20and%20Losses) For the six months ended June 30, 2025, other gains and losses were only HKD 1 thousand, a significant decrease from HKD 215 thousand in the prior year, mainly due to gains from disposal of property, plant and equipment and write-off of accrued expenses in the prior period Other Gains and Losses | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Exchange gains | 1 | – | 1 | N/A | | Gains on disposal of property, plant and equipment | – | 40 | (40) | -100.00% | | Write-off of accrued expenses | – | 175 | (175) | -100.00% | | **Total** | **1** | **215** | **(214)** | **-99.53%** | [7. Loss for the Period Attributable to Owners of the Company](index=7&type=section&id=7.%20Loss%20for%20the%20Period%20Attributable%20to%20Owners%20of%20the%20Company) The loss for the period was primarily influenced by employee benefit expenses, depreciation, and investment management fees, with employee benefit expenses remaining stable Loss for the Period Attributable to Owners of the Company | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Depreciation | 270 | 272 | (2) | -0.74% | | Donations | – | 2 | (2) | -100.00% | | Employee benefit expenses | 4,288 | 4,268 | 20 | 0.47% | | Custodian fees | 5 | 45 | (40) | -88.89% | | Investment management fees | 195 | 195 | – | 0.00% | [8. Income Tax Expense](index=7&type=section&id=8.%20Income%20Tax%20Expense) No Hong Kong profits tax provision was required as the Group had no assessable profits in both reporting periods - The Group had no assessable profits in both the first half of 2025 and 2024, thus no Hong Kong profits tax provision was required[13](index=13&type=chunk) [9. Dividends](index=7&type=section&id=9.%20Dividends) For the six months ended June 30, 2025, the company neither paid, declared, nor proposed any dividends, consistent with the prior year - For the six months ended June 30, 2025, the company neither paid, declared, nor proposed any dividends[14](index=14&type=chunk) [10. Loss Per Share Attributable to Owners of the Company](index=8&type=section&id=10.%20Loss%20Per%20Share%20Attributable%20to%20Owners%20of%20the%20Company) For the six months ended June 30, 2025, basic loss per share significantly narrowed to HKD 2.25 cents from HKD 10.16 cents in the prior year, mainly due to reduced loss for the period, with diluted loss per share being the same as basic loss per share due to the absence of potentially dilutive ordinary shares Loss Per Share Attributable to Owners of the Company | Indicator | 2025 (HKD cents) | 2024 (HKD cents) | Change (HKD cents) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Basic loss per share | (2.25) | (10.16) | 7.91 | -77.85% | | Diluted loss per share | (2.25) | (10.16) | 7.91 | -77.85% | - Basic loss per share is calculated based on a loss for the period of approximately **HKD 3,817,000** and a weighted average of **169,707,187** ordinary shares outstanding[15](index=15&type=chunk) - Diluted loss per share is the same as basic loss per share due to the absence of potentially dilutive ordinary shares[16](index=16&type=chunk) [11. Financial Assets at Fair Value Through Profit or Loss](index=8&type=section&id=11.%20Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) As of June 30, 2025, the total financial assets at fair value through profit or loss slightly increased, primarily comprising Hong Kong listed equity securities, one of which was suspended from trading Financial Assets at Fair Value Through Profit or Loss | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Hong Kong listed equity securities | 20,233 | 20,065 | 168 | 0.84% | | - Current assets | 12,169 | 11,707 | 462 | 3.95% | | - Non-current assets | 8,064 | 8,358 | (294) | -3.52% | - The fair value of Hong Kong listed equity securities is primarily based on market quotations, but includes one security suspended from trading since April 2, 2024[17](index=17&type=chunk) [12. Share Capital](index=9&type=section&id=12.%20Share%20Capital) As of June 30, 2025, the company's authorized and issued and fully paid share capital remained unchanged Share Capital | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Authorized share capital (20,000,000,000 ordinary shares of HKD 0.01 each) | 200,000 | 200,000 | | Issued and fully paid share capital (169,707,187 ordinary shares of HKD 0.01 each) | 1,697 | 1,697 | [13. Net Asset Value Per Share](index=9&type=section&id=13.%20Net%20Asset%20Value%20Per%20Share) As of June 30, 2025, net asset value per share decreased to HKD 0.17 from HKD 0.19 as of December 31, 2024, primarily due to a reduction in net assets Net Asset Value Per Share | Indicator | June 30, 2025 | December 31, 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Net assets (HKD thousands) | 28,045 | 31,862 | (3,817) | -11.98% | | Number of issued ordinary shares | 169,707,187 | 169,707,187 | – | 0.00% | | Net asset value per share (HKD) | 0.17 | 0.19 | (0.02) | -10.53% | [14. Events After the Reporting Period](index=9&type=section&id=14.%20Events%20After%20the%20Reporting%20Period) As of the approval date of the condensed consolidated financial statements, financial assets at fair value through profit or loss as of June 30, 2025, generated a net gain of approximately HKD 2,300,000 - As of the approval date of the condensed consolidated financial statements, financial assets at fair value through profit or loss as of June 30, 2025, generated a net gain of approximately **HKD 2,300,000**[20](index=20&type=chunk) [Management Discussion and Analysis](index=10&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews the operating performance and macroeconomic environment for the first half of 2025, analyzes changes in financial indicators, and outlines future investment strategies and market outlook, emphasizing diversified investment and strengthening financial position [Interim Dividend](index=10&type=section&id=Interim%20Dividend) The Board does not recommend paying an interim dividend for the period ended June 30, 2025, consistent with the first half of 2024 - The Board does not recommend paying an interim dividend for the period ended June 30, 2025[21](index=21&type=chunk) [Key Performance Indicators](index=10&type=section&id=Key%20Performance%20Indicators) As of June 30, 2025, the company's net assets decreased to approximately HKD 28,000,000, with net asset value per share at HKD 0.17, primarily due to the operating loss recorded during the period Key Performance Indicators | Indicator | June 30, 2025 | December 31, 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Net assets (approx., HKD) | 28,000,000 | 31,900,000 | (3,900,000) | -12.23% | | Net asset value per share (HKD) | 0.17 | 0.19 | (0.02) | -10.53% | - The decrease in net assets is primarily attributed to an operating loss of approximately **HKD 3,800,000** recorded during the period[22](index=22&type=chunk) [Investment Portfolio Review](index=10&type=section&id=Investment%20Portfolio%20Review) As of June 30, 2025, the investment portfolio primarily consisted of Hong Kong listed equities, totaling approximately HKD 20,200,000, largely consistent with the end of 2024 Investment Portfolio Review | Item | June 30, 2025 (approx., HKD) | December 31, 2024 (approx., HKD) | Change (approx., HKD) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Financial assets at fair value through profit or loss investment portfolio | 20,200,000 | 20,100,000 | 100,000 | 0.50% | | - Current portion | 12,100,000 | 11,700,000 | 400,000 | 3.42% | | - Non-current portion | 8,100,000 | 8,400,000 | (300,000) | -3.57% | [Details of Major Investments](index=11&type=section&id=Details%20of%20Major%20Investments) The Group's major investments include several Hong Kong listed equities, with Xiangxian International Holdings Limited having the largest proportion of total assets, and Xiaomi Corporation and HSBC Holdings plc showing higher unrealized gains Details of Major Investments | Investment Name | Carrying Amount (HKD thousands) | Unrealized Fair Value Gains/(Losses) (HKD thousands) | Dividends Received (HKD thousands) | Percentage of Group's Total Assets | | :--- | :--- | :--- | :--- | :--- | | Xiangxian International Holdings Limited | 8,064 | (4,636) | – | 28.03% | | Xiaomi Corporation | 3,597 | 2,402 | – | 12.50% | | Luchi Culture Co Ltd | 1,738 | (2,757) | – | 6.04% | | HSBC Holdings plc | 1,900 | 490 | 71 | 6.60% | | Chow Tai Fook Jewellery Group Limited | 1,788 | 786 | – | 6.21% | | China Mobile Limited | 1,742 | 344 | 50 | 6.05% | | China Life Insurance Company Limited | 942 | 475 | – | 3.27% | | Longfor Group Holdings Limited | 463 | (81) | 12 | 1.61% | | **Total** | **20,234** | **(2,977)** | **133** | | [Operations Review](index=11&type=section&id=Operations%20Review) In the first half of 2025, global stock markets rose, with China's market driven by stimulus and AI advancements, leading to a 20% and 18.7% increase in the Hang Seng Index and Hang Seng Tech Index, respectively; however, the Group's listed equity investment portfolio recorded a net fair value gain of approximately HKD 2,200,000, underperforming the market due to the rally concentrating on major constituent stocks - In the first half of 2025, global stock markets generally rose, with China's stock market driven by government stimulus measures and advancements in artificial intelligence[25](index=25&type=chunk)[26](index=26&type=chunk) - The Hong Kong Hang Seng Index and Hang Seng Tech Index increased by **20%** and **18.7%** respectively[26](index=26&type=chunk) - The Group's listed equity investment portfolio recorded a net fair value gain of approximately **HKD 2,200,000**, but underperformed the market as the rally primarily concentrated on major Hang Seng Index constituent stocks[26](index=26&type=chunk) [Total Operating Income](index=12&type=section&id=Total%20Operating%20Income%20(MDA)) Despite the rise in the Hong Kong stock market, geopolitical tensions, tariffs, and inflation pressured its performance, leading to a decrease in total proceeds from investment disposals and investment income to approximately HKD 3,300,000 during the period - Despite the rise in the Hong Kong stock market, its performance was pressured by external uncertainties such as geopolitical tensions, tariffs, and inflation[27](index=27&type=chunk) - Total proceeds from investment disposals and investment income decreased to approximately **HKD 3,300,000** during the period (first half of 2024: approximately HKD 15,900,000)[27](index=27&type=chunk) [Revenue](index=12&type=section&id=Revenue) Interim revenue, primarily from listed securities dividend income, decreased to approximately HKD 147,000 during the period, partly due to reduced dividends from certain investee companies - Interim revenue, primarily from listed securities dividend income, decreased to approximately **HKD 147,000** during the period (first half of 2024: HKD 165,000)[28](index=28&type=chunk) - The decrease in revenue is partly attributed to reduced dividends from certain investee companies[28](index=28&type=chunk) [Operating Loss](index=12&type=section&id=Operating%20Loss) The interim operating loss was approximately HKD 3,800,000, a significant reduction from HKD 14,400,000 in the prior year, mainly due to a turnaround from loss to gain in fair value changes of financial assets at fair value through profit or loss - The interim operating loss was approximately **HKD 3,800,000** (first half of 2024: HKD 14,400,000), representing a significant reduction[29](index=29&type=chunk) - The reduction in operating loss is primarily due to the net fair value change of financial assets at fair value through profit or loss turning from a loss to a gain[29](index=29&type=chunk) [Net Gains/(Losses) on Financial Assets at Fair Value Through Profit or Loss](index=13&type=section&id=Net%20Gains%2F(Losses)%20on%20Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) As of June 30, 2025, the listed equity investment portfolio recorded a net fair value gain of approximately HKD 2,200,000, compared to a net loss of approximately HKD 8,300,000 in the prior period, consistent with the upward trend of the Hang Seng Index and Hang Seng Tech Index - The listed equity investment portfolio recorded a net fair value gain of approximately **HKD 2,200,000**, compared to a net loss of approximately **HKD 8,300,000** in the prior period[30](index=30&type=chunk) - This performance is consistent with the market movements, where the Hang Seng Index and Hang Seng Tech Index rose by **20%** and **18.7%** respectively[30](index=30&type=chunk) [Other Income](index=13&type=section&id=Other%20Income%20(MDA)) Other income for the current period was negligible, while the prior period primarily included bank interest income and miscellaneous income - Other income for the current period was negligible, whereas the prior period primarily included bank interest income and miscellaneous income[31](index=31&type=chunk) [Other Gains and Losses](index=13&type=section&id=Other%20Gains%20and%20Losses%20(MDA)) Other gains and losses for the current period were negligible, while the prior period primarily included gains from disposal of property, plant and equipment and write-off of accrued expenses - Other gains and losses for the current period were negligible, whereas the prior period primarily included gains from disposal of property, plant and equipment and write-off of accrued expenses[32](index=32&type=chunk) [Administrative and Other Operating Expenses](index=13&type=section&id=Administrative%20and%20Other%20Operating%20Expenses) Administrative expenses were approximately HKD 5,500,000, a decrease from the prior year due to lower operating costs, while other operating expenses remained stable Administrative and Other Operating Expenses | Item | 2025 (approx., HKD) | 2024 (approx., HKD) | Change (approx., HKD) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Administrative expenses | 5,500,000 | 6,000,000 | (500,000) | -8.33% | | Employee benefit expenses | 4,300,000 | 4,300,000 | – | 0.00% | | Other operating expenses | 600,000 | 600,000 | – | 0.00% | - The decrease in administrative expenses is primarily due to a reduction in the Group's operating costs[33](index=33&type=chunk) [Interest in an Associate](index=13&type=section&id=Interest%20in%20an%20Associate) The Group holds a 30% equity interest in Superb King Limited and its subsidiaries, which had no carrying value at the reporting date - The Group holds a **30%** equity interest in Superb King Limited and its subsidiaries[34](index=34&type=chunk) - This interest had no carrying value at the reporting date[34](index=34&type=chunk) [Outlook](index=13&type=section&id=Outlook) Despite short-term global market challenges from geopolitics, tariffs, and inflation, investments in AI technology are expected to yield significant returns, and Hong Kong's "Stablecoin Ordinance" will strengthen digital asset regulation; the company will continue prudent and active investment, emphasizing diversification and considering strengthening its financial position - Global markets in the short term remain affected by geopolitical tensions, tariffs, inflation, interest rate, and monetary policy fluctuations[35](index=35&type=chunk) - Investments in artificial intelligence technology are expected to yield substantial returns, especially as costs decrease and applications expand from digital to physical domains[35](index=35&type=chunk) - Hong Kong's "Stablecoin Ordinance" became effective on August 1, 2025, establishing a licensing regime for fiat-backed stablecoin issuers, reinforcing Hong Kong's status as an international financial center[35](index=35&type=chunk) - The company will continue its investment activities in a prudent yet proactive manner, emphasizing diversified investment to manage risks in the second half of the year, and considering strengthening its financial position[36](index=36&type=chunk) [Financial Resources and Liquidity](index=14&type=section&id=Financial%20Resources%20and%20Liquidity) As of June 30, 2025, bank and cash balances and net current assets both decreased, primarily due to net cash used in operating activities, with the Group having no capital commitments Financial Resources and Liquidity | Indicator | June 30, 2025 (approx., HKD) | December 31, 2024 (approx., HKD) | Change (approx., HKD) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Bank and cash balances | 300,000 | 4,300,000 | (4,000,000) | -93.02% | | Net current assets | 12,500,000 | 15,800,000 | (3,300,000) | -20.89% | - The decrease in bank and cash balances is primarily attributed to net cash used in operating activities[37](index=37&type=chunk) - The Group had no capital commitments as of June 30, 2025[37](index=37&type=chunk) - As of June 30, 2025, the Group's capital gearing ratio was approximately **zero** (December 31, 2024: 0.2%)[38](index=38&type=chunk) [Use of Net Proceeds from Placing](index=14&type=section&id=Use%20of%20Net%20Proceeds%20from%20Placing) As of June 30, 2025, the company had fully utilized the net proceeds of approximately HKD 4,120,000 from the placing for potential investments and general working capital - On December 13, 2024, the company placed **28,284,000** new ordinary shares, raising net proceeds of approximately **HKD 4,120,000**[39](index=39&type=chunk) - As of June 30, 2025, the net proceeds from the placing have been fully utilized for potential investments and general working capital[39](index=39&type=chunk)[40](index=40&type=chunk) Use of Net Proceeds from Placing | Intended Use of Net Proceeds | Intended Use (HKD millions) | Amount Utilized as of December 31, 2024 (HKD millions) | Amount Utilized as of June 30, 2025 (HKD millions) | Unutilized Net Proceeds as of June 30, 2025 (HKD millions) | | :--- | :--- | :--- | :--- | :--- | | Potential investments | 2.00 | (0.68) | (1.32) | – | | General working capital | 2.12 | – | (2.12) | – | | **Total** | **4.12** | **(0.68)** | **(3.44)** | **–** | [Property, Plant and Equipment](index=15&type=section&id=Property%2C%20Plant%20and%20Equipment) As of June 30, 2025, the value of property, plant and equipment was approximately HKD 7,500,000, with no additions during the period Property, Plant and Equipment | Item | June 30, 2025 (approx., HKD) | December 31, 2024 (approx., HKD) | Change (approx., HKD) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Value of property, plant and equipment | 7,500,000 | 7,800,000 | (300,000) | -3.85% | - There were no additions to property, plant and equipment during the period[41](index=41&type=chunk) [Material Acquisitions and Disposals](index=15&type=section&id=Material%20Acquisitions%20and%20Disposals) During the period, the Group did not undertake any material acquisitions or disposals involving major subsidiaries - The Group did not undertake any material acquisitions or disposals involving major subsidiaries during the period[42](index=42&type=chunk) [Capital Structure](index=15&type=section&id=Capital%20Structure) As of the reporting date, the total number of issued shares of the company remained at 169,707,187 shares, with a par value of HKD 0.01 each - As of the reporting date, the total number of issued shares of the company remained at **169,707,187** shares, with a par value of **HKD 0.01** each[43](index=43&type=chunk) [Share Option Scheme](index=15&type=section&id=Share%20Option%20Scheme) During the period, no share options lapsed, were granted, exercised, or cancelled, and there were no outstanding share options as of June 30, 2025 - During the period, no share options lapsed, were granted, exercised, or cancelled[44](index=44&type=chunk) - As of June 30, 2025, there were no outstanding share options[44](index=44&type=chunk) [Events After the Reporting Period](index=15&type=section&id=Events%20After%20the%20Reporting%20Period%20(MDA)) As of the approval date of the condensed consolidated financial statements, financial assets at fair value through profit or loss as of June 30, 2025, generated a net gain of approximately HKD 2,300,000 - As of the approval date of the condensed consolidated financial statements, financial assets at fair value through profit or loss as of June 30, 2025, generated a net gain of approximately **HKD 2,300,000**[45](index=45&type=chunk) [Foreign Exchange Risk](index=15&type=section&id=Foreign%20Exchange%20Risk) The Board believes the Group is not exposed to significant foreign exchange fluctuation risk as the investment portfolio primarily consists of Hong Kong listed equities denominated in HKD - The investment portfolio primarily consists of Hong Kong listed equities, with other funds mainly denominated in HKD[46](index=46&type=chunk) - The Board believes the Group is not exposed to significant foreign exchange fluctuation risk as of the reporting date[46](index=46&type=chunk) [Borrowings and Pledges of Group Assets](index=15&type=section&id=Borrowings%20and%20Pledges%20of%20Group%20Assets) As of June 30, 2025, the Group had not pledged its leasehold land and buildings for any bank loans, unlike December 31, 2024 - As of June 30, 2025, the Group had not pledged its leasehold land and buildings for any bank loans[47](index=47&type=chunk) - As of December 31, 2024, the Group had pledged leasehold land and buildings with a carrying value of **HKD 7,800,000** for bank loans of **HKD 300,000**[47](index=47&type=chunk) [Human Resources](index=15&type=section&id=Human%20Resources) As of June 30, 2025, the company's employee count remained at 15, with remuneration packages aligned with market practices and determined by performance and experience - As of June 30, 2025, the company's employee count was **15**, consistent with December 31, 2024[48](index=48&type=chunk) - Remuneration packages for employees and directors are consistent with current market practices and determined by performance and experience[48](index=48&type=chunk) [Corporate Governance](index=16&type=section&id=Corporate%20Governance) This section outlines the company's commitment to corporate governance, discloses two exceptions to the Corporate Governance Code, and describes the composition and responsibilities of the Audit, Remuneration, and Nomination Committees [Corporate Governance Practices](index=16&type=section&id=Corporate%20Governance%20Practices) The company is committed to high standards of corporate governance and complies with the Corporate Governance Code in Appendix C1 of the Listing Rules, with two exceptions regarding meeting document delivery and the separation of Chairman and CEO roles - The company is committed to upholding high standards of corporate governance and complies with the Corporate Governance Code set out in Appendix C1 of the Listing Rules[49](index=49&type=chunk) - There are two exceptions: Code Provision C.5.8 (meeting documents not delivered three days in advance) and Code Provision C.2.1 (Chairman and Chief Executive Officer roles not separated)[49](index=49&type=chunk)[50](index=50&type=chunk) - The responsibilities of the Chief Executive Officer have been assumed by other members of the Board and senior management[51](index=51&type=chunk) [Audit Committee](index=17&type=section&id=Audit%20Committee) The Audit Committee comprises three independent non-executive directors, with Mr. Tam Yuk Sang as Chairman, responsible for reviewing accounting principles, financial reporting matters, and the interim financial statements - The Audit Committee comprises three independent non-executive directors: Mr. Tam Yuk Sang (Chairman), Dr. Ng Chi Yeung, and Ms. Law So Fun[52](index=52&type=chunk) - The Committee has reviewed the accounting principles and practices adopted by the company and discussed financial reporting matters, including the unaudited condensed consolidated financial statements[52](index=52&type=chunk) [Remuneration Committee](index=17&type=section&id=Remuneration%20Committee) The Remuneration Committee consists of three independent non-executive directors, with Mr. Tam Yuk Sang as Chairman - The Remuneration Committee comprises three independent non-executive directors: Mr. Tam Yuk Sang (Chairman), Dr. Ng Chi Yeung, and Ms. Law So Fun[53](index=53&type=chunk) [Nomination Committee](index=17&type=section&id=Nomination%20Committee) The Nomination Committee comprises one executive director and three independent non-executive directors, with Dr. Ng Chi Yeung as Chairman - The Nomination Committee comprises Executive Director Mr. Li Kwok Leung and three independent non-executive directors: Dr. Ng Chi Yeung (Chairman), Mr. Tam Yuk Sang, and Ms. Law So Fun[54](index=54&type=chunk) [Directors' Securities Transactions](index=17&type=section&id=Directors'%20Securities%20Transactions) The company has adopted the Model Code in Appendix C3 of the Listing Rules as the standard for directors' securities transactions, with all directors confirming full compliance - The company has adopted the Model Code set out in Appendix C3 of the Listing Rules as the standard for directors' securities transactions[55](index=55&type=chunk) - For the six months ended June 30, 2025, all directors confirmed full compliance with the Model Code[55](index=55&type=chunk) [Purchase, Sale or Redemption of the Company's Securities](index=17&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company's%20Securities) For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities - Neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities for the six months ended June 30, 2025[56](index=56&type=chunk) [Other Information](index=18&type=section&id=Other%20Information) This section provides information on the publication channels for the interim results announcement and interim report, and includes the Board's appreciation to management and staff, and lists the Board members as of the announcement date [Publication of Interim Results Announcement and Interim Report](index=18&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) The interim results announcement has been published on the HKEX and company websites, and the interim report will be dispatched to shareholders and posted on the websites in due course - This interim results announcement has been published on the HKEX website (http://www.hkex.com.hk) and the company's website (http://www.irasia.com/listco/hk/810)[57](index=57&type=chunk) - The interim report will be dispatched to shareholders and published on the aforementioned websites in due course[57](index=57&type=chunk) [Appreciation](index=18&type=section&id=Appreciation) The Chairman of the Board, on behalf of the company, extends sincere gratitude to fellow directors, management, and staff for their support and contributions - The Chairman of the Board, on behalf of the company, extends sincere gratitude to fellow directors, management, and staff for their support and contributions[58](index=58&type=chunk) [Board Composition](index=18&type=section&id=Board%20Composition) As of the announcement date, August 27, 2025, the Board of Directors comprises one executive director, one non-executive director, and three independent non-executive directors - As of the announcement date, August 27, 2025, the Executive Director of the Board is Mr. Li Kwok Leung[60](index=60&type=chunk) - The Non-executive Director is Dr. Lam Man Chan (who also serves as Chairman)[59](index=59&type=chunk)[60](index=60&type=chunk) - The Independent Non-executive Directors are Dr. Ng Chi Yeung, Mr. Tam Yuk Sang, and Ms. Law So Fun[60](index=60&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 截至二零二五年六月三十日止六個月的中期業績公告 業績摘要 遠洋服務控股有限公司 （於開曼群島註冊成立的有限公司） 股份代號：06677 – 1 – • 於2025年6月30日，物業管理服務的總合約建築面積為121.6百萬平方米及總在管建築面積 為93.5百萬平方米，分別較於2024年6月30日下降約9%及約7%。於報告期內，本集團繼續 積極退出低效能項目。 • 收入較2024年同期減少約3%至人民幣1,385.8百萬元（2024年上半年：人民幣1,436.0百萬 元），主要由於考慮到國內宏觀經濟環境低迷和房地產市場下行的不利影響，報告期內本 集團主動退出回款保障不理想的業務和項目。 • 毛利較2024年同期減少約50%至人民幣162.6百萬元（2024年上半年：人民幣327.4百萬元）， 毛利率約為12%（2024年上半年：23%）。 • 截至2025年6月30日止六個月，本公司擁有人應佔虧損為人民幣3 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 MAO GEPING COSMETICS CO., LTD. 毛戈平化妝品股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：1318） 截 至2025年6月30日止六個月之中期業績公告 毛 戈 平 化 妝 品 股 份 有 限 公 司（「本公司」）董 事 會（「董事會」）謹 此 公 佈 本 公 司 及 其 附 屬 公 司（「本集團」）截 至2025年6月30日 止 六 個 月 之 未 經 審 計 業 績。 本公告列載本公司2025年 中 期 報 告 全 文，並 符 合 香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則 中 有 關 中 期 業 績 初 步 公 告 附 載 的 資 料 之 要 求。 本公司審計委員會已審閱本集團截至2025年6月30日止六個月之中期 ...

[Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group reported a net loss of RMB 14.49 million, a significant decline from a net profit of RMB 38.06 million in the prior year, with revenue decreasing by 43.4% to RMB 808 million and gross profit by 29.7% Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Indicator | Six Months Ended June 30, 2025 (RMB Thousand) | Six Months Ended June 30, 2024 (RMB Thousand) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 808,208 | 1,427,976 | -43.4% | | Cost of sales | (734,515) | (1,323,177) | -44.5% | | Gross profit | 73,693 | 104,799 | -29.7% | | (Loss) Profit before tax | (14,802) | 40,041 | Turned to loss | | (Loss) Profit for the period | (14,489) | 38,062 | Turned to loss | | Basic and diluted (loss) earnings per share (RMB cents) | (1.85) | 4.88 | Turned to loss | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets and liabilities decreased, with a slight reduction in net current assets and total equity, but an increase in bank balances and cash Condensed Consolidated Statement of Financial Position | Indicator | June 30, 2025 (RMB Thousand) | December 31, 2024 (RMB Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current assets | 214,039 | 190,771 | +12.2% | | Current assets | 1,228,662 | 1,531,560 | -19.8% | | Current liabilities | 744,051 | 996,300 | -25.3% | | Net current assets | 484,611 | 535,260 | -9.46% | | Total assets less current liabilities | 698,650 | 726,031 | -3.77% | | Non-current liabilities | 4,834 | 3,736 | +29.4% | | Total equity | 693,816 | 722,295 | -3.94% | | Trade receivables | 429,247 | 660,409 | -35.0% | | Trade payables | 59,099 | 83,252 | -29.0% | | Bank balances and cash | 485,408 | 448,633 | +8.2% | [Notes to the Condensed Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section details the basis of preparation, accounting policies, and changes in financial data, including revenue, segment information, other income, tax, earnings per share, receivables, payables, share capital, and fair value measurement of financial instruments, providing deeper context for understanding the financial position [1. Basis of Preparation](index=6&type=section&id=1.%20Basis%20of%20Preparation) The Group's condensed consolidated financial statements are prepared in accordance with HKAS 34 'Interim Financial Reporting' and the Listing Rules, primarily engaging in end-to-end cross-border delivery, freight forwarding, and other logistics services - The Company was incorporated in the Cayman Islands on November 24, 2022, and listed on the Main Board of the Stock Exchange of Hong Kong on December 22, 2023[9](index=9&type=chunk) - The Group is principally engaged in providing end-to-end cross-border delivery services, freight forwarding services, and other logistics services[9](index=9&type=chunk) - The condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants[9](index=9&type=chunk) [2. Accounting Policies](index=6&type=section&id=2.%20Accounting%20Policies) The condensed consolidated financial statements are prepared on a historical cost basis, consistent with the annual consolidated financial statements for the year ended December 31, 2024, with no significant impact from new HKFRS amendments during the period - The condensed consolidated financial statements have been prepared on the historical cost basis, except for certain financial instruments which are measured at fair value at the end of each reporting period[10](index=10&type=chunk) - The application of the amendments to Hong Kong Financial Reporting Standards in the current interim period has had no significant impact on the Group’s financial performance and position[11](index=11&type=chunk) [3. Revenue](index=7&type=section&id=3.%20Revenue) The Group's total revenue for the six months ended June 30, 2025, was RMB 808 million, a 43.4% decrease from RMB 1,428 million in the prior year, with all major service lines experiencing reductions, particularly freight forwarding services Revenue by Service Line | Service Line | Six Months Ended June 30, 2025 (RMB Thousand) | Six Months Ended June 30, 2024 (RMB Thousand) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | End-to-end cross-border delivery services | 501,831 | 648,712 | -22.6% | | Freight forwarding services | 46,617 | 315,065 | -85.2% | | Other logistics services | 259,760 | 464,199 | -44.0% | | **Total Revenue** | **808,208** | **1,427,976** | **-43.4%** | Revenue Recognition Timing | Revenue Recognition Timing | Six Months Ended June 30, 2025 (RMB Thousand) | Six Months Ended June 30, 2024 (RMB Thousand) | | :--- | :--- | :--- | | Over time | 501,831 | 648,712 | | At a point in time | 306,377 | 779,264 | | **Total** | **808,208** | **1,427,976** | [4. Segment Information](index=8&type=section&id=4.%20Segment%20Information) The Group's operating decision-makers primarily review overall operating results, with Mainland China remaining the main revenue source despite a significant year-on-year decline, while Hong Kong revenue grew substantially, and key customer A1's contribution decreased significantly - The Group is principally engaged in providing end-to-end cross-border delivery services, freight forwarding services, and other logistics services, with the chief operating decision-maker reviewing the Group's overall operating results[17](index=17&type=chunk) Revenue by Geographical Location | Geographical Location | Six Months Ended June 30, 2025 (RMB Thousand) | Six Months Ended June 30, 2024 (RMB Thousand) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Mainland China | 715,830 | 1,386,260 | -48.4% | | Hong Kong | 69,518 | 21,629 | +221.4% | | United States | 8,728 | 11,907 | -26.7% | | Singapore | 12,427 | 5,263 | +136.1% | | United Kingdom | — | 93 | -100% | | Other countries and regions | 1,705 | 2,824 | -39.6% | | **Total** | **808,208** | **1,427,976** | **-43.4%** | Revenue from Major Customers | Customer | Six Months Ended June 30, 2025 (RMB Thousand) | Six Months Ended June 30, 2024 (RMB Thousand) | | :--- | :--- | :--- | | Customer A1 | 243,654 | 748,424 | | Customer B2 | Not applicable | 151,030 | [5. Other Income, Gains and Losses, Net](index=10&type=section&id=5.%20Other%20Income%2C%20Gains%20and%20Losses%2C%20Net) Net other income, gains, and losses improved to a loss of RMB 5.2 million from RMB 9.2 million in the prior year, primarily due to reduced exchange losses and increased bank interest income, partially offset by decreased government grants and increased write-offs of prepayments Other Income, Gains and Losses, Net | Item | Six Months Ended June 30, 2025 (RMB Thousand) | Six Months Ended June 30, 2024 (RMB Thousand) | | :--- | :--- | :--- | | Bank interest income | 3,623 | 2,798 | | Government grants | 954 | 3,214 | | (Loss) gain from fair value changes of financial assets at fair value through profit or loss | (55) | 518 | | Exchange differences | (6,299) | (17,646) | | Write-off of prepayments | (3,654) | — | | Miscellaneous income | 379 | 1,893 | | **Total** | **(5,205)** | **(9,230)** | - Exchange losses decreased from **RMB 17.6 million to RMB 6.3 million**, and bank interest income increased by approximately **RMB 0.8 million**[24](index=24&type=chunk) - Government grants decreased by approximately **RMB 2.3 million**, and write-off of prepayments increased by approximately **RMB 3.7 million**[24](index=24&type=chunk) [6. Income Tax (Credit) Expense](index=11&type=section&id=6.%20Income%20Tax%20(Credit)%20Expense) This period saw an income tax credit of RMB 0.31 million, a shift from an expense of RMB 1.98 million in the prior year, primarily due to increased deferred tax credits resulting from the period's loss and higher impairment of trade receivables' expected credit losses Income Tax (Credit) Expense | Item | Six Months Ended June 30, 2025 (RMB Thousand) | Six Months Ended June 30, 2024 (RMB Thousand) | | :--- | :--- | :--- | | Current income tax | 4,257 | 3,095 | | Deferred tax | (4,570) | (1,116) | | **Total** | **(313)** | **1,979** | - The fluctuation in income tax expense was mainly due to the Group's loss position during the period and an increase in deferred tax credit resulting from increased impairment of expected credit losses on trade receivables[56](index=56&type=chunk) [7. (Loss) Profit for the Period](index=11&type=section&id=7.%20(Loss)%20Profit%20for%20the%20Period) The period recorded a loss of RMB 14.49 million, primarily impacted by reduced gross profit, increased impairment losses, and higher finance costs, partially offset by improved other losses and decreased income tax expense Selected Items Affecting (Loss) Profit for the Period | Item | Six Months Ended June 30, 2025 (RMB Thousand) | Six Months Ended June 30, 2024 (RMB Thousand) | | :--- | :--- | :--- | | Total staff costs | 44,272 | 38,702 | | Research and development costs | 973 | 652 | | Impairment loss on goodwill | 18,099 | — | | Impairment loss on trade and other receivables | 14,423 | 7,423 | | Depreciation of property, plant and equipment | 2,270 | 2,531 | | Depreciation of right-of-use assets | 4,447 | 5,163 | - The loss for the period was mainly attributable to a decrease in gross profit of approximately **RMB 31.1 million**, an increase in impairment losses of approximately **RMB 25.1 million**, and an increase in finance costs of approximately **RMB 2.0 million**[57](index=57&type=chunk) - This was partially offset by an improvement in other losses of approximately **RMB 2.0 million** and a decrease in income tax expense of approximately **RMB 2.3 million**[57](index=57&type=chunk) [8. Dividends](index=12&type=section&id=8.%20Dividends) For the period ended June 30, 2025, the Group neither paid nor declared any dividends, nor were any dividends proposed - No dividends were paid or declared for the period ended June 30, 2025, and no dividends have been proposed since the end of the reporting period (six months ended June 30, 2024: nil)[28](index=28&type=chunk) [9. (Loss) Earnings Per Share](index=12&type=section&id=9.%20(Loss)%20Earnings%20Per%20Share) Basic and diluted loss per share attributable to owners of the Company was RMB 1.85 cents, compared to earnings per share of RMB 4.88 cents in the prior year, with basic and diluted figures being the same due to no potentially dilutive ordinary shares (Loss) Earnings Per Share | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | (Loss) profit for the purpose of calculating basic and diluted (loss) earnings per share (RMB Thousand) | (14,350) | 38,093 | | Weighted average number of ordinary shares (Thousand shares) | 777,212 | 780,000 | | Basic and diluted (loss) earnings per share (RMB cents) | (1.85) | 4.88 | - The diluted (loss) earnings per share is the same as the basic (loss) earnings per share as there were no potentially dilutive ordinary shares outstanding during both periods[30](index=30&type=chunk) [10. Trade Receivables](index=13&type=section&id=10.%20Trade%20Receivables) As of June 30, 2025, net trade receivables were RMB 429 million, a 35.0% decrease from December 31, 2024, primarily due to reduced average monthly revenue, with a significant drop in receivables within 3 months Trade Receivables | Item | June 30, 2025 (RMB Thousand) | December 31, 2024 (RMB Thousand) | | :--- | :--- | :--- | | Trade receivables | 479,457 | 696,121 | | Less: Provision for impairment loss on trade receivables | (50,210) | (35,712) | | **Net** | **429,247** | **660,409** | Ageing Analysis of Trade Receivables | Ageing | June 30, 2025 (RMB Thousand) | December 31, 2024 (RMB Thousand) | | :--- | :--- | :--- | | Within 3 months | 178,474 | 527,224 | | 4 to 12 months | 241,769 | 128,561 | | Over 1 to 2 years | 9,004 | 4,624 | | **Total** | **429,247** | **660,409** | - The Group grants credit periods of 0 to 90 days to its trade customers and does not hold any collateral over its trade receivables[32](index=32&type=chunk) [11. Trade Payables](index=14&type=section&id=11.%20Trade%20Payables) As of June 30, 2025, trade payables were RMB 59.1 million, a 29.0% decrease from December 31, 2024, primarily due to reduced average monthly cost of sales, with an average credit period of up to 90 days Trade Payables | Item | June 30, 2025 (RMB Thousand) | December 31, 2024 (RMB Thousand) | | :--- | :--- | :--- | | Trade payables | 59,099 | 83,252 | Ageing Analysis of Trade Payables | Ageing | June 30, 2025 (RMB Thousand) | December 31, 2024 (RMB Thousand) | | :--- | :--- | :--- | | Within 3 months | 46,991 | 73,507 | | 4 to 12 months | 7,521 | 7,562 | | Over 1 to 2 years | 3,380 | 1,339 | | Over 2 to 3 years | 1,207 | 844 | | **Total** | **59,099** | **83,252** | - The average credit period is up to 90 days, and the Group has financial risk management policies or plans in place for the credit period of its payables[34](index=34&type=chunk) [12. Share Capital](index=14&type=section&id=12.%20Share%20Capital) As of June 30, 2025, the Company's issued and fully paid ordinary share capital remained at RMB 7.075 million, with 780 million shares, consistent with December 31, 2024 Share Capital | Item | June 30, 2025 (RMB Thousand) | December 31, 2024 (RMB Thousand) | | :--- | :--- | :--- | | Issued and fully paid share capital | 7,075 | 7,075 | Issued Shares | Item | Number of Issued Shares (Thousand shares) | Share Capital (RMB Thousand) | | :--- | :--- | :--- | | As at January 1, 2024, December 31, 2024, January 1, 2025 and June 30, 2025 | 780,000 | 7,075 | [13. Fair Value Measurement of Financial Instruments](index=15&type=section&id=13.%20Fair%20Value%20Measurement%20of%20Financial%20Instruments) The Group's fair value measurement of financial instruments primarily uses Level 2 inputs, with a slight decrease in the fair value of unlisted funds, and management believes the carrying amounts of other financial assets and liabilities at amortized cost approximate their fair values - The fair value of all financial assets and financial liabilities is determined using generally accepted pricing models based on discounted cash flow analysis[36](index=36&type=chunk) Financial Assets at Fair Value Through Profit or Loss | Item | June 30, 2025 (RMB Thousand) | December 31, 2024 (RMB Thousand) | | :--- | :--- | :--- | | Financial assets at fair value through profit or loss - Unlisted funds | 59,975 | 60,030 | - The fair value measurement of unlisted funds is classified as Level 2, with the valuation method being the fund manager's quotation[39](index=39&type=chunk) [Management Discussion and Analysis](index=17&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an overview of the Group's business performance, market environment, future outlook, and detailed financial analysis for the six months ended June 30, 2025, highlighting a shift from profit to loss due to US tariff policy changes, while outlining strategic responses including platform cooperation, business expansion, overseas deployment, and increased AI technology investment [Business Review](index=17&type=section&id=Business%20Review) In the first half of 2025, the Group faced challenges from US tariff policy changes, leading to a decline in total revenue and a shift from profit to loss, yet the Chinese foreign trade and cross-border e-commerce markets continued to grow, prompting the Group to adjust service strategies and advance overseas expansion [Market Overview](index=17&type=section&id=Market%20Overview) In the first half of 2025, China's goods trade imports and exports grew by 2.9% year-on-year, with exports up 7.2%, and cross-border e-commerce imports and exports increased by 5.7%, outpacing overall foreign trade and becoming a new growth driver for cross-border logistics - In the first half of 2025, China's total goods trade imports and exports reached **RMB 21.79 trillion**, a year-on-year increase of **2.9%**, with total exports of approximately **RMB 13 trillion**, a year-on-year increase of **7.2%**[40](index=40&type=chunk) - In the first half of 2025, China's cross-border e-commerce imports and exports amounted to approximately **RMB 1.32 trillion**, a year-on-year increase of **5.7%**, 2.8 percentage points higher than the overall growth rate of China's foreign trade[41](index=41&type=chunk) [Company Business and Response Strategies](index=18&type=section&id=Company%20Business%20and%20Response%20Strategies) The Group's total revenue for the first half decreased by 43.4% year-on-year to approximately RMB 800 million, resulting in a loss of RMB 14.4 million, primarily due to changes in US tariff policies, prompting the Group to monitor tariffs, optimize logistics routes, and strengthen overseas infrastructure Key Financial Performance | Indicator | First Half 2025 (RMB Million) | First Half 2024 (RMB Million) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Total Revenue | 800 | 1,400 | -43.4% | | (Loss) Profit attributable to owners of the Company | (14.4) | 38.1 | Turned to loss | - Changes in US tariff policies impacted the Group's export business to the United States, leading to a decline in revenue and profit[42](index=42&type=chunk) - Response measures include: closely monitoring US tariff policies and passing on costs; designing optimized logistics routes and expanding into emerging markets such as Southeast Asia, South America, and the Middle East; and strengthening infrastructure such as overseas warehouses, customs clearance, and last-mile delivery[43](index=43&type=chunk) [Business Breakthroughs and Developments](index=19&type=section&id=Business%20Breakthroughs%20and%20Developments) In the first half of 2025, the Group achieved several business breakthroughs, including acquiring a stake in a US logistics company to enhance its overseas network, Hangzhou Faryuan joining Amazon's service provider network and being recognized as a benchmark logistics enterprise, and the Company receiving the 'Annual Value Company' award at the '2024 Hong Kong Stock Golden Intelligence Awards' - Ingrun Holdings Limited, an indirect wholly-owned subsidiary of the Company, acquired a **30% equity interest** in Advanced Logistics Solutions LLC, a US logistics company, to enhance its overseas logistics network competitiveness[44](index=44&type=chunk) - Hangzhou Faryuan International Logistics Co, Ltd. officially joined the Amazon service provider network and was recognized as a benchmark logistics enterprise for Hangzhou City in 2025[45](index=45&type=chunk) - The Company received the "Annual Value Company" award at the inaugural "2024 Hong Kong Stock Golden Intelligence Awards"[45](index=45&type=chunk) [Future Outlook and Prospects](index=20&type=section&id=Future%20Outlook%20and%20Prospects) The Group anticipates continued growth in the global cross-border logistics industry, despite potential short-term slowdowns due to US tariffs, with future strategies focusing on deepening platform cooperation, expanding business scale, accelerating overseas deployment, and increasing AI technology investment for digital and intelligent operations [Market Outlook](index=20&type=section&id=Market%20Outlook) Advances in logistics technology, including automation, data analytics, and AI, are expected to enhance supply chain efficiency, while global trade and cross-border e-commerce growth will drive cross-border transactions, with China's cross-border e-commerce logistics market projected to reach RMB 5.7 trillion by 2029, growing at a CAGR of 7.3% from 2024 to 2029, though short-term growth may slow due to US tariffs - Advances in logistics technology, such as automation, data analytics, and artificial intelligence, are expected to further enhance supply chain efficiency[46](index=46&type=chunk) - The market size of China's cross-border e-commerce logistics increased from **RMB 1.9 trillion in 2019 to RMB 4.0 trillion in 2024**, with a compound annual growth rate of **16.1%**[46](index=46&type=chunk) - The market size of China's cross-border e-commerce logistics is expected to reach **RMB 5.7 trillion by 2029**, with a compound annual growth rate of **7.3%** from 2024 to 2029, but short-term growth may slow due to US tariffs[46](index=46&type=chunk) [Development Strategies](index=20&type=section&id=Development%20Strategies) The Group will deepen cooperation with leading cross-border e-commerce platforms, expand direct customer base, scale up service networks, accelerate overseas logistics network deployment to enhance cross-border delivery and localized fulfillment, and continuously increase technology investment, integrating AI to drive digital transformation - Continue to deepen strategic cooperation with major platforms, focusing on in-depth collaboration with leading cross-border e-commerce platforms, and further expanding to small and medium-sized direct customers[47](index=47&type=chunk) - Expand business scale and service capabilities, expanding or upgrading existing service outlets as needed to improve service capacity[47](index=47&type=chunk) - Accelerate overseas deployment, extending the overseas logistics network, enhancing cross-border delivery and overseas localized fulfillment support services, and promoting the construction of overseas logistics infrastructure[47](index=47&type=chunk) - Continuously increase technology investment, deeply integrating AI technology to enhance digitalization and build an intelligent, data-driven enterprise ecosystem[48](index=48&type=chunk) [Financial Review](index=21&type=section&id=Financial%20Review) The Group's financial performance in the first half of 2025 was significantly impacted by US tariff policies, leading to substantial declines in revenue and gross profit and a shift from profit to loss, exacerbated by increased impairment losses and finance costs, despite an improved gross margin; however, the Group maintains sufficient liquidity, a reduced gearing ratio, and has reallocated IPO proceeds to enhance overseas logistics and intelligent operations [Financial Overview](index=21&type=section&id=Financial%20Overview) In the first half of 2025, the Group's revenue decreased by 43.4% to RMB 800 million, primarily due to US tariff policy changes, leading to a corresponding reduction in cost of sales and a 29.7% decline in gross profit, though gross margin improved due to service mix shifts; the period saw a loss, driven by lower gross profit, increased impairment losses, and higher finance costs, while both trade receivables and payables decreased with reduced business volume - Revenue: For the six months ended June 30, 2025, revenue was approximately **RMB 800 million**, a decrease of approximately **43.4%** compared to the same period last year, mainly due to reduced freight volume to the United States caused by changes in US tariff policies[49](index=49&type=chunk) - Cost of sales: Cost of sales decreased by approximately **44.5%** to approximately **RMB 700 million**, consistent with the change in revenue[50](index=50&type=chunk) - Gross profit: Gross profit decreased by approximately **29.7%** to approximately **RMB 73.7 million**, but the gross profit margin increased from **7.3% to 9.1%**, mainly due to a decrease in the proportion of lower-margin freight forwarding services and an increase in the gross profit margin of other logistics services[51](index=51&type=chunk)[52](index=52&type=chunk) - Other income, gains and losses, net: Net loss improved from **RMB 9.2 million to RMB 5.2 million**, mainly due to reduced exchange losses and increased bank interest income[53](index=53&type=chunk) - Impairment loss on trade and other receivables: Impairment loss increased to approximately **RMB 14.4 million**, mainly due to a higher expected credit loss rate resulting from slower customer repayments[54](index=54&type=chunk) - Finance costs: Finance costs increased by **25.5%** to approximately **RMB 9.7 million**, primarily due to an increase in bank borrowings during the period[55](index=55&type=chunk) - Income tax expense: Shifted from an expense to an income tax credit of approximately **RMB 0.3 million**, mainly due to the loss position during the period and an increase in deferred tax credit[56](index=56&type=chunk) - Loss for the period: Recorded a loss of approximately **RMB 14.4 million**, a reversal from a profit in the prior year, mainly impacted by reduced gross profit, increased impairment losses, and higher finance costs[57](index=57&type=chunk) - Trade receivables: Decreased by **35.0%** to approximately **RMB 429.2 million**, mainly due to a decrease in average monthly revenue during the period[58](index=58&type=chunk) - Trade payables: Decreased by **29.0%** to approximately **RMB 59.1 million**, mainly due to a decrease in average monthly cost of sales during the period[59](index=59&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=24&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Capital%20Structure) The Group primarily funds its operations through cash generated from operations and bank borrowings, expecting sufficient working capital, with net current assets of RMB 485 million, bank balances and cash of RMB 485 million, reduced bank borrowings of RMB 631 million, and RMB 104 million in unutilized bank facilities as of June 30, 2025 - The Group primarily funds its operations through cash generated from operations and bank borrowings, and is expected to have sufficient working capital[60](index=60&type=chunk) Liquidity and Financial Resources | Indicator | June 30, 2025 (RMB Million) | December 31, 2024 (RMB Million) | | :--- | :--- | :--- | | Net current assets | 484.6 | 535.3 | | Bank balances and cash | 485.4 | 448.6 | | Bank borrowings | 630.9 | 857.4 | | Unutilized bank facilities | 103.9 | Not applicable | [Gearing Ratio](index=24&type=section&id=Gearing%20Ratio) As of June 30, 2025, the Group's gearing ratio decreased to 93.0% from 120.0% on December 31, 2024, primarily due to a reduction in bank borrowings, partially offset by an increase in lease liabilities Gearing Ratio | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Gearing ratio | 93.0% | 120.0% | - The decrease in the gearing ratio was mainly due to a reduction in bank borrowings, partially offset by an increase in lease liabilities[62](index=62&type=chunk) [Foreign Exchange Risk](index=25&type=section&id=Foreign%20Exchange%20Risk) The Group faces foreign exchange risk from business transactions denominated in currencies other than RMB and IPO proceeds denominated in HKD, actively monitoring exchange rate fluctuations and implementing hedging measures when necessary, with no significant foreign exchange difficulties or liquidity issues encountered as of June 30, 2025 - The Group is exposed to foreign exchange risk to a certain extent from purchases and sales denominated in currencies other than RMB, including but not limited to USD and HKD[63](index=63&type=chunk) - The Group closely monitors the risk of exchange rate fluctuations and will take appropriate measures (such as hedging) to control exchange rate fluctuation risk when necessary[63](index=63&type=chunk) [Contingent Liabilities](index=25&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities - As of June 30, 2025, the Group had no significant contingent liabilities[64](index=64&type=chunk) [Pledge of Assets](index=25&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, the Group had pledged trade receivables, interests in buildings, and time deposits as collateral for secured bank borrowings, with the total value of pledged assets decreasing compared to December 31, 2024 Pledged Assets | Pledged Assets | June 30, 2025 (RMB Million) | December 31, 2024 (RMB Million) | | :--- | :--- | :--- | | Trade receivables | 258.8 | 494.17 | | Interests in buildings | 2.30 | 2.56 | | Time deposits | 185.00 | 245.00 | - The above assets were pledged as collateral for secured bank borrowings granted to the Group[65](index=65&type=chunk) [Use of Net Proceeds from Share Offer](index=25&type=section&id=Use%20of%20Net%20Proceeds%20from%20Share%20Offer) The net proceeds from the share offer amounted to RMB 58.79 million, lower than disclosed in the prospectus, with the Company reallocating RMB 39.81 million originally for China service network expansion to enhance overseas logistics capabilities, build a global intelligent operation command center, and supplement working capital to address market instability and seize opportunities - The net proceeds from the share offer were approximately **RMB 58.79 million**, which was lower than the **RMB 80.00 million** disclosed in the prospectus[66](index=66&type=chunk) - The Company plans to reallocate **RMB 39.81 million** originally designated for the expansion and upgrade of service outlets in China[67](index=67&type=chunk) - The reallocated uses include: **RMB 19.81 million** for enhancing overseas logistics capabilities; **RMB 16.00 million** for building a global intelligent operation command center; and **RMB 4.00 million** for working capital and general corporate purposes[67](index=67&type=chunk) Use of Net Proceeds from Share Offer | Intended Use | Original Estimated Amount (RMB Million) | Adjusted Available Amount (RMB Million) | Amount Utilized as at June 30, 2025 (RMB Million) | Amount Unutilized as at June 30, 2025 (RMB Million) | | :--- | :--- | :--- | :--- | :--- | | Achieving larger scale and expanding the Group's business scope (Original use) | 65.5 | 48.15 | 8.34 | — | | Enhancing overseas logistics capabilities (New use) | — | 19.81 | 0.51 | 19.30 | | Building a global intelligent operation command center (New use) | — | 16.00 | 16.00 | — | | Investing in and upgrading the Group's information technology systems | 14.4 | 10.58 | 6.51 | 4.07 | | Working capital and general corporate purposes | 0.1 | 4.06 | 4.06 | — | | **Total** | **80.0** | **58.79** | **35.42** | **23.37** | [Other Information](index=27&type=section&id=Other%20Information) This section covers the Group's human resources, remuneration policy, dividend policy, share award scheme, corporate governance practices, and other compliance information, noting a slight decrease in employees but an increase in total employee costs, no interim dividends declared, adoption of a share award scheme without current grants, separation of Chairman and CEO roles, and audit committee review of interim results [Human Resources and Remuneration Policy](index=27&type=section&id=Human%20Resources%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had 465 full-time employees, a slight decrease from the prior year, with total employee costs increasing to approximately RMB 44.3 million; the Group provides regular training and mentorship, with remuneration based on qualifications, experience, capabilities, and market levels, and contributes to mandatory social security funds for Chinese employees Human Resources | Indicator | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Number of full-time employees | 465 | 477 | | Total employee costs (RMB Million) | 44.3 | 38.70 | - The Group provides regular internal and external training for employees, as well as induction training and mentorship programs for new hires[69](index=69&type=chunk) - The remuneration policy is determined based on employees' qualifications, experience, capabilities, and current market remuneration levels, and the Group contributes to mandatory social security funds for its employees in China[69](index=69&type=chunk) [Interim Dividend](index=27&type=section&id=Interim%20Dividend) The Board of Directors resolved not to recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board of Directors resolved not to recommend the payment of an interim dividend for the six months ended June 30, 2025 (six months ended June 30, 2024: nil)[70](index=70&type=chunk) [Share Award Scheme](index=27&type=section&id=Share%20Award%20Scheme) The Company adopted a Share Award Scheme on April 9, 2025, to recognize and incentivize eligible participants, with a maximum of 78,000,000 award shares (approximately 10% of issued share capital), though no award shares had been granted as of June 30, 2025 - The Company adopted a Share Award Scheme on April 9, 2025, to recognize and incentivize eligible participants for their contributions to the Group's growth and development[71](index=71&type=chunk) - The maximum number of award shares shall not exceed **78,000,000 shares**, representing approximately **10%** of the Company's issued share capital as at the adoption date[71](index=71&type=chunk) - No award shares have been granted from the adoption date up to June 30, 2025[71](index=71&type=chunk) [Standard Code for Securities Transactions by Directors](index=28&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The Company adopted the Standard Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules, and all directors confirmed compliance for the six months ended June 30, 2025 - The Company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[72](index=72&type=chunk) - Each Director confirmed that they have complied with the Standard Code for the six months ended June 30, 2025[72](index=72&type=chunk) [Events After Reporting Period](index=28&type=section&id=Events%20After%20Reporting%20Period) Except as disclosed in this announcement, no significant post-reporting period events occurred from June 30, 2025, up to the date of this announcement - Save as disclosed in this announcement, there have been no significant events after the reporting period from June 30, 2025, up to the date of this announcement[73](index=73&type=chunk) [Corporate Governance](index=28&type=section&id=Corporate%20Governance) The Company is committed to maintaining high standards of corporate governance and has adopted the Corporate Governance Code in Appendix C1 of the Listing Rules, with the roles of Chairman and Chief Executive Officer, previously held by the same individual, now separated since March 1, 2025 - The Company has adopted the principles of the Corporate Governance Code as set out in Appendix C1 to the Listing Rules as its own corporate governance code[74](index=74&type=chunk) - The roles of Chairman and Chief Executive Officer were previously held by Mr. Wang Quan, but since March 1, 2025, Mr. Wang Quan resigned as Chief Executive Officer and Mr. Wang Tiantian was appointed as Chief Executive Officer, thus separating the roles[74](index=74&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=28&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the six months ended June 30, 2025 - Neither the Company nor any of its subsidiaries purchased, sold or redeemed any of the Company’s listed securities during the six months ended June 30, 2025[75](index=75&type=chunk) [Arrangements to Purchase Shares or Debentures](index=29&type=section&id=Arrangements%20to%20Purchase%20Shares%20or%20Debentures) During the six months ended June 30, 2025, neither the Company, its holding company, nor any of its subsidiaries or fellow subsidiaries were party to any arrangements enabling directors or their spouses or children under 18 to acquire benefits by purchasing shares or debt securities of the Company or any other body corporate - At no time during the six months ended June 30, 2025, was the Company, its holding company, or any of its subsidiaries or fellow subsidiaries a party to any arrangements to enable the Directors or any of their spouses or children under 18 years of age to acquire benefits by means of the acquisition of shares in or debentures of the Company or any other body corporate[76](index=76&type=chunk) [Audit Committee](index=29&type=section&id=Audit%20Committee) The Company's Audit Committee reviewed the Group's unaudited interim results for the six months ended June 30, 2025, discussing accounting principles and practices with management, and confirmed that the results were prepared in compliance with applicable accounting standards and Listing Rules, with sufficient disclosure, and were reviewed by the Company's auditor in accordance with HKSRE 2410 - The Company’s Audit Committee has reviewed the unaudited interim results of the Group for the six months ended June 30, 2025, and discussed with the management the accounting principles and practices adopted[77](index=77&type=chunk) - The Audit Committee is of the opinion that the preparation of such results complied with the applicable accounting standards and requirements and the Listing Rules, and that adequate disclosures have been made[77](index=77&type=chunk) - The unaudited interim results of the Group for the six months ended June 30, 2025, have been reviewed by the Company’s auditor, Shinewing (HK) CPA Limited, in accordance with Hong Kong Standard on Review Engagements 2410[77](index=77&type=chunk) [Sufficiency of Public Float](index=29&type=section&id=Sufficiency%20of%20Public%20Float) Based on public information and directors' knowledge, the Company maintained a sufficient public float in accordance with the Listing Rules for the six months ended June 30, 2025 - For the six months ended June 30, 2025, the Company maintained a sufficient public float in accordance with the requirements of the Listing Rules[78](index=78&type=chunk) [Publication of Results Announcement and Interim Report](index=30&type=section&id=Publication%20of%20Results%20Announcement%20and%20Interim%20Report) This interim results announcement has been published on the HKEXnews website and the Company's website, and the Company's interim report for the six months ended June 30, 2025, will be dispatched to shareholders and published on the aforementioned websites in due course - This interim results announcement is published on the website of HKEXnews (www.hkexnews.hk) and the Company’s website (www.far800.com) respectively[79](index=79&type=chunk) - The interim report of the Company for the six months ended June 30, 2025, will be despatched to its shareholders and published on the aforesaid websites in due course[79](index=79&type=chunk) [By Order of the Board](index=30&type=section&id=By%20Order%20of%20the%20Board) This announcement is issued by Mr. Wang Quan, Chairman and Executive Director of Far800 International Holdings Group Limited, and lists the executive, non-executive, and independent non-executive directors as of the announcement date - This announcement is issued by Mr. Wang Quan, Chairman and Executive Director of Far800 International Holdings Group Limited[80](index=80&type=chunk) - As of the date of this announcement, the executive Directors are Mr. Wang Quan, Mr. Yang Zhilong, Mr. Zhang Guangyang and Mr. Zhu Jiong; the non-executive Directors are Mr. Wei Ran and Mr. Yao Shenjie; and the independent non-executive Directors are Mr. Ye Xingyue, Mr. Ren Tiangan and Ms. Wang Jiaofei[80](index=80&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Logan Group Company Limited 龍光集團有限公司 （於開曼群島註冊成立之有限公司） （股份代號：3380及債券股份代號：40754、40527、40508、40411） 截至二零二五年六月三十日止六個月之 未經審核中期業績公告 中期業績摘要 – 1 – • 合約銷售額為人民幣39.8億元。 • 收入為人民幣34.0億元。 • 截至二零二五年六月三十日止六個月之淨虧損為人民幣19.6億元。持續虧損主要由 於(i)房地產行業持續低迷，毛利率依然處於低水平；及(ii)就存貨計提減值撥備。 中期業績 龍光集團有限公司（「本公司」或「龍光集團」）董事會（「董事會」）謹此公佈本公司及其附屬 公司（「本集團」）截至二零二五年六月三十日止六個月期間（「期內」）的未經審核中期業績 連同二零二四年中期比較數字。本中期業績亦已經本公司審核委員會審閱。 簡明綜合損益表 截至二零二五年六月三十日止六個月 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴該等內 容而引致的任何損失承擔任何責任。 Qian Xun Technology Limited 千循科技有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1640） 截至2025年6月30日止六個月的中期業績公告 千循科技有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司及其附屬公司（統稱「本集 團」）截至2025年6月30日止六個月（「回顧期」）未經審核綜合中期業績，連同2024年同期的比較數字如 下： 1 中期簡明綜合損益及其他全面收入表 截至2025年6月30日止六個月 | | | 截至6月30日止六個月 | | | --- | --- | --- | --- | | | | 2025年 | 2024年 | | | 附註 | 人民幣千元 | 人民幣千元 | | | | （未經審核） | （未經審核） | | 收入 | 4 | 647,384 | 67,144 | | 收入成本 | | (619,750) | (6 ...