Financial Performance - Revenue for the six months ended June 30, 2025, was HKD 6,575,509, a decrease of 9.4% compared to HKD 7,255,090 in 2024[3] - Profit attributable to owners of the company increased by 2.7% to HKD 245,510 from HKD 239,077 year-on-year[3] - Basic earnings per share rose by 3.7% to HKD 8.89 compared to HKD 8.57 in the previous year[7] - Total comprehensive income for the period was HKD 373,463, compared to HKD 106,121 in the previous year[7] - The company reported a profit for the period of HKD 245,510,000, compared to HKD 239,077,000 in the previous period, reflecting a growth of 2.0%[10] - The net profit attributable to the company's owners was HKD 245,510,000, an increase of 2.7% from HKD 239,077,000 in the previous year[90] - The net profit margin for the six months ended June 30, 2025, was 3.7%, up from 3.3% in 2024[91] - The basic and diluted earnings per share were both HKD 0.0889, compared to HKD 0.0857 in the same period last year[92] Revenue Breakdown - Gas sales revenue was HKD 5,619,687,000, down from HKD 5,860,550,000, representing a decline of 4.1%[17] - The total gas sales volume for wholesale customers decreased by 51.5% for pipeline gas, while LNG sales volume increased by 100.7%[63] - Revenue from gas pipeline construction decreased by 34.5% to HKD 380,049,000, accounting for 5.8% of total revenue[77] - Revenue from residential gas pipeline construction decreased by 37.4% to HKD 319,804,000, with a drop in completed connections from 171,112 to 105,560[79] - Smart energy revenue decreased by 39.4% to HKD 332,361,000, representing 5.0% of total revenue[81] - Value-added services revenue decreased by 10.7% to HKD 151,416,000, maintaining a 2.3% share of total revenue[82] - Revenue from compressed/liquefied natural gas vehicle refueling stations decreased by 4.2% to HKD 91,996,000, with gas sales to vehicles increasing by 6.2%[83] Asset and Equity Changes - Total assets less current liabilities amounted to HKD 15,073,792, down from HKD 16,546,930[9] - Total equity increased to HKD 8,611,136 from HKD 8,380,971 year-on-year[9] - The company’s total assets as of June 30, 2025, were HKD 8,611,136,000, compared to HKD 8,743,062,000 as of June 30, 2024[10] - The company’s non-controlling interests increased to HKD 996,313,000 as of June 30, 2025, from HKD 992,114,000 at the beginning of the year[10] Cash Flow and Liabilities - The net cash used in operating activities was HKD (252,896,000), compared to HKD 317,004,000 generated in the same period last year[12] - The cash and cash equivalents decreased by HKD 990,403,000, from HKD 1,650,857,000 at the beginning of the period to HKD 656,928,000 at the end[12] - Investment activities used net cash of HKD (500,985,000), slightly improved from HKD (593,836,000) in the prior year[12] - The net current liabilities of the group as of June 30, 2025, were HKD 4,914,452,000, an increase attributed mainly to the rise in borrowings due within one year[41] - The group's current ratio as of June 30, 2025, was approximately 0.6, down from 0.7 as of December 31, 2024[41] - Total borrowings and lease liabilities increased by HKD 379,462,000 or 2.9% to HKD 13,303,738,000 as of June 30, 2025[41] - The net debt of the group as of June 30, 2025, was HKD 12,646,810,000, up from HKD 11,273,419,000 as of December 31, 2024[42] - The net debt-to-equity ratio as of June 30, 2025, was approximately 1.47, compared to 1.35 as of December 31, 2024[42] Operational Highlights - Natural gas sales volume decreased by 2.9% to 1,688,073 thousand cubic meters from 1,738,419 thousand cubic meters[3] - Liquefied natural gas wholesale customer sales volume surged by 100.7% to 357,900 thousand cubic meters from 178,291 thousand cubic meters[3] - New pipeline gas connections for industrial and commercial customers increased by 30.6% to 1,757 from 1,345[3] - Cumulative integrated energy project count rose by 21.3% to 262 from 216[3] - The company operates 74 gas distribution projects in China as of June 30, 2025[60] - The total population that can be connected to the gas network increased by 2.8% to 25,939,000 as of June 30, 2025[62] - The number of residential users that can be connected rose by 2.9% to 7,411,000 as of June 30, 2025[62] - The cumulative number of connected residential gas customers reached 5,297,310, reflecting a 3.7% increase year-on-year[62] Future Plans and Strategies - The company plans to continue expanding its gas pipeline construction and smart energy services in the Chinese market[17] - The company plans to focus on urban gas business and expand its smart energy services while optimizing financing costs and enhancing operational stability in the second half of 2025[95] - The company aims to enhance its digital systems and integrate AI technology to improve decision-making efficiency and management effectiveness[97] Shareholder Information - As of June 30, 2025, the total number of issued shares of the company is 2,748,305,157 shares[100] - Mr. Wang Wenliang holds 800,225,206 shares, representing a beneficial interest of 29.12%[98] - China Gas Holdings Limited owns 1,030,402,000 shares, accounting for 37.49% of the total shares[102] - The company repurchased a total of 29,390,000 shares at a total cost of HKD 126,103,560[107] - The highest repurchase price per share was HKD 4.56, while the lowest was HKD 3.95[107] - The company aims to enhance its net asset value per share and earnings per share through share repurchases[107] Governance and Compliance - The company has complied with all applicable corporate governance codes during the review period[104] - The audit committee reviewed the accounting principles and financial reporting matters without any disagreements[106] - The board of directors includes executive directors Wang Wenliang (Chairman), Yao Zhisheng (Vice Chairman), and others[108] - The report date is August 22, 2025[109]

CONTENTS 目錄 | Corporate Profile | 2 | | --- | --- | | 公司簡介 | | | Corporate Information | 3 | | 公司資料 | | | Management Discussion and Analysis | 6 | | 管理層討論及分析 | | | Disclosure of Interest | 13 | | 權益披露 | | | Corporate Governance and Other Information | 17 | | 公司管治及其他資料 | | | Independent Review Report | 25 | | 獨立審閱報告 | | | Condensed Consolidated Statement of Profit or Loss | 28 | | 簡明綜合損益表 | | | Condensed Consolidated Statement of Comprehensive Income | 29 | | 簡明綜合全面收入表 | | | Condensed Consolidated Statement ...

Financial Performance - The company reported a revenue of RMB 500 million for the first half of 2025, representing a 15% increase compared to the same period last year[5]. - Operating revenue for the first half of 2025 was RMB 41,492 million, a decrease of 50.20% compared to RMB 83,320 million in the same period last year[15]. - Total profit for the first half of 2025 reached RMB 4,863 million, an increase of 2,575.99% from RMB 182 million year-on-year[15]. - Net profit attributable to shareholders for the first half of 2025 was RMB 3,258 million, up 5,414.73% from RMB 59 million in the previous year[15]. - The company's total profit for the first half of 2025 was RMB 48.63 million, compared to RMB 1.82 million in the first half of 2024, marking an increase of 2,570.5%[85]. - Net profit for the first half of 2025 reached RMB 32.58 million, significantly up from RMB 0.59 million in the first half of 2024, representing a growth of 5,417.6%[85]. Market Expansion and Strategy - The company expects a revenue growth of 10% for the second half of 2025, driven by new product launches and market expansion strategies[5]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share by the end of 2026[5]. - A new trading platform is set to launch in Q3 2025, aimed at improving transaction efficiency and user engagement[5]. - The company plans to focus on expanding its market presence and enhancing its product offerings in the upcoming quarters[85]. Investment and Technology - Investment in technology infrastructure increased by 25% to enhance trading capabilities and improve user experience[5]. - The company has completed a strategic acquisition of a local brokerage firm, which is expected to contribute an additional RMB 100 million in annual revenue[5]. - The company focused on the development of financial technology to enhance customer service systems and operational efficiency[36]. - The company plans to continue its digital transformation to support high-quality business development by 2025[35]. Risk Management - Risk management measures have been strengthened, with a 40% increase in resources allocated to compliance and risk assessment[5]. - The group faces several risks including market risk, credit risk, liquidity risk, operational risk, and compliance risk, arising from uncertainties in business operations[48]. - A comprehensive risk management system is in place, covering all departments and subsidiaries, to identify, assess, monitor, and report risks[51]. - The company emphasizes the cultivation of risk management awareness among employees through internal initiatives and training[52]. - The company continuously monitors its net capital risk management indicators and conducts stress tests to assess the impact of market volatility on its key regulatory indicators and cash flow[55]. Shareholder and Governance - The board has approved a dividend payout of RMB 0.05 per share for the first half of 2025, reflecting a commitment to returning value to shareholders[5]. - Major shareholder Zhongtai Securities Co., Ltd. holds 632,176,078 domestic shares, representing approximately 63.10% of the total issued shares and 87.22% of the domestic shares[71]. - The audit committee confirmed the company's interim results announcement for the six months ended June 30, 2025, on August 29, 2025[62]. - The board of directors has confirmed their responsibility for the preparation of the consolidated financial statements for the six months ended June 30, 2025, which are unaudited[63]. Employee and Training - The company has initiated a new training program for employees, focusing on enhancing skills in digital trading technologies[5]. - The group has established a competitive talent cultivation and incentive system, with a comprehensive salary structure linked to performance assessments[46]. - During the reporting period, the group conducted 27 training sessions and produced 30 micro-courses covering various topics, enhancing the training coverage[47]. Financial Position - Total assets as of June 30, 2025, were RMB 3,353,719 million, a slight decrease of 0.65% from RMB 3,375,714 million at the end of 2024[15]. - Total liabilities as of June 30, 2025, were RMB 3,095,366 million, down 0.81% from RMB 3,120,584 million at the end of 2024[15]. - The net capital as of June 30, 2025, was RMB 152,507.60 million, exceeding the regulatory standard of not less than RMB 3,000 million[17]. - The asset-liability ratio decreased to 38.25%, down 3.62 percentage points from 41.87% at the end of 2024[27]. Cash Flow and Investments - Operating cash flow for the first half of 2025 was negative at RMB -1,818,436,167.20, compared to a positive RMB 1,797,129,575.34 in the same period of 2024, indicating a significant decline in operational performance[93]. - Total cash inflow from operating activities decreased to RMB 1,387,505,831.16 in 2025 from RMB 4,870,810,659.85 in 2024, reflecting a year-over-year decline of approximately 71.5%[93]. - Cash outflow from operating activities increased to RMB 3,205,941,998.36 in 2025, up from RMB 3,073,681,084.51 in 2024, marking an increase of about 4.3%[93]. - Financing activities resulted in a net cash flow of RMB -47,654,410.32 in the first half of 2025, compared to RMB -6,203,683.10 in 2024, indicating a worsening financing position[94]. Compliance and Accounting - The company emphasizes compliance with regulatory capital requirements and conducts stress tests before major investments[40]. - The financial statements for the first half of 2025 reflect the company's compliance with accounting standards, ensuring accurate representation of its financial position[113]. - The company’s financial statements were prepared in accordance with the applicable accounting standards, ensuring compliance and fair representation of its financial status[76]. - The group recognizes expected credit losses for financial assets measured at amortized cost and contract assets, considering past events, current conditions, and forecasts of future economic conditions[129].

目錄 2 公司資料 3 簡明綜合財務報表審閱報告 4 簡明綜合損益表 5 簡明綜合損益及其他全面收益表 6–7 簡明綜合財務狀況表 8–9 簡明綜合權益變動表 10 簡明綜合現金流量表 11–32 簡明綜合財務報表附註 33–45 管理層討論與分析 46–48 其他資料 公司資料 董事會 執行董事 酈 千 （主席） 孫 洁 獨立非執行董事 李萬全 何 佳 劉 磊 審核委員會 李萬全 （主席） 何 佳 劉 磊 薪酬委員會 何 佳 （主席） 李萬全 酈 千 提名委員會 劉 磊 （主席） 李萬全 孫 洁 環境、社會及管治委員會 孫 洁 （主席） 何 佳 劉 磊 公司秘書 潘子健 核數師 天職香港會計師事務所有限公司 執業會計師 註冊公眾利益實體核數師 香港鰂魚涌 英皇道728號8樓 主要往來銀行 中國銀行（香港）有限公司 交通銀行股份有限公司 東亞銀行有限公司 招商銀行股份有限公司 創興銀行有限公司 富邦華一銀行有限公司 恆生銀行（中國）有限公司 中國郵政儲備銀行股份有限公司 上海浦東發展銀行股份有限公司 網址： www.hk217.com 電子郵件： public@hk217.com 股份過戶登記處 香港中央證券 ...

股 份 代 號: 8285 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） 中期報 告 2025 2025 INTERIM REPORT Stock code: 8285 (Incorporated in the Cayman Islands with limited liability) 香 港 聯 合 交 易 所 有 限 公 司（「聯 交 所」） GEM的特色 GEM的定位乃為相比起聯交所主板上市 的其他公司帶有更高投資風險的中小型公 司提供上市的市場。有意投資者應了解投 資於此類公司的潛在風險，並應經審慎周 詳考慮後方作出投資決定。 由於在GEM上市的公司一般為中小型公 司，在GEM買賣的證券可能會承受較於聯 交所主板買賣的證券為高的市場波動風 險，同時亦無法保證在GEM買賣的證券會 有高流通量的市場。 香港交易及結算所有限公司及聯交所對本 報告的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示概不會 對本報告的全部或任何部分內容所產生或 因依賴該等內容而引致的任何損失承擔任 何責任。 本報告乃遵照聯交所GEM證券上市規則 （「GEM上市規則」）的規定提供有關森浩 集團股份有 ...

2025 中期報告 目錄 | | 頁 | | --- | --- | | 公司資料 | 2 | | 中期簡明財務資料 | | | 中期簡明損益及其他全面收益表 | 3 | | 中期簡明財務狀況表 | 4 | | 中期簡明權益變動表 | 5 | | 中期簡明現金流量表 | 7 | | 中期簡明財務資料附註 | 8 | | 管理層討論及分析 | 21 | | 其他資料 | 30 | SHANGHAI INTERNATIONAL SHANGHAI GROWTH INVESTMENT LIMITED 公司資料 董事 執行董事： 趙恬先生 獨立非執行董事： 蔡德輝先生 （於二零二五年二月十四日獲委任） 劉美雪女士 華民博士 （於二零二五年六月二十七日退任） 王家泰先生 （於二零二五年一月二十九日辭任） 易永發先生 （於二零二五年二月十四日辭任） 非執行董事： 程爵生先生 （於二零二五年三月二十五日獲委任） 施美伶女士 （於二零二五年八月二十九日獲委任） 林維蕆先生 （於二零二五年三月二十五日獲委任 並於二零二五年八月二十九日辭任） 陸雪方先生 （於二零二五年三月二十五日辭任） 公司秘書 張月芬女士 基金管理公司 上實資 ...

[Performance Summary](index=1&type=section&id=Performance%20Summary) This section provides an overview of the Group's financial performance and position, highlighting key figures from the consolidated statements of profit or loss and financial position [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=1&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) The Group recorded a loss of **145,279 thousand HKD** for the year ended June 30, 2025, an increase from **133,409 thousand HKD** in 2024, driven by a **92.7%** revenue growth but exacerbated by fair value losses on investment properties and increased operating expenses | Metric | 2025 (thousand HKD) | 2024 (thousand HKD) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 43,805 | 22,733 | 92.7% | | Cost of sales and services | (20,434) | (9,142) | 123.5% | | Gross profit | 23,371 | 13,591 | 72.0% | | Other gains and losses | (122,506) | (96,558) | 26.9% | | Operating loss | (139,068) | (127,453) | 9.1% | | Loss for the year | (145,279) | (133,409) | 8.9% | | Basic loss per share (HK cents) | (9.38) | (9.29) | 1.0% | [Consolidated Statement of Financial Position](index=3&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets less current liabilities were **417,945 thousand HKD**, a **25.9%** decrease from 2024, reflecting a significant reduction in investment properties within non-current assets and an expanded net current liabilities, indicating financial pressure | Metric | 2025 (thousand HKD) | 2024 (thousand HKD) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Total non-current assets | 526,691 | 658,992 | -20.1% | | Total current assets | 29,805 | 46,476 | -35.9% | | Total current liabilities | 138,551 | 141,354 | -2.0% | | Net current liabilities | (108,746) | (94,878) | 14.6% | | Net assets | 398,861 | 543,409 | -26.6% | | Total equity | 398,861 | 543,409 | -26.6% | [Notes to the Consolidated Financial Statements](index=5&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) This section provides detailed notes to the consolidated financial statements, covering accounting policies, significant judgments, and breakdowns of key financial figures [Basis of Preparation and Going Concern](index=5&type=section&id=1.%20编制基準及持续经营) The consolidated financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, despite the Group facing significant going concern uncertainties due to a **145,279 thousand HKD** loss and **108,746 thousand HKD** net current liabilities in FY2025, which the Board believes are mitigated by various measures [Basis of Preparation](index=5&type=section&id=1.%20編製基準) The consolidated financial statements are prepared in accordance with all applicable Hong Kong Financial Reporting Standards issued by the HKICPA and comply with the disclosure requirements of the Listing Rules and the Companies Ordinance - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards (including HKFRSs, HKASs, and Interpretations) issued by the Hong Kong Institute of Certified Public Accountants[7](index=7&type=chunk) - The statements also comply with the disclosure requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and the Companies Ordinance (Cap. 622)[7](index=7&type=chunk) [Material Uncertainty Related to Going Concern and Mitigating Factors](index=5&type=section&id=Material%20Uncertainty%20Related%20to%20Going%20Concern%20and%20Mitigating%20Factors) The Group faces significant going concern uncertainties due to a **145,279 thousand HKD** loss and **108,746 thousand HKD** net current liabilities in FY2025, which the Board has assessed and addressed with mitigating measures including shareholder support, undrawn bank facilities, and cost control strategies - As of June 30, 2025, the Group incurred a loss of approximately **145,279 thousand HKD** and had net current liabilities of approximately **108,746 thousand HKD**, constituting a material uncertainty related to going concern[8](index=8&type=chunk) - The Board has prepared cash flow forecasts for the 18 months ending December 31, 2026, and believes the Group has sufficient working capital to meet current requirements[8](index=8&type=chunk) - Mitigating factors include scheduled repayment of secured bank loans, Gold Seal Holdings Limited's agreement not to demand repayment of approximately **11,687 thousand HKD** owed by the Group, **65,000 thousand HKD** in undrawn bank facilities, and strategies to enhance revenue and control costs[10](index=10&type=chunk) [Adoption of New and Revised Hong Kong Financial Reporting Standards](index=6&type=section&id=2.%20采纳新订及经修訂香港財務報告準則會計準則) The Group has adopted several HKFRS amendments effective July 1, 2024, with no material impact on prior or current periods, while the Board is evaluating the potential significant effects of HKFRS 18 on financial statement presentation and disclosure, which is issued but not yet effective - The Group has initially applied amendments to HKAS 1, HK(IFRIC)-Int 5, and HKAS 7 & HKFRS 7, which had no material impact on prior or current periods[11](index=11&type=chunk) - HKFRS 18 (Presentation and Disclosure in Financial Statements), effective January 1, 2027, is expected to introduce significant changes to financial statement presentation, including profit or loss structure, disclosure of management-defined performance measures, and aggregation and disaggregation requirements[12](index=12&type=chunk)[13](index=13&type=chunk) [Standards Applied](index=6&type=section&id=2.(a)%20應用新訂及經修訂香港財務報告準則會計準則) The Group has adopted several HKFRS amendments effective July 1, 2024, including those on liability classification, non-current liabilities with covenants, classification of term loans with demand clauses, and supplier finance arrangements, none of which had a material impact on amounts recognized in prior periods - The Group has initially applied amendments to HKAS 1 regarding the classification of liabilities and non-current liabilities with covenants[11](index=11&type=chunk) - Amendments to HK(IFRIC)-Int 5 concerning the classification by a borrower of a term loan with a repayment on demand clause, and HKAS 7 & HKFRS 7 regarding supplier finance arrangements, have also been applied[11](index=11&type=chunk) - These amendments and interpretations had no material impact on amounts recognized in prior periods and are not expected to have a significant impact on the current or future periods[11](index=11&type=chunk) [Standards Issued But Not Yet Effective](index=6&type=section&id=2.(b)%20已頒佈但尚未生效之經修訂香港財務報告準則會計準則) The HKICPA has issued several new standards and amendments not yet effective, notably HKFRS 18 (Presentation and Disclosure in Financial Statements), which is expected to significantly alter financial statement presentation, including profit or loss structure, disclosure of management-defined performance measures, and aggregation and disaggregation requirements, with the Board currently assessing its impact - HKFRS 18 (Presentation and Disclosure in Financial Statements), effective January 1, 2027, will replace HKAS 1[12](index=12&type=chunk)[13](index=13&type=chunk) - This standard will introduce significant changes, focusing on financial performance information presented in the statement of profit or loss, thereby impacting the presentation and disclosure of financial statements[13](index=13&type=chunk) - Key changes involve the structure of the statement of profit or loss, required disclosures for management-defined performance measures, and enhanced requirements for aggregation and disaggregation of information[13](index=13&type=chunk) [Revenue](index=7&type=section&id=3.%20收%20益) Total revenue for FY2025 was **43,805 thousand HKD**, a **92.7%** increase from **22,733 thousand HKD** in 2024, primarily driven by a significant rise in goods sales, while rental income remained stable | Revenue Source | 2025 (thousand HKD) | 2024 (thousand HKD) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Sale of goods | 34,794 | 13,525 | 157.2% | | Autonomous mobile robot solutions and related services | 330 | 527 | -37.4% | | Rental income | 8,681 | 8,681 | 0.0% | | **Total Revenue** | **43,805** | **22,733** | **92.7%** | - Revenue recognized at a point in time from the transfer of products was **34,794 thousand HKD** (2024: **13,525 thousand HKD**), while revenue from services transferred over time was **330 thousand HKD** (2024: **527 thousand HKD**)[15](index=15&type=chunk) [Segment Information](index=7&type=section&id=4.%20分部資料) The Group primarily operates in property investment and R&D segments, with R&D revenue significantly growing by **150%** in FY2025 while property investment revenue remained flat, and Finland's revenue contribution notably increased, with major customer revenue concentrated in these two segments - The Group has two operating segments: property investment (leasing of investment properties) and research and development (R&D, production, and sales of high-tech products and solutions)[16](index=16&type=chunk)[18](index=18&type=chunk) | Segment | 2025 Revenue (thousand HKD) | 2024 Revenue (thousand HKD) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Property Investment | 8,681 | 8,681 | 0.0% | | R&D | 35,124 | 14,052 | 150.0% | | **Total** | **43,805** | **22,733** | **92.7%** | [Operating Segments](index=7&type=section&id=Operating%20Segments) The Group operates property investment and R&D segments; in FY2025, property investment generated **8,681 thousand HKD** revenue with a **105,320 thousand HKD** segment loss, while R&D generated **35,124 thousand HKD** revenue with a **6,739 thousand HKD** segment loss, showing significant R&D revenue growth but expanded property investment loss due to fair value losses on investment properties - The Group has two reportable operating segments: property investment (leasing of investment properties) and research and development (R&D, production, and sales of high-tech products and solutions)[16](index=16&type=chunk)[18](index=18&type=chunk) | Segment | 2025 Revenue (thousand HKD) | 2025 Segment Loss (thousand HKD) | 2024 Revenue (thousand HKD) | 2024 Segment Loss (thousand HKD) | | :--- | :--- | :--- | :--- | :--- | | Property Investment | 8,681 | (105,320) | 8,681 | (95,458) | | R&D | 35,124 | (6,739) | 14,052 | (13,800) | | **Total** | **43,805** | **(112,059)** | **22,733** | **(109,258)** | - The primary non-cash item for the property investment segment was fair value loss on investment properties, amounting to **111,439 thousand HKD** in 2025 and **100,300 thousand HKD** in 2024[19](index=19&type=chunk) [Geographical Information](index=9&type=section&id=地區資料) In FY2025, revenue contribution from Finland significantly increased by **145.1%** from **13,147 thousand HKD** in 2024 to **32,220 thousand HKD**, while Hong Kong's revenue remained stable, and other regions also saw growth | Region | 2025 Revenue (thousand HKD) | 2024 Revenue (thousand HKD) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Hong Kong | 8,681 | 8,681 | 0.0% | | Finland | 32,220 | 13,147 | 145.1% | | Others | 2,904 | 905 | 220.9% | | **Consolidated Total** | **43,805** | **22,733** | **92.7%** | - The Group's non-current assets (excluding certain property, plant, and equipment) are primarily located in Hong Kong[21](index=21&type=chunk) [Revenue from Major Customers](index=9&type=section&id=來自主要客戶之收益) In FY2025, customer A's revenue in the property investment segment remained stable at **8,681 thousand HKD**, while R&D segment customers B, C, and D experienced significant growth, with customer B's revenue increasing by **481.3%** from **1,329 thousand HKD** to **7,726 thousand HKD** | Customer | Segment | 2025 Revenue (thousand HKD) | 2024 Revenue (thousand HKD) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | :--- | | Customer A | Property Investment | 8,681 | 8,681 | 0.0% | | Customer B | R&D | 7,726 | 1,329 | 481.3% | | Customer C | R&D | 5,181 | 2,046 | 153.2% | | Customer D | R&D | 3,865 | 1,768 | 118.6% | [Other Income](index=9&type=section&id=5.%20其他收入) Other income for FY2025 was **630 thousand HKD**, a **100.6%** increase from **314 thousand HKD** in 2024, primarily due to higher bank interest income and other miscellaneous income, with government grants no longer recognized | Income Source | 2025 (thousand HKD) | 2024 (thousand HKD) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Government grants received | – | 43 | -100.0% | | Bank interest income | 480 | 244 | 96.7% | | Others | 150 | 27 | 455.6% | | **Total** | **630** | **314** | **100.6%** | [Other Gains and Losses](index=10&type=section&id=6.%20其他收益及虧損) Net other gains and losses for FY2025 resulted in a **122,506 thousand HKD** loss, a **26.9%** increase from the **96,558 thousand HKD** loss in 2024, primarily due to increased fair value losses on investment properties and a significant rise in impairment of property, plant, and equipment | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Fair value loss on investment properties | (111,439) | (100,300) | 11.1% | | Fair value gain on financial assets at FVTPL | 138 | 737 | -81.3% | | Fair value gain on convertible bonds | 3,448 | 3,831 | -10.0% | | Gain on dissolution of a subsidiary | – | 4,934 | -100.0% | | Impairment of property, plant and equipment | (15,841) | (6,398) | 147.6% | | Loss on disposal of a subsidiary | (85) | – | N/A | | Net exchange gain | 1,273 | 676 | 88.3% | | **Total** | **(122,506)** | **(96,558)** | **26.9%** | [Finance Costs](index=10&type=section&id=7.%20融資成本) Finance costs for FY2025 were **6,139 thousand HKD**, a **10.1%** increase from **5,577 thousand HKD** in 2024, primarily driven by higher interest on bank borrowings | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Interest on bank borrowings | 5,995 | 5,429 | 10.4% | | Interest on other borrowings | 144 | 148 | -2.7% | | **Total** | **6,139** | **5,577** | **10.1%** | [Income Tax Expense](index=10&type=section&id=8.%20所得稅開支) Income tax expense for FY2025 was **72 thousand HKD**, an **81.0%** decrease from **379 thousand HKD** in 2024, primarily due to reduced Hong Kong profits tax provision for the current year and an adjustment for over-provision in the prior year | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Current tax – Hong Kong profits tax provision for the year | 141 | 319 | -55.8% | | Under/(over) provision in prior year | (69) | 60 | -215.0% | | **Total** | **72** | **379** | **-81.0%** | - Hong Kong profits tax operates under a two-tiered system, with the first **2,000,000 HKD** of assessable profits taxed at **8.25%** and the remainder at **16.5%**[23](index=23&type=chunk) - Enterprise income tax in the People's Republic of China is provided at **25%**[24](index=24&type=chunk) [Loss Per Share](index=11&type=section&id=9.%20每股虧損) Basic loss per share for FY2025 was **9.38 HK cents**, slightly higher than **9.29 HK cents** in 2024, with diluted loss per share being identical due to the anti-dilutive nature of convertible bonds and option exercise prices exceeding the average market price | Metric | 2025 | 2024 | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Loss for the year attributable to owners of the Company (thousand HKD) | 145,144 | 130,130 | 11.5% | | Weighted average number of ordinary shares in issue (shares) | 1,546,826,985 | 1,401,371,757 | 10.4% | | Basic loss per share (HK cents) | (9.38) | (9.29) | 1.0% | | Diluted loss per share (HK cents) | (9.38) | (9.29) | 1.0% | - For the years ended June 30, 2025 and 2024, diluted loss per share was the same as basic loss per share because convertible bonds had an anti-dilutive effect, and the exercise price of share options was higher than the average market price of the shares[26](index=26&type=chunk) [Dividends](index=11&type=section&id=10.%20股%20息) The Company neither paid nor proposed any dividends for the year ended June 30, 2025, and no dividends have been recommended since the end of the reporting period - The Company neither paid nor proposed any dividends for FY2025 and FY2024[27](index=27&type=chunk) [Trade and Other Receivables](index=11&type=section&id=11.%20貿易及其他應收款項) As of June 30, 2025, total trade and other receivables were **5,308 thousand HKD**, a **10.7%** decrease from **5,945 thousand HKD** in 2024, driven by a significant reduction in trade receivables, while other receivables, deposits, and prepayments increased | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Trade receivables | 908 | 2,618 | -65.3% | | Other receivables | 2,110 | 1,582 | 33.4% | | Deposits | 1,307 | 1,108 | 18.0% | | Prepayments | 983 | 637 | 54.3% | | **Total** | **5,308** | **5,945** | **-10.7%** | - The credit period for trade receivables generally ranges from 30 to 90 days from the invoice date, and the Directors regularly review overdue balances[28](index=28&type=chunk) - Trade receivables aged 0 to 90 days were **908 thousand HKD** in 2025, compared to **2,183 thousand HKD** in the same period of 2024, indicating a reduction in overdue amounts[29](index=29&type=chunk) [Trade and Other Payables](index=12&type=section&id=12.%20貿易及其他應付款項) As of June 30, 2025, total trade and other payables were **18,866 thousand HKD**, a **34.0%** increase from **14,078 thousand HKD** in 2024, driven by significant increases in trade payables and accrued expenses | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Trade payables | 1,343 | 598 | 124.6% | | Accrued expenses | 5,255 | 3,182 | 65.1% | | Rental deposits received | 3,969 | 3,969 | 0.0% | | Other payables | 8,299 | 6,329 | 31.1% | | **Total** | **18,866** | **14,078** | **34.0%** | - The carrying amounts of trade payables are denominated in Euro[29](index=29&type=chunk) [Extracts from Independent Auditor's Report](index=13&type=section&id=Extracts%20from%20Independent%20Auditor's%20Report) This section presents key findings from the independent auditor's report, specifically addressing material uncertainties related to the Group's going concern ability [Material Uncertainty Related to Going Concern](index=13&type=section&id=與持續經營有關之重大不確定性) The independent auditor's report highlights a material uncertainty regarding the Group's going concern ability, stemming from a **145,279 thousand HKD** loss and **108,746 thousand HKD** net current liabilities for the year ended June 30, 2025, though the auditor's opinion remains unmodified on this matter - The auditor draws attention to the Group's loss of approximately **145,279 thousand HKD** and net current liabilities of approximately **108,746 thousand HKD** in FY2025[31](index=31&type=chunk) - These conditions indicate the existence of a material uncertainty that may cast significant doubt on the Group's ability to continue as a going concern[31](index=31&type=chunk) - The auditor's conclusion is not modified in respect of this matter, indicating an unmodified opinion on the overall truth and fairness of the financial statements[30](index=30&type=chunk)[31](index=31&type=chunk) [Management Discussion and Analysis](index=13&type=section&id=Management%20Discussion%20and%20Analysis) This section provides management's perspective on the Group's business performance, financial position, and future outlook, including operational highlights and strategic initiatives [Business Review and Outlook](index=13&type=section&id=業務回顧及展望) The Group's FY2025 loss expanded to approximately **145,000 thousand HKD**, primarily due to reduced fair value of investment properties and impairment expenses, while property investment revenue remained stable, and high-tech product development is actively pursuing next-generation technologies, expected to be a significant revenue contributor in the future - The Group recorded a loss of approximately **145,000 thousand HKD** for FY2025, an increase from approximately **133,000 thousand HKD** in FY2024[35](index=35&type=chunk) - The loss was primarily attributable to a decrease in the fair value of investment properties by approximately **111 million HKD** and an impairment expense of **16 million HKD** for leasehold land and buildings[35](index=35&type=chunk) - The Group's principal businesses are property investment and the research and development of high-tech systems and application solutions[34](index=34&type=chunk) [Overall Financial Performance](index=13&type=section&id=Overall%20Financial%20Performance) The Group recorded a loss of approximately **145,000 thousand HKD** in FY2025, an increase from **133,000 thousand HKD** in 2024, primarily due to a **111 million HKD** decrease in fair value of investment properties and **16 million HKD** impairment expense for leasehold land and buildings - The Group recorded a loss of approximately **145,000 thousand HKD** for FY2025, compared to a loss of approximately **133,000 thousand HKD** for the corresponding period in 2024[35](index=35&type=chunk) - The loss was primarily attributable to a decrease in the fair value of investment properties by approximately **111 million HKD** and an impairment expense of **16 million HKD** for leasehold land and buildings[35](index=35&type=chunk) [Property Investment](index=14&type=section&id=物業投資) Property investment business turnover (rental income) for FY2025 was approximately **9,000 thousand HKD**, consistent with 2024, and the Group will continue to identify and explore investment opportunities to strengthen its portfolio - Property investment business turnover (including rental income) for FY2025 was approximately **9,000 thousand HKD**, remaining stable compared to 2024[36](index=36&type=chunk) - The Group will continue to identify and explore investment opportunities to strengthen its investment portfolio[37](index=37&type=chunk) [Development of High-Tech Products](index=14&type=section&id=開發高科技產品) The Group is actively developing next-generation technology applications in imaging, monitoring, navigation, and advanced semiconductor processing with substantial investments, aiming for the technology division to become a significant revenue contributor by the end of the decade, primarily through subsidiaries like Pexray Oy, Navigs Oy, and Dynim Oy - The Group is actively developing next-generation technology applications covering imaging, monitoring, navigation, and advanced semiconductor processing, having made substantial investments[38](index=38&type=chunk) - The goal is for the technology division to become a significant revenue contributor to the Group by the end of this decade[38](index=38&type=chunk) - Total sales of high-tech products for FY2025 were approximately **32,000 thousand HKD**[40](index=40&type=chunk) [Pexray Oy (Portable X-ray Detection Equipment)](index=14&type=section&id=Pexray%20Oy) Pexray Oy develops portable digital X-ray detection equipment for industrial and security applications, with total sales of approximately **32,000 thousand HKD** in FY2025, where non-destructive testing sales surpassed security sales and are the primary growth driver, and a new battery-powered portable X-ray source was launched and first shipped in 2022 - Pexray Oy develops portable digital X-ray detection equipment for industrial and security applications, including weld inspection, corrosion detection, explosive ordnance disposal (EOD), and baggage screening[39](index=39&type=chunk) - Total sales for FY2025 were approximately **32,000 thousand HKD**[40](index=40&type=chunk) - Non-destructive testing sales exceeded security sales, with growth for FY2024-2025 and FY2025-2026 primarily driven by non-destructive testing sales[42](index=42&type=chunk) - Pexray launched a new battery-powered portable X-ray source in 2022, with first shipments in April 2022, marketed as a standalone product in the non-destructive testing market[42](index=42&type=chunk) [Navigs Oy (GNSS and Imaging Positioning)](index=15&type=section&id=Navigs%20Oy) Navigs Oy specializes in advanced GNSS and imaging positioning solutions for precision agriculture, off-highway industrial vehicles, marine navigation systems, and drones, with a product portfolio including IPESSA Tiny, Base Station (first delivered December 2023), Nano (shipped FY2023-24), and Yaw Bar (sales commenced) - Navigs Oy develops state-of-the-art GNSS and imaging positioning solutions for precision agriculture, off-highway industrial vehicles, marine navigation systems, and drones[43](index=43&type=chunk) - The product portfolio includes IPESSA Tiny (prototype completed early 2021, customer trials finished), IPESSA Base Station (first base station delivered December 2023), IPESSA Nano (first units shipped in FY2023-24), and IPESSA Yaw Bar (sales commenced)[43](index=43&type=chunk) [Dynim Oy and RTK VINS Project Portfolio (Advanced Navigation Platform)](index=16&type=section&id=Dynim%20Oy及RTK%20VINS项目组合) Dynim Oy collaborates with sister companies to develop the RTK VINS series, providing high-precision, scalable positioning, sensing, and connectivity solutions for next-generation autonomous systems, with the portfolio including RTK VINS AI (NVIDIA-based, Q4 2025 release expected), RTK VINS Lite (Qualcomm-based, Android version entering new manufacturing cycle), and RTK VINS Dual Core (STM-based, first batch for testing in Q3 2025) - Dynim Oy collaborates with sister companies to develop the RTK VINS series, offering positioning, sensing, and connectivity features, aiming to provide high-precision, scalable solutions for next-generation autonomous systems[44](index=44&type=chunk)[51](index=51&type=chunk) - The RTK VINS AI (NVIDIA-based) prototype faces stereo synchronization and driver issues, with the first version expected to be released in Q4 2025[45](index=45&type=chunk) - The Android version of RTK VINS Lite (Qualcomm-based) is entering a new three-month manufacturing cycle[46](index=46&type=chunk) - The RTK VINS Dual Core (STM-based) mainboard has completed manufacturing and testing, with the first batch to be sent for further testing and development in Q3 2025[49](index=49&type=chunk) - Dynim will market its products under the Dynim brand in the EU market and is actively expanding its engineering team in Vietnam[50](index=50&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=18&type=section&id=流動資金、財政資源及資本架構) As of June 30, 2025, the Group had net current liabilities of approximately **109,000 thousand HKD**, a current ratio of **0.22**, and bank balances and cash of approximately **19,000 thousand HKD**, with total liabilities around **158,000 thousand HKD** and a debt-to-capital ratio of approximately **28%**, with most assets and borrowings denominated in HKD, posing no significant exchange rate risk - As of June 30, 2025, the Group had net current liabilities of approximately **109,000 thousand HKD** and a current ratio of **0.22**[54](index=54&type=chunk) - Bank balances and cash amounted to approximately **19,000 thousand HKD**[54](index=54&type=chunk) Composition of Outstanding Liabilities (June 30, 2025) | Item | Amount (thousand HKD) | | :--- | :--- | | Trade and other payables | 19,000 | | Amounts due to related parties | 13,000 | | Secured bank borrowings | 101,000 | | Other borrowings and liabilities | 25,000 | | **Total** | **158,000** | - The Group's debt-to-capital ratio (total liabilities divided by total assets) was approximately **28%**[55](index=55&type=chunk) - Bank borrowings are secured by investment properties and leasehold land and buildings valued at approximately **162,000 thousand HKD** and **164,000 thousand HKD**, respectively[54](index=54&type=chunk) [Material Investments, Acquisitions and Disposals](index=18&type=section&id=重大投資、收購及出售事項) For the year ended June 30, 2025, the Group had no material acquisitions or disposals of subsidiaries, nor any significant investments - In FY2025, the Group had no material acquisitions or disposals of subsidiaries[56](index=56&type=chunk) - As of June 30, 2025, the Group had no material investments[57](index=57&type=chunk) [Employees and Remuneration Policy](index=18&type=section&id=僱員及薪酬政策) As of June 30, 2025, the Group had a total of **43** employees, with remuneration determined based on market conditions - As of June 30, 2025, the Group had a total of **43** employees[58](index=58&type=chunk) - Employee remuneration is determined based on market conditions[58](index=58&type=chunk) [Contingent Liabilities](index=18&type=section&id=或然負債) As of June 30, 2025, the Group had no material contingent liabilities - As of June 30, 2025, the Group had no material contingent liabilities[59](index=59&type=chunk) [Share Purchases and Redemptions](index=18&type=section&id=買賣及贖回股份) For the year ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed shares - In FY2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed shares[60](index=60&type=chunk) [Issue of New Shares upon Redemption of Convertible Bonds](index=19&type=section&id=就贖回可換股票據而發行新股份) Convertible bonds due November 23, 2024, were converted into **243,661,670** new conversion shares, credited as fully paid, on November 25, 2024, instead of being repaid in cash - Convertible bonds due November 23, 2024, were settled by issuing conversion shares rather than cash repayment[61](index=61&type=chunk) - On November 25, 2024, outstanding convertible bonds were converted into **243,661,670** new conversion shares, credited as fully paid[61](index=61&type=chunk) [Board Diversity and Compliance with Listing Rules](index=19&type=section&id=董事會成員多元化及遵守上市規則) In accordance with Listing Rule 13.92, the Company must appoint at least one director of a different gender by December 31, 2024, to meet diversity requirements, and is actively seeking suitable candidates to fill the necessary board positions - Under Listing Rule 13.92, a single-gender board does not meet diversity requirements, and issuers must appoint at least one director of a different gender by December 31, 2024[62](index=62&type=chunk) - The Company is committed to identifying and appointing suitable candidates to fill the required board positions as soon as possible[62](index=62&type=chunk) [Update on HKEX's Decision Regarding Listing Rule 13.24](index=19&type=section&id=有關聯交所就上市規則第13.24條所作決定的最新資料) The HKEX Listing Department has determined that the Company failed to maintain sufficient operations and assets of sufficient value under Listing Rule 13.24, leading to the suspension of its shares from trading since November 27, 2024, and requiring compliance within 18 months to avoid delisting - The HKEX Listing Department has determined that the Company failed to maintain a sufficient level of operations and assets of sufficient value as required by Listing Rule 13.24[63](index=63&type=chunk) - The Company's shares have been suspended from trading on the HKEX since November 27, 2024, and will remain suspended until further notice[63](index=63&type=chunk) - The Company must take necessary actions to demonstrate compliance with Listing Rule 13.24 within 18 months from November 27, 2024, otherwise the HKEX may cancel the listing of its shares[63](index=63&type=chunk) [Other Information](index=19&type=section&id=Other%20Information) This section includes additional disclosures on corporate governance, regulatory compliance, and other pertinent information regarding the Company's operations [Review of Annual Results](index=19&type=section&id=審閱末期業績) The Audit Committee has reviewed the Group's annual results for the year ended June 30, 2025 - The Audit Committee has reviewed the Group's annual results for the year ended June 30, 2025[65](index=65&type=chunk) [Corporate Governance](index=20&type=section&id=企業管治) The Company complied with all code provisions of the Corporate Governance Code in FY2025, with exceptions including insufficient board gender diversity, non-attendance of some independent non-executive directors at general meetings, and the roles of Chairman and Chief Executive Officer being held by the same individual - The Company complied with all code provisions of the Corporate Governance Code as set out in Appendix C1 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited for FY2025, with certain exceptions[66](index=66&type=chunk) - A board diversity policy has been adopted, but a suitable female director has not yet been identified[69](index=69&type=chunk) - Certain independent non-executive directors were unable to attend the annual general meeting due to other commitments[69](index=69&type=chunk) - Dr. Weng Shihu, the Chairman, temporarily holds the position of Chief Executive Officer, a structure the Board believes provides strong leadership and efficient business planning[69](index=69&type=chunk) [Continued Suspension of Trading](index=20&type=section&id=繼續暫停買賣) The Company's shares have been suspended from trading on the HKEX since 9:00 a.m. on November 27, 2024, and will remain suspended until further notice, with the Company advising shareholders and potential investors to exercise caution when dealing in its securities - The Company's shares have been suspended from trading on the HKEX since 9:00 a.m. on November 27, 2024[67](index=67&type=chunk) - Trading in the shares will remain suspended until further notice[67](index=67&type=chunk) - The Company advises shareholders and potential investors to exercise caution when dealing in the Company's securities[68](index=68&type=chunk)

Revenue Performance - For the six months ended June 30, 2025, the company's revenue decreased by approximately RMB 52.9 million or 36.2% due to a challenging market environment [12]. - Revenue for the six months ended June 30, 2025, was RMB 93,156 thousand, a decrease of 36.2% compared to RMB 146,086 thousand for the same period in 2024 [65]. - The company's main revenue source, DHA products, contributed approximately 99.0% of total revenue for the six months ended June 30, 2025, down from 96.2% in the same period of 2024 [13]. - The average selling price of DHA products decreased from approximately RMB 210.3 to RMB 189.8 per unit, reflecting increased competition and consumer downgrade in the Chinese economy [16]. - Major customers contributing over 10% of total revenue included Customer B with RMB 21,450,000 and Customer A with RMB 11,851,000 for the six months ended June 30, 2025 [88]. Profitability and Expenses - Gross profit for the six months ended June 30, 2025, was approximately RMB 62.3 million, a decline of 40.7% compared to the previous period [16]. - The gross profit margin slightly decreased to 66.8% from 71.8% in the same period of 2024, primarily due to pricing pressure from competition [16]. - Profit attributable to owners decreased by 95.3% to approximately RMB 2.1 million for the six months ended June 30, 2025, down from RMB 45.3 million in the same period of 2024 [21]. - The company reported a net profit of RMB 2,129 thousand for the six months ended June 30, 2025, a significant decline from RMB 45,281 thousand in the previous year [65]. - The total tax expense for the six months ended June 30, 2025, was RMB 10,286,000, an increase from RMB 6,418,000 in the same period of 2024 [94]. - The company’s total comprehensive loss for the six months ended June 30, 2025, was RMB 4,400,000, compared to a total comprehensive income of RMB 48,130,000 for the same period in 2024 [69]. Operating Costs - The company's sales cost for the six months ended June 30, 2025, was approximately RMB 30.9 million, a decrease of 24.9% from RMB 41.1 million in the previous period [15]. - Sales and distribution expenses for the six months ended June 30, 2025, were approximately RMB 38.9 million, compared to RMB 48.1 million for the same period in 2024, reflecting a decrease [18]. - Administrative and other operating expenses increased to approximately RMB 14.5 million for the six months ended June 30, 2025, from RMB 12.1 million in the same period of 2024 [19]. - Other income decreased from approximately RMB 12.8 million to RMB 4.2 million, mainly due to a reduction in government subsidies [17]. Cash Flow and Financial Position - The company has a cash and cash equivalents balance of RMB 423,300 thousand as of June 30, 2025, an increase from RMB 235,817 thousand at the end of 2024 [66]. - The net cash generated from operating activities for the six months ended June 30, 2025, was RMB 13,906,000, a decrease of 56.8% compared to RMB 32,193,000 for the same period in 2024 [71]. - The net cash generated from investing activities was RMB 2,217,000, compared to RMB 459,000 in the previous year, indicating a significant increase [71]. - The net cash generated from financing activities was RMB 171,402,000, a substantial increase from a net cash used of RMB 1,758,000 in the prior year [71]. - The group maintained a prudent treasury policy, ensuring a healthy level of liquidity throughout the reporting period [28]. Share Capital and Dividends - The board has resolved not to recommend an interim dividend for the six months ended June 30, 2025 [32]. - The company declared a final dividend of RMB 0.05 per ordinary share for the year 2024, totaling RMB 50,000,000 [97]. - The group had no bank loans as of June 30, 2025, and completed a global offering of 250 million shares at HKD 0.80 per share, which is expected to support future business development [23]. - The net proceeds from the global offering amounted to approximately HKD 124.0 million, with HKD 99.3 million remaining unutilized as of June 30, 2025 [59]. - The company completed a global offering on January 10, 2025, issuing 250,000,000 new ordinary shares at a price of HKD 0.8 per share, raising a total of HKD 200,000,000 (approximately RMB 188,260,000) [108]. Employee and Management Compensation - The group employed 50 staff as of June 30, 2025, with employee costs amounting to approximately RMB 6.4 million for the six months ended June 30, 2025, compared to RMB 6.2 million in the same period of 2024 [30]. - The remuneration for key management personnel, including directors, increased to RMB 3,189,000 for the six months ended June 30, 2025, compared to RMB 1,693,000 for the same period in 2024 [110]. - The company experienced a decrease in discretionary bonuses for management, from RMB 294,000 in 2024 to RMB 48,000 in 2025 [110]. - The contributions to defined contribution plans for management personnel increased from RMB 200,000 in 2024 to RMB 454,000 in 2025 [110]. Governance and Compliance - The company’s directors and senior executives are required to disclose their interests in shares and related securities under the Securities and Futures Ordinance [41]. - The company has not received any notifications from individuals regarding their shareholdings that require disclosure under the Securities and Futures Ordinance as of June 30, 2025 [44]. - The company’s governance structure allows for the board to determine the eligibility of participants in the stock option plan based on various factors [47]. - The company’s directors may seek independent professional advice when necessary, with costs borne by the company [39].

中期報告 2025 INTERIM REPORT 2025 | | | | | | 第一節 重要提示 2 1.1 本公司董事會、監事會及董事、監事、高級管理人員保證半年度報告內容的真實、準 確、完整，不存在虛假記載、誤導性陳述或重大遺漏，並承擔個別和連帶的法律責任 。 1.2 本公司董事長朱欣光、主管會計工作負責人劉可佳及會計機構負責人(會計主管人員) 林彬聲明：保證本半年度報告中財務報告的真實、準確、完整。 1.3 本報告經二零二五年八月二十七日召開的十屆十五次董事會會議審議並批准。所有董 事均已出席審議本報告的董事會會議。 1.4 本集團按照《中國企業會計準則》和《國際財務報告準則》編製截至二零二五年六月 三十日止六個月業績未經審計。本公司董事會審核（審計）委員會已審閱並確認本公 司二零二五年半年度業績。審核（審計）委員會同意本公司截至二零二五年六月三十 日止六個月的未經審計半年度帳目所采納的財務會計原則、準則及方法。 1.5 本公司計劃不派發現金紅利，不送紅股，不以公積金轉增股本。 1.6 按照國際財務報告準則編製的綜合營業額為人民幣7,729萬元。 1.7 本公司股權持有人應佔虧損為人民幣516萬元。 ...

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