[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 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就本公告全部或 任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 H E N G X I N T E C H N O L O G Y L T D. 亨 鑫 科 技 有 限 公 司 * （以 HX Singapore Ltd. 名稱在香港經營業務） （於新加坡共和國註冊成立的有限公司） (香港股份代號：1085) 有關截至二零二五年六月三十日 止六個月中期業績公佈的澄清公告 謹此提述亨鑫科技有限公司（「本公司」）於二零二五年八月二十六日發布 的截至二零二五年六月三十日止六個月中期業績公布之公告（「中期業績公 告」）。除文義另有所指外，本公告所用詞彙與與中期業績公告所界定者俱 有相同涵義。 由於無意的文書錯誤，本公司希望澄清，中期業績公告第 13 頁標題為「其他 重大項目」的部分應作如下修訂（為便於參考，以下修訂部分以粗體和下劃 線標示）： 「 其他重大項目 | | 可呈報及所有 | | | | --- | --- | --- | --- | | | 其他分部總計 | 未分配 ...

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。 JiaChen Holding Group Limited 佳辰控股集團有限公司 （股份代號：1937） （於開曼群島註冊成立之有限公司） 截 至2025年6月30日止六個月的 中期業績公告 業 績 佳 辰 控 股 集 團 有 限 公 司（「本公司」）董 事（「董 事」）會（「董事會」）呈 列 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（「本期間」）的 未 經 審 核 簡 明 綜 合 中 期 業 績，連 同2024年 同 期 的 比 較 數 字 如 下： – 1 – 簡明綜合損益及其他全面收益表 | | | 截 | 至6月30日止六個月 | | | | --- | --- | --- | --- | --- | --- | | | | 2025年 | | 2024年 | | | | 附 註 | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部 或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 Fortior Technology (Shenzhen) Co., Ltd. 峰岹科技（深圳）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：1304) 截 至2025年6月30日止六個月的中期業績公告 摘 要 – 1 – 1. 截 至2025年6月30日止六個月本集團收入約為人民幣375.0百萬元，較2024 年同期約人民幣282.3百萬元上升32.8%。 2. 截 至2025年6月30日止六個月本集團毛利約為人民幣194.6百萬元，較2024 年同期約人民幣148.4百萬元上升31.1%。 3. 截 至2025年6月30日止六個月本集團溢利約為人民幣116.5百萬元，較2024 年同期約人民幣122.0百萬元下降4.5%。主要由於2024年11月公司實施 2024年 限 制 性 股 票 激 勵 計 劃，報 告 期 內 計 提 的 以 股 份 為 基 礎 的 付 款 同 比 增 ...

[Executive Summary](index=1&type=section&id=Executive%20Summary) [2025 Interim Performance Review](index=1&type=section&id=2025%20Interim%20Performance%20Review) The Group's H1 2025 performance saw digital sports entertainment revenue decline due to market challenges, offset by strategic AI and overseas expansion, with total users growing to 114 million and net loss decreasing to HKD 12.1 million due to fair value gains on financial assets - The Group's digital sports entertainment revenue declined, primarily due to the non-major sports event year cycle, evolving competitive landscape, and business model adjustments[5](index=5&type=chunk)[10](index=10&type=chunk) - Strategic adjustments focused on AI technology R&D, overseas expansion of sports and casual games, and building a new sports industry ecosystem[5](index=5&type=chunk) Key Financial and Operational Data for H1 2025 | Metric | 2025 H1 | | :--- | :--- | | Total Platform Users | 114.0 million | | Total Revenue | HKD 152.5 million | | Loss for the Period | HKD 12.1 million | | Reason for Loss Reduction | Increased fair value gains on financial assets | [Business Review and Development](index=2&type=section&id=Business%20Review%20and%20Development) [Business Model and Strategic Direction](index=2&type=section&id=Business%20Model%20and%20Strategic%20Direction) The Group aims to build a digital sports entertainment ecosystem for enthusiasts, leveraging big data and AI to empower traditional sports, with "Crazy Red Ticket + Sports Lottery New Retail" as its core strategy, complemented by event, betting, IP, and gaming enhancements - The Group's business model is digital sports entertainment, aiming to build a multi-dimensional, real-time interactive sports entertainment community[11](index=11&type=chunk) - The core strategy is to empower the traditional sports industry with big data and AI technology, focusing on **"Crazy Red Ticket + Sports Lottery New Retail"** as the main business, supplemented by **"Events + Betting, IP + Games"** enhancement businesses[12](index=12&type=chunk) [Core Business Review and Development](index=3&type=section&id=Core%20Business%20Review%20and%20Development) In H1 2025, core businesses faced challenges, with sports knowledge platforms seeing revenue decline but strategically investing in AI "Foretell" and global partnerships, while sports and casual games achieved overseas breakthroughs, lottery retail optimized channels, and sports event operations successfully hosted the WBC Boxing Championship, boosting brand influence Core Business Revenue Overview | Business Segment | H1 2025 Revenue (HKD million) | H1 2024 Revenue (HKD million) | YoY Change | | :--- | :--- | :--- | :--- | | Sports Knowledge Payment Platform | 97.9 | 125.0 | -21.7% | | Sports and Casual Games | 46.6 | 76.7 | -39.3% | | Sports Event Operation | 3.7 | 0.0 | New | - Overseas revenue from sports and casual games accounted for **9.1%**, with core product **"Football Master"** having over **100,000 average daily active players** in the Vietnamese market[8](index=8&type=chunk)[20](index=20&type=chunk)[21](index=21&type=chunk) - The sports event operation business successfully hosted the WBC Boxing Championship, achieving over **600 million online views** and generating **HKD 3.7 million** in revenue[9](index=9&type=chunk)[28](index=28&type=chunk)[34](index=34&type=chunk) [Sports Knowledge Payment Platform – Technology Foundation and Ecosystem Expansion, Preparing for Major Sports Event Years](index=3&type=section&id=Sports%20Knowledge%20Payment%20Platform%20%E2%80%93%20Technology%20Foundation%20and%20Ecosystem%20Expansion,%20Preparing%20for%20Major%20Sports%20Event%20Years) Sports Knowledge Payment Platform Revenue | Metric | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | HKD 97.9 million | HKD 125.0 million | -21.7% | - Successfully launched the self-developed **"Foretell"** sports prediction large model beta, aiming for higher prediction accuracy and commercialization breakthroughs by the **2026 World Cup**[13](index=13&type=chunk)[14](index=14&type=chunk)[15](index=15&type=chunk) - The platform expanded diversified traffic entry points through partnerships with leading platforms like 360 Search and Baidu Mobile, and upgraded data sources and animated live broadcast services, covering over **3,000 sports events globally**[16](index=16&type=chunk)[17](index=17&type=chunk) [Focus on AI Technology R&D, Accelerating Commercialization](index=3&type=section&id=Focus%20on%20AI%20Technology%20R%26D,%20Accelerating%20Commercialization) - The **"Foretell"** large model beta was launched, with core advantages including a **70 billion parameter-level large language model**, a dynamic sports knowledge base integrating **25 years of China Sports Lottery data**, and a multi-agent system[14](index=14&type=chunk) - The model has been validated through events like the Club World Cup, with optimization planned for H2 2025, aiming for breakthroughs in both prediction accuracy and commercial application by the **2026 World Cup**[15](index=15&type=chunk) [Enhancing Platform Content Quality, Enriching Product Cooperation Ecosystem](index=4&type=section&id=Enhancing%20Platform%20Content%20Quality,%20Enriching%20Product%20Cooperation%20Ecosystem) - Launched products like **"Plan Ticket"** and **"Divine Ticket"** to meet diverse user needs; upgraded data sources and animated live broadcast services, improving response speed by **30%** and covering over **3,000 sports events globally**[16](index=16&type=chunk) - Achieved deep cooperation with 360 Search and Baidu Mobile, precisely capturing sports lottery users through special event displays and mini-program formats, driving new growth points[17](index=17&type=chunk) [Continuous Product Matrix Upgrades, Enhancing Competitive Advantage](index=4&type=section&id=Continuous%20Product%20Matrix%20Upgrades,%20Enhancing%20Competitive%20Advantage) - The **"China Sports Lottery Mobile App"** completed seven major core data model iterations, fully supporting mainstream football and basketball gameplay[18](index=18&type=chunk) - The **"Ball Game APP"** was upgraded for the Club World Cup, enhancing live interaction, professional commentary teams, real-time data analysis, lineup prediction, and odds interpretation[18](index=18&type=chunk) - The **"Wow Match Model"** launched **"Wow Match Basketball"** and **"Poisson Distribution"** prediction models, integrating discrete probability theory with AI to significantly improve score and goal count prediction accuracy[18](index=18&type=chunk)[19](index=19&type=chunk) [Sports and Casual Game Business](index=5&type=section&id=Sports%20and%20Casual%20Game%20Business) Sports and Casual Game Revenue | Metric | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | HKD 46.6 million | HKD 76.7 million | -39.3% | | Overseas Revenue Share | 9.1% | - | - | - Core product **"Football Master"** achieved over **100,000 average daily active players** in the Vietnamese market, successfully validating its overseas revenue generation capability and product vitality[8](index=8&type=chunk)[21](index=21&type=chunk) - Deepened cooperation with strategic partners like Transsion Zhochen and Yunchang Games to expand into multiple new overseas markets including Hong Kong, Macau, Taiwan, Indonesia, Japan, Korea, South America, and Africa[8](index=8&type=chunk)[20](index=20&type=chunk)[22](index=22&type=chunk) [Global Breakthrough and Expansion, Core Products Validated by Market](index=5&type=section&id=Global%20Breakthrough%20and%20Expansion,%20Core%20Products%20Validated%20by%20Market) - **"Football Master"** performed strongly in the Vietnamese market, with over **100,000 average daily active players**, successfully validating its overseas revenue generation capability[21](index=21&type=chunk) - Partnered with Transsion Zhochen for planned releases in South America, Africa, Indonesia, Malaysia, and other regions, aiming to create a "national-level" football mobile game for Africa leveraging the Africa Cup of Nations[22](index=22&type=chunk) - Collaborated with Yunchang Games for the distribution of **"Football Master"** in high-potential markets such as Japan, Korea, Hong Kong, Macau, and Taiwan[22](index=22&type=chunk) [Focus on Core Football IP Games](index=6&type=section&id=Focus%20on%20Core%20Football%20IP%20Games) - Flagship title **"Football Master"** achieved world-leading standards, featuring advanced individual and collective player AI technology, and obtained official FIFPro authorization, including IP information for over **60,000 professional players**[23](index=23&type=chunk) - **"Dream Football World"** significantly improved user retention through AI optimization and enhanced animation effects, with a second-generation title planned before the **2026 World Cup**[24](index=24&type=chunk) - Launched **"Dream Football"**, the first mobile game developed with AI technology, deeply integrating AI into player images, certain gameplay mechanics, and code[25](index=25&type=chunk) [Continuously Optimizing Co-publishing Business, Actively Adapting to Publishing Market Changes](index=7&type=section&id=Continuously%20Optimizing%20Co-publishing%20Business,%20Actively%20Adapting%20to%20Publishing%20Market%20Changes) - Shrank the co-publishing product line to focus on high-margin niche categories and reduce the release of low-return games, leading to a short-term revenue decline[26](index=26&type=chunk) - Future strategy adheres to a profit-oriented approach, selecting long-lifecycle, healthy monetization products, and enhancing economic efficiency through refined operations and cost control[26](index=26&type=chunk) [Sports Lottery Retail Services](index=7&type=section&id=Sports%20Lottery%20Retail%20Services) - Instant sports lottery performed strongly, with national operational efficiency steadily improving[27](index=27&type=chunk) - Opened **13 new supermarket stores**, innovatively adopting a **"joint operation" profit-sharing model** to effectively reduce costs and enhance efficiency[27](index=27&type=chunk) - Commercial complex business significantly improved overall store revenue by optimizing rent, personnel costs, and sales incentives[27](index=27&type=chunk) [Sports Event Operation Business](index=7&type=section&id=Sports%20Event%20Operation%20Business) - Successfully hosted the WBC Boxing Championship, achieving over **600 million online views** and setting a new traffic record for professional boxing events in China[9](index=9&type=chunk)[28](index=28&type=chunk) - The event featured **"three China firsts"**, including the world's first public human-machine boxing match, integrating culture, technology, and competition[28](index=28&type=chunk) - The event boosted Foshan's cultural tourism consumption, enhanced the Group's brand influence, and validated the feasibility of the **"Digital + Sports + Entertainment" model**[9](index=9&type=chunk)[29](index=29&type=chunk) [Business Outlook](index=8&type=section&id=Business%20Outlook) [Business Outlook](index=8&type=section&id=Business%20Outlook) For H2 2025, the Group plans to deepen AI technology application, optimize the "Foretell" model, accelerate global expansion for games and knowledge platforms, and strategically leverage the 2026 World Cup to drive growth and launch global football esports - H2 will deepen AI technology application and upgrades, optimize the **"Foretell"** large model, and explore AI-driven game innovation[30](index=30&type=chunk) - Accelerate global expansion, with the game business intensively releasing **"Football Master"** and the sports knowledge payment business advancing its globalization strategy[30](index=30&type=chunk) - Seize the **2026 World Cup** opportunity, plan all business segments to drive user and revenue growth, and launch a global football esports event strategy[30](index=30&type=chunk) [Financial Performance Analysis](index=9&type=section&id=Financial%20Performance%20Analysis) [Comparison of Six Months Ended June 30, 2025 with the Same Period in 2024](index=9&type=section&id=Comparison%20of%20Six%20Months%20Ended%20June%2030,%202025%20with%20the%20Same%20Period%20in%202024) For H1 2025, total revenue declined 26.8% to HKD 152.5 million due to market factors, gross profit fell 52.9% to HKD 37.9 million with gross margin at 24.8% due to increased intangible asset amortization, while net loss decreased 26.9% to HKD 12.1 million, driven by fair value gains on financial assets and reduced operating expenses Summary of Condensed Consolidated Statement of Profit or Loss for H1 2025 | Metric | H1 2025 (HKD '000) | H1 2024 (HKD '000) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 152,547 | 208,311 | -26.8% | | Gross Profit | 37,899 | 80,550 | -52.9% | | Gross Margin | 24.8% | 38.7% | -13.9pp | | Loss for the Period | (12,131) | (16,604) | -26.9% | - The decline in gross margin was primarily due to an **80.5% increase in amortization of intangible assets** to **HKD 23.1 million**, reflecting investments in overseas expansion and AI technology R&D[37](index=37&type=chunk) - The reduction in loss for the period was mainly attributable to an increase in fair value gains on financial assets at fair value through profit or loss to **HKD 7.8 million**, compared to a loss of **HKD 10.9 million** in the prior period[38](index=38&type=chunk)[43](index=43&type=chunk) [Revenue](index=10&type=section&id=Revenue) Revenue Breakdown (HKD million) | Business Segment | 2025 | Share (%) | 2024 | Share (%) | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Sports Knowledge Payment Platform | 97.9 | 64.2 | 125.0 | 60.0 | -21.7 | | Sports and Casual Games | 46.5 | 30.5 | 76.7 | 36.8 | -39.3 | | Lottery-related Commission Income | 4.3 | 2.8 | 6.2 | 3.0 | -30.6 | | Sports Event Operation | 3.7 | 2.4 | 0.0 | 0.0 | New | | Digital Collectibles Platform | 0.1 | 0.1 | 0.4 | 0.2 | -75.0 | | **Total Revenue** | **152.5** | **100.0** | **208.3** | **100.0** | **-26.8** | - The decline in sports knowledge payment platform revenue was primarily affected by the non-major sports event year cycle and the phased challenges of AI technology changes[34](index=34&type=chunk) - The decrease in sports and casual game revenue was mainly due to optimizing the business model and reducing the number of low-return games, but overseas revenue already accounted for **9.1%** of game performance[34](index=34&type=chunk) [Cost of Revenue and Gross Profit](index=11&type=section&id=Cost%20of%20Revenue%20and%20Gross%20Profit) Cost of Revenue and Gross Profit (HKD million) | Metric | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Cost of Revenue | 114.6 | 127.8 | -10.3% | | Gross Profit | 37.9 | 80.6 | -52.9% | | Gross Margin | 24.8% | 38.7% | -13.9pp | - Amortization of intangible assets increased by **HKD 10.3 million (+80.5%)** to **HKD 23.1 million**, which was the primary reason for the decline in gross margin, reflecting investments in overseas expansion games and AI technology R&D[37](index=37&type=chunk) [Other Income and Losses, Net](index=11&type=section&id=Other%20Income%20and%20Losses,%2C%20Net) Other Income and Losses, Net Breakdown (HKD million) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Exchange (Loss) / Gain | (3.2) | 2.9 | | Fair Value Gains / (Losses) on Financial Assets | 7.8 | (10.9) | | **Total** | **4.6** | **(7.9)** | - Fair value gains on financial assets turned from a loss in the prior period to a gain, which was the main reason for the turnaround in other income and losses, net, for the current period[38](index=38&type=chunk) [Selling and Marketing Expenses](index=11&type=section&id=Selling%20and%20Marketing%20Expenses) Selling and Marketing Expenses (HKD million) | Metric | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Selling and Marketing Expenses | 34.7 | 61.5 | -43.5% | - The decrease in expenses was mainly due to lower advertising efficiency in a non-major sports event year and reduced promotion of low-return games[39](index=39&type=chunk) [Administrative Expenses](index=12&type=section&id=Administrative%20Expenses) Administrative Expenses (HKD million) | Metric | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Administrative Expenses | 19.3 | 21.5 | -10.4% | - The reduction in administrative expenses reflects the Group's efforts to improve cost-effectiveness of corporate expenditures[40](index=40&type=chunk) [Share of Results of an Associate](index=12&type=section&id=Share%20of%20Results%20of%20an%20Associate) - The Group ceased to recognize its share of losses from an associate (Asia Bank) as the losses exceeded its interest and there were no further obligations[41](index=41&type=chunk) Share of Results of an Associate (HKD million) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Share of Results of an Associate | 0.0 | (3.1) | [Income Tax Expense](index=12&type=section&id=Income%20Tax%20Expense) - Income tax expense increased compared to the prior period[42](index=42&type=chunk) [Loss for the Period](index=12&type=section&id=Loss%20for%20the%20Period) Loss for the Period (HKD million) | Metric | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Loss for the Period | (12.1) | (16.6) | -26.9% | - The reduction in loss was primarily due to increased fair value gains on financial assets[43](index=43&type=chunk) [Strategic Investments](index=12&type=section&id=Strategic%20Investments) [Strategic Investments](index=12&type=section&id=Strategic%20Investments) As of June 30, 2025, the Group's investment portfolio grew to HKD 245.1 million, with strategic investments, acquisitions, and alliances aimed at complementing existing businesses, fostering innovation, and achieving synergy with emerging sectors like AI, blockchain, media, sports, and entertainment Total Investment Portfolio (HKD million) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Investment Portfolio | 245.1 | 234.3 | - Strategic investments aim to complement existing businesses, drive innovation, and establish connections with emerging industries such as AI, blockchain, media, sports, and entertainment[44](index=44&type=chunk) [Investments in Private Equity Funds](index=13&type=section&id=Investments%20in%20Private%20Equity%20Funds) Private Equity Fund Investments (HKD million) | Fund Name | Fair Value as of June 30, 2025 | Fair Value as of December 31, 2024 | Fair Value Gain (Current Period) | | :--- | :--- | :--- | :--- | | CPC Fund | 167.2 | 159.2 | 8.0 | | New Rock Capital Fund | 75.8 | 72.8 | 2.9 | | **Total** | **243.0** | **232.0** | **10.9** | - CPC Fund primarily invests in the Greater China mobile internet and technology sectors, especially cultural entertainment, aiming for long-term capital appreciation and business synergy[45](index=45&type=chunk) - New Rock Capital Fund continues to invest in AI, internet, media, and technology businesses, aiming for long-term capital appreciation[46](index=46&type=chunk) [China Prosperity Capital Mobile Internet Fund, L.P. (CPC Fund)](index=13&type=section&id=China%20Prosperity%20Capital%20Mobile%20Internet%20Fund,%20L.P.%20(CPC%20Fund)) - The Group holds a **27.17% limited partnership interest** in CPC Fund, with an investment fair value of **HKD 167.2 million**, recognizing a fair value gain of **HKD 8.0 million** in the current period[45](index=45&type=chunk) - CPC Fund primarily invests in the Greater China mobile internet and technology sectors, especially cultural entertainment, aiming for long-term capital appreciation[45](index=45&type=chunk) [New Rock Capital Fund LP (New Rock Capital Fund)](index=13&type=section&id=New%20Rock%20Capital%20Fund%20LP%20(New%20Rock%20Capital%20Fund)) - The Group holds a **91.05% limited partnership interest** in New Rock Capital Fund, with an investment fair value of **HKD 75.8 million**, recognizing a fair value gain of **HKD 2.9 million** in the current period[46](index=46&type=chunk) - New Rock Capital Fund continues to invest in AI, internet, media, and technology businesses, aiming for long-term capital appreciation[46](index=46&type=chunk) [Liquidity and Financial Resources](index=14&type=section&id=Liquidity%20and%20Financial%20Resources) [Liquidity and Financial Resources](index=14&type=section&id=Liquidity%20and%20Financial%20Resources) As of June 30, 2025, cash and equivalents were HKD 23.9 million, with net cash generated from operations at HKD 23.4 million, net cash used in investing at HKD 21.8 million (mainly for intangible assets), and net cash used in financing at HKD 1.6 million, while total assets reached HKD 1,018.1 million, primarily funded by HKD 702.7 million in shareholders' equity Cash Flow Summary (HKD '000) | Cash Flow Type | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Cash Generated From / (Used In) Operating Activities | 23,361 | (14,921) | | Net Cash Used In Investing Activities | (21,817) | (482) | | Net Cash Used In Financing Activities | (1,621) | (10,511) | | Cash and Cash Equivalents at End of Period | 23,882 | 35,864 | - Operating cash flow turned from negative to positive, indicating improved operational efficiency[49](index=49&type=chunk) - Cash outflow from investing activities significantly increased, primarily due to the acquisition of intangible assets totaling **HKD 21.7 million**[50](index=50&type=chunk) [Working Capital](index=14&type=section&id=Working%20Capital) Cash and Cash Equivalents (HKD million) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and Cash Equivalents | 23.9 | 24.4 | [Net Cash Generated From / (Used In) Operating Activities](index=14&type=section&id=Net%20Cash%20Generated%20From%20/%20(Used%20In)%20Operating%20Activities) Net Cash From Operating Activities (HKD million) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Cash From Operating Activities | 23.4 | (14.9) | - Operating cash flow turned from negative to positive, primarily benefiting from digital sports entertainment revenue[49](index=49&type=chunk) [Net Cash Used In Investing Activities](index=15&type=section&id=Net%20Cash%20Used%20In%20Investing%20Activities) Net Cash Used In Investing Activities (HKD million) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Cash Used In Investing Activities | (21.8) | (0.5) | - Cash outflow from investing activities significantly increased, primarily for the acquisition of intangible assets[50](index=50&type=chunk) [Net Cash Used In Financing Activities](index=15&type=section&id=Net%20Cash%20Used%20In%20Financing%20Activities) Net Cash Used In Financing Activities (HKD million) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Cash Used In Financing Activities | (1.6) | 10.5 | - Financing activities shifted from net cash inflow to net outflow, mainly due to repayment of lease liabilities[51](index=51&type=chunk) [Capital Structure](index=15&type=section&id=Capital%20Structure) Capital Structure (HKD million) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Assets | 1,018.1 | 967.7 | | Shareholders' Equity | 702.7 | 690.1 | - The Group's capital structure is primarily composed of ordinary shares[52](index=52&type=chunk) [Other Financial Information](index=15&type=section&id=Other%20Financial%20Information) [Other Financial Information](index=15&type=section&id=Other%20Financial%20Information) The Group maintains treasury policies to manage risks and ensure funding, with a 2.3% capital gearing ratio as of June 30, 2025, reporting no significant acquisitions, foreign exchange risks, asset pledges, or contingent liabilities, and no interim dividend declared - The Group has established treasury policies to monitor risks and ensure sufficient funding[53](index=53&type=chunk) Capital Gearing Ratio | Metric | June 30, 2025 | | :--- | :--- | | Capital Gearing Ratio | 2.3% | - No significant acquisitions, foreign exchange risks, asset pledges, or contingent liabilities occurred during the period. The Board resolved not to declare an interim dividend[55](index=55&type=chunk)[56](index=56&type=chunk)[57](index=57&type=chunk)[58](index=58&type=chunk)[59](index=59&type=chunk) [Treasury Policy](index=15&type=section&id=Treasury%20Policy) - The Group has established policies to monitor risks related to business operations and treasury activities, ensuring timely fulfillment of financial obligations and sufficient funding sources[53](index=53&type=chunk) [Capital Gearing Ratio](index=15&type=section&id=Capital%20Gearing%20Ratio) Capital Gearing Ratio | Metric | June 30, 2025 | | :--- | :--- | | Capital Gearing Ratio | 2.3% | [Significant Acquisitions and Disposals](index=15&type=section&id=Significant%20Acquisitions%20and%20Disposals) - The Group had no significant acquisitions or disposals of subsidiaries, associates, and joint ventures during the period[55](index=55&type=chunk) [Foreign Exchange Risk](index=16&type=section&id=Foreign%20Exchange%20Risk) - As most of the Group's revenue and costs are denominated in RMB, there is no significant foreign exchange risk[56](index=56&type=chunk) [Pledge of Assets](index=16&type=section&id=Pledge%20of%20Assets) - The Group did not pledge any assets as of June 30, 2025, and December 31, 2024[57](index=57&type=chunk) [Contingent Liabilities](index=16&type=section&id=Contingent%20Liabilities) - As of June 30, 2025, the Group had no material contingent liabilities[58](index=58&type=chunk) [Interim Dividend](index=16&type=section&id=Interim%20Dividend) - The Board resolved not to declare any interim dividend for the period[59](index=59&type=chunk) [Financial Statements](index=17&type=section&id=Financial%20Statements) [Financial Information](index=17&type=section&id=Financial%20Information) This section presents the Group's unaudited condensed consolidated financial statements for the six months ended June 30, 2025, including the statement of profit or loss and other comprehensive income, statement of financial position, and statement of changes in equity, detailing financial performance, asset-liability status, and equity changes - Provided the Group's unaudited condensed consolidated statement of profit or loss and other comprehensive income, statement of financial position, and statement of changes in equity for the six months ended June 30, 2025[60](index=60&type=chunk)[62](index=62&type=chunk)[64](index=64&type=chunk) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=17&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) Key Data from Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (HKD '000) | Metric | H1 2025 | H1 2024 (Restated) | | :--- | :--- | :--- | | Revenue | 152,547 | 208,311 | | Gross Profit | 37,899 | 80,550 | | Loss for the Period | (12,131) | (16,604) | | Other Comprehensive Income for the Period | 24,051 | (34,096) | | Total Comprehensive Income for the Period | 11,920 | (50,700) | | Basic and Diluted Loss Per Share (HK cents) | (0.27) | (0.37) | - Total comprehensive income for the period turned from negative in the prior period to positive, mainly influenced by exchange differences and fair value changes of financial assets within other comprehensive income[60](index=60&type=chunk) [Condensed Consolidated Statement of Financial Position](index=19&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) Key Data from Condensed Consolidated Statement of Financial Position (HKD '000) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Assets | 1,018,056 | 967,745 | | Non-current Assets | 793,733 | 770,054 | | Current Assets | 224,323 | 197,691 | | Current Liabilities | 307,468 | 273,208 | | Non-current Liabilities | 6,275 | 2,144 | | Net Assets | 704,313 | 692,393 | - Both total assets and net assets increased, reflecting an improvement in the Group's financial position[62](index=62&type=chunk)[63](index=63&type=chunk) - Net current liabilities were negative, indicating that current assets were insufficient to cover current liabilities, putting pressure on working capital[63](index=63&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=21&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) Summary of Changes in Equity (HKD '000) | Metric | June 30, 2025 | January 1, 2025 | | :--- | :--- | :--- | | Equity Attributable to Owners of the Company | 702,654 | 690,778 | | Total Comprehensive Income for the Period | 11,920 | - | - The increase in total equity was primarily due to the contribution from other comprehensive income, offsetting the loss for the period[64](index=64&type=chunk) [Notes to the Financial Statements](index=22&type=section&id=Notes%20to%20the%20Financial%20Statements) [Notes](index=22&type=section&id=Notes) This section provides detailed notes to the condensed consolidated interim financial statements, covering general information, basis of preparation (including restatement), accounting policies, judgments, estimates, segment reporting, revenue, other income/losses, finance costs, loss before tax, income tax, EPS, PPE, associate interests, receivables, payables, bank borrowings, and commitments - Detailed the basis of preparation for the financial statements, including preparation in accordance with HKAS 34, and disclosed the restatement of 2024 comparative figures due to reclassification of financial assets[66](index=66&type=chunk)[69](index=69&type=chunk) - The Group has only one reportable operating segment, digital sports entertainment, with Chinese customers contributing over **95% of revenue**[75](index=75&type=chunk)[76](index=76&type=chunk) - Disclosed details of various expenses, including staff costs, depreciation, amortization of intangible assets, as well as income tax calculation and applicable preferential tax rates[80](index=80&type=chunk)[81](index=81&type=chunk) [1. General Information](index=22&type=section&id=1.%20General%20Information) - The Company is listed on the Main Board of the Hong Kong Stock Exchange, with its principal business in digital sports entertainment, covering sports knowledge payment, betting, event operation, digital collectibles, game publishing, and lottery sales[65](index=65&type=chunk) [2. Basis of Preparation](index=22&type=section&id=2.%20Basis%20of%20Preparation) - The financial statements were prepared in accordance with HKAS 34 and the Listing Rules, and authorized for issue on **August 27, 2025**[66](index=66&type=chunk) - 2024 comparative figures were restated due to reclassification of investment funds, with no impact on operating, investing, and financing cash flows[69](index=69&type=chunk)[70](index=70&type=chunk) [(a) Basis of Preparation](index=22&type=section&id=(a)%20Basis%20of%20Preparation) - The condensed consolidated interim financial statements were prepared in accordance with HKAS 34 and the disclosure requirements of the Listing Rules, and authorized for issue on **August 27, 2025**[66](index=66&type=chunk) [(b) Restatement](index=23&type=section&id=(b)%20Restatement) - Certain accounts as of January 1, 2024, and June 30, 2024, were restated due to reclassification of investment funds, but this had no impact on operating, investing, and financing cash flows[69](index=69&type=chunk)[70](index=70&type=chunk) [3. Accounting Policies](index=24&type=section&id=3.%20Accounting%20Policies) - The accounting policies applied are consistent with those adopted in the Group's consolidated financial statements for the year ended December 31, 2024[71](index=71&type=chunk) - New or amended Hong Kong Financial Reporting Standards effective from **January 1, 2025**, had no significant impact on the Group's condensed consolidated interim financial statements[73](index=73&type=chunk) [4. Use of Judgments and Estimates](index=24&type=section&id=4.%20Use%20of%20Judgments%20and%20Estimates) - The preparation of financial statements involves management's judgments, estimates, and assumptions, and actual results may differ[74](index=74&type=chunk) [5. Segment Reporting](index=24&type=section&id=5.%20Segment%20Reporting) - The Group has only one reportable operating segment: digital sports entertainment business[75](index=75&type=chunk) - Chinese customers contributed over **95% of the Group's revenue**, and over **90% of non-current assets** are located in China[76](index=76&type=chunk) [(a) Reportable Segments](index=24&type=section&id=(a)%20Reportable%20Segments) - The Group has only one reportable operating segment, digital sports entertainment business, covering sports knowledge payment, betting, event operation, digital collectibles, game publishing, and lottery sales[75](index=75&type=chunk) [(b) Geographical Information](index=24&type=section&id=(b)%20Geographical%20Information) - For the six months ended June 30, 2025, Chinese customers accounted for over **95% of the Group's revenue**, and over **90% of non-current assets** are located in China[76](index=76&type=chunk) [6. Revenue](index=25&type=section&id=6.%20Revenue) Revenue Breakdown (HKD '000) | Business Segment | 2025 | 2024 | | :--- | :--- | :--- | | Sports Knowledge Payment Platform | 97,908 | 124,985 | | Sports and Casual Games | 46,592 | 76,707 | | Lottery-related Commission Income | 4,347 | 6,210 | | Sports Event Operation | 3,661 | – | | Digital Collectibles Platform | 39 | 409 | | **Total Revenue** | **152,547** | **208,311** | - The majority of revenue (**HKD 148.8 million**) is recognized over time, reflecting subscription or continuous service models[77](index=77&type=chunk) [7. Other Income and Losses, Net](index=25&type=section&id=7.%20Other%20Income%20and%20Losses,%20Net) Other Income and Losses, Net Breakdown (HKD '000) | Metric | 2025 | 2024 (Restated) | | :--- | :--- | :--- | | Net Exchange (Loss) / Gain | (3,156) | 2,907 | | Fair Value Gains / (Losses) on Financial Assets | 7,771 | (10,885) | | **Total** | **4,593** | **(7,861)** | [8. Finance Costs](index=26&type=section&id=8.%20Finance%20Costs) Finance Costs Breakdown (HKD '000) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Interest on Lease Liabilities | 117 | 113 | | Interest on Bank Borrowings | 168 | 185 | | **Total** | **285** | **298** | [9. Loss Before Income Tax](index=26&type=section&id=9.%20Loss%20Before%20Income%20Tax) Components of Loss Before Income Tax (HKD '000) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Staff Costs | 8,735 | 10,810 | | Depreciation of Property, Plant and Equipment | 122 | 324 | | Depreciation of Right-of-Use Assets | 1,220 | 1,440 | | Amortization of Intangible Assets Included in Cost of Revenue | 23,070 | 12,784 | | Expected Credit Losses | – | 3,330 | | Auditors' Remuneration | 150 | 150 | - Amortization of intangible assets significantly increased by **80.5%** year-on-year, representing a key factor in the composition of loss for the period[80](index=80&type=chunk) [10. Income Tax Expense / (Credit)](index=27&type=section&id=10.%20Income%20Tax%20Expense%20/%20(Credit)) Income Tax Expense / (Credit) (HKD '000) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Current Tax - PRC Enterprise Income Tax | 331 | 2 | | Deferred Tax | – | (499) | | **Income Tax Expense / (Credit)** | **331** | **(497)** | - PRC subsidiaries enjoy preferential tax rates for high-tech enterprises or economic special zones, such as **Beijing Crazy Sports at 15%**, **Horgos Crazy at 12.5%**, and **Horgos Kairuisi exemption**[81](index=81&type=chunk) [11. Loss Per Share Attributable to Owners of the Company](index=28&type=section&id=11.%20Loss%20Per%20Share%20Attributable%20to%20Owners%20of%20the%20Company) Loss Per Share (HK cents) | Metric | 2025 | 2024 (Restated) | | :--- | :--- | :--- | | Basic Loss Per Share | (0.27) | (0.37) | | Diluted Loss Per Share | (0.27) | (0.37) | - Loss per share narrowed, and unexercised share options had no dilutive effect as their exercise price was higher than the market price[82](index=82&type=chunk) [12. Changes in Property, Plant and Equipment](index=28&type=section&id=12.%20Changes%20in%20Property,%20Plant%20and%20Equipment) Acquisition of Property, Plant and Equipment (HKD '000) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Acquisition Amount | 78 | 30 | [13. Interests in an Associate](index=29&type=section&id=13.%20Interests%20in%20an%20Associate) - The Group ceased to recognize its share of losses from an associate (Asia Bank) as the losses exceeded its interest, with accumulated unrecognized losses of **HKD 9,959,000**[84](index=84&type=chunk) - The associate, Asia Bank, was ordered into provisional liquidation on **May 28, 2025**[85](index=85&type=chunk) [14. Trade and Other Receivables](index=30&type=section&id=14.%20Trade%20and%20Other%20Receivables) Trade and Other Receivables, Net (HKD '000) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade and Other Receivables, Net | 87,896 | 82,815 | Ageing Analysis of Trade and Other Receivables (HKD '000) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 6 months | 69,226 | 72,414 | | Over 6 months but within 1 year | 18,670 | 10,401 | [15. Trade and Other Payables](index=30&type=section&id=15.%20Trade%20and%20Other%20Payables) Trade and Other Payables (HKD '000) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Trade Payables | 37,475 | 13,359 | | Accruals and Other Payables | 89,900 | 80,455 | | **Total** | **127,375** | **93,814** | - Total trade payables significantly increased, with trade payables within six months rising from **HKD 3.1 million** to **HKD 26.2 million**[87](index=87&type=chunk) [16. Bank Borrowings](index=31&type=section&id=16.%20Bank%20Borrowings) Bank Borrowings (HKD '000) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Repayable within one year | 10,945 | 15,960 | | Repayable after one year | 5,472 | – | | **Total** | **16,417** | **15,960** | - Secured bank borrowings are personally guaranteed, while unsecured borrowings bear interest at an annual rate of **0.65%**[90](index=90&type=chunk) - The Group had no unutilized bank facilities and did not breach any loan covenants[90](index=90&type=chunk) [17. Commitments](index=32&type=section&id=17.%20Commitments) Contracted but Not Provided For Commitments (HKD '000) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Intangible Assets | 3,283 | 3,192 | [18. Related Party Transactions](index=32&type=section&id=18.%20Related%20Party%20Transactions) Remuneration of Directors and Other Key Management Personnel (HKD '000) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Short-term Benefits | 7,832 | 8,890 | - Amounts due to related companies are interest-free, unsecured, and repayable on demand[93](index=93&type=chunk) - Some of the Group's bank borrowings are personally guaranteed by a director (Mr. Peng Xitao) or a subsidiary director (Mr. Wei Guilei) or by corporate guarantees[95](index=95&type=chunk) [Other Information](index=33&type=section&id=Other%20Information) [Other Information](index=33&type=section&id=Other%20Information) In H1 2025, the Group maintained compliance with corporate governance codes, employed 107 staff, and used share option schemes for incentives, with directors confirming adherence to securities transaction standards; no listed securities were bought, redeemed, or sold, and interim results were reviewed by the Audit Committee, with no significant post-reporting events - The Group consistently complied with the Corporate Governance Code, and directors confirmed adherence to the Model Code for Securities Transactions[96](index=96&type=chunk)[100](index=100&type=chunk) - As of **June 30, 2025**, the Group employed **107 staff** and incentivized employees through a share option scheme[98](index=98&type=chunk) - No listed securities were purchased, redeemed, or sold during the period, and the interim results were reviewed by the Audit Committee[101](index=101&type=chunk)[102](index=102&type=chunk) [Compliance with Corporate Governance Practices](index=33&type=section&id=Compliance%20with%20Corporate%20Governance%20Practices) - The Company has consistently applied and complied with all applicable code provisions of the Corporate Governance Code set out in Appendix C1 of the Listing Rules for the six months ended June 30, 2025[96](index=96&type=chunk) [Employee Remuneration and Benefits](index=33&type=section&id=Employee%20Remuneration%20and%20Benefits) - As of **June 30, 2025**, the Group employed a total of **107 staff**[98](index=98&type=chunk) - The Group incentivizes directors, senior management, and other employees through a share option scheme and provides regular training to enhance skills and knowledge[98](index=98&type=chunk)[99](index=99&type=chunk) [Compliance with the Model Code for Securities Transactions by Directors](index=33&type=section&id=Compliance%20with%20the%20Model%20Code%20for%20Securities%20Transactions%20by%20Directors) - Following specific inquiries to all directors, each director confirmed compliance with the required standards set out in the Model Code during the period[100](index=100&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=34&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) - During the period, neither the Company nor any of its subsidiaries purchased, redeemed, or sold any of the Company's listed securities on the Stock Exchange[101](index=101&type=chunk) [Review by Audit Committee](index=34&type=section&id=Review%20by%20Audit%20Committee) - The Group's unaudited interim financial results for the period have been reviewed by the Audit Committee, which comprises four independent non-executive directors[102](index=102&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=34&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) - This interim results announcement is published on the Company's website and the website of Hong Kong Exchanges and Clearing Limited, and the interim report will be dispatched to shareholders and published on the website[103](index=103&type=chunk) [Events After Reporting Period](index=34&type=section&id=Events%20After%20Reporting%20Period) - Save as disclosed in this announcement, no other significant events affecting the Group occurred after June 30, 2025, and up to the date of this announcement[104](index=104&type=chunk) [Acknowledgement](index=34&type=section&id=Acknowledgement) - The Board sincerely thanks customers, merchants, and partners for their trust, all employees and management for their outstanding contributions, and shareholders for their continued support[105](index=105&type=chunk) [Definitions and Glossary](index=35&type=section&id=Definitions%20and%20Glossary) [Definitions and Technical Glossary](index=35&type=section&id=Definitions%20and%20Technical%20Glossary) This section defines key terms and technical vocabulary used throughout the report, ensuring consistent understanding of concepts such as "Audit Committee," "the Group," "Listing Rules," "AI," "HKD," "IP," and other financial and operational terminology - Provided definitions for key terms and technical vocabulary used in the report, ensuring consistent understanding of the report's content[106](index=106&type=chunk)[107](index=107&type=chunk)[108](index=108&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。 ( 於香港註冊成立的有限公司 (股份代號: 01203) 截至2025年6月30日止六個月 之中期業績公告 粵 海 廣 南 （ 集 團 ） 有 限 公 司 （「本公司」）之董事 （「董事」）會 （「董事會」） 欣 然 提 呈 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 之 中 期 業 績 。 | 截 至 6 30 | 月 | 日 止 六 個 月 未 經 審 核 之 財 務 摘 要 | | | | | --- | --- | --- | --- | --- | --- | | | | | 2025 年 | 2024 年 | | | | | | 千港元 | 千港元 | 變動 | | 收入 | | | ...

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。 Chengdu Expressway Co., Ltd. 成都高速公路股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：01785） 2025年中期業績公告 成 都 高 速 公 路 股 份 有 限 公 司（「本公司」）董 事 會（「董事會」）謹 此 宣 佈 本 公 司 及 附 屬 公 司（「本集團」）截 至2025年6月30日 止 六 個 月 期 間 未 經 審 計 業 績 公 告。本 公 告 刊 載 本公司2025年 中 期 報 告 全 文，符 合 香 港 聯 合 交 易 所 有 限 公 司（「聯交所」）證 券 上 市 規 則 中 有 關 中 期 業 績 初 步 公 告 附 載 的 資 料 要 求，並 經 本 公 司 董 事 會 審 計 與 風 險 管 理 委 員 會 審 閱。本 公 司2025年中期報告將於2025年9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，概不就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。 Guanze Medical Information Industry (Holding) Co., Ltd. （於開曼群島註冊成立的有限責任公司） （股份代號：2427） 截至2025年6月30日止六個月 中期業績公告及 全球發售所得款項淨額用途變動 董事會欣然宣佈本集團截至2025年6月30日止六個月之未經審核簡明綜合中期 業績如下： 中期簡明綜合損益及其他全面收益表 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 | | | | （未經審核）（未經審核） | | | | 附註 | 人民幣千元 | 人民幣千元 | | 收入 | 5 | 31,855 | 40,030 | | 銷售成本 | | (18,472) | (18,150) | | 毛利 | | 13,383 | 21,8 ...