[Abbreviations](index=3&type=section&id=Abbreviations) This section lists the key abbreviations used throughout the report - Key abbreviations used in the report include 'Board', 'Company', 'Directors', 'Group', 'Listing Rules', 'China', 'SFO', 'Shares', 'Shareholders', 'Stock Exchange', 'HK$', 'RMB', 'US$', and '%'[5](index=5&type=chunk) [Corporate Information](index=4&type=section&id=Corporate%20Information) This section provides an overview of the company's fundamental corporate details and governance structure [Board of Directors](index=4&type=section&id=BOARD%20OF%20DIRECTORS) The Board of Directors experienced multiple changes during the reporting period, including appointments and resignations of executive, non-executive, and independent non-executive directors, with Ms. Wang Jingyu appointed as Chairperson on September 3, 2025, and Mr. Jiang Qinghui resigning as Chairperson on the same day - Ms. Wang Jingyu was appointed Executive Director and Chairperson on **September 3, 2025**[7](index=7&type=chunk)[9](index=9&type=chunk) - Mr. Weng Zutian serves as the Chief Executive Officer[7](index=7&type=chunk)[9](index=9&type=chunk) - Mr. Jiang Qinghui and Mr. Li Zhonghai resigned as Executive Directors on **September 3, 2025**[7](index=7&type=chunk)[9](index=9&type=chunk) - Ms. Hu Xinqi and Ms. Huang Tianying were appointed Independent Non-executive Directors on **August 22, 2025**[7](index=7&type=chunk)[9](index=9&type=chunk) [Audit Committee](index=4&type=section&id=AUDIT%20COMMITTEE) The Audit Committee's membership changed during the reporting period, with Ms. Hu Xinqi appointed as Chairperson on August 22, 2025, while Mr. Guo Jianxiong and Mr. Chen Zhuohao ceased to be chairpersons on August 8, 2025, and February 28, 2025, respectively - Ms. Hu Xinqi was appointed Chairperson of the Audit Committee on **August 22, 2025**[8](index=8&type=chunk)[9](index=9&type=chunk) - Mr. Guo Jianxiong ceased to be Chairperson of the Audit Committee on **August 8, 2025**[8](index=8&type=chunk)[9](index=9&type=chunk) [Remuneration Committee](index=4&type=section&id=REMUNERATION%20COMMITTEE) The Remuneration Committee's membership changed during the reporting period, with Ms. Huang Tianying appointed as Chairperson on August 22, 2025, while Mr. Weng Zutian and Mr. Chen Zhuohao ceased to be chairpersons on August 22, 2025, and February 28, 2025, respectively - Ms. Huang Tianying was appointed Chairperson of the Remuneration Committee on **August 22, 2025**[8](index=8&type=chunk)[9](index=9&type=chunk) - Mr. Weng Zutian ceased to be Chairperson of the Remuneration Committee on **August 22, 2025**[8](index=8&type=chunk)[9](index=9&type=chunk) [Nomination Committee](index=5&type=section&id=NOMINATION%20COMMITTEE) The Nomination Committee's membership changed during the reporting period, with Ms. Huang Tianying re-designated as Chairperson on September 3, 2025, and Mr. Jiang Qinghui ceasing to be Chairperson on the same day - Ms. Huang Tianying was re-designated as Chairperson of the Nomination Committee on **September 3, 2025**[10](index=10&type=chunk)[11](index=11&type=chunk) - Mr. Jiang Qinghui ceased to be Chairperson of the Nomination Committee on **September 3, 2025**[10](index=10&type=chunk)[11](index=11&type=chunk) [Company Secretary](index=5&type=section&id=COMPANY%20SECRETARY) Ms. Yu Yayun was appointed Company Secretary on July 7, 2025, while Mr. Lin Guanhui resigned on the same day - Ms. Yu Yayun was appointed Company Secretary on **July 7, 2025**[10](index=10&type=chunk)[12](index=12&type=chunk) - Mr. Lin Guanhui resigned as Company Secretary on **July 7, 2025**[10](index=10&type=chunk)[12](index=12&type=chunk) [Other Corporate Information](index=5&type=section&id=Other%20Corporate%20Information) The Company's shares are listed on the Hong Kong Stock Exchange with stock code 209, its registered office is in Bermuda, and its principal place of business in Hong Kong is at Shun Tak Centre; key banks include HSBC, Bank of Communications Hong Kong Branch, and China Guangfa Bank Zhongshan Branch, with Tianjian International Certified Public Accountants Limited as auditor - Shares are listed on the Hong Kong Stock Exchange, stock code **209**[11](index=11&type=chunk)[12](index=12&type=chunk) - The registered office is located at Clarendon House, Bermuda[11](index=11&type=chunk)[12](index=12&type=chunk) - The principal place of business in Hong Kong is Unit 907B, 9th Floor, China Merchants Tower, Shun Tak Centre, 168–200 Connaught Road Central, Hong Kong[11](index=11&type=chunk)[12](index=12&type=chunk) - The auditor is Tianjian International Certified Public Accountants Limited[14](index=14&type=chunk)[15](index=15&type=chunk) [Management Discussion and Analysis](index=7&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an overview of the Group's business operations, financial performance, and future outlook [Business Review](index=7&type=section&id=BUSINESS%20REVIEW) The Group primarily engages in toy manufacturing and trading, as well as agricultural product cultivation and sales; for the interim period ended June 30, 2025, the toy business continued to face challenges due to US tariffs and rising labor costs in China, leading to decreased order volume and increased gross loss, while the agricultural products business generated no revenue - The Group's principal businesses are **toy manufacturing and trading**, and **agricultural product cultivation and sales**[16](index=16&type=chunk)[21](index=21&type=chunk) - The toy business is affected by **US tariffs on China** and **rising minimum wage and social insurance costs in China**, leading to a continuous decline in order volume and pressure on profit margins[16](index=16&type=chunk)[17](index=17&type=chunk)[21](index=21&type=chunk) - For the interim period ended June 30, 2025, the agricultural product cultivation and sales business generated **no revenue** (2024: HK$1.3 million)[18](index=18&type=chunk)[21](index=21&type=chunk) Key Financial Performance (Six Months Ended June 30) | Metric | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | Change (HK$ Thousand) | Change Rate | Reference Chunk | | :--- | :--- | :--- | :--- | :--- | :--- | | Toy Segment Revenue | 148,400 | 189,800 | (41,400) | -21.8% | [20, 23] | | Agricultural Products Segment Revenue | 0 | 1,300 | (1,300) | -100% | [18, 21, 26, 32] | | Gross Loss/Profit | (10,000) | 4,100 | (14,100) | -343.9% | [18, 22] | | Loss for the Period | (38,300) | (26,700) | (11,600) | +43.4% | [19, 22] | [Financial Review](index=8&type=section&id=FINANCIAL%20REVIEW) The Group's financial position shows an increase in net current liabilities, a decrease in cash and cash equivalents, an expanded capital deficiency, and a higher gearing ratio; to improve its financial health, the Group has taken measures including extending bank financing maturity dates, implementing cost-saving initiatives, and exploring other financing arrangements, while foreign currency risk is considered not significant and certain assets are pledged for bank financing, with no material contingent liabilities currently [Liquidity, Financial Resources and Capital Structure](index=8&type=section&id=Liquidity,%20Financial%20Resources%20and%20Capital%20Structure) As of June 30, 2025, the Group's net current liabilities, total borrowings, and capital deficiency attributable to owners of the Company all increased, with a deterioration in the current ratio and gearing ratio; to address funding pressure, the Company completed a share subscription in January 2025, raising approximately HK$1.2 million in net proceeds for working capital Liquidity and Capital Structure Metrics | Metric | June 30, 2025 (HK$ Million) | December 31, 2024 (HK$ Million) | Change (HK$ Million) | Change Rate | Reference Chunk | | :--- | :--- | :--- | :--- | :--- | :--- | | Net Current Liabilities | 253.3 | 220.3 | 33.0 | +15.0% | [27, 33] | | Cash and Cash Equivalents | 34.1 | 55.3 | (21.2) | -38.3% | [27, 33] | | Current Ratio | 0.47 times | 0.54 times | (0.07) | -13.0% | [27, 33] | | Total Loans | 229.8 | 217.1 | 12.7 | +5.8% | [28, 33] | | Capital Deficiency Attributable to Owners of the Company | 173.8 | 139.0 | 34.8 | +25.0% | [29, 33] | | Gearing Ratio | 170% | 136.7% | 33.3% | +24.4% | [29, 33] |

2025 INTERIM 2025 報告 中期 REPORT 目錄 3 公司資料 4 管理層討論及展望 16 簡明綜合損益及其他全面收益表 17 簡明綜合財務狀況表 18 簡明綜合權益變動表 20 簡明綜合現金流量表 21 簡明綜合財務報表附註 41 其他資料 於本中期報告內，除文義另有所指外，下列簡稱具有以下涵義： | 「董事會」 | 指 | 董事會 | | --- | --- | --- | | 「本公司」 | 指 | 長盈集團（控股）有限公司 | | 「董事」 | 指 | 本公司之董事 | | 「本集團」 | 指 | 本公司及其附屬公司 | | 「香港聯交所」 | 指 | 香港聯合交易所有限公司 | | 「上市規則」 | 指 | 香港聯交所證券上市規則 | | 「標準守則」 | 指 | 上市規則附錄C3所載上市發行人董事進行證券交易之標準守則 | | 「證券及期貨條例」 | 指 | 香港法例第571章《證券及期貨條例》 | | 「加元」 | 指 | 加拿大元 | | 「港元」及「港仙」 | 指 | 港元及港仙 | | 「紐元」 | 指 | 紐西蘭元 | | 「美元」 | 指 | 美元 | | 「%」 | ...

2025 目 錄 Contents | 公司資料 | Corporate Information | 2 | | --- | --- | --- | | 集團簡介 | Corporate Profile | 5 | | 管理層討論及分析 | Management Discussion and Analysis | 7 | | 企業管治及其他資料 | Corporate Governance and Other Information | 17 | | 獨立審閱報告 | Independent Review Report | 22 | | 中期簡明綜合損益及 | Interim Condensed Consolidated Statement of Profit or Loss | 25 | | 其他全面收益表 | and Other Comprehensive Income | | | 中期簡明綜合財務狀況表 | Interim Condensed Consolidated Statement of Financial Position | 26 | | 中期簡明綜合權益變動表 | Interim Conde ...

[Corporate Information](index=3&type=section&id=Corporate%20Information) [Directors](index=3&type=section&id=DIRECTORS) The company's board of directors comprises executive directors Mr. Ng Chi Chiu (Chairman and Chief Executive Officer) and Ms. Chiu Hoi Yin, and independent non-executive directors Dr. Ho Ka Yan, Mr. Yip Kit Chau, and Mr. Law Hung Wai (CPA) - Executive Directors include Mr. Ng Chi Chiu (Chairman and Chief Executive Officer) and Ms. Chiu Hoi Yin[3](index=3&type=chunk) - Independent Non-executive Directors are Dr. Ho Ka Yan, Mr. Yip Kit Chau, and Mr. Law Hung Wai (CPA)[3](index=3&type=chunk) [Committees](index=3&type=section&id=COMMITTEES) The company has established an Audit Committee, a Nomination Committee, and a Remuneration Committee to ensure sound and effective corporate governance - The Audit Committee is chaired by Mr. Yip Kit Chau, with members including Dr. Ho Ka Yan and Mr. Law Hung Wai[3](index=3&type=chunk) - The Nomination Committee is chaired by Mr. Ng Chi Chiu, with members including Mr. Yip Kit Chau, Mr. Law Hung Wai, and Dr. Ho Ka Yan, who was appointed from June 30, 2025[3](index=3&type=chunk)[4](index=4&type=chunk) - The Remuneration Committee is chaired by Mr. Law Hung Wai, with members including Dr. Ho Ka Yan and Mr. Yip Kit Chau[4](index=4&type=chunk)[5](index=5&type=chunk) [Key Personnel and Advisers](index=4&type=section&id=KEY%20PERSONNEL%20AND%20ADVISERS) Mr. Shum Hoi Luen serves as the Company Secretary, with Mr. Ng Chi Chiu and Mr. Shum Hoi Luen as authorized representatives; PricewaterhouseCoopers is the auditor, and Li & Partners is the Hong Kong legal adviser - The Company Secretary is Mr. Shum Hoi Luen, and the authorized representatives are Mr. Ng Chi Chiu and Mr. Shum Hoi Luen[4](index=4&type=chunk)[5](index=5&type=chunk) - PricewaterhouseCoopers serves as the auditor, and Li & Partners is the Hong Kong legal adviser[4](index=4&type=chunk)[5](index=5&type=chunk) [Company Details](index=4&type=section&id=COMPANY%20DETAILS) The company's registered office is in the Cayman Islands, with its Hong Kong headquarters and principal place of business in Kowloon Bay; DBS Bank (Hong Kong) Limited and The Hongkong and Shanghai Banking Corporation Limited are the principal bankers, and the stock code is 0368 - The company's registered office is in the Cayman Islands, and its Hong Kong headquarters and principal place of business are located at 18/F, Chevalier Commercial Centre, 8 Wang Hoi Road, Kowloon Bay, Hong Kong[7](index=7&type=chunk)[8](index=8&type=chunk) - Principal bankers include DBS Bank (Hong Kong) Limited and The Hongkong and Shanghai Banking Corporation Limited[8](index=8&type=chunk) - The company's stock code is **0368**, and its website is www.superland-group.com[8](index=8&type=chunk) [Management Discussion and Analysis](index=5&type=section&id=Management%20Discussion%20and%20Analysis) [Financial Review](index=5&type=section&id=FINANCIAL%20REVIEW) For the six months ended June 30, 2025, the Group's revenue increased by **11.4%** year-on-year to **HK$451 million**, driven by an increase in smaller projects, while gross profit and gross profit margin decreased by **8.0%** and **2.4 percentage points** respectively due to lower margins from these projects, with profit and total comprehensive income attributable to owners remaining relatively stable Financial Performance for the Six Months Ended June 30, 2025 | Indicator | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Revenue | 450,905 | 404,683 | +11.4% | | Gross Profit | 51,376 | 55,843 | -8.0% | | Gross Profit Margin | 11.4% | 13.8% | -2.4 percentage points | | Administrative Expenses | 30,592 | 31,126 | -1.7% | | Finance Costs | 17,708 | 17,451 | +1.5% | | Profit and Total Comprehensive Income Attributable to Owners | 4,239 | 4,272 | -0.8% | - Revenue growth was primarily due to an increase in the number of smaller projects undertaken during the review period[10](index=10&type=chunk)[15](index=15&type=chunk) - The decrease in gross profit and gross profit margin was mainly attributable to the lower gross profit margins generated from smaller projects[12](index=12&type=chunk)[16](index=16&type=chunk) [Business Review and Prospects](index=6&type=section&id=BUSINESS%20REVIEW%20AND%20PROSPECTS) The Group is a Hong Kong contractor with over **21 years** of operating history, primarily providing fitting-out and repair and maintenance services; as of June 30, 2025, it had **62** projects on hand with a total contract value of approximately **HK$5.275 billion**, and plans to focus on core business development, explore opportunities, and prioritize advanced technology and digitalization for efficiency and cost reduction amidst a slowing construction industry - The Group is a contractor in Hong Kong with over **21 years** of operating history, providing fitting-out services and repair and maintenance services[22](index=22&type=chunk)[27](index=27&type=chunk)[108](index=108&type=chunk) Overview of Fitting-out Projects on Hand | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total number of projects on hand | 62 items | 60 items | | Total contract value | Approximately HK$5,275 Million | Approximately HK$5,371 Million | | Number of projects HK$50 Million or above | 36 items | 37 items | | Total contract value of projects HK$50 Million or above | Approximately HK$4,354 Million | Approximately HK$4,429 Million | - Hong Kong's construction industry growth is slowing, but the government's commitment to developing the Northern Metropolis, land, and housing presents long-term opportunities[28](index=28&type=chunk)[29](index=29&type=chunk)[32](index=32&type=chunk) - The Group will invest resources in developing its core business, exploring potential opportunities, and leveraging advanced technologies such as AI and big data to drive digital transformation for enhanced efficiency and reduced costs[30](index=30&type=chunk)[31](index=31&type=chunk)[32](index=32&type=chunk)[33](index=33&type=chunk) [Debts and Charge on Assets](index=8&type=section&id=DEBTS%20AND%20CHARGE%20ON%20ASSETS) As of June 30, 2025, the Group's total debt was approximately **HK$488 million**, a slight decrease from the end of 2024; bank financing is secured by personal guarantees from directors, corporate guarantees, properties held by directors and associated companies, investments in insurance contracts, and pledged time deposits, with no interest rate hedging policy but continuous monitoring of interest rate risk Total Debts and Pledged Assets | Indicator | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Total Debts | 488,002 | 498,380 | | Investments in insurance contracts | 61,609 | 59,389 | | Pledged time deposits | 4,122 | 7,187 | - Bank financing is secured by personal guarantees from Mr. Ng Chi Chiu, corporate guarantees, properties held by directors and associated companies, investments in insurance contracts, and pledged time deposits[35](index=35&type=chunk)[38](index=38&type=chunk) - The Group currently has no interest rate hedging policy but continuously monitors interest rate risk prudently[36](index=36&type=chunk)[37](index=37&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=9&type=section&id=LIQUIDITY,%20FINANCIAL%20RESOURCES%20AND%20CAPITAL%20STRUCTURE) Since its listing in July 2020, the Group's capital structure has remained unchanged; as of June 30, 2025, issued share capital was **HK$8 million** with **800 million** ordinary shares, and the Group primarily meets working capital needs through operating cash and bank borrowings, with a gearing ratio of **67.7%** and a current ratio of **1.1** - The company's capital structure has remained unchanged since its listing on July 17, 2020[39](index=39&type=chunk)[43](index=43&type=chunk) Capital Structure and Liquidity Ratios | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Issued share capital | HK$8,000,000 | HK$8,000,000 | | Number of issued ordinary shares | 800,000,000 shares | 800,000,000 shares | | Gearing ratio | 67.7% | 66.3% | | Current ratio | 1.1 | 1.1 | - The Group expects to meet its working capital requirements through cash generated from operations, bank borrowings, and other external financing[40](index=40&type=chunk)[43](index=43&type=chunk) [Foreign Exchange Exposure](index=9&type=section&id=FOREIGN%20EXCHANGE%20EXPOSURE) The Group does not face significant foreign exchange risk as most of its income, expenditures, assets, and liabilities are denominated in Hong Kong Dollars; no financial instruments were used for hedging during the six months ended June 30, 2025 - The Group's transactions and assets and liabilities are largely denominated in Hong Kong Dollars, thus posing no significant foreign exchange risk[42](index=42&type=chunk)[45](index=45&type=chunk) - For the six months ended June 30, 2025, the Group did not use any financial instruments for foreign exchange hedging[42](index=42&type=chunk)[45](index=45&type=chunk) [Employee and Remuneration Policy](index=10&type=section&id=EMPLOYEE%20AND%20REMUNERATION%20POLICY) As of June 30, 2025, the Group had **223** employees, a slight decrease from the end of 2024; remuneration includes salaries, discretionary year-end bonuses, and other cash allowances, along with Mandatory Provident Fund contributions, with employee benefit expenses totaling approximately **HK$53.05 million**, a slight increase year-on-year Employees and Employee Benefit Expenses | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total number of employees | 223 | 233 | | Employee benefit expenses (for the six months ended June 30) | HK$53,050 Thousand | HK$52,229 Thousand | - Remuneration policy is based on employees' qualifications, experience, and performance, with regular reviews for salary adjustments, bonuses, and promotions[47](index=47&type=chunk)[54](index=54&type=chunk) [Significant Investments, Material Acquisitions or Disposals](index=10&type=section&id=SIGNIFICANT%20INVESTMENTS,%20MATERIAL%20ACQUISITIONS%20OR%20DISPOSALS) For the six months ended June 30, 2025, the Group had no significant investments, material acquisitions, or disposals, nor had the Board authorized any formal plans for such activities - For the six months ended June 30, 2025, the Group had no significant investments, material acquisitions, or disposals[49](index=49&type=chunk)[55](index=55&type=chunk) - The Board had not authorized any formal plans for significant investments, acquisitions, or disposals[49](index=49&type=chunk)[55](index=55&type=chunk) [Future Plans for Material Investments or Capital Assets](index=10&type=section&id=FUTURE%20PLANS%20FOR%20MATERIAL%20INVESTMENTS%20OR%20CAPITAL%20ASSETS) As of June 30, 2025, the Group had no other future plans for material investments or capital assets - As of June 30, 2025, the Group had no other future plans for material investments or capital assets[50](index=50&type=chunk)[56](index=56&type=chunk) [Capital Commitments](index=10&type=section&id=CAPITAL%20COMMITMENTS) As of June 30, 2025, the Group had no significant capital commitments - As of June 30, 2025, the Group had no significant capital commitments[51](index=51&type=chunk)[57](index=57&type=chunk) [Contingent Liabilities](index=10&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[52](index=52&type=chunk)[58](index=58&type=chunk) [Events After the Reporting Period](index=10&type=section&id=EVENTS%20AFTER%20THE%20REPORTING%20PERIOD) As of the date of this interim report, no other significant events occurred after the reporting period - As of the date of this interim report, no other significant events occurred after the reporting period[53](index=53&type=chunk)[59](index=59&type=chunk) [Corporate Governance and Other Information](index=11&type=section&id=Corporate%20Governance%20and%20Other%20Information) [Interim Dividend](index=11&type=section&id=INTERIM%20DIVIDEND) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[60](index=60&type=chunk)[66](index=66&type=chunk) [Related Party Transactions](index=11&type=section&id=RELATED%20PARTY%20TRANSACTIONS) For the six months ended June 30, 2025, the Group had no material connected transactions or continuing connected transactions as defined by the Listing Rules, other than those disclosed - For the six months ended June 30, 2025, the Group had no material connected transactions or continuing connected transactions as defined by the Listing Rules[61](index=61&type=chunk)[67](index=67&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=11&type=section&id=PURCHASE,%20SALE%20OR%20REDEMPTION%20OF%20THE%20COMPANY'S%20LISTED%20SECURITIES) For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities - For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[62](index=62&type=chunk)[68](index=68&type=chunk) [Directors' Securities Transactions](index=11&type=section&id=DIRECTORS'%20SECURITIES%20TRANSACTIONS) The company has adopted the Model Code 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 Model Code set out in Appendix C3 of the Listing Rules as the code of conduct for directors' dealings in the company's securities[63](index=63&type=chunk)[69](index=69&type=chunk) - All directors confirmed compliance with the Model Code for the six months ended June 30, 2025[63](index=63&type=chunk)[69](index=69&type=chunk) [Corporate Governance Practices](index=11&type=section&id=CORPORATE%20GOVERNANCE%20PRACTICES) For the six months ended June 30, 2025, the company complied with the Corporate Governance Code, except for the combined roles of Chairman and Chief Executive Officer held by Mr. Ng Chi Chiu, which the Board believes is in the Group's best interest - The company has complied with the Corporate Governance Code, except that the roles of Chairman and Chief Executive Officer are not separate, both held by Mr. Ng Chi Chiu[64](index=64&type=chunk)[65](index=65&type=chunk)[70](index=70&type=chunk) - The Board believes Mr. Ng Chi Chiu's dual role is in the Group's best interest due to his profound industry knowledge and experience, with sufficient safeguards to ensure a balance of power[65](index=65&type=chunk)[70](index=70&type=chunk) [Disclosure of Interests](index=12&type=section&id=DISCLOSURE%20OF%20INTERESTS) As of June 30, 2025, directors and the chief executive held interests in the company's shares and associated corporations; Mr. Ng Chi Chiu and Ms. Chiu Hoi Yin (his spouse) are deemed to hold a **75%** long position in the company's shares Directors' Long Positions in Shares | Director's Name | Capacity | Number of Shares Held | Position | Percentage of Shareholding | | :--- | :--- | :--- | :--- | :--- | | Mr. Ng Chi Chiu | Interest in controlled corporation | 600,000,000 | Long position | 75% | | Ms. Chiu Hoi Yin | Spouse's interest | 600,000,000 | Long position | 75% | - Mr. Ng Chi Chiu beneficially owns the entire issued share capital of Space Plus Investment Company Limited and is therefore deemed to be interested in the shares held by Space Plus[74](index=74&type=chunk) - Ms. Chiu Hoi Yin, as the spouse of Mr. Ng Chi Chiu, is deemed to be interested in the shares held by Mr. Ng Chi Chiu[75](index=75&type=chunk) [Substantial Shareholders' Interests in the Company](index=13&type=section&id=SUBSTANTIAL%20SHAREHOLDERS'%20INTERESTS%20IN%20THE%20COMPANY) As of June 30, 2025, in addition to directors' interests, Space Plus Investment Company Limited held a **75%** long position in the company's shares, qualifying as a substantial shareholder Substantial Shareholders' Interests in the Company | Shareholder's Name | Capacity | Number of Shares Held | Position | Percentage of Shareholding | | :--- | :--- | :--- | :--- | :--- | | Space Plus Investment Company Limited | Beneficial owner | 600,000,000 | Long position | 75% | [Share Options](index=14&type=section&id=SHARE%20OPTIONS) The company's share option scheme, adopted on June 16, 2020, aims to recognize and incentivize eligible participants; as of June 30, 2025, there were no outstanding share options, and the total number of shares available for issue was **76,000,000**, representing **9.5%** of issued shares - The Share Option Scheme aims to recognize and incentivize eligible participants, offering opportunities for personal interest to optimize performance, enhance efficiency, and attract and retain talent[84](index=84&type=chunk)[89](index=89&type=chunk) - As of June 30, 2025, no share options granted under the Share Option Scheme remained outstanding and unexercised[85](index=85&type=chunk)[90](index=90&type=chunk) - As of June 30, 2025, the total number of shares available for issue under the Share Option Scheme was **76,000,000**, representing **9.5%** of the issued shares[86](index=86&type=chunk)[90](index=90&type=chunk) [Changes in Director's Information](index=15&type=section&id=CHANGES%20IN%20DIRECTOR'S%20INFORMATION) Dr. Ho Ka Yan was appointed as a member of the company's Nomination Committee effective June 30, 2025 - Dr. Ho Ka Yan was appointed as a member of the company's Nomination Committee effective June 30, 2025[92](index=92&type=chunk)[95](index=95&type=chunk) [Review of Interim Results](index=15&type=section&id=REVIEW%20OF%20INTERIM%20RESULTS) The Audit Committee has reviewed the interim condensed consolidated financial information, discussed accounting principles and practices with management, and raised no objections to the accounting treatments adopted - The Audit Committee, comprising three independent non-executive directors, has reviewed the interim condensed consolidated financial information[93](index=93&type=chunk)[96](index=96&type=chunk) - The Audit Committee and management have reviewed the accounting principles and practices adopted by the Group, with no objections to the accounting treatments[93](index=93&type=chunk)[96](index=96&type=chunk) [Appreciation](index=15&type=section&id=APPRECIATION) The Board extends its sincere gratitude to shareholders, clients, suppliers, subcontractors, bankers, professionals, and the management team and staff - The Board extends its sincere gratitude to shareholders, clients, suppliers, subcontractors, bankers, professionals, and the management team and staff[94](index=94&type=chunk)[97](index=97&type=chunk) [Interim Condensed Consolidated Statement of Comprehensive Income](index=16&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) [Consolidated Statement of Comprehensive Income](index=16&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income) This statement presents the Group's consolidated revenue, costs, gross profit, other gains/losses, expenses, finance costs, tax, and profit and total comprehensive income attributable to owners for the six months ended June 30, 2025, and the corresponding period in 2024 Summary of Consolidated Statement of Comprehensive Income for the Six Months Ended June 30, 2025 | Indicator | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Revenue | 450,905 | 404,683 | | Gross Profit | 51,376 | 55,843 | | Profit before income tax expense | 5,274 | 6,144 | | Profit and total comprehensive income attributable to owners for the period | 4,239 | 4,272 | | Basic and diluted earnings per share (HK cents) | 0.53 | 0.53 | [Interim Condensed Consolidated Statement of Financial Position](index=17&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) [Consolidated Statement of Financial Position](index=17&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) This statement presents the Group's consolidated assets, liabilities, and equity as of June 30, 2025, and December 31, 2024 Summary of Consolidated Statement of Financial Position as of June 30, 2025 | Indicator | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | **ASSETS** | | | | Non-current assets | 130,694 | 127,709 | | Current assets | 906,563 | 937,713 | | **TOTAL ASSETS** | **1,037,257** | **1,065,422** | | **EQUITY AND LIABILITIES** | | | | Equity attributable to owners of the Company | 210,915 | 220,036 | | Non-current liabilities | 15,947 | 17,962 | | Current liabilities | 810,395 | 827,424 | | **TOTAL LIABILITIES** | **826,342** | **845,386** | | **TOTAL EQUITY AND LIABILITIES** | **1,037,257** | **1,065,422** | [Interim Condensed Consolidated Statement of Changes in Equity](index=19&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) [Consolidated Statement of Changes in Equity](index=19&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Equity) This statement presents the Group's equity changes for the six months ended June 30, 2025, and the corresponding period in 2024, including opening balances, profit and total comprehensive income for the period, and dividend distributions Summary of Consolidated Statement of Changes in Equity for the Six Months Ended June 30, 2025 | Indicator | June 30, 2025 (HK$ Thousand) | January 1, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Total equity at beginning of period | 220,036 | 201,152 | | Profit and total comprehensive income for the period | 4,239 | 4,272 | | Dividends | (13,360) | - | | Total equity at end of period | 210,915 | 205,424 | [Interim Condensed Consolidated Statement of Cash Flows](index=20&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) [Consolidated Statement of Cash Flows](index=20&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) This statement presents the Group's cash flows from operating, investing, and financing activities for the six months ended June 30, 2025, and the corresponding period in 2024 Summary of Consolidated Statement of Cash Flows for the Six Months Ended June 30, 2025 | Activity Type | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Net cash generated from operating activities | 8,367 | 19,596 | | Net cash used in investing activities | - | (9,105) | | Net cash (used in) / generated from financing activities | (25,021) | 4,981 | | Net (decrease) / increase in cash and cash equivalents | (16,654) | 15,472 | | Cash and cash equivalents at end of period | 41,208 | 57,863 | [Notes to the Interim Condensed Consolidated Financial Information](index=21&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Information) [1. General Information](index=21&type=section&id=1.%20GENERAL%20INFORMATION) The company was incorporated in the Cayman Islands on July 11, 2019, and listed on the Main Board of the Stock Exchange on July 17, 2020, primarily providing fitting-out and repair and maintenance services in Hong Kong - The company was incorporated in the Cayman Islands on July 11, 2019, and listed on the Main Board of the Stock Exchange on July 17, 2020[107](index=107&type=chunk)[108](index=108&type=chunk)[112](index=112&type=chunk) - The Group is principally engaged in providing fitting-out services and repair and maintenance services for residential and commercial properties in Hong Kong[108](index=108&type=chunk)[113](index=113&type=chunk) [2. Basis of Preparation](index=21&type=section&id=2.%20BASIS%20OF%20PREPARATION) This interim condensed consolidated financial information is prepared in accordance with applicable disclosure provisions of the Listing Rules and HKAS 34, and should be read in conjunction with the annual financial statements for the year ended December 31, 2024 - The financial information is prepared in accordance with the Listing Rules and Hong Kong Accounting Standard 34 "Interim Financial Reporting"[109](index=109&type=chunk)[114](index=114&type=chunk) - The preparation of financial information involves management's judgments, estimates, and assumptions[110](index=110&type=chunk)[114](index=114&type=chunk) [3. Summary of Material Accounting Policies](index=22&type=section&id=3.%20SUMMARY%20OF%20MATERIAL%20ACCOUNTING%20POLICIES) This interim financial information is prepared under the historical cost convention, with investments in insurance contracts measured at surrender cash value; the Group has adopted HKAS 21 and HKFRS 1 (amended) "Lack of Exchangeability," with no material impact on results, and also lists new standards and amendments not yet effective - The financial information is prepared under the historical cost convention, and investments in insurance contracts are measured at their surrender cash value[115](index=115&type=chunk)[118](index=118&type=chunk) - The Group has adopted the amended HKAS 21 and HKFRS 1 "Lack of Exchangeability," which have no material impact on the Group's results and financial position[117](index=117&type=chunk)[119](index=119&type=chunk) - Several new standards and amendments not yet effective are listed, and the Group is assessing their impact[120](index=120&type=chunk)[121](index=121&type=chunk) [4. Fair Value Estimation](index=24&type=section&id=4.%20FAIR%20VALUE%20ESTIMATION) The Group analyzes the fair value of financial instruments based on a hierarchy of valuation technique inputs (Level 1, Level 2, Level 3); the carrying amounts of most financial assets and liabilities approximate their fair values due to their short-term maturities or floating interest rates - The fair value of financial instruments is analyzed based on a hierarchy of valuation technique inputs (Level 1, Level 2, Level 3)[122](index=122&type=chunk)[126](index=126&type=chunk) - The carrying amounts of most financial assets and liabilities approximate their fair values due to their short-term maturities or floating interest rates[122](index=122&type=chunk)[124](index=124&type=chunk) [5. Seasonality](index=24&type=section&id=5.%20SEASONALITY) During the review period, the Group recorded higher revenue in the months leading up to the Lunar New Year and lower revenue in the Lunar New Year month itself, attributed to labor shortages and project arrangements - The Group's revenue is higher in the months leading up to the Lunar New Year and lower in the Lunar New Year month[123](index=123&type=chunk)[125](index=125&type=chunk) - Seasonal impact is attributed to potential labor shortages during or after the Lunar New Year, leading to arrangements with clients, suppliers, and subcontractors to complete more work before the holiday[123](index=123&type=chunk)[125](index=125&type=chunk) [6. Revenue and Segment Information](index=25&type=section&id=6.%20REVENUE%20AND%20SEGMENT%20INFORMATION) The Group Chairman, as the chief operating decision maker, allocates resources and assesses performance based on entity-level consolidated financial information, resulting in a single operating segment; all revenue and assets are derived from Hong Kong - The Group Chairman acts as the chief operating decision maker, allocating resources and assessing performance based on entity-level consolidated financial information, thus operating as a single business segment[127](index=127&type=chunk)[128](index=128&type=chunk)[130](index=130&type=chunk) Revenue Breakdown (by Service Segment) | Service Type | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Fitting-out services | 448,267 | 403,075 | | Repair and maintenance services | 2,638 | 1,608 | | **Total Revenue** | **450,905** | **404,683** | - All of the Group's revenue and assets are based in and generated from Hong Kong[133](index=133&type=chunk)[135](index=135&type=chunk) [7. Income Tax Expense](index=26&type=section&id=7.%20INCOME%20TAX%20EXPENSE) For the six months ended June 30, 2025, income tax expense was **HK$1.035 million**, a decrease from the prior year; Hong Kong profits tax is calculated under a two-tiered system, with the first **HK$2 million** taxed at **8.25%** and the remainder at **16.5%** Income Tax Expense | Indicator | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Current income tax | 1,035 | 1,463 | | Deferred income tax | - | 409 | | **Total Income Tax Expense** | **1,035** | **1,872** | - Hong Kong profits tax is calculated under a two-tiered system: the first **HK$2 million** is taxed at **8.25%**, and the remainder at **16.5%**[137](index=137&type=chunk)[138](index=138&type=chunk) [8. Profit for the Period](index=26&type=section&id=8.%20PROFIT%20FOR%20THE%20PERIOD) This section details the expenses deducted from the Group's profit for the period ended June 30, 2025, including subcontracting fees, material costs, depreciation, employee benefit expenses, and interest expenses Items Deducted from Profit for the Period | Expense Item | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Subcontracting fees | 270,011 | 251,826 | | Material costs | 88,189 | 53,616 | | Depreciation of plant and equipment | 283 | 459 | | Depreciation of right-of-use assets | 6,973 | 2,417 | | Employee benefit expenses (including directors' emoluments) | 53,050 | 52,229 | | Interest expense on borrowings | 17,106 | 17,351 | | Interest portion of lease liabilities | 602 | 100 | [9. Earnings Per Share](index=27&type=section&id=9.%20EARNINGS%20PER%20SHARE) For the six months ended June 30, 2025, both basic and diluted earnings per share were **0.53 HK cents**, consistent with the prior year, as there were no potentially dilutive ordinary shares Earnings Per Share Calculation | Indicator | 2025 (HK$) | 2024 (HK$) | | :--- | :--- | :--- | | Profit attributable to owners of the Company | 4,239,000 | 4,272,000 | | Weighted average number of ordinary shares in issue | 800,000,000 | 800,000,000 | | Basic and diluted earnings per share (HK cents) | 0.53 | 0.53 | - As there were no potentially dilutive ordinary shares outstanding for the six months ended June 30, 2025, diluted earnings per share were the same as basic earnings per share[144](index=144&type=chunk)[148](index=148&type=chunk) [10. Dividends](index=27&type=section&id=10.%20DIVIDENDS) The Board does not recommend an interim dividend for the six months ended June 30, 2025; the 2024 final dividend of **1.67 HK cents** per share, totaling **HK$13.36 million**, was approved by shareholders on June 25, 2025 - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[145](index=145&type=chunk)[149](index=149&type=chunk) - The final dividend for the year ended December 31, 2024, was **1.67 HK cents** per share, totaling **HK$13,360,000**, approved by shareholders on June 25, 2025[145](index=145&type=chunk)[149](index=149&type=chunk) [11. Plant and Equipment](index=27&type=section&id=11.%20PLANT%20AND%20EQUIPMENT) For the six months ended June 30, 2025, the Group made no significant additions to plant and equipment - For the six months ended June 30, 2025, the Group made no significant additions to plant and equipment[146](index=146&type=chunk)[150](index=150&type=chunk) [12. Right-of-Use Assets](index=27&type=section&id=12.%20RIGHT-OF-USE%20ASSETS) For the six months ended June 30, 2025, the Group made no significant additions to right-of-use assets - For the six months ended June 30, 2025, the Group made no significant additions to right-of-use assets[147](index=147&type=chunk)[151](index=151&type=chunk) [13. Investments in Insurance Contracts](index=28&type=section&id=13.%20INVESTMENTS%20IN%20INSURANCE%20CONTRACTS) Investments in insurance contracts primarily refer to key management life policies where the Group is the beneficiary and which are pledged to banks as collateral for financing; as of June 30, 2025, the investment value was **HK$61.609 million**, with a net change in surrender value of **HK$2.22 million** during the period - Investments in insurance contracts refer to key management life policies where the Group is the beneficiary[153](index=153&type=chunk) - The policies are pledged to banks as collateral for certain financing granted to the Group[153](index=153&type=chunk) Changes in Investments in Insurance Contracts | Indicator | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Balance at beginning of period | 59,389 | 49,812 | | Additions during the period | - | 9,294 | | Net change in surrender value | 2,220 | 283 | | Balance at end of period | 61,609 | 59,389 | [14. Trade Receivables](index=28&type=section&id=14.%20TRADE%20RECEIVABLES) As of June 30, 2025, net trade receivables were **HK$78.341 million**, a significant decrease from **HK$159 million** at the end of 2024; the aging analysis shows a decrease in receivables within **30 days** and an increase in those between **61-90 days** and over **90 days** Net Trade Receivables and Aging Analysis | Indicator | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Net trade receivables | 78,341 | 158,961 | | **Aging analysis (before impairment allowance):** | | | | 1–30 days | 32,715 | 88,218 | | 31–60 days | 17,857 | 56,060 | | 61–90 days | 23,746 | 7,413 | | Over 90 days | 4,063 | 7,297 | [15. Share Capital](index=29&type=section&id=15.%20SHARE%20CAPITAL) As of June 30, 2025, the company's authorized share capital was **HK$20 million**, divided into **2 billion** shares of **HK$0.01** par value each; issued and fully paid share capital was **HK$8 million**, comprising **800 million** shares Share Capital Structure | Indicator | Number | Amount (HK$ Thousand) | | :--- | :--- | :--- | | Authorized ordinary shares | 2,000,000,000 | 20,000 | | Issued and fully paid ordinary shares | 800,000,000 | 8,000 | [16. Trade Payables](index=30&type=section&id=16.%20TRADE%20PAYABLES) As of June 30, 2025, total trade payables were **HK$153.9 million**, a decrease from **HK$171 million** at the end of 2024; the aging analysis shows that payables within **30 days** remain the largest portion, while those over **90 days** have decreased Trade Payables and Aging Analysis | Indicator | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Total trade payables | 153,945 | 171,044 | | **Aging analysis (by invoice date):** | | | | 1–30 days | 109,364 | 125,273 | | 31–60 days | 24,842 | 19,891 | | 61–90 days | 13,134 | 8,168 | | Over 90 days | 6,605 | 17,712 | [17. Contingencies](index=30&type=section&id=17.%20CONTINGENCIES) As of June 30, 2025, the Group's contingent liabilities primarily consisted of performance guarantees totaling **HK$148.6 million**, related to **13** fitting-out contracts Contingent Liabilities | Indicator | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Performance guarantees | 148,639 | 126,423 | - Performance guarantees involve **13** fitting-out contracts, for which the Group provides corporate guarantees, expected to be released according to contract terms[166](index=166&type=chunk)[167](index=167&type=chunk) [18. Related Party Transactions](index=31&type=section&id=18.%20RELATED%20PARTY%20TRANSACTIONS) This section discloses transactions between the Group and related parties, including lease payments to directors and associated companies, bank financing guarantees provided by directors and jointly controlled companies, and key management personnel compensation Transactions with Related Parties | Transaction Type | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Lease payments to directors | 300 | 300 | | Lease payments to associated companies | 300 | 300 | - Bank financing is secured by property, corporate, and personal guarantees provided by directors Mr. Ng Chi Chiu, Ms. Chiu Hoi Yin, and several associated companies jointly controlled by Mr. Ng[174](index=174&type=chunk)[175](index=175&type=chunk) Key Management Personnel Compensation | Compensation Type | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Directors' emoluments | 3,033 | 3,505 | | Key management personnel salaries | 555 | 555 | | **Total** | **3,588** | **4,060** | [19. Approval of the Interim Condensed Consolidated Financial Information](index=33&type=section&id=19.%20APPROVAL%20OF%20THE%20INTERIM%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20INFORMATION) This interim condensed consolidated financial information was approved and authorized for issue by the Board of Directors on August 27, 2025 - This interim condensed consolidated financial information was approved and authorized for issue by the Board of Directors on August 27, 2025[179](index=179&type=chunk)[180](index=180&type=chunk)

Financial Performance - For the six months ended June 30, 2025, revenue decreased by 8.0% to RMB 12,475,000 compared to RMB 13,563,523 for the same period in 2024[7]. - Gross profit for the same period was RMB 3,514,354, reflecting a decline of 5.7% from RMB 3,727,786 in 2024[7]. - Profit for the period was RMB 935,307, down 8.0% from RMB 1,016,596 in the previous year[7]. - The company reported a profit before tax of RMB 1,308,359, which is a 2.0% increase from RMB 1,283,304 in 2024[7]. - Profit attributable to owners of the Company was RMB 1,046 million, remaining stable compared to RMB 1,043 million in the first half of 2024[29]. - Total comprehensive income for the period attributable to owners of the Company was RMB 1,040,883, significantly up from RMB 394,373 in the previous year, representing a growth of 164.5%[138]. - Basic and diluted earnings per share remained stable at RMB 0.34 for both 2025 and 2024[138]. - The adjusted profit before tax for the Group was RMB 1,308,359, after excluding various income and expenses such as interest income and exchange losses[167]. Assets and Liabilities - Total assets decreased by 2.5% to RMB 56,897,790 from RMB 58,329,059[7]. - Cash and bank deposits fell by 25.7% to RMB 4,935,964 compared to RMB 6,642,551 at the end of 2024[7]. - The Group's total debts amounted to RMB 19,048 million, with a gearing ratio of 43.4%[60]. - The Group's total equity increased to RMB 24,793 million, with current assets of RMB 18,625 million and current liabilities of RMB 18,260 million, resulting in a current ratio of 1.02[61]. - The company's net assets rose to RMB 24,792,706,000, reflecting an increase from RMB 24,415,375,000[140]. - Total current liabilities decreased significantly by 15.38% to RMB 18,260,019,000 from RMB 21,581,685,000[139]. - Non-current liabilities increased by 12.24% to RMB 13,845,065,000 from RMB 12,331,999,000[140]. Revenue Breakdown - Revenue from Southern China accounted for 46.3% of total revenue, an increase from 44.7% in the first half of 2024[23]. - The plastic piping systems segment generated RMB 10,856 million, representing 87.0% of total revenue, although it declined by 3.2% from RMB 11,219 million in 2024[26]. - Revenue from the building materials and home improvement business was RMB 858 million, accounting for 6.9% of the Group's total revenue, down from RMB 1,080 million in 1H 2024[49]. - The Group's revenue from water supply applications increased by 4.1% to RMB 4,592 million, while drainage applications saw a decline of 8.3% to RMB 3,787 million[38]. - Revenue from the new energy business generated RMB 166 million, slightly up from RMB 157 million in 1H 2024[54]. - Revenue from logistics and other related services dropped sharply to RMB 20,719,000 from RMB 634,357,000, a decrease of 96.7%[179]. Operational Highlights - The Group actively expanded its overseas market presence through a light-asset model, contributing to long-term value and sustainable development[16]. - The management expressed confidence in industry recovery in the second half of 2025, supported by improved sales and operations in May and June[30]. - The Group's strategic focus on technological innovation and green manufacturing aligns with national policies promoting sustainable development[17]. - The Group continued to optimize its customer base structure, focusing on developing new customers with strong financial capabilities and actively participating in national projects[44]. - The Group's international strategy focuses on brand internationalization and localization, with Southeast Asia and North America as key development regions[45]. Corporate Governance and Compliance - The company is committed to high standards of corporate governance and business ethics, which are essential for sustainable development and investor confidence[92]. - The company has implemented a comprehensive risk management framework to enhance risk identification, control, and prevention capabilities[90]. - The Board reviews corporate governance practices regularly to meet shareholder expectations for continual improvement[93]. - The company has adopted the Model Code for securities transactions by directors, ensuring compliance throughout the reporting period[97]. Dividends and Shareholder Information - The Board has resolved not to declare an interim dividend for the six months ended 30 June 2025, consistent with the previous year where no interim dividend was declared[96]. - A final dividend of HK20 cents per share was paid on 9 July 2025 for the year ended 31 December 2024[96]. - As of June 30, 2025, the controlling shareholder holds approximately 69.06% of the issued share capital of the Company[120]. - Wong Luen Hei and Zuo Xiaoping collectively hold 2,144,793,000 shares, representing 69.13% of the company's issued capital[105]. Cash Flow and Financing Activities - Net cash flows used in operating activities for the six months ended June 30, 2025, were RMB (337,573), compared to RMB 623,059 in 2024, indicating a significant decline[144]. - New bank borrowings raised amounted to RMB 5,201,688 thousand, while repayment of bank and other loans was RMB (5,805,408) thousand, resulting in a net cash outflow from financing activities of RMB (1,030,679) thousand[145]. - The Company entered into a facility agreement for dual currency syndicated term loan and revolving credit facilities amounting to US$600 million, potentially increasing to US$800 million[125]. - The interest rates for the loans are HIBOR plus 1.44% per annum for Hong Kong Dollar loans and SOFR plus 1.51% per annum for US Dollar loans[125].

Operational Performance - In the first half of 2025, Landsea Green Life achieved a comprehensive improvement in operational quality amid profound restructuring in the real estate industry[16]. - The company faced dual challenges of competition in the existing market and service upgrades, prompting a transformation to cultivate new opportunities[16]. - Landsea Green Life's commitment to value creation resulted in significant operational enhancements during the reporting period[16]. - Total revenue from GFA under management increased by 3.3% year-on-year, with property management services revenue rising by 10.6% year-on-year[19]. - Gross profit margin increased by 1.4 percentage points year-on-year, with property management services gross profit margin growing by 29.0% year-on-year[19]. - Cash balances at the end of the period increased by 5.2% year-on-year, while liabilities decreased by 2.5 percentage points[20]. - The Group ranked 21st among the "2025 Top 100 Property Management Companies in the PRC" according to China Index Academy[30]. - The Group exited 6 residential projects not under management, with an exit management scale of approximately 470,000 sq.m.[37]. - The online utility consumption allocation management system now covers 71% of projects under management, enhancing energy consumption accounting accuracy[21]. - The Group aims to deepen its presence in the Yangtze River Delta and enhance management efficiency while advancing smart energy platforms[26]. Revenue and Financial Metrics - Revenue from property management services for the six months ended June 30, 2025, was RMB 34,454.6 million, representing a year-on-year growth rate of 6.5%[42]. - The revenue from residential properties accounted for 92.0% of total revenue, with a GFA under management of 2,789.1 thousand sq.m. and revenue of RMB 31,701.6 million, reflecting a 9.4% increase year-on-year[42]. - Urban services generated approximately RMB 7.92 million in revenue during the period, contributing to the Group's urban life service concept[43]. - Revenue from value-added services to non-property owners decreased by 56.3% year-on-year, totaling RMB 687.9 thousand for the six months ended June 30, 2025, compared to RMB 1,593.0 thousand in the same period of 2024[55]. - The proportion of revenue from value-added services to non-property owners dropped from approximately 4.1% for the six months ended June 30, 2024, to about 1.8% for the same period in 2025, indicating reduced reliance on the real estate business[56][58]. - For the six months ended 30 June 2025, total revenue decreased by 5.9% to RMB 3,205.5 million compared to RMB 3,412.5 million for the same period in 2024[62]. - Home-living services revenue was RMB 1,575.9 million, accounting for 49.2% of total revenue, down 27.3% year-on-year[62]. - Public resource management services revenue increased by 58.1% to RMB 1,365.4 million, representing 42.6% of total revenue[62]. - The asset management services revenue was RMB 264.2 million, accounting for 8.2% of total revenue, down 30.8% year-on-year[62]. Strategic Initiatives and Partnerships - As of June 30, 2025, the Group established nine strategic partnerships, with three consolidated into the Group, enhancing its service capabilities and market share[48]. - The Group established 9 strategic cooperation companies by June 30, 2025, including 3 consolidated subsidiaries and 6 non-consolidated entities, enhancing market share in high-end residential and public space sectors[49]. - The company allocated 56.8% of net proceeds (HK$164.1 million) to expand its business through various channels, which has been completed[151]. - 15.3% of net proceeds (HK$44.2 million) is dedicated to enhancing user-centered and data-driven operating capabilities, with an expected timeline extended to December 31, 2028[151][162]. - The company has enriched value-added services with 10.2% of net proceeds (HK$29.5 million), which has been completed[151]. - 7.7% of net proceeds (HK$22.2 million) has been used to incentivize, retain, and recruit talents, which has also been completed[151]. Challenges and Risks - The Group's sales assistance services provided to 6 sales offices resulted in a revenue decline of approximately 53.8% compared to the previous year, reflecting challenges in the property development sector[56][58]. - Revenue from properties developed by independent third parties decreased by 4.9% year-on-year, accounting for 40.7% of total revenue[46]. - The company has adopted a cautious expansion strategy due to market uncertainties, resulting in a slowdown in overall expansion[162]. Financial Position and Cash Flow - Profit for the period decreased by approximately 89.7% from approximately RMB 9.40 million to approximately RMB 0.97 million, mainly due to the impairment losses[117]. - Current assets decreased by approximately 3.1% from approximately RMB 551 million to approximately RMB 534 million as of 30 June 2025[118]. - Cash and cash equivalents decreased by approximately 33.3% from approximately RMB 294 million to approximately RMB 196 million, mainly due to net cash outflow from operating activities[119]. - The group's income tax expense decreased by approximately 81.4% from about RMB 3.81 million for the six months ended June 30, 2024, to about RMB 0.71 million for the six months ended June 30, 2025, mainly due to a decrease in profit before tax[120]. - Trade receivables increased by approximately 31.8% from about RMB 176 million as of December 31, 2024, to approximately RMB 232 million as of June 30, 2025, influenced by seasonal fluctuations in customer payments[124]. - The company reported a profit for the period of RMB 1,701,000 for the six months ended June 30, 2025, compared to a profit of RMB 11,146,000 for the same period in 2024, reflecting a significant decline[180]. - The company experienced a net cash outflow of RMB 147,000 from the disposal of a subsidiary during the six months ended June 30, 2025[180]. Compliance and Governance - The interim financial information has been approved by the board of directors on 29 August 2025, covering the six months ended 30 June 2025[187]. - The financial information is presented in thousands of Renminbi (RMB) and includes the consolidated statement of financial position, profit or loss, and cash flows[191]. - The Group's accounting policies remain consistent with those of the 2024 Financial Statements, with income tax expense recognized based on management's estimated annual income tax rate[196]. - The Group adopted amendments to HKAS 21 regarding lack of exchangeability, which had no material impact on the financial positions and performance for the current and prior periods[197]. - The interim financial information does not include all notes typically found in an annual financial report, and should be read in conjunction with the 2024 Financial Statements[195]. - The Group is primarily engaged in property management services, community value-added services, and apartment operation and management services in China[190]. - The interim financial information has been reviewed by the Audit Committee of the Company[188].

網址 : www.citicbank.com （於中華人民共和國註冊成立的股份有限公司） 股份代號：0998 本中期報告由可循環再造紙印刷 中期報告 2025 地址 : 北京市朝陽區光華路10號院1號樓6-30層、32-42層 郵編 : 100020 投資者熱線 : +86-10-66638188 投資者電子信箱 : ir@citicbank.com 中期利潤分配預案：本報告第三章「公司治理、環境和社會－ 2025年中期利潤分配」披露了經董事會審議通過的，擬提交臨 時股東大會審議的2025年中期利潤分配方案，每10股派發現金股息1.88元人民幣（含稅）。本行2025年上半年不進行資本公 積金轉增股本。 本行根據中國會計準則和國際財務報告會計準則編製的2025年中期財務報告，已經畢馬威華振會計師事務所（特殊普通合 夥）和畢馬威會計師事務所分別根據中國和香港審閱準則審閱。 中信銀行股份有限公司中期報告 2025 重要提示 本行董事會、監事會及董事、監事、高級管理人員保證本行2025年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。 本行董事會會議於2025年8 ...

Congyu Intelligent Agricultural Holdings Limited 從 玉 智 農 集 團 有 限 公 司 (Incorporated in Bermuda with limited liability 於百慕達註冊成立之有限公司) (Stock Code 股份代號 : 875) 2025 Interim Report 中期報告 CONTENTS 目錄 | | | Page 頁次 | | --- | --- | --- | | Corporate Information | 公司資料 | 2 | | Management Discussion and Analysis | 管理層之論述及分析 | 4 | | Condensed Consolidated Statement of Profit or Loss and | 簡明綜合損益及其他全面收益表 | 15 | | Other Comprehensive Income | | | | Condensed Consolidated Statement of Financial Position | 簡明綜合財務狀況表 | 17 | ...

山東墨龍石油機械股份有限公司 Shandong Molong Petroleum Machinery Company Limited* ( 於中華人民共和國註冊成立的中外合資股份有限公司 ) ( 股份代號：568 ) 2025 中期報告 * 僅供識別 第一節 重要提示、目錄和釋義 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、誤導性陳述或者重大遺漏，並承擔個別和連帶的法律責任。 公司負責人韓高貴、主管會計工作負責人朱琳及會計機構負責人（會計主管人員）朱琳聲明：保證本半年度報 告中財務報告的真實、準確、完整。 所有董事均已出席了審議本次半年報的董事會會議。 本報告中所涉及的未來計劃等前瞻性陳述，不構成公司對投資者的實質承諾，投資者及相關人士均應當對此 保持足夠的風險認識，並且應當理解計劃、預測與承諾之間的差異，敬請投資者注意投資風險。 公司已在本報告第三節「管理層討論與分析」中「十、公司面臨的風險和應對措施」部分，對可能面臨的風險進 行了詳細描述，敬請廣大投資者留意查閱。 公司計劃不派發現金紅利，不送紅股，不以公積金轉增股本。 目錄 | 第一節 | 重要提示 ...

Financial Performance - Revenue for the six months ended June 30, 2025, was RMB 2,290,375, representing a 23.1% increase compared to RMB 1,859,826 for the same period in 2024[9]. - Profit before tax for the same period was RMB 277,881, up 28.8% from RMB 215,694 in 2024[9]. - Net profit for the period increased by 34.1% to RMB 233,900 from RMB 174,459 in 2024[9]. - Adjusted net profit increased by 40.4% to RMB 251,366 from RMB 179,045 in 2024[9]. - Total profit for the period increased by 34.1% from RMB 174.5 million to RMB 233.9 million[43]. - Basic earnings per share increased to RMB 0.42 from RMB 0.33, reflecting a growth of 27.3%[104]. - Total comprehensive income for the six months ended June 30, 2025, was RMB 229,786 thousand, compared to RMB 175,631 thousand in 2024, marking a 30.9% increase[107]. - Cash generated from operating activities was RMB 656,094,000, up from RMB 402,165,000 in 2024, reflecting a growth of 63%[117]. - The net cash from operating activities after tax payments was RMB 629,934,000, compared to RMB 331,005,000 in the previous year, marking an increase of 90.2%[117]. Restaurant Operations - The total number of restaurants reached 502, covering 21 provinces, four municipalities, and two autonomous regions in mainland China, as well as Hong Kong[11][12]. - Restaurant operating revenue rose by 13.2% to RMB 1,757.9 million, driven by an increase in the number of restaurants[27]. - Total number of restaurants increased from 390 in 2024 to 502 in 2025, with significant growth in East China and Guangdong Province[16]. - Same-store sales decreased by 1.7% overall, with East China experiencing a decline of 1.9%[19][22]. - Average daily sales per restaurant decreased to RMB 20.0 from RMB 23.1, indicating a shift in consumer spending behavior[18]. - The company launched 305 new dishes during the reporting period, aligning with current dining trends[24]. Assets and Liabilities - Non-current assets increased by 3.4% to RMB 1,851,737 from RMB 1,791,283 as of December 31, 2024[9]. - Current assets surged by 162.9% to RMB 1,769,372 from RMB 673,062 as of December 31, 2024[9]. - Total assets rose by 46.9% to RMB 3,621,109 from RMB 2,464,345 as of December 31, 2024[9]. - Trade receivables increased by 10.7% from RMB 226 million as of December 31, 2024, to RMB 250 million as of June 30, 2025, due to the expansion of the restaurant network and delivery services[48]. - Trade payables rose by 29.1% from RMB 2,214 million as of December 31, 2024, to RMB 2,857 million as of June 30, 2025, driven by increased procurement needs from the expanded restaurant network and delivery services[50]. - Total liabilities rose from RMB 1,693.2 million to RMB 1,878.7 million during the same period[51]. Cash Flow and Investments - The company incurred a net cash outflow from investing activities of RMB 363,706,000, compared to RMB 31,338,000 in 2024, indicating a significant increase in investment expenditures[117]. - The company’s cash and cash equivalents increased by RMB 887,227,000 during the period, compared to a decrease of RMB 179,193,000 in the previous year[119]. - The company paid RMB 121,349,000 for lease liabilities during the financing activities, compared to RMB 102,232,000 in 2024, reflecting an increase of 18.7%[119]. Market Strategy and Expansion - The company focuses on expanding its market presence in key economic regions, including East China, Guangdong Province, and North China[12]. - The company aims to strengthen its market position through menu refinement, service quality enhancement, and supply chain optimization[25]. - The company plans to continue expanding its market presence and investing in new product development to drive future growth[104]. Shareholder Information - The board does not recommend an interim dividend for the six months ending June 30, 2025, consistent with the previous period[66]. - The company raised approximately HKD 732.12 million from its global offering, with only HKD 4 million utilized by June 30, 2025, representing 0.55% of the total[74]. - The planned use of the net proceeds includes expanding the restaurant network (63.3% or HKD 463.4 million), establishing a central food processing facility (26.3% or HKD 192.6 million), and upgrading IT systems (5.4% or HKD 39.5 million)[74]. - A special dividend of RMB 202,527,000 was approved for distribution to equity shareholders, equivalent to HKD 222,240,000[159]. Governance and Compliance - The company has adopted the standard code as the conduct guidelines for directors' securities trading, confirming compliance since the listing date[65]. - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited interim results for the six months ending June 30, 2025, ensuring compliance with applicable accounting standards[67]. - The company will continue to review the separation of the roles of Chairman and CEO, currently held by Mr. Wang, to ensure effective governance[64]. - The company is committed to adhering to the Hong Kong Securities and Futures Ordinance[173]. Employee and Operational Costs - Employee costs rose by 23.1% from RMB 480.3 million for the six months ended June 30, 2024, to RMB 591.1 million for the same period in 2025, maintaining a stable percentage of 25.8% of revenue[33]. - The company recognized share-based payment expenses of RMB 2,697,000 for the six months ended June 30, 2025, compared to RMB 3,100,000 for the same period in 2024[158].