Financial Performance - The company's revenue for the six months ended June 30, 2025, was approximately HKD 612.1 million, a decrease of 25.0% compared to HKD 816.6 million in the same period of 2024[20]. - The SI business generated revenue of HKD 150.2 million, accounting for 24.5% of total revenue, down from HKD 345.1 million (42.3%) in 2024[21]. - The IBO business revenue was HKD 461.9 million, representing 75.5% of total revenue, slightly down from HKD 471.5 million (57.7%) in 2024[22]. - Gross profit for the six months ended June 30, 2025, was approximately HKD 122.4 million, a decline of 12.9% from HKD 140.5 million in 2024, with a gross margin improvement from 17.2% to 20.0%[25][26]. - The company recorded a profit of approximately HKD 21.7 million for the six months ended June 30, 2025, compared to a loss of HKD 131.6 million in the same period of 2024[27]. - The profit attributable to owners for the six months ended June 30, 2025, was approximately HKD 20.7 million, compared to a loss of HKD 138.6 million in the same period of 2024, with basic earnings per share of HKD 0.31[35]. - The company reported a pre-tax profit of HKD 20,683,000 for the six months ended June 30, 2025, compared to a loss of HKD 138,599,000 for the same period in 2024[79]. - The company reported a total comprehensive loss of HKD 178,609,000 for the period, compared to a loss of HKD 138,599,000 in the previous year[50]. Operational Efficiency - The group aims to enhance operational efficiency and optimize its business structure to create favorable conditions for future profitability improvements[10]. - The IBO business generated revenue of approximately HKD 461.9 million and a gross profit of about HKD 94.6 million, with a slight revenue decrease of 2% year-on-year, but a gross margin improvement to 20.5% due to enhanced operational efficiency[13]. - The group is strategically managing assets to reduce financial costs and has successfully turned losses into profits through effective asset disposal measures[11]. Investments and Assets - The group has invested approximately HKD 819.7 million in the Tamar VPower Energy Fund I, L.P., with a book value of about HKD 692.9 million, representing 12.4% of the group's total assets[15]. - The group invested approximately HKD 68.1 million in property, plant, and equipment during the six months ended June 30, 2025, slightly down from HKD 76.2 million in the previous period[40]. - The company’s total revenue from the sale of assets classified as held for sale amounted to HKD 765,063,000, a significant increase compared to HKD 16,380,000 in the previous year[51]. - The group reported capital expenditures of HKD 68.1 million for the six months ended June 30, 2025[62]. Financial Position - As of June 30, 2025, the total current assets of the group amounted to approximately HKD 3,930.6 million, a decrease from HKD 4,231.1 million as of December 31, 2024[36]. - The group's cash and cash equivalents were approximately HKD 310.2 million as of June 30, 2025, compared to HKD 122.8 million as of December 31, 2024[36]. - The total bank and other borrowings decreased by approximately 15.7% to HKD 1,916.1 million as of June 30, 2025, from HKD 2,272.2 million as of December 31, 2024[36]. - The company generated net cash inflow from investing activities of HKD 743,444,000, a substantial increase from HKD 108,301,000 in 2024[51]. - The company reported a net cash outflow from operating activities of HKD 86,152,000 for the six months ended June 30, 2025, compared to a cash inflow of HKD 98,415,000 in 2024[51]. - The group maintained a current ratio of 1.0 and a debt-to-asset ratio of 70.6% as of June 30, 2025, indicating stable liquidity and financial leverage[36]. Market and Industry Trends - In the first half of 2025, the global electricity demand increased by approximately 3.5% year-on-year, driven by factors such as the rise of AI and cloud computing, increased air conditioning usage due to higher temperatures, and the electrification of manufacturing and heavy industries[9]. - The global energy industry is accelerating structural transformation, with a focus on the stability, flexibility, and regional autonomy of energy supply, providing clear growth directions for the group's distributed generation and system integration businesses[16]. - The group is committed to achieving carbon neutrality by 2050 and is focusing on developing distributed integrated energy solutions, including renewable energy and energy storage technologies[3]. Shareholder Information - Major shareholders include China General Technology (Group) Holding Limited, holding 4,068,590,511 shares (60.88%)[116]. - Publicly held shares account for at least 25% of the company's issued shares, meeting the public float requirement[118]. - The company has a stock option plan adopted on October 24, 2016, which remains valid for approximately one more year[107]. - The total number of shares that can be issued under the stock option plan and other stock option plans is capped at 30% of the company's issued share capital at any time[108]. - The stock reward plan, adopted on July 18, 2017, allows for the issuance of up to 318,717,526 shares, equivalent to about 4.77% of the company's issued shares as of January 1, 2025, and June 30, 2025[111]. Management Changes - Mr. Liu Ruikun will be appointed as an executive director effective September 1, 2025[3]. - Mr. Wang Jiachang will serve as the general manager of the Energy and Power Division of General Technology Group International Holdings Limited starting April 21, 2025[2]. - Mr. Lu Weijun will resign as an executive director effective September 1, 2025[3].

Financial Performance - The company reported a significant increase in revenue, achieving a total of $XX million, representing a YY% growth compared to the previous period[2]. - Total revenue for the six months ended June 30, 2025, was RMB 203,609,000, an increase of 8.1% from RMB 187,326,000 in the same period of 2024[18]. - Income from trading of medical equipment and consumables rose to RMB 195,437,000, up 21.8% from RMB 160,410,000 year-over-year[18]. - The company reported a profit and total comprehensive income of RMB 6,675,000 for the period, up from RMB 6,183,000 in 2024, representing an increase of 8.0%[18]. - For the six months ended June 30, 2025, the profit attributable to owners of the Company was RMB 6,755,000, an increase from RMB 6,042,000 in the same period of 2024, representing a growth of approximately 11.8%[63]. - The company recorded a profit before income tax of RMB 8,724,000 for the six months ended June 30, 2025[41]. - The total revenue for the reportable segments in the previous year (2024) was RMB 187,326,000, indicating growth in 2025[44]. User Engagement and Market Expansion - User data showed an increase in active users, reaching ZZ million, which is an increase of AA% year-over-year[2]. - The company is expanding its market presence in the Asia-Pacific region, targeting a growth rate of DD% in this segment over the next year[2]. - The company provided a positive outlook for the next quarter, projecting revenue growth of BB% and an increase in user engagement metrics[2]. Product Development and Innovation - New product launches are expected to contribute an additional $CC million in revenue, with a focus on innovative features and user experience[2]. - Ongoing research and development efforts have led to the introduction of new technologies, which are anticipated to enhance operational efficiency by EE%[2]. Cost Management and Profitability - Cost management strategies have been implemented, resulting in a reduction of operational expenses by FF%, improving overall profitability[2]. - Staff costs decreased from RMB 13.7 million for the Prior Period to approximately RMB 7.3 million for the Period[139]. - Other operating expenses decreased from approximately RMB 17.8 million for the Prior Period to approximately RMB 13.7 million for the Period[145]. Financial Position and Assets - Net current assets increased to RMB 288,208,000, compared to RMB 237,070,000 at the end of 2024, indicating a growth of 21.6%[20]. - Total equity as of June 30, 2025, was RMB 314,960,000, up from RMB 302,087,000 at the end of 2024, reflecting a growth of 4.9%[21]. - Non-current assets decreased to RMB 138,802,000 from RMB 162,839,000, a decline of 14.8%[20]. Financing Activities - The company issued new shares amounting to RMB 40,000,000 during the period, contributing to its financing activities[34]. - The Company issued Convertible Bonds I with an aggregate principal amount of HK$52,000,000, with a maximum of 34,437,085 ordinary shares potentially issuable upon full conversion[107]. - Convertible Bonds I bear an interest rate of 6% per annum, maturing 18 months from the date of issue, with an initial conversion price of HK$1.51 per share[106]. Sustainability and Corporate Responsibility - Management emphasized the importance of sustainability initiatives, with plans to reduce carbon emissions by HH% over the next five years[2]. Segment Performance - For the six months ended June 30, 2025, the reportable segment revenue totaled RMB 203,609,000, with the finance leasing service contributing RMB 3,813,000, trading business RMB 195,437,000, postpartum care service RMB 4,110,000, and other segment RMB 249,000[41]. - The reportable segment profit for the same period was RMB 19,144,000, with finance leasing service profit at RMB 7,814,000, trading business profit at RMB 12,064,000, and postpartum care service loss at RMB 1,181,000[41]. Cash Flow and Liquidity - Net cash used in operating activities improved to RMB (30,344,000) in 2025 from RMB (111,337,000) in 2024, indicating a reduction in cash outflow by approximately 72.7%[24]. - The company reported a net increase in cash and cash equivalents of RMB 7,030,000 for the six months ended June 30, 2025, compared to a net decrease of RMB (87,953,000) in 2024[24]. - As of June 30, 2025, bank balances and cash were approximately RMB 21.4 million, up from RMB 13.0 million as of December 31, 2024[157]. Shareholder Information - The company aims to enhance shareholder value through a proposed dividend increase of GG% in the upcoming fiscal year[2]. - Directors and chief executives held a total of 300 million shares, representing approximately 69.77% of the shareholding[186].

[Company Information](index=3&type=section&id=Company%20Information) This section provides an overview of the company's governance structure and contact details [Board of Directors and Committees](index=3&type=section&id=Board%20of%20Directors%20and%20Committees) This section lists the company's board members (executive directors, independent non-executive directors) and the composition of various committees (Audit Committee, Remuneration Committee, Nomination Committee) - The Board of Directors includes executive directors such as Chairperson Ms. Ji Chulian, Managing Director Mr. Chen Yucheng, and CFO and Company Secretary Mr. Chen Dachang, as well as independent non-executive directors Mr. Luo Guogui, Mr. Ma Shaoyuan, and Mr. Rong Yongqi[3](index=3&type=chunk) - The Audit Committee is chaired by Mr. Ma Shaoyuan, the Remuneration Committee by Mr. Luo Guogui, and the Nomination Committee by Mr. Rong Yongqi[3](index=3&type=chunk) [Company Contact Information](index=3&type=section&id=Company%20Contact%20Information) This section provides essential company information including registered office, principal place of business, share registrar, company website, investor relations contact, and stock code - The Company Secretary is Mr. Chen Dachang, and the auditor is KPMG[3](index=3&type=chunk) - The stock code is **00894**, the company website is www.manyue.com, and the investor relations email is ir@manyue.com[4](index=4&type=chunk) [Management Discussion and Analysis](index=5&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews the group's financial performance, business operations, liquidity, and future outlook [Financial Highlights](index=5&type=section&id=Financial%20Highlights) This section summarizes key financial metrics for the six months ended June 30, 2025, showing stable revenue and growth in gross profit and profit attributable to shareholders Unaudited Financial Highlights for the Six Months Ended June 30 | Indicator | 2025 (HK$ '000) | 2024 (HK$ '000) | Change | | :--- | :--- | :--- | :--- | | Revenue | 816,637 | 815,977 | +0.1% | | Gross Profit | 137,257 | 133,039 | +3.2% | | EBITDA | 66,673 | 68,704 | -3.0% | | Profit Attributable to Shareholders | 4,405 | 2,756 | +59.8% | | Earnings Per Share | 0.93 HK cents | 0.58 HK cents | +60.3% | [Financial Performance](index=5&type=section&id=Financial%20Performance) The group achieved robust financial performance with significant net profit growth, driven by strategic portfolio adjustments and cost control amidst global trade tensions and tariff changes - Revenue remained stable at **HK$816.64 million**, consistent with the same period in 2024, despite global trade tensions and tariff adjustments[7](index=7&type=chunk) - Gross profit margin remained stable year-on-year at approximately **16%**, attributed to product portfolio optimization and improved operational efficiency[7](index=7&type=chunk) - Finance costs decreased by nearly **16%** compared to the same period in 2024, primarily due to loan portfolio restructuring, converting high-interest HKD financing to lower-interest RMB financing[8](index=8&type=chunk) - Net profit attributable to shareholders increased by **59.8%** from HK$2.76 million to **HK$4.41 million**, mainly due to cost control, new product commercialization, reduced finance costs, and enhanced operational efficiency[6](index=6&type=chunk)[8](index=8&type=chunk) [Business Review](index=6&type=section&id=Business%20Review) The group demonstrated strong resilience, capitalizing on high-growth opportunities in advanced energy and AI infrastructure to offset traditional market slowdowns, achieving profit growth through operational optimization and R&D investment [Market Overview](index=6&type=section&id=Market%20Overview) The global passive electronic components market remained stable, with the group successfully strengthening its position in high-growth areas like advanced energy (energy storage systems) and AI infrastructure, offsetting sluggish demand in traditional applications - Strong demand in the advanced energy storage sector drove growth for specialized passive components such as high-voltage capacitors[9](index=9&type=chunk) - The AI revolution created immense demand for specialized passive components, with AI servers and accelerators requiring more components than traditional servers and commanding price premiums[9](index=9&type=chunk) - The group achieved stable revenue of **HK$816.64 million** by focusing R&D on advanced energy, adjusting its product portfolio, and optimizing manufacturing capabilities[9](index=9&type=chunk) [Operational Review](index=6&type=section&id=Operational%20Review) The group enhanced operational efficiency and competitive standing through advanced production optimization, stringent cost control, supply chain optimization, and R&D investment, supporting net profit growth - Implemented advanced production optimization technologies and stringent cost controls, enhancing manufacturing efficiency[10](index=10&type=chunk) - R&D investments in advanced energy (AI infrastructure and advanced energy storage solutions) achieved success, expanding market share[10](index=10&type=chunk) - Financial discipline, including comprehensive cost optimization and targeted R&D investments, is central to operations[10](index=10&type=chunk) [Liquidity and Financial Resources](index=7&type=section&id=Liquidity%20and%20Financial%20Resources) The group experienced a decrease in cash and cash equivalents and a slight increase in net gearing ratio, but maintained a healthy current ratio while closely monitoring foreign exchange risks Overview of Liquidity and Financial Resources | Indicator | June 30, 2025 (HK$ '000) | December 31, 2024 (HK$ '000) | Change | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 143,790 | 208,170 | -30.9% | | Total Outstanding Bank and Other Borrowings | 976,090 | 1,002,050 | -2.6% | | Net Gearing Ratio | 54.5% | 53.1% | +1.4% | | Net Working Capital | 136,860 | 147,190 | -7.0% | | Current Ratio | 1.09 times | 1.10 times | -0.01 times | - The group primarily conducts transactions in HKD, RMB, USD, and JPY, and closely monitors foreign exchange risks[11](index=11&type=chunk) [Outlook and Prospects](index=7&type=section&id=Outlook%20and%20Prospects) Looking ahead to the second half of 2025, the global economic environment remains challenging, but the group plans to address these challenges and seize growth opportunities through customer diversification, deeper client relationships, transformation into an integrated solutions partner, and geographically diversified manufacturing - The International Monetary Fund maintained its 2025 global economic growth forecast at **3.0%** but warned of inflationary pressures and geopolitical uncertainties[12](index=12&type=chunk) - The group will strengthen its market position by expanding and diversifying its customer base, deepening relationships with existing clients, providing customized engineering support, and enhancing technical collaboration[12](index=12&type=chunk) - Key strategic priorities include transforming from a traditional capacitor supplier to an integrated solutions partner, offering system solutions for advanced energy storage systems, AI infrastructure power management, and electric vehicle charging solutions[12](index=12&type=chunk) - The Board of Directors is confident in the group's strategic roadmap, technological capabilities, and financial stability, with geographically diversified manufacturing and localized supply chain initiatives enhancing resilience[13](index=13&type=chunk) [Employment and Remuneration Policies](index=8&type=section&id=Employment%20and%20Remuneration%20Policies) As of June 30, 2025, the group's total number of employees increased to 2,553, with remuneration policies based on fair reward, meritocracy, and market competitiveness, offering benefits such as provident funds, medical insurance, and performance-linked bonuses - As of June 30, 2025, the group's total number of employees was **2,553**, an increase from **2,227** as of December 31, 2024[14](index=14&type=chunk) - Remuneration policies are based on fair reward, incentivization, meritocracy, and competitive market-level compensation[14](index=14&type=chunk) - Employee benefits include salaries, provident fund contributions, medical insurance, and performance-linked bonuses[14](index=14&type=chunk) [Review Report on Interim Financial Statements](index=9&type=section&id=Review%20Report%20on%20Interim%20Financial%20Statements) This section presents KPMG's review report on the unaudited interim financial statements for the six months ended June 30, 2025 [Introduction](index=9&type=section&id=Introduction) KPMG has reviewed the interim financial statements of Man Yue Technology Holdings Limited for the six months ended June 30, 2025, prepared in accordance with the Listing Rules of The Stock Exchange of Hong Kong Limited and Hong Kong Accounting Standard 34 - The auditor has reviewed the interim financial statements for the six months ended June 30, 2025, including the consolidated statement of financial position and income statement[15](index=15&type=chunk) - The interim report is prepared in compliance with the Listing Rules of the Stock Exchange and Hong Kong Accounting Standard 34 "Interim Financial Reporting"[15](index=15&type=chunk) [Scope of Review](index=9&type=section&id=Scope%20of%20Review) The review was conducted in accordance with Hong Kong Standard on Review Engagements 2410, which is less extensive than an audit, and therefore no audit opinion is expressed - The review was conducted in accordance with Hong Kong Standard on Review Engagements 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Hong Kong Institute of Certified Public Accountants[16](index=16&type=chunk) - The scope of the review is substantially less than that of an audit, and therefore no audit opinion is expressed[16](index=16&type=chunk) [Conclusion](index=9&type=section&id=Conclusion) Based on the review, the auditor found no matters indicating that the interim financial report was not prepared, in all material respects, in accordance with Hong Kong Accounting Standard 34 - The auditor found no matters indicating that the interim financial report was not prepared, in all material respects, in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting"[17](index=17&type=chunk) [Unaudited Consolidated Income Statement](index=10&type=section&id=Unaudited%20Consolidated%20Income%20Statement) This section presents the group's unaudited consolidated income statement for the six months ended June 30, 2025 [Consolidated Income Statement Overview](index=10&type=section&id=Consolidated%20Income%20Statement%20Overview) For the six months ended June 30, 2025, the group maintained stable revenue, with increases in gross profit and profit attributable to shareholders, but a slight decrease in operating profit and a reduction in profit for the period due to increased income tax Unaudited Consolidated Income Statement (For the Six Months Ended June 30) | Indicator | 2025 (HK$ '000) | 2024 (HK$ '000) | Change | | :--- | :--- | :--- | :--- | | Revenue | 816,637 | 815,977 | +0.1% | | Cost of Sales | (679,380) | (682,938) | -0.5% | | Gross Profit | 137,257 | 133,039 | +3.2% | | Other Income | 8,481 | 3,842 | +120.7% | | Net Other Losses | (11,203) | (49) | +22763.3% | | Selling and Distribution Expenses | (24,152) | (26,117) | -7.5% | | Administrative Expenses | (79,093) | (78,469) | +0.8% | | Operating Profit | 31,290 | 32,246 | -2.96% | | Finance Costs | (21,763) | (25,852) | -15.8% | | Finance Income | 2,796 | 3,222 | -13.1% | | Share of Results of Joint Ventures | (4,641) | (2,483) | +86.9% | | Profit Before Tax | 7,682 | 7,133 | +7.7% | | Income Tax | (7,032) | (4,741) | +48.3% | | Profit for the Period | 650 | 2,392 | -72.8% | | Profit Attributable to Equity Holders of the Company | 4,405 | 2,756 | +59.8% | | Profit/(Loss) Attributable to Non-controlling Interests | (3,755) | (364) | +931.6% | | Basic Earnings Per Share | 0.93 HK cents | 0.58 HK cents | +60.3% | [Unaudited Consolidated Statement of Comprehensive Income](index=11&type=section&id=Unaudited%20Consolidated%20Statement%20of%20Comprehensive%20Income) This section presents the group's unaudited consolidated statement of comprehensive income for the six months ended June 30, 2025 [Consolidated Statement of Comprehensive Income Overview](index=11&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income%20Overview) For the six months ended June 30, 2025, the group's profit for the period decreased, but total comprehensive income for the period significantly increased due to a substantial positive impact from exchange differences, offsetting a revaluation deficit Unaudited Consolidated Statement of Comprehensive Income (For the Six Months Ended June 30) | Indicator | 2025 (HK$ '000) | 2024 (HK$ '000) | Change | | :--- | :--- | :--- | :--- | | Profit for the Period | 650 | 2,392 | -72.8% | | **Other Comprehensive Income:** | | | | | Asset Revaluation (Deficit)/Surplus after Tax | (20,816) | 3,890 | -635.3% | | Exchange Differences | 53,315 | (22,228) | +339.9% | | Other Comprehensive Income for the Period, after Tax | 32,499 | (18,338) | +277.2% | | **Total Comprehensive Income for the Period** | 33,149 | (15,946) | +307.9% | | Total Comprehensive Income Attributable to Equity Holders of the Company | 34,544 | (14,273) | +342.0% | | Total Comprehensive Income Attributable to Non-controlling Interests | (1,395) | (1,673) | -16.7% | [Unaudited Consolidated Statement of Financial Position](index=12&type=section&id=Unaudited%20Consolidated%20Statement%20of%20Financial%20Position) This section presents the group's unaudited consolidated statement of financial position as of June 30, 2025 [Consolidated Statement of Financial Position Overview](index=12&type=section&id=Consolidated%20Statement%20of%20Financial%20Position%20Overview) As of June 30, 2025, the group's total assets and liabilities remained stable, with a slight increase in non-current assets and a minor decrease in net current assets and current ratio, maintaining an overall sound financial position Unaudited Consolidated Statement of Financial Position (As of June 30) | Indicator | June 30, 2025 (HK$ '000) | December 31, 2024 (HK$ '000) | Change | | :--- | :--- | :--- | :--- | | **Non-current Assets** | | | | | Property, Plant and Equipment | 539,411 | 541,855 | -0.45% | | Investment Properties | 382,290 | 365,103 | +4.71% | | Total Non-current Assets | 1,502,730 | 1,494,114 | +0.58% | | **Current Assets** | | | | | Inventories | 616,901 | 606,725 | +1.68% | | Trade Receivables | 685,865 | 660,194 | +3.89% | | Cash and Cash Equivalents | 143,794 | 208,172 | -30.92% | | Total Current Assets | 1,612,993 | 1,653,763 | -2.59% | | **Current Liabilities** | | | | | Bank and Other Borrowings | 963,122 | 966,452 | -0.34% | | Total Current Liabilities | 1,476,129 | 1,506,574 | -2.02% | | **Net Assets** | 1,526,147 | 1,495,328 | +2.06% | | Total Equity | 1,526,147 | 1,495,328 | +2.06% | [Unaudited Consolidated Statement of Changes in Equity](index=14&type=section&id=Unaudited%20Consolidated%20Statement%20of%20Changes%20in%20Equity) This section presents the group's unaudited consolidated statement of changes in equity for the six months ended June 30, 2025 [Consolidated Statement of Changes in Equity Overview](index=14&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Equity%20Overview) For the six months ended June 30, 2025, total equity attributable to equity holders of the company increased, primarily due to the positive impact of exchange differences, despite a revaluation deficit Unaudited Consolidated Statement of Changes in Equity (For the Six Months Ended June 30) | Indicator | June 30, 2025 (HK$ '000) | January 1, 2024 (HK$ '000) | Change | | :--- | :--- | :--- | :--- | | Balance at Beginning of Period (Attributable to Equity Holders of the Company) | 1,466,730 | 1,516,817 | -3.3% | | Profit for the Period (Attributable to Equity Holders of the Company) | 4,405 | 2,756 | +59.8% | | Asset Revaluation Deficit/Surplus after Tax | (20,816) | 3,890 | -635.3% | | Exchange Differences | 50,955 | (20,919) | +343.6% | | Dividends Declared | (2,330) | - | N/A | | Balance at End of Period (Attributable to Equity Holders of the Company) | 1,498,944 | 1,502,544 | -0.24% | | Total Equity (End of Period) | 1,526,147 | 1,529,919 | -0.25% | [Unaudited Condensed Consolidated Cash Flow Statement](index=15&type=section&id=Unaudited%20Condensed%20Consolidated%20Cash%20Flow%20Statement) This section presents the group's unaudited condensed consolidated cash flow statement for the six months ended June 30, 2025 [Condensed Consolidated Cash Flow Statement Overview](index=15&type=section&id=Condensed%20Consolidated%20Cash%20Flow%20Statement%20Overview) For the six months ended June 30, 2025, the group experienced a decrease in net cash inflow from operating activities, an increase in net cash outflow from investing activities, and a decrease in net cash outflow from financing activities, leading to an expanded net decrease in cash and cash equivalents Unaudited Condensed Consolidated Cash Flow Statement (For the Six Months Ended June 30) | Indicator | 2025 (HK$ '000) | 2024 (HK$ '000) | Change | | :--- | :--- | :--- | :--- | | Net Cash Inflow from Operating Activities | 40,944 | 79,214 | -48.31% | | Net Cash Outflow from Investing Activities | (44,491) | (27,031) | +64.60% | | Net Cash Outflow from Financing Activities | (63,941) | (90,095) | -29.03% | | Net Decrease in Cash and Cash Equivalents | (67,488) | (37,912) | +77.99% | | Cash and Cash Equivalents at End of Period | 143,794 | 209,886 | -31.49% | [Notes to the Unaudited Consolidated Financial Statements](index=16&type=section&id=Notes%20to%20the%20Unaudited%20Consolidated%20Financial%20Statements) This section provides detailed notes supporting the unaudited consolidated financial statements [1 General Information](index=16&type=section&id=1%20General%20Information) The group's principal activities are the manufacturing and trading of electronic components and raw materials, with the company incorporated in Bermuda and listed on the Hong Kong Stock Exchange - The group's principal activities are the manufacturing and trading of electronic components and raw materials[27](index=27&type=chunk) - The company is incorporated in Bermuda and listed on The Stock Exchange of Hong Kong Limited[27](index=27&type=chunk)[28](index=28&type=chunk) [2 Basis of Preparation](index=16&type=section&id=2%20Basis%20of%20Preparation) The interim financial statements are prepared in accordance with the Listing Rules of the Stock Exchange and Hong Kong Accounting Standard 34 "Interim Financial Reporting" and have been reviewed by KPMG - The interim financial statements have been prepared in accordance with the Listing Rules of the Stock Exchange and Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants[29](index=29&type=chunk) - KPMG has reviewed the interim financial statements in accordance with Hong Kong Standard on Review Engagements 2410, but no audit was performed[29](index=29&type=chunk) [3 Changes in Accounting Policies](index=16&type=section&id=3%20Changes%20in%20Accounting%20Policies) The group has applied the amendments to Hong Kong Accounting Standard 21 "The Effects of Changes in Foreign Exchange Rates—Lack of Exchangeability," which had no material impact on these interim financial statements - The group has applied the amendments to Hong Kong Accounting Standard 21 "The Effects of Changes in Foreign Exchange Rates—Lack of Exchangeability"[30](index=30&type=chunk) - These amendments had no material impact on these interim financial statements as the group had no transactions where foreign currency was not exchangeable into another currency[30](index=30&type=chunk) [4 Estimates](index=17&type=section&id=4%20Estimates) The preparation of interim financial statements involves management's judgments, estimates, and assumptions regarding the application of accounting policies and the amounts of assets, liabilities, income, and expenses, with key sources of uncertainty consistent with the 2024 annual financial statements - The preparation of interim financial statements requires management to make judgments, estimates, and assumptions, and actual results may differ from these estimates[32](index=32&type=chunk) - The key sources of estimation uncertainty are consistent with those applied in the 2024 annual financial statements[32](index=32&type=chunk) [5 Fair Value Measurement of Financial Instruments](index=17&type=section&id=5%20Fair%20Value%20Measurement%20of%20Financial%20Instruments) The fair value of the group's financial instruments is classified into three levels according to Hong Kong Financial Reporting Standard 13, with most financial assets measured at fair value through profit or loss belonging to Level 3, and their fair value changes recognized in profit or loss Financial Assets Measured at Fair Value (June 30, 2025) | Category | Level 1 (HK$ '000) | Level 2 (HK$ '000) | Level 3 (HK$ '000) | Total (HK$ '000) | | :--- | :--- | :--- | :--- | :--- | | Financial Assets at Fair Value Through Profit or Loss – Non-current | – | – | 48,479 | 48,479 | | Financial Assets at Fair Value Through Profit or Loss – Current | 14 | – | – | 14 | | **Total** | 14 | – | 48,479 | 48,493 | - The fair value of Level 3 financial instruments is measured using discounted cash flow methods and valued by independent professional valuers at least twice a year[37](index=37&type=chunk) - As of June 30, 2025, the closing balance of Level 3 financial assets measured at fair value was **HK$48,493 thousand**, with a fair value loss of **HK$1,270 thousand** recognized during the period[37](index=37&type=chunk) [6 Segment Information](index=19&type=section&id=6%20Segment%20Information) The group operates in two main segments: manufacturing, sales, and distribution of electronic components, and investment, with the electronic components segment contributing the vast majority of revenue and stable gross margins, and the investment segment contributing to operating profit, with most revenue derived from mainland China - The group comprises two main operating segments: (i) manufacturing, sales, and distribution of electronic components; and (ii) investment[40](index=40&type=chunk) Segment Results (For the Six Months Ended June 30, 2025) | Indicator | Manufacturing, Sales and Distribution of Electronic Components (HK$ '000) | Investment (HK$ '000) | Total (HK$ '000) | | :--- | :--- | :--- | :--- | | Segment Revenue from External Customers | 816,637 | – | 816,637 | | Segment Gross Profit | 137,257 | – | 137,257 | | Gross Profit Margin (%) | 16.8% | – | 16.8% | | Operating Profit | 23,448 | 7,842 | 31,290 | | Operating Profit Margin (%) | 2.9% | N/A | 3.8% | Revenue from External Customers by Geographical Location (For the Six Months Ended June 30) | Region | 2025 (HK$ '000) | 2024 (HK$ '000) | | :--- | :--- | :--- | | Mainland China | 625,553 | 620,439 | | Taiwan | 79,906 | 81,856 | | Hong Kong | 30,741 | 40,239 | | Southeast Asia | 34,716 | 29,460 | | United States | 17,723 | 9,629 | | Europe | 17,649 | 20,596 | | **Total** | 816,637 | 815,977 | [7 Revenue](index=22&type=section&id=7%20Revenue) The group's revenue primarily stems from the manufacturing and trading of electronic components, with all revenue recognized at a point in time when control is transferred to the customer - Revenue refers to the net value of goods sold after deducting returns and discounts[45](index=45&type=chunk) - For the six months ended June 30, 2025, revenue from contracts with customers for manufacturing and trading electronic components was **HK$816,637 thousand**, largely consistent with the prior year period[46](index=46&type=chunk) [8 Other Income](index=22&type=section&id=8%20Other%20Income) The group's other income significantly increased, primarily driven by growth in government grants and "other" income, while rental income from investment properties slightly decreased Other Income (For the Six Months Ended June 30) | Item | 2025 (HK$ '000) | 2024 (HK$ '000) | Change | | :--- | :--- | :--- | :--- | | Government Grants | 2,035 | 261 | +679.7% | | Rental Income from Investment Properties | 1,846 | 2,787 | -33.8% | | Other | 4,477 | 3,422 | +30.8% | | **Total** | 8,481 | 3,842 | +120.7% | [9 Net Other Losses](index=23&type=section&id=9%20Net%20Other%20Losses) The group's net other losses significantly increased, mainly due to a substantial rise in net exchange losses, despite an increase in fair value gains on investment properties Net Other Losses (For the Six Months Ended June 30) | Item | 2025 (HK$ '000) | 2024 (HK$ '000) | Change | | :--- | :--- | :--- | :--- | | Fair Value Gains on Investment Properties | 7,266 | 674 | +978.0% | | Net Exchange (Losses)/Gains | (15,477) | 13,345 | -216.0% | | Fair Value Losses on Financial Assets at Fair Value Through Profit or Loss | (1,270) | (9,706) | -86.9% | | **Total** | (11,203) | (49) | +22763.3% | [10 Operating Profit](index=23&type=section&id=10%20Operating%20Profit) The group's operating profit is derived after deducting depreciation, amortization, inventory write-downs, and net reversal of expected credit losses, with increases in depreciation expense and inventory write-downs Components of Operating Profit (For the Six Months Ended June 30) | Item | 2025 (HK$ '000) | 2024 (HK$ '000) | Change | | :--- | :--- | :--- | :--- | | Depreciation Expense: Owned Property, Plant and Equipment | 24,735 | 24,802 | -0.27% | | Depreciation Expense: Right-of-use Assets | 12,209 | 10,618 | +14.98% | | Inventory Write-downs | 3,000 | 1,751 | +71.33% | | Additional Expected Credit Losses Recognized | 1,642 | 61 | +2591.8% | [11 Finance Costs](index=24&type=section&id=11%20Finance%20Costs) The group's finance costs decreased, primarily due to reduced interest expense on bank and other borrowings, with some interest expense capitalized as construction in progress Finance Costs (For the Six Months Ended June 30) | Item | 2025 (HK$ '000) | 2024 (HK$ '000) | Change | | :--- | :--- | :--- | :--- | | Interest Expense on Bank and Other Borrowings | 21,592 | 25,061 | -13.84% | | Interest Expense on Lease Liabilities | 971 | 1,375 | -29.38% | | Less: Interest Expense Capitalized as Construction in Progress | (800) | (584) | +37.0% | | **Total** | 21,763 | 25,852 | -15.82% | [12 Finance Income](index=24&type=section&id=12%20Finance%20Income) The group's finance income slightly decreased, mainly due to reduced interest income from time deposits and bank balances, while interest income from loans to a joint venture remained stable Finance Income (For the Six Months Ended June 30) | Item | 2025 (HK$ '000) | 2024 (HK$ '000) | Change | | :--- | :--- | :--- | :--- | | Interest Income from Loan to a Joint Venture | 2,647 | 2,692 | -1.67% | | Interest Income from Time Deposits and Bank Balances | 149 | 530 | -71.9% | | **Total** | 2,796 | 3,222 | -13.1% | [13 Income Tax](index=25&type=section&id=13%20Income%20Tax) The group's income tax expense significantly increased, primarily due to a shift from deferred tax income to expense and no assessable profit in Hong Kong, with mainland China subsidiaries subject to tax rates of 15% or 25% Income Tax (For the Six Months Ended June 30) | Item | 2025 (HK$ '000) | 2024 (HK$ '000) | Change | | :--- | :--- | :--- | :--- | | Current Tax: Outside Hong Kong | 4,871 | 4,948 | -1.56% | | Deferred Tax | 2,161 | (207) | +1143.5% | | **Total Tax Expense for the Period** | 7,032 | 4,741 | +48.3% | - No Hong Kong Profits Tax provision was made as there was no assessable profit in Hong Kong[52](index=52&type=chunk) - Mainland China subsidiaries are subject to preferential or statutory tax rates of **15%** or **25%**[52](index=52&type=chunk) [14 Earnings Per Share](index=25&type=section&id=14%20Earnings%20Per%20Share) For the six months ended June 30, 2025, basic earnings per share were 0.93 HK cents, an increase from the prior year, with diluted earnings per share being the same as basic earnings per share due to no potential dilutive ordinary shares - Basic earnings per share were **0.93 HK cents**, an increase of **60.3%** from **0.58 HK cents** in the same period of 2024[19](index=19&type=chunk)[54](index=54&type=chunk) - Diluted earnings per share were the same as basic earnings per share as there were no potential dilutive ordinary shares issued during the current and prior periods[54](index=54&type=chunk) [15 Dividends](index=26&type=section&id=15%20Dividends) The Board does not recommend an interim dividend for the current period but has approved a final dividend of 0.49 HK cents per ordinary share for the previous financial year, which has been included in dividends payable - The Board does not recommend the payment of an interim dividend for the current period[55](index=55&type=chunk) - A final dividend of **0.49 HK cents** per ordinary share for the previous financial year, amounting to **HK$2,330,000**, has been approved and included in "Dividends payable"[55](index=55&type=chunk) [16 Property, Plant and Equipment, Construction in Progress and Machinery Under Installation](index=26&type=section&id=16%20Property,%20Plant%20and%20Equipment,%20Construction%20in%20Progress%20and%20Machinery%20Under%20Installation) As of June 30, 2025, the net book value of property, plant and equipment, construction in progress, and machinery under installation slightly decreased, primarily due to revaluation deficits, though additions increased Changes in Property, Plant and Equipment, Construction in Progress (For the Six Months Ended June 30) | Item | 2025 (HK$ '000) | 2024 (HK$ '000) | Change | | :--- | :--- | :--- | :--- | | Net Book Value at Beginning of Period | 592,413 | 629,181 | -5.99% | | Additions: Self-owned Property, Plant and Equipment | 33,227 | 18,081 | +83.77% | | Revaluation (Deficit)/Surplus | (27,768) | 4,032 | -788.9% | | Net Book Value at End of Period | 574,755 | 607,640 | -5.41% | - As of June 30, 2025, the amount of machinery under installation expected to be transferred to property, plant and equipment was **HK$79,644,000**[56](index=56&type=chunk) [17 Prepaid Land Lease Payments](index=26&type=section&id=17%20Prepaid%20Land%20Lease%20Payments) As of June 30, 2025, the net book value of prepaid land lease payments slightly decreased, primarily due to amortization Changes in Prepaid Land Lease Payments (For the Six Months Ended June 30) | Item | 2025 (HK$ '000) | 2024 (HK$ '000) | Change | | :--- | :--- | :--- | :--- | | Net Book Value at Beginning of Period | 9,879 | 10,452 | -5.5% | | Amortization | (175) | (188) | -6.9% | | Net Book Value at End of Period | 9,854 | 10,191 | -3.3% | [18 Investment Properties](index=27&type=section&id=18%20Investment%20Properties) The group's investment properties' net book value increased, driven by additions and fair value gains, and are valued by independent professional valuers Changes in Investment Properties (For the Six Months Ended June 30) | Item | 2025 (HK$ '000) | 2024 (HK$ '000) | Change | | :--- | :--- | :--- | :--- | | Net Book Value at Beginning of Period | 365,103 | 373,858 | -2.34% | | Additions | 9,918 | – | N/A | | Fair Value Adjustment Gains | 7,266 | 674 | +978.0% | | Net Book Value at End of Period | 382,290 | 372,403 | +2.65% | - Investment properties are valued by an independent professional qualified valuer, Richfield Global Appraisal Advisory Limited, using valuation techniques consistent with those applied as of December 31, 2024[58](index=58&type=chunk) - All fair value measurements of investment properties are classified as Level 3, including completed residential/industrial/commercial properties and properties under development[60](index=60&type=chunk) [19 Trade and Other Receivables, Prepayments, Deposits and Other Receivables](index=29&type=section&id=19%20Trade%20and%20Other%20Receivables,%20Prepayments,%20Deposits%20and%20Other%20Receivables) The group's total trade receivables increased, with credit terms generally ranging from 90 to 150 days, and risks managed through a credit control department and credit insurance, showing the largest proportion of overdue receivables in the 1-3 month aging category Trade and Other Receivables, Prepayments, Deposits and Other Receivables (As of June 30) | Item | June 30, 2025 (HK$ '000) | December 31, 2024 (HK$ '000) | Change | | :--- | :--- | :--- | :--- | | Trade Receivables | 685,865 | 660,194 | +3.89% | | Prepayments, Deposits and Other Receivables | 146,248 | 158,520 | -7.62% | | **Total** | 832,113 | 818,714 | +1.64% | - Credit terms are generally **90 days**, extendable to a maximum of **150 days** for major customers, with credit risk hedged through a credit control department and credit insurance[61](index=61&type=chunk)[62](index=62&type=chunk) Aging Analysis of Trade Receivables (As of June 30) | Aging | June 30, 2025 (HK$ '000) | December 31, 2024 (HK$ '000) | | :--- | :--- | :--- | | 1 to 3 Months | 618,427 | 576,119 | | 4 to 6 Months | 28,094 | 58,732 | | 7 to 12 Months | 24,130 | 25,276 | | Over 1 Year | 15,214 | 67 | [20 Trade and Bills Payables](index=30&type=section&id=20%20Trade%20and%20Bills%20Payables) As of June 30, 2025, the group's total trade and bills payables slightly decreased, with the largest proportion of trade payables falling within the 1-3 month aging category Aging Analysis of Trade and Bills Payables (As of June 30) | Aging | June 30, 2025 (HK$ '000) | December 31, 2024 (HK$ '000) | | :--- | :--- | :--- | | 1 to 3 Months | 278,538 | 261,234 | | 4 to 6 Months | 23,028 | 40,506 | | 7 to 12 Months | 1,150 | 2,230 | | Over 1 Year | 4,245 | 14,904 | | Bills Payable | 6,900 | 4,934 | | **Total** | 313,861 | 323,808 | [21 Bank and Other Borrowings](index=30&type=section&id=21%20Bank%20and%20Other%20Borrowings) The group's total bank and other borrowings slightly decreased, but some loans were classified as current liabilities due to covenant breaches, for which bank waivers have been obtained Bank and Other Borrowings (As of June 30) | Item | June 30, 2025 (HK$ '000) | December 31, 2024 (HK$ '000) | Change | | :--- | :--- | :--- | :--- | | Repayable within 1 Year | 897,790 | 936,154 | -4.09% | | Repayable in the 2nd Year | 41,283 | 49,628 | -16.82% | | Repayable in the 3rd to 5th Year | 37,018 | 16,271 | +127.5% | | **Total** | 976,091 | 1,002,053 | -2.59% | - The group breached two financial covenant provisions, resulting in **HK$276,683,000** of bank loans being classified as current liabilities, but bank waiver letters have been obtained[66](index=66&type=chunk) [22 Share Capital](index=31&type=section&id=22%20Share%20Capital) As of June 30, 2025, the group's authorized and issued and fully paid share capital remained unchanged at HK$47,555 thousand, representing 475,547,534 shares Share Capital Information (As of June 30) | Item | June 30, 2025 (HK$ '000) | December 31, 2024 (HK$ '000) | | :--- | :--- | :--- | | Authorized Share Capital (1,000,000,000 shares of HK$0.10 each) | 100,000 | 100,000 | | Issued and Fully Paid Share Capital (475,547,534 shares of HK$0.10 each) | 47,555 | 47,555 | - Issued share capital and share premium remained unchanged during the reporting period[67](index=67&type=chunk) [23 Reserves](index=32&type=section&id=23%20Reserves) As of June 30, 2025, the group's total reserves increased, primarily due to a significant positive impact from the exchange fluctuation reserve, offsetting a deficit in the asset revaluation reserve Changes in Reserves (For the Six Months Ended June 30) | Item | January 1, 2025 (HK$ '000) | June 30, 2025 (HK$ '000) | Change | | :--- | :--- | :--- | :--- | | Share Premium | 165,458 | 165,458 | 0% | | Asset Revaluation Reserve | 191,014 | 170,198 | -10.9% | | Exchange Fluctuation Reserve | (63,152) | (12,197) | +80.7% | | Retained Profits | 1,050,999 | 1,053,074 | +0.2% | | **Total** | 1,419,175 | 1,451,389 | +2.27% | - Profit for the period and exchange differences had a positive impact on reserves, while the asset revaluation deficit had a negative impact[68](index=68&type=chunk) [24 Capital Commitments](index=33&type=section&id=24%20Capital%20Commitments) As of June 30, 2025, the group's contracted but unprovided capital commitments primarily related to plant and machinery, amounting to HK$58,748 thousand, an increase from the end of the previous year Capital Commitments (As of June 30) | Item | June 30, 2025 (HK$ '000) | December 31, 2024 (HK$ '000) | Change | | :--- | :--- | :--- | :--- | | Contracted but not provided for: Plant and Machinery | 58,748 | 50,866 | +15.49% | [25 Related Party Transactions](index=33&type=section&id=25%20Related%20Party%20Transactions) The group engages in significant related party transactions with joint ventures, including raw material purchases, rent payments, and loan interest income, and discloses key management personnel compensation - Man Yue Holdings Inc. is the largest shareholder, holding **44.09%** equity interest, with the ultimate controlling party being Chairperson Ms. Ji Chulian[70](index=70&type=chunk) Significant Transactions with Joint Ventures (For the Six Months Ended June 30) | Item | 2025 (HK$ '000) | 2024 (HK$ '000) | Change | | :--- | :--- | :--- | :--- | | Purchase of Raw Materials | 7,159 | 4,690 | +52.6% | | Lease Rental Payments | 6,504 | 6,615 | -1.7% | | Interest Income | 2,647 | 2,692 | -1.7% | - Interest on loans to a joint venture is calculated at **4.90%** per annum, with most loans being unsecured, interest-free, and repayable on demand[71](index=71&type=chunk)[72](index=72&type=chunk) Key Management Personnel Compensation (For the Six Months Ended June 30) | Item | 2025 (HK$ '000) | 2024 (HK$ '000) | Change | | :--- | :--- | :--- | :--- | | Salaries and Allowances | 7,192 | 6,432 | +11.8% | | Provident Fund Contributions | 27 | 27 | 0% | | **Total** | 7,219 | 6,459 | +11.8% | [Corporate Governance and Other Information](index=35&type=section&id=Corporate%20Governance%20and%20Other%20Information) This section covers corporate governance practices, directors' and major shareholders' interests, and other relevant disclosures [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures](index=35&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests%20and%20Short%20Positions%20in%20Shares,%20Underlying%20Shares%20and%20Debentures) This section discloses the long positions of directors and the chief executive in the company's ordinary shares and underlying shares, highlighting significant holdings by Chairperson Ms. Ji Chulian and Managing Director Mr. Chen Yucheng through controlled corporations and beneficial ownership Directors' Long Positions in the Company's Ordinary Shares and Underlying Shares (As of June 30, 2025) | Director | Capacity | Nature of Interest | Number of Shares Held | Approximate Percentage of the Company's Issued Share Capital | | :--- | :--- | :--- | :--- | :--- | | Ji Chulian | Interest in Controlled Corporation | Corporate | 146,782,767 | 30.87% | | Ji Chulian | Beneficial Owner | Individual | 51,634,334 | 10.86% | | **Ji Chulian Total** | | | 198,417,101 | 41.73% | | Chen Yucheng | Interest in Controlled Corporation | Corporate | 62,906,900 | 13.23% | | Chen Yucheng | Beneficial Owner | Individual | 4,716,666 | 0.99% | | **Chen Yucheng Total** | | | 67,623,566 | 14.22% | - Man Yue Holdings Inc. is owned **70%** by Ms. Ji Chulian and **30%** by Mr. Chen Yucheng[74](index=74&type=chunk) [Substantial Shareholders' and Other Persons' Interests and Short Positions in Shares and Underlying Shares](index=36&type=section&id=Substantial%20Shareholders'%20and%20Other%20Persons'%20Interests%20and%20Short%20Positions%20in%20Shares%20and%20Underlying%20Shares) Apart from the directors, Man Yue Holdings Inc. is the only substantial shareholder holding 5% or more interest in the company's issued share capital Substantial Shareholders' Long Positions in the Company's Shares (As of June 30, 2025) | Name | Capacity and Nature of Interest | Number of Ordinary Shares Held | Approximate Percentage of the Company's Issued Share Capital | | :--- | :--- | :--- | :--- | | Man Yue Holdings Inc. | Individual/Beneficial Owner | 209,689,667 | 44.09% | [Directors' Rights to Acquire Shares or Debentures](index=36&type=section&id=Directors'%20Rights%20to%20Acquire%20Shares%20or%20Debentures) During the period, no director or their spouse/minor children were granted or exercised any rights to acquire shares or debentures of the company - As of the current period, no director or their spouse or minor children were granted or exercised any rights to acquire benefits by purchasing shares or debentures of the company[76](index=76&type=chunk) [Purchase, Sale or Redemption of the Company's Shares](index=36&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20the%20Company's%20Shares) 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 shares - 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 shares[77](index=77&type=chunk) [Compliance with Corporate Governance Code](index=36&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The company has complied with the applicable code provisions of the Corporate Governance Code as set out in Appendix C1 to the Listing Rules during the period - The company has complied with the applicable code provisions of the Corporate Governance Code as set out in Appendix C1 to the Listing Rules[78](index=78&type=chunk) [Compliance with Model Code](index=36&type=section&id=Compliance%20with%20Model%20Code) The company has adopted the Model Code as set out in Appendix C3 to the Listing Rules, and all directors confirmed full compliance with the code during the period after due enquiry - The company has adopted the Model Code as set out in Appendix C3 to the Listing Rules as the code of conduct for directors' dealings in the company's securities[79](index=79&type=chunk) - All directors confirmed their full compliance with the Model Code during the period[79](index=79&type=chunk) [Scope of Work of the Audit Committee and KPMG](index=37&type=section&id=Scope%20of%20Work%20of%20the%20Audit%20Committee%20and%20KPMG) The company's Audit Committee has reviewed the group's unaudited consolidated financial statements for the six months ended June 30, 2025, and KPMG has also conducted a review in accordance with relevant standards - The company's Audit Committee has reviewed the group's unaudited consolidated financial statements for the six months ended June 30, 2025[80](index=80&type=chunk) - KPMG has reviewed the interim financial statements in accordance with Hong Kong Standard on Review Engagements 2410[80](index=80&type=chunk) [Interim Dividend](index=37&type=section&id=Interim%20Dividend) The Board does not recommend an interim dividend for the current period but has approved a final dividend of 0.49 HK cents per ordinary share for the previous financial year - The Board does not recommend the payment of an interim dividend for the current period[81](index=81&type=chunk) - A final dividend of **0.49 HK cents** per ordinary share for the previous financial year, amounting to **HK$2,330,000**, has been approved[81](index=81&type=chunk) [Publication of Interim Report](index=37&type=section&id=Publication%20of%20Interim%20Report) This interim report is printed in English and Chinese, available in electronic and printed forms, free for download on the company's website, and shareholders can request printed copies by mail - The interim report is printed in English and Chinese, available in both electronic and printed forms[82](index=82&type=chunk) - The electronic version is available for free download on the company's website www.manyue.com, and shareholders may request free printed copies[82](index=82&type=chunk) [Acknowledgement](index=37&type=section&id=Acknowledgement) The Board expresses its gratitude to all employees, customers, suppliers, banks, and shareholders for their support - The Board extends its sincere gratitude to all employees for their loyalty and contributions, and to customers, suppliers, banks, and shareholders for their continuous support[83](index=83&type=chunk)

2025 中期報告 | | 目錄 | | --- | --- | | 公司資料 | 02 | | 未經審核簡明綜合全面收益表 | 03 | | 未經審核簡明綜合財務狀況表 | 04 | | 未經審核簡明綜合權益變動表 | 05 | | 未經審核簡明綜合現金流量表 | 06 | | 未經審核簡明綜合財務資料附註 | 07 | | 管理層討論及分析 | 15 | | 中期股息 | 17 | | 企業管治及其他資料 | 18 | 公司資料 董事會 執行董事 梁振華先生 （行政總裁） 鄧自然先生 周啟超先生 非執行董事 翁國基先生 （主席） 李碧玫女士 獨立非執行董事 梁文釗先生 潘澤生先生 何志成先生 審核委員會 梁文釗先生 （主席） 翁國基先生 潘澤生先生 薪酬委員會 潘澤生先生 （主席） 翁國基先生 梁文釗先生 提名委員會 翁國基先生 （主席） 潘澤生先生 梁文釗先生 李碧玫女士 （於二零二五年六月十三日獲委任） 何志成先生 （於二零二五年六月十三日獲委任） 主要往來銀行 香港上海滙豐銀行有限公司 恒生銀行有限公司 公司秘書 李嘉文女士 ACG, HKACG 註冊辦事處 Windward 3, Regatta ...

Financial Performance - The group's revenue decreased by approximately RMB 205.3 million or 39.1% to about RMB 319.2 million for the six months ended June 30, 2025[13]. - Gross profit fell by approximately RMB 145.5 million or 37.1% to about RMB 246.3 million for the same period[13]. - EBITDA decreased by approximately RMB 69.7 million or 35.6% to about RMB 125.9 million for the six months ended June 30, 2025[13]. - Profit attributable to equity holders decreased by approximately RMB 50.5 million or 37.6% to about RMB 83.7 million for the same period[13]. - Revenue for the six months ended June 30, 2025, was RMB 319,223,000, a decrease of 39.1% compared to RMB 524,517,000 for the same period in 2024[104]. - Gross profit for the same period was RMB 246,297,000, down 37.0% from RMB 391,830,000 in 2024[104]. - Net profit for the period was RMB 83,674,000, representing a 37.6% decrease compared to RMB 134,196,000 in 2024[104]. - Basic and diluted earnings per share were RMB 11.32, down from RMB 18.15 in the prior year[104]. - The net cash flow from operating activities for the six months ended June 30, 2025, was RMB 28,409 thousand, a significant decline of 88.0% compared to RMB 237,783 thousand in 2024[114]. Dividend and Shareholder Information - The board does not recommend the declaration of any interim dividend for the six months ended June 30, 2025[13]. - The company declared a final dividend of HKD 0.5 per share for the six months ended June 30, 2025, totaling RMB 338,663,000, down from RMB 403,765,000 for the same period in 2024[126]. - As of June 30, 2025, the company had a total of 739,302,000 issued shares[91]. - Mr. Zeng Yong holds 516,013,700 shares, representing approximately 69.79% of the total issued shares[91]. - Ms. Jiang Peizhen holds 58,937,400 shares, accounting for 7.97% of the total issued shares[91]. - The family trust holds 453,025,800 shares, which is approximately 61.28% of the total issued shares[98]. Market and Product Information - The flagship product, Jinsongzi throat lozenges (OTC), accounted for approximately 90.6% of the total revenue as of June 30, 2025[25]. - The Jinsongzi throat treasure series products contributed about 8.9% to the total revenue as of June 30, 2025[29]. - Other products, including Ginkgo biloba tablets and the new Jinsongzi intestinal treasure, represented approximately 0.5% of total revenue as of June 30, 2025[30]. - The company aims to maintain its leading position in the throat lozenge market while increasing its market share in the pharmaceutical and food sectors in China[45]. - The company is responding to the growing global pharmaceutical market, driven by an aging population and increased health awareness, which is expected to boost demand for throat-related products[42]. Research and Development - The company has developed 35 new products since 1994, with 8 classified as pharmaceuticals and 21 as food products[32]. - The Jinsongzi complex probiotics lozenges, developed in collaboration with Beijing Agricultural University, utilize nine patented strains to enhance health benefits[32]. - The company is focusing on R&D to maintain competitive advantages in the probiotics market, which is currently dominated by imported brands[33]. - The new production and R&D base in Liuzhou, Guangxi, spans approximately 60,000 square meters, enhancing production efficiency and product quality[47]. - The second phase of the new base is expected to cover about 50,000 square meters, focusing on the development of health-related products and high-tech R&D teams[47]. Financial Position and Assets - The group's current assets net value was approximately RMB 748.8 million as of June 30, 2025, down from RMB 1,055.7 million as of December 31, 2024[64]. - Interest-bearing bank loans and other borrowings totaled approximately RMB 684.0 million as of June 30, 2025, an increase of about RMB 257.1 million or 60.2% from RMB 426.9 million as of December 31, 2024[66]. - The group's asset-liability ratio increased from approximately 29.1% on December 31, 2024, to about 56.6%[68]. - Total assets less current liabilities as of June 30, 2025, were RMB 1,258,447,000, a decrease from RMB 1,550,693,000 at the end of 2024[108]. - Cash and cash equivalents decreased to RMB 1,042,414,000 from RMB 1,130,628,000 at the end of 2024[107]. Operational Efficiency - Selling and distribution expenses were approximately RMB 119.4 million, a decrease of about RMB 64.8 million or 35.2% from RMB 184.2 million for the same period in 2024[58]. - The company has established a comprehensive distribution network covering all provinces, autonomous regions, and municipalities in China, with most revenue derived from sales to distributors[38]. - The online sales channels, including the Tmall flagship store, have been expanded to include new product lines, enhancing consumer access[39]. - The company has established partnerships with 11 promoters to enhance local market knowledge and product promotion[41]. Compliance and Governance - The audit committee reviewed the unaudited interim consolidated financial statements for the six months ending June 30, 2025, and found the existing risk management and internal control systems to be effective and adequate[88]. - The company confirmed that all directors complied with the standard code of conduct regarding securities trading for the six months ending June 30, 2025[85]. - The company did not purchase, sell, or redeem any of its listed securities during the six months ending June 30, 2025[86]. - No stock options were granted, exercised, canceled, or lapsed under the stock option plan since its adoption[97]. Future Outlook - The group plans to continue strengthening its leading position in the throat lozenge market and expand its market share in China's pharmaceutical and food sectors in the second half of 2025[78]. - The company has committed to invest approximately RMB 32.4 million in the second phase of a new pharmaceutical production and R&D base in Liuzhou, Guangxi Zhuang Autonomous Region[76].

（於中華人民共和國註冊成立的股份有限公司） (A joint stock company incorporated in the People's Republic of China with limited liability) 股份代號 Stock Code: 02520 2025 INTERIM REPORT 中期報告 中期報告 INTERIM REPORT 2025 目 錄 | | | 4 管理層討論與分析 21 其他資料 28 合併及公司資產負債表 30 合併及公司利潤表 33 合併及公司現金流量表 35 合併股東權益變動表 37 公司股東權益變動表 39 財務報表附註 248 釋義 公司資料 董事會 執行董事 任銳先生（董事長）（自2025年5月22日起） 張琰先生 王利民先生（董事長）（直至2025年5月22日） 非執行董事 徐官師先生 張宏杰先生 慕建偉先生 馮成先生 獨立非執行董事 王景明先生 吳秋生教授 單婥然女士 郭禾先生 審計委員會 吳秋生教授（主席） 馮成先生 王景明先生 薪酬與考核委員會 王景明先生（主席） 張琰先生 郭禾先生 提名委員會 任銳先生（主席） 王景明先生 單婥然女士（ ...

皇朝家居控股有限公司 二零二五年中期報告 公司資料 董事 執行董事 林如海先生 （主席兼首席執行官） 謝錦鵬先生 （聯席主席） （於二零二五年八月四日辭任） 非執行董事 吳中明先生 陶穎先生 姚景銘先生（於二零二五年二月十九日辭任） 楊瑩女士 顏偉壕先生（於二零二五年二月十九日 獲委任） 獨立非執行董事 劉智傑先生 余文耀先生 陳永德先生 審核委員會 余文耀先生 （主席） 劉智傑先生 陳永德先生 薪酬委員會 劉智傑先生 （主席） 余文耀先生 陳永德先生 提名委員會 劉智傑先生 （主席） 余文耀先生 陳永德先生 聯席公司秘書 鄭程傑先生 （於二零二五年四月十五日獲委任） 鍾裕華女士 （於二零二五年四月二十五日獲委任） 徐思禮先生（於二零二五年四月十五日辭任） 核數師 致同（香港）會計師事務所 有關香港法例的法律顧問 麥振興律師事務所 主要往來銀行 交通銀行股份有限公司香港分行 中國銀行 香港上海滙豐銀行有限公司 主要股份過戶登記處 Suntera (Cayman) Limited Suite 3204, Unit 2A Block 3, Building D P.O. Box 1586, Gardenia Co ...

天璽曜11有限公司 （股份代號：1010） （於百慕達註冊成立之有限公司） 中期報告 2025 INTERIM REPORT (Stock code: 1010) Sky Blue �� Company Limited 天璽曜��有限公司 INTERIM REPORT 2025 中期報告 目錄 2025 Sky Blue 11 Company Limited (Incorporated in Bermuda with limited liability) 1 天璽曜11有限公司 2 公司資料 3 管理層討論及分析 9 其他資料 13 簡明綜合中期損益表 14 簡明綜合中期全面收益表 15 簡明綜合中期財務狀況表 16 簡明綜合中期權益變動表 17 簡明綜合中期現金流量表 18 簡明綜合中期財務報表附註 公司資料 董事會 執行董事 李微娜女士 彭鎮城先生 張羽博士 附註1 獨立非執行董事 程晴女士 陳霆畧先生 附註2 王翔弘先生 宋冬林博士 附註1 董事會委員會 核數委員會 程晴女士 （主席） 陳霆畧先生 附註2 王翔弘先生 宋冬林博士 附註1 提名委員會 陳霆畧先生 （主席） 附註2 程晴女士 王翔弘先生 宋 ...

Financial Performance - For the six months ended June 30, 2025, the company reported sales of RMB 14,966,384, an increase of 15.4% compared to RMB 12,975,971 in the same period of 2024[8]. - Gross profit for the same period was RMB 4,058,018, reflecting a gross margin of 27.1%, down from 29.0% in 2024[8]. - Profit attributable to equity holders of the parent company was RMB 3,176,836, representing a year-on-year increase of 8.4% from RMB 2,931,028[8]. - Revenue for the six months ended June 30, 2025, was RMB 14,966,384 thousand, an increase of 15.4% compared to RMB 12,975,971 thousand for the same period in 2024[47]. - Gross profit for the same period was RMB 4,058,018 thousand, up 7.9% from RMB 3,761,469 thousand in 2024[47]. - Net profit for the six months ended June 30, 2025, reached RMB 3,176,836 thousand, representing a 8.4% increase from RMB 2,931,028 thousand in 2024[49]. - Basic and diluted earnings per share for the period were RMB 2.11, compared to RMB 1.95 in the previous year, reflecting a 8.2% increase[47]. Assets and Liabilities - The company's total assets increased to RMB 56,177,197, up from RMB 53,107,848 as of December 31, 2024[8]. - The equity attributable to the owners of the parent company was approximately RMB 36,959,881,000, an increase from RMB 35,852,895,000 at the end of the previous year[30]. - Total liabilities as of June 30, 2025, were RMB 18,801,843 thousand, compared to RMB 16,826,163 thousand at the end of 2024, indicating a 11.7% increase[50]. - The debt-to-equity ratio as of June 30, 2025, was approximately 39.8%[41]. - The total bank borrowings amounted to approximately RMB 8,161,280,000, with USD loans around RMB 1,529,399,000 and HKD loans approximately RMB 6,631,881,000[37]. Market Performance - The company anticipates continued growth potential in the domestic market, driven by government policies to stimulate domestic demand[12]. - The global apparel consumption demand showed signs of recovery, although uncertainties from U.S. tariff policies impacted market share in the U.S.[12]. - International sales accounted for 75.6% of total sales, with significant growth in the U.S. market, which saw a 35.8% increase to RMB 2,554,890,000[26]. - Sales of sports products reached approximately RMB 10,128,586,000, a 9.9% increase from RMB 9,212,546,000, driven by rising demand in Europe and the United States[23]. - Sales in the European market reached approximately RMB 3,028,824,000, an increase of about RMB 501,899,000 or 19.9% compared to the same period last year[27]. Operational Efficiency - The average collection period for accounts receivable increased to 77 days from 71 days, suggesting a slower collection process[8]. - The inventory turnover period remained stable at 115 days, slightly down from 116 days[8]. - The company is upgrading domestic production capacity through equipment updates and process optimization to enhance product quality and reduce labor costs[18]. - The company has acquired approximately 7 hectares of new land in Anhui for a new automated garment factory, aimed at improving production efficiency[18]. Cash Flow and Investments - Net cash generated from operating activities was approximately RMB 2,692,920,000, an increase of about RMB 383,344,000 compared to the same period last year[31]. - The net cash flow from investing activities was negative at RMB (3,179,077), compared to RMB (982,969) in 2024, indicating increased investment outflows[57]. - Capital expenditures for the six months ended June 30, 2025, totaled approximately RMB 1,533,639,000, with about 23% allocated for production equipment and 74% for new factory construction[39]. Corporate Governance - The board has adopted a corporate governance code and has complied with all code provisions during the reporting period[117]. - The audit committee consists of four independent non-executive directors, responsible for reviewing financial practices and internal controls[129]. - The company has implemented a securities trading code to ensure compliance with trading restrictions for directors and senior management[123]. Shareholder Information - The company declared an interim dividend of HKD 1.38 per share for the six months ending June 30, 2025, compared to HKD 1.25 per share for the same period last year[113]. - Major shareholder "Xie Rong" holds 636,806,950 shares, representing 42.36% of the company's issued share capital[110]. - Mr. Ma Jianrong holds 638,096,650 shares, representing 42.45% of the company's issued share capital[106].

Financial Performance - Revenue for the six months ended June 30, 2025, was HKD 144,711,000, a decrease of 3% compared to HKD 149,889,000 for the same period in 2024[8] - Operating profit increased to HKD 9,224,000, up 7% from HKD 8,617,000 year-over-year[8] - Net profit for the period was HKD 6,445,000, down 8.6% from HKD 7,049,000 in the previous year[8] - Basic and diluted earnings per share were HKD 1.40, compared to HKD 1.44 for the same period last year[8] - For the six months ended June 30, 2025, the total revenue was HKD 144,711,000, a decrease of 3.9% from HKD 149,889,000 in the same period of 2024[21] - The group reported a total segment profit of HKD 8,130,000 for the six months ended June 30, 2025, compared to HKD 8,916,000 for the same period in 2024, reflecting a decrease of 8.8%[24] - The group recorded a profit of approximately HKD 6.4 million for the six months ended June 30, 2025, representing a decrease of about 8.6% compared to the previous period[53] Revenue Breakdown - Supply chain management services revenue was HKD 69,103,000, down from HKD 73,210,000, representing a decline of 5.7%[21] - Market planning and sales revenue was HKD 75,608,000, slightly decreasing from HKD 76,679,000, a reduction of 1.4%[21] - Revenue from supply chain management services fell by about 5.6% from approximately HKD 73.2 million to HKD 69.1 million during the same period[49] - Revenue from marketing and sales services decreased by about 1.4% from approximately HKD 76.7 million to HKD 75.6 million, attributed to more conservative consumer spending patterns[49] Assets and Liabilities - Total assets decreased to HKD 134,485,000 from HKD 219,829,000, reflecting a significant reduction in current assets[9] - Current liabilities decreased to HKD 76,423,000 from HKD 165,182,000, indicating improved liquidity management[9] - Cash and cash equivalents at the end of the period were HKD 39,469,000, down from HKD 48,904,000 at the end of 2024[14] - Trade receivables decreased to HKD 63,907,000 as of June 30, 2025, down 34.8% from HKD 98,120,000 as of December 31, 2024[39] - Trade payables significantly decreased to HKD 15,110,000 as of June 30, 2025, from HKD 101,536,000 as of December 31, 2024, reflecting a reduction of 85.1%[41] - The group’s net current assets were approximately HKD 58.1 million as of June 30, 2025, compared to about HKD 54.6 million at the end of 2024[56] - The group maintained a debt-to-asset ratio of 0.00 as of June 30, 2025, indicating no bank borrowings[57] - The group had no bank borrowings as of June 30, 2025, compared to HKD 1,000,000 as of December 31, 2024[63] Expenses and Cost Management - The group incurred total other expenses of HKD 7,086,000, down from HKD 8,149,000 in the previous year, indicating a reduction of 13.1%[30] - Employee benefits expenses increased to approximately HKD 31.1 million from HKD 30.4 million year-on-year[50] - Other expenses decreased by about 13.0% to approximately HKD 7.1 million, primarily due to reduced general office and administrative costs[51] - The company plans to focus on cost management and operational efficiency to improve profitability in the upcoming quarters[19] Dividends and Shareholder Information - The company declared a special dividend of HKD 0.02 per share, totaling approximately HKD 10,037,000, consistent with the previous year[33] - The company plans to pay an interim dividend of HKD 0.01 per share, totaling approximately HKD 5,018,000, for the six months ended June 30, 2025[34] - Major shareholders include Best Matrix Global Limited with 143,796,000 shares (28.65%), Leader Speed Limited with 76,060,000 shares (15.16%), and Orange Blossom International Limited with 82,088,000 shares (16.36%)[68] - The total equity held by directors and their associates includes 97,200,000 shares (19.37%) held by Mr. Yang and 147,764,000 shares (29.44%) held by Mr. Li[66] Corporate Governance and Compliance - The group has complied with the corporate governance code, except for the deviation regarding the separation of the roles of Chairman and CEO, which is held by Mr. Yang, a co-founder[74] - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited interim results for the six months ending June 30, 2025[75] - The board believes that the current structure of experienced and capable members, including three independent non-executive directors, ensures a balance of power and authority[74] Strategic Initiatives - The company established a wholly-owned subsidiary for marketing and sales in 2023, enhancing its supply chain management and distribution solutions[44] - The group has established two e-commerce stores to enhance sales channels and reduce inventory turnover days[46] - The group expanded cold chain logistics services for a major fast-food chain operating over 250 outlets in Hong Kong, showcasing its capabilities in this area[47] - The group has no significant acquisitions or disposals as of June 30, 2025[61] Taxation - For the six months ended June 30, 2025, the total income tax expense was HKD 1,215,000, a decrease of 10.6% from HKD 1,359,000 for the same period in 2024[31] - The deferred tax expense increased to HKD 704,000 for the six months ended June 30, 2025, compared to HKD 239,000 for the same period in 2024[31] Risk Management - The group will continue to monitor foreign exchange risks and consider hedging significant foreign currency risks as necessary[58]