1 | 經選定財務比率 | | | | --- | --- | --- | | | 截至六月三十日止六個月 | | | | 二零二五年 | 二零二四年 | | | （概約） | （概約） | | 毛利率 | 12.1% | 10.3% | | 淨虧損率(1) | (5.7%) | (17.8%) | | | 於 | 於 | | | 二零二五年 | 二零二四年 | | | 六月三十日 | 十二月三十一日 | | | （概約） | （概約） | | 流動比率 （倍） | 1.0 | 1.0 | | 資本負債比率(2) | 33.4% | 33.7% | | 總資產回報(3) | (2.1%) | (8.9%) | | 總權益回報(3) | (6.9%) | (26.5%) | | (1) | 按期內虧損除以收入計算。 | | | (2) | 按計息銀行及其他借款以及應付承兌票據總和除以總資產計算。 | | | (3) | 按期內虧損除以總資產或總權益之平均餘額計算。 | | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而 引致的任何損失承擔任何責任。 IGG Inc（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈本公司及其附屬公司截至 二零二五年六月三十日止六個月未經審計業績。本公告列載本公司二零二五年中期 報告全文，並符合香港聯合交易所有限公司（「聯交所」）證券上市規則中有關中期業 績初步公告附載的資料之相關要求。 本業績公告的中英文版本可在本公司網站(www.igg.com)和聯交所網站(www.hkex.com.hk) 查閱。 本公司二零二五年中期報告將於適當時候刊載於本公司網站(www.igg.com)及聯交所 網站(www.hkex.com.hk)並寄發予本公司股東。 承董事會命 IGG INC 主席 蔡宗建 香港，二零二五年八月二十七日 IGG INC （於開曼群島註冊成立的有限公司） （股份代號：799） 截至二零二五年六月三十日止六個月的 中期業績公告 於本公告日期，董事會包括五名執行董事，即蔡宗建先生、許元先生、張竑先生、 沈 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 Feiyu Technology International Company Ltd. 飛魚科技國際有限公司 （於 開 曼 群 島 註 冊 成 立 之 有 限 公 司） （股 份 代 號：1022） 截至二零二五年六月三十日止六個月的 中期業績公告 董事會欣然宣佈本集團截至二零二五年六月三十日止六個月的未經審核綜合 中期業績（「中期業績」），連 同 二 零 二 四 年 同 期 的 比 較 數 字。 財務表現摘要 | 截至六月三十日止六個月 | | --- | | 二零二五年 | 二零二四年 | 變 | 動% | 幣 | （人 | 幣 | 元） | （人 | 千 | 千 | 民 | 民 | 元） | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | -- ...

| – | 額 | 額 | 784.8 | 140.0 | 130.7 | 年 | 元） | 用 | 514.1 | 日 | 淨 | 金 | 至2024 | 動 | 月31 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 港 | 未 | 項 | 訂 | 萬 | 款 | 修 | 的 | 12 | 百 | | | | | | | | | | | | | | | | | 得 | 經 | 截 | （ | 所 | | | | | | | | | | | | | | | | | | | | | | 項 | 訂 | 比 | 46% | 5% | 5% | 56% | 6% | 款 | 修 | 分 | | | | | | | | | | | | | | | | 得 | 經 | 百 | 所 | 額 | | | | | | | | | ...

[Financial Summary](index=1&type=section&id=Financial%20Summary) Pan-Asia Environmental Group reported a decline in revenue, gross profit, and profit attributable to owners for the six months ended June 30, 2025 Financial Summary for the Six Months Ended June 30 | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 113,340 | 115,410 | -2% | | Gross Profit | 15,316 | 17,855 | -14% | | Profit for the Period Attributable to Owners of the Company | 4,718 | 6,389 | -26% | | Earnings Per Share (RMB cents) | 0.48 | 0.66 | -27% | [Condensed Consolidated Financial Statements](index=2&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents the Group's condensed consolidated financial statements, showing declines in income and profit, with a slight increase in total equity [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) The Group's revenue and gross profit declined, with profit for the period decreasing by 33.1% due to the absence of certain gains and losses from the prior year Key Data from Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 113,340 | 115,410 | -2% | | Cost of Sales | (98,024) | (97,555) | 0.5% | | Gross Profit | 15,316 | 17,855 | -14.2% | | Net Other Income | 1,264 | 3,040 | -58.4% | | Net Other Gains | 2,193 | 889 | 146.7% | | Impairment Loss on Cryptocurrencies | – | (6,988) | N/A | | Fair Value Gain on Financial Liabilities at Fair Value Through Profit or Loss | – | 7,609 | N/A | | Finance Costs | (160) | (845) | -81.1% | | Profit Before Tax | 8,931 | 11,954 | -25.3% | | Income Tax Expense | (4,213) | (4,896) | -14.0% | | Profit for the Period | 4,718 | 7,058 | -33.1% | | Profit for the Period Attributable to Owners of the Company | 4,718 | 6,389 | -26.2% | | Basic and Diluted Earnings Per Share (RMB cents) | 0.48 | 0.66 | -27.3% | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group saw decreases in non-current assets and current liabilities, a slight increase in net current assets, and stable cash balances Key Data from Condensed Consolidated Statement of Financial Position | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current Assets | 2,409 | 6,129 | -60.6% | | Current Assets | 1,301,651 | 1,309,769 | -0.6% | | Current Liabilities | 132,617 | 149,999 | -11.6% | | Net Current Assets | 1,169,034 | 1,159,770 | 0.8% | | Total Assets Less Current Liabilities | 1,171,443 | 1,165,899 | 0.5% | | Non-current Liabilities | 332 | 1,017 | -67.3% | | Net Assets | 1,171,111 | 1,164,882 | 0.5% | | Total Equity | 1,171,111 | 1,164,882 | 0.5% | | Cash and Bank Balances | 1,264,950 | 1,256,898 | 0.6% | [Notes to the Condensed Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section details the basis of preparation, significant accounting judgments, revenue, segment reporting, and other key financial statement items for the Group's operations [1. General Information](index=6&type=section&id=1.%20General%20Information) Pan-Asia Environmental Group Limited, incorporated in the Cayman Islands and listed on the Stock Exchange, focuses on environmental products, engineering, and investment holding - The company is incorporated in the Cayman Islands, with shares listed on the Stock Exchange[7](index=7&type=chunk) - The Group primarily engages in the sale of environmental protection products and equipment, environmental construction engineering services in China, and investment holding[8](index=8&type=chunk) [2. Basis of Preparation](index=6&type=section&id=2.%20Basis%20of%20Preparation) The condensed consolidated financial statements are prepared in RMB under HKAS 34 and Listing Rules, with consistent accounting policies and no significant impact from new standards [2(a) Statement of Compliance](index=6&type=section&id=2(a)%20Statement%20of%20Compliance) The condensed consolidated financial statements are prepared in RMB, adhering to HKAS 34 and the Stock Exchange Listing Rules' disclosure requirements - The condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 and the Listing Rules of the Stock Exchange[9](index=9&type=chunk) - The Group's functional currency is HKD, but the condensed consolidated financial statements are presented in RMB, as most transactions are denominated in RMB[9](index=9&type=chunk) [2(b) Significant Accounting Policies Information](index=6&type=section&id=2(b)%20Significant%20Accounting%20Policies%20Information) Accounting policies are consistent with 2024, and newly adopted or issued standards are not expected to significantly impact the Group's financial position or performance - Accounting policies are consistent with the 2024 annual consolidated financial statements, and revised standards effective January 1, 2025, have been adopted with no significant impact expected[10](index=10&type=chunk)[11](index=11&type=chunk) - New and revised standards issued but not yet effective (e.g., HKFRS 9, 18, 19) are not expected to have a significant impact on the Group's financial position and performance[12](index=12&type=chunk)[13](index=13&type=chunk) [3. Significant Accounting Judgments and Key Sources of Estimation Uncertainty](index=7&type=section&id=3.%20Significant%20Accounting%20Judgments%20and%20Key%20Sources%20of%20Estimation%20Uncertainty) This section outlines significant accounting judgments and estimation uncertainties, including impairment, warranty, income tax, and withholding tax, based on historical data and economic forecasts [3(a) Key Sources of Estimation Uncertainty](index=7&type=section&id=3(a)%20Key%20Sources%20of%20Estimation%20Uncertainty) Impairment estimates for trade receivables and contract assets involve judgment based on credit loss experience and economic forecasts, with no warranty provisions due to supplier coverage - Impairment estimates for trade receivables and contract assets are based on expected credit losses, requiring estimation and judgment, considering past experience and economic conditions[14](index=14&type=chunk)[15](index=15&type=chunk) - The Group has not made provisions for product warranties on environmental protection products and equipment due to supplier warranties and insignificant recent claims experience[16](index=16&type=chunk) [3(b) Significant Accounting Judgments Made in Applying the Group's Accounting Policies](index=8&type=section&id=3(b)%20Significant%20Accounting%20Judgments%20Made%20in%20Applying%20the%20Group's%20Accounting%20Policies) Significant accounting judgments include income tax provisions, assessing final tax determinations, and withholding tax on Chinese subsidiaries' distributable profits, where dividend distribution is deemed unlikely - Income tax provisions involve significant judgment regarding final tax determinations due to transaction and calculation complexities, leading to uncertainty[18](index=18&type=chunk) - The Group judges that the likelihood of its Chinese subsidiaries distributing dividends in the foreseeable future is extremely low, thus no provision for withholding tax on dividend distribution has been made[19](index=19&type=chunk) [4. Revenue and Segment Reporting](index=9&type=section&id=4.%20Revenue%20and%20Segment%20Reporting) This section details revenue sources and segment reporting, with revenue primarily from environmental products and equipment sales, and all segments located in China [4(a) Revenue](index=9&type=section&id=4(a)%20Revenue) Group revenue, excluding sales taxes, is entirely from goods sales, specifically water treatment and flue gas treatment products, with no environmental engineering service revenue Revenue Disaggregation from Contracts with Customers | Type of Goods or Services | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Water Treatment Products and Equipment | 84,270 | 84,920 | | Flue Gas Treatment Products and Equipment | 29,070 | 30,490 | | **Total** | **113,340** | **115,410** | | Timing of Revenue Recognition (at a point in time) | 113,340 | 115,410 | [4(b) Segment Reporting](index=9&type=section&id=4(b)%20Segment%20Reporting) The Group manages two China-based segments, environmental products and engineering, assessing performance via Adjusted EBITDA, with only the product segment generating revenue - The Group's operating and reportable segments are classified as (i) environmental protection products and equipment and (ii) environmental construction engineering services, all located in China[23](index=23&type=chunk) - Segment profit is assessed using the **Adjusted EBITDA** method, representing earnings before interest, tax, depreciation, and amortization, adjusted for items not allocated to individual segments[25](index=25&type=chunk) Reportable Segment Revenue and Profit (Adjusted EBITDA) | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Environmental Protection Products and Equipment Segment Revenue | 113,340 | 115,410 | | Environmental Construction Engineering Services Segment Revenue | – | – | | **Total Reportable Segment Revenue** | **113,340** | **115,410** | | Environmental Protection Products and Equipment Segment Profit (Adjusted EBITDA) | 18,627 | 17,941 | | Environmental Construction Engineering Services Segment Profit (Adjusted EBITDA) | – | – | - Revenue from external customers is entirely derived from China[29](index=29&type=chunk)[30](index=30&type=chunk) [5. Net Other Income](index=12&type=section&id=5.%20Net%20Other%20Income) Net other income significantly decreased by 58.4% to RMB 1,264 thousand, mainly due to the absence of agency fees and distributed storage solution income Details of Net Other Income | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Bank Interest Income | 1,264 | 1,257 | 0.6% | | Agency Fee Income | – | 1,708 | -100% | | Net Income from Providing Distributed Disaster Recovery Storage Solutions | – | 75 | -100% | | **Total** | **1,264** | **3,040** | -58.4% | [6. Profit Before Tax](index=12&type=section&id=6.%20Profit%20Before%20Tax) Profit before tax decreased by 25.3% to RMB 8,931 thousand, influenced by significantly lower finance costs and the absence of prior-year cryptocurrency and financial liability fair value items Major Items Affecting Profit Before Tax | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Finance Costs | 160 | 845 | -81.1% | | Cost of Inventories | 98,024 | 97,555 | 0.5% | | Depreciation | 1,734 | 369 | 370% | | Net Impairment Loss on Trade Receivables | (1,662) | (976) | 70.3% | | Net Impairment Loss on Contract Assets | (955) | 85 | N/A | | Impairment Loss on Cryptocurrencies | – | 6,988 | N/A | | Fair Value Gain on Financial Liabilities at Fair Value Through Profit or Loss | – | (7,609) | N/A | [7. Income Tax Expense](index=13&type=section&id=7.%20Income%20Tax%20Expense) Income tax expense decreased by 14% to RMB 4,213 thousand, with China corporate income tax at 25% and a 10% withholding tax on Chinese subsidiaries' profit distributions Details of Income Tax Expense | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Current Period Provision | 3,205 | 4,674 | -31.5% | | Deferred Tax | 1,008 | 222 | 354.1% | | **Total** | **4,213** | **4,896** | -14.0% | - China corporate income tax is calculated at a **25%** rate, and Chinese subsidiaries distributing profits to overseas shareholders are subject to a **10%** withholding tax[33](index=33&type=chunk)[34](index=34&type=chunk) [8. Earnings Per Share](index=13&type=section&id=8.%20Earnings%20Per%20Share) Basic and diluted earnings per share decreased by 27.3% to RMB 0.48 cents, with no difference between basic and diluted due to the absence of dilutive shares Earnings Per Share Calculation Data | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Profit for the Period Attributable to Owners of the Company | 4,718 | 6,389 | | Weighted Average Number of Ordinary Shares | 990,000,000 | 972,479,784 | - Diluted earnings per share are the same as basic earnings per share, as there were no potentially dilutive ordinary shares outstanding in both the current and prior periods[37](index=37&type=chunk) [9. Dividends](index=14&type=section&id=9.%20Dividends) The Board does not recommend an interim dividend for the six months ended June 30, 2025, to conserve capital for business development - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 (2024: nil), to reserve capital for the Group's business development[38](index=38&type=chunk) [10. Right-of-Use Assets and Property, Plant and Equipment](index=14&type=section&id=10.%20Right-of-Use%20Assets%20and%20Property%2C%20Plant%20and%20Equipment) The Group had no new right-of-use assets or property, plant and equipment acquisitions in the current period, unlike the prior year - For the six months ended June 30, 2025, the Group had no additions to right-of-use assets or acquisitions of property, plant and equipment[39](index=39&type=chunk) - For the six months ended June 30, 2024, the Group added approximately **RMB 977 thousand** in right-of-use assets and approximately **RMB 201 thousand** in property, plant and equipment[39](index=39&type=chunk) [11. Trade and Other Receivables](index=14&type=section&id=11.%20Trade%20and%20Other%20Receivables) Total trade and other receivables decreased by 30.5% to RMB 36,701 thousand, driven by lower net trade receivables, while contract assets slightly increased Details of Trade and Other Receivables | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Net Trade Receivables | 9,532 | 26,186 | -63.6% | | Net Contract Assets | 26,989 | 26,367 | 2.4% | | Prepayments and Deposits | 169 | 307 | -45.0% | | Other Recoverable Taxes | 11 | 11 | 0% | | **Total** | **36,701** | **52,871** | -30.5% | - The Group generally grants trade customers credit terms of **0 to 180 days** and monitors overdue amounts[40](index=40&type=chunk)[41](index=41&type=chunk) [12. Trade and Other Payables](index=15&type=section&id=12.%20Trade%20and%20Other%20Payables) Total trade and other payables decreased by 7.2% to RMB 130,582 thousand, with a notable decrease in trade payables and an increase in amounts due to the controlling party Details of Trade and Other Payables | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Trade Payables | 40,243 | 56,013 | -28.1% | | Accruals and Other Payables | 13,829 | 12,250 | 12.9% | | Amounts Due to the Company's Direct and Ultimate Controlling Party | 76,510 | 72,454 | 5.6% | | **Total** | **130,582** | **140,717** | -7.2% | - Amounts due to the company's direct and ultimate controlling party, Praise Fortune Limited, are unsecured, interest-free, and repayable on demand[42](index=42&type=chunk) [13. Share Capital](index=16&type=section&id=13.%20Share%20Capital) As of June 30, 2025, issued share capital was 990,000 thousand shares, including new shares issued in 2024 to capitalize RMB 11,806 thousand in debt Changes in Share Capital | Item | Number of Shares (thousand shares) | Amount (RMB thousands) | | :--- | :--- | :--- | | As at December 31, 2023 and January 1, 2024 | 928,679 | 86,149 | | Issue of New Shares (February 22, 2024) | 61,321 | 5,569 | | As at December 31, 2024 and June 30, 2025 | 990,000 | 91,718 | - On February 22, 2024, the company settled **RMB 11,806 thousand** in debt by issuing **61,320,755** ordinary shares[44](index=44&type=chunk) [Management Discussion and Analysis](index=17&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews China's environmental industry trends, the Group's financial performance decline due to product sales, and future strategies focusing on AI integration and national alignment for growth [Industry and Business Review](index=17&type=section&id=Industry%20and%20Business%20Review) China's environmental industry is integrating green and digital technologies with AI, making smart solutions mandatory; the Group has four projects totaling RMB 82.3 million expected by year-end - China's environmental protection industry is guided by "high-quality development" and "new productive forces" strategies, deeply integrating green and digital technologies[45](index=45&type=chunk) - The deep integration of Artificial Intelligence (AI) technology with environmental engineering has become a core competency, with smart water platforms and AI energy-saving control systems being mandatory requirements for project bidding[45](index=45&type=chunk) - As of June 30, 2025, the Group has four projects on hand with a total engineering value of **RMB 82.3 million** yet to be completed, expected by the end of 2025[46](index=46&type=chunk) [Financial Review](index=17&type=section&id=Financial%20Review) Total revenue decreased by 1.8% to RMB 113.3 million, gross profit fell by 14.2% to RMB 15.3 million, and profit attributable to owners decreased by 26.2% to RMB 4.7 million Summary of Financial Review for H1 2025 | Metric | H1 2025 (RMB millions) | H1 2024 (RMB millions) | Change (%) | | :--- | :--- | :--- | :--- | | Total Revenue | 113.3 | 115.4 | -1.8% | | Gross Profit | 15.3 | 17.855 | -14.2% | | Gross Profit Margin | 13.5% | 15.5% | -2.0pp | | Profit Attributable to Owners of the Company | 4.7 | 6.4 | -26.2% | | Basic and Diluted Earnings Per Share (RMB cents) | 0.48 | 0.66 | -27.3% | - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025, to reserve capital for the Group's business development[48](index=48&type=chunk) [Outlook](index=18&type=section&id=Outlook) The Group anticipates new opportunities from AI, digitalization, and green transformation, focusing on AI-empowered core business, diversified investments, and national alignment for sustained growth - The global economy is evolving driven by AI, digitalization, and green transformation, bringing opportunities for industrial upgrading and business model innovation[49](index=49&type=chunk) - The Group will focus on deepening its core business (leveraging AI empowerment), expanding diversified layouts (investing in the "AI+" industry chain), strengthening synergistic cooperation, and aligning with national plans to achieve sustained business growth and value enhancement[50](index=50&type=chunk)[51](index=51&type=chunk) [Exposure to Exchange Rate Fluctuations](index=19&type=section&id=Exposure%20to%20Exchange%20Rate%20Fluctuations) The Group's transactions, liabilities, and bank deposits are primarily in RMB and HKD, with no foreign currency hedging instruments held as of June 30, 2025 - The vast majority of the Group's operating transactions and liabilities are denominated in RMB and HKD, with bank deposits also primarily in RMB and HKD[53](index=53&type=chunk) - As of June 30, 2025, the Group held no foreign currency bank liabilities, foreign exchange contracts, interest or currency swaps, or other financial derivative instruments for hedging purposes[53](index=53&type=chunk) [Capital Commitments and Contingent Liabilities](index=19&type=section&id=Capital%20Commitments%20and%20Contingent%20Liabilities) As of June 30, 2025, the Group had no capital expenditure commitments and believes its product warranty liabilities are not significant due to supplier coverage - As of June 30, 2025, the Group had no capital expenditure commitments for the acquisition of property, plant and equipment[54](index=54&type=chunk) - The Group provides product warranty services to customers (six months to two years) and benefits from supplier warranty services, with Directors believing period-end warranty liabilities are not significant[54](index=54&type=chunk) [Pledge of Assets](index=19&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, the Group had no pledge of assets, consistent with the prior year-end - As of June 30, 2025, the Group had no pledge of assets[55](index=55&type=chunk) [Other Information](index=20&type=section&id=Other%20Information) This section covers employee relations, listed securities transactions, audit committee review, corporate governance practices, and interim results publication, noting a deviation in board meeting frequency [Relationship with Employees and Key Stakeholders](index=20&type=section&id=Relationship%20with%20Employees%20and%20Key%20Stakeholders) The Group employed 90 employees, with total staff costs of RMB 6.5 million, and maintains good employee relations through competitive remuneration and training - As of June 30, 2025, the Group employed **90 employees**[56](index=56&type=chunk) Total Staff Costs | Period | Total Staff Costs (RMB thousands) | | :--- | :--- | | For the six months ended June 30, 2025 | 6,500 | | For the six months ended June 30, 2024 | 9,900 | [Purchase, Sale or Redemption of the Company's Listed Securities](index=20&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) Neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities during the six months ended June 30, 2025 - 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[57](index=57&type=chunk) [Audit Committee Review](index=20&type=section&id=Audit%20Committee%20Review) The Audit Committee, composed of three independent non-executive directors, reviewed the Group's interim results and is responsible for financial reporting and internal controls - The Audit Committee, comprising three independent non-executive directors, has reviewed the Group's interim results and report for the six months ended June 30, 2025[58](index=58&type=chunk) [Corporate Governance](index=20&type=section&id=Corporate%20Governance) The Board is committed to high corporate governance, with a deviation from the code regarding board meeting frequency, but directors confirm compliance with securities dealing rules [At Least Four Regular Board Meetings Annually](index=20&type=section&id=At%20Least%20Four%20Regular%20Board%20Meetings%20Annually) The company deviates from Code Provision C.5.1 by holding only two board meetings annually, citing no quarterly results publication as the reason - The company has not complied with Corporate Governance Code Provision C.5.1, holding only two board meetings annually instead of at least four, as it does not publish quarterly results[59](index=59&type=chunk)[60](index=60&type=chunk) [Directors' Securities Transactions](index=21&type=section&id=Directors'%20Securities%20Transactions) The company adopted a strict securities dealing code, which directors confirmed compliance with, and no employees with inside information breached it - The company has adopted a strict code for securities dealing, which Directors confirmed compliance with during the period[61](index=61&type=chunk) - The code also applies to all employees who may possess inside information, and to the company's knowledge, no employees have breached it[61](index=61&type=chunk) [Publication of Interim Results and Interim Report](index=21&type=section&id=Publication%20of%20Interim%20Results%20and%20Interim%20Report) The interim results announcement is published on HKEX and company websites, with the full interim report to be despatched to shareholders and published online - The interim results announcement has been published on the websites of Hong Kong Exchanges and Clearing Limited and the company, and the interim report will be despatched to shareholders and published on the aforementioned websites in due course[62](index=62&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何 損失承擔任何責任。 Qingci Games Inc. 青瓷游戲有限公司 （於開曼群島註冊成立的有限公司） （股份代號：6633） 截 至 2025 年 6 月 3 0 日止六個月之 中期業績公告 青 瓷 遊 戲 有限公司董事會欣然宣佈本集團截至2025年6月30日止六個月的未經審核 綜合財務業績，連同截至2024年6月30日止六個月的比較數字，呈列如下。 本集團截至2025年6月30日止六個月的中期業績已由審核委員會及本公司獨立核數 師 香 港 立 信 德 豪 會 計 師 事 務 所 有 限 公 司 根 據 國 際 審 計 及 保 證 準 則 委 員 會 刊 發 的《國 際審閱準則第2410號》「實 體 的 獨 立 核 數 師 對 中 期 財 務 資 料 的 審 閱」審 閱。 財務摘要 截 至6月30日止六個月 | | 2025年 | 2024年 | 變 動 | | --- | --- | --- | --- | | | ...

公司簡介 主席兼執行董事 林向紅女士 執行董事 惠理成立於一九九三年，是亞洲具影響力的獨立資產管理公司之一，為全球機構和個人客戶提供世界級 的投資服務和產品。惠理於亞洲以及環球市場一直堅持價值投資原則，旗下的投資策略覆蓋股票、固定 收益、另類投資、多元資產及量化投資。集團總部位於香港，主要業務遍布香港、上海及新加坡。 惠理於二零零七年十一月成為首家在香港聯合交易所（股份代號：806 HK）主板上巿的資產管理公司。 | 目錄 | 公司資料 | 2 | | --- | --- | --- | | | 財務摘要 | 3 | | | 管理層討論及分析 | 4 | | | 財務回顧 | 9 | | | 獨立審閱報告 | 15 | | | 中期簡明合併財務資料 | 16 | | | 中期簡明合併財務資料附註 | 20 | | | 其他資料 | 42 | 本中期報告之中英文內容如有歧異，概以英文版本為準。 1 惠理集團有限公司 二零二五年中期報告 公司資料 董事會 李謙先生 吳祝花女士 榮譽主席兼非執行董事 拿督斯里謝清海 獨立非執行董事 陳世達博士 李惟宏先生 黃寶榮先生 公司秘書 張廣志先生 授權代表 張廣志先生 吳祝 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 PACIFIC ONLINE LIMITED 太平洋網絡有限公司 （於開曼群島註冊成立之有限公司） （股份代號：543） 截至二零二五年六月三十日止六個月 中期業績公告 太平洋網絡有限公司（「本公司」）董事會（「董事會」）宣佈本公司及其附屬公司（統稱為「本 集團」）截至二零二五年六月三十日止六個月的未經審核簡明綜合業績，連同上一年度相 應期間的比較數字如下： 簡明綜合中期收益表 截至二零二五年六月三十日止六個月 | | | 未經審核 | | | --- | --- | --- | --- | | | | 截至六月三十日止六個月 | | | | | 二零二五年 | 二零二四年 | | | 附註 | 人民幣千元 | 人民幣千元 | | 收入 | 4 | 272,860 | 276,378 | | 收入成本 | | (192,464) | (170,936) | | 毛利 | | 80,396 | 105,4 ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 之 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任。 香港科技探索有限公司 Hong Kong Technology Venture Company Limited （股份代號：1137） （根據公司條例於香港註冊成立之有限公司） 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 之 中 期 業 績 集 團 財 務 摘 要 香 港 電 子 商 貿 業 務 摘 要 新 探 索 及 科 技 業 務 摘 要 – 1 – 1. 二 零 二 五 年 對 香 港 零 售 業 而 言 仍 然 是 充 滿 挑 戰 的 一 年。本 集 團 香 港 電 子 商 貿 業 務採取審慎策略，以降低對銷售表現的影響，並提升成本效益，儘管面臨不利條件， 但 本 集 團 香 港 電 子 商 貿 ...

[Company Information and Announcements](index=1&type=section&id=Company%20Information%20and%20Announcements) This section provides an overview of the company's identity and its interim results announcement [Company Overview](index=1&type=section&id=Company%20Overview) This section introduces Tan Chong International Limited, its Bermuda incorporation, and its stock code 693 on the Hong Kong Stock Exchange - Company Name: **Tan Chong International Limited** - Place of Incorporation: **Bermuda** - Stock Code: **693** [Interim Results Announcement](index=1&type=section&id=Interim%20Results%20Announcement) This announcement presents the unaudited interim results of Tan Chong International Limited and its subsidiaries for the six months ended June 30, 2025 - Announcement Content: Unaudited consolidated interim results for the six months ended June 30, 2025[3](index=3&type=chunk) [Consolidated Financial Statements](index=1&type=section&id=Consolidated%20Financial%20Statements) This section presents the company's consolidated financial performance and position for the interim period [Consolidated Statement of Profit or Loss](index=1&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) This statement reports key financial metrics including revenue, cost of sales, gross profit, operating profit, profit before tax, and profit for the period, showing significant profit growth compared to 2024 Consolidated Statement of Profit or Loss Key Data (For the six months ended June 30) | Indicator | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 6,507,897 | 6,589,126 | -1.23% | | Cost of sales | (5,280,452) | (5,287,082) | -0.13% | | Gross profit | 1,227,445 | 1,302,044 | -5.73% | | Operating profit | 329,768 | 242,711 | +35.86% | | Profit before tax | 234,270 | 140,133 | +67.18% | | Profit for the period | 107,713 | 28,018 | +284.44% | | Attributable to equity holders of the Company | 11,683 | (35,904) | N/A | | Basic and diluted earnings/(loss) per share (HK Cents) | 0.58 | (1.78) | N/A | [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This statement discloses profit for the period and other comprehensive income, including revaluation of defined benefit plans, fair value changes in equity investments, and foreign currency translation differences, showing a shift from loss to profit in total comprehensive income Consolidated Statement of Profit or Loss and Other Comprehensive Income Key Data (For the six months ended June 30) | Indicator | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | Profit for the period | 107,713 | 28,018 | +284.44% | | Net change in fair value reserve (non-recyclable) | (37,153) | 261,887 | N/A | | Exchange differences on translation of financial statements of overseas subsidiaries | 716,249 | (498,131) | N/A | | Other comprehensive income for the period | 684,736 | (218,175) | N/A | | Total comprehensive income for the period | 792,449 | (190,157) | N/A | | Attributable to equity holders of the Company | 589,615 | (133,125) | N/A | [Consolidated Statement of Financial Position](index=3&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) This statement provides the assets, liabilities, and equity as of June 30, 2025, and December 31, 2024, detailing the composition and changes in non-current assets, current assets, current liabilities, non-current liabilities, and total equity, indicating an increase in net assets Consolidated Statement of Financial Position Key Data (As of June 30) | Indicator | June 30, 2025 (HKD Thousand) | December 31, 2024 (HKD Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current assets | 15,447,489 | 14,400,824 | +7.27% | | Current assets | 9,611,228 | 9,279,428 | +3.57% | | Current liabilities | 8,636,242 | 7,713,866 | +11.96% | | Net current assets | 974,986 | 1,565,562 | -37.73% | | Non-current liabilities | 3,588,305 | 3,797,682 | -5.51% | | Net assets | 12,834,170 | 12,168,704 | +5.47% | | Total equity attributable to equity holders of the Company | 11,532,534 | 11,052,672 | +4.34% | [Notes to the Financial Statements](index=5&type=section&id=Notes%20to%20the%20Financial%20Statements) This section provides detailed explanations and breakdowns of the figures presented in the consolidated financial statements [Basis of Preparation and Changes in Accounting Policies](index=5&type=section&id=Basis%20of%20Preparation%20and%20Changes%20in%20Accounting%20Policies) This section outlines that the interim financial report is prepared in accordance with HKEX Listing Rules and IAS 34, noting the application of IAS 21 (Revised) with no significant impact on the report - Basis of Preparation: Hong Kong Stock Exchange Listing Rules and International Accounting Standard 34 "Interim Financial Reporting"[7](index=7&type=chunk) - Accounting Policies: Consistent with those adopted in the 2024 annual financial statements, except for changes expected to be reflected in the 2025 annual financial statements[7](index=7&type=chunk) - Changes in Accounting Policies: Application of IAS 21 (Revised), "The Effects of Changes in Foreign Exchange Rates – Lack of Exchangeability," issued by IASB, which has no significant impact on this report[8](index=8&type=chunk) [Revenue and Segment Reporting](index=6&type=section&id=Revenue%20and%20Segment%20Reporting) This section details the group's revenue classification by major product/service lines and customer geographical markets, provides performance data for each reportable segment, and reconciles segment profit or loss to consolidated profit before tax - Revenue Definition: Sales value of goods sold, services provided to customers, rental income, interest income from loans and advances, management service fees, agency commissions and fees, and warranty income[10](index=10&type=chunk) - Primary Revenue Sources: **Services provided** (HKD **4,374,302 thousand**) and **sales of goods** (HKD **1,616,714 thousand**)[10](index=10&type=chunk) - Primary Geographical Market: **Japan** (HKD **4,167,682 thousand**)[10](index=10&type=chunk) - Segment EBITDA: **Transportation business** contributed the most, at HKD **416,402 thousand**[13](index=13&type=chunk) [Revenue Classification](index=6&type=section&id=Revenue%20Classification) Revenue is classified by major product or service lines (e.g., sales of goods, services provided, agency commissions) and customer geographical markets (e.g., Singapore, China, Japan), showing various income sources and regional contributions Revenue Classification (For the six months ended June 30) | Revenue Source | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Sales of goods | 1,616,714 | 1,961,688 | -17.59% | | Services provided | 4,374,302 | 4,117,640 | +6.23% | | Agency commissions and fees | 25,672 | 19,257 | +33.31% | | Warranty income | 1,620 | 1,079 | +50.14% | | Fixed rental income from investment properties | 67,399 | 62,230 | +8.31% | | Interest income from loans and advances | 237,987 | 229,025 | +3.91% | | Motor vehicle rental income | 184,203 | 198,207 | -7.07% | | **Total Revenue** | **6,507,897** | **6,589,126** | **-1.23%** | Revenue by Customer Geographical Market (For the six months ended June 30) | Geographical Market | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Singapore | 1,109,908 | 1,082,869 | +2.50% | | People's Republic of China | 187,228 | 280,248 | -33.19% | | Thailand | 225,597 | 162,074 | +39.20% | | Japan | 4,167,682 | 3,870,477 | +7.68% | | Taiwan | 336,782 | 472,820 | -28.78% | | Other regions | 480,700 | 720,638 | -33.30% | | **Total Revenue** | **6,507,897** | **6,589,126** | **-1.23%** | [Segment Results](index=7&type=section&id=Segment%20Results) This section provides revenue and EBITDA for reportable segments including motor vehicle distribution, heavy commercial and industrial equipment, property rental and development, transportation, and other businesses, highlighting the contribution of each segment, with transportation business having the largest EBITDA Segment Results (For the six months ended June 30) | Segment | 2025 Revenue (HKD Thousand) | 2024 Revenue (HKD Thousand) | 2025 EBITDA (HKD Thousand) | 2024 EBITDA (HKD Thousand) | | :--- | :--- | :--- | :--- | :--- | | Motor vehicle distribution and dealership business | 1,678,097 | 1,968,761 | (87,886) | (30,462) | | Heavy commercial vehicle and industrial equipment distribution and dealership business | 59,218 | 63,178 | 5,331 | 1,041 | | Property rental and development | 58,870 | 55,654 | 86,326 | 43,932 | | Transportation business | 4,167,682 | 3,870,477 | 416,402 | 340,343 | | Other businesses | 544,030 | 631,056 | 253,461 | 228,639 | | **Total** | **6,507,897** | **6,589,126** | **673,634** | **583,493** | [Reconciliation of Reportable Segment Profit or Loss](index=8&type=section&id=Reconciliation%20of%20Reportable%20Segment%20Profit%20or%20Loss) This section reconciles the total EBITDA of each segment with depreciation and amortization, interest income, finance costs, and share of profit of associates, to arrive at the consolidated profit before tax Reconciliation of Segment Profit or Loss (For the six months ended June 30) | Indicator | 2025 (HKD Thousand) | 2024 (HKD Thousand) | | :--- | :--- | :--- | | Total segment EBITDA | 673,634 | 583,493 | | Depreciation and amortization | (356,653) | (354,693) | | Interest income | 12,787 | 13,911 | | Finance costs | (96,042) | (103,172) | | Share of profit of associates | 544 | 594 | | **Consolidated profit before tax** | **234,270** | **140,133** | [Profit Before Tax](index=8&type=section&id=Profit%20Before%20Tax) This section discloses the components of profit before tax, including finance costs, depreciation, amortization of intangible assets, dividend income, and gain on disposal of property, plant and equipment Profit Before Tax Components (For the six months ended June 30) | Item | 2025 (HKD Thousand) | 2024 (HKD Thousand) | | :--- | :--- | :--- | | Finance costs | 96,042 | 103,172 | | Depreciation - owner-occupied property, plant and equipment | 198,774 | 202,003 | | Depreciation - right-of-use assets | 146,074 | 142,510 | | Amortization of intangible assets | 11,805 | 10,180 | | Dividend income | (38,373) | (29,597) | | Gain on disposal of property, plant and equipment | (5,817) | (2,735) | [Income Tax Expense](index=8&type=section&id=Income%20Tax%20Expense) This section analyzes the distribution of income tax expense by region (Hong Kong, Singapore, other regions) and explains the group's applicable weighted average tax rates Income Tax Expense (For the six months ended June 30) | Region | 2025 (HKD Thousand) | 2024 (HKD Thousand) | | :--- | :--- | :--- | | Hong Kong | 784 | 318 | | Singapore | 22,478 | 29,472 | | Other regions | 103,295 | 82,325 | | **Total** | **126,557** | **112,115** | - The Group's applicable tax rates primarily range between **16.5% and 31.52%**[16](index=16&type=chunk) [Dividends](index=8&type=section&id=Dividends) This section discloses the interim dividend declared for the six months ended June 30, 2025, at HKD 0.02 per ordinary share, totaling HKD 40,266,000, consistent with the prior year Interim Dividends Declared (For the six months ended June 30) | Indicator | 2025 (HKD Thousand) | 2024 (HKD Thousand) | | :--- | :--- | :--- | | Dividend per ordinary share | 0.02 HKD | 0.02 HKD | | Total dividend | 40,266 | 40,266 | [Earnings/(Loss) Per Share](index=9&type=section&id=Earnings%2F(Loss)%20Per%20Share) This section explains the calculation of basic earnings per share, based on profit attributable to equity holders and the number of ordinary shares outstanding, noting that diluted earnings per share is the same as basic due to no dilutive securities - **Basic earnings per share** for 2025: **0.58 HK Cents** (based on profit of HKD 11,683,000)[18](index=18&type=chunk) - **Basic loss per share** for 2024: **(1.78) HK Cents** (based on loss of HKD 35,904,000)[18](index=18&type=chunk) - Number of ordinary shares outstanding: **2,013,309,000 shares**[18](index=18&type=chunk) - Diluted earnings/(loss) per share is the same as basic earnings/(loss) per share, as there were no dilutive securities issued during the period[18](index=18&type=chunk) [Investments Accounted for at Fair Value Through Other Comprehensive Income](index=9&type=section&id=Investments%20Accounted%20for%20at%20Fair%20Value%20Through%20Other%20Comprehensive%20Income) This section discloses the group's investments accounted for at fair value through other comprehensive income, primarily comprising listed and unlisted equity securities outside Hong Kong, with the strategic investment in Subaru Corporation recording an unrealized loss this period Investments Accounted for at Fair Value Through Other Comprehensive Income (As of June 30) | Investment Type | June 30, 2025 (HKD Thousand) | December 31, 2024 (HKD Thousand) | | :--- | :--- | :--- | | Listed equity securities outside Hong Kong | 1,607,299 | 1,641,277 | | Unlisted equity securities | 7,545 | 6,828 | | **Total** | **1,614,844** | **1,648,105** | - Investment in **Subaru Corporation**: **HKD 1,563,661 thousand** (as of June 30, 2025), representing **1.5%** of issued shares and **6.2%** of the Group's total assets at cost[20](index=20&type=chunk) - A fair value **loss of HKD 35,622 thousand** was recognized in the first half of 2025, compared to a **gain of HKD 257,442 thousand** in the same period of 2024[20](index=20&type=chunk) [Trade Receivables](index=10&type=section&id=Trade%20Receivables) This section provides an aging analysis of trade receivables as of the reporting date, showing amounts across different aging bands, and notes the Group's credit period ranges from 7 days to 6 months Aging Analysis of Trade Receivables (As of June 30) | Aging | June 30, 2025 (HKD Thousand) | December 31, 2024 (HKD Thousand) | | :--- | :--- | :--- | | 0 to 30 days | 984,713 | 741,504 | | 31 to 90 days | 172,728 | 189,297 | | Over 90 days | 13,145 | 17,589 | | **Total** | **1,170,586** | **948,390** | - The Group's permitted credit period ranges from **7 days to 6 months**[22](index=22&type=chunk) [Trade Payables](index=10&type=section&id=Trade%20Payables) This section provides an aging analysis of trade payables as of the reporting date, showing amounts across different aging bands Aging Analysis of Trade Payables (As of June 30) | Aging | June 30, 2025 (HKD Thousand) | December 31, 2024 (HKD Thousand) | | :--- | :--- | :--- | | 0 to 30 days | 726,455 | 581,726 | | 31 to 90 days | 204,599 | 121,246 | | 91 to 180 days | 58,566 | 42,118 | | Over 180 days | 111,441 | 99,326 | | **Total** | **1,101,061** | **844,416** | [Share-based Payments](index=10&type=section&id=Share-based%20Payments) This section details the Group's two share compensation schemes (2015 and 2022 Schemes), including their operation, grant terms, point movements, fair value assumptions, and related expenses [2015 Scheme](index=10&type=section&id=2015%20Scheme) This section describes the 2015 share compensation scheme, managed by an independent trustee, which awards share points based on performance to eligible directors, senior executives, and auditors, disclosing total points granted and fair value estimates - Scheme Nature: A performance-based share compensation scheme managed by a trustee independent of the Group[24](index=24&type=chunk) - Points Granted: As of June 30, 2025, selected participants were granted a total of **475,520 points**[26](index=26&type=chunk) - Point Movement: Unconverted points at period-end were **185,000 points** for both 2025 and 2024[28](index=28&type=chunk) - Fair Value Estimation: Using the Black-Scholes model, the fair value of points on July 1, 2024, was **JPY 1,636**[30](index=30&type=chunk) - Expense: For the six months ended June 30, 2025, the Group recognized a net share-based equity-settled payment expense of **HKD 130,000** related to the 2015 Scheme[31](index=31&type=chunk) [2022 Scheme](index=12&type=section&id=2022%20Scheme) This section describes the 2022 share compensation scheme, also managed by an independent trustee, which awards share points to eligible directors and employees, with some convertible to cash, disclosing total points granted, movements, and fair value estimates - Scheme Nature: A performance-based share compensation scheme managed by a trustee independent of the Group, with some points convertible to cash at prevailing market prices[32](index=32&type=chunk) - Points Granted: As of June 30, 2025, a total of **105,200 points** were granted for the equity-settled portion, and **25,300 points** for the cash-settled portion[33](index=33&type=chunk) - Point Movement: Unconverted cash-settled points at period-end were **19,300 points** for both 2025 and 2024[35](index=35&type=chunk) - Fair Value Estimation: Using the Black-Scholes model, the fair value of points on October 1, 2024, was **JPY 1,948**[37](index=37&type=chunk) - Expense: For the six months ended June 30, 2025, net equity-settled expense was **HKD 1,736,000**, and net cash-settled expense was **HKD 683,000**[38](index=38&type=chunk) [Management Review and Outlook](index=14&type=section&id=Management%20Review%20and%20Outlook) This section provides management's analysis of the company's performance during the period and its strategic outlook for the future [Interim Dividend Declaration and Register of Members](index=14&type=section&id=Interim%20Dividend%20Declaration%20and%20Register%20of%20Members) The Board declared an interim ordinary dividend of HKD 0.02 per share, totaling HKD 40,266,000, and announced the payment date and closure period for the register of members - Interim Dividend: **HKD 0.02 per share**, totaling **HKD 40,266,000**[39](index=39&type=chunk) - Payment Date: **September 24, 2025**[39](index=39&type=chunk) - Register of Members Closed: From **September 11, 2025, to September 12, 2025**[40](index=40&type=chunk) [Performance Overview](index=14&type=section&id=Performance%20Overview) The Group's revenue slightly declined by 1% in H1 2025, but profit after tax surged by 284%, EBITDA rose by 15%, and operating profit margin improved to 5.1%, driven by stringent cost control and operational efficiency, with improved net gearing and net asset value per share - Revenue: **HKD 6.51 billion**, a slight **1% decline** compared to the same period in 2024[41](index=41&type=chunk) - Profit After Tax: **HKD 107.7 million**, a significant **284% increase** from HKD 28 million in the same period of 2024[41](index=41&type=chunk) - EBITDA: Increased by **15%** to **HKD 673.6 million** in the first half of 2025[41](index=41&type=chunk) - Operating Profit Margin: Improved to **5.1%** (3.7% in the same period of 2024)[41](index=41&type=chunk) - Cost Control: **Administrative expenses decreased by 11%**, and **distribution costs decreased by 29%** (excluding ZERO and ETHOZ Group)[41](index=41&type=chunk) - Net Gearing Ratio: **49.3%** (as of June 30, 2025)[42](index=42&type=chunk) - Net Asset Value Per Share: **HKD 6.37** (as of June 30, 2025), an increase from HKD 6.04 at the end of December 2024[44](index=44&type=chunk) [Significant Investments](index=15&type=section&id=Significant%20Investments) As of June 30, 2025, the Group held HKD 1.61 billion in fair value investments, primarily strategic listed and unlisted equity securities, recording an unrealized loss of HKD 37 million this period, compared to a gain of HKD 262 million in the prior year - Total Fair Value Investments: **HKD 1.61 billion** (as of June 30, 2025)[46](index=46&type=chunk) - Investment Composition: Primarily **equity securities listed on the Tokyo Stock Exchange**, representing strategic investments accumulated over many years[46](index=46&type=chunk) - Unrealized Fair Value Change: A **loss of HKD 37 million** was recorded in the first half of 2025, compared to a **gain of HKD 262 million** in the same period of 2024[46](index=46&type=chunk) [Regional Market Performance](index=15&type=section&id=Regional%20Market%20Performance) This section provides a detailed review of the Group's business performance in key regional markets including Singapore, China, Taiwan, Philippines, Malaysia, Thailand, Vietnam, Cambodia, and Japan, covering sales, challenges, and strategic plans for brands like Nissan, Subaru, ETHOZ, and ZERO [Singapore Market](index=15&type=section&id=Singapore%20Market) Singapore's TIV grew by 28%, but Nissan passenger and commercial vehicle sales declined due to reduced emission scheme incentives; Subaru business achieved a significant 181% growth, outperforming the market, with plans to launch new hybrid models - Total Industry Volume (TIV): Increased by **28%** in the first half of 2025 (**29%** for passenger vehicles, **22%** for commercial vehicles)[47](index=47&type=chunk) - Nissan Passenger Vehicle Sales: **Decreased by 26%** year-on-year, primarily due to reduced incentives for A2-category passenger vehicles under the Vehicle Emissions Scheme (VES)[48](index=48&type=chunk) - Nissan Commercial Van Sales: **Decreased by 8%** year-on-year, affected by the cancellation of Commercial Vehicle Emissions Scheme (CVES) incentives and the termination of the early turnover scheme[48](index=48&type=chunk) - Nissan Outlook: New Townstar EV and upgraded Serena e-POWER are expected to launch in the second half, aiming for growth in both commercial and passenger vehicle markets[49](index=49&type=chunk) - Subaru Business: Achieved **181% growth** in the first half of 2025, outperforming the TIV growth for the same period[50](index=50&type=chunk) - Subaru Outlook: The new **Forester E-Boxer** strong hybrid vehicle is expected to launch in the second half of 2025[50](index=50&type=chunk) [ETHOZ Group](index=16&type=section&id=ETHOZ%20Group) ETHOZ Group's total revenue declined by 2.4% in the first half, mainly due to reduced vehicle leasing and sales, but net profit grew by 10% driven by increased interest income. The Group remains optimistic about the full-year outlook and confident in its core business's long-term potential - Total Revenue: **Decreased by 2.4%** to **HKD 445.4 million** compared to the same period in 2024[51](index=51&type=chunk) - Net Profit: **Increased by 10%** compared to the same period in 2024[51](index=51&type=chunk) - Reason for Revenue Decline: Primarily due to **reduced vehicle leasing income and vehicle sales**, offset by an **increase in interest income**[51](index=51&type=chunk) - Outlook: Remains **optimistic about the full-year outlook**, relying on the strength and resilience of its core businesses for growth[51](index=51&type=chunk) [China Market](index=16&type=section&id=China%20Market) Hong Kong Subaru sales declined by 13% but market share increased; mainland China Subaru dealership sales dropped by 43% amid fierce competition, yet the Group is optimistic about the new Forester launch in the second half - Hong Kong Subaru Business: Sales **decreased by 13%** in the first half of 2025 compared to the same period in 2024, but successfully **increased Subaru's market share** (TIV decreased by 23% in the same period)[52](index=52&type=chunk) - Mainland China Subaru Dealership Business: Sales **decreased by 43%** in the first half of 2025 compared to the same period in 2024, continuously facing intense brand competition[52](index=52&type=chunk) - Outlook: The Group remains **optimistic about the launch of the new Forester** in the second half for both Hong Kong and mainland China markets[52](index=52&type=chunk) [Taiwan and Philippines Markets](index=16&type=section&id=Taiwan%20and%20Philippines%20Markets) Taiwan Subaru sales declined by 36% due to trade tariffs, economic confidence, and aging models; Philippines Subaru sales dropped by 64% due to NEV tax incentives and new market entrants. Both markets anticipate improved performance in the second half with the new Forester E-Boxer - Taiwan Subaru Business: Sales **decreased by 36%** in the first half of 2025 compared to the same period in 2024, affected by uncertain US trade tariff situation, declining economic confidence, and an aging model lineup[53](index=53&type=chunk) - Philippines Subaru Business: Sales **decreased by 64%** in the first half of 2025 compared to the same period in 2024, impacted by new brands entering the market attracted by New Energy Vehicle (NEV) tax incentives[53](index=53&type=chunk) - Outlook: Both Taiwan and Philippines markets anticipate improved prospects in the second half with the launch of the new **Forester E-Boxer** strong hybrid[53](index=53&type=chunk) - Philippines: Committed to continuous improvement and expansion of its dealership network, opening a **Subaru Pampanga dealership** in Angeles City, Luzon, in June 2025[53](index=53&type=chunk) [Malaysia, Thailand, Vietnam, and Cambodia Markets](index=16&type=section&id=Malaysia%2C%20Thailand%2C%20Vietnam%2C%20and%20Cambodia%20Markets) The Group is transitioning these markets from Completely Knocked Down (CKD) to Completely Built Up (CBU) imports from Japan. Malaysia and Vietnam Subaru sales declined, Thailand Subaru sales grew by 100%, and Cambodia sales were flat but market share increased. All markets are optimistic or cautiously optimistic about the CBU launch of the new Forester - Strategic Transformation: The Group is transitioning markets like Malaysia, Thailand, Vietnam, and Cambodia from Completely Knocked Down (CKD) to Completely Built Up (CBU) imports from Japan[54](index=54&type=chunk) - Malaysia Subaru: Sales **decreased by 37%** in the first half of 2025 compared to the same period in 2024, affected by market normalization, US trade tariffs, and petrol subsidy adjustments[54](index=54&type=chunk) - Thailand Subaru: Achieved a strong **100% year-on-year sales growth** in the first half of 2025, despite TIV recovery being impacted by high household debt levels[55](index=55&type=chunk) - Vietnam Subaru: Sales **decreased by 40%** in the first half of 2025 compared to the same period in 2024, with a slow start[55](index=55&type=chunk) - Cambodia Subaru: Recorded **zero growth** in the first half of 2025, but successfully **increased Subaru's market share** (TIV decreased by 20% in the same period)[55](index=55&type=chunk) - Outlook: All markets will formally advance the CBU transition with the launch of the new Forester, maintaining an **optimistic or cautiously optimistic outlook** for the second half[54](index=54&type=chunk)[55](index=55&type=chunk) [Japan Market (ZERO Group)](index=17&type=section&id=Japan%20Market%20(ZERO%20Group)) ZERO Group's first-half revenue grew by 8% to HKD 4.2 billion, with net profit after tax up 36%, driven by expanded domestic automotive and HR businesses, a one-off compensation, and improved used car export profitability. The Group will continue to optimize its business structure and cost control to sustain profitability - Revenue: Recorded an **8% increase** in revenue to **HKD 4.2 billion** in the first half of 2025[56](index=56&type=chunk) - Net Profit After Tax: **Increased by 36%** in the first half of 2025 compared to the same period last year[56](index=56&type=chunk) - Reasons for Growth: Primarily benefited from the **expansion of domestic automotive-related businesses and human resources businesses**, a **one-off compensation** received for the Kawasaki Integrated Logistics Center fire, and **improved profitability in used car export business**[56](index=56&type=chunk) - Outlook: ZERO Group will continue to **optimize its vehicle transportation business structure**, implement measures to **enhance efficiency**, drive **gross profit-focused sales activities**, **streamline business processes**, and **reduce operating costs** to maintain profitability[56](index=56&type=chunk) [Hire Purchase and Financing Business](index=17&type=section&id=Hire%20Purchase%20and%20Financing%20Business) The Group provides hire purchase, finance lease, and commercial loan services, primarily to SMEs. This section details net receivables, customer distribution, aging analysis, loan terms, and stringent risk management and impairment assessment policies for various loan types [Business Types and Customer Distribution](index=17&type=section&id=Business%20Types%20and%20Customer%20Distribution) The Group's hire purchase and finance lease businesses primarily involve motor vehicles, office automation, and IT equipment across Singapore, China, and Malaysia, with HKD 2.7 billion in net receivables, mainly from SMEs. Commercial loans total HKD 3.2 billion, predominantly secured, provided to Singaporean clients - Net Hire Purchase and Finance Lease Receivables: **HKD 2.7 billion**, representing **45%** of total loans and advances[58](index=58&type=chunk) - Hire Purchase and Finance Lease Customer Distribution: **Singapore 11%, China 87%, Malaysia 2%**, totaling **7,845 customers**, of which **96% are SMEs**[58](index=58&type=chunk) - Total Commercial Loans: **HKD 3.2 billion**, representing **55%** of total loans and advances, provided to only **561 Singaporean customers**[59](index=59&type=chunk) - Commercial Loan Type: **97% are secured commercial loans**[59](index=59&type=chunk) [Key Loan Approval Terms](index=18&type=section&id=Key%20Loan%20Approval%20Terms) Hire purchase and finance lease terms range from 1 to 8 years with annual interest rates of 2.48% to 12%; commercial loan credit periods are 1 to 3 years with annual interest rates of 6% to 9% - Hire Purchase and Finance Lease Term: Ranging from **1 to 8 years**, with annual interest rates from **2.48% to 12%**[60](index=60&type=chunk) - Commercial Loan Credit Period: **1 to 3 years**, with annual interest rates from **6% to 9%**[61](index=61&type=chunk) [Risk Management Policy](index=18&type=section&id=Risk%20Management%20Policy) The Group has established comprehensive risk management policies to identify, analyze, and control credit risk, encompassing stringent credit approval processes (e.g., KYC, AML, qualitative and quantitative assessments) and credit monitoring measures (e.g., regular loan portfolio reviews, customer follow-ups) - Risk Management Objective: To identify and analyze risks faced by the Group, establish appropriate risk limits and control measures, and monitor risks and compliance with these limits[62](index=62&type=chunk) - Credit Approval: Conducts screening checks ("Know Your Customer," "Anti-Money Laundering," and "Countering the Financing of Terrorism") and submits credit proposals for review by the Credit Risk Department[63](index=63&type=chunk) - Assessment Factors: The credit approval team considers both **quantitative** (balance sheet assessment, profit and loss assessment, financial ratio assessment, etc.) and **qualitative** (business model/operating model, management team/owner profile, and risk appetite, etc.) factors[65](index=65&type=chunk) - Credit Enhancement: Specifically for commercial loan businesses, credit enhancement is obtained through corporate guarantees/personal guarantees/vendor buy-back guarantees and/or property collateral[65](index=65&type=chunk) - Credit Monitoring: Regular review of loan portfolios, with the Credit Management Department responsible for customer follow-ups, including daily calls, review of auto-debit rejection cases, monthly collection rate report reviews, and site visits[68](index=68&type=chunk)[72](index=72&type=chunk) [Loan Impairment Policy and Assessment](index=19&type=section&id=Loan%20Impairment%20Policy%20and%20Assessment) The Group regularly assesses financial assets for credit impairment, recognizing impairment when adverse events affect future cash flows. Impairment assessment involves reviewing non-performing and outstanding loans, with a provision of HKD 50.4 million made for loans and advances and finance leases - Impairment Assessment: At each reporting date, the Group assesses whether financial assets carried at amortized cost have experienced credit impairment[69](index=69&type=chunk) - Evidence of Credit Impairment: Includes significant financial difficulty of the borrower, default (e.g., overdue for more than 90 days), the Group restructuring the loan, or the borrower likely entering bankruptcy[72](index=72&type=chunk) - Impairment Provision: As of June 30, 2025, an impairment provision of **HKD 50.4 million** has been made for loans and advances and finance leases[70](index=70&type=chunk) - Bad Debt Write-offs: Bad debt write-offs were **less than 0.1%** in the first half of 2025[70](index=70&type=chunk) [Outlook](index=19&type=section&id=Outlook) The Group anticipates a continuously complex and volatile global economic environment, and will continue to strengthen cost control and operational efficiency. ETHOZ Group's independent listing plan has been postponed, but the Group remains confident in its fundamentals and long-term growth potential, aiming for sustainable growth with prudence and discipline - Global Economic Outlook: The global economic environment is expected to remain **complex and volatile**, with geopolitical tensions and market fluctuations continuously impacting operating conditions[71](index=71&type=chunk) - Group Strategy: Will enter the second half of 2025 with a **robust and resilient stance**, having implemented various measures to **strengthen cost control and enhance operational efficiency**[71](index=71&type=chunk) - ETHOZ Group Independent Listing: Following a comprehensive market assessment, the Group has decided to **postpone the advancement of this plan**, prioritizing timing and value creation[71](index=71&type=chunk) - Group Confidence: With years of experience in navigating economic cycles, the Group remains **confident in its ability to adapt to market changes** and consistently achieve sustainable long-term performance[71](index=71&type=chunk) [Other Information](index=20&type=section&id=Other%20Information) This section covers additional corporate governance details, including share transactions, audit committee review, corporate governance code compliance, and board composition [Purchase, Sale or Redemption of the Company's Listed Securities](index=20&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) During the period, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities, and as of June 30, 2025, the Company held no treasury shares - During the period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[73](index=73&type=chunk) - As of June 30, 2025, the Company held no treasury shares[73](index=73&type=chunk) [Audit Committee](index=20&type=section&id=Audit%20Committee) The Audit Committee, in conjunction with management, has reviewed the Group's unaudited consolidated interim financial report for the six months ended June 30, 2025 - The Audit Committee, together with management, has reviewed the Group's unaudited consolidated interim financial report for the six months ended June 30, 2025[74](index=74&type=chunk) [Corporate Governance Code](index=20&type=section&id=Corporate%20Governance%20Code) The Board found no information indicating any breach of the Corporate Governance Code under Appendix C1 of the HKEX Listing Rules. Non-executive and independent non-executive directors have no fixed terms but are subject to retirement by rotation and re-election, with emphasis on the Chairman's role in leadership continuity and decision execution - The Company's Directors are not aware of any information that might indicate a breach of the Corporate Governance Code as set out in Appendix C1 of the HKEX Listing Rules at any time during the six months ended June 30, 2025[75](index=75&type=chunk) - The Company's non-executive and independent non-executive Directors do not have specific terms of appointment but are subject to retirement by rotation and re-election at the Company's annual general meeting in accordance with the Company's Bye-laws[75](index=75&type=chunk) - The Board believes that the current structure facilitates **strong leadership continuity**, enabling the Group to execute decisions quickly and effectively[75](index=75&type=chunk) [Board Directive and List of Directors](index=20&type=section&id=Board%20Directive%20and%20List%20of%20Directors) The announcement was issued by Ms. Sun Shu Fa, Finance Director, on behalf of the Board, and lists the executive and independent non-executive directors as of the announcement date - The announcement was issued by **Ms. Sun Shu Fa, Finance Director**, on behalf of the Board[76](index=76&type=chunk) - Executive Directors include **Mr. Glenn Tan Eng Soon, Mr. Tan Keng Leong, Mr. Tan Keng Loke, Ms. Sun Shu Fa, Ms. Tan Siew Ling, and Mr. Lee Sze Yick**[76](index=76&type=chunk) - Independent Non-executive Directors include **Mr. Ng Kim Tuck, Mr. Azman Bin Badrillah, Mr. Prechaya Ebrahim, Mr. Teo Ek Kee, and Mr. Tay Ka Chye**[76](index=76&type=chunk)