內幕消息 截至2025年6月30日止季度 未經審計財務業績 本公告乃根據香港聯合交易所有限公司（「香港聯交所」）證券上市規則第13.09條 及證券及期貨條例（第571章）第XIVA部刊發。 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。 Zhihu Inc. （於開曼群島註冊成立以不同投票權控制的有限責任公司） （紐交所代號：ZH；聯交所代號：2390） 知乎（「本公司」）欣然宣佈本公司及其附屬公司及綜合聯屬實體截至2025年6月 30日止三個月的未經審計簡明合併業績。 本公司欣然宣佈，根據美國證券交易委員會（「美國證監會」）適用規則刊發的本公 司及其附屬公司及綜合聯屬實體截至2025年6月30日止三個月的未經審計簡明合 併業績（「第二季度業績」）。 第二季度業績乃根據美國公認會計準則（有別於國際財務報告準則）編製。 本公告附表I為本公司於2025年8月27日（美國東部時間）就第二季度業績刊發的新 聞稿全文，其中部分內容可能構成本公司的重大內幕消息。 ...

龍記集團控股有限公司 Lung Kee Group Holdings Limited 2025中期報告 2025 Interim Report Lung Kee Group Holdings Limited 龍記集團控股有限公司 目錄 | 簡明綜合財務報表審閱報告 | 2 | | --- | --- | | 簡明綜合損益及其他全面收益表 | 4 | | 簡明綜合財務狀況表 | 5 | | 簡明綜合權益變動表 | 7 | | 簡明綜合現金流量表 | 8 | | 簡明綜合財務報表附註 | 9 | | 管理層討論與分析 | 21 | | 其他資料 | 24 | 1 2025 中期報告 簡明綜合財務報表審閱報告 致：龍記集團控股有限公司 （於百慕達註冊成立之有限公司） 董事會 引言 本核數師已審閱龍記集團控股有限公司（「公司」）及其附屬公司載於第4至20頁之簡明綜合 財務報表，其中包括於二零二五年六月三十日之簡明綜合財務狀況表與截至該日止六個 月期間之相關簡明綜合損益及其他全面收益表、簡明綜合權益變動表和簡明綜合現金流 量表及綜合財務報表的附註。香港聯合交易所有限公司證券上市規則規定，就中期財務 資料編製之報告必須符 ...

[Disclaimer](index=1&type=section&id=Disclaimer) Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited are not responsible for the accuracy or completeness of this announcement - Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited disclaim responsibility for the accuracy or completeness of this announcement [1](index=1&type=chunk) [Financial Highlights](index=1&type=section&id=Financial%20Highlights) The company reported significant revenue and profit growth for the six months ended June 30, 2025, with a notable increase in earnings per share Financial Highlights for the Six Months Ended June 30, 2025 | Indicator | June 30, 2025 (HK$ thousand) | June 30, 2024 (HK$ thousand) | Change (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 131,400 | 84,800 | 46,600 | 54.9% | | Gross Profit | 7,900 | 5,900 | 2,000 | 34.3% | | Profit and Total Comprehensive Income | 3,700 | 1,700 | 2,000 | 121.2% | | Basic and Diluted Earnings Per Share | 0.92 HK cents | 0.42 HK cents | 0.50 HK cents | 119.0% | - Revenue significantly increased primarily due to a rise in both larger public projects (with revenue of **HK$10.0 million** or more) and smaller projects (with revenue between **HK$1.0 million** and **HK$5.0 million**) [2](index=2&type=chunk) - Gross profit margin decreased from approximately **6.9%** to approximately **6.0%**, mainly due to a slight increase in service costs from increased subcontracting costs for two major public projects completed at period-end [3](index=3&type=chunk) - The Board does not recommend an interim dividend for the six months ended June 30, 2025 [4](index=4&type=chunk) [Unaudited Condensed Consolidated Financial Statements](index=2&type=section&id=Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements, including the statement of profit or loss, financial position, changes in equity, and cash flows [Unaudited Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the company saw significant growth in revenue and gross profit, leading to a substantial increase in profit and total comprehensive income, with a corresponding rise in earnings per share Unaudited Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Revenue | 131,357 | 84,794 | | Cost of Services | (123,499) | (78,942) | | **Gross Profit** | **7,858** | **5,852** | | Other Income, Gains and Losses | 859 | 811 | | Administrative Expenses | (4,825) | (4,539) | | Finance Costs | (30) | (32) | | **Profit Before Income Tax** | **3,862** | **2,092** | | Income Tax Expense | (166) | (421) | | **Profit and Total Comprehensive Income for the Period Attributable to Owners of the Company** | **3,696** | **1,671** | | Basic and Diluted Earnings Per Share | 0.92 HK cents | 0.42 HK cents | [Unaudited Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, non-current assets significantly increased due to a rise in bonds receivable, while net current assets and total assets less current liabilities also grew, indicating a robust net asset position Unaudited Condensed Consolidated Statement of Financial Position (As of June 30, 2025) | Indicator | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | **Non-current Assets** | | | | Property, Plant and Equipment | 6,209 | 8,256 | | Bonds Receivable | 40,000 | – | | **Total Non-current Assets** | **46,209** | **8,256** | | **Current Assets** | | | | Trade and Other Receivables | 5,234 | 25,341 | | Contract Assets | 22,626 | 13,860 | | Current Tax Recoverable | 1,001 | 1,095 | | Cash and Bank Balances | 70,411 | 63,365 | | **Total Current Assets** | **99,272** | **103,661** | | **Current Liabilities** | | | | Trade and Other Payables | 17,071 | 24,753 | | Contract Liabilities | 1,038 | 3,136 | | Lease Liabilities | 638 | 843 | | **Total Current Liabilities** | **18,747** | **28,732** | | **Net Current Assets** | **80,525** | **74,929** | | **Total Assets Less Current Liabilities** | **126,734** | **83,185** | | **Non-current Liabilities** | | | | Lease Liabilities | 53 | 272 | | Long Service Payment Obligations | 293 | 293 | | Deferred Tax Liabilities | 867 | 795 | | Bonds | 40,000 | – | | **Total Non-current Liabilities** | **41,213** | **1,360** | | **Net Assets** | **85,521** | **81,825** | | **Equity** | | | | Share Capital | 4,000 | 4,000 | | Reserves | 81,521 | 77,825 | | **Equity Attributable to Owners of the Company** | **85,521** | **81,825** | [Unaudited Condensed Consolidated Statement of Changes in Equity](index=4&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, the company's total equity increased due to the profit and total comprehensive income for the period, while share capital remained unchanged Unaudited Condensed Consolidated Statement of Changes in Equity (For the six months ended June 30) | | Share Capital (HK$ thousand) | Share Premium (HK$ thousand) | Capital Reserve (HK$ thousand) | Retained Earnings (HK$ thousand) | Total (HK$ thousand) | | :--- | :--- | :--- | :--- | :--- | :--- | | As at January 1, 2024 (Audited) | 4,000 | 50,084 | 1 | 88,995 | 143,080 | | Dividends Paid | – | – | – | (70,000) | (70,000) | | Profit and Total Comprehensive Income for the Period | – | – | – | 1,671 | 1,671 | | **As at June 30, 2024 (Unaudited)** | **4,000** | **50,084** | **1** | **20,666** | **74,751** | | As at January 1, 2025 (Audited) | 4,000 | 50,084 | 1 | 27,740 | 81,825 | | Profit and Total Comprehensive Income for the Period | – | – | – | 3,696 | 3,696 | | **As at June 30, 2025 (Unaudited)** | **4,000** | **50,084** | **1** | **31,436** | **85,521** | [Unaudited Condensed Consolidated Statement of Cash Flows](index=5&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash from operating activities decreased, cash flow from investing activities shifted from outflow to inflow, and net cash used in financing activities significantly reduced, resulting in a substantial increase in cash and cash equivalents at period-end Unaudited Condensed Consolidated Statement of Cash Flows (For the six months ended June 30) | Source of Cash Flow | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Net Cash From Operating Activities | 6,840 | 10,041 | | Net Cash From/(Used In) Investing Activities | 662 | (2,747) | | Net Cash Used In Financing Activities | (456) | (70,333) | | Net Increase/(Decrease) in Cash and Cash Equivalents | 7,046 | (63,039) | | Cash and Cash Equivalents at Beginning of Period | 63,365 | 114,555 | | Cash and Cash Equivalents at End of Period | 70,411 | 51,516 | [Notes to the Unaudited Condensed Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed notes to the unaudited condensed consolidated financial statements, covering general information, basis of preparation, revenue, and other financial details [1. General Information](index=6&type=section&id=1.%20General%20Information) Fung Shing Holdings Limited, incorporated in the Cayman Islands and listed on the HKEX Main Board, primarily engages in slope works in Hong Kong, jointly controlled by Mr. Tse Shing Kee and Mr. Ho Ka Ki - The company was incorporated in the Cayman Islands on January 30, 2019, listed on GEM on December 13, 2019, and transferred to the Main Board on December 31, 2021 [10](index=10&type=chunk) - The Group primarily engages in slope works in Hong Kong [11](index=11&type=chunk) - The company's direct and ultimate holding company is Peak Investment Limited, with Mr. Tse Shing Kee and Mr. Ho Ka Ki as ultimate controlling shareholders [11](index=11&type=chunk) [2. Basis of Preparation](index=6&type=section&id=2.%20Basis%20of%20Preparation) The interim financial report is prepared in accordance with HKAS 34 and Listing Rules, using the historical cost convention, with new HKFRSs effective January 1, 2025, having no significant impact - This interim financial report is prepared in accordance with applicable disclosure provisions of the Listing Rules, including compliance with Hong Kong Accounting Standard 34 Interim Financial Reporting issued by the HKICPA [12](index=12&type=chunk) - The interim financial report is prepared based on accounting policies adopted in the Group's annual financial statements for the year ended December 31, 2024, with the adoption of new and revised HKFRSs effective January 1, 2025 [15](index=15&type=chunk) - The adoption of these new and revised HKFRSs has no significant impact on the results and financial position of the current and prior periods presented [15](index=15&type=chunk) [3. Revenue](index=8&type=section&id=3.%20Revenue) The Group's revenue primarily derives from providing slope works, with a 54.9% year-on-year increase for the six months ended June 30, 2025, mainly driven by public projects - Revenue represents income from providing slope works to external customers, recognized over time by the Group [18](index=18&type=chunk) Revenue Composition (For the six months ended June 30) | Project Type | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Public Projects | 125,428 | 79,271 | | Private Projects | 5,929 | 5,523 | | **Total** | **131,357** | **84,794** | [4. Other Income, Gains and Losses](index=8&type=section&id=4.%20Other%20Income,%20Gains%20and%20Losses) For the six months ended June 30, 2025, other income, gains, and losses slightly increased, primarily due to higher gains from the disposal of property, plant, and equipment offsetting reduced bank interest income Other Income, Gains and Losses (For the six months ended June 30) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Bank Interest Income | 665 | 814 | | Gains/(Losses) on Disposal of Property, Plant and Equipment | 192 | (3) | | Miscellaneous Income | 2 | – | | **Total** | **859** | **811** | [5. Finance Costs](index=8&type=section&id=5.%20Finance%20Costs) The Group's finance costs, primarily from lease liabilities, slightly decreased for the six months ended June 30, 2025 Finance Costs (For the six months ended June 30) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Interest on Lease Liabilities | 30 | 32 | [6. Profit Before Income Tax](index=9&type=section&id=6.%20Profit%20Before%20Income%20Tax) Profit before income tax is primarily influenced by staff costs, including directors' emoluments, salaries, wages, other benefits, and contributions to defined contribution retirement plans, as well as depreciation Staff Costs (For the six months ended June 30) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Directors' Emoluments | 2,209 | 1,765 | | Salaries, Wages and Other Benefits | 25,173 | 19,270 | | Contributions to Defined Contribution Retirement Plans | 1,060 | 810 | | **Total** | **28,442** | **21,845** | Depreciation (For the six months ended June 30) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Cost of Services - Owned Assets | 1,838 | 1,561 | | Cost of Services - Right-of-use Assets | 399 | 249 | | Administrative Expenses - Owned Assets | 7 | 10 | | Administrative Expenses - Right-of-use Assets | – | 130 | | **Total** | **2,244** | **1,950** | [7. Income Tax Expense](index=9&type=section&id=7.%20Income%20Tax%20Expense) The Group's income tax expense, mainly Hong Kong profits tax provision calculated under the two-tiered profits tax regime, decreased for the six months ended June 30, 2025, primarily due to reduced deferred tax expense Income Tax Expense (For the six months ended June 30) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Current Tax | 94 | – | | Deferred Tax | 72 | 421 | | **Total** | **166** | **421** | - Under the two-tiered profits tax regime, qualifying corporations pay tax at **8.25%** on the first **HK$2 million** of profits and **16.5%** on profits exceeding **HK$2 million** [24](index=24&type=chunk) [8. Earnings Per Share](index=10&type=section&id=8.%20Earnings%20Per%20Share) For the six months ended June 30, 2025, basic and diluted earnings per share were 0.92 HK cents, a significant increase from the prior year, with no potential dilutive ordinary shares Earnings Per Share Calculation (For the six months ended June 30) | Indicator | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Profit for Basic Earnings Per Share (Profit for the Period) (HK$ thousand) | 3,696 | 1,671 | | Weighted Average Number of Ordinary Shares for Basic Earnings Per Share (thousand shares) | 400,000 | 400,000 | | **Basic and Diluted Earnings Per Share** | **0.92 HK cents** | **0.42 HK cents** | - There were no potential dilutive ordinary shares for the six months ended June 30, 2025 and 2024, thus diluted earnings per share equal basic earnings per share [25](index=25&type=chunk) [9. Dividends](index=10&type=section&id=9.%20Dividends) The Board does not recommend an interim dividend for the period ended June 30, 2025, but a special dividend of 17.5 HK cents per share was paid in 2024 - The Board does not recommend an interim dividend for the period ended June 30, 2025 (six months ended June 30, 2024: nil HK cents) [26](index=26&type=chunk) - On January 19, 2024, the Board recommended a special dividend of **17.5 HK cents** per ordinary share, totaling **HK$70,000,000**, which was paid on February 16, 2024 [26](index=26&type=chunk) [10. Property, Plant and Equipment](index=10&type=section&id=10.%20Property,%20Plant%20and%20Equipment) For the six months ended June 30, 2025, the Group's capital expenditure on the acquisition of property, plant, and equipment significantly decreased - For the six months ended June 30, 2025, the Group acquired items of property, plant and equipment of approximately **HK$0.2 million** (six months ended June 30, 2024: HK$3.4 million) [27](index=27&type=chunk) [11. Bonds Receivable and Bonds](index=10&type=section&id=11.%20Bonds%20Receivable%20and%20Bonds) The Group issued bonds totaling HK$40,000,000 with a one-year term and 8% coupon rate, with net proceeds intended to support strategic entry into China's industrial park management sector, leading to the establishment of a Chinese subsidiary in Ganzhou, Jiangxi - Bonds receivable refer to bonds with a principal amount of **HK$40,000,000**, a one-year term, and an **8%** coupon rate, subscribed by two independent private investors and issued by Jinling Capital Holdings Limited, a subsidiary of the Group [28](index=28&type=chunk) - The net proceeds from the bonds are intended to support the Group's strategic entry into the industrial park management sector in the People's Republic of China, initially focusing on Ganzhou, Jiangxi Province [28](index=28&type=chunk) - On June 9, 2025, the Group established a new subsidiary, Jiangxi Jinsheng Holdings Development Co., Ltd., in Ganzhou, Jiangxi Province, China, wholly owned by Hong Kong Jinling Capital [28](index=28&type=chunk) [12. Trade and Other Receivables](index=11&type=section&id=12.%20Trade%20and%20Other%20Receivables) As of June 30, 2025, total trade and other receivables significantly decreased, primarily due to a substantial decline in trade receivables, while other receivables and prepaid insurance remained relatively stable Trade and Other Receivables (As of June 30, 2025) | Item | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Trade Receivables | 315 | 19,872 | | Other Receivables | 2,334 | 2,207 | | Prepaid Insurance | 2,585 | 3,262 | | **Total** | **5,234** | **25,341** | Ageing Analysis of Trade Receivables (As of June 30, 2025) | Ageing | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | 0 to 30 days | – | 17,164 | | 31 to 90 days | – | 1,130 | | Over 90 days | 315 | 1,578 | | **Total** | **315** | **19,872** | - As of June 30, 2025, and December 31, 2024, the Group assessed the loss allowance and expected credit loss rate under HKFRS 9 as immaterial [33](index=33&type=chunk) [13. Contract Assets and Contract Liabilities](index=12&type=section&id=13.%20Contract%20Assets%20and%20Contract%20Liabilities) As of June 30, 2025, contract assets significantly increased due to growth in unbilled revenue, while contract liabilities substantially decreased Contract Assets (As of June 30, 2025) | Item | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Unbilled Revenue | 18,941 | 7,708 | | Retention Receivables | 3,685 | 6,152 | | **Total** | **22,626** | **13,860** | Contract Liabilities (As of June 30, 2025) | Item | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Contract Liabilities Arising from Payments Received in Advance of Construction Contracts | 1,038 | 3,136 | - Changes in contract assets are primarily due to variations in unbilled revenue from completed and verified contract works during the year, and changes in retention receivables due to a decrease in ongoing and completed contracts under the defect liability period [38](index=38&type=chunk) [14. Trade and Other Payables](index=13&type=section&id=14.%20Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables significantly decreased, primarily due to a decline in both trade payables and accrued expenses and other payables Trade and Other Payables (As of June 30, 2025) | Item | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Trade Payables | 16,228 | 23,021 | | Accrued Expenses and Other Payables | 843 | 1,732 | | **Total** | **17,071** | **24,753** | Ageing Analysis of Trade Payables (As of June 30, 2025) | Ageing | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | 0 to 30 days | 16,004 | 22,398 | | 31 to 365 days | – | 399 | | Over 365 days | 224 | 224 | | **Total** | **16,228** | **23,021** | [15. Share Capital](index=13&type=section&id=15.%20Share%20Capital) As of June 30, 2025, the company's authorized and issued and fully paid share capital remained unchanged Share Capital Information (As of June 30, 2025) | Item | Number of Shares | HK$ thousand | | :--- | :--- | :--- | | Authorized Share Capital | 1,000,000,000 | 10,000 | | Issued and Fully Paid Share Capital | 400,000,000 | 4,000 | [16. Related Party Transactions](index=14&type=section&id=16.%20Related%20Party%20Transactions) For the six months ended June 30, 2025, the remuneration of the Group's key management personnel increased Key Management Personnel Remuneration (For the six months ended June 30) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Salaries, Fees and Allowances | 3,433 | 3,132 | | Retirement Benefit Scheme Contributions | 36 | 36 | | **Total** | **3,469** | **3,168** | [17. Contingent Liabilities](index=14&type=section&id=17.%20Contingent%20Liabilities) The Group had no significant contingent liabilities as of June 30, 2025, and December 31, 2024 - The Group had no significant contingent liabilities as of June 30, 2025, and December 31, 2024 [46](index=46&type=chunk) [18. Approval of Interim Financial Statements](index=14&type=section&id=18.%20Approval%20of%20Interim%20Financial%20Statements) The interim financial report was approved and authorized for issue by the Board on August 27, 2025 - The interim financial report was approved and authorized for issue by the Board on August 27, 2025 [47](index=47&type=chunk) [Management Discussion and Analysis](index=15&type=section&id=Management%20Discussion%20and%20Analysis) This section provides a comprehensive discussion and analysis of the Group's business review, financial performance, liquidity, and other key operational aspects [Business Review and Outlook](index=15&type=section&id=Business%20Review%20and%20Outlook) As a Hong Kong slope works contractor with expertise in landslide prevention and repair, the Group secured significant contracts, but the Board remains cautious on the outlook due to global economic uncertainties, adopting a more conservative approach to new project tenders - The Group is a slope works contractor in Hong Kong, undertaking slope works generally involving landslide prevention and repair to improve or maintain the stability of slopes and/or retaining walls [48](index=48&type=chunk) - For the six months ended June 30, 2025, the Group was awarded **18 contracts** with a total contract sum of approximately **HK$830.6 million**, including **17 ongoing contracts** totaling approximately **HK$827.3 million** [49](index=49&type=chunk) - The Hong Kong government is expected to spend **HK$1.32 billion** on landslide prevention and mitigation in 2025/26, up from **HK$1.27 billion** in 2024/25 [50](index=50&type=chunk) - Given global economic uncertainties, the Board aims to focus on existing projects and adopt a more conservative approach to new project tenders until market conditions become clearer [51](index=51&type=chunk) [Review of Financial Performance](index=17&type=section&id=Review%20of%20Financial%20Performance) The Group achieved significant revenue and profit growth during the reporting period, though gross profit margin declined, reflecting business expansion and cost structure adjustments [Revenue](index=17&type=section&id=Revenue) The Group's revenue increased by 54.9% year-on-year, primarily driven by an increase in public and small-to-medium scale projects - The Group's revenue increased by approximately **HK$46.6 million** or **54.9%** from approximately **HK$84.8 million** for the six months ended June 30, 2024, to approximately **HK$131.4 million** for the six months ended June 30, 2025 [52](index=52&type=chunk) - The significant increase in revenue was primarily due to an increase in both relatively larger public projects (with revenue recognized of **HK$10.0 million** or more) and relatively smaller projects (with revenue recognized between **HK$1.0 million** and **HK$5.0 million**) for the six months ended June 30, 2025 [52](index=52&type=chunk) Number of Projects with Revenue Recognized | Revenue Scale | 2025 | 2024 | | :--- | :--- | :--- | | HK$10.0 million or above | 5 | 4 | | HK$5.0 million to below HK$10.0 million | 1 | 3 | | HK$1.0 million to below HK$5.0 million | 7 | 4 | | Below HK$1.0 million | 4 | 7 | | **Total** | **17** | **18** | [Cost of Services](index=17&type=section&id=Cost%20of%20Services) Service costs increased by 56.4% to approximately HK$123.5 million, commensurate with the rise in revenue - Cost of services increased by approximately **HK$44.6 million** or **56.4%** from approximately **HK$78.9 million** for the six months ended June 30, 2024, to approximately **HK$123.5 million** for the six months ended June 30, 2025 [55](index=55&type=chunk) - The increase in related cost of services was primarily due to the aforementioned increase in the Group's revenue [55](index=55&type=chunk) [Gross Profit and Gross Profit Margin](index=18&type=section&id=Gross%20Profit%20and%20Gross%20Profit%20Margin) Gross profit grew by 34.3% to HK$7.9 million, but gross profit margin decreased from 6.9% to 6.0%, mainly because the growth in service costs outpaced revenue growth, particularly due to increased subcontracting costs from completing major public projects - Gross profit increased by approximately **HK$2.0 million** or **34.3%** from approximately **HK$5.9 million** for the six months ended June 30, 2024, to approximately **HK$7.9 million** for the six months ended June 30, 2025 [56](index=56&type=chunk) - Gross profit margin decreased from approximately **6.9%** for the six months ended June 30, 2024, to approximately **6.0%** for the six months ended June 30, 2025 [56](index=56&type=chunk) - The decrease in gross profit margin was mainly due to a disproportionate increase in our cost of services compared to the increase in revenue, resulting from increased subcontracting costs incurred for the completion of two major public projects at the end of the period [56](index=56&type=chunk) [Other Income, Gains and Losses](index=18&type=section&id=Other%20Income,%20Gains%20and%20Losses) Other income, gains, and losses slightly increased, primarily due to higher gains from the disposal of property, plant, and equipment offsetting reduced bank interest income - Other income, gains and losses increased by approximately **HK$48,000** from approximately **HK$811,000** for the six months ended June 30, 2024, to approximately **HK$859,000** for the six months ended June 30, 2025 [57](index=57&type=chunk) - This increase was mainly due to an increase in gains from disposal of property, plant and equipment of approximately **HK$195,000**, offset by a decrease in bank interest income of approximately **HK$149,000** [57](index=57&type=chunk) [Administrative Expenses](index=18&type=section&id=Administrative%20Expenses) Administrative expenses increased by 6.3% to HK$4.8 million due to higher staff costs - Administrative expenses increased by approximately **HK$0.3 million** or **6.3%** from approximately **HK$4.5 million** for the six months ended June 30, 2024, to approximately **HK$4.8 million** for the six months ended June 30, 2025 [58](index=58&type=chunk) - The increase in administrative expenses was due to higher staff costs [58](index=58&type=chunk) [Finance Costs](index=18&type=section&id=Finance%20Costs) Finance costs slightly decreased, primarily due to the settlement of lease liabilities - The Group's finance costs were approximately **HK$30,000** and **HK$32,000** for the six months ended June 30, 2025 and 2024, respectively, arising from lease liabilities [59](index=59&type=chunk) - The decrease in finance costs was due to the settlement of lease liabilities from prior years [59](index=59&type=chunk) [Income Tax Expense](index=18&type=section&id=Income%20Tax%20Expense) Income tax expense decreased by approximately HK$0.3 million to HK$0.2 million, driven by a reduction in deferred tax expense - Income tax expense decreased by approximately **HK$0.3 million** from approximately **HK$0.4 million** for the six months ended June 30, 2024, to approximately **HK$0.2 million** for the six months ended June 30, 2025 [60](index=60&type=chunk) - This decrease resulted from a reduction in deferred tax expense [60](index=60&type=chunk) [Profit and Total Comprehensive Income for the Period](index=19&type=section&id=Profit%20and%20Total%20Comprehensive%20Income%20for%20the%20Period) Profit and total comprehensive income for the period significantly increased by 121.2% to HK$3.7 million, primarily attributable to the rise in revenue and gross profit - Profit and total comprehensive income increased by approximately **HK$2.0 million** or **121.2%** from approximately **HK$1.7 million** for the six months ended June 30, 2024, to approximately **HK$3.7 million** for the six months ended June 30, 2025 [61](index=61&type=chunk) - This increase was mainly attributable to the increase in revenue and gross profit for the six months ended June 30, 2025 [61](index=61&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=19&type=section&id=Liquidity,%20Financial%20Resources%20and%20Capital%20Structure) The Group's net current assets and cash and bank balances both increased, leading to a significant improvement in the current ratio, but the gearing ratio substantially rose due to bond issuance - As of June 30, 2025, the Group recorded net current assets of approximately **HK$80.5 million** (December 31, 2024: approximately HK$74.9 million) [62](index=62&type=chunk) - As of June 30, 2025, the Group's cash and bank balances were approximately **HK$70.4 million** (December 31, 2024: approximately HK$63.4 million) [62](index=62&type=chunk) - As of June 30, 2025, the current ratio was approximately **5.3 times** (December 31, 2024: approximately 3.6 times) [63](index=63&type=chunk) - As of June 30, 2025, the gearing ratio was approximately **47.6%** (December 31, 2024: approximately 1.4%), primarily due to the bond issuance on June 25, 2025 [64](index=64&type=chunk) [Treasury Policy](index=20&type=section&id=Treasury%20Policy) The Group adopts a prudent financial management approach for its treasury policy, maintaining a robust liquidity position and mitigating credit risk through continuous customer credit assessments - The Group has adopted a prudent financial management approach for its treasury policy, thus maintaining a robust liquidity position for the six months ended June 30, 2025 [66](index=66&type=chunk) - The Group is committed to reducing credit risk through continuous credit and financial assessments of its customers [66](index=66&type=chunk) [Capital Expenditure](index=20&type=section&id=Capital%20Expenditure) For the six months ended June 30, 2025, the Group's capital expenditure on property, plant, and equipment was HK$0.2 million, primarily funded by internal resources - For the six months ended June 30, 2025, the Group invested approximately **HK$0.2 million** in the acquisition of property, plant and equipment [67](index=67&type=chunk) - Capital expenditure was primarily funded by internal resources [67](index=67&type=chunk) [Foreign Exchange Risk](index=20&type=section&id=Foreign%20Exchange%20Risk) The Group primarily operates in Hong Kong and faced no foreign exchange risk for the six months ended June 30, 2025, thus no foreign exchange hedging was undertaken - The Group primarily operates in Hong Kong and did not face any foreign exchange risk for the six months ended June 30, 2025 [68](index=68&type=chunk) - The Directors consider the Group's foreign exchange risk to be insignificant, and no foreign exchange hedging was undertaken for the six months ended June 30, 2025 [68](index=68&type=chunk) [Contingent Liabilities](index=20&type=section&id=Contingent%20Liabilities) The Group had no contingent liabilities as of June 30, 2025, and December 31, 2024 - The Group had no contingent liabilities as of June 30, 2025, and December 31, 2024 [69](index=69&type=chunk) [Pledge of Assets](index=20&type=section&id=Pledge%20of%20Assets) The Group had no assets pledged as of June 30, 2025, and December 31, 2024 - The Group had no assets pledged as of June 30, 2025, and December 31, 2024 [70](index=70&type=chunk) [Material Investments, Material Acquisitions or Disposals](index=20&type=section&id=Material%20Investments,%20Material%20Acquisitions%20or%20Disposals) For the six months ended June 30, 2025, the Group held no material investments, material acquisitions, or disposals of subsidiaries, associates, and joint ventures - For the six months ended June 30, 2025, the Group held no material investments, material acquisitions or disposals of subsidiaries, associates, and joint ventures [71](index=71&type=chunk) [Use of Proceeds from Bonds](index=21&type=section&id=Use%20of%20Proceeds%20from%20Bonds) The Group intended to use the net proceeds from the bonds to support its strategic entry into China's industrial park management sector, initially focusing on Ganzhou, Jiangxi Province, allocating funds to its Chinese subsidiary for preliminary preparations and trial operations - The net proceeds from the proposed bond issuance were intended to support the Group's strategic entry into the industrial park management sector in the People's Republic of China, initially focusing on Ganzhou, Jiangxi Province [72](index=72&type=chunk) - These funds would be allocated to a subsidiary of the Group for preliminary preparations and trial operations within its licensed business scope [72](index=72&type=chunk) [Future Plans for Material Investments or Capital Assets](index=21&type=section&id=Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) Apart from the use of bond proceeds, the Group has no other plans for material investments or capital assets - Save for what is disclosed in the section "Use of Proceeds from Bonds" above, the Group has no other plans for material investments or capital assets [73](index=73&type=chunk) [Environmental Policies and Performance](index=21&type=section&id=Environmental%20Policies%20and%20Performance) The Group is committed to environmental protection, implementing measures to minimize its environmental impact and ensuring compliance with all applicable Hong Kong environmental laws and regulations, with no reported violations during the period - The Group has implemented various environmental protection measures, such as reducing air pollutant emissions and noise assessments, to minimize the impact of its operations on the environment and natural resources [74](index=74&type=chunk) - As of the date of this announcement, the Group has not been subject to any prosecutions, fines, or penalties for breaching any applicable environmental laws or regulations [74](index=74&type=chunk) [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures of the Company and its Associated Corporations](index=22&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests%20and%20Short%20Positions%20in%20Shares,%20Underlying%20Shares%20and%20Debentures%20of%20the%20Company%20and%20its%20Associated%20Corporations) As of June 30, 2025, Mr. Tse Shing Kee and Mr. Ho Ka Ki, as controlling shareholders, each jointly held 75% of the company's shares through Peak Investment Limited Directors' Long Positions in Shares and Underlying Shares of the Company and its Associated Corporations (As of June 30, 2025) | Director Name | Associated Company | Nature of Interest/Capacity | Number of Ordinary Shares Held | Percentage of Interest | | :--- | :--- | :--- | :--- | :--- | | Mr. Tse | The Company | Interest in controlled corporation/Jointly held interest with another person | 300,000,000 shares (L) | 75% | | Mr. Tse | Peak Investment Limited | Beneficial owner | 2 shares (L) | 50% | | Mr. Ho | The Company | Interest in controlled corporation/Jointly held interest with another person | 300,000,000 shares (L) | 75% | | Mr. Ho | Peak Investment Limited | Beneficial owner | 2 shares (L) | 50% | - These **300,000,000 shares** are held by Peak Investment Limited, which is directly held by Mr. Tse and Mr. Ho in equal shares, thus Mr. Tse and Mr. Ho are deemed to be interested in the **300,000,000 shares** jointly held through Peak Investment Limited under the SFO [79](index=79&type=chunk) [Substantial Shareholders' and Other Persons' Interests and Short Positions in Shares, Underlying Shares and Debentures of the Company and its Associated Corporations](index=23&type=section&id=Substantial%20Shareholders'%20and%20Other%20Persons'%20Interests%20and%20Short%20Positions%20in%20Shares,%20Underlying%20Shares%20and%20Debentures%20of%20the%20Company%20and%20its%20Associated%20Corporations) As of June 30, 2025, Peak Investment Limited held 75% of the company's shares, and the spouses of Mr. Tse Shing Kee and Mr. Ho Ka Ki were also deemed to hold the same proportion of shares due to spousal interests Interests of Substantial Shareholders and Other Persons in the Issued Share Capital of the Company (As of June 30, 2025) | Shareholder Name/Name | Nature of Interest/Capacity | Number of Ordinary Shares Held | Percentage of Interest | | :--- | :--- | :--- | :--- | | Peak Investment Limited | Beneficial owner | 300,000,000 shares (L) | 75% | | Ms. Cao Hongmei | Spouse's interest | 300,000,000 shares (L) | 75% | | Ms. Li Jianqin | Spouse's interest | 300,000,000 shares (L) | 75% | - Ms. Cao Hongmei is the spouse of Mr. Tse, and Ms. Li Jianqin is the spouse of Mr. Ho; under Part XV of the SFO, they are deemed to be interested in the shares of the Company held by their respective spouses [84](index=84&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=24&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20Listed%20Securities) For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any shares - For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold or redeemed any shares [83](index=83&type=chunk) [Share Option Scheme](index=25&type=section&id=Share%20Option%20Scheme) The company adopted a share option scheme as an incentive to reward eligible participants for their contributions, with limits on total shares issuable and individual allocations, and a maximum exercise period of 10 years, but no options have been granted since adoption - The Share Option Scheme is a share incentive scheme designed to enable the Company to grant options to eligible participants as a reward or return for their contributions to the Group [86](index=86&type=chunk) - The total number of shares available for issue under the Share Option Scheme shall not exceed **10%** of the shares in issue at the time of initial listing on the Stock Exchange (i.e., **40,000,000 shares**) [89](index=89&type=chunk) - The total number of issued shares that may be issued to each grantee upon exercise of options granted under the Share Option Scheme and any other share option schemes of the Group in any 12-month period shall not exceed **1%** of the Company's then issued share capital [90](index=90&type=chunk) - No options have been granted under the Share Option Scheme since its adoption, therefore, as of the date of this announcement, there are no outstanding options under the Share Option Scheme [94](index=94&type=chunk) [Directors' Securities Transactions](index=27&type=section&id=Directors'%20Securities%20Transactions) The company adopted the Model Code as its code of conduct for directors' securities transactions and confirmed that all directors and relevant employees complied with the requirements for the six months ended June 30, 2025 - The Company has adopted the Model Code as its code of conduct for directors' securities transactions [95](index=95&type=chunk) - Following specific inquiries with all Directors, all Directors confirmed that they had complied with the required standards for securities transactions set out in the Model Code for the six months ended June 30, 2025 [95](index=95&type=chunk) [Competing Business](index=27&type=section&id=Competing%20Business) The Directors confirmed that, from the listing date up to the date of this announcement, no controlling shareholder or Director and their respective close associates held any interest in any business directly or indirectly competing with the Group's business - The Directors confirmed that, from the listing date up to the date of this announcement, no controlling shareholder or Director and their respective close associates held any interest in any business (other than the Group's business) that directly or indirectly competes or may compete with the Group's business [96](index=96&type=chunk) [Employees and Remuneration Policy](index=27&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group's employee count increased to 180, with a corresponding rise in total staff costs, and its remuneration policy aligns with market practices based on individual performance and experience - As of June 30, 2025, the Group had **180 employees** (December 31, 2024: 150 employees), excluding Directors [97](index=97&type=chunk) - For the six months ended June 30, 2025, total staff costs (excluding Directors' emoluments) were approximately **HK$26.2 million** (June 30, 2024: HK$20.1 million) [99](index=99&type=chunk) - The Group's remuneration policy is consistent with prevailing market practices, and employee remuneration is determined based on individual performance and experience [99](index=99&type=chunk) [Corporate Governance Practices](index=28&type=section&id=Corporate%20Governance%20Practices) The Group is committed to achieving high standards of corporate governance, having adopted the principles and code provisions of the Corporate Governance Code in Appendix C1 of the Listing Rules, and believes it has complied with all applicable code provisions as of this announcement date - The Group has adopted the principles and code provisions of the Corporate Governance Code set out in Appendix C1 to the Listing Rules as the basis for its corporate governance practices [100](index=100&type=chunk) - The Board believes that the Group has complied with all applicable code provisions set out in the Corporate Governance Code as of the date of this announcement [100](index=100&type=chunk) [Audit Committee](index=28&type=section&id=Audit%20Committee) The company has established an Audit Committee comprising four members, with Chairman Mr. Cao Bingchang possessing over 21 years of professional accounting experience, and the committee has reviewed the interim financial statements, deeming them compliant with accounting standards and requirements - The Audit Committee comprises four members: Mr. Cao Bingchang, Ms. Zhao Shaoling, Mr. Kuang Zhicheng, and Mr. Ling Zhaozeng [101](index=101&type=chunk) - Mr. Cao Bingchang, the Chairman of the Audit Committee, is a practicing accountant with over **21 years** of professional accounting experience [101](index=101&type=chunk) - This announcement and the unaudited condensed consolidated interim financial statements have not been audited by the Company's external auditor but have been reviewed by the Company's Audit Committee, which considers them to be in compliance with applicable accounting standards and requirements and to have made appropriate disclosures [101](index=101&type=chunk) [Interim Dividend](index=28&type=section&id=Interim%20Dividend) The Board does not recommend an interim dividend for the period ended June 30, 2025, but a special dividend of 17.5 HK cents per share was paid in 2024 - The Board does not recommend an interim dividend for the period ended June 30, 2025 (six months ended June 30, 2024: nil HK cents) [102](index=102&type=chunk) - At the Board meeting held on January 19, 2024, the Board recommended a special dividend of **17.5 HK cents** per ordinary share, totaling **HK$70,000,000**, which was paid on February 16, 2024 [103](index=103&type=chunk) [Events After Reporting Period](index=29&type=section&id=Events%20After%20Reporting%20Period) After the reporting period, the Group decided not to proceed with its plan to expand into China's management services industry and fully redeemed previously issued bonds on July 25, 2025, to streamline its capital structure and retain financial flexibility - The Group has decided not to proceed with the proposed expansion into China's management services industry at this stage [105](index=105&type=chunk) - Following amicable discussions with the subscribers, the Group reached an agreement to fully redeem and settle the bonds in cash on July 25, 2025, without any accrued interest [105](index=105&type=chunk) - The Group believes that completing this transaction is an appropriate and timely step to streamline its capital structure and retain financial flexibility for future strategic developments [105](index=105&type=chunk) [By Order of the Board](index=29&type=section&id=By%20Order%20of%20the%20Board) This announcement is issued by Mr. Tse Shing Kee, Chairman of Fung Shing Holdings Limited, on behalf of the Board, listing the Board members as of the announcement date - This announcement is issued by Mr. Tse Shing Kee, Chairman of Fung Shing Holdings Limited, by order of the Board [106](index=106&type=chunk) - As of the date of this announcement, the Board comprises executive Directors Mr. Tse Shing Kee (Chairman of the Board) and Mr. Ho Ka Ki (Chief Executive Officer), and independent non-executive Directors Ms. Zhao Shaoling, Mr. Kuang Zhicheng, Mr. Ling Zhaozeng, and Mr. Cao Bingchang [107](index=107&type=chunk)

[Chairman's Statement](index=1&type=section&id=Chairman%27s%20Statement) The Chairman's Statement provides an overview of the Group's financial performance, business operations, sustainability efforts, and future outlook for the fiscal year [Results](index=1&type=section&id=Results) For the fiscal year ended June 30, 2025, the Group achieved significant growth in profit attributable to shareholders, a slight decrease in revenue, and a substantial increase in earnings per share FY2025 Performance Overview | Metric | FY2025 (HKD) | FY2024 (HKD) | | :--- | :--- | :--- | | Profit attributable to shareholders | 103,300,000 | 64,300,000 | | Revenue | 123,100,000 | 133,700,000 | | Earnings per share | 0.0889 | 0.0562 | [Dividends](index=1&type=section&id=Dividends) The Board proposes a final dividend of 1.5 HK cents per share, bringing the total annual dividend to 3 HK cents per share, with a scrip dividend option available FY2025 Dividend Policy | Dividend Type | Amount Per Share (HK cents) | FY2024 (HK cents) | | :--- | :--- | :--- | | Final Dividend (Proposed) | 1.5 | 1.5 | | Interim Dividend (Paid) | 1.5 | 1.5 | | **Total Dividends** | **3** | **3** | - The Board recommends shareholders be offered a scrip dividend option for the final dividend, subject to approval at the Annual General Meeting and by the Stock Exchange[5](index=5&type=chunk) - The record date for the final dividend is October 30, 2025[5](index=5&type=chunk) [Business Review](index=2&type=section&id=Business%20Review) The Group's hotel business benefited from a steady recovery in visitor arrivals to Hong Kong, leading to improved overall occupancy despite some hotels facing average room rate pressure - As of June 30, 2025, the Group's hotel portfolio includes City Garden Hotel, Conrad Hong Kong, and The Royal Pacific Hotel & Towers[6](index=6&type=chunk) FY2025 Visitor Arrivals to Hong Kong | Metric | FY2025 | FY2024 | FY2023 | | :--- | :--- | :--- | :--- | | Total Visitor Arrivals | 46,987,652 | 42,267,016 | 13,412,439 | | Mainland Chinese Visitor Arrivals | 35,686,039 | 32,790,566 | 10,423,923 | | Percentage of Total Visitor Arrivals | 75.9% | - | - | - The Group adopted a proactive and flexible operating model, with City Garden Hotel securing stable income through a lease agreement, Conrad Hong Kong performing strongly during long weekends and major events, and The Royal Pacific Hotel & Towers benefiting from Mainland Chinese visitors[8](index=8&type=chunk) FY2025 Hotel Turnover | Hotel | FY2025 Turnover (HKD) | FY2024 Turnover (HKD) | | :--- | :--- | :--- | | City Garden Hotel | 104,000,000 | 97,400,000 | | Conrad Hong Kong | 546,000,000 | 582,200,000 | | The Royal Pacific Hotel & Towers | 271,700,000 | 282,200,000 | - The increase in profit attributable to shareholders was partly due to a **HKD7.8 million book unrealized gain** from fair value changes of financial instruments (compared to a HKD40.9 million loss last year), related to an investment in a Mainland China real estate investment trust company[9](index=9&type=chunk)[10](index=10&type=chunk) [City Garden Hotel](index=3&type=section&id=City%20Garden%20Hotel) City Garden Hotel maintained full occupancy and achieved a significant increase in average room rate and revenue - City Garden Hotel, wholly owned by the Group, maintained an **average room occupancy rate of 100%**[11](index=11&type=chunk) City Garden Hotel FY2025 Performance | Metric | FY2025 | FY2024 | | :--- | :--- | :--- | | Average Room Occupancy Rate | 100% | 100% | | Average Room Rate Year-on-Year Increase | 5.3% | - | | Room Revenue (HKD) | 92,200,000 | 87,900,000 | [Conrad Hong Kong](index=3&type=section&id=Conrad%20Hong%20Kong) Conrad Hong Kong saw increased occupancy but faced pressure on average room rates, resulting in a decline in room revenue - The Group holds a **50% interest** in Conrad Hong Kong, with Sino Group collectively holding an **80% interest**[12](index=12&type=chunk) Conrad Hong Kong FY2025 Performance | Metric | FY2025 | FY2024 | | :--- | :--- | :--- | | Average Room Occupancy Rate | 73.5% | 69.1% | | Average Room Rate Year-on-Year Decrease | 14.2% | - | | Room Revenue (HKD) | 325,400,000 | 357,700,000 | [The Royal Pacific Hotel & Towers](index=3&type=section&id=The%20Royal%20Pacific%20Hotel%20%26%20Towers) The Royal Pacific Hotel & Towers experienced higher occupancy but a decrease in average room rates, leading to a slight reduction in room revenue - The Group holds a **25% interest** in The Royal Pacific Hotel & Towers[13](index=13&type=chunk) The Royal Pacific Hotel & Towers FY2025 Performance | Metric | FY2025 | FY2024 | | :--- | :--- | :--- | | Average Room Occupancy Rate | 84.3% | 83% | | Average Room Rate Year-on-Year Decrease | 6.2% | - | | Room Revenue (HKD) | 237,300,000 | 249,900,000 | [Significant Investments](index=3&type=section&id=Significant%20Investments) The Group holds approximately a 5.15% interest in The Hongkong and Shanghai Hotels, Limited as a long-term investment, which recorded an unrealized loss on fair value change in FY2025 - The Group holds **85,909,519 ordinary shares**, representing approximately a **5.15% interest**, in The Hongkong and Shanghai Hotels, Limited, held as a long-term investment[15](index=15&type=chunk) The Hongkong and Shanghai Hotels, Limited Investment Overview (as of June 30, 2025) | Metric | Amount (HKD) | | :--- | :--- | | Total Investment Cost | Approximately 709,200,000 | | Fair Value | Approximately 472,500,000 | | Percentage of Group's Total Assets | Approximately 11.1% | | Unrealized Loss on Fair Value Change (FY2025) | Approximately 24,100,000 | - The Hongkong and Shanghai Hotels, Limited did not declare any dividends in FY2025 (the Group received a scrip dividend with a fair value of HKD6.8 million in FY2024)[16](index=16&type=chunk) [Financial Position](index=4&type=section&id=Financial%20Position) The Group maintains a robust financial position with ample cash and bank deposits, no outstanding liabilities, a stable capital structure, and low foreign exchange risk FY2025 Financial Position (as of June 30) | Metric | Amount (HKD) | | :--- | :--- | | Cash and Bank Deposits | 1,480,400,000 | | Outstanding Liabilities | Nil | | Contingent Liabilities | Nil | - The Group recorded a net cash position, rendering the net debt to equity ratio inapplicable[17](index=17&type=chunk) - The Group's capital structure remained stable with no significant changes during the fiscal year, and foreign exchange risk remained low[17](index=17&type=chunk) [Employee Initiatives](index=4&type=section&id=Employee%20Initiatives) The Group continues to implement a comprehensive talent development strategy, expanding recruitment channels, offering internships, and utilizing AI for cultural training to enhance employee capabilities and strengthen its employer brand - The Group participated in recruitment fairs at various universities in the Greater Bay Area and collaborated with local organizations to offer trainee and hotel internship opportunities, expanding recruitment channels and nurturing talent[20](index=20&type=chunk) - To capitalize on the growing Muslim market, the Group utilized innovative AI technology to develop e-learning courses, enhancing employees' understanding of diverse cultures and improving service quality[20](index=20&type=chunk) - These initiatives demonstrate the Group's strong commitment to nurturing talent, promoting diversity and inclusion, and becoming an employer of choice[21](index=21&type=chunk) [Sustainability](index=5&type=section&id=Sustainability) The Group integrates ESG principles into hotel operations and management, committed to environmental protection, community service, and social inclusion, achieving significant accomplishments and awards in various sustainability areas - The Group has been ranked among the top ten in the Chinese University of Hong Kong Business School's Centre for Business Sustainability's "Greater China Hotel Business Sustainability Index" for three consecutive years[22](index=22&type=chunk) [Environmental Management](index=5&type=section&id=Environmental%20Management) The Group actively implements environmental policies, setting ambitious targets for greenhouse gas reduction and promoting circular economy principles - The Group was awarded the ISO 20400:2017 Sustainable Procurement Guidelines certificate and actively integrates sustainability principles into its supply chain management[23](index=23&type=chunk) - The Royal Pacific Hotel & Towers received an Excellence Award at the "Hong Kong Environmental Excellence Awards" in December 2024[23](index=23&type=chunk) [Climate Change Response](index=5&type=section&id=Climate%20Change%20Response) The Group has significantly reduced greenhouse gas emissions and invested in renewable energy and energy-efficient upgrades - The Group set a target to reduce greenhouse gas emissions by **30% by 2030** from a 2012 baseline, having already achieved a **47.9% reduction** as of June 30, 2025[24](index=24&type=chunk) - City Garden Hotel installed solar panels, generating over **143,140 kWh of renewable energy**, and achieved a **28% energy saving** through elevator replacement projects[24](index=24&type=chunk) [Promoting Circular Economy and Waste Management](index=5&type=section&id=Promoting%20Circular%20Economy%20and%20Waste%20Management) The Group is committed to waste reduction, eliminating single-use plastics, and participating in food donation and waste-to-energy programs - The Group implemented a "Waste Management Policy," providing eco-friendly alternatives to single-use plastic cutlery, and aims to phase out all single-use plastic products in core businesses by 2035[25](index=25&type=chunk)[26](index=26&type=chunk) - The Royal Pacific Hotel & Towers participated in the "30•50 Green Restaurant Partnership Scheme," the "Carbon Neutrality (Waste Reduction) Charter," and the Environmental Protection Department's "Charter on Reducing Food Waste at Source"[26](index=26&type=chunk) - The Group collaborates with organizations like Foodlink Foundation for its "Food Donation Program" and participates in the Environmental Protection Department's "Food Waste Collection Pilot Scheme" to convert food waste into biogas for electricity generation[26](index=26&type=chunk) [Urban Biodiversity](index=6&type=section&id=Urban%20Biodiversity) The Group prioritizes sustainable seafood sourcing, aiming for 100% certified seafood by 2030 - The Group procures sustainable seafood in accordance with the World Wide Fund for Nature Hong Kong's "Seafood Guide," targeting **60% from sustainable sources by 2025** and **100% by 2030**[27](index=27&type=chunk) - As of June 30, 2025, over **60% of the seafood** procured by the Group was eco-labeled and certified[27](index=27&type=chunk) [Community Engagement](index=6&type=section&id=Community%20Engagement) The Group actively engages with the community through long-standing initiatives like the "Warm Soup Action" program - The Group has continuously promoted its "Warm Soup Action" program for fourteen years, organizing over **450 events** since 2011 and delivering over **56,300 bowls of warm soup** to the elderly[28](index=28&type=chunk) [Diversity and Inclusion](index=6&type=section&id=Diversity%20and%20Inclusion) The Group fosters an inclusive environment by promoting accessibility and providing employment opportunities for individuals with disabilities - The Group is committed to creating barrier-free environments and cultures in its hotels and collaborates with the Fu Hong Society to provide long-term employment and training opportunities[29](index=29&type=chunk) - The Group launched the "Sino Women's Network" and two of its hotels were awarded the "Happy Workplace" label, recognizing their efforts in corporate social responsibility[29](index=29&type=chunk) [Tai O Heritage Hotel](index=7&type=section&id=Tai%20O%20Heritage%20Hotel) Tai O Heritage Hotel operates as a social enterprise, preserving cultural heritage and actively engaging in community development and tourism - Tai O Heritage Hotel is operated as a social enterprise by a non-profit organization established by the major shareholder, the Wong family, as part of Hong Kong's "Revitalising Historic Buildings Through Partnership Scheme," and received the UNESCO Asia-Pacific Awards for Cultural Heritage Conservation in 2013[30](index=30&type=chunk) - The hotel actively participates in community activities, including distributing typhoon emergency kits, organizing "Tai O Sampan Night Tour," and New Year open days, and integrates augmented reality technology into guided tours[30](index=30&type=chunk)[31](index=31&type=chunk) - The hotel has received numerous international awards, including the "World Economic Forum Public-Private Cooperation Service Award" and the "2024 International Sustainable Development Award – Top 100 Hotels and Resorts Worldwide," recognizing its contributions to community sustainable development and heritage conservation[31](index=31&type=chunk) [Industry Outlook and Prospects](index=7&type=section&id=Industry%20Outlook%20and%20Prospects) Hong Kong's tourism industry continues to recover, benefiting from event-driven economy, but the hotel sector faces challenges from changing visitor spending patterns and increased market competition; the Group will respond flexibly and announced the Chairman's retirement and succession plan - Hong Kong's tourism industry continues its steady recovery, with visitor arrivals increasing by **11.7% year-on-year** in the first half of 2025, primarily driven by major events such as the Hong Kong Sevens and Art Basel[32](index=32&type=chunk) - The hotel industry faces structural challenges, including a shift in visitor preferences towards short-haul and day trips, experiential activities replacing traditional shopping, a trend of local residents traveling abroad during long holidays, and increased hotel room supply leading to downward pressure on room rates[32](index=32&type=chunk)[33](index=33&type=chunk) - The core facility of Kai Tak Sports Park, "Kai Tak Main Stadium," is scheduled to open in March 2025, ushering in a new era for Hong Kong's event-driven economy and is expected to boost consumption and drive growth in the hotel, retail, and tourism sectors[33](index=33&type=chunk) - The Group is committed to amplifying the ripple effect of the event-driven economy, exploring package deals combining accommodation, dining, and shopping offers, and designing in-depth experiential itineraries to extend visitor stays and increase spending[34](index=34&type=chunk) - Mr. Robert Ng Chee Siong will retire as Chairman on August 31, 2025, and Mr. Daryl Ng Win Kong has been nominated and elected to succeed him as Chairman[34](index=34&type=chunk) [Staff and Management](index=9&type=section&id=Staff%20and%20Management) Changes occurred in the Board of Directors, with Mr. Chan Chung Ni, JP, appointed as an Independent Non-Executive Director and Mr. Wong Chee Keong retiring - Mr. Chan Chung Ni, JP, joined the Board as an Independent Non-Executive Director on July 1, 2025[36](index=36&type=chunk) - Mr. Wong Chee Keong retired as an Independent Non-Executive Director on July 1, 2025, having served on the Board since July 2005[36](index=36&type=chunk) [Annual Results](index=10&type=section&id=Annual%20Results) This section presents the Group's comprehensive financial performance for the fiscal year, including detailed statements of profit or loss, comprehensive income, and financial position [Consolidated Statement of Profit or Loss](index=10&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) The Group's FY2025 consolidated statement of profit or loss shows a decrease in revenue, but profit attributable to owners of the Company significantly increased due to higher other income, net finance income, and share of results of associates Consolidated Statement of Profit or Loss Key Data | Metric | FY2025 (HKD Thousand) | FY2024 (HKD Thousand) | | :--- | :--- | :--- | | Revenue | 123,129 | 133,693 | | Gross Profit | 72,463 | 79,048 | | Other Income and Other Gains and Losses | 12,302 | (41,737) | | Net Finance Income | 62,904 | 55,967 | | Share of Results of Associates | 40,141 | 58,268 | | Profit Before Tax | 104,064 | 64,602 | | Profit for the Year Attributable to Owners of the Company | 103,350 | 64,305 | | Earnings Per Share – Basic | 8.89 HK cents | 5.62 HK cents | [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=11&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) The Group recorded positive total comprehensive income for the year in FY2025, primarily driven by an increase in profit for the year, despite fair value change losses included in other comprehensive income Consolidated Statement of Profit or Loss and Other Comprehensive Income Key Data | Metric | FY2025 (HKD Thousand) | FY2024 (HKD Thousand) | | :--- | :--- | :--- | | Profit for the Year | 103,350 | 64,305 | | Fair value change of equity instruments at fair value through other comprehensive income | (23,550) | (96,435) | | Other Comprehensive Income for the Year | (26,301) | (92,378) | | Total Comprehensive Income for the Year Attributable to Owners of the Company | 77,049 | (28,073) | [Consolidated Statement of Financial Position](index=12&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets and equity attributable to owners of the Company both increased, with a rise in net current assets, indicating a robust financial position Consolidated Statement of Financial Position Key Data (as of June 30) | Metric | 2025 (HKD Thousand) | 2024 (HKD Thousand) | | :--- | :--- | :--- | | Non-current Assets | 2,734,880 | 2,775,607 | | Current Assets | 1,504,830 | 1,359,923 | | Current Liabilities | 49,538 | 21,302 | | Net Current Assets | 1,455,292 | 1,338,621 | | Equity Attributable to Owners of the Company | 4,190,172 | 4,114,228 | | Time Deposits, Bank Balances and Cash | 1,480,397 | 1,248,134 | [Notes to the Financial Statements](index=13&type=section&id=Notes%20to%20the%20Financial%20Statements) The notes provide detailed explanations and disclosures regarding the Group's accounting policies, financial performance, and position [Basis of Preparation](index=13&type=section&id=Basis%20of%20Preparation) This consolidated financial report is prepared in accordance with Hong Kong Financial Reporting Standards, the Listing Rules of the Stock Exchange, and the Hong Kong Companies Ordinance, primarily on a historical cost basis, with certain financial instruments measured at fair value - This consolidated financial report has been prepared in accordance with Hong Kong Financial Reporting Standards issued by the Hong Kong Institute of Certified Public Accountants, and complies with the requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and the Hong Kong Companies Ordinance[42](index=42&type=chunk) - This consolidated financial report is prepared on a historical cost basis, except for certain financial instruments which are measured at fair value[42](index=42&type=chunk) [Revised Hong Kong Financial Reporting Standards Mandatorily Effective in the Current Year](index=13&type=section&id=Revised%20Hong%20Kong%20Financial%20Reporting%20Standards%20Mandatorily%20Effective%20in%20the%20Current%20Year) Several revised Hong Kong Financial Reporting Standards were applied in the current year, but they had no significant impact on the Group's financial position and performance - The Group first applied amendments to HKAS 1, HKFRS 16, and HKAS 7 and HKFRS 7 in the current year[43](index=43&type=chunk) - The application of these revised standards had no significant impact on the Group's financial position and performance for the current and prior years[43](index=43&type=chunk) [Segment Information](index=14&type=section&id=Segment%20Information) The Group's revenue and results are analyzed by hotel operations, investment holding, and other businesses segments, with all revenue derived from external customers and originating from Hong Kong Overview of Segment Revenue and Results | Segment | FY2025 Revenue (HKD Thousand) | FY2024 Revenue (HKD Thousand) | FY2025 Results (HKD Thousand) | FY2024 Results (HKD Thousand) | | :--- | :--- | :--- | :--- | :--- | | Hotel Operations - City Garden Hotel | 100,360 | 97,391 | 27,739 | 19,659 | | Investment Holding | 6,754 | 20,483 | 6,739 | 20,463 | | Hotel Operations - Share of Results of Associates | - | - | 102,401 | 121,750 | | Others - Club Operations and Hotel Management | 16,015 | 15,819 | 2,766 | 2,266 | | **Total** | **123,129** | **133,693** | **139,645** | **164,138** | - All segment revenue is derived from external customers, and all of the Group's operations, revenue, and profit originate from Hong Kong[44](index=44&type=chunk)[46](index=46&type=chunk) [Profit Before Tax](index=15&type=section&id=Profit%20Before%20Tax) The Group's profit before tax significantly increased in FY2025, primarily due to a reversal from loss to gain in fair value changes of financial assets Profit Before Tax Components | Metric | FY2025 (HKD Thousand) | FY2024 (HKD Thousand) | | :--- | :--- | :--- | | Profit Before Tax | 104,064 | 64,602 | | Fair value change of financial assets at fair value through profit or loss (gain)/loss | (7,840) | 40,880 | | Depreciation of right-of-use assets | 22,218 | 22,218 | | Depreciation and amortization of property, plant and equipment | 16,687 | 19,127 | [Income Tax Expense](index=15&type=section&id=Income%20Tax%20Expense) The Group's income tax expense for FY2025 primarily consisted of Hong Kong Profits Tax, showing an increase compared to the previous year Income Tax Expense Overview | Metric | FY2025 (HKD Thousand) | FY2024 (HKD Thousand) | | :--- | :--- | :--- | | Hong Kong Profits Tax - Current Year | 311 | 321 | | Hong Kong Profits Tax - Under/(Over) Provision in Prior Years | 401 | (24) | | Overseas Tax - Withholding Tax on Dividends | 2 | - | | **Total Income Tax Expense** | **714** | **297** | [Earnings Per Share – Basic](index=15&type=section&id=Earnings%20Per%20Share%20%E2%80%93%20Basic) The Group's basic earnings per share for FY2025 was 8.89 HK cents, a significant increase from the previous year, with no dilutive ordinary shares Basic Earnings Per Share | Metric | FY2025 | FY2024 | | :--- | :--- | :--- | | Basic Earnings Per Share | 8.89 HK cents | 5.62 HK cents | | Weighted Average Number of Shares in Issue | 1,162,334,560 shares | 1,144,813,350 shares | - There were no potential dilutive ordinary shares in either of these two years, hence no diluted earnings per share is presented[49](index=49&type=chunk) [Trade and Other Receivables](index=16&type=section&id=Trade%20and%20Other%20Receivables) As of June 30, 2025, the Group's total trade and other receivables decreased Trade and Other Receivables (as of June 30) | Metric | 2025 (HKD Thousand) | 2024 (HKD Thousand) | | :--- | :--- | :--- | | Trade Receivables (0-30 days) | 3,073 | 4,084 | | Other Receivables | 19,433 | 28,846 | | **Total** | **22,506** | **32,930** | [Trade and Other Payables](index=16&type=section&id=Trade%20and%20Other%20Payables) As of June 30, 2025, the Group's total trade and other payables slightly increased Trade and Other Payables (as of June 30) | Metric | 2025 (HKD Thousand) | 2024 (HKD Thousand) | | :--- | :--- | :--- | | Trade Payables (0-30 days) | 1,578 | 2,347 | | Other Payables | 15,978 | 14,399 | | Contract Liabilities | 3,087 | 2,940 | | **Total** | **20,675** | **19,694** | [Commitments](index=16&type=section&id=Commitments) The Group's contracted but not provided for expenditure commitments primarily relate to renovation costs, and the purchase of furniture, fixtures, and hotel operating equipment, with a significant reduction in the current year compared to last year Contracted but Not Provided for Expenditure Commitments | Item | 2025 (HKD Thousand) | 2024 (HKD Thousand) | | :--- | :--- | :--- | | Renovation Costs, Purchase of Furniture, Fixtures and Hotel Operating Equipment | 2,115 | 8,577 | [Closure of Register of Members and Record Date](index=17&type=section&id=Closure%20of%20Register%20of%20Members%20and%20Record%20Date) The Company has announced the book closure dates and record dates for the Annual General Meeting and the proposed final dividend to determine shareholders entitled to attend and receive dividends - The Annual General Meeting will be held on October 22, 2025, with the register of members closed from October 17 to October 22, 2025[53](index=53&type=chunk) - The record date for the proposed final dividend is October 30, 2025, with the register of members closed from October 28 to October 30, 2025[53](index=53&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=17&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) Neither the Company nor its subsidiaries engaged in any purchase, sale, or redemption of the Company's listed securities during the reporting year - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the current year[54](index=54&type=chunk) [Compliance with Corporate Governance Code](index=17&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The Company has adopted and complied with the Corporate Governance Code of the Listing Rules, though the roles of Chairman and Chief Executive are not segregated, and the Chairman was unable to attend the 2024 AGM, the Board believes the current structure remains effective - The Company has adopted and complied with all code provisions of Appendix C1 "Corporate Governance Code" of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[55](index=55&type=chunk) - The roles of Chairman and Chief Executive are currently both held by the Chairman of the Board and are not segregated, but the Board believes the current management structure facilitates the Company's operations and business development[55](index=55&type=chunk)[56](index=56&type=chunk) - The Chairman of the Board, Mr. Robert Ng Chee Siong, was unable to attend the 2024 Annual General Meeting due to other commitments, and Mr. Daryl Ng Win Kong, Deputy Chairman of the Board, chaired the meeting[56](index=56&type=chunk) [Review of Audited Financial Statements](index=18&type=section&id=Review%20of%20Audited%20Financial%20Statements) The Group's audited consolidated financial statements for the year ended June 30, 2025, have been reviewed by the Company's Audit Committee - The Group's audited consolidated financial statements for the year ended June 30, 2025, have been reviewed by the Company's Audit Committee[57](index=57&type=chunk) [2025 Annual Report](index=18&type=section&id=2025%20Annual%20Report) The 2025 Annual Report, containing all required information, will be published on the websites of Hong Kong Exchanges and Clearing Limited and the Company around September 26, 2025, with printed copies dispatched to shareholders - The 2025 Annual Report, containing all information required to be detailed under the Listing Rules, will be published on the websites of Hong Kong Exchanges and Clearing Limited and the Company at www.sino.com[58](index=58&type=chunk) - Printed copies of the Annual Report will be dispatched to shareholders around September 26, 2025[58](index=58&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 佈 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 會 對 本 公 佈 的 全 部 或 任 何 部 分 內 容 所 產 生 或 因 依 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 Unity Enterprise Holdings Limited 中 期 業 績 盈 滙 企 業 控 股 有 限 公 司（「本 公 司」）董 事（「董 事」）會（「董 事 會」）欣 然 提 呈 本 公 司 及 其 附 屬 公 司（統 稱「本 集 團」）截 至2025年6月30日 止 六 個 月 未 經 審 核 簡 明 綜 合 中 期 財 務 報 表，連 同2024年 同 期 的 未 經 審 核 比 較 數 字。 – 1 – 盈滙企業控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2195） 截 至2025年6月30日 止 六 個 月 的 中 期 業 績 公 佈 中 期 業 績 摘 要 • 截 至2025年 ...

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。 董事長致辭 尊敬的各位股東： 二零二五年上半年，面對嚴峻複雜的外部形勢和國際油價震蕩下行壓力，我們立足油氣主業根 基，以增儲上產築牢發展底氣，以科技創新激活增長動能，以綠色轉型拓寬發展空間，以提質 增效淬煉經營韌性，有效應對市場波動，為全年目標實現奠定堅實基礎。 我們持續推進增儲上產，油氣勘探成果豐碩。在中國海域獲得錦州27-6等5個油氣新發現，成功 評價秦皇島29-6等大中型含油氣構造，陸上非常規天然氣儲量穩步增長。圭亞那深水立體勘探 持續增儲，首次簽署哈薩克斯坦勘探新區塊石油合同，進一步拓展了海外勘探潛力。 CNOOC Limited （中國海洋石油有限公司） （根據公司條例在香港註冊成立的有限責任公司） （股票代號：00883（港幣櫃台）及80883（人民幣櫃台）） 二零二五年中期業績公告（未經審計） | 財務及業務摘要 | | | | --- | --- | --- | | | | 與二零二四年 ...

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文件的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本文件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。 (股份代號：247) 主席報告 本人謹向股東提交二零二四╱二零二五年度之年報。 業績 截至二零二五年六月三十日止之年度（「本財政年度」），在撇除投資物業公平值變動的影響 後，集團股東應佔基礎溢利為二十九億六千萬港元（二零二三╱二零二四：二十九億四千 三百萬港元）。每股基礎盈利為一點三八港元（二零二三╱二零二四：一點四一港元）。 計及為非現金項目的投資物業重估虧損（扣減遞延稅項）六億二千一百萬港元（（二零二三 ╱二零二四（：重估虧損三億二千七百萬港元），本財政年度集團股東應佔淨溢利二十三億三 千一百萬港元（二零二三╱二零二四（：二十五億零八百萬港元）（。本財政年度每股盈利為一 點零八港元（二零二三╱二零二四：一點二港元）。 末期股息 董事會建議派發本財政年度之末期股息每股四十三港仙。 末期股息將給予在二零二五年十月三十日名列於本公司股東名冊之股東。連同已於二零二 五年四月二十三日派發之中期息每股十五港仙， ...

2025 INTERIM REPORT | 公司資料 | 2 | | --- | --- | | 獨立審閱報告 | 3 | | 簡明綜合收益表 | 4 | | 簡明綜合全面收入表 | 5 | | 簡明綜合財務狀況表 | 6 | | 簡明綜合權益變動表 | 8 | | 簡明綜合現金流量表 | 10 | | 未經審核中期財務報告附註 | 11 | | 管理層討論及分析 | 77 | （於開曼群島註冊成立之有限公司） （股份代號：175（港幣櫃台）及 80175（人民幣櫃台）） 202 5 中期報告 (Stock codes: 175 (HKD counter) & 80175 (RMB counter)) (Incorporated in the Cayman Islands with limited liability) 高劼女士 （委員會主席） 俞麗萍女士 曾瀞漪女士 公司資料 執行董事： 李書福先生 （主席） 李東輝先生 （副主席） 桂生悅先生 （行政總裁） 淦家閱先生 毛鑒明先生 獨立非執行董事： 高劼女士 俞麗萍女士 朱寒松先生 曾瀞漪女士 審核委員會： 朱寒松先生 （委員會主席） 高劼女士 曾瀞漪女士 ...

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。 Yonghe Medical Group Co., Ltd. 雍禾醫療集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2279） 截至2025年6月30日止六個月中期業績公告 財務摘要 本集團的收入從截至2024年6月30日止六個月的人民幣900.2百萬元減少4.3% 至截至2025年6月30日止六個月的人民幣861.6百萬元。 本集團的毛利從截至2024年6月30日止六個月的人民幣529.4百萬元增加3.9% 至截至2025年6月30日止六個月的人民幣550.3百萬元。 本集團的毛利率從截至2024年6月30日止六個月的58.8%上升到截至2025年6月 30日止六個月的63.9%。 截至2024年6月30日止六個月本集團的淨虧損為人民幣138.6百萬元，而截至 2025年6月30日止六個月本集團的淨利潤為人民幣27.9百萬元。 本集團的除利息、稅項、折舊及攤銷前溢利從截至2024年6月3 ...

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文件的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本文件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。 (股份代號：83) 載有關於以股代息計劃詳情之通函及選擇以股代息之表格，將約於二零二五年十一月六 日寄予各股東。預計末期股息單及股票將約於二零二五年十二月二日發送給股東。 主席報告 本人謹向股東提交二零二四╱二零二五年度之年報。 業績 截至二零二五年六月三十日止之年度（「本財政年度」），在撇除投資物業公平值變動的 影響後，集團股東應佔基礎溢利為五十一億一千八百萬港元（二零二三╱二零二四：五十 一億七千一百萬港元）。每股基礎盈利為零點五八港元（二零二三╱二零二四：零點六一 港元）。 計及為非現金項目的投資物業重估虧損（扣減遞延稅項）十億八千四百萬港元（二零二三 ╱二零二四：重估虧損五億八千萬港元），本財政年度集團股東應佔淨溢利為四十億一千 九百萬港元（二零二三╱二零二四：四十四億零二百萬港元）。本財政年度每股盈利為零 點四五港元（二零二三╱二零二四：零點五二港元）。 末期股息 董事會建議派發本財政年度之末 ...