NEXION TECHNOLOGIES LIMITED 2025 中期報告 香港聯合交易所有限公司（「聯交所」）GEM 之特色 GEM 的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交所上市的公 司帶有較高投資風險。有意投資者應了解投資於該等公司的潛在風險，並應經過審慎周詳的考 慮後方作出投資決定。 由於GEM 上市公司普遍為中小型公司，在GEM 買賣的證券可能會較於主板買賣的證券承受較 大的市場波動風險，同時無法保證在GEM 買賣的證券會有高流通量的市場。 香港交易及結算所有限公司及聯交所對本報告之內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示概不就因本報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。 本報告乃遵照聯交所 GEM 證 券 上 市 規 則（「GEM 上 市 規 則」）之 規 定 提 供 有 關 Nexion Technologies Limited（「本公司」）及其附屬公司（統稱「本集團」）之資料。本公司各董事（「董 事」）願對本報告所載資料共同及個別承擔全部責任。各董事在作出一切合理查詢後，確認就彼 等所深知及確信，本報告所載資料 ...

梁昭坤先生 （主席） 劉少恒先生 李煒先生 董事會 執行董事 何興富先生 （主席兼行政總裁） 任國棟先生 徐進捷先生 盛凌飛女士 獨立非執行董事 梁昭坤先生 劉少恒先生 李煒先生 董事委員會 審核委員會 中期報告 2025 目錄 | 公司資料 | 2 | | --- | --- | | 財務摘要 | 4 | | 簡明合併損益及其他全面收益表 | 5 | | 簡明合併財務狀況表 | 6 | | 簡明合併權益變動表 | 7 | | 簡明合併現金流量表 | 8 | | 未經審核簡明合併財務報表附註 | 9 | | 管理層討論及分析 | 29 | | 其他資料 | 39 | 公司資料 薪酬委員會 劉少恒先生 （主席） 何興富先生 盛凌飛女士 梁昭坤先生 李煒先生 提名委員會 何興富先生 （主席） 徐進捷先生 梁昭坤先生 李煒先生 劉少恒先生 授權代表 何興富先生 何焯偉先生 （執業會計師） 合規主任 何興富先生 公司秘書 何焯偉先生 （執業會計師） 註冊辦事處 Windward 3, Regatta Office Park PO Box 1350 Grand Cayman KY1-1108 Cayman Island ...

香 港 交 易 及 結 算 所 有 限 公 司 和 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 之 全 部 或 任 何 部 分 內 容 所 產 生 或 因 依 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任。 ANTA Sports Products Limited 安踏體育用品有限公司 （於開曼群島註冊成立之有限公司） 股份代號：2020（港幣櫃台）及 82020（人民幣櫃台） 二零二五年中期業績公告 安 踏 體 育 用 品 有 限 公 司（「本公司」）董 事 會（「董事會」）欣 然 宣 佈 本 公 司 及 其 附 屬 公 司（合 稱「本集團」）截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 的 未 經 審 核 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 證 券 上 市 規 則》中 有 關 中 期 業 績 初 步 ...

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。 – 1 – COUNTRY GARDEN SERVICES HOLDINGS COMPANY LIMITED 碧桂園服務控股有限公司 （於 開 曼 群 島 註 冊 成 立 之 有 限 公 司） （股 份 代 號：6098） 截 至2025年6月30日止六個月之未經審核中期業績公告 | | | | | | | | | | | | | | | | | | | | | | | | | | | | 業績摘要 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...

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。 （股份代號：00517） （於百慕達註冊成立的有限公司） 2025年 中 期 業 績 – 2 – 簡 明 綜 合 全 面 收 益 表 截 至2025年6月30日 止 六 個 月 業 績 及 營 運 概 要 中 遠 海 運 國 際（香 港）有 限 公 司（「本 公 司」或「中 遠 海 運 國 際」）董 事 會（「董 事 會」或「董 事」） 欣 然 宣 佈 本 公 司 及 其 附 屬 公 司（統 稱「本 集 團」）截 至2025年6月30日 止 六 個 月 的 未 經 審 計 簡 明 綜 合 業 績。本 集 團 截 至2025年6月30日 止 六 個 月 的 未 經 審 計 簡 明 綜 合 業 績 已 經 由 本 公 司 審 ...

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依賴該等內容而引致的任何損失承擔任何責 任。 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED ） （申洲國際集團控股有限公司* （於開曼群島註冊成立的有限公司） – 1 – • 截至二零二五年六月三十日止六個月銷售額達約人民幣14,966,384,000 元，較 二 零 二 四 年 同 期 上 升 約15.3%。 • 截至二零二五年六月三十日止六個月的運動類產品銷售額佔總銷售額 的百分比約為67.7%。來自運動類產品的銷售額比去年同期上升約9.9%。 • 截至二零二五年六月三十日止六個月的休閒類產品銷售額佔總銷售額 的百分比約為25.3%。來 自 休 閒 類 產 品 的 銷 售 額 比 去 年 同 期 明 顯 上 升 約 37.4%。 • 截至二零二五年六月三十日止六個月的內衣類產品銷售額佔總銷售額 的百分比約為6.3%。來 自 內 衣 類 產 品 ...

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。 MIXUE Group 蜜雪冰城股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2097） 截至2025年6月30日止六個月 中期業績公告 蜜雪冰城股份有限公司（「本公司」，連同其附屬公司，統稱「本集團」）董事（「董 事」）會（「董事會」）謹此公佈本公司截至2025年6月30日止六個月（「報告期」）的未 經審核綜合中期業績，連同截至2024年6月30日止六個月的比較數字。 於本公告內，「我們」指本公司，或如文義另有所指，指本集團。除本公告另有界 定者外，本公告內所用詞彙與本公司日期為2025年2月21日的招股章程（「招股章 程」）所界定者具有相同涵義。 | 中期業績摘要 | | | | | --- | --- | --- | --- | | | 截至6月30日止六個月 | | | | | （未經審核）（未經審核） | | | | | 2025年 | 2024年 | | | | 人民 ...

[Summary](index=2&type=section&id=概要) The company achieved significant financial performance in H1 2025, with **HKD 620 million in revenue** and a **capital-to-debt ratio of 18%** 2025 H1 Key Financial Data | Indicator | Amount (HKD) | | :--- | :--- | | Revenue | 620 million | | Earnings Before Interest, Tax, Depreciation and Amortization | 381 million | | Net Profit | 106 million | | Net Profit Attributable to Company Shareholders | 54 million | | Basic Earnings Per Share | 0.102 | | Capital-to-Debt Ratio as of June 30, 2025 | 18% | [Management Discussion and Analysis](index=3&type=section&id=管理層討論及分析) This section details Jinhui Group's H1 2025 operating results, market environment, fleet management strategies, financial position, and outlook, showing significant revenue and profit growth in a volatile shipping market due to fleet optimization, legal compensation, and cost control [Interim Results](index=3&type=section&id=中期業績) In H1 2025, the Group's revenue increased by 15% to HKD 620 million, net profit rose to HKD 106 million, and basic EPS doubled to HKD 0.102, boosted by HKD 157.7 million in legal compensation 2025 H1 Key Financial Performance | Indicator | 2025 H1 (HKD thousands) | 2024 H1 (HKD thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 620,460 | 539,284 | +15% | | Consolidated Operating Profit Before Depreciation and Amortization | 381,175 | 247,630 | +53.1% | | Consolidated Net Profit | 106,192 | 66,900 | +58.7% | | Net Profit Attributable to Company Shareholders | 53,835 | 28,117 | +91.4% | | Basic Earnings Per Share | HKD 0.102 | HKD 0.053 | +92.5% | - Received **HKD 157,738,000** in compensation income from legal disputes over unfulfilled charter parties[5](index=5&type=chunk) - Disposal of two older Supramax vessels resulted in a disposal loss of **HKD 19,001,000** and recognition of an impairment loss of **HKD 14,281,000** on assets held for sale[6](index=6&type=chunk) [Interim Dividend](index=3&type=section&id=中期股息) The Board resolved not to recommend any interim dividend for the six months ended June 30, 2025, consistent with the prior year - No interim dividend recommended for H1 2025 (H1 2024: nil)[7](index=7&type=chunk) [Business Review](index=3&type=section&id=業務回顧) The Group's shipping business, operated by Jinhui Shipping and Transportation Limited, saw revenue growth in H1 2025 despite a challenging dry bulk market with declining Baltic Dry Index, while maintaining effective fleet operating cost control [Shipping Market Overview](index=4&type=section&id=航運市場概況) In H1 2025, the dry bulk shipping market experienced soft freight rates due to seasonal slowdowns and macroeconomic uncertainties, with the Baltic Dry Index averaging 1,290 points - The dry bulk shipping market faced challenges from seasonal slowdowns and macroeconomic uncertainties in H1 2025[9](index=9&type=chunk) - The Baltic Dry Index averaged **1,290 points**, compared to **1,836 points** in H1 2024, indicating softer market freight rates[9](index=9&type=chunk) [Fleet Operating Performance](index=4&type=section&id=船隊營運表現) Despite softer market freight rates, the Group's H1 2025 revenue grew by 15% to HKD 620 million, maintaining a 98% fleet utilization rate, with overall operating costs well-controlled despite increased daily operating costs for owned vessels Fleet Average Relative Time Charter Equivalent (USD per day) | Vessel Type | 2025 H1 | 2024 H1 | 2024 Full Year | | :--- | :--- | :--- | :--- | | Capesize Fleet | 21,203 | - | 24,298 | | Panamax Fleet | 13,795 | 17,478 | 15,528 | | Ultramax/Supramax Fleet | 12,674 | 13,560 | 14,466 | | **Average** | **13,538** | **13,939** | **14,741** | Shipping Business Key Performance Indicators (HKD thousands) | Indicator | 2025 H1 | 2024 H1 | 2024 Full Year | | :--- | :--- | :--- | :--- | | Average Daily Relative Time Charter Equivalent | 106 | 109 | 115 | | Vessel Daily Operating Costs | 47 | 40 | 44 | | Vessel Daily Depreciation | 25 | 26 | 26 | | **Total** | **72** | **66** | **70** | - Daily operating costs for owned vessels increased from **HKD 40,000** in H1 2024 to **HKD 47,000** in H1 2025, mainly due to initial operating costs for newly delivered vessels[12](index=12&type=chunk) [Fleet Overview](index=5&type=section&id=船隊槪述) The Group is committed to fleet renewal, operating 32 vessels (25 owned, 7 chartered) with a total carrying capacity of approximately 2.347 million DWT as of June 30, 2025, through strategic acquisitions, disposals, and charters to enhance competitiveness [Fleet Composition and Strategy](index=5&type=section&id=船隊組成與策略) The Group operates a diversified dry bulk fleet, comprising 32 vessels (25 owned, 7 chartered) as of June 30, 2025, with a fleet renewal strategy focused on enhancing quality, optimizing mix, and reducing overall age Fleet Composition (as of June 30, 2025) | Vessel Type | Owned Vessels* | Chartered Vessels | Total | | :--- | :--- | :--- | :--- | | Capesize Fleet | 2 | 1 | 3 | | Panamax Fleet | 1 | 2 | 3 | | Ultramax/Supramax Fleet | 22 | 4 | 26 | | **Total Vessels** | **25** | **7** | **32** | - The total carrying capacity of the fleet is approximately **2,347,000 DWT**[13](index=13&type=chunk) - The carrying value of vessels and capitalized dry-docking costs was **HKD 3,022,010,000** (December 31, 2024: **HKD 3,067,893,000**)[13](index=13&type=chunk) [Acquisition and Disposal of Vessels](index=6&type=section&id=收購及出售船舶) In H1 2025, the Group agreed to sell two older Supramax vessels, one delivered at a loss and another reclassified as held for sale with an impairment loss, while also delivering one Ultramax vessel and subsequently agreeing to sell three more Supramax vessels - In H1 2025, two Supramax vessels were sold for **USD 8.26 million** (approximately **HKD 64.428 million**) and **USD 10.225 million** (approximately **HKD 79.755 million**) respectively[16](index=16&type=chunk) - One sold vessel generated a loss of **HKD 19,001,000**, and another was reclassified as an asset held for sale with an impairment loss of **HKD 14,281,000**[6](index=6&type=chunk)[16](index=16&type=chunk) - Subsequent to the reporting date, the Group entered into agreements to sell three more Supramax vessels for a total consideration of approximately **USD 32.3 million** (approximately **HKD 251.9 million**)[17](index=17&type=chunk) [Chartered Vessels](index=6&type=section&id=租賃船舶) The Group optimizes its fleet and manages capital expenditure through chartering, operating five long-term chartered vessels with a total capacity of approximately 619,000 DWT as of the reporting date, leading to increased right-of-use assets and lease liabilities - As of the reporting date, the Group operates five long-term chartered vessels with a total carrying capacity of approximately **619,000 DWT**[18](index=18&type=chunk) - In H1 2025, a long-term chartered Capesize vessel of **207,672 DWT** was received, with a charter period of at least 33 months[19](index=19&type=chunk) - The carrying value of right-of-use assets increased to **HKD 347,875,000** (December 31, 2024: **HKD 234,168,000**), and lease liabilities increased to **HKD 371,278,000** (December 31, 2024: **HKD 252,598,000**)[19](index=19&type=chunk) [Sale and Leaseback Arrangements](index=7&type=section&id=售後回租安排) As of June 30, 2025, the Group entered into sale and leaseback agreements for two vessels totaling approximately HKD 222 million, effective early July 2025, to maintain financial flexibility and operational competitiveness - Two sale and leaseback agreements were entered into for two vessels, totaling approximately **HKD 222 million**, which became effective in early July 2025[20](index=20&type=chunk) - The strategy is to maintain a modern and competitive fleet by selling older vessels and chartering newer, larger capacity vessels[20](index=20&type=chunk) [Financial Review](index=7&type=section&id=財務回顧) This section analyzes the Group's H1 2025 financial performance, covering revenue, operating profit, income and expense variations, financial assets, investment properties, right-of-use assets and liabilities, liquidity, and capital structure, indicating improved profitability and financial stability despite some cost increases [Revenue and Operating Profit](index=7&type=section&id=營業收入及經營溢利) In H1 2025, revenue increased by 15% to HKD 620 million, consolidated operating profit before depreciation and amortization rose to HKD 381 million, and basic EPS grew to HKD 0.102 2025 H1 Revenue and Operating Profit Overview | Indicator | 2025 H1 (HKD thousands) | 2024 H1 (HKD thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 620,460 | 539,284 | +15% | | Consolidated Operating Profit Before Depreciation and Amortization | 381,175 | 247,630 | +53.1% | | Net Profit Attributable to Company Shareholders | 53,835 | 28,117 | +91.4% | | Basic Earnings Per Share | HKD 0.102 | HKD 0.053 | +92.5% | - The fleet's overall average daily relative time charter equivalent was **USD 13,538** (approximately **HKD 106,000**)[21](index=21&type=chunk) [Net Loss on Disposal of Owned Vessels](index=7&type=section&id=出售自置船舶之虧損淨額) In H1 2025, the Group incurred a net loss of HKD 19.001 million from the disposal of a Supramax vessel - Disposal of a **53,350 DWT** Supramax vessel resulted in a net loss of **HKD 19,001,000**[22](index=22&type=chunk) [Other Operating Income](index=8&type=section&id=其他經營收入) Other operating income significantly increased from HKD 79.182 million in H1 2024 to HKD 221 million in H1 2025, primarily driven by HKD 157.7 million in legal compensation from charter party disputes, alongside contributions from financial asset gains and dividend income Other Operating Income Components (HKD thousands) | Item | 2025 H1 | 2024 H1 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Total | 221,058 | 79,182 | +179.2% | | Compensation Income | 157,738 | 27,300 | +477.8% | | Net Gains from Financial Assets at Fair Value Through Profit or Loss | 20,206 | 30,516 | -33.8% | | Dividend Income | 6,146 | 4,557 | +34.9% | - Compensation income primarily resulted from the settlement of legal proceedings with Parakou Shipping Pte Limited[23](index=23&type=chunk) [Shipping Related Expenses](index=8&type=section&id=船務相關開支) Shipping-related expenses increased from HKD 271.6 million in H1 2024 to HKD 347.5 million in H1 2025, driven by higher fuel consumption, crew costs, and spare parts due to fleet expansion, partially offset by reduced charter payments for short-term chartered vessels - Shipping-related expenses increased to **HKD 347,483,000** (H1 2024: **HKD 271,619,000**)[24](index=24&type=chunk) - The increase in expenses was mainly due to higher fuel consumption and increased crew costs, spare parts, and consumables resulting from fleet expansion[24](index=24&type=chunk) - Charter payments for vessels under short-term charters decreased from **HKD 66 million** to **HKD 52 million**[24](index=24&type=chunk) [Other Operating Expenses](index=8&type=section&id=其他經營開支) Other operating expenses decreased from HKD 53.564 million in H1 2024 to HKD 48.724 million in H1 2025, including fair value losses on investment properties of HKD 11.86 million and impairment losses on assets held for sale of HKD 14.281 million - Other operating expenses decreased to **HKD 48,724,000** (H1 2024: **HKD 53,564,000**)[25](index=25&type=chunk) - This period included a fair value loss on investment properties of **HKD 11,860,000** and an impairment loss on assets held for sale of **HKD 14,281,000**[25](index=25&type=chunk) [Depreciation and Amortization](index=8&type=section&id=折舊及攤銷) Depreciation and amortization increased from HKD 154.3 million in H1 2024 to HKD 235.4 million in H1 2025, primarily due to a significant rise in right-of-use asset depreciation for long-term chartered vessels - Depreciation and amortization increased to **HKD 235,383,000** (H1 2024: **HKD 154,265,000**)[25](index=25&type=chunk) - This was mainly due to the recognition of right-of-use asset depreciation of **HKD 113,814,000** for long-term chartered vessels (H1 2024: **HKD 44,366,000**)[25](index=25&type=chunk) [Finance Costs](index=9&type=section&id=財務成本) Finance costs increased from HKD 26.465 million in H1 2024 to HKD 39.6 million in H1 2025, mainly due to increased loan drawdowns for vessel deliveries and higher interest expenses on lease liabilities - Finance costs increased to **HKD 39,600,000** (H1 2024: **HKD 26,465,000**)[26](index=26&type=chunk) - This was primarily due to increased loans drawn for vessel deliveries and higher interest expenses on lease liabilities, which rose to **HKD 13,761,000**[26](index=26&type=chunk) [Financial Assets at Fair Value Through Profit or Loss](index=9&type=section&id=按公平價值列賬及在損益表處理之財務資產) As of June 30, 2025, the Group's financial assets at fair value through profit or loss increased to HKD 181.9 million, primarily comprising listed equity securities and investment funds, with a net gain of HKD 20.206 million in H1 2025 Financial Assets at Fair Value Through Profit or Loss (HKD thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Investment Portfolio | 181,913 | 166,692 | | Listed Equity Securities | 159,524 | 145,616 | | Investment Funds | 22,389 | 21,076 | - Net gains for H1 2025 were **HKD 20,206,000** (H1 2024: **HKD 30,516,000**)[27](index=27&type=chunk) [Investment Properties](index=9&type=section&id=投資物業) As of June 30, 2025, the Group's investment properties, comprising Hong Kong properties and car parks, had a fair value of HKD 261.7 million, with a fair value loss of HKD 11.86 million recognized in H1 2025, while still generating stable rental income - The fair value of investment properties was **HKD 261,670,000** (December 31, 2024: **HKD 273,530,000**)[28](index=28&type=chunk) - A fair value loss of **HKD 11,860,000** was recognized in H1 2025, with total rental income of **HKD 2,373,000**[29](index=29&type=chunk) [Right-of-Use Assets and Lease Liabilities](index=9&type=section&id=使用權資產及租賃負債) As of June 30, 2025, right-of-use assets increased to HKD 347.9 million and lease liabilities to HKD 371.3 million, primarily due to the receipt of a long-term chartered Capesize vessel in H1 2025, leading to a significant increase in total lease cash outflows - The carrying value of right-of-use assets was **HKD 347,875,000** (December 31, 2024: **HKD 234,168,000**)[30](index=30&type=chunk) - Lease liabilities amounted to **HKD 371,278,000** (December 31, 2024: **HKD 252,598,000**)[30](index=30&type=chunk) - Total cash outflow for leases in H1 2025 was **HKD 174,593,000** (H1 2024: **HKD 52,848,000**)[30](index=30&type=chunk) [Unlisted Equity Investments](index=10&type=section&id=非上市股本投資) The Group's unlisted equity investment in a Shanghai Jing'an CBD joint venture recorded an estimated fair value loss of HKD 4.89 million, primarily due to financing costs from shareholder loans, with an estimated carrying value of HKD 33.703 million as of the reporting date - The fair value of equity instruments in the joint venture project recorded an estimated loss of **HKD 4,890,000**[31](index=31&type=chunk) - The estimated carrying value of unlisted equity investments was **HKD 33,703,000** (December 31, 2024: **HKD 38,593,000**)[31](index=31&type=chunk) [Loans Receivable](index=10&type=section&id=應收貸款) As of June 30, 2025, the Group's unsecured loans receivable from a joint venture totaled HKD 12.304 million, with no fixed repayment terms and no impairment recognized by management - Loans receivable from the joint venture project amounted to **HKD 12,304,000**, which are unsecured and have no fixed repayment terms[32](index=32&type=chunk) - Management assessed that no impairment exists[32](index=32&type=chunk) [Trade and Other Payables](index=10&type=section&id=應付貿易賬項及其他應付賬項) As of June 30, 2025, total trade and other payables decreased to HKD 144.3 million from HKD 173.4 million at year-end 2024, primarily comprising vessel operating costs, advance charter hire, and accrued expenses Trade and Other Payables (HKD thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total | 144,306 | 173,361 | | Trade Payables | 1,441 | 6,394 | | Accrued Expenses | 43,689 | 37,976 | | Other Payables | 99,176 | 128,991 | - Other payables primarily included **HKD 79,916,000** for vessel operating costs and expenses[33](index=33&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=11&type=section&id=流動資金、財務資源及資本架構) As of June 30, 2025, the Group maintained strong liquidity with working capital of HKD 130.8 million and cash and cash equivalents of HKD 200.2 million, reflecting a healthy financial position with an 18% capital-to-debt ratio Liquidity and Capital Structure Overview (HKD thousands) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Working Capital | 130,787 | 30,096 | | Cash and Cash Equivalents | 200,246 | 189,908 | | Total Equity and Debt Securities, Bank Balances and Cash | 359,770 | 335,524 | | Total Secured Bank Loans | 898,494 | 882,766 | | Capital-to-Debt Ratio | 18% | 19% | - Net cash generated from operating activities was **HKD 338,065,000** (H1 2024: **HKD 236,521,000**)[34](index=34&type=chunk) - Net cash used in investing activities was **HKD 210,819,000**, and net cash used in financing activities was **HKD 116,908,000**[34](index=34&type=chunk)[35](index=35&type=chunk) [Pledge of Assets](index=11&type=section&id=資產抵押) As of June 30, 2025, the Group's property, plant and equipment, investment properties, financial assets at fair value through profit or loss, and bank deposits were pledged as security for credit facilities - Pledged assets included property, plant and equipment (**HKD 1,768,347,000**), investment properties (**HKD 235,410,000**), financial assets at fair value through profit or loss (**HKD 56,363,000**), and bank deposits (**HKD 1,268,000**)[37](index=37&type=chunk) - Income from the transfer of 14 subsidiaries was also pledged[37](index=37&type=chunk) [Capital Expenditure and Commitments](index=12&type=section&id=資本支出及承擔) In H1 2025, the Group incurred HKD 228.3 million in capital expenditure for vessel deliveries and dry-docking, with total contractual capital commitments of approximately HKD 480.3 million as of June 30, 2025, primarily for two new Ultramax vessels [Capital Expenditure](index=12&type=section&id=資本支出) In H1 2025, capital expenditure totaled HKD 228.3 million, primarily for final payments on delivered vessels, capitalized dry-docking costs, and installment payments for vessels under construction - Capital expenditure for H1 2025 was **HKD 228,256,000**, mainly for final payments on delivered vessels and capitalized dry-docking costs[38](index=38&type=chunk) - Installment payments of **HKD 53,040,000** were made for vessels under construction[38](index=38&type=chunk) [Capital Commitments](index=12&type=section&id=資本承擔) As of June 30, 2025, total contractual capital commitments not yet provided for amounted to HKD 480.3 million, primarily for two new Ultramax vessels scheduled for delivery in 2026 and 2027 - Total contractual capital commitments not yet provided for amounted to **HKD 480,265,000** (approximately **USD 61.572 million**)[40](index=40&type=chunk) - These commitments are primarily for two new Ultramax vessels, each costing **USD 34 million**, scheduled for delivery in 2026 and 2027[39](index=39&type=chunk) - Installment payments of **HKD 53,040,000** have been made for vessels under construction[39](index=39&type=chunk) [Update on Major Litigation](index=12&type=section&id=重大訴訟之最新情況) The long-standing legal dispute between the Group's subsidiary Galsworthy Limited and Parakou Shipping Pte Limited over a charter party was settled in April 2024, with Galsworthy receiving approximately HKD 157.7 million in compensation in January 2025, concluding the global litigation - The legal dispute between Galsworthy Limited and Parakou Shipping Pte Limited regarding a charter party had been ongoing for years, involving London arbitration and legal proceedings in Singapore and Hong Kong[43](index=43&type=chunk)[44](index=44&type=chunk)[45](index=45&type=chunk) - In April 2024, Galsworthy reached a settlement of **USD 3.5 million** (approximately **HKD 27.3 million**) with Parakou Shipping, resolving the legal action in Hong Kong[46](index=46&type=chunk) - In January 2025, Galsworthy received **SGD 27.6 million** (approximately **HKD 157.7 million**) in compensation income, which has been recorded as other operating income for H1 2025[46](index=46&type=chunk) [Events After Reporting Period](index=14&type=section&id=報告日後事項) Subsequent to the reporting date, the Group entered into agreements to sell three Supramax vessels for approximately USD 32.3 million, with two delivered in July 2025 and one expected in Q4 2025 - Subsequent to the reporting date, the Group entered into agreements to sell three Supramax vessels for a total consideration of approximately **USD 32.3 million** (approximately **HKD 251.9 million**)[47](index=47&type=chunk) - Two of these vessels were delivered in July 2025, with the remaining one expected to be delivered in Q4 2025[47](index=47&type=chunk) [Employees and Remuneration Policy](index=14&type=section&id=僱員及薪酬政策) As of June 30, 2025, the Group employed 74 full-time staff, adhering to a gender equality policy, with remuneration based on performance, experience, and industry practice, supplemented by benefits like medical insurance and provident fund contributions - As of June 30, 2025, the Group had **74** full-time employees, comprising **40** males and **34** females[49](index=49&type=chunk) - The remuneration policy is based on employee performance, experience, and industry practice, with additional benefits provided[49](index=49&type=chunk) [Risk Factors](index=14&type=section&id=風險因素) The report highlights various forward-looking risks, including global economic, currency, and interest rate fluctuations, shipping market supply-demand changes, operating expense variations (e.g., fuel prices), financing availability, government regulations, litigation liabilities, geopolitical events, and shipping lane disruptions - Key risk factors include developments in the global economy, currency, and interest rate environment, shipping market conditions (freight rate and vessel value volatility), financial market conditions, counterparty risks, and changes in dry bulk market demand[50](index=50&type=chunk) - Variations in operating expenses (fuel prices, crew costs, dry-docking and insurance costs), availability of financing and refinancing, changes in government regulations, potential litigation liabilities, geopolitical events, and shipping lane disruptions are also significant risks[50](index=50&type=chunk) [Outlook](index=15&type=section&id=展望) The Group anticipates continued market volatility and uncertainty in 2025, with relatively balanced new vessel supply, and has secured average charter rates for a significant portion of its H2 2025 fleet days, positioning itself favorably for a global economic recovery - The market is expected to remain volatile and uncertain in 2025, with low risk appetite among market participants[51](index=51&type=chunk) - The Group has covered **67%** of its Capesize and Panamax fleet days for H2 2025 at average charter rates of **USD 22,000** and **USD 18,000** respectively[51](index=51&type=chunk) - Ultramax/Supramax vessels have **45%** of their H2 2025 fleet days covered at an average daily charter rate of **USD 14,000**[51](index=51&type=chunk) [Corporate Governance](index=16&type=section&id=企業管治) This section outlines Jinhui Group's compliance with the Corporate Governance Code in Appendix C1 of the HKEX Listing Rules for H1 2025, detailing deviations and their justifications regarding director rotation, independent non-executive director tenure, and the separation of Chairman and CEO roles [Compliance with Code Provisions](index=16&type=section&id=遵守守則條文) The Company complied with the Corporate Governance Code in Appendix C1 of the HKEX Listing Rules for H1 2025, with certain deviations explained in subsequent sections - The Company complied with the Corporate Governance Code in Appendix C1 of the Listing Rules during H1 2025, with some deviations[54](index=54&type=chunk) [Corporate Governance Code Provision B.2.2](index=16&type=section&id=企業管治守則條文第%20B.2.2%20條) The Company's articles of association exempt the Chairman and Managing Director from retirement by rotation, deviating from Code Provision B.2.2, which the Board deems crucial for the Group's business continuity and stability - The Company's articles of association stipulate that the Chairman and Managing Director are not subject to retirement by rotation, deviating from Corporate Governance Code Provision B.2.2[55](index=55&type=chunk) - The Board considers this arrangement particularly important for the Group's business continuity and stability[55](index=55&type=chunk) [Corporate Governance Code Provision B.2.4](index=16&type=section&id=企業管治守則條文第%20B.2.4%20條) All independent non-executive directors have served for over nine years, deviating from Code Provision B.2.4, and the Company is actively seeking a suitable candidate for appointment to ensure compliance - All three independent non-executive directors have served the Company for over nine years, deviating from Corporate Governance Code Provision B.2.4[56](index=56&type=chunk) - The Company is identifying a suitable candidate for appointment as a new independent non-executive director and will ensure compliance with the Code as soon as practicable[56](index=56&type=chunk) [Corporate Governance Code Provision C.2.1](index=17&type=section&id=企業管治守則條文第%20C.2.1%20條) The Chairman, Mr. Ng Siu Fai, has some overlapping responsibilities with the Managing Director (effectively CEO), deviating from Code Provision C.2.1, which the Board believes benefits Group operations with robust checks and balances - Chairman Mr. Ng Siu Fai's responsibilities partially overlap with those of the Managing Director (effectively CEO), deviating from Corporate Governance Code Provision C.2.1[57](index=57&type=chunk) - The Board believes this arrangement benefits the Group's operations, and with one-third of the Board comprising independent non-executive directors, power and authority are not concentrated in any single individual[57](index=57&type=chunk)[58](index=58&type=chunk) [Corporate Governance Code Provision D.2.5](index=17&type=section&id=企業管治守則條文第%20D.2.5%20條) Given the Group's size and simple operational structure, the Board decided not to establish a separate internal audit function, deviating from Code Provision D.2.5, with the Audit Committee performing internal audit responsibilities - The Group has not established an internal audit department, deviating from Corporate Governance Code Provision D.2.5[59](index=59&type=chunk) - The Audit Committee will perform the internal audit function, reviewing risk management and internal control systems[59](index=59&type=chunk) [Model Code for Securities Transactions by Directors](index=18&type=section&id=董事進行證券交易之標準守則) The Company adopted the Model Code for Securities Transactions by Directors in Appendix C3 of the Listing Rules, and all directors confirmed compliance during the reporting period - The Company adopted the Model Code in Appendix C3 of the Listing Rules, and all directors confirmed compliance with the code during H1 2025[60](index=60&type=chunk) [Audit Committee](index=18&type=section&id=審核委員會) The Audit Committee, comprising three independent non-executive directors, reviewed accounting principles, practices, and discussed audit, risk management, internal control, and financial reporting matters, including this interim financial report - The Audit Committee comprises three independent non-executive directors[61](index=61&type=chunk) - It has reviewed accounting principles, practices, and discussed audit, risk management, internal control, and financial reporting matters, including the review of this interim financial report[61](index=61&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=19&type=section&id=購買、出售或贖回本公司上市證券) Neither the Company nor its subsidiaries purchased, sold, or redeemed any of its listed securities during H1 2025 - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during H1 2025[62](index=62&type=chunk) [Condensed Consolidated Financial Statements](index=20&type=section&id=簡明綜合財務報表) This section presents Jinhui Group's condensed consolidated statements of profit or loss and other comprehensive income, financial position, changes in equity, and cash flows for the six months ended June 30, 2025, providing an overview of the Group's financial performance, position, equity movements, and cash flows [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=20&type=section&id=簡明綜合損益及其他全面收益表) In H1 2025, the Group's revenue increased by 15% to HKD 620 million, net profit for the period rose to HKD 106.2 million, and total comprehensive income was HKD 99.202 million, with basic EPS at HKD 0.102 Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Summary (HKD thousands) | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Revenue | 620,460 | 539,284 | | Net Loss on Disposal of Owned Vessels | (19,001) | - | | Other Operating Income | 221,058 | 79,182 | | Operating Profit | 145,792 | 93,365 | | Net Profit for the Period | 106,192 | 66,900 | | Total Comprehensive Income for the Period | 99,202 | 57,292 | | Net Profit Attributable to Company Shareholders | 53,835 | 28,117 | | Basic Earnings Per Share | HKD 0.102 | HKD 0.053 | [Condensed Consolidated Statement of Financial Position](index=22&type=section&id=簡明綜合財務狀況表) As of June 30, 2025, the Group's total assets less current liabilities were HKD 395.5 million, with net assets of HKD 303.0 million, primarily driven by property, plant and equipment, right-of-use assets, and investment properties, alongside a significant increase in net current assets Condensed Consolidated Statement of Financial Position Summary (HKD thousands) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Property, Plant and Equipment | 3,144,823 | 3,140,837 | | Right-of-Use Assets | 347,875 | 234,168 | | Investment Properties | 261,670 | 273,530 | | Net Current Assets | 130,787 | 30,096 | | Total Assets Less Current Liabilities | 3,955,453 | 3,775,067 | | Net Assets | 3,030,024 | 2,942,152 | | Total Equity | 3,030,024 | 2,942,152 | - Assets held for sale amounted to **HKD 79,677,000**[65](index=65&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=24&type=section&id=簡明綜合權益變動表) For the six months ended June 30, 2025, equity attributable to company shareholders increased to HKD 169.3 million, non-controlling interests to HKD 133.7 million, and total equity to HKD 303.0 million, primarily influenced by net profit and other comprehensive losses for the period Condensed Consolidated Statement of Changes in Equity Summary (HKD thousands) | Indicator | June 30, 2025 | January 1, 2024 | | :--- | :--- | :--- | | Equity Attributable to Company Shareholders | 1,693,441 | 1,595,514 | | Non-Controlling Interests | 1,336,583 | 1,222,794 | | Total Equity | 3,030,024 | 2,818,308 | - Net profit attributable to company shareholders for the period was **HKD 53,835,000**[67](index=67&type=chunk) - Among other comprehensive losses, the fair value change of financial assets at fair value through other comprehensive income was **(HKD 4,823,000)**[67](index=67&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=25&type=section&id=簡明綜合現金流量表) In H1 2025, net cash from operating activities was HKD 338.1 million, net cash used in investing activities was HKD 210.8 million, and net cash used in financing activities was HKD 116.9 million, with cash and cash equivalents increasing to HKD 200.2 million at period-end Condensed Consolidated Statement of Cash Flows Summary (HKD thousands) | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net Cash from Operating Activities | 338,065 | 236,521 | | Net Cash Used in Investing Activities | (210,819) | (190,796) | | Net Cash Used in Financing Activities | (116,908) | (235,838) | | Net Increase (Decrease) in Cash and Cash Equivalents | 10,338 | (190,113) | | Cash and Cash Equivalents at June 30 | 200,246 | 139,336 | - Expenditure for the purchase of property, plant and equipment was **HKD 229,388,000**, and installment payments for vessels under construction were **HKD 53,040,000**[68](index=68&type=chunk) - New secured bank loans amounted to **HKD 117,000,000**, and repayment of secured bank loans was **HKD 101,272,000**[68](index=68&type=chunk) [Notes to the Interim Financial Report](index=26&type=section&id=中期財務報告附註) This section provides detailed notes to Jinhui Group's condensed consolidated interim financial statements, explaining the basis of preparation, accounting policies, composition and changes in financial data, and significant accounting treatments and disclosures, including revenue, expenses, financial assets, liabilities, capital commitments, and post-reporting date events [1. Basis of Preparation and Accounting Policies](index=26&type=section&id=1.%20編製基準及會計政策) The condensed consolidated interim financial statements are prepared in accordance with HKAS 34 and Appendix 16 of the Listing Rules, with accounting policies consistent with the 2024 annual financial statements, and no material impact from adopted HKFRS amendments - The financial statements are prepared in accordance with Hong Kong Accounting Standard 34 and Appendix 16 of the Listing Rules[69](index=69&type=chunk) - The adoption of revised Hong Kong Financial Reporting Standards had no material impact on the financial performance for the current and prior periods[69](index=69&type=chunk) [2. Revenue](index=26&type=section&id=2.%20營業收入) Revenue primarily derives from freight and charter hire income from owned and chartered vessels, totaling HKD 620.5 million in H1 2025, with time charter hire accounting for HKD 607.7 million Revenue Components (HKD thousands) | Item | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Charter Hire Income from Time Charter | 607,674 | 539,284 | | Freight Income from Voyage Charter | 12,786 | - | | **Total** | **620,460** | **539,284** | - Charter hire income includes a non-lease component related to crew services of **HKD 125,489,000**[71](index=71&type=chunk) [3. Net Loss on Disposal of Owned Vessels](index=27&type=section&id=3.%20出售自置船舶之虧損淨額) In H1 2025, the Group sold a Supramax vessel for USD 8.26 million (approximately HKD 64.428 million), resulting in a net loss of HKD 19.001 million - Disposal of a **53,350 DWT** Supramax vessel resulted in a net loss of **HKD 19,001,000**[72](index=72&type=chunk) [4. Other Operating Income](index=27&type=section&id=4.%20其他經營收入) Other operating income in H1 2025 totaled HKD 221 million, primarily from HKD 157.7 million in legal compensation and HKD 20.206 million in net gains from financial assets at fair value through profit or loss Other Operating Income Details (HKD thousands) | Item | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net Gains from Financial Assets at Fair Value Through Profit or Loss | 20,206 | 30,516 | | Compensation Income | 157,738 | 27,300 | | Other Shipping Business Operating Income | 32,445 | 13,474 | | Dividend Income | 6,146 | 4,557 | | Gross Rental Income from Investment Properties Operating Leases | 2,373 | 3,160 | | Miscellaneous Income | 2,150 | 175 | | **Total** | **221,058** | **79,182** | - Compensation income primarily resulted from the settlement of legal proceedings with Parakou Shipping Pte Limited[73](index=73&type=chunk) [5. Interest Income](index=27&type=section&id=5.%20利息收入) Total interest income for H1 2025 was HKD 6.316 million, mainly from bank and other financial institution deposits and loans receivable Interest Income Components (HKD thousands) | Item | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Deposits with Banks and Other Financial Institutions | 3,151 | 2,557 | | Loans Receivable | 3,165 | 1,244 | | **Total** | **6,316** | **3,942** | [6. Other Operating Expenses](index=27&type=section&id=6.%20其他經營開支) Other operating expenses in H1 2025 amounted to HKD 48.724 million, primarily comprising impairment losses on assets held for sale of HKD 14.3 million and fair value losses on investment properties of HKD 11.9 million - Other operating expenses for H1 2025 primarily included an impairment loss on assets held for sale of approximately **HKD 14,300,000** and a fair value loss on investment properties of approximately **HKD 11,900,000**[75](index=75&type=chunk) - H1 2024 primarily included a fair value loss on investment properties of approximately **HKD 29,200,000**[76](index=76&type=chunk) [7. Operating Profit Before Depreciation and Amortization](index=28&type=section&id=7.%20折舊及攤銷前之經營溢利) This section details items deducted/included in calculating operating profit before depreciation and amortization, such as net gains from financial assets, time charter payments, impairment losses on assets held for sale, investment property fair value changes, compensation income, and dividend income Operating Profit Before Depreciation and Amortization Adjustments (HKD thousands) | Item | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net Gains from Financial Assets at Fair Value Through Profit or Loss | (20,206) | (30,516) | | Time Charter Payments for Time Charter Contracts | 51,970 | 66,075 | | Impairment Loss on Assets Held for Sale | 14,281 | - | | Fair Value Change of Investment Properties | 11,860 | 29,230 | | Compensation Income | (157,738) | (27,300) | | Dividend Income | (6,146) | (4,557) | [8. Taxation](index=28&type=section&id=8.%20稅項) No provision for Hong Kong profits tax was made as the Group had no assessable profits in relevant periods and most income was not Hong Kong-sourced, with no tax payable in other operating jurisdictions - The Group had no assessable profits in all relevant periods, and most of its income was not Hong Kong-sourced, thus no provision for Hong Kong profits tax was made[78](index=78&type=chunk) [9. Earnings Per Share](index=28&type=section&id=9.%20每股盈利) For the six months ended June 30, 2025, basic and diluted earnings per share significantly increased to HKD 0.102 from HKD 0.053 in the prior period, with no potential dilutive ordinary shares - Basic and diluted earnings per share were **HKD 0.102** (H1 2024: **HKD 0.053**)[79](index=79&type=chunk) - The calculation is based on net profit attributable to company shareholders of **HKD 53,835,000** and a weighted average of **530,289,480** ordinary shares outstanding[79](index=79&type=chunk) [10. Interim Dividend](index=28&type=section&id=10.%20中期股息) The Board resolved not to recommend any interim dividend for the six months ended June 30, 2025, consistent with the prior period - No interim dividend recommended for H1 2025 (H1 2024: nil)[80](index=80&type=chunk) [11. Right-of-Use Assets and Lease Liabilities](index=29&type=section&id=11.%20使用權資產及租賃負債) This section details changes in right-of-use assets and lease liabilities, which increased to HKD 347.9 million and HKD 371.3 million respectively as of June 30, 2025, primarily due to new long-term chartered vessels [(a) Right-of-Use Assets](index=29&type=section&id=(a)%20使用權資產) As of June 30, 2025, the carrying value of right-of-use assets increased to HKD 347.9 million from HKD 234.2 million at the beginning of the year, primarily due to new leases totaling HKD 216.1 million Right-of-Use Asset Movements (HKD thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | As at January 1 | 234,168 | 164,541 | | Additions | 216,147 | 217,469 | | Depreciation | (113,814) | (117,145) | | **As at June 30** | **347,875** | **234,168** | [(b) Lease Liabilities](index=29&type=section&id=(b)%20租賃負債) As of June 30, 2025, total lease liabilities increased to HKD 371.3 million from HKD 252.6 million at the beginning of the year, driven by new leases and interest expenses, with HKD 176.2 million due within one year Lease Liability Movements (HKD thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | As at January 1 | 252,598 | 227,281 | | Additions | 216,147 | 217,469 | | Interest Expense | 13,761 | 10,275 | | Repayment of Lease Liabilities | (122,602) | (135,921) | | **As at June 30** | **371,278** | **252,598** | - Lease liabilities repayable within one year amounted to **HKD 176,241,000**[82](index=82&type=chunk) - Total cash outflow for leases in H1 2025 was **HKD 174,593,000**[82](index=82&type=chunk) [12. Investment Properties](index=30&type=section&id=12.%20投資物業) As of June 30, 2025, investment properties had a fair value of HKD 261.7 million, a decrease from the beginning of the year, primarily due to a fair value loss of HKD 11.86 million for properties held under operating leases in Hong Kong Investment Property Fair Value Movements (HKD thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | As at January 1 | 273,530 | 339,680 | | Fair Value Change | (11,860) | (66,150) | | **As at June 30** | **261,670** | **273,530** | - The fair value measurement of investment properties is classified as Level 3 of the fair value hierarchy under HKFRS 13[84](index=84&type=chunk) [13. Financial Assets at Fair Value Through Other Comprehensive Income](index=30&type=section&id=13.%20按公平價值列賬及在其他全面收益表處理之財務資產) As of June 30, 2025, financial assets at fair value through other comprehensive income totaled HKD 57.261 million, comprising unlisted equity investments, unlisted club debentures, and club memberships, with fair value changes resulting in a loss [Unlisted Equity Investments](index=30&type=section&id=非上市股本投資) The Group's unlisted equity investment in a Shanghai property project had an estimated carrying value of HKD 33.703 million as of June 30, 2025, decreasing from the year-start due to a fair value loss of HKD 4.89 million Unlisted Equity Investment Movements (HKD thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | As at January 1 | 38,593 | 56,622 | | Fair Value Change | (4,890) | (18,029) | | **As at June 30** | **33,703** | **38,593** | - The estimated fair value loss primarily arose from financing costs generated by shareholder loans[88](index=88&type=chunk) - The fair value measurement of this investment is classified as Level 3 of the fair value hierarchy[89](index=89&type=chunk) [Unlisted Club Debentures and Club Memberships](index=31&type=section&id=非上市會所債券及非上市會所會籍) As of June 30, 2025, unlisted club debentures and club memberships had a total fair value of HKD 23.558 million, with club debentures incurring a fair value loss of HKD 2.1 million Unlisted Club Debentures and Memberships Movements (HKD thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Unlisted Club Debentures | 20,300 | 22,400 | | Unlisted Club Memberships | 3,258 | 3,258 | - Club debentures incurred a fair value change loss of **HKD 2,100,000**[85](index=85&type=chunk) - The fair value measurement of these investments is classified as Level 1 of the fair value hierarchy[90](index=90&type=chunk) [14. Loans Receivable](index=31&type=section&id=14.%20應收貸款) As of June 30, 2025, the Group's unsecured, USD-denominated loans receivable from a joint venture totaled HKD 12.304 million, with no fixed repayment terms and no impairment recognized by management - Loans receivable amounted to **HKD 12,304,000**, which are unsecured, denominated in USD, and have no fixed repayment terms[91](index=91&type=chunk) - Management assessed that no impairment exists[92](index=92&type=chunk) [15. Trade and Other Receivables](index=32&type=section&id=15.%20應收貿易賬項及其他應收賬項) As of June 30, 2025, total trade and other receivables amounted to HKD 134.1 million, with trade receivables significantly increasing to HKD 26.744 million from HKD 8.527 million at year-end 2024, under the Group's credit policy for charterers Trade and Other Receivables (HKD thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade Receivables | 26,744 | 8,527 | | Prepayments | 40,985 | 52,729 | | Other Receivables | 65,567 | 63,529 | | **Total** | **134,089** | **125,612** | - An aging analysis of trade receivables by payment due date shows **HKD 26,301,000** due within three months[93](index=93&type=chunk) - The credit period granted to charterers ranges from **15 to 60 days**[94](index=94&type=chunk) [16. Financial Assets at Fair Value Through Profit or Loss](index=33&type=section&id=16.%20按公平價值列賬及在損益表處理之財務資產) As of June 30, 2025, financial assets at fair value through profit or loss totaled HKD 181.9 million, primarily comprising listed equity securities of HKD 159.5 million and investment funds of HKD 22.389 million Financial Assets at Fair Value Through Profit or Loss (HKD thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Listed Equity Securities | 159,524 | 145,616 | | Investment Funds | 22,389 | 21,076 | | **Total** | **181,913** | **166,692** | - Listed equity securities are classified as Level 1 in the fair value hierarchy, while investment funds are Level 2[96](index=96&type=chunk) [17. Assets Held for Sale](index=33&type=section&id=17.%20持作出售資產) As of June 30, 2025, a Supramax vessel under a sale agreement was reclassified as an asset held for sale with a carrying value of HKD 79.677 million, and an impairment loss of HKD 14.281 million was recognized - A Supramax vessel was reclassified as an asset held for sale, with a carrying value of **HKD 79,677,000**[97](index=97&type=chunk) - An impairment loss of **HKD 14,281,000** on assets held for sale was recognized[97](index=97&type=chunk) [18. Trade and Other Payables](index=33&type=section&id=18.%20應付貿易賬項及其他應付賬項) As of June 30, 2025, total trade and other payables decreased to HKD 144.3 million from year-end 2024, primarily including accrued expenses, payables related to vessel operating costs, and advance charter hire Trade and Other Payables (HKD thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade Payables | 1,441 | 6,394 | | Accrued Expenses | 43,689 | 37,976 | | Payables Related to Vessel Operating Costs and Expenses | 79,916 | 89,905 | | Advance Charter Hire | 15,608 | 21,315 | | **Total** | **144,306** | **173,361** | - An aging analysis of trade payables shows **HKD 161,000** due within three months[99](index=99&type=chunk) [19. Secured Bank Loans](index=34&type=section&id=19.%20有抵押銀行貸款) As of June 30, 2025, total secured bank loans slightly increased to HKD 898.5 million, with new drawdowns of HKD 117 million and repayments of HKD 101.3 million during the period, all at floating interest rates with varying maturities Secured Bank Loans (HKD thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Secured Bank Loans | 898,494 | 882,766 | | Amount Repayable Within One Year | (168,102) | (156,653) | | Amount Repayable After One Year | 730,392 | 726,113 | - New secured bank loans of **HKD 117,000,000** were drawn down in H1 2025, and **HKD 101,272,000** was repaid[100](index=100&type=chunk) - Loans are determined on a floating interest rate basis[100](index=100&type=chunk) [20. Capital Expenditure and Commitments](index=34&type=section&id=20.%20資本支出及承擔) This section details the Group's H1 2025 capital expenditure, primarily for vessel deliveries and dry-docking, and capital commitments as of the reporting date, mainly for the construction of two new Ultramax vessels [Capital Expenditure](index=34&type=section&id=資本支出) In H1 2025, the Group incurred HKD 228.3 million in capital expenditure, primarily for final payments on delivered vessels, capitalized dry-docking costs, and installment payments for vessels under construction - Capital expenditure for H1 2025 was **HKD 228,256,000**, mainly for final payments on delivered vessels and capitalized dry-docking costs[101](index=101&type=chunk) - Installment payments of **HKD 53,040,000** were made for vessels under construction[101](index=101&type=chunk) [Capital Commitments](index=34&type=section&id=資本承擔) As of June 30, 2025, total contractual capital commitments not yet provided for amounted to HKD 480.3 million, primarily for two new Ultramax vessels scheduled for delivery in 2026 and 2027 - Total contractual capital commitments not yet provided for amounted to **HKD 480,265,000** (approximately **USD 61.572 million**)[103](index=103&type=chunk) - These commitments are primarily for two new Ultramax vessels, each costing **USD 34 million**, scheduled for delivery in 2026 and 2027[102](index=102&type=chunk) - Installment payments of **HKD 53,040,000** have been made for vessels under construction[102](index=102&type=chunk) [21. Related Party Transactions](index=35&type=section&id=21.%20與關連方之交易) During the period, related party transactions with key management personnel totaled HKD 35.186 million, primarily comprising salaries, other benefits, and retirement benefit scheme contributions Related Party Transactions Related to Key Management Personnel Remuneration (HKD thousands) | Item | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Salaries and Other Benefits | 33,405 | 33,344 | | Retirement Benefit Scheme Contributions | 1,781 | 1,781 | | **Total** | **35,186** | **35,125** | - Other payables include accrued employee benefits of **HKD 168,000** payable to directors and senior management[105](index=105&type=chunk) [22. Events After Reporting Period](index=35&type=section&id=22.%20報告日後事項) Subsequent to the reporting date, the Group entered into agreements to sell three Supramax vessels for approximately HKD 251.9 million, with two delivered in July 2025 and one expected in Q4 2025 - Subsequent to the reporting date, the Group entered into agreements to sell three Supramax vessels for a total consideration of approximately **USD 32.3 million** (approximately **HKD 251.9 million**)[106](index=106&type=chunk) - Two of these vessels were delivered in July 2025, with the remaining one expected to be delivered in Q4 2025[106](index=106&type=chunk) [Publication of Financial Information](index=36&type=section&id=刊登財務資料) The interim report will be dispatched to shareholders and made available on the HKEX and company websites, including a list of executive and independent non-executive directors - The interim report will be dispatched to shareholders and made available on the Hong Kong Stock Exchange and the Company's website[107](index=107&type=chunk) - The list of executive and independent non-executive directors as of the date of this announcement is provided[108](index=108&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部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。 （於香港註冊成立之有限公司） （股份代號：688） 截至二零二五年六月三十日止六個月之 未經審核中期業績公告 財 務 摘 要 1 1. 本集團系列公司 1 合約物業銷售額為人民幣 1,201.5 億元，相應銷售面 積為 512 萬平方米。 2. 本集團收入為人民幣 832.2 億元。 3. 本集團商業物業收入為人民幣 35.4 億元。 4. 本公司股東應佔溢利為人民幣 86 億元，核心股東應佔溢利 2 為人民幣 87.8 億元。 5. 每股基本盈利為人民幣 0.79 元。 6. 本集團在中國內地 10 個城市和香港新增 17 幅地塊，新增土地儲備總建 築面積為 258 萬平方米，權益建築面積為 257 萬平方米，總地價為人民 幣 403.7 億元，權益地價為人民幣 401.1 億元。 7. 於二零二五年六月三十日，本集團總借貸為人民幣 2,274.5 億元，較二 零二四年年底減少人民幣 141.2 億元 ...

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。 （於百慕達註冊成立之有限公司） （股份代號：00152） 2025 年度中期業績公告 深圳國際控股有限公司（「本公司」）董事會（「董事會」）欣然宣佈，本公 司及其附屬公司（「本集團」）截至 2025 年 6 月 30 止六個月（「本期間」）未 經審核之中期綜合業績及中期綜合資產負債表，連同 2024 年同期之綜合業績及 2024 年年末之綜合資產負債表比較數字如下： 中期綜合損益表-未經審核 | | | | 截至 6 月 30 | 日止六個月 | | --- | --- | --- | --- | --- | | | | | 2025 年 | 2024 年 | | | | 附註 | 港幣千元 | 港幣千元 | | 收入 | | (4), (5) | 6,669,585 | 6,610,182 | | 銷售及服務成本 | | | (4,938,917) | (4,822,313) | | 毛利 | | | ...