Revenue and Profitability - The group's revenue increased from approximately RMB 0.20 million for the six months ended June 30, 2024, to approximately RMB 0.80 million for the six months ended June 30, 2025, primarily due to an increase in contract value[12]. - The gross profit decreased from approximately RMB 0.09 million for the six months ended June 30, 2024, to approximately RMB 0.02 million for the six months ended June 30, 2025[13]. - For the six months ended June 30, 2025, the group reported revenue of RMB 840,000, a decrease from RMB 1,971,000 in the same period of 2024[46]. - The group incurred a net loss of RMB 16.87 million for the six months ended June 30, 2025, compared to a net loss of RMB 8.51 million for the same period in 2024[46]. - The group’s administrative expenses for the six months ended June 30, 2025, were RMB 3.63 million, down from RMB 5.42 million in the same period of 2024[46]. - The group’s financial costs for the six months ended June 30, 2025, were RMB 11.20 million, compared to RMB 13.94 million for the same period in 2024[46]. - For the six months ended June 30, 2025, the group reported a net loss of approximately RMB 16,871,000, compared to a net loss of RMB 8,514,000 for the same period in 2024[69]. Cash Flow and Liquidity - As of June 30, 2025, the group's cash and cash equivalents decreased to approximately RMB 5.44 million from RMB 7.03 million as of December 31, 2024, primarily due to daily operational expenses[15]. - Cash and cash equivalents decreased to RMB 106,000 as of June 30, 2025, from RMB 486,000 at the beginning of the period[49]. - The group’s cash and cash equivalents as of June 30, 2025, were approximately RMB 106,000, indicating significant liquidity challenges[57]. - The group is implementing several measures to control administrative expenses to conserve cash flow[59]. Debt and Liabilities - The group reported a loss of approximately RMB 16.87 million for the six months ended June 30, 2025, mainly due to revenues not covering administrative expenses and financial costs[14]. - Trade and other payables increased from approximately RMB 448.71 million as of December 31, 2024, to approximately RMB 462.19 million as of June 30, 2025, due to financial strain and delayed payments[17]. - The group's debt remained stable at approximately RMB 224.81 million as of June 30, 2025, consistent with the previous period[18]. - The asset-liability ratio increased to 1426.91% as of June 30, 2025, from 1319.04% as of December 31, 2024, primarily due to the current period's losses[20]. - The group has defaulted on loans totaling approximately RMB 224.81 million, with RMB 217.70 million owed to eight banks[43]. - The group estimates potential liabilities from lawsuits, including payables, interest, and penalties, to be around RMB 82.88 million, which has been accrued[24]. - Total liabilities increased to RMB 774.85 million as of June 30, 2025, compared to RMB 761.40 million as of December 31, 2024[47]. Employee and Operational Metrics - Employee costs for the six months ending June 30, 2025, were approximately RMB 2.27 million, down from RMB 3.02 million for the same period in 2024[29]. - The group currently has 24 employees as of June 30, 2025, a decrease from 39 employees as of December 31, 2024[29]. Corporate Governance and Shareholder Information - The company has maintained good corporate governance practices and fully complied with applicable corporate governance codes during the reporting period, except for a deviation regarding the roles of the Chairman and CEO[40]. - The Chairman and CEO, Mr. Ye Yujing, holds both positions, which the board believes aids in effective planning and management[40]. - Major shareholders include Ningbo Meishan Bonded Port Area Yixiang Investment Center with a 7.06% stake and Shenzhen Qianhai Xingwang Investment Management with a 12.67% stake[33]. - The company has issued a total of 240,930,645 shares, including 178,167,645 domestic shares and 62,763,000 H shares[34]. - The board does not recommend an interim dividend for the six months ending June 30, 2025, consistent with 2024[28]. - The company has not purchased, sold, or redeemed any of its listed securities during the reporting period[37]. - There have been no changes in the information of directors and supervisors since the last annual report[36]. - The company has adopted a standard code for securities trading, and all directors and supervisors have confirmed compliance during the reporting period[39]. - The board will review the company's corporate governance policies and compliance with the corporate governance code annually[41]. - The company is committed to maintaining high standards of business ethics and corporate governance to enhance shareholder interests[40]. Future Plans and Market Strategy - The group aims to become an internationally leading green decoration service provider, focusing on debt restructuring and attracting new investors to mitigate risks[7]. - The group plans to enhance its business by focusing on niche markets, particularly in the Guangdong-Hong Kong-Macao Greater Bay Area, and improving project management processes[8][9]. - The group has no current plans for market expansion or new product development as indicated in the financial report[27]. Legal and Regulatory Matters - As of June 30, 2025, the group has approximately RMB 5.33 million in bank deposits frozen by Chinese courts due to financial difficulties and overdue bank loans[24]. - The group has not received any waivers from lenders regarding the loan defaults[43]. - The group has not made any significant disclosures regarding events after the reporting period[45].

Financial Performance - For the six months ended June 30, 2025, the loss attributable to owners of the company was HK$298 million, a decrease of 2.9% compared to HK$307 million in the same period of 2024[7]. - Basic loss per share improved slightly to HK(12.92) cents from HK(13.32) cents, a change of 3.0%[7]. - The loss attributable to the owners of the Company decreased by approximately 3.0% from approximately HK$306,999,000 for Period 2024 to approximately HK$297,838,000 for Period 2025[39]. - Loss before taxation for the period was HK$324,414,000, slightly improved from a loss of HK$341,336,000 in the same period last year[146]. - Total comprehensive loss for the period was HK$268,680,000, compared to HK$361,862,000 in 2024, reflecting a decrease of 25.7%[148]. - The total loss for the period ended June 30, 2025, was HK$299,610,000, compared to a loss of HK$334,873,000 for the same period in 2024, representing a decrease of about 10.5%[176]. Assets and Liabilities - Net assets decreased by 36.4% to HK$1,989 million from HK$3,125 million year-on-year[7]. - Total assets declined by 12.5% to HK$6,552 million compared to HK$7,489 million in the previous year[7]. - Non-current assets decreased to HK$3,774,830,000 as of June 30, 2025, down from HK$4,227,628,000 at the end of 2024[149]. - Current liabilities increased to HK$4,387,200,000 from HK$4,223,476,000, marking an increase of 3.9%[149]. - The Group's total borrowings amounted to approximately HK$3,483,021,000, an increase from HK$3,445,720,000 as of December 31, 2024[72]. - The net impairment loss on financial assets increased from approximately HK$4,717,000 in 2024 to approximately HK$55,243,000 in 2025, primarily due to the deterioration in the credit quality of receivables[50]. Revenue and Income - Revenue for Period 2025 included rental income from East Gate Plaza of approximately HK$50,234,000, an increase from HK$46,961,000 in Period 2024, and income from distributed photovoltaic power generation of approximately HK$576,000[42]. - Revenue for the six months ended June 30, 2025, increased to HK$50,810,000 from HK$46,961,000 in 2024, representing an increase of 3.7%[146]. - Income from distributed photovoltaic power generation was approximately HK$576,000 recorded by the Group for Period 2025[35]. - Other income decreased from approximately HK$38,337,000 for Period 2024 to approximately HK$29,493,000 for Period 2025, mainly due to a drop in interest income from loan receivables from approximately HK$36,133,000 to approximately HK$14,714,000[43]. Operational Developments - The Group's distributed photovoltaic power generation capacity expanded to approximately 10 megawatts (MW) with six operational stations and two under construction by June 30, 2025[18]. - The Group has 30 potential photovoltaic projects under negotiation, expected to yield an aggregate installed capacity exceeding 30MW[18]. - The energy storage business is progressing with a 15 megawatt-hour (MWh) project, with construction contracts signed in July 2025[17]. - The Group's energy-saving and emission-reduction initiatives are being promoted alongside digital transformation efforts in its operations[23]. Financial Management - The Group has adopted a conservative treasury policy to manage investment costs and returns efficiently, while closely monitoring liquidity to meet funding requirements[63]. - The Group's cash flow projections indicate sufficient working capital to finance operations and meet financial obligations for at least twelve months from 30 June 2025[87]. - The Group plans to expedite the disposal of financial asset investments, including equity investments and non-performing assets[89]. - The Group is negotiating with lenders for the settlement and/or refinancing of borrowings[89]. Governance and Compliance - The Company has complied with all applicable code provisions of the Corporate Governance Code throughout the reporting period, except for specified deviations[124]. - All independent non-executive directors have served more than nine years on the Board, and the Company is in the process of identifying a suitable candidate for a new independent non-executive director[128]. - The Group's unaudited condensed consolidated financial statements for Period 2025 were reviewed and accepted by the audit committee on August 29, 2025[130]. Shareholding Structure - As of June 30, 2025, Mr. Chu holds 679,890,022 shares, representing 29.50% of the total issued shares of 2,304,849,611[138]. - Central Huijin Investment Ltd., China Cinda Asset Management Co., Ltd., and their affiliates collectively hold 450,300,000 shares, accounting for 19.54% of the total issued shares[141]. - The shareholding structure indicates significant control by a few entities, highlighting potential influence over corporate decisions[145].

Financial Performance - The company reported a revenue of RMB 1.2 billion for the latest quarter, representing a year-over-year increase of 15%[12]. - Revenue for the six months ended June 30, 2025, was RMB 1,157,575, a decrease of 6.83% compared to RMB 1,242,466 in 2024[18]. - Gross profit for the same period was RMB 148,519, down 26.18% from RMB 201,184 in 2024[18]. - Loss before income tax increased to RMB 1,044,270, representing an 18.64% rise from RMB 880,192 in 2024[18]. - EBITDA for the reporting period was a loss of RMB 104,730, a significant decline of 165.57% from a profit of RMB 159,734 in 2024[18]. - Loss attributable to ordinary shareholders was RMB 875,430, up 17.80% from RMB 743,144 in 2024[18]. - Basic loss per share increased to RMB 0.734, reflecting a 17.82% rise from RMB 0.623 in 2024[18]. - The Group reported a net loss of approximately RMB 1,047.5 million, an increase from a loss of approximately RMB 923.9 million for the six months ended June 30, 2024[62][82]. - The Group's operating profit was reported at a loss of RMB 565,123,000, worsening from a loss of RMB 289,385,000 in the prior year[171]. - The total comprehensive loss for the period was RMB 1,038,066,000, reflecting the financial challenges faced during this timeframe[181]. User Engagement and Market Expansion - User data showed an increase in active users by 20% compared to the previous quarter, reaching 5 million active users[12]. - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by the end of the next fiscal year[12]. - New product launches are expected to contribute an additional RMB 300 million in revenue over the next two quarters[12]. - The company plans to implement a new digital platform to enhance user engagement, with an expected launch in Q2 2024[12]. Operational Efficiency and Cost Management - The company aims to reduce operational costs by 5% through improved supply chain management[12]. - A strategic acquisition of a local competitor is anticipated to enhance operational efficiency and is expected to close by Q3 2024[12]. - The Company aims to enhance operational efficiency, expand into emerging sectors, and drive technological innovation to shape core capabilities[34]. - Key priorities include consolidating debt optimization achievements and ensuring timely repayment of principal and interest on all debts[35]. - A cost control system will be implemented to cover the entire business chain, aiming to reduce administrative expenses through the "Three Reductions" initiative[35]. - Projects under construction will be accelerated to maximize output and operational efficiency[35]. Research and Development - Research and development expenses increased by 30% to RMB 150 million, focusing on innovative water treatment technologies[12]. Governance and Compliance - The Company has complied with all code provisions of the Corporate Governance Code throughout the six months ended June 30, 2025[148]. - The Audit Committee monitored the integrity of the Company's financial statements and internal control systems[132]. - The Remuneration Committee is responsible for recommending remuneration policies for all Directors and senior management members[126]. - The Risk Management, Internal Control and Compliance Committee is responsible for evaluating compliance of major decisions and supervising risk management efforts[138]. Financial Position and Liquidity - The Group's current liabilities exceeded its current assets by RMB 3,242,272,000 as of June 30, 2025, raising concerns about liquidity[166]. - Total borrowings amounted to RMB 21,683,798,000, with current borrowings at RMB 2,401,214,000, while cash and cash equivalents were only RMB 927,608,000[166]. - The Group had capital commitments of approximately RMB 7,137,122,000 related to various concession and construction projects[166]. - The Directors believe that the Group will have sufficient working capital to finance its operations and meet financial obligations within twelve months from June 30, 2025[196]. Strategic Initiatives - The implementation plan for building beautiful cities aims to create benchmark demonstrations of ecological communities by 2027[21]. - The company is expected to align with the government's initiatives on rural greening and village cleanliness campaigns[21]. - The policy direction for 2025 emphasizes ecological prioritization and systematic governance in the water industry[33]. Shareholder Information - YEPI is the beneficial owner of 361,487,162 Domestic Shares, representing 43.58% of the total issued shares[112]. - Mr. Liu Xujun holds 361,487,162 Domestic Shares, also representing 43.58% of the total issued shares[114]. - The Acting in Concert Agreement allows for shared voting rights among YEPI, Mr. Huang Yunjian, Mr. Liu Xujun, and Mr. Wang Yong[117].

SHENZHEN HIPINE PRECISION TECHNOLOGY CO., LTD. 深圳西普尼精密科技股份有限公司 (A joint stock company incorporated in the People's Republic of China with limited liability) (於中華人民共和國註冊成立的股份有限公司) Stock Code 股份代號 : 2583 中 期 報 告 Contents 目錄 | Corporate Information | 公司資料 | 2 | | --- | --- | --- | | Financial Highlights | 財務摘要 | 4 | | Management Discussion and Analysis | 管理層討論及分析 | 5 | | Directors' and Chief Executives' Interests in | 董事及最高行政人員 | 12 | | Securities | 於債券之權益 | | | Substantial Shareholders' Interests in | 主要股東於股份 ...

[Company Information](index=3&type=section&id=Company%20Information) Overview of company's administrative and contact details, including board changes and office relocation [Board of Directors and Committees](index=3&type=section&id=Board%20of%20Directors%20and%20Committees) The company's board saw new executive appointments and resignations, and independent non-executive directors chair key committees - Mr. Li Chun Tung re-designated as Chairman on June 2, 2025[3](index=3&type=chunk) - Mr. Wang Han appointed Executive Director and CEO on June 2, 2025[3](index=3&type=chunk) - Ms. Cheung Ka Yee appointed Executive Director on June 2, 2025[3](index=3&type=chunk) - Mr. Chu Che Ping, Ms. Lau Wan Tai, and Mr. Li Tai Pang retired or resigned as Executive Directors on May 30, 2025, and January 10, 2025, respectively[3](index=3&type=chunk) [Company Contact and Professional Services](index=3&type=section&id=Company%20Contact%20and%20Professional%20Services) The company's Hong Kong headquarters relocated to a new address, with its stock code and professional service providers listed - Hong Kong headquarters and principal place of business relocated to Room 1608, 16/F, Nan Fung Tower, 88 Connaught Road Central, Hong Kong on July 28, 2025[3](index=3&type=chunk) - Company stock code is **804**[3](index=3&type=chunk) - Company website is www.pinestone.com.hk[4](index=4&type=chunk) [Financial Highlights](index=4&type=section&id=Financial%20Highlights) Group revenue increased by 58% to HK$16.9 million, but net loss widened to HK$3.7 million due to higher operating expenses Financial Highlights for the Six Months Ended June 30, 2025 | Metric | June 30, 2025 (HK$'000) | June 30, 2024 (HK$'000) | Change (HK$'000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 16,900 | 10,700 | 6,200 | 58% | | Net Loss | (3,700) | (800) | (2,900) | 362.5% | | Basic and Diluted Loss Per Share (HK cents) | (0.76) | (0.19) | (0.57) | 300% | | Interim Dividend | Nil | Nil | - | - | - The increase in net loss was primarily due to a rise in compliance, professional, and agency fees, leading to other operating expenses increasing to **HK$16.1 million** for the six months ended June 30, 2025 (six months ended June 30, 2024: HK$2.9 million)[5](index=5&type=chunk) [Condensed Consolidated Statement of Comprehensive Income](index=5&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) Revenue grew significantly, but increased operating expenses, particularly commissions, employee benefits, and other operating costs, led to a wider loss for the period Condensed Consolidated Statement of Comprehensive Income (For the Six Months Ended June 30) | Metric | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | Revenue | 16,875 | 10,715 | | Other income | 506 | 52 | | Commission and fee expenses | (1,057) | (510) | | Employee benefit expenses | (3,947) | (3,013) | | Depreciation | (6) | (487) | | Impairment loss on trade receivables and loans receivable, net | – | (4,616) | | Other operating expenses | (16,055) | (2,947) | | (Loss) before income tax | (3,684) | (806) | | (Loss) for the period | (3,684) | (806) | | Basic and diluted (loss) per share (HK cents) | (0.76) | (0.19) | [Condensed Consolidated Statement of Financial Position](index=6&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) Total assets and equity increased, with a significant reduction in current liabilities improving net current assets and the current ratio Condensed Consolidated Statement of Financial Position (As at June 30, 2025) | Metric | June 30, 2025 (HK$'000) | December 31, 2024 (HK$'000) | | :--- | :--- | :--- | | **Assets** | | | | Total non-current assets | 19,695 | 19,401 | | Total current assets | 135,351 | 135,471 | | **Liabilities** | | | | Total current liabilities | 6,065 | 16,500 | | **Equity** | | | | Total equity | 148,981 | 138,372 | | Net current assets | 129,286 | 118,971 | | Total assets less current liabilities | 148,981 | 138,372 | - Current liabilities significantly decreased from **HK$16.5 million** as at December 31, 2024, to **HK$6.065 million** as at June 30, 2025, primarily due to a reduction in trade payables and contract liabilities[7](index=7&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=8&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) Total equity increased, primarily driven by net proceeds of approximately HK$13.86 million from a successful share placement for general working capital Condensed Consolidated Statement of Changes in Equity (For the Six Months Ended June 30) | Metric | June 30, 2025 (HK$'000) | January 1, 2025 (HK$'000) | | :--- | :--- | :--- | | Share capital | 9,745 | 8,121 | | Share premium | 212,662 | 199,993 | | Capital reserve | (4,866) | (4,866) | | Retained profits | 68,560 | (64,876) | | Total equity | 148,981 | 138,372 | - The company successfully placed **81,210,000 new shares** at HK$0.176 per share on January 13, 2025, raising net proceeds of approximately **HK$13.86 million** fully utilized for general working capital[9](index=9&type=chunk) - Loss for the period was **HK$3.684 million**, compared to a loss of HK$0.806 million in the same period of 2024[9](index=9&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) Increased net cash outflow from operating activities and slight increase from investing activities were offset by significant net cash inflow from financing activities, primarily from share placement, leading to higher period-end cash and bank balances Condensed Consolidated Statement of Cash Flows (For the Six Months Ended June 30) | Metric | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | Net cash (used in) / generated from operating activities | (13,212) | (10,268) | | Net cash (used in) / generated from investing activities | (54) | 27 | | Net cash (used in) / generated from financing activities | 14,294 | (497) | | Net (decrease) / increase in cash and cash equivalents | 1,028 | (10,738) | | Cash and cash equivalents at beginning of period | 15,929 | 23,394 | | Cash and cash equivalents at end of period | 16,957 | 12,656 | - Net cash inflow from financing activities was **HK$14.294 million**, primarily from proceeds of share placement[10](index=10&type=chunk) [Notes to the Condensed Consolidated Interim Financial Statements](index=10&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Statements) Detailed notes providing context and breakdowns for the condensed consolidated interim financial statements [1. Company Information](index=10&type=section&id=1.%20Company%20Information) Pine Stone Capital Limited, incorporated in Cayman Islands and listed in Hong Kong, primarily engages in securities brokerage, margin lending, and underwriting services, with its principal place of business relocated - The Group primarily provides securities brokerage services, securities-backed lending services (including margin financing and money lending services), other lending services, and placing and underwriting services[11](index=11&type=chunk) - The company's principal place of business relocated to Room 1608, 16/F, Nan Fung Tower, 88 Connaught Road Central, Sheung Wan, Hong Kong, effective July 28, 2025[11](index=11&type=chunk) [2. Basis of Preparation and Accounting Policies](index=11&type=section&id=2.%20Basis%20of%20Preparation%20and%20Accounting%20Policies) Condensed consolidated interim financial statements are prepared in accordance with HKAS 34 and Listing Rules, using consistent accounting policies with prior year, except for newly adopted HKFRSs - The condensed consolidated interim financial statements are prepared in accordance with Hong Kong Accounting Standard 34 Interim Financial Reporting issued by the HKICPA and the applicable disclosure provisions of the Listing Rules of the Stock Exchange[12](index=12&type=chunk) - The accounting policies used in preparing these condensed consolidated interim financial statements are consistent with those used in the preparation of the annual financial statements for the year ended December 31, 2024, except for the adoption of new and revised HKFRSs effective for the current accounting period[12](index=12&type=chunk) - The unaudited condensed consolidated financial statements are prepared on a historical cost basis and presented in Hong Kong dollars[13](index=13&type=chunk)[14](index=14&type=chunk) [3. New or Revised Hong Kong Financial Reporting Standards](index=12&type=section&id=3.%20New%20or%20Revised%20Hong%20Kong%20Financial%20Reporting%20Standards) New and revised HKFRSs effective January 1, 2025, including HKAS 21 (Amendment) — Lack of Exchangeability, had no significant impact on the Group's accounting policies - Revised HKFRSs effective January 1, 2025, relevant to the Group, had no significant impact on the Group's accounting policies[15](index=15&type=chunk) [4. Revenue](index=12&type=section&id=4.%20Revenue) Group revenue primarily from securities brokerage, placing and underwriting, and lending services, with significant growth in revenue from customer contracts, especially placing and underwriting services Revenue Sources (For the Six Months Ended June 30) | Revenue Source | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | Commission income from securities brokerage services | 580 | 80 | | Income from placing and underwriting services | 8,927 | 570 | | Handling fee income | 50 | 4 | | Interest income from margin financing services | 3,213 | 6,518 | | Interest income from money lending services | 4,105 | 3,543 | | **Total Revenue** | **16,875** | **10,715** | - Revenue from contracts with customers significantly increased to **HK$9.557 million** for the six months ended June 30, 2025, compared to HK$0.654 million in the same period of 2024[16](index=16&type=chunk) [5. Segment Information](index=13&type=section&id=5.%20Segment%20Information) The Group operates as a single reportable segment providing securities brokerage, securities-backed lending, and placing and underwriting services, with all revenue and non-current assets derived from Hong Kong - The Executive Directors have determined that the Group has only one single reportable segment, which is the provision of securities brokerage services, securities-backed lending services, and placing and underwriting services[18](index=18&type=chunk) - All the Group's revenue from customers is derived from operations in Hong Kong, and all non-current assets are located in Hong Kong[19](index=19&type=chunk) - For the six months ended June 30, 2025, the largest customer accounted for approximately **HK$1 million** in revenue, representing about **5.9%** of the Group's total revenue of HK$16.9 million[20](index=20&type=chunk) [6. Other Income](index=14&type=section&id=6.%20Other%20Income) Other income significantly increased for the six months ended June 30, 2025, primarily due to higher bank interest and custodial income Other Income (For the Six Months Ended June 30) | Income Source | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | Bank interest income | 246 | 27 | | Custodial income | 260 | 25 | | **Total** | **506** | **52** | [7. Profit Before Income Tax](index=14&type=section&id=7.%20Profit%20Before%20Income%20Tax) Profit (loss) before income tax is derived after deducting expenses such as auditor's remuneration, which slightly increased for the six months ended June 30, 2025 Deductions from Profit Before Income Tax (For the Six Months Ended June 30) | Item | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | Auditor's remuneration | 379 | 350 | [8. Income Tax Expense](index=15&type=section&id=8.%20Income%20Tax%20Expense) The Group recorded no income tax expense for the six months ended June 30, 2025, due to a loss for the period, with Hong Kong profits tax rates detailed - The Group had no income tax expense for the six months ended June 30, 2025[24](index=24&type=chunk) - Hong Kong profits tax rate is **8.25%** for the first HK$2 million of assessable profits for qualifying entities, and **16.5%** for profits exceeding HK$2 million[24](index=24&type=chunk) [9. Dividends](index=15&type=section&id=9.%20Dividends) The Board of Directors does not recommend paying any interim dividend for the six months ended June 30, 2025, consistent with the prior year - The Directors do not recommend the payment of any interim dividend for the six months ended June 30, 2025 (June 30, 2024: Nil)[25](index=25&type=chunk) [10. Loss Per Share](index=16&type=section&id=10.%20Loss%20Per%20Share) Basic and diluted loss per share for the six months ended June 30, 2025, widened to HK$0.0076, calculated based on the weighted average number of ordinary shares, with no dilutive effects Loss Per Share Calculation (For the Six Months Ended June 30) | Metric | 2025 | 2024 (Restated) | | :--- | :--- | :--- | | (Loss) for the period attributable to owners of the Company (HK$'000) | (3,684) | (806) | | Weighted average number of ordinary shares in issue during the period (thousands) | 481,896 | 418,658 | | Basic and diluted (loss) per share (HK cents) | (0.76) | (0.19) | - As there were no potentially dilutive ordinary shares in existence during the current and prior periods, the diluted loss per share is the same as the basic loss per share[26](index=26&type=chunk) [11. Property, Plant and Equipment](index=17&type=section&id=11.%20Property%2C%20Plant%20and%20Equipment) The Group incurred no expenditure on the acquisition of property, plant, and equipment for the six months ended June 30, 2025, consistent with the prior period - The Group incurred no expenditure on the acquisition of property, plant, and equipment for the six months ended June 30, 2025 (six months ended June 30, 2024: Nil)[27](index=27&type=chunk) [12. Prepayments for Investments](index=17&type=section&id=12.%20Prepayments%20for%20Investments) The company established a joint venture for digital asset business on January 17, 2025, and has contributed HK$6.7 million for its 40% interest as of June 30, 2025 - The company established a joint venture with Cast Emperor Holdings Group Limited on January 17, 2025, primarily engaged in digital asset business[28](index=28&type=chunk) - The total registered capital of the joint venture is **HK$25 million**, with the company expected to contribute **HK$10 million** for a **40% interest**[28](index=28&type=chunk) - As of June 30, 2025, the company had contributed **HK$6.7 million** for its **40% interest**[28](index=28&type=chunk) [13. Trade Receivables](index=17&type=section&id=13.%20Trade%20Receivables) Total trade receivables decreased to HK$48.697 million as of June 30, 2025, with no write-offs during the period, contrasting with significant write-offs in the prior year Trade Receivables (As at June 30, 2025) | Item | June 30, 2025 (HK$'000) | December 31, 2024 (HK$'000) | | :--- | :--- | :--- | | Margin clients | 75,201 | 76,755 | | Clearing house | (126) | 2,669 | | Trade receivables from agency services | – | 1,895 | | Trade receivables from placing and underwriting services | – | 193 | | Less: Loss allowance | (26,378) | (26,378) | | **Total** | **48,697** | **55,134** | - The Group wrote off no trade receivables during the six months ended June 30, 2025, compared to **HK$18.7 million** in the same period of 2024[30](index=30&type=chunk) Movement in Loss Allowance for Trade Receivables | Item | June 30, 2025 (HK$'000) | December 31, 2024 (HK$'000) | | :--- | :--- | :--- | | At January 1 | 26,378 | 59,008 | | Impairment loss charged to profit or loss | – | 9,149 | | Reversal of discount | – | 4,781 | | Amounts written off as uncollectible | – | (46,560) | | Balance | 26,378 | 26,378 | [14. Loans Receivable](index=19&type=section&id=14.%20Loans%20Receivable) Total loans receivable from money lending increased to HK$79.925 million as of June 30, 2025, with no write-offs during the period, contrasting with significant write-offs in the prior year Loans Receivable (As at June 30, 2025) | Item | June 30, 2025 (HK$'000) | December 31, 2024 (HK$'000) | | :--- | :--- | :--- | | Loans receivable from money lending | 79,925 | 74,416 | | Less: Loan allowance | (26,667) | (26,667) | | **Total** | **53,258** | **47,749** | - The Group wrote off no loans receivable during the six months ended June 30, 2025, compared to **HK$17.9 million** in the same period of 2024[35](index=35&type=chunk) Movement in Loan Allowance for Loans Receivable | Item | June 30, 2025 (HK$'000) | December 31, 2024 (HK$'000) | | :--- | :--- | :--- | | At January 1 | 26,667 | 63,108 | | Impairment loss charged to profit or loss | – | 11,751 | | Reversal of discount | – | 2,985 | | Amounts written off as uncollectible | – | (51,177) | | Balance | 26,667 | 26,667 | [15. Bank Trust Balances Held on Behalf of Clients](index=21&type=section&id=15.%20Bank%20Trust%20Balances%20Held%20on%20Behalf%20of%20Clients) The Group holds client monies in segregated trust accounts at authorized financial institutions, classified as current assets with corresponding trade payables, as the Group is responsible for client funds - The Group maintains segregated trust accounts at authorized financial institutions for client monies, classifying them as current assets[37](index=37&type=chunk) - Corresponding balances payable to cash and margin clients are recognized under trade payables, as the Group is responsible for any loss or misuse of client funds[37](index=37&type=chunk) [16. Trade Payables](index=21&type=section&id=16.%20Trade%20Payables) Total trade payables significantly decreased to HK$5.337 million as of June 30, 2025, primarily due to a reduction in amounts payable to cash clients, with a T+2 settlement period for securities trading Trade Payables (As at June 30, 2025) | Item | June 30, 2025 (HK$'000) | December 31, 2024 (HK$'000) | | :--- | :--- | :--- | | Cash clients | 3,204 | 10,092 | | Margin clients | 2,133 | 2,151 | | **Total** | **5,337** | **12,243** | - Trade payables arising from securities trading business have a settlement period of two business days after the trade date ("T+2")[38](index=38&type=chunk) [17. Contract Liabilities](index=21&type=section&id=17.%20Contract%20Liabilities) Contract liabilities, representing amounts received for consulting services to be recognized as revenue within 12 months, were zero as of June 30, 2025 - Contract liabilities represent amounts received by the Group for consulting services, expected to be recognized as revenue within the next 12 months[39](index=39&type=chunk) - As of June 30, 2025, contract liabilities were **nil** (December 31, 2024: HK$1.012 million)[7](index=7&type=chunk) [18. Commitments](index=22&type=section&id=18.%20Commitments) The Group had no significant capital commitments as of June 30, 2025, consistent with December 31, 2024 - As of June 30, 2025, the Group had no significant capital commitments (December 31, 2024: Nil)[40](index=40&type=chunk) [19. Contingent Liabilities](index=22&type=section&id=19.%20Contingent%20Liabilities) The Group had no significant contingent liabilities as of June 30, 2025, consistent with December 31, 2024 - As of June 30, 2025, the Group had no significant contingent liabilities (December 31, 2024: Nil)[41](index=41&type=chunk) [20. Related Party Transactions](index=22&type=section&id=20.%20Related%20Party%20Transactions) The Group recorded no related party securities or lending transactions for the six months ended June 30, 2025, though key management personnel remuneration increased - During the reporting period for the six months ended June 30, 2025, the Group recorded no securities, money, or other secured lending business transactions with related parties[44](index=44&type=chunk) Key Management Personnel Remuneration (For the Six Months Ended June 30) | Item | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | Salaries, allowances and other benefits | 2,451 | 2,217 | | Defined contribution retirement scheme contributions | 44 | 43 | | **Total** | **2,495** | **2,260** | [21. Share Capital](index=23&type=section&id=21.%20Share%20Capital) Total issued share capital increased to 487,280,100 shares due to a placement of 81,210,000 new shares, raising net proceeds of approximately HK$13.86 million for general working capital Authorized and Issued Share Capital (As at June 30, 2025) | Item | Par Value (HK$) | Number of Ordinary Shares | Amount (HK$'000) | | :--- | :--- | :--- | :--- | | Authorized share capital | 0.020 | 25,000,000,000 | 500,000 | | Issued and fully paid share capital (as at June 30, 2025) | 0.020 | 487,280,100 | 9,745 | | Issued and fully paid share capital (as at January 1, 2025) | 0.020 | 406,070,100 | 8,121 | | Shares placed | 0.020 | 81,210,000 | 1,624 | - On January 13, 2025, the company successfully placed **81,210,000 new shares** to at least six placees at HK$0.176 per share, raising net proceeds of approximately **HK$13.86 million**[45](index=45&type=chunk) - The net proceeds were fully utilized for the Group's general working capital[45](index=45&type=chunk) [Management Discussion and Analysis](index=24&type=section&id=Management%20Discussion%20and%20Analysis) Management's review of the Group's business performance, financial results, and future outlook, highlighting revenue growth, increased losses, and strategic initiatives [Business Review](index=24&type=section&id=Business%20Review) The Group's core services include securities brokerage, lending, and placing/underwriting, with strong performance in brokerage and placing services driven by a recovering Hong Kong stock market - The Group primarily provides securities brokerage, securities-backed lending services (including margin financing and money lending), other secured lending, and placing and underwriting services[46](index=46&type=chunk) - The Hong Kong stock market significantly recovered in H1 2025, with the Hang Seng Index increasing by approximately **20%** from 20,060 points on December 30, 2024, to 24,072 points on June 30, 2025[47](index=47&type=chunk) - Average daily turnover for the first six months of 2025 was **HK$240.2 billion**, an increase of **118%** from HK$110.4 billion in the same period last year[47](index=47&type=chunk) [Securities Brokerage Services](index=24&type=section&id=Securities%20Brokerage%20Services) Commission income from securities brokerage services surged by approximately seven times to HK$0.58 million in H1 2025, driven by an active Hong Kong stock market and capital inflows Commission Income from Securities Brokerage Services (For the Six Months Ended June 30) | Metric | 2025 (HK$) | 2024 (HK$) | Change (%) | | :--- | :--- | :--- | :--- | | Commission income | 580,000 | 80,000 | 625% | [Securities-Backed Lending Services](index=25&type=section&id=Securities-Backed%20Lending%20Services) Securities-backed lending services remain a core revenue source, but total interest income decreased by approximately 28% to HK$7.3 million due to a cautious approach in margin financing Interest Income from Securities-Backed Lending Services (For the Six Months Ended June 30) | Metric | 2025 (HK$) | 2024 (HK$) | Change (%) | | :--- | :--- | :--- | :--- | | Total interest income | 7,300,000 | 10,100,000 | -28% | [Margin Financing Services](index=25&type=section&id=Margin%20Financing%20Services) Interest income from margin financing services decreased by approximately 51% to HK$3.2 million, primarily due to the Board's cautious approach to reduce default risks, leading to a significant drop in average monthly loan book balance Margin Financing Services Interest Income and Loan Balance (For the Six Months Ended June 30) | Metric | 2025 (HK$) | 2024 (HK$) | Change (%) | | :--- | :--- | :--- | :--- | | Interest income | 3,200,000 | 6,500,000 | -51% | | Average monthly loan book balance | 74,000,000 | 151,000,000 | -51% | - The company cautiously reviewed collateral, transaction history, and repayment records before providing margin loans, resulting in a reduction in the amount of margin loans offered[50](index=50&type=chunk) [Money Lending and Other Secured Lending Services](index=25&type=section&id=Money%20Lending%20and%20Other%20Secured%20Lending%20Services) Money lending services revenue grew by approximately 17% to HK$4.1 million, with 8 loans extended during the period at annual interest rates ranging from 12% to 24% Money Lending Services Revenue (For the Six Months Ended June 30) | Metric | 2025 (HK$) | 2024 (HK$) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 4,100,000 | 3,500,000 | 17% | - As of June 30, 2025, the Group had extended **8 loans** (June 30, 2024: 5 loans), ranging from **HK$3 million** to **HK$16.5 million**[51](index=51&type=chunk) - Each loan carried an annual interest rate between approximately **12% and 24%**, with a maximum repayment period of **12 months**[51](index=51&type=chunk) [Placing and Underwriting Services](index=26&type=section&id=Placing%20and%20Underwriting%20Services) Revenue from placing and underwriting services surged over 15 times to HK$8.9 million, primarily driven by bond placing activities, with 14 activities undertaken during the period Placing and Underwriting Services Revenue (For the Six Months Ended June 30) | Revenue Source | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | Fee income from placing and underwriting securities | 1,040 | 570 | | Agency fee income from placing bonds | 7,887 | Not applicable | | **Total Income** | **8,927** | **570** | - For the six months ended June 30, 2025, the Group participated in **14 placing and underwriting activities**, compared to 2 placing activities in the same period of 2024[52](index=52&type=chunk) - Approximately **HK$1 million** in revenue was from securities placing, while approximately **HK$7.9 million** was from bond placing activities[52](index=52&type=chunk) [Loss for the Period](index=26&type=section&id=Loss%20for%20the%20Period) The Group's net loss widened to HK$3.7 million for the six months ended June 30, 2025, mainly due to a significant increase in other operating expenses, including compliance, professional, and agency fees Loss for the Period (For the Six Months Ended June 30) | Metric | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | Unaudited net loss | (3,700) | (800) | - The increase in loss was primarily due to higher other operating expenses, which amounted to approximately **HK$16.1 million** for the six months ended June 30, 2025 (June 30, 2024: HK$2.9 million)[54](index=54&type=chunk) - The surge in other operating expenses was driven by increased compliance, professional, and agency fees, along with other expenses during the period[54](index=54&type=chunk) [Outlook](index=27&type=section&id=Outlook) The Group is optimistic about the Hong Kong financial market and plans to strengthen its financial position by diversifying revenue, expanding client networks, exploring virtual asset business, and enhancing operational efficiency - The Group will continue to focus on strengthening its financial position by broadening its revenue base and expanding its client network[55](index=55&type=chunk) - The Group will closely monitor market trends and adjust its strategies as needed, confident in achieving stable, sustainable growth in H2 2025 and beyond through business diversification, a broader client base, and prudent risk and cost management[61](index=61&type=chunk) [Securities Brokerage Services](index=27&type=section&id=Securities%20Brokerage%20Services) The Group plans to establish a virtual asset business by applying for a virtual asset trading service license, with submission expected by September 2025 and approval by Q1 2026 - The company is actively pursuing the establishment of a virtual asset business by applying for a virtual asset trading service license condition to meet client demand for handling virtual assets like cryptocurrencies[55](index=55&type=chunk) - The company intends to submit the application by **September 2025** and expects to be granted the license condition by **Q1 2026**[55](index=55&type=chunk) [Securities-Backed Lending Services](index=27&type=section&id=Securities-Backed%20Lending%20Services) The company proposes a rights issue to raise up to HK$60.7 million, with approximately HK$50 million allocated to expand margin financing and money lending businesses to strengthen its capital base - The company announced a proposed rights issue to raise gross proceeds of up to approximately **HK$60.7 million**, with estimated net proceeds of approximately **HK$57.6 million** if fully subscribed[56](index=56&type=chunk) - The company intends to allocate approximately **HK$35 million** to expand its margin financing services and approximately **HK$15 million** to support its money lending business, totaling approximately **HK$50 million**[57](index=57&type=chunk) [Placing and Underwriting Services](index=28&type=section&id=Placing%20and%20Underwriting%20Services) The Group will continue to seek new mandates as underwriters and placing agents for equity and debt transactions, actively negotiating with listed companies and bond issuers, expecting this business line to remain a significant revenue contributor - The Group will continue to seek new mandates, such as appointments as underwriters and placing agents for equity and debt transactions, and is actively negotiating with listed companies and bond issuers[58](index=58&type=chunk) [Asset Management and Family Office Services](index=28&type=section&id=Asset%20Management%20and%20Family%20Office%20Services) Pine Stone Capital Asset Management Limited obtained a Type 9 (Asset Management) license in September 2024, enabling it to offer comprehensive asset management and wealth solutions to clients, with plans to further develop service offerings - Pine Stone Capital Asset Management Limited was granted a Type 9 (Asset Management) license in **September 2024**[59](index=59&type=chunk) - With this license approval, the Group is now equipped to provide comprehensive asset management and wealth solutions to individual and institutional clients, including securities, bonds, funds, and trust-related services[59](index=59&type=chunk) [Efficiency and Cost Management](index=28&type=section&id=Efficiency%20and%20Cost%20Management) The Group is reviewing operations to enhance efficiency, streamline workflows, and control operating costs in response to rising compliance and professional expenses, while also exploring the distressed asset disposal market - The Group is reviewing its operations to enhance efficiency and manage expenses, striving to improve work efficiency, streamline workflows, and control operating costs[60](index=60&type=chunk) - The Group is also actively exploring the distressed asset disposal market, planning to establish a distressed asset disposal auction platform in Asia to further diversify its revenue streams[61](index=61&type=chunk) [Financial Review](index=29&type=section&id=Financial%20Review) Total revenue increased by 58% to HK$16.9 million, driven by placing and underwriting fees, but higher employee benefits and other operating expenses led to an expanded loss for the period, despite successful share placement and strong liquidity - Total revenue for the six months ended June 30, 2025, was approximately **HK$16.9 million**, an increase of approximately **HK$6.2 million** or **58%** compared to the same period in 2024[63](index=63&type=chunk) - The Group recorded an unaudited net loss of approximately **HK$3.7 million** for the six months ended June 30, 2025, compared to an unaudited net loss of approximately HK$0.8 million in the same period of 2024[68](index=68&type=chunk) - As of June 30, 2025, the Group recorded a current ratio of approximately **22.32 times** (December 31, 2024: 8.21 times)[75](index=75&type=chunk) [Revenue](index=29&type=section&id=Revenue) Total revenue grew by 58% to HK$16.9 million, primarily driven by a significant increase in bond and securities placing or agency fees, despite a decrease in interest income from securities-backed lending services Revenue Sources (For the Six Months Ended June 30) | Revenue Source | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | Commission income from securities brokerage services | 580 | 80 | | Income from placing and underwriting services | 8,927 | 570 | | Handling fees | 50 | 4 | | Interest income from margin financing services | 3,213 | 6,518 | | Interest income from money lending services | 4,105 | 3,543 | | **Total Revenue** | **16,875** | **10,715** | - Placing or agency fees for bonds and securities recorded significant growth, increasing over **15 times** to **HK$8.9 million** for the six months ended June 30, 2025, from approximately HK$0.57 million in the same period of 2024[63](index=63&type=chunk) - Interest income from securities-backed lending services decreased by approximately **28%** to about **HK$7.3 million** for the six months ended June 30, 2025[63](index=63&type=chunk) [Employee Benefit Expenses](index=30&type=section&id=Employee%20Benefit%20Expenses) Employee benefit expenses increased by approximately 30% to HK$3.9 million for the six months ended June 30, 2025, primarily due to the recruitment of additional staff, bringing the total headcount to 21 Employee Benefit Expenses (For the Six Months Ended June 30) | Metric | 2025 (HK$'000) | 2024 (HK$'000) | Change (%) | | :--- | :--- | :--- | :--- | | Employee benefit expenses | 3,900 | 3,000 | 30% | - The recruitment of additional staff was the primary factor for the increase in employee benefit costs, with the Group employing **21 employees** as of June 30, 2025 (June 30, 2024: 18 employees)[64](index=64&type=chunk) [Other Operating Expenses](index=31&type=section&id=Other%20Operating%20Expenses) Other operating expenses significantly increased to HK$16.1 million, representing approximately 80% of total expenses, primarily due to a surge in agency or professional fees, legal and compliance, and administrative expenses Other Operating Expenses (For the Six Months Ended June 30) | Metric | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | Other operating expenses | 16,100 | 2,900 | | Percentage of total expenses | Approx. 80% | Approx. 40% | - The significant increase in total operating expenses was attributable to agency or professional fees, legal and compliance, and administrative expenses[65](index=65&type=chunk) [Income Tax Expense](index=31&type=section&id=Income%20Tax%20Expense) The Group recorded no income tax expense for the six months ended June 30, 2025, consistent with the prior period - There was no income tax expense for the six months ended June 30, 2025 (six months ended June 30, 2024: Nil)[66](index=66&type=chunk) [(Loss) for the Period](index=31&type=section&id=%28Loss%29%20for%20the%20Period) The Group's unaudited net loss widened to HK$3.7 million for the six months ended June 30, 2025, primarily due to a substantial increase in other operating expenses, including compliance, professional, and agency fees (Loss) for the Period (For the Six Months Ended June 30) | Metric | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | (Loss) for the period | (3,684) | (806) | - The increase in net loss was primarily due to a rise in compliance, professional, and agency fees, leading to other operating expenses increasing to **HK$16.1 million** for the six months ended June 30, 2025 (six months ended June 30, 2024: HK$2.9 million)[68](index=68&type=chunk) [Fundraising Activities and Use of Proceeds for the Six Months Ended June 30, 2025](index=32&type=section&id=Fundraising%20Activities%20and%20Use%20of%20Proceeds%20for%20the%20Six%20Months%20Ended%20June%2030%2C%202025) The company completed a placement of 81,210,000 new shares on January 13, 2025, raising net proceeds of approximately HK$13.86 million, which were fully utilized for general working capital - The company entered into a placing agreement on December 18, 2024, to place up to **81,210,000 new shares** at HK$0.176 per share[69](index=69&type=chunk) - Gross and net proceeds from the placing were approximately **HK$14.29 million** and **HK$13.86 million**, respectively[69](index=69&type=chunk) - The placing was completed on January 13, 2025, with all funds raised fully utilized for the Group's general working capital as planned[70](index=70&type=chunk) [Liquidity and Financial Resources and Capital Structure](index=33&type=section&id=Liquidity%20and%20Financial%20Resources%20and%20Capital%20Structure) The Group's current ratio significantly improved to 22.32 times, and cash and bank balances increased to approximately HK$16.9 million as of June 30, 2025, with existing resources deemed sufficient for operations Liquidity and Financial Resources (As at June 30, 2025) | Metric | June 30, 2025 (HK$'000) | December 31, 2024 (HK$'000) | | :--- | :--- | :--- | | Current assets | 135,351 | 135,471 | | Current liabilities | 6,065 | 16,500 | | Current ratio (times) | 22.32 | 8.21 | | Cash and bank balances | 16,900 | 15,900 | - The Group's operations, capital expenditures, and other funding needs are financed by internal operations, proceeds from share placement, and general working capital[75](index=75&type=chunk) [Foreign Exchange Risk](index=34&type=section&id=Foreign%20Exchange%20Risk) The Group's reporting currency is HKD, and all transactions for the six months ended June 30, 2025, were denominated in HKD, thus posing no significant foreign exchange risk - The Group's reporting currency is Hong Kong Dollars, and all transactions for the six months ended June 30, 2025, were denominated in Hong Kong Dollars[76](index=76&type=chunk) - The Group faces no significant foreign exchange risk[76](index=76&type=chunk) [Contingent Liabilities](index=34&type=section&id=Contingent%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[77](index=77&type=chunk) [Events After Reporting Period](index=34&type=section&id=Events%20After%20Reporting%20Period) Post-reporting period, the company proposed a share consolidation (20-for-1) followed by a rights issue (3-for-2) to raise approximately HK$60.7 million for margin financing, money lending, virtual asset license application, and general working capital - The company proposed a share consolidation on the basis of **20 existing shares** for **1 consolidated share** in its issued and unissued share capital[78](index=78&type=chunk) - Subject to approval of the share consolidation, the company proposed a rights issue to raise gross proceeds of up to approximately **HK$60.7 million** by issuing up to **36,546,008 rights shares**[79](index=79&type=chunk) - Net proceeds from the rights issue, approximately **HK$5.3 million**, will be used for virtual license-related matters, **HK$35 million** for margin financing, **HK$15 million** for money lending, and **HK$2.3 million** for enhancing general working capital[81](index=81&type=chunk) [Material Investments](index=36&type=section&id=Material%20Investments) The Group did not acquire or hold any material investments during the review period - The Group did not acquire or hold any material investments during the review period[82](index=82&type=chunk) [Pledge of Assets](index=36&type=section&id=Pledge%20of%20Assets) The Group did not pledge any of its assets as of June 30, 2025, and December 31, 2024 - The Group pledged none of its assets as of June 30, 2025, and December 31, 2024[83](index=83&type=chunk) [Capital Commitments](index=36&type=section&id=Capital%20Commitments) The Group had no significant capital commitments as of June 30, 2025, and December 31, 2024 - The Group had no significant capital commitments as of June 30, 2025, and December 31, 2024[84](index=84&type=chunk) [Other Information](index=37&type=section&id=Other%20Information) Additional disclosures regarding directors' and major shareholders' interests, share transactions, employee policies, and corporate governance [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares, and Debentures of the Company and its Associated Corporations](index=37&type=section&id=Directors%27%20and%20Chief%20Executive%27s%20Interests%20and%20Short%20Positions%20in%20Shares%2C%20Underlying%20Shares%2C%20and%20Debentures%20of%20the%20Company%20and%20its%20Associated%20Corporations) As of June 30, 2025, no directors or chief executive held disclosable interests or short positions in the company's or its associated corporations' shares, underlying shares, or debentures - As of June 30, 2025, no Directors or Chief Executive of the Company held any interests or short positions in the shares, underlying shares, or debentures of the Company or its associated corporations that were required to be disclosed under Divisions 7 and 8 of Part XV of the SFO[85](index=85&type=chunk) [Directors' Rights to Acquire Shares or Debentures](index=37&type=section&id=Directors%27%20Rights%20to%20Acquire%20Shares%20or%20Debentures) No arrangements were made during the six months ended June 30, 2025, for directors or the chief executive to acquire benefits through shares or debentures of the company or its associated corporations - Neither the company nor any of its subsidiaries or associated corporations entered into any arrangements during the six months ended June 30, 2025, enabling directors and the chief executive to acquire benefits through shares, underlying shares, or debentures of the company or its associated corporations[86](index=86&type=chunk) [Substantial Shareholders' Interests and Short Positions in Shares and Underlying Shares of the Company](index=37&type=section&id=Substantial%20Shareholders%27%20Interests%20and%20Short%20Positions%20in%20Shares%20and%20Underlying%20Shares%20of%20the%20Company) As of June 30, 2025, Ultimate Vantage Group Limited and its sole owner, Mr. Zeng Wenling, were substantial shareholders, holding approximately 19.87% of the company's issued share capital Substantial Shareholders' Long Positions in Ordinary Shares of the Company (As at June 30, 2025) | Name of Shareholder | Capacity and Nature of Interest | Total Number of Shares | Approximate Percentage of Total Issued Share Capital of the Company (%) | | :--- | :--- | :--- | :--- | | Ultimate Vantage Group Limited | Directly beneficially owned | 96,836,250 | 19.87 | | Mr. Zeng Wenling | Interest of controlled corporation | 96,836,250 | 19.87 | - Ultimate Vantage Group Limited is **100% owned** by Mr. Zeng Wenling[89](index=89&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=38&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) Neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the six months ended June 30, 2025 - Neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the six months ended June 30, 2025 (six months ended June 30, 2024: Nil shares)[90](index=90&type=chunk) [Employees and Remuneration Policy](index=39&type=section&id=Employees%20and%20Remuneration%20Policy) The Group had 21 employees as of June 30, 2025, with remuneration policies based on duties, experience, skills, and company performance, offering monthly salaries, discretionary bonuses, and other benefits - As of June 30, 2025, the Group had a total of **21 employees** (June 30, 2024: 18 employees)[91](index=91&type=chunk) - The Group's remuneration policy is determined based on the duties, responsibilities, experience, skills, time commitment, and performance of the directors or senior management, benchmarked against compensation paid by comparable companies[91](index=91&type=chunk) - Other employee benefits include provident fund contributions, medical insurance, and other allowances and benefits, in addition to salaries[91](index=91&type=chunk) [Share Option Scheme](index=39&type=section&id=Share%20Option%20Scheme) The existing share option scheme expired on June 12, 2025, with no further schemes granted or outstanding options as of the interim report date - The existing share option scheme had a term of **10 years** from its adoption date and expired on **June 12, 2025**[92](index=92&type=chunk) - No further share option schemes have been granted since the expiry of the existing scheme, and as of the date of this interim report, no share options have been granted or remain outstanding under the existing scheme[92](index=92&type=chunk) [Corporate Governance](index=39&type=section&id=Corporate%20Governance) The company complied with relevant Listing Rules and the Corporate Governance Code during the review period, ensuring proper regulation of decision-making and business operations - The company complied with Rules 13.13 to 13.16 of Chapter 13 of the Listing Rules, providing no advances to affiliated or associated entities[93](index=93&type=chunk) - During the review year, the company complied with the code provisions of the Corporate Governance Code set out in Appendix C1 of the Listing Rules of The Stock Exchange of Hong Kong Limited[93](index=93&type=chunk) [Directors' Securities Transactions](index=40&type=section&id=Directors%27%20Securities%20Transactions) The company adopted a code of conduct for directors' securities transactions no less exacting than the Model Code, with all directors confirming compliance and no non-compliance reported - The company adopted a code of conduct for directors' securities transactions with terms no less exacting than the Model Code set out in Appendix 10 of the Listing Rules for Directors' Securities Transactions by Listed Issuers[94](index=94&type=chunk) - Each director acknowledged compliance with the dealing rules during the reporting period and up to the date of this report, with no non-compliance reported to the company during this period[94](index=94&type=chunk) [Competing Interests](index=40&type=section&id=Competing%20Interests) As of June 30, 2025, no directors, substantial shareholders, or their associates had any interests in businesses directly or indirectly competing with the Group's business - As of June 30, 2025, no directors, substantial shareholders, or their respective associates had any interests in businesses that directly or indirectly compete or may compete with the Group's business[95](index=95&type=chunk) [Audit Committee](index=40&type=section&id=Audit%20Committee) The Audit Committee, comprising three independent non-executive directors chaired by Mr. Cheng Man Bun, reviewed the Group's unaudited interim results and confirmed compliance with accounting standards and Listing Rules - The Audit Committee currently comprises **three members**, all of whom are independent non-executive directors, with Mr. Cheng Man Bun serving as Chairman[96](index=96&type=chunk) - The primary responsibilities of the Audit Committee include reviewing and overseeing the company's financial reporting process, the Group's internal control systems, and monitoring continuing connected transactions[96](index=96&type=chunk) - The Audit Committee reviewed the Group's unaudited condensed consolidated results for the six months ended June 30, 2025, confirming their preparation complied with applicable accounting standards, practices adopted by the company, and Listing Rules, with adequate disclosure[96](index=96&type=chunk) [Board of Directors](index=41&type=section&id=Board%20of%20Directors) As of the report date, the Board comprises executive directors Mr. Li Chun Tung (Chairman), Mr. Wang Han (CEO), Ms. Cheung Ka Yee, non-executive director Mr. Lau Chun Hung, and independent non-executive directors Mr. Lau Kei Lik, Mr. Wong Chun Pang, and Mr. Cheng Man Bun - Executive Directors include Mr. Li Chun Tung (Chairman), Mr. Wang Han (Chief Executive Officer) (appointed on June 2, 2025), and Ms. Cheung Ka Yee (appointed on June 2, 2025)[97](index=97&type=chunk) - The Non-executive Director is Mr. Lau Chun Hung[97](index=97&type=chunk) - Independent Non-executive Directors include Mr. Lau Kei Lik, Mr. Wong Chun Pang, and Mr. Cheng Man Bun[97](index=97&type=chunk)

Corporate Information 公司資料 BOARD OF DIRECTORS Executive Directors Mr. KANG Chuang (Chairman) Mr. ZHENG Jingdong Non-Executive Director Ms. LIN Weihuan Independent Non-Executive Directors Dr. ZHANG Baoping Mr. CHEN Shaohua Professor ZHAO Jinbao BOARD COMMITTEES Audit Committee Mr. CHEN Shaohua (Chairperson) Professor ZHAO Jinbao Dr. ZHANG Baoping Remuneration Committee Dr. ZHANG Baoping (Chairperson) Professor ZHAO Jinbao Mr. CHEN Shaohua Nomination Committee Professor ZHAO Jinbao (Chairperson) Mr. CHEN Shao ...

Revenue and Profitability - Revenue for the six months ended June 30, 2025, was HKD 26,026,000, a significant increase from HKD 5,180,000 in the same period of 2024, representing a growth of 401%[2] - Gross profit for the same period was HKD 7,484,000, compared to HKD 3,179,000 in 2024, indicating a gross margin improvement[2] - The company reported a net loss of HKD 43,586,000 for the six months ended June 30, 2025, compared to a profit of HKD 8,121,000 in 2024[2] - The total comprehensive income for the period was HKD 5,306,000, recovering from a loss of HKD 31,957,000 in the previous year[2] - Property sales contributed HKD 20,724,000 to the revenue, while property management income was HKD 4,694,000, compared to HKD 4,390,000 in 2024, indicating an increase of 6.9%[17] - The company recorded a revenue of approximately HKD 26,030,000 for the six months ended June 30, 2025, representing an increase of about 402% compared to HKD 5,180,000 for the same period last year[45] Assets and Liabilities - Non-current assets increased to HKD 1,324,870,000 as of June 30, 2025, up from HKD 1,283,992,000 at the end of 2024[3] - Current assets totaled HKD 812,807,000, slightly up from HKD 801,867,000 in 2024[3] - The company's total liabilities increased to HKD 1,174,668,000, compared to HKD 1,132,326,000 in the previous year[4] - Cash and bank balances decreased to HKD 13,665,000 from HKD 32,760,000 at the end of 2024, indicating a liquidity challenge[3] - The company reported total trade receivables of HKD 2,010,000 as of June 30, 2025, a decrease from HKD 2,844,000 as of December 31, 2024, indicating a reduction of 29.2%[29] - The company’s prepayments, deposits, and other receivables increased to HKD 19,064,000 as of June 30, 2025, compared to HKD 12,476,000 as of December 31, 2024, marking a rise of 52.9%[31] - The company’s construction in progress amounted to HKD 193,815,000 as of June 30, 2025, reflecting a slight increase from HKD 187,330,000 at the beginning of the period[24] - The company’s development properties held at cost increased to HKD 594,424,000 as of June 30, 2025, from HKD 573,263,000 at the beginning of the period, an increase of 3.7%[28] Cash Flow and Financing - The net cash outflow from operating activities was HKD 17,595,000 for the six months ended June 30, 2025, compared to an outflow of HKD 7,641,000 in 2024[7] - The net cash flow from financing activities for the six months ended June 30, 2025, was a negative HKD 2,552,000, contrasting with a positive HKD 8,080,000 in the same period of 2024[8] - The cash and cash equivalents decreased by HKD 6,143,000, resulting in a closing balance of HKD 684,000 as of June 30, 2025, down from HKD 10,260,000 in 2024[8] - The company reported a net cash outflow of HKD 6,143,000 for the period, compared to an outflow of HKD 4,721,000 in 2024, indicating a worsening liquidity position[8] Expenses and Costs - The finance costs for the six months ended June 30, 2025, totaled HKD 545,000, a decrease of 14.6% from HKD 638,000 in the same period of 2024[18] - Employee costs, including directors' remuneration, amounted to HKD 8,911,000, a decrease of 6.8% from HKD 9,558,000 in 2024[19] - The cost of sold properties was HKD 16,111,000 for the six months ended June 30, 2025, with no corresponding cost reported in the same period of 2024[19] - The interest income from banks was HKD 18,000, a significant decrease from HKD 224,000 in the same period of 2024[17] - Employee costs for the six months ended June 30, 2025, were approximately HKD 8,040,000, down from HKD 8,690,000 for the same period in 2024, representing a decrease of about 7.48%[62] Taxation - The company reported a total income tax expense of HKD 6,378,000 for the six months ended June 30, 2025, compared to HKD 1,228,000 for the same period in 2024, representing a significant increase of 420%[21] Shareholder Information - The company recorded a loss attributable to owners of the company of HKD 43.6 million for the six months ended June 30, 2025, compared to a profit of HKD 8.1 million for the same period in 2024, resulting in a basic and diluted loss per share of HKD (1.10) compared to HKD 0.20[23] - The company has not recommended the payment of an interim dividend for the six months ended June 30, 2025, consistent with the previous period[22] - The company has issued and fully paid 3,975,233,406 ordinary shares, with a total capital of HKD 983,266,000 as of June 30, 2025[34] Projects and Developments - The company has commenced the development of the Jinliwan project, with a total construction area of approximately 430,000 square meters, and has obtained a pre-sale permit for the first phase[46] - The company is actively discussing the overall planning of the Tanghai County project with local government authorities due to the designation of the project area as a nature reserve[48] - The total property sales from the Jinbao City project reached approximately HKD 20,720,000 for the six months ending June 30, 2025, with no sales recorded for the same period in 2024[51] - As of June 30, 2025, contract liabilities from pre-sales of the Jinbao City project amounted to approximately HKD 59,000,000, an increase from HKD 52,260,000 as of December 31, 2024[51] - The total land area for the Honghai Bay project is approximately 273,534.2 square meters, but development has been suspended while the company reassesses the project's positioning[52] - The company has made a provision of approximately RMB 14,000,000 (equivalent to about HKD 15,800,000) for claims related to construction costs from the Honghai Bay project[52] - The company is pursuing a claim for shareholder loans amounting to approximately RMB 123,900,000 (equivalent to about HKD 134,200,000) against its joint venture partner in the Heqing project[54] Corporate Governance - The company has confirmed the renewal of property lease agreements for two years starting April 1, 2025[55] - The company fully complied with the corporate governance code as outlined in the listing rules during the six months ended June 30, 2025[69] - The audit committee consists of three independent non-executive directors, chaired by Mr. Zheng Kangqi[72] - The interim results for the six months ending June 30, 2025, have been reviewed by the audit committee[72] - The board of directors includes executive director Mr. Huang Shizai (Chairman) and Ms. Huang Wenxi (CEO)[74]

[Corporate Information](index=3&type=section&id=Corporate%20Information) [Company Details](index=3&type=section&id=Company%20Details) Jingrui Holdings Limited is an investment holding company registered in the Cayman Islands, primarily engaged in property development in China, with Mr. Yan Hao serving as Chairman and CEO - Company Name: **Jingrui Holdings Limited**[7](index=7&type=chunk)[8](index=8&type=chunk) - Executive Directors: Mr. Yan Hao (Chairman and CEO), Mr. Xu Haifeng, Mr. Chen Chao[7](index=7&type=chunk)[8](index=8&type=chunk) - Company Website: **www.jingruis.com**[7](index=7&type=chunk)[8](index=8&type=chunk) [Registered and Business Offices](index=4&type=section&id=Registered%20and%20Business%20Offices) The company's registered office is in the Cayman Islands, with its principal place of business in Shanghai, China, and a main office in Wan Chai, Hong Kong - Registered Office: **One Nexus Way, Camana Bay, Grand Cayman KY1-9005, Cayman Islands**[10](index=10&type=chunk)[11](index=11&type=chunk) - Principal Place of Business and Head Office in China: **8th Floor, Building B, BenQ Business Plaza, No. 207 Songhong Road, Shanghai, China**[10](index=10&type=chunk)[11](index=11&type=chunk) - Principal Place of Business in Hong Kong: **Room 1222, 12th Floor, China Resources Building, 26 Harbour Road, Wan Chai, Hong Kong**[10](index=10&type=chunk)[11](index=11&type=chunk) [Advisers and Stock Information](index=4&type=section&id=Advisers%20and%20Stock%20Information) Company legal advisers include Sidley Austin (Hong Kong law) and Grandall Law Firm (PRC law), with Zhongzheng Tianheng CPAs as auditor and stock code 01862 - Legal Advisers: **Sidley Austin (Hong Kong law), Grandall Law Firm (PRC law), Walkers (Cayman Islands law)**[10](index=10&type=chunk)[11](index=11&type=chunk)[12](index=12&type=chunk) - Auditor: **Zhongzheng Tianheng CPAs Co., Ltd.**[11](index=11&type=chunk)[12](index=12&type=chunk) - Stock Code: **01862**[11](index=11&type=chunk)[12](index=12&type=chunk) - Principal Bankers: **Industrial and Commercial Bank of China (Asia) Limited, The Bank of East Asia, Limited, Bank of China (Hong Kong) Limited, Agricultural Bank of China (Shanghai Branch), China Construction Bank (Shanghai Branch), Bank of China (Shanghai Branch), Bank of Shanghai (Shanghai Branch)**[13](index=13&type=chunk)[14](index=14&type=chunk) [Financial Highlights](index=6&type=section&id=Financial%20Highlights) [Key Financial Indicators](index=6&type=section&id=Key%20Financial%20Indicators) For the six months ended June 30, 2025, revenue significantly decreased by 76.2% to RMB 586.8 million, resulting in a gross loss of RMB 70.2 million and an expanded loss attributable to shareholders of RMB 2,005.8 million Key Financial Indicators for the Six Months Ended June 30, 2025 | Indicator | 2025 (RMB million) | 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 586.8 | 2,466.3 | (76.2) | | Gross (Loss)/Profit | (70.2) | 140.2 | (150.1) | | Loss for the Period (including non-controlling interests) | (2,112.1) | (1,571.9) | 34.4 | | Loss Attributable to Equity Holders | (2,005.8) | (1,483.2) | 35.2 | | Core Net Loss (including non-controlling interests) | (2,112.8) | (1,442.2) | 46.5 | | Core Net Loss Attributable to Equity Holders | (2,005.0) | (1,418.4) | 41.4 | [Key Operation Indicators](index=6&type=section&id=Key%20Operation%20Indicators) For the six months ended June 30, 2025, contracted sales amount decreased by 48.5% to RMB 472.0 million, contracted sales area decreased by 42.6%, and average contracted sales price decreased by 10.2% Key Operation Indicators for the Six Months Ended June 30, 2025 | Indicator | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Contracted Sales Amount (RMB million) | 472.0 | 916.1 | (48.5) | | Contracted Sales Area (square meters) | 32,775 | 57,130 | (42.6) | | Average Contracted Sales Price (RMB per square meter) | 14,401 | 16,034 | (10.2) | [Key Ratio Indicators](index=6&type=section&id=Key%20Ratio%20Indicators) As of June 30, 2025, the gross profit margin turned negative 12.0%, and the net debt-to-capital ratio significantly decreased from 2,281% at the end of 2024 to negative 1,097%, primarily due to total equity turning into a deficit Key Ratio Indicators as of June 30, 2025 | Indicator | 2025 (%) | 2024 (%) | | :--- | :--- | :--- | | Gross (Loss)/Profit Margin | (12.0) | 5.7 | | Net Debt-to-Capital Ratio(1) | (1,097) | 2,281 | - The net debt-to-capital ratio is calculated as net debt at period-end divided by total (deficit)/equity, multiplied by 100%[22](index=22&type=chunk) Net debt is calculated as total borrowings less cash and cash equivalents and restricted cash[22](index=22&type=chunk) [Chairman's Statement](index=7&type=section&id=Chairman's%20Statement) [Market Review](index=7&type=section&id=Market%20Review) H1 2025 China's GDP grew 5.3% with policy support; the property market faced deep adjustment, declining sales and new starts, with policies focused on stability and risk prevention - In H1 2025, China's GDP reached **RMB 66,053.6 billion**, growing **5.3%** year-on-year, with the economy continuing its recovery but highly dependent on policy support[24](index=24&type=chunk)[28](index=28&type=chunk) - The real estate market was in a phase of deep adjustment and differentiation, with the new home market stable in core cities but cooling in Q2, and the second-hand market seeing "price-for-volume" transactions[25](index=25&type=chunk)[29](index=29&type=chunk) China Real Estate Market Data for H1 2025 | Indicator | Data | Year-on-Year Change (%) | | :--- | :--- | :--- | | Commercial Property Sales Area | 350 million square meters | (2.9) | | Residential Sales Area | - | (2.6) | | Commercial Property Sales Amount | RMB 3.4 trillion | (3.8) | | Residential Sales Amount | - | (2.8) | | New Housing Starts Area | 332 million square meters | (22.8) | | New Residential Starts Area | 171 million square meters | (21.4) | | Housing Completion Area | 183.85 million square meters | (17.3) | - Real estate policies centered on "stabilizing the market, promoting demand, optimizing supply, and preventing risks," with central government initiatives on urban renewal, high-quality housing, and inventory optimization, and local policies on provident funds, purchase subsidies, and "trade-in" programs[26](index=26&type=chunk)[30](index=30&type=chunk) [Operational Performance](index=8&type=section&id=Operational%20Performance) In H1 2025, Jingrui's contracted sales fell short of expectations, decreasing by 48.5% to RMB 472 million; the company focused on property development, real estate, and property services, actively pursuing domestic and international debt restructuring, and suspending payments on all offshore USD senior notes principal and interest Contracted Sales Data for H1 2025 | Indicator | H1 2025 | H1 2024 | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Contracted Sales Amount | Approximately RMB 472 million | RMB 916 million | (48.5) | | Contracted Sales Area | Approximately 32,775 square meters | - | - | | Average Contracted Sales Price | RMB 14,401 per square meter | - | - | - As of June 30, 2025, the Group's land reserve was approximately **1,291,272 square meters**, with no new land projects acquired in H1, focusing on existing project development and delivery[32](index=32&type=chunk)[35](index=35&type=chunk) - The company remains focused on three business segments: property development, real estate, and property services, aiming to recover funds by revitalizing existing assets and selling less efficient self-held projects[33](index=33&type=chunk)[35](index=35&type=chunk) - Offshore USD senior notes debt restructuring has been initiated, with payments of all offshore USD senior notes principal and interest suspended to ensure fair treatment of all creditors[34](index=34&type=chunk)[36](index=36&type=chunk) [Exploring Business Strategies Under the New Model with Practicality and Innovation](index=9&type=section&id=Exploring%20Business%20Strategies%20

Property Management and Development - For the six months ended June 30, 2025, the Group's operations were organized into two reportable segments: property management and property development and investment[9]. - As of June 30, 2025, AOCEAN managed 20 major residential and commercial property projects in the PRC[10]. - The property management segment focuses on providing heating supply, maintenance services, and general management services for various properties[10]. - The Group's property development operations are diversified across the USA, UK, and PRC, indicating a strategic expansion approach[15]. - The Group aims to enhance its geographical diversification through the Culver City project, located within walking distance to the heart of Culver City, Los Angeles[16]. - The Group's strategic focus includes leveraging its property management expertise to support its development projects[10]. - The Santa Monica project has a total site area of approximately 40,615 square feet, with 91% of the commercial area and 100% of the residential area leased out during the Period[15]. - The Culver City project is a 36,319 square feet redevelopment site allowing for 139 residential units, with construction having started in September 2021[15]. - The average rental occupancy for the Santa Monica project indicates strong demand in the market, with plans to lease out all commercial and residential units[15]. Financial Performance - The Group generated revenue of approximately HK$170,723,000 for the six months ended 30 June 2025, a decrease of 3% from HK$178,214,000 for the same period in 2024[25]. - The property management segment reported revenue of approximately HK$94,632,000, slightly up from HK$94,068,000 in the previous year[25]. - The property development and investment segment reported revenue of approximately HK$76,091,000, down from HK$84,146,000 in the prior year, attributed to rental income from Juxon House and Guorui Square Block B[25]. - The Group recorded a profit for the Period of approximately HK$1,402,000, significantly up from HK$282,000 in the same period last year, mainly due to reduced employee benefit expenses and finance costs[25]. - Total comprehensive income for the period was HK$57,104,000, compared to a loss of HK$61,899,000 in the previous year[114]. - Profit attributable to shareholders for the six months ended June 30, 2025, was HK$2,091,000 compared to HK$282,000 for the same period in 2024, representing a significant increase[185]. - Earnings per share for shareholders of the Company rose to HK$0.07 from HK$0.01, indicating a substantial improvement[112]. Assets and Liabilities - As of 30 June 2025, total assets increased to approximately HK$5,678,773,000 from HK$5,423,471,000 as of 31 December 2024[24]. - Total liabilities rose to approximately HK$3,489,159,000 from HK$3,290,961,000, resulting in a gearing ratio of 120.4% compared to 110.7% in the previous period[24]. - The outstanding balance of bank and other borrowings was approximately HK$2,794,813,000, an increase from HK$2,605,486,000 as of 31 December 2024[26]. - The Group had available cash and bank balances of approximately HK$99,422,000, down from HK$193,151,000 at the end of 2024[27]. - Investment properties and properties held for sale pledged as collateral amounted to approximately HK$4,791,924,000 as of June 30, 2025, up from approximately HK$4,603,293,000 as of December 31, 2024[41]. - The Group had net current liabilities of HK$289 million, including bank and other borrowings repayable within one year of HK$784 million[132]. Shareholder Information - A total of 30,000,000 share options were granted under the Share Option Scheme, representing approximately 0.9% of the total number of issued shares[49]. - The total number of shares available for issue under the Share Option Scheme remained at 319,937,398, representing 10% of the total number of issued shares[50]. - Wintime Company Limited holds 1,434,421,537 shares, representing 44.56% of the total issued shares[74]. - The interests of Widewealth Company Limited in shares are identical to those of Wintime Company Limited, reflecting the same percentages[74]. - The total interests of Wintime Company Limited in underlying shares is 1,322,317,340, which is 41.07% of the total issued shares[74]. Cash Flow and Financing Activities - For the six months ended June 30, 2025, the net cash flows used in operating activities amounted to HK$58,158,000, an increase of 31.0% compared to HK$44,326,000 for the same period in 2024[121]. - Cash flows from investing activities showed a significant increase in net cash used, totaling HK$133,784,000, compared to HK$15,863,000 in the previous year, reflecting a rise of 742.0%[121]. - The net cash flows from financing activities were HK$93,477,000, a substantial increase from HK$782,000 in the prior period[123]. - The company reported a net decrease in cash and cash equivalents of HK$98,465,000, compared to a decrease of HK$59,407,000 in the same period last year[123]. Compliance and Governance - The Company complied with the Corporate Governance Code throughout the period, except for the deviation of having the same individual serve as both chairman and chief executive officer[99][100]. - The audit committee, comprising three independent non-executive Directors, reviewed the Group's interim results for the period[102]. - The Company maintained sufficient public float as required under the Listing Rules throughout the period[103]. Receivables and Impairment - Total gross trade and lease receivables as of June 30, 2025, amounted to HK$202,791,000, up from HK$180,719,000 as of December 31, 2024[193]. - The provision for expected credit losses is based on historical credit loss experience, with impairment analysis conducted at each reporting date[200]. - The overall trend indicates a growing receivables portfolio, with a focus on managing credit risk through impairment provisions[200].

目錄 | | 頁次 | | --- | --- | | 公司資料 | 2 | | 未經審核綜合損益表 | 3 | | 未經審核綜合全面收益表 | 4 | | 未經審核綜合財務狀況表 | 5 | | 未經審核綜合權益變動表 | 7 | | 未經審核簡明綜合現金流量表 | 8 | | 未經審核中期財務報告附註 | 9 | | 管理層討論及分析 | 31 | | 其他資料 | 48 | 1 企展控股有限公司 2025年中期報告 公司資料 香港主要營業地點 香港灣仔 分域街18號╱告士打道46號 捷利中心 11樓1105室 董事會 執行董事 于輝 （行政總裁） 李卓洋 獨立非執行董事 蔡金良 陳鴻先 陳國宏 公司秘書 陳婉縈 授權代表 李卓洋 陳婉縈 審核委員會 蔡金良 （委員會主席） 陳鴻先 陳國宏 薪酬委員會 陳鴻先 （委員會主席） 蔡金良 李卓洋 提名委員會 陳鴻先 （委員會主席） 蔡金良 李卓洋 核數師 國衛會計師事務所有限公司 註冊辦事處 Cricket Square Hutchins Drive P. O. Box 2681 Grand Cayman KY1-1111 Cayman Islands 主要股 ...