香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該 等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立的有限公司） （股份代號：1073） 截至二零二五年六月三十日止六個月 | | | 未經審核 | | | --- | --- | --- | --- | | | | 截至六月三十日止六個月 | | | | | 二零二五年 | 二零二四年 | | | 附註 | 千港元 | 千港元 | | 服務收益 | 3 | 22,417 | 24,057 | | 利息收益 | 3 | 872 | 775 | | 收益總額 | | 23,289 | 24,832 | | 其他收入淨額 | | – | 1 | | 其他財務收益淨額 | | 10,744 | 18,235 | | 僱員福利開支 | | (9,091) | (8,293) | | 行政及其他開支 | | (9,029) | (7,867) | | 融資成本 | | (104) | (67) | | 財務資產之減值虧損撥回 | | 179 | ...

（一家於中華人民共和國註冊成立的股份有限公司） （股份代號：1880） 截至2025年6月30日止六個月之 中期業績公告 中國旅遊集團中免股份有限公司（「本公司」）董事會（「董事會」）欣然宣佈本公司 及其附屬公司截至2025年6月30日止六個月之未經審核中期業績（「中期業績」）。 本公告載列本公司2025年中期報告（「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公告附載資料之要求。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 China Tourism Group Duty Free Corporation Limited 中國旅遊集團中免股份有限公司 中期業績已由董事會審計與風險管理委員會審閱。 本公告將於香港交易及結算所有限公司（「香港交易所」）網站( www.hkexnews.hk ) 及本公司網站( www.ctgdutyfree.com.cn )刊載。中期報告將於適當時候於香港交易 所及本公司的上述網站 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產 生或因倚賴該等內容而引致之任何損失承擔任何責任。 （股份代號：1231） （於開曼群島註冊成立之有限公司） 截至2025年6月30日止6個月期間之中期業績 董事會謹此宣佈本集團於報告期間之未經審核綜合中期業績，連同去年同期之比較數字如 下： 簡明綜合損益及其他全面收益表 截至2025年6月30日止6個月期間 | | | 截至6月30日止6個月期間 | | | --- | --- | --- | --- | | | | 2025年 | 2024年 | | | 附註 | 千美元 | 千美元 | | | | （未經審核） （未經審核） | | | 收入 | 3 | 108,681 | 174,757 | | 銷售成本 | | (106,497) | (169,777) | | 毛利 | | 2,184 | 4,980 | | 其他收入及收益淨額 | | 269 | 254 | | 銷售及分銷成本 | | (1,175) | (1,632) | | 行政開支 ...

[GEM Market Characteristics](index=2&type=section&id=GEM%20Market%20Characteristics) The GEM market provides a listing platform for high-investment-risk companies, suitable for professional and sophisticated investors [Characteristics of the Growth Enterprise Market](index=2&type=section&id=Characteristics%20of%20the%20Growth%20Enterprise%20Market) The HKEX GEM market positions itself as a listing platform for high-investment-risk companies, suitable for professional and sophisticated investors, with securities potentially facing higher market volatility and no guarantee of high liquidity - The GEM market is positioned as a listing platform for high-investment-risk companies, suitable for professional and sophisticated investors[2](index=2&type=chunk)[7](index=7&type=chunk) - GEM securities may be subject to significant market volatility and do not guarantee high liquidity[3](index=3&type=chunk)[7](index=7&type=chunk) [CORPORATE INFORMATION](index=3&type=section&id=CORPORATE%20INFORMATION) This section details the company's governance structure, key personnel, and registered offices [BOARD OF DIRECTORS](index=3&type=section&id=BOARD%20OF%20DIRECTORS) The company's Board of Directors comprises executive, non-executive, and independent non-executive directors, with Mr Wang Zhong Sheng serving as Chairman - The Board of Directors includes executive directors Wang Zhong Sheng (Chairman), Chang Jian, Wang Chen, Chen Yikai, Liang Zhihao; non-executive director Li Siliang; and independent non-executive directors Liu Zhenbang, Wang Zhihe, and Xu Yuanjian[10](index=10&type=chunk)[11](index=11&type=chunk) [COMMITTEES](index=3&type=section&id=COMMITTEES) The company has an Audit Committee, Nomination Committee, and Remuneration Committee, each chaired by an independent non-executive director - The Audit Committee is chaired by Mr Liu Zhenbang, with members including Mr Wang Zhihe and Mr Xu Yuanjian[10](index=10&type=chunk)[11](index=11&type=chunk) - The Nomination Committee is chaired by Mr Wang Zhihe, with members including Mr Liu Zhenbang, Mr Xu Yuanjian, and Ms Li Siliang (appointed on July 2, 2025)[10](index=10&type=chunk)[11](index=11&type=chunk) - The Remuneration Committee is chaired by Mr Liu Zhenbang, with members including Mr Wang Zhihe and Mr Xu Yuanjian[12](index=12&type=chunk)[13](index=13&type=chunk) [COMPANY SECRETARY & COMPLIANCE OFFICER](index=4&type=section&id=COMPANY%20SECRETARY%20%26%20COMPLIANCE%20OFFICER) Mr Xie Jinli serves as Company Secretary, and Mr Wang Zhong Sheng serves as Compliance Officer and one of the authorized representatives - The Company Secretary is Mr Xie Jinli[12](index=12&type=chunk)[13](index=13&type=chunk) - The Compliance Officer is Mr Wang Zhong Sheng[12](index=12&type=chunk)[13](index=13&type=chunk) - The Authorized Representatives are Mr Wang Zhong Sheng and Mr Xie Jinli[12](index=12&type=chunk)[13](index=13&type=chunk) [REGISTERED & PRINCIPAL OFFICES](index=4&type=section&id=REGISTERED%20%26%20PRINCIPAL%20OFFICES) The company's registered office is in Bermuda, with its principal place of business and head office located in Tsuen Wan, Hong Kong - Hong Kong Head Office and Principal Place of Business: Unit 20, 19/F, Tsuen Fat Commercial Building, 362 Sha Tsui Road, Tsuen Wan, Hong Kong[12](index=12&type=chunk)[13](index=13&type=chunk) - Registered Office: Clarendon House, 2 Church Street, Hamilton HM11, Bermuda[12](index=12&type=chunk)[13](index=13&type=chunk) [REGISTRARS & AUDITOR](index=5&type=section&id=REGISTRARS%20%26%20AUDITOR) The company's principal share registrar is in Bermuda, its Hong Kong branch is Tricor Tengis Limited, and its auditor is Zhong Rui He Xin Certified Public Accountants Limited - Principal Share Registrar: Codan Services Limited[14](index=14&type=chunk) - Hong Kong Share Registrar: Tricor Tengis Limited[15](index=15&type=chunk) - Auditor: Zhong Rui He Xin Certified Public Accountants Limited[15](index=15&type=chunk) - Principal Banker: Bank of China (Hong Kong) Limited[15](index=15&type=chunk) - Stock Code: 08270[15](index=15&type=chunk) [FINANCIAL HIGHLIGHTS](index=6&type=section&id=FINANCIAL%20HIGHLIGHTS) This section provides an overview of the company's key financial performance indicators [Key Financial Performance](index=6&type=section&id=Key%20Financial%20Performance) For the six months ended June 30, 2025, the company's revenue significantly decreased by **52.1%** to **RMB 57.5 million**, resulting in a loss attributable to shareholders of **RMB 11.1 million** and a loss per share of **RMB 2.85 cents**, with no dividend recommended Key Financial Data for Interim 2025 | Metric | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | 57,520 | 120,057 | -52.1% | | Loss attributable to shareholders | (11,116) | (4,113) | 170.3% (Loss widened) | | Loss per share | 2.85 cents | 1.05 cents | 171.4% (Loss widened) | | Dividend | Not recommended | Nil | - | [CONDENSED CONSOLIDATED FINANCIAL STATEMENTS](index=7&type=section&id=CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) This section presents the company's condensed consolidated income, comprehensive income, financial position, cash flow, and equity statements [CONDENSED CONSOLIDATED INCOME STATEMENT](index=7&type=section&id=CONDENSED%20CONSOLIDATED%20INCOME%20STATEMENT) For the six months ended June 30, 2025, the company experienced a significant decline in revenue, leading to reduced gross profit, increased administrative expenses, and an expanded loss for the period of **RMB 11.116 million** Condensed Consolidated Income Statement (For the six months ended June 30) | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | 57,520 | 120,057 | -52.1% | | Cost of sales | (49,147) | (105,362) | -53.3% | | Gross profit | 8,373 | 14,695 | -43.1% | | Other income and gains or losses | 1,046 | 85 | 1130.6% | | Selling and distribution costs | (2,038) | (1,959) | 4.0% | | Administrative and other expenses | (19,096) | (14,687) | 30.0% | | Finance costs | (511) | (463) | 10.4% | | Loss before taxation | (12,226) | (2,329) | 424.9% (Loss widened) | | Income tax credit/(expense) | 1,110 | (1,784) | - | | Loss for the period | (11,116) | (4,113) | 170.3% (Loss widened) | | Basic loss per share | (2.85) cents | (1.05) cents | 171.4% (Loss widened) | [CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME](index=9&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20COMPREHENSIVE%20INCOME) For the six months ended June 30, 2025, the company's loss for the period was **RMB 11.116 million**, which, combined with exchange differences on foreign currency translation, resulted in an expanded total comprehensive loss of **RMB 12.036 million** Condensed Consolidated Statement of Comprehensive Income (For the six months ended June 30) | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Loss for the period | (11,116) | (4,113) | 170.3% (Loss widened) | | Exchange differences on translation of financial statements of foreign entities | (920) | (718) | 28.1% (Loss widened) | | Total comprehensive loss for the period | (12,036) | (4,831) | 149.1% (Loss widened) | [CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION](index=10&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20FINANCIAL%20POSITION) As of June 30, 2025, the company's total assets slightly increased, but net current liabilities expanded, leading to a decrease in net assets and total equity Condensed Consolidated Statement of Financial Position (As of June 30) | Metric | June 30, 2025 (RMB thousands) | Dec 31, 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Non-current assets | 252,629 | 237,193 | 6.59% | | Current assets | 90,323 | 90,556 | -0.26% | | **Total assets** | **342,952** | **327,749** | **4.64%** | | Current liabilities | 229,121 | 201,725 | 13.58% | | Net current liabilities | (138,798) | (111,169) | 24.85% (Liabilities widened) | | Non-current liabilities | 2,815 | 2,972 | -5.28% | | **Net assets** | **111,016** | **123,052** | **-9.78%** | | **Total equity** | **111,016** | **123,052** | **-9.78%** | [CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS](index=12&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20CASH%20FLOWS) For the six months ended June 30, 2025, the company experienced reduced cash inflow from operating activities and a shift from inflow to outflow in financing activities, resulting in a net decrease in cash and bank balances Condensed Consolidated Statement of Cash Flows (For the six months ended June 30) | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Cash inflow from operating activities | 4,482 | 8,623 | -48.02% | | Cash outflow from investing activities | (178) | (5,567) | -96.80% (Outflow decreased) | | Cash (outflow)/inflow from financing activities | (5,332) | 9,557 | - (Shift from inflow to outflow) | | Net (decrease)/increase in cash and bank balances | (1,028) | 12,613 | - (Shift from increase to decrease) | | Cash and bank balances (end of period) | 47,456 | 58,057 | -18.26% | [CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY](index=13&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20CHANGES%20IN%20EQUITY) For the six months ended June 30, 2025, the company's equity attributable to equity holders decreased from **RMB 127.269 million** at the beginning of the year to **RMB 115.233 million** due to loss for the period and exchange differences Condensed Consolidated Statement of Changes in Equity (As of June 30) | Metric | Jan 1, 2025 (RMB thousands) | Loss for the period (RMB thousands) | Other comprehensive expense (RMB thousands) | June 30, 2025 (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | | Equity attributable to equity holders of the Company | 127,269 | (11,116) | (920) | 115,233 | | Non-controlling interests | (4,217) | – | – | (4,217) | | **Total equity** | **123,052** | **(11,116)** | **(920)** | **111,016** | [NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS](index=14&type=section&id=NOTES%20TO%20THE%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) This section provides detailed notes on the basis of financial statement presentation, application of new standards, revenue, taxation, and other financial items [Basis of presentation of financial statements](index=14&type=section&id=Basis%20of%20presentation%20of%20financial%20statements) The unaudited financial statements are prepared in accordance with generally accepted accounting principles in Hong Kong and reviewed by the Audit Committee, with the Group's primary business activities conducted in RMB - The financial statements are prepared in accordance with generally accepted accounting principles in Hong Kong and accounting standards issued by the Hong Kong Institute of Certified Public Accountants, presented under the historical cost convention[25](index=25&type=chunk)[28](index=28&type=chunk) - The unaudited consolidated results for the six months ended June 30, 2025, have been reviewed by the company's Audit Committee[26](index=26&type=chunk)[28](index=28&type=chunk) - The Group primarily operates in China, with business activities mainly conducted in RMB, hence the results are presented in RMB[27](index=27&type=chunk)[28](index=28&type=chunk) [Application of New and Revised Hong Kong Financial Reporting Standards](index=15&type=section&id=Application%20of%20New%20and%20Revised%20Hong%20Kong%20Financial%20Reporting%20Standards) The application of new and revised Hong Kong Financial Reporting Standards had no significant impact on the Group's financial performance or position this period, but the Group is still assessing the impact of future new standards - The application of new and revised Hong Kong Financial Reporting Standards had no significant impact on the Group's financial performance and position this period[29](index=29&type=chunk)[33](index=33&type=chunk) - The Group is assessing the potential impact of new and revised standards, amendments, or interpretations not yet effective on future operating results and financial position[31](index=31&type=chunk)[33](index=33&type=chunk) [Revenue and segment information](index=15&type=section&id=Revenue%20and%20segment%20information) The company's main businesses are liquefied coalbed methane production and sales, and pipeline natural gas sales; for the six months ended June 30, 2025, liquefied coalbed methane sales significantly decreased, while pipeline natural gas sales increased, but total revenue still fell by **52.1%** year-on-year - The company's main businesses are liquefied coalbed methane production and sales (including providing coalbed methane liquefaction processing services) and pipeline natural gas sales[32](index=32&type=chunk)[34](index=34&type=chunk) Revenue Composition (For the six months ended June 30) | Revenue Category | 2025 (RMB thousands) | 2024 (RMB thousands) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Liquefied coalbed methane sales | 37,228 | 108,150 | -65.6% | | Pipeline natural gas sales | 20,292 | 11,907 | 70.4% | | **Total Revenue** | **57,520** | **120,057** | **-52.1%** | | Bank deposit interest income | 31 | 8 | 287.5% | | Other income | 1,015 | 77 | 1218.2% | | **Total other income and gains or losses** | **1,046** | **85** | **1130.6%** | - The Group's revenue and assets primarily derive from and relate to its liquefied coalbed methane business in China, with other segments being immaterial, thus no geographical segment information is presented[35](index=35&type=chunk)[36](index=36&type=chunk) [Loss before taxation](index=17&type=section&id=Loss%20before%20taxation) For the six months ended June 30, 2025, the company's loss before taxation was primarily influenced by increased staff costs and decreased depreciation expenses Loss Before Taxation Composition (For the six months ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Staff costs (including directors' emoluments) | 12,981 | 10,819 | 19.99% | | Depreciation of property, plant and equipment | 7,077 | 14,543 | -51.34% | [Income tax](index=18&type=section&id=Income%20tax) The company is not subject to profits tax in Hong Kong, while its Chinese subsidiaries are subject to a **25%** corporate income tax rate, and an income tax credit was recorded for the current period - Hong Kong profits tax is calculated at **16.5%**, but the Group was not subject to Hong Kong profits tax for this interim period[40](index=40&type=chunk)[43](index=43&type=chunk) - Chinese subsidiaries are subject to a corporate income tax rate of **25%**[41](index=41&type=chunk)[44](index=44&type=chunk) - There were no significant unprovided deferred taxes for this interim period[42](index=42&type=chunk)[44](index=44&type=chunk) [Dividends](index=19&type=section&id=Dividends) The Board of Directors does not recommend the payment of any interim dividend for the six months ended June 30, 2025 - The Board of Directors does not recommend the payment of any interim dividend for this interim period (2024 corresponding period: nil)[46](index=46&type=chunk)[47](index=47&type=chunk) [Loss per share](index=19&type=section&id=Loss%20per%20share) For the six months ended June 30, 2025, the company's basic loss per share was **RMB 2.85 cents**, an increase from the prior year, with no diluted loss per share presented Loss Per Share Calculation (For the six months ended June 30) | Metric | 2025 (RMB thousands/share) | 2024 (RMB thousands/share) | | :--- | :--- | :--- | | Loss attributable to equity holders of the Company | (11,116) | (4,113) | | Weighted average number of ordinary shares used in calculating basic loss per share (thousands of shares) | 390,451 | 390,451 | | Basic loss per share | (2.85) cents | (1.05) cents | - No diluted loss per share is presented as there were no potential dilutive ordinary shares for the quarters and six-month periods ended June 30, 2025, and June 30, 2024[50](index=50&type=chunk)[52](index=52&type=chunk) [Additions and disposals of property, plant and equipment](index=20&type=section&id=Additions%20and%20disposals%20of%20property%2C%20plant%20and%20equipment) During this interim period, the Group acquired property, plant and equipment totaling approximately **RMB 23.045 million**, a significant increase from the prior year, with no material disposals - During this interim period, the Group acquired property, plant and equipment of approximately **RMB 23,045,000** (2024 corresponding period: approximately **RMB 1,419,000**)[51](index=51&type=chunk)[53](index=53&type=chunk) - There were no major disposals during this interim period (2024 corresponding period: nil)[51](index=51&type=chunk)[53](index=53&type=chunk) [Trade and other receivables](index=20&type=section&id=Trade%20and%20other%20receivables) As of June 30, 2025, the Group's total trade and other receivables increased to **RMB 34.170 million**, with a significant rise in trade receivables and a notable increase in receivables within one month Trade and Other Receivables (As of June 30) | Item | June 30, 2025 (RMB thousands) | Dec 31, 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Trade receivables | 4,180 | 828 | 404.83% | | Prepayments and other receivables | 26,365 | 23,298 | 13.16% | | Other recoverable taxes | 3,625 | 4,464 | -18.79% | | **Total** | **34,170** | **28,590** | **19.52%** | Ageing Analysis of Trade Receivables and Bills Receivable (By invoice date, as of June 30) | Ageing | June 30, 2025 (RMB thousands) | Dec 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 1 month | 3,639 | 374 | | After 1 month but within 3 months | – | 90 | | After 3 months but within 6 months | 537 | 90 | | After 6 months but within 12 months | – | 270 | | After 12 months | 4 | 4 | | **Total** | **4,180** | **828** | [Trade and other payables](index=22&type=section&id=Trade%20and%20other%20payables) As of June 30, 2025, the Group's total trade and other payables increased to **RMB 197.618 million**, driven by a significant rise in accrued expenses and other payables, with a notable increase in trade payables due after 12 months Trade and Other Payables (As of June 30) | Item | June 30, 2025 (RMB thousands) | Dec 31, 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Trade payables | 40,431 | 35,440 | 14.08% | | Accrued expenses and other payables | 156,616 | 124,328 | 25.97% | | Other taxes payable | 571 | 640 | -10.80% | | **Total** | **197,618** | **160,408** | **23.20%** | Ageing Analysis of Trade Payables (By invoice date, as of June 30) | Ageing | June 30, 2025 (RMB thousands) | Dec 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 1 month | 1,705 | 7,921 | | After 1 month but within 3 months | 5,781 | 26,041 | | After 3 months but within 6 months | 2,917 | 88 | | After 6 months but within 12 months | 415 | 173 | | After 12 months | 29,613 | 1,217 | | **Total** | **40,431** | **35,440** | [Bank and other borrowings](index=23&type=section&id=Bank%20and%20other%20borrowings) As of June 30, 2025, the Group's total bank and other borrowings amounted to **RMB 20.400 million**, a decrease from the end of 2024, primarily consisting of secured bank loans and unsecured other loans due within one year Bank and Other Borrowings (As of June 30) | Borrowing Type | June 30, 2025 (RMB thousands) | Dec 31, 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Secured bank loans repayable within 1 year or on demand | 10,000 | 13,000 | -23.08% | | Unsecured other loans repayable within 1 year or on demand | 10,400 | 10,400 | 0.00% | | **Total** | **20,400** | **23,400** | **-12.82%** | - Secured bank loans bear interest at annual rates ranging from **3.1%** to **3.45%**[63](index=63&type=chunk) - Unsecured other loans refer to loans payable to non-controlling shareholders of Chinese subsidiaries, bearing interest at a fixed annual rate of **4.35%**[63](index=63&type=chunk) [Share capital](index=24&type=section&id=Share%20capital) As of June 30, 2025, the company's authorized and issued and fully paid share capital remained unchanged at **2,500,000 thousand shares** and **390,451 thousand shares**, respectively Share Capital Composition (As of June 30) | Share Capital Type | June 30, 2025 Number of Shares (thousands) | June 30, 2025 Total Par Value (RMB thousands) | Dec 31, 2024 Number of Shares (thousands) | Dec 31, 2024 Total Par Value (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | | Authorized share capital | 2,500,000 | 174,064 | 2,500,000 | 174,064 | | Issued and fully paid share capital | 390,451 | 26,305 | 390,451 | 26,305 | [Commitments](index=24&type=section&id=Commitments) As of June 30, 2025, the Group's contracted but unprovided capital expenditure in the financial statements amounted to **RMB 8.806 million**, primarily for the acquisition of property, plant and equipment and construction in progress Capital Commitments (As of June 30) | Item | June 30, 2025 (RMB thousands) | Dec 31, 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Capital expenditure contracted but not provided for in the financial statements | 8,806 | 15,636 | -43.70% | [MANAGEMENT DISCUSSION AND ANALYSIS](index=25&type=section&id=MANAGEMENT%20DISCUSSION%20AND%20ANALYSIS) This section discusses the company's financial performance, business operations, liquidity, and future outlook [FINANCIAL REVIEW](index=25&type=section&id=FINANCIAL%20REVIEW) For this interim period, the Group's consolidated turnover decreased by **52.1%** year-on-year to **RMB 57.5 million**, resulting in a loss attributable to shareholders of approximately **RMB 11.1 million**, primarily due to the suspension of liquefied coalbed methane production for upgrades and increased administrative expenses Financial Performance Overview (For the six months ended June 30) | Metric | 2025 (RMB millions) | 2024 (RMB millions) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Consolidated turnover | 57.5 | 120.1 | -52.1% | | Loss attributable to shareholders | 11.1 | 4.1 | 170.7% (Loss widened) | - The decrease in revenue was primarily due to a subsidiary suspending liquefied coalbed methane production in May 2025 for comprehensive renovation and upgrade of its liquefaction machinery and equipment[69](index=69&type=chunk)[71](index=71&type=chunk) - Administrative expenses increased from **RMB 14.6 million** to **RMB 19.1 million**, mainly driven by the expansion of the Board of Directors (an increase of approximately **RMB 2.0 million** in directors' emoluments) and increased R&D costs for newly established wholly-owned subsidiaries[70](index=70&type=chunk)[71](index=71&type=chunk)[72](index=72&type=chunk)[74](index=74&type=chunk) [BUSINESS REVIEW AND DEVELOPMENT PROSPECTS](index=26&type=section&id=BUSINESS%20REVIEW%20AND%20DEVELOPMENT%20PROSPECTS) The Group continues to develop gas field blocks, increasing coalbed methane well numbers, but liquefied business production is suspended for technical upgrades due to equipment wear; market sales are affected by the economic environment, showing a downward trend in prices, while the Group focuses on upstream coalbed methane exploration and seeks financing for drilling projects - Huiyang New Energy holds interests in coalbed methane assets in Shanxi Province, China, with the Yangcheng area covering approximately **96 square kilometers**, primarily developing coal seams No 3 and No 15[73](index=73&type=chunk)[75](index=75&type=chunk) Coalbed Methane Asset Reserve Changes (As of June 30) | Reserve Type | June 30, 2025 (billion cubic feet) | March 31, 2012 (billion cubic feet) | | :--- | :--- | :--- | | Original gas-in-place for all blocks | 193.6 | 272.4 | | Proved (1P) net reserves | 108.9 | 3.5 | | Proved plus probable (2P) net reserves | 154.7 | 27.7 | | Proved plus probable plus possible (3P) net reserves | 193.6 | 205.0 | - As of June 30, 2025, the Group had completed surface construction and drilling for **235** coalbed methane wells, with **170** wells in production and stable operation[84](index=84&type=chunk)[86](index=86&type=chunk) - Wholly-owned subsidiary Shuntai Company suspended liquefied coalbed methane production on May 18, 2025, for comprehensive renovation and upgrade of its liquefaction machinery and equipment, with an average daily production of approximately **162,000 cubic meters** in Q1 2025[85](index=85&type=chunk)[87](index=87&type=chunk) - Marketing and sales business systems and strategies remained largely consistent, but sales prices showed a downward trend due to the overall economic environment, impacting sales performance[88](index=88&type=chunk)[90](index=90&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=30&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Capital%20Structure) As of June 30, 2025, the Group's net assets were approximately **RMB 111.016 million**, with cash and bank balances of approximately **RMB 47.456 million**, and a capital-to-debt ratio of approximately **17.70%**, with plans to accelerate natural gas drilling projects through financing Liquidity Overview (As of June 30) | Metric | June 30, 2025 (RMB thousands) | | :--- | :--- | | Net assets | 111,016 | | Cash and bank balances | 47,456 | | Capital-to-debt ratio | 17.70% | - The Group adopts a prudent financial and risk management strategy, avoiding high leverage financing arrangements[89](index=89&type=chunk)[91](index=91&type=chunk) - The Group plans to accelerate natural gas drilling projects once sufficient funding is secured in the future (whether through internal cash flow or financing)[92](index=92&type=chunk)[94](index=94&type=chunk) - Apart from planned investments in upstream coalbed methane exploration and extraction, the Group has no other plans for acquisitions, investments, disposals, or scaling down existing businesses[92](index=92&type=chunk)[94](index=94&type=chunk) [Interim dividend](index=31&type=section&id=Interim%20dividend) The Board of Directors does not recommend the payment of any interim dividend for the six months ended June 30, 2025 - The Board of Directors does not recommend the payment of any interim dividend for this interim period (2024 corresponding period: nil)[93](index=93&type=chunk)[95](index=95&type=chunk) [Employees](index=32&type=section&id=Employees) As of June 30, 2025, the Group employed **236** staff, with staff costs of approximately **RMB 12.981 million**, and remuneration policy primarily based on individual performance Employee Composition and Costs (As of June 30) | Metric | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Total employees | 236 persons | - | | R&D personnel | 23 persons | - | | Engineering and customer service personnel | 122 persons | - | | Administrative personnel | 86 persons | - | | Marketing and sales personnel | 5 persons | - | | Staff costs (including directors' emoluments) | RMB 12,981,000 | RMB 10,819,000 | - The Group's remuneration and bonus policy is primarily determined by individual employee performance, with continuous provision of professional development and training opportunities[96](index=96&type=chunk)[99](index=99&type=chunk) [Risk in Foreign Exchange](index=32&type=section&id=Risk%20in%20Foreign%20Exchange) Most of the Group's transactions are denominated in their respective functional currencies, and the directors consider foreign exchange risk to be immaterial - Most of the revenue received and expenses incurred by the Group's entities are denominated in their respective functional currencies[97](index=97&type=chunk)[100](index=100&type=chunk) - The directors consider the foreign exchange risk faced by the Group to be immaterial[97](index=97&type=chunk)[100](index=100&type=chunk) [Significant investment, material acquisitions and disposal of subsidiaries](index=32&type=section&id=Significant%20investment%2C%20material%20acquisitions%20and%20disposal%20of%20subsidiaries) Except as disclosed in this report, the Group had no significant investments, material acquisitions, or disposals of subsidiaries and associates during this interim period - Except as disclosed in this report, the Group had no significant investments, material acquisitions, or disposals of subsidiaries and associates during this interim period[98](index=98&type=chunk)[101](index=101&type=chunk) [Outlook](index=33&type=section&id=Outlook) The Group is committed to R&D of hydrocarbon-to-natural gas technology and has discovered 'thermal recovery technology' to increase upstream wellhead gas output, which are expected to become new profit growth points and ensure stable gas supply for LNG plants, with strong natural gas market demand driven by environmental concerns - Since 2016, the Group has independently researched and developed a hydrocarbon-to-natural gas project (ultra-high temperature steam-induced coal mineral accelerated metamorphism and hydrocarbon generation technology), entering the industrialization scale-up design phase in the second half of 2019[102](index=102&type=chunk)[103](index=103&type=chunk) - R&D progress was slow due to the pandemic, with small-scale pilot equipment completed in June 2024, but domestic heat-resistant steel could not achieve stable long-term operation at **1,100°C**; in January 2025, the Group shifted its R&D focus to lowering reaction temperatures, and has now largely achieved a **1,000°C** reaction environment[102](index=102&type=chunk)[103](index=103&type=chunk) - During R&D, the Group discovered 'thermal recovery technology' for accelerated metamorphism and hydrocarbon generation, reserve increase, and production enhancement of underground coal minerals in coalbed methane fields, which is expected to positively impact upstream wellhead gas output[104](index=104&type=chunk)[106](index=106&type=chunk) - This technology and 'thermal recovery technology' are expected to become new profit growth points for the Group, ensuring stable gas supply for liquefied natural gas plants and reducing external factors and operational risks[105](index=105&type=chunk)[106](index=106&type=chunk) - As environmental concerns increase, highly polluting energy sources will be phased out faster by the market, and natural gas market demand will maintain strong growth momentum[107](index=107&type=chunk)[109](index=109&type=chunk) [DIRECTORS' AND SHAREHOLDERS' INTERESTS](index=35&type=section&id=DIRECTORS'%20AND%20SHAREHOLDERS'%20INTERESTS) This section details the interests and short positions of directors and substantial shareholders in the company's shares and debentures [DIRECTORS' AND CHIEF EXECUTIVE'S INTERESTS OR SHORT POSITIONS IN SHARES, UNDERLYING SHARES AND DEBENTURES](index=35&type=section&id=DIRECTORS'%20AND%20CHIEF%20EXECUTIVE'S%20INTERESTS%20OR%20SHORT%20POSITIONS%20IN%20SHARES%2C%20UNDERLYING%20SHARES%20AND%20DEBENTURES) As of June 30, 2025, several directors held long positions in the company's shares, with Mr Wang Zhong Sheng holding a **73.93%** beneficial interest and a **0.58%** interest through a controlled corporation Directors' Long Positions in the Company's Shares (As of June 30) | Name | Capacity | Nature of Interest | Number of Shares/Underlying Shares | Approximate % of Shareholding | | :--- | :--- | :--- | :--- | :--- | | Mr Wang Zhong Sheng | Interest in controlled corporation | Corporate interest | 2,264,812 | 0.58% | | Mr Wang Zhong Sheng | Beneficial owner | Personal | 288,661,440 | 73.93% | | Mr Chang Jian | Beneficial owner | Personal | 2,500,000 | 0.64% | | Mr Wang Chen | Beneficial owner | Personal | 250,000 | 0.06% | | Mr Liang Zhihao | Option grantee | Personal | 800,000 | 0.2% | | Ms Li Siliang | Beneficial owner | Personal | 487,500 | 0.12% | - Mr Wang Zhong Sheng holds an interest in **2,264,812** shares through Baolian Investment Limited, which is wholly owned by him[113](index=113&type=chunk)[114](index=114&type=chunk) - Mr Liang Zhihao holds an interest as an option grantee to subscribe for **800,000** shares under the new share option scheme adopted on March 28, 2022[116](index=116&type=chunk) - Save as disclosed above, as at June 30, 2025, none of the directors or chief executive had any other interests or short positions in any shares, underlying shares or debentures of the Company or any of its associated corporations[117](index=117&type=chunk)[118](index=118&type=chunk) [SUBSTANTIAL SHAREHOLDERS AND PERSONS WITH DISCLOSEABLE INTEREST AND SHORT POSITION IN SHARES AND OPTIONS UNDER SFO](index=40&type=section&id=SUBSTANTIAL%20SHAREHOLDERS%20AND%20PERSONS%20WITH%20DISCLOSEABLE%20INTEREST%20AND%20SHORT%20POSITION%20IN%20SHARES%20AND%20OPTIONS%20UNDER%20SFO) As of June 30, 2025, apart from the directors, Ms Zhao Xin, as Mr Wang Zhong Sheng's spouse, is deemed to have an interest in **290,926,252** shares of the Company, representing **74.51%** of the total share capital Substantial Shareholders' Long Positions in Shares (As of June 30) | Name | Number of Shares | Nature of Interest | Approximate % of Shareholding | | :--- | :--- | :--- | :--- | | Ms Zhao Xin | 290,926,252 | Interest of spouse | 74.51% | - Ms Zhao Xin (spouse of Mr Wang Zhong Sheng) is deemed under the Securities and Futures Ordinance to have an interest in the Company by virtue of her spouse's interest[121](index=121&type=chunk) - Save as disclosed above, no other persons had any interests or short positions in the shares and underlying shares of the Company[121](index=121&type=chunk) [DIRECTORS' AND CHIEF EXECUTIVE'S RIGHTS TO ACQUIRE SHARES OR DEBENTURES](index=41&type=section&id=DIRECTORS'%20AND%20CHIEF%20EXECUTIVE'S%20RIGHTS%20TO%20ACQUIRE%20SHARES%20OR%20DEBENTURES) Except for the disclosed directors' share interests and share option schemes, no rights to acquire benefits by purchasing the company's shares or debentures were granted to or exercised by any director, their spouse/minor children, or chief executive during this interim period - Save for the disclosed directors' share interests and share option schemes, no rights to acquire benefits by purchasing the Company's shares or debentures were granted to or exercised by any director or their spouse/minor children or chief executive during this interim period[122](index=122&type=chunk)[124](index=124&type=chunk) - Neither the Company nor any of its subsidiaries has entered into any arrangements that would enable directors to acquire such rights in any other body corporate[122](index=122&type=chunk)[124](index=124&type=chunk) [DIRECTORS' AND CONTROLLING SHAREHOLDERS' INTERESTS IN COMPETING BUSINESS](index=41&type=section&id=DIRECTORS'%20AND%20CONTROLLING%20SHAREHOLDERS'%20INTERESTS%20IN%20COMPETING%20BUSINESS) From the listing date to the report date, the directors are unaware of any business or interests held by directors, controlling shareholders, or their close associates that compete or may compete with the Group's business, nor any other conflicts of interest - From the listing date to the date of this report, the directors are unaware of any business or interests held by directors, controlling shareholders, or their close associates that constitute or may constitute competition with the Group's business[123](index=123&type=chunk)[125](index=125&type=chunk) - Nor are they aware of any other conflicts of interest existing or potentially existing between any such persons and the Group[123](index=123&type=chunk)[125](index=125&type=chunk) [SHARE OPTION SCHEME](index=42&type=section&id=SHARE%20OPTION%20SCHEME) This section provides an overview of the company's share option schemes, including their terms, limits, and current status [Overview of Share Option Schemes](index=42&type=section&id=Overview%20of%20Share%20Option%20Schemes) The company's previous share option scheme adopted in 2011 expired in 2021, with all options lapsed; a new scheme adopted in 2022 aims to incentivize eligible participants and is valid until March 27, 2032 - The previous share option scheme expired on May 18, 2021, with all **32,119,074** share options lapsed and no options remaining outstanding[126](index=126&type=chunk)[128](index=128&type=chunk) - The new share option scheme was adopted on March 28, 2022, with a validity period of **10 years**, expiring on March 27, 2032[127](index=127&type=chunk)[128](index=128&type=chunk) - The new share option scheme aims to grant share options to selected eligible participants as a reward or return for their contributions or potential contributions[129](index=129&type=chunk)[131](index=131&type=chunk) - Eligible participants include full-time/part-time employees, consultants/advisors, and directors of any member company of the Group[129](index=129&type=chunk)[131](index=131&type=chunk) [Scheme Limits and Terms](index=43&type=section&id=Scheme%20Limits%20and%20Terms) As of June 30, 2025, the number of options available for grant under the new share option scheme is zero; the maximum quota for each participant cannot exceed **1%** of issued shares, and the subscription price must not be lower than the highest of the closing price on the offer date, the average closing price of the preceding five business days, and the par value of the shares - As of June 30, 2025, the number of share options available for grant under the scheme mandate of the new share option scheme was **zero** shares[130](index=130&type=chunk)[132](index=132&type=chunk) - The maximum quota for each participant under the new share option scheme shall not exceed **1%** of the issued shares[133](index=133&type=chunk)[136](index=136&type=chunk) - Share options may be exercised in full or in part at any time during the period determined by the directors and notified to the grantee, but not exceeding **ten years** from the date of grant[134](index=134&type=chunk)[136](index=136&type=chunk) - Grantees are required to pay a nominal consideration of **HKD 1.00** upon acceptance of the share option[135](index=135&type=chunk)[136](index=136&type=chunk) - The subscription price for shares shall not be less than the highest of the closing price on the offer date, the average closing price for the five (5) consecutive business days immediately preceding the offer date, and the par value of the shares on the offer date[137](index=137&type=chunk)[138](index=138&type=chunk) [Share Option Information](index=46&type=section&id=Share%20Option%20Information) As of June 30, 2025, the company had **10,865,003** outstanding share options with a weighted average exercise price of **HKD 0.455**, all of which are immediately exercisable Share Option Overview (As of June 30) | Category of Participants | Jan 1, 2025 (options) | Granted during the period (options) | Exercised during the period (options) | Cancelled/Lapsed during the period (options) | June 30, 2025 (options) | | :--- | :--- | :--- | :--- | :--- | :--- | | Executive Director (Mr Liang Zhihao) | 800,000 | – | – | – | 800,000 | | Employees | 8,190,003 | – | – | – | 8,190,003 | | Corporate Finance Advisor | 1,875,000 | – | – | – | 1,875,000 | | **Total** | **10,865,003** | **–** | **–** | **–** | **10,865,003** | - All granted share options are immediately vested, with a contractual term of **10 years**[143](index=143&type=chunk) Number of Share Options and Weighted Average Exercise Price (As of June 30) | Status | Weighted Average Exercise Price (HKD) | Number of Share Options (options) | | :--- | :--- | :--- | | Outstanding as of Jan 1, 2025 | 0.455 | 10,865,003 | | Outstanding as of June 30, 2025 | 0.455 | 10,865,003 | | Exercisable as of June 30, 2025 | 0.455 | 10,865,003 | [OTHER INFORMATION](index=48&type=section&id=OTHER%20INFORMATION) This section covers various additional disclosures including contingent liabilities, capitalized interest, future investment plans, asset charges, and post-balance sheet events [CONTINGENT LIABILITIES](index=48&type=section&id=CONTINGENT%20LIABILITIES) As of June 30, 2025, the Group had no significant contingent liabilities - As of June 30, 2025, the Group had no significant contingent liabilities[147](index=147&type=chunk)[151](index=151&type=chunk) [AMOUNT OF CAPITALISED INTEREST](index=48&type=section&id=AMOUNT%20OF%20CAPITALISED%20INTEREST) Except as disclosed in this report, the Group did not capitalize any interest during this interim period - Except as disclosed in this report, the Group did not capitalize any interest during this interim period[148](index=148&type=chunk)[152](index=152&type=chunk) [FUTURE PLANS FOR MATERIAL INVESTMENTS OR CAPITAL ASSETS](index=48&type=section&id=FUTURE%20PLANS%20FOR%20MATERIAL%20INVESTMENTS%20OR%20CAPITAL%20ASSETS) As of June 30, 2025, and December 31, 2024, the Group had no other plans for material investments or capital assets - As of June 30, 2025, and December 31, 2024, the Group had no other plans for material investments and capital assets[149](index=149&type=chunk)[153](index=153&type=chunk) [CHARGES ON GROUP ASSETS](index=48&type=section&id=CHARGES%20ON%20GROUP%20ASSETS) As of June 30, 2025, the Group's owner-occupied buildings and leasehold land use rights were pledged as collateral for bank borrowings Overview of Pledged Assets (As of June 30) | Asset Type | Carrying Amount (RMB thousands) | | :--- | :--- | | Owner-occupied buildings (before impairment) | 8,847 | | Leasehold land use rights | 7,797 | - The above assets were pledged as security for bank borrowings granted to the Group[150](index=150&type=chunk)[154](index=154&type=chunk) [EVENTS AFTER BALANCE SHEET DATE](index=49&type=section&id=EVENTS%20AFTER%20BALANCE%20SHEET%20DATE) From June 30, 2025, to the date of this report, the Board of Directors is unaware of any significant events requiring disclosure, other than those already disclosed herein - From June 30, 2025, to the date of this report, save as disclosed in this report, the Board of Directors is not aware of any significant events that have occurred and require disclosure[155](index=155&type=chunk)[160](index=160&type=chunk) [CONVERTIBLE SECURITIES, WARRANTS OR SIMILAR RIGHTS](index=49&type=section&id=CONVERTIBLE%20SECURITIES%2C%20WARRANTS%20OR%20SIMILAR%20RIGHTS) As of June 30, 2025, the company had **10,865,003** outstanding share options under the share option scheme adopted on March 28, 2022, entitling holders to subscribe for shares - As of June 30, 2025, the Company had **10,865,003** outstanding share options under the share option scheme adopted on March 28, 2022, entitling holders to subscribe for shares[156](index=156&type=chunk)[160](index=160&type=chunk) [PRE-EMPTIVE RIGHTS](index=49&type=section&id=PRE-EMPTIVE%20RIGHTS) Neither the company's bye-laws nor Bermuda law contains provisions for pre-emptive rights requiring the company to offer new shares proportionally to existing shareholders - Neither the Company's bye-laws nor Bermuda law contains provisions for pre-emptive rights requiring the Company to offer new shares proportionally to existing shareholders[157](index=157&type=chunk)[161](index=161&type=chunk) [PURCHASE, SALE OR REDEMPTION OF THE COMPANY'S LISTED SECURITIES](index=49&type=section&id=PURCHASE%2C%20SALE%20OR%20REDEMPTION%20OF%20THE%20COMPANY'S%20LISTED%20SECURITIES) During this interim period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's or its subsidiaries' listed securities - During this interim period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's or its subsidiaries' listed securities[158](index=158&type=chunk)[162](index=162&type=chunk) [COMMITMENTS (Re-reference)](index=49&type=section&id=COMMITMENTS_re_reference) Details of the Group's commitments as of June 30, 2025, are provided in Note 13 to the unaudited condensed consolidated financial statements - Details of the Group's commitments as of June 30, 2025, are set out in Note 13 to the unaudited condensed consolidated financial statements[159](index=159&type=chunk)[163](index=163&type=chunk) [CORPORATE GOVERNANCE](index=50&type=section&id=CORPORATE%20GOVERNANCE) This section outlines the company's corporate governance practices, including board changes, audit committee functions, and compliance with governance codes [DISCLOSURE ON CHANGES OF INFORMATION OF DIRECTORS](index=50&type=section&id=DISCLOSURE%20ON%20CHANGES%20OF%20INFORMATION%20OF%20DIRECTORS) Since the release of the company's 2024 annual report, there have been no changes or updates to director positions during this interim period - Since the release of the Company's 2024 annual report, there have been no changes or updates to director positions during this interim period[164](index=164&type=chunk)[168](index=168&type=chunk) [AUDIT COMMITTEE](index=50&type=section&id=AUDIT%20COMMITTEE) The company's Audit Committee, composed of three independent non-executive directors, is responsible for reviewing and monitoring financial reporting and internal controls, and has reviewed the unaudited consolidated results for this interim period - The Audit Committee comprises three independent non-executive directors: Mr Wang Zhihe, Mr Xu Yuanjian, and Mr Liu Zhenbang (Chairman)[166](index=166&type=chunk)[169](index=169&type=chunk) - Its primary responsibilities include reviewing and monitoring the Group's financial reporting principles, practices, internal control procedures, and related matters[165](index=165&type=chunk)[169](index=169&type=chunk) - During this interim period, the Audit Committee held two meetings and reviewed the Group's unaudited consolidated results[166](index=166&type=chunk)[169](index=169&type=chunk) - The Audit Committee believes that the Group has employed sufficient staff to handle accounting, finance, and internal control functions[167](index=167&type=chunk)[169](index=169&type=chunk) [CORPORATE GOVERNANCE COMPLIANCE](index=51&type=section&id=CORPORATE%20GOVERNANCE_Compliance) The Group complied with the Corporate Governance Code during this interim period, with two deviations: independent non-executive directors lack fixed terms, and the roles of Chairman and Chief Executive are combined in Mr Wang Zhong Sheng; the company has adopted a code of conduct for directors' securities transactions and confirmed the independence of all independent non-executive directors - The Group complied with the code provisions of the Corporate Governance Code and Corporate Governance Report set out in Appendix 15 of the GEM Listing Rules during this interim period, with two deviations[170](index=170&type=chunk)[173](index=173&type=chunk) - Deviation from Code Provision A.4.1: Independent non-executive directors do not have fixed terms but are subject to retirement by rotation at annual general meetings[171](index=171&type=chunk)[173](index=173&type=chunk) - Deviation from Code Provision A.2.1: The roles of Chairman (Mr Wang Zhong Sheng) and Chief Executive are combined in the same person, and the company has no independent Chief Executive[172](index=172&type=chunk)[173](index=173&type=chunk)[174](index=174&type=chunk)[177](index=177&type=chunk) - The company will continue to consider the feasibility of appointing a separate Chief Executive[175](index=175&type=chunk)[178](index=178&type=chunk) - The company has adopted a code of conduct regarding directors' securities transactions, and no non-compliance was found during this interim period[176](index=176&type=chunk)[178](index=178&type=chunk) - The company has received confirmation of independence from each independent non-executive director and considers all its independent non-executive directors to be independent[179](index=179&type=chunk)[180](index=180&type=chunk)

[Company Information and Announcements](index=1&type=section&id=Company%20Information%20and%20Announcements) [Announcement Details](index=1&type=section&id=Announcement%20Details) SunCorp Technologies Limited announced its unaudited interim consolidated results for the six months ended June 30, 2025, in compliance with HKEX Listing Rules - Company Name: **SunCorp Technologies Limited** (Stock Code: **1063**)[2](index=2&type=chunk) - Announcement Content: Unaudited interim consolidated results for the six months ended June 30, 2025[3](index=3&type=chunk) - Board Members: Executive Directors Mr. Zhu Yuqi, Mr. Tang Ximing; Independent Non-executive Directors Mr. Man Yuen, Mr. Ma Jianling, Ms. Wong Chi[4](index=4&type=chunk) [Condensed Consolidated Financial Statements](index=2&type=section&id=Condensed%20Consolidated%20Financial%20Statements) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the company's revenue increased by 46.3% to HK$25,167 thousand, turning a prior-year loss of HK$38,799 thousand into a profit of HK$21,393 thousand, primarily due to unrealized gains on financial assets at fair value through profit or loss Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Key Data | Indicator | 2025 (HK$ '000) | 2024 (HK$ '000) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 25,167 | 17,198 | +46.3% | | Gross Profit | 7,033 | 7,056 | -0.3% | | Unrealized Gain/(Loss) on Financial Assets at FVTPL | 20,253 | (30,655) | N/A | | Realized Gain/(Loss) on Financial Assets at FVTPL | 2,332 | (8,761) | N/A | | Operating Profit/(Loss) | 21,491 | (38,758) | N/A | | Profit/(Loss) Before Tax | 21,393 | (38,799) | N/A | | Profit/(Loss) and Total Comprehensive Income for the Period | 21,393 | (38,799) | N/A | | Basic and Diluted EPS/(LPS) (HK Cents) | 1.39 | (2.52) | N/A | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets increased to HK$278,737 thousand, net current assets to HK$225,175 thousand, and net assets to HK$219,298 thousand, driven by an increase in financial assets at fair value through profit or loss Condensed Consolidated Statement of Financial Position Key Data | Indicator | June 30, 2025 (HK$ '000) | Dec 31, 2024 (HK$ '000) | Change (HK$ '000) | | :--- | :--- | :--- | :--- | | Non-current Assets | 244 | 359 | (115) | | Current Assets | 278,493 | 231,109 | 47,384 | | Inventories | 3,013 | 5,474 | (2,461) | | Trade and Other Receivables | 29,325 | 22,658 | 6,667 | | Loans Receivable | 97,240 | 91,687 | 5,553 | | Financial Assets at Fair Value Through Profit or Loss | 104,102 | 80,971 | 23,131 | | Cash and Bank Balances - Own Accounts | 14,428 | 14,775 | (347) | | Current Liabilities | 53,318 | 31,943 | 21,375 | | Trade and Other Payables | 52,233 | 30,409 | 21,824 | | Net Current Assets | 225,175 | 199,166 | 26,009 | | Net Assets | 219,298 | 197,905 | 21,393 | [Condensed Consolidated Statement of Changes in Equity](index=5&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) As of June 30, 2025, total equity increased to HK$219,298 thousand, primarily due to a profit of HK$21,393 thousand for the period, reversing the loss from the prior year Condensed Consolidated Statement of Changes in Equity Key Data | Indicator | June 30, 2025 (HK$ '000) | June 30, 2024 (HK$ '000) | Change (HK$ '000) | | :--- | :--- | :--- | :--- | | Total Equity at Jan 1 | 197,905 | 243,274 | (45,369) | | Profit/(Loss) and Total Comprehensive Income for the Period | 21,393 | (38,799) | 60,192 | | Total Equity at June 30 | 219,298 | 204,475 | 14,823 | [Condensed Consolidated Statement of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash used in operating activities was HK$4,494 thousand, net cash from investing activities was HK$95 thousand, and net cash from financing activities was HK$4,052 thousand, resulting in a net decrease of HK$347 thousand in cash and cash equivalents Condensed Consolidated Statement of Cash Flows Key Data | Indicator | 2025 (HK$ '000) | 2024 (HK$ '000) | Change (HK$ '000) | | :--- | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (4,494) | (1,427) | (3,067) | | Net Cash From Investing Activities | 95 | 8 | 87 | | Net Cash From/(Used in) Financing Activities | 4,052 | (940) | 4,992 | | Net Decrease in Cash and Cash Equivalents | (347) | (2,359) | 2,012 | | Cash and Cash Equivalents at End of Period | 14,428 | 19,162 | (4,734) | [Notes to the Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) [Basis of Preparation](index=7&type=section&id=Basis%20of%20Preparation) The financial statements are prepared in accordance with Appendix D2 of the HKEX Listing Rules and HKAS 34 "Interim Financial Reporting," using a historical cost basis with certain financial instruments measured at fair value - Preparation Basis: Appendix D2 of the HKEX Listing Rules and HKAS 34 "Interim Financial Reporting"[14](index=14&type=chunk)[19](index=19&type=chunk) - Measurement Basis: Historical cost basis, with certain financial instruments measured at fair value[15](index=15&type=chunk)[19](index=19&type=chunk) - Accounting Policies: Consistent with those followed in the 2024 annual financial statements, except as noted below[16](index=16&type=chunk)[19](index=19&type=chunk) [Adoption of New and Revised HKFRSs](index=7&type=section&id=Adoption%20of%20New%20and%20Revised%20HKFRSs) The company adopted new and revised HKFRSs effective January 1, 2025, including HKAS 21 (Amendment) "Lack of Exchangeability," which had no material impact on financial position or performance - New Standards Adopted: Revisions to Hong Kong Financial Reporting Standards effective January 1, 2025[17](index=17&type=chunk)[20](index=20&type=chunk) - Specific Revisions: Including HKAS 21 (Amendment) "Lack of Exchangeability"[18](index=18&type=chunk)[20](index=20&type=chunk) - Impact: No material effect on the financial position and performance for the current and prior periods[18](index=18&type=chunk)[20](index=20&type=chunk)[21](index=21&type=chunk) [Revenue and Segment Information](index=8&type=section&id=Revenue%20and%20Segment%20Information) Group revenue primarily stems from trading computer-related components, apparel, and beauty products (75.6%), followed by money lending (23.3%) and securities brokerage (1.1%), with all segments showing asset and liability growth 2025 First Half Segment Revenue and Profit | Business Segment | Revenue (HK$ '000) | % of Total | Segment Profit/(Loss) (HK$ '000) | | :--- | :--- | :--- | :--- | | Trading of Second-hand Computer Related Components, Apparel and Beauty Products | 19,037 | 75.6% | 140 | | Money Lending | 5,855 | 23.3% | 4,158 | | Provision of Brokerage, Placement and Underwriting Services | 275 | 1.1% | (2,888) | | **Total** | **25,167** | **100%** | **1,410** | 2025 First Half Segment Assets and Liabilities | Business Segment | Segment Assets June 30, 2025 (HK$ '000) | Segment Assets Dec 31, 2024 (HK$ '000) | Segment Liabilities June 30, 2025 (HK$ '000) | Segment Liabilities Dec 31, 2024 (HK$ '000) | | :--- | :--- | :--- | :--- | :--- | | Trading of Second-hand Computer Related Components, Apparel and Beauty Products | 26,070 | 19,687 | 6,589 | 1,503 | | Money Lending | 97,881 | 92,328 | 12,222 | 11,199 | | Provision of Brokerage, Placement and Underwriting Services | 39,296 | 25,442 | 30,646 | 15,566 | | **Total** | **163,247** | **137,457** | **49,457** | **28,268** | - Major Customers: In the first half of 2025, Customer A contributed **HK$6,475 thousand**, Customer B contributed **HK$2,700 thousand**, and Customer C contributed **HK$2,833 thousand**[36](index=36&type=chunk) [Other Income](index=11&type=section&id=Other%20Income) For the six months ended June 30, 2025, total other income was HK$157 thousand, primarily comprising miscellaneous income, bank interest income, and gain on disposal of an associate Other Income Details | Income Source | 2025 (HK$ '000) | 2024 (HK$ '000) | | :--- | :--- | :--- | | Bank Interest Income | 15 | 8 | | Gain on Disposal of an Associate | 4 | – | | Miscellaneous Income | 138 | 37 | | **Total** | **157** | **45** | [Income Tax](index=11&type=section&id=Income%20Tax) For the six months ended June 30, 2025 and 2024, no Hong Kong profits tax was provided as Hong Kong subsidiaries had no assessable profits or sufficient tax losses - Income Tax: No Hong Kong profits tax was provided[40](index=40&type=chunk)[41](index=41&type=chunk) - Reason: Hong Kong subsidiaries had no assessable profits or sufficient tax losses to offset[40](index=40&type=chunk)[41](index=41&type=chunk) [Profit/(Loss) for the Period](index=11&type=section&id=Profit%2F%28Loss%29%20for%20the%20Period) Profit for the period was influenced by cost of goods and services sold, staff costs, and depreciation of right-of-use assets, while benefiting from a net reversal of expected credit loss provision for loans receivable and gain on disposal of an associate Profit/Loss for the Period Major Influencing Factors | Item | 2025 (HK$ '000) | 2024 (HK$ '000) | | :--- | :--- | :--- | | Cost of Goods and Services Sold | 18,134 | 10,142 | | Depreciation of Right-of-Use Assets | 39 | – | | Net Exchange Loss | 2 | 3 | | Net Reversal of Expected Credit Loss Provision for Loans Receivable | (28) | – | | Gain on Disposal of an Associate | (4) | – | | Staff Costs (including Directors' Emoluments) | 3,018 | 2,845 | [Earnings/(Loss) Per Share](index=12&type=section&id=Earnings%2F%28Loss%29%20Per%20Share) As of June 30, 2025, basic and diluted earnings per share were 1.39 HK Cents, compared to a loss of 2.52 HK Cents per share in the prior year, primarily due to the period's profit Earnings/Loss Per Share | Indicator | 2025 (HK Cents) | 2024 (HK Cents) | | :--- | :--- | :--- | | Basic and Diluted EPS/(LPS) | 1.39 | (2.52) | - Weighted Average Number of Ordinary Shares: **1,538,536,566 shares**, unchanged for both periods[44](index=44&type=chunk) - Diluted Earnings/(Loss): Not presented as there were no outstanding potential ordinary shares[44](index=44&type=chunk) [Dividends](index=12&type=section&id=Dividends) For the six months ended June 30, 2025 and 2024, the company neither paid nor proposed any dividends - Dividend Policy: No dividends were paid or proposed for the six months ended June 30, 2025 and 2024[44](index=44&type=chunk)[45](index=45&type=chunk) [Trade and Other Receivables](index=13&type=section&id=Trade%20and%20Other%20Receivables) As of June 30, 2025, total trade and other receivables increased to HK$29,325 thousand, primarily due to a significant rise in trade receivables from other ordinary activities, with the largest portion aged over 90 days Trade and Other Receivables Details | Item | June 30, 2025 (HK$ '000) | Dec 31, 2024 (HK$ '000) | Change (HK$ '000) | | :--- | :--- | :--- | :--- | | Trade Receivables from Securities Trading Business | 530 | 394 | 136 | | Trade Receivables from Other Ordinary Activities (net of provision) | 17,927 | 10,836 | 7,091 | | Deposits, Prepayments and Other Receivables (net of provision) | 10,868 | 11,428 | (560) | | **Total** | **29,325** | **22,658** | **6,667** | Trade Receivables Ageing Analysis (Other Ordinary Activities) | Ageing | June 30, 2025 (HK$ '000) | Dec 31, 2024 (HK$ '000) | | :--- | :--- | :--- | | 0-30 Days | 1,076 | 532 | | 31-60 Days | 3,404 | 750 | | 61-90 Days | 529 | 3 | | Over 90 Days | 12,918 | 9,551 | | **Total** | **17,927** | **10,836** | - Credit Period: Credit period for goods sold ranges from **30 to 90 days**[47](index=47&type=chunk) - Settlement Period for Securities Trading Receivables: **2 trading days** after the transaction date[49](index=49&type=chunk) [Amounts Due from Securities Brokerage Clients](index=14&type=section&id=Amounts%20Due%20from%20Securities%20Brokerage%20Clients) As of June 30, 2025, amounts due from securities brokerage clients were HK$201 thousand, a decrease from HK$442 thousand at year-end 2024, representing unsecured, interest-bearing deposits at 0%-0.01% per annum, repayable on demand - Amount: **HK$201 thousand** as of June 30, 2025, compared to **HK$442 thousand** as of December 31, 2024[50](index=50&type=chunk)[51](index=51&type=chunk) - Nature: Unsecured deposits, bearing interest at **0% to 0.01%** per annum, repayable on demand[50](index=50&type=chunk)[51](index=51&type=chunk) - Ageing Analysis: Directors consider ageing analysis to be of no additional value given the nature of the business[50](index=50&type=chunk)[51](index=51&type=chunk) [Loans Receivable](index=14&type=section&id=Loans%20Receivable) As of June 30, 2025, net loans receivable increased to HK$97,240 thousand from HK$91,687 thousand at year-end 2024, primarily from money lending, with all loans repayable within one year and bearing fixed annual interest rates of 8%-10% Loans Receivable Details | Item | June 30, 2025 (HK$ '000) | Dec 31, 2024 (HK$ '000) | Change (HK$ '000) | | :--- | :--- | :--- | :--- | | Gross Loans Receivable | 160,362 | 154,837 | 5,525 | | Less: Provision for Expected Credit Losses | (63,122) | (63,150) | 28 | | **Net Amount** | **97,240** | **91,687** | **5,553** | - Source: From money lending business[54](index=54&type=chunk)[56](index=56&type=chunk) - Repayment Period: All loans receivable are repayable within **one year**[54](index=54&type=chunk)[56](index=56&type=chunk) - Interest Rate and Term: Denominated in HKD, with fixed effective annual interest rates of **8% to 10%**, and a term of **one year**[55](index=55&type=chunk)[56](index=56&type=chunk) [Trade and Other Payables](index=15&type=section&id=Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables significantly increased to HK$52,233 thousand, mainly due to a rise in trade payables to cash clients in the securities trading business and for goods purchased Trade and Other Payables Details | Item | June 30, 2025 (HK$ '000) | Dec 31, 2024 (HK$ '000) | Change (HK$ '000) | | :--- | :--- | :--- | :--- | | Trade Payables from Securities Trading Business (Cash Clients) | 29,686 | 15,039 | 14,647 | | Trade Payables from Other Ordinary Activities (Purchase of Goods) | 5,574 | 18 | 5,556 | | Other Payables and Accruals | 16,773 | 15,152 | 1,621 | | Provision for Restoration Costs | 200 | 200 | 0 | | **Total** | **52,233** | **30,409** | **21,824** | Trade Payables Ageing Analysis (Purchase of Goods) | Ageing | June 30, 2025 (HK$ '000) | Dec 31, 2024 (HK$ '000) | | :--- | :--- | :--- | | 0-30 Days | 1,396 | – | | 31-60 Days | 1,162 | – | | 61-90 Days | 2,998 | – | | Over 90 Days | 18 | 18 | | **Total** | **5,574** | **18** | - Credit Period: Credit period for goods purchased ranges from **30 to 60 days**[58](index=58&type=chunk) - Settlement Period for Securities Trading Payables: **2 days** after the transaction date[60](index=60&type=chunk) [Share Capital](index=15&type=section&id=Share%20Capital) As of June 30, 2025, the company's authorized share capital was HK$600,000 thousand, comprising 100,000,000,000 ordinary shares of HK$0.006 each, with issued and fully paid share capital of HK$9,231 thousand, and no changes during the period Share Capital Structure | Item | Number of Shares | Amount (HK$ '000) | | :--- | :--- | :--- | | Authorized Share Capital (HK$0.006 per share) | 100,000,000,000 | 600,000 | | Issued and Fully Paid Share Capital (HK$0.006 per share) | 1,538,536,566 | 9,231 | - Period-end Changes: No changes in authorized and issued share capital during the period[61](index=61&type=chunk)[82](index=82&type=chunk) [Directors' Report](index=16&type=section&id=Directors'%20Report) [Business Review](index=16&type=section&id=Business%20Review) For the six months ended June 30, 2025, group revenue grew 46.3% year-on-year to HK$25.2 million, primarily from trading computer-related components, apparel, and beauty products (75.6%), achieving a consolidated profit of HK$21.4 million, mainly due to unrealized gains on financial assets - Total Revenue: Approximately **HK$25.2 million**, a year-on-year increase of **46.3%** (2024: HK$17.2 million)[63](index=63&type=chunk)[70](index=70&type=chunk) - Revenue Composition: Trading of computer-related components, apparel, and beauty products accounted for approximately **75.6%**; interest income from money lending business approximately **23.3%** (approximately HK$5.9 million); and securities brokerage, placement, and underwriting business approximately **1.1%**[63](index=63&type=chunk)[65](index=65&type=chunk)[70](index=70&type=chunk) - Gross Profit: Approximately **HK$7.0 million**, a year-on-year decrease of **0.3%** (2024: HK$7.1 million)[64](index=64&type=chunk)[70](index=70&type=chunk) - Consolidated Profit: Approximately **HK$21.4 million**, primarily due to unrealized gains on financial assets at fair value through profit or loss of approximately **HK$20.3 million**[64](index=64&type=chunk)[70](index=70&type=chunk) [Outlook and Prospects](index=16&type=section&id=Outlook%20and%20Prospects) Facing an unpredictable business environment, the Group is re-evaluating and repositioning its business strategy, planning to allocate more resources to asset management, especially after obtaining a virtual asset trading platform license, and will continue to seek investment opportunities to diversify revenue - Strategic Adjustment: Evaluating different business segments and repositioning strategies towards those with more optimistic prospects[66](index=66&type=chunk)[71](index=71&type=chunk) - New Business Expansion: Obtained SFC Type 4 and Type 9 licenses, enabling operation of a virtual asset trading platform[66](index=66&type=chunk)[71](index=71&type=chunk) - Future Focus: Expected to allocate more resources to develop the asset management business[66](index=66&type=chunk)[71](index=71&type=chunk) - Growth Strategy: Continuously identifying potential investments and business opportunities to broaden revenue streams and develop existing businesses[67](index=67&type=chunk)[71](index=71&type=chunk) [Management Discussion and Analysis](index=17&type=section&id=Management%20Discussion%20and%20Analysis) [Overview](index=17&type=section&id=Overview) For the six months ended June 30, 2025, group revenue grew 46.3% to HK$25.2 million, while gross profit slightly decreased to HK$7.0 million, with trading of computer-related components, apparel, and beauty products remaining the primary revenue source, complemented by the financial sector - Revenue: Approximately **HK$25.2 million**, a year-on-year increase of **46.3%**[73](index=73&type=chunk)[79](index=79&type=chunk) - Gross Profit: Approximately **HK$7.0 million**, compared to HK$7.1 million in the prior period[73](index=73&type=chunk)[79](index=79&type=chunk) - Main Business Contribution: Trading of computer-related components, apparel, and beauty products continued to contribute significant revenue, with an optimistic outlook for this segment[74](index=74&type=chunk)[79](index=79&type=chunk) - Other Revenue Sources: Sales and marketing of electronic devices and related products, and the financial sector (securities brokerage, placement and underwriting, and money lending businesses)[74](index=74&type=chunk)[79](index=79&type=chunk) [Liquidity and Financial Resources](index=17&type=section&id=Liquidity%20and%20Financial%20Resources) As of June 30, 2025, the Group's current ratio decreased from 7.2 to 5.2, mainly due to increased trade and other payables, with cash on hand at HK$14.4 million, total assets at HK$278.7 million, and shareholders' equity at HK$219.3 million - Current Ratio: Decreased from **7.2** as of December 31, 2024, to **5.2** as of June 30, 2025[75](index=75&type=chunk)[80](index=80&type=chunk) - Reason for Decrease: Primarily due to an increase in trade and other payables[75](index=75&type=chunk)[80](index=80&type=chunk) Liquidity and Financial Resources Key Data | Indicator | June 30, 2025 (HK$ Million) | Dec 31, 2024 (HK$ Million) | | :--- | :--- | :--- | | Cash on Hand | 14.4 | 14.8 | | Current Assets | 278.5 | 231.1 | | Total Assets | 278.7 | 231.5 | | Shareholders' Equity | 219.3 | 197.9 | [Gearing Ratio](index=17&type=section&id=Gearing%20Ratio) As of June 30, 2025, the Group's gearing ratio was approximately 2.3%, a significant increase from 0.3% at year-end 2024, with financing primarily from internal cash flow, shareholders' equity, and external bank loans - Gearing Ratio: Approximately **2.3%** as of June 30, 2025 (December 31, 2024: approximately **0.3%**)[76](index=76&type=chunk)[81](index=81&type=chunk) - Funding Sources: Primarily through internally generated cash flow, shareholders' equity, and external bank loans and borrowings[76](index=76&type=chunk)[81](index=81&type=chunk) [Capital Structure](index=17&type=section&id=Capital%20Structure) As of June 30, 2025, the company's authorized share capital was HK$600 million, divided into 100 billion shares of HK$0.006 each, with no changes to authorized share capital during the period - Authorized Share Capital: **HK$600 million**, divided into **100,000,000,000 shares** of **HK$0.006** each[77](index=77&type=chunk)[82](index=82&type=chunk) - Period-end Changes: No changes in authorized share capital during the period[77](index=77&type=chunk)[82](index=82&type=chunk) [Exchange Rates](index=17&type=section&id=Exchange%20Rates) The Group's sales are mostly denominated in USD, while expenses are primarily in USD, RMB, and HKD; currently, there is no hedging policy, but management continuously assesses foreign exchange risk to minimize volatility - Sales Currency: Predominantly denominated in **USD**[78](index=78&type=chunk)[83](index=83&type=chunk) - Expense Currency: Predominantly denominated in **USD, RMB, and HKD**[78](index=78&type=chunk)[83](index=83&type=chunk) - Hedging Policy: Currently no hedging policy, but management continuously assesses foreign exchange risk to minimize its impact[78](index=78&type=chunk)[83](index=83&type=chunk) [Material Investments](index=18&type=section&id=Material%20Investments) As of June 30, 2025, the total market value of financial assets at fair value through profit or loss was approximately HK$104.1 million, a significant increase from HK$81.0 million at year-end 2024, with HK$2.3 million in realized gains and HK$20.3 million in unrealized gains recognized during the period - Financial Assets Market Value: Approximately **HK$104.1 million** as of June 30, 2025 (December 31, 2024: HK$81.0 million)[84](index=84&type=chunk)[86](index=86&type=chunk) - Realized Gains: Approximately **HK$2.3 million** in the first half of 2025 (first half of 2024: loss of HK$8.8 million)[85](index=85&type=chunk)[86](index=86&type=chunk) - Unrealized Gains: Approximately **HK$20.3 million** in the first half of 2025 (first half of 2024: loss of HK$30.7 million)[85](index=85&type=chunk)[86](index=86&type=chunk) Major Financial Assets at Fair Value Through Profit or Loss (June 30, 2025) | Stock Name | Stock Code | Market Value (HK$ '000) | % of Group's Total Assets | (Loss)/Gain (HK$ '000) | Investment Strategy | | :--- | :--- | :--- | :--- | :--- | :--- | | China Investment and Finance Group Limited | 1226 | 28,092 | 10.09% | 3,184 | Passive | | CaiXun Media Group Limited | 205 | 12,424 | 4.46% | 7,454 | Passive | | Juntai Holdings Limited | 630 | 10,478 | 3.76% | 5,821 | Passive | | Wellong Holdings Limited | 8021 | 6,961 | 2.50% | (3,632) | Passive | | Rich Glory Holdings Limited | 8269 | 7,557 | 2.71% | 4,198 | Passive | | China Environmental Energy Investment Limited | 986 | 5,567 | 2.00% | 2,073 | Passive | | **Subtotal (Top 6)** | | **71,079** | **25.52%** | **19,098** | | | Other 23 Listed Equity Securities | | 33,023 | 11.83% | 1,155 | Passive | | **Total** | | **104,102** | **37.35%** | **20,253** | | [Material Acquisitions or Disposals](index=19&type=section&id=Material%20Acquisitions%20or%20Disposals) For the six months ended June 30, 2025, the Group did not undertake any material acquisitions or disposals of subsidiaries and associates - Material Transactions: No material acquisitions or disposals of subsidiaries and associates during the period[96](index=96&type=chunk)[100](index=100&type=chunk) [Employees](index=19&type=section&id=Employees) The Group's remuneration policy is performance-based and market-referenced, with the Board having discretion to grant share options to incentivize employee contributions - Remuneration Policy: Based on employee performance and market conditions[97](index=97&type=chunk)[101](index=101&type=chunk) - Incentive Mechanism: The Board may, at its discretion, grant share options to executive directors and employees[97](index=97&type=chunk)[101](index=101&type=chunk) [Other Information](index=20&type=section&id=Other%20Information) [Directors' and Chief Executive's Interests in Shares](index=20&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests%20in%20Shares) As of June 30, 2025, no directors or chief executives held any interests or short positions in shares, underlying shares, or debentures requiring disclosure under the SFO or Listing Rules - Directors' and Chief Executive's Interests: As of June 30, 2025, no directors or chief executives held any disclosable interests or short positions in shares, underlying shares, or debentures[103](index=103&type=chunk)[107](index=107&type=chunk) [Share Options](index=20&type=section&id=Share%20Options) On June 24, 2025, the company adopted a new 2025 Share Option Scheme and terminated the 2021 scheme; as of June 30, 2025, no share options were granted, exercised, cancelled, or lapsed during the period, and none remained outstanding - Share Option Scheme: The 2025 Share Option Scheme was adopted on **June 24, 2025**, and the 2021 Share Option Scheme was terminated[104](index=104&type=chunk)[108](index=108&type=chunk) - Period Activities: As of June 30, 2025, no share options were granted, exercised, cancelled, or lapsed during the period[105](index=105&type=chunk)[108](index=108&type=chunk) - Outstanding Share Options: No outstanding share options as of **January 1, 2025**, and **June 30, 2025**[105](index=105&type=chunk)[108](index=108&type=chunk) - Number of Share Options Available for Grant: **149,293,656** as of January 1, 2025, and **153,853,656** as of June 30, 2025[105](index=105&type=chunk)[108](index=108&type=chunk) [Substantial Shareholders' Interests in Shares](index=21&type=section&id=Substantial%20Shareholders'%20Interests%20in%20Shares) As of June 30, 2025, the Board was unaware of any persons, other than directors and chief executives, holding 5% or more interests or short positions in shares requiring disclosure under the SFO - Substantial Shareholders' Interests: As of June 30, 2025, no persons other than directors and chief executives held 5% or more interests or short positions in shares requiring disclosure[110](index=110&type=chunk)[115](index=115&type=chunk) [Audit Committee](index=21&type=section&id=Audit%20Committee) The Audit Committee, established in March 2000 and composed of three independent non-executive directors, facilitates communication between the Board and auditors and has reviewed the unaudited financial statements for the period - Establishment Date: **March 2000**[111](index=111&type=chunk)[116](index=116&type=chunk) - Membership: Comprises three independent non-executive directors: Mr. Man Yuen, Mr. Ma Jianling, and Ms. Wong Chi[111](index=111&type=chunk)[116](index=116&type=chunk) - Responsibilities: Provides a key link between the Board and the auditors, and has reviewed the unaudited financial statements for the period[111](index=111&type=chunk)[116](index=116&type=chunk) [Corporate Governance](index=21&type=section&id=Corporate%20Governance) The company is committed to high standards of corporate governance, emphasizing Board quality, robust internal controls, transparency, independence, and accountability to shareholders, and complied with the principles of Appendix C1 of the Listing Rules during the period - Corporate Governance Commitment: Committed to high standards of good corporate governance practices and procedures[112](index=112&type=chunk)[117](index=117&type=chunk) - Core Principles: Emphasizes a quality Board, sound internal controls, transparency, independence, and accountability to all shareholders[112](index=112&type=chunk)[117](index=117&type=chunk) - Compliance: For the six months ended June 30, 2025, the Group has applied the principles set out in Appendix C1 of the Listing Rules, "Corporate Governance Code and Corporate Governance Report"[112](index=112&type=chunk)[117](index=117&type=chunk) [Events After the Reporting Period](index=21&type=section&id=Events%20After%20the%20Reporting%20Period) As of the report date, no significant events occurred after the reporting period - Post-Reporting Period Events: No significant events occurred up to the date of this report[113](index=113&type=chunk)[118](index=118&type=chunk) [Standard of Conduct for Directors' Securities Transactions](index=21&type=section&id=Standard%20of%20Conduct%20for%20Directors'%20Securities%20Transactions) The company adopted the "Standard Code" for directors' securities transactions, and all directors complied with it for the six months ended June 30, 2025 - Code of Conduct: The company has adopted the "Model Code for Securities Transactions by Directors of Listed Issuers" as set out in Appendix C3 of the Listing Rules[114](index=114&type=chunk)[119](index=119&type=chunk) - Compliance: All directors complied with the required standards set out in the Model Code during the period[114](index=114&type=chunk)[119](index=119&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=21&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities - Securities Transactions: Neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the period[115](index=115&type=chunk)[120](index=120&type=chunk)

[Financial Highlights](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) The group achieved significant revenue and profit growth for the six months ended June 30, 2025, with basic earnings per share increasing substantially Unaudited Results for the Six Months Ended June 30 | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Revenue | 3,170,600 | 1,841,000 | +72.2% | | Gross Profit | 118,349 | 69,605 | +70.0% | | Profit for the Period | 51,040 | 6,974 | +631.9% | | Profit Attributable to Owners of the Parent | 51,040 | 6,974 | +631.9% | | Basic Earnings Per Share Attributable to Owners of the Parent - Profit for the Period | RMB 2.43 cents | RMB 0.33 cents | +636.4% | [Condensed Consolidated Financial Statements](index=2&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) This section presents the group's financial performance and position, including the income statement, comprehensive income, and financial position [Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E8%A1%A8) The group achieved significant revenue and gross profit growth during the review period, successfully turning a loss into a substantial profit, primarily due to effective cost of sales control and a significant increase in revenue Key Data from Condensed Consolidated Statement of Profit or Loss | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 3,170,600 | 1,841,000 | | Cost of Sales | (3,052,251) | (1,771,395) | | Gross Profit | 118,349 | 69,605 | | Other Income and Gains | 42,609 | 32,035 | | Selling and Distribution Expenses | (7,020) | (5,813) | | Administrative Expenses | (91,829) | (96,231) | | Profit / (Loss) Before Tax | 53,644 | (1,657) | | Income Tax (Expense) / Credit | (2,604) | 8,631 | | Profit for the Period | 51,040 | 6,974 | Earnings Per Share Attributable to Owners of the Parent | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Basic - Profit for the Period | RMB 2.43 cents | RMB 0.33 cents | | Diluted - Profit for the Period | RMB 2.43 cents | RMB 0.33 cents | [Condensed Consolidated Statement of Comprehensive Income](index=4&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) The group's total comprehensive income significantly increased, driven by higher profit for the period and a favorable shift in exchange differences from loss to gain Key Data from Condensed Consolidated Statement of Comprehensive Income | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Profit for the Period | 51,040 | 6,974 | | Exchange Differences on Translation of Financial Statements | 7,201 | (1,226) | | Total Comprehensive Income, Net of Tax | 58,241 | 5,748 | | Attributable to Owners of the Parent | 58,241 | 5,748 | [Condensed Consolidated Statement of Financial Position](index=5&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) The group's asset and liability structure remains robust, with increases in both current assets and net current assets, and a steady rise in total equity, reflecting a healthy financial position Key Data from Condensed Consolidated Statement of Financial Position | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Total Non-current Assets | 1,035,366 | 1,021,849 | | Total Current Assets | 2,910,819 | 2,507,979 | | Total Current Liabilities | 2,810,540 | 2,445,762 | | Net Current Assets | 100,279 | 62,217 | | Total Assets Less Current Liabilities | 1,135,645 | 1,084,066 | | Total Non-current Liabilities | 6,775 | 13,437 | | Net Assets | 1,128,870 | 1,070,629 | | Total Equity | 1,128,870 | 1,070,629 | [Notes to the Condensed Consolidated Financial Information](index=7&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99%E9%99%84%E8%A8%BB) This section provides detailed explanations and disclosures regarding the group's accounting policies, financial performance, and position [Basis of Preparation](index=7&type=section&id=1.%20%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) The interim condensed consolidated financial information is prepared in accordance with HKAS 34 and should be read in conjunction with the annual consolidated financial statements for the year ended December 31, 2024 - The interim condensed consolidated financial information is prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting"[9](index=9&type=chunk) [Changes in Accounting Policies of the Group](index=7&type=section&id=2.%20%E6%9C%AC%E9%9B%86%E5%9C%98%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96%E4%B9%8B%E8%AE%8A%E5%8B%95) The group adopted several revised Hong Kong Financial Reporting Standards, including amendments related to sale and leaseback, liability classification, and supplier finance arrangements, none of which had a material impact on the group's financial position or performance - The amendments to HKFRS 16 (Lease Liabilities in a Sale and Leaseback) had no impact on the group's financial position or performance[10](index=10&type=chunk) - The amendments to HKAS 1 (Classification of Liabilities as Current or Non-current) had no impact on the group's financial position or performance[11](index=11&type=chunk) - The amendments to HKAS 7 and HKFRS 7 (Supplier Finance Arrangements) had no impact on the group's financial statements[11](index=11&type=chunk) [Segment Information](index=8&type=section&id=3.%20%E7%B6%93%E7%87%9F%E5%88%86%E9%A1%9E%E8%B3%87%E6%96%99) The group operates as a single business unit, focusing on display products, primarily engaged in the processing, manufacturing, and sale of LCD module products. All significant operating assets are located in Mainland China, and revenue primarily originates from Mainland China customers and related companies - The group operates as a single business unit based on its products, specifically display products, primarily engaged in the processing, manufacturing, and sale of LCD module products[12](index=12&type=chunk) Revenue from External Customers (by Region) | Region | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Mainland China | 2,911,394 | 1,628,833 | | Hong Kong | 259,206 | 212,167 | | Total | 3,170,600 | 1,841,000 | - All of the group's significant operating assets are located in Mainland China[16](index=16&type=chunk) - For the six months ended June 30, 2025, approximately **RMB 1,579,049,000** in revenue was derived from sales to related companies[17](index=17&type=chunk) [Revenue, Other Income and Gains](index=10&type=section&id=4.%20%E6%94%B6%E5%85%A5%E3%80%81%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5%E5%8F%8A%E6%94%B6%E7%9B%8A) The group's revenue primarily stems from the sale of industrial products, specifically LCD modules, with processing and manufacturing services contributing a smaller portion. Other income and gains mainly comprise bank interest income and government subsidies, while exchange losses negatively impacted overall gains Disaggregation of Revenue from Contracts with Customers | Type of Goods and Services | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Sale of Industrial Products | 3,147,354 | 1,818,142 | | Processing and Manufacturing Services | 23,246 | 22,858 | | Total Revenue from Contracts with Customers | 3,170,600 | 1,841,000 | Analysis of Other Income and Gains | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Bank Interest Income | 21,462 | 17,785 | | Subsidy Income | 13,218 | 12,391 | | Gain on Disposal of Raw Materials, Samples and Scraps | 4,046 | 1,042 | | Others | 5,151 | 1,418 | | Exchange (Loss) / Gain | (1,268) | 833 | | Total Other Income and Gains | 42,609 | 32,035 | - Subsidy income refers to various government grants received by the group in Mainland China, which management believes have no unfulfilled conditions or contingencies attached[20](index=20&type=chunk) [Profit / (Loss) Before Tax](index=12&type=section&id=5.%20%E9%99%A4%E7%A8%85%E5%89%8D%E6%BA%A2%E5%88%A9%EF%BC%8F%EF%BC%88%E虧%E6%90%8D%EF%BC%89) The group's profit before tax significantly improved, primarily due to increased cost of inventories sold, higher depreciation and amortization expenses, and growth in R&D costs and employee benefit expenses, while a reversal of impairment for trade receivables positively impacted profit Key Factors Affecting Profit / (Loss) Before Tax | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Cost of Inventories Sold | 3,052,251 | 1,771,395 | | Depreciation of Property, Plant and Equipment | 55,200 | 44,543 | | Amortization of Intangible Assets | 1,388 | 1,320 | | Research and Development Costs | 72,535 | 64,236 | | Employee Benefit Expenses (including Directors' Emoluments) | 239,555 | 184,012 | | Net Exchange Loss / (Gain) | 1,268 | (833) | | Trade Receivables (Reversal of Impairment) / Impairment | (718) | 78 | | Reversal of Write-down of Inventories to Net Realizable Value | 3,847 | 1,863 | - Research and development costs are included in "Administrative Expenses" in the interim condensed consolidated statement of profit or loss[22](index=22&type=chunk) [Finance Costs](index=13&type=section&id=6.%20%E8%9E%8D%E8%B3%87%E6%88%90%E6%9C%AC) The group's finance costs significantly increased, primarily due to a substantial rise in interest on non-recourse bill discounting and trade receivables factoring Analysis of Finance Costs | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Interest on Non-recourse Bill Discounting and Trade Receivables Factoring | 8,199 | 51 | [Income Tax Expense / (Credit)](index=13&type=section&id=7.%20%E6%89%80%E5%BE%97%E7%A8%85%E6%94%AF%E5%87%BA%EF%BC%8F%EF%BC%88%E6%8A%B5%E5%85%8D%EF%BC%89) The group's income tax shifted from a credit last year to an expense this period, mainly influenced by increased current tax expense in Mainland China and prior period adjustments, while deferred tax transitioned from an expense to a credit - Hong Kong profits tax is provided at a rate of **16.5%** on the estimated assessable profits arising in Hong Kong during the period[25](index=25&type=chunk) Analysis of Income Tax Expense / (Credit) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Current - Mainland China Expense / (Credit) for the Period | 10,423 | (997) | | Adjustments for Current Tax in Prior Periods | 9,342 | (7,890) | | Deferred | (17,161) | 256 | | Total Tax Expense / (Credit) for the Period | 2,604 | (8,631) | [Dividends](index=13&type=section&id=8.%20%E8%82%A1%E6%81%AF) The Board does not recommend the payment of any dividend for the six months ended June 30, 2025, consistent with the prior corresponding period - The Directors do not recommend the payment of any dividend for the six months ended June 30, 2025 (six months ended June 30, 2024: nil)[27](index=27&type=chunk) [Earnings Per Share Attributable to Owners of the Parent](index=14&type=section&id=9.%20%E6%AF%8D%E5%85%AC%E5%8F%B8%E6%93%81%E6%9C%89%E8%80%85%E6%87%89%E4%BD%B5%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9) The group's basic earnings per share significantly increased, reflecting a substantial rise in profit attributable to owners of the parent, with no potentially dilutive ordinary shares issued during the period Basic Earnings Per Share Attributable to Owners of the Parent | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Profit for the Period | RMB 2.43 cents | RMB 0.33 cents | - The basic earnings per share amount is calculated based on the profit for the period attributable to owners of the parent of **RMB 51,040,000** and the weighted average number of **2,096,908,406** ordinary shares of the company in issue during the period, after deducting shares held for the company's share award scheme[28](index=28&type=chunk) - The company had no potentially dilutive ordinary shares in issue for the six months ended June 30, 2025[29](index=29&type=chunk) [Trade and Bills Receivables](index=14&type=section&id=10.%20%E6%87%89%E6%94%B6%E8%B2%BF%E6%98%93%E8%B3%AC%E6%AC%BE%E5%8F%8A%E6%87%89%E6%94%B6%E7%A5%A8%E6%93%9A) The group's total trade and bills receivables significantly increased, primarily concentrated within one month of maturity, with credit terms generally ranging from 30 to 90 days, and no collateral held Trade and Bills Receivables | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade Receivables | 1,532,117 | 1,051,329 | | Bills Receivables | 5,276 | 9,076 | | Impairment | (194) | (841) | | Total | 1,537,199 | 1,059,564 | Ageing Analysis of Trade and Bills Receivables | Ageing | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 1 month | 1,167,366 | 1,007,649 | | 1 to 2 months | 363,111 | 50,544 | | 2 to 3 months | 6,722 | 1,371 | | Total | 1,537,199 | 1,059,564 | - The group's terms of trade with its customers are primarily on an open account basis, with credit periods generally ranging from **30 to 90 days**, and no collateral or other credit enhancement measures are held for trade receivables balances[30](index=30&type=chunk) [Trade Payables](index=15&type=section&id=11.%20%E6%87%89%E4%BB%98%E8%B2%BF%E6%98%93%E8%B3%AC%E6%AC%BE) The group's total trade payables significantly increased, primarily concentrated within 30 days of maturity, and generally settled within terms of 30 to 150 days Trade Payables | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade Payables | 2,288,303 | 1,836,106 | Ageing Analysis of Trade Payables | Ageing | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 30 days | 1,412,961 | 1,042,748 | | 31 to 60 days | 388,473 | 317,271 | | 61 to 90 days | 299,543 | 345,728 | | Over 90 days | 187,326 | 130,359 | | Total | 2,288,303 | 1,836,106 | - Trade payables are interest-free and generally settled within terms of **30 to 150 days**[32](index=32&type=chunk) [Share Capital](index=16&type=section&id=12.%20%E8%82%A1%E6%9C%AC) The company's share capital remained unchanged during the review period, with a total of 2,114,307,929 ordinary shares in issue, including shares held for the share award scheme Share Capital Structure | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Authorized: 4,000,000,000 ordinary shares of HKD 0.10 each | 400,000 | 400,000 | | Issued and fully paid: 2,114,307,929 ordinary shares | 211,431 | 211,431 | | Equivalent to RMB thousands | 172,134 | 172,134 | - There was no change in the company's share capital during the period[34](index=34&type=chunk) [Management Discussion and Analysis](index=17&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) This section provides an overview of the industry, the group's business performance, and future outlook, highlighting key operational and market trends [Industry Review](index=17&type=section&id=%E8%A1%8C%E6%A5%AD%E5%9B%9E%E9%A1%A7) In the first half of 2025, the global consumer electronics industry showed a structural recovery, with smartphone shipments increasing by 1% year-on-year and tablet shipments by 8.5%. However, demand in the low-end market faced pressure, and the Chinese market performed below expectations. The panel industry underwent adjustments, with small and medium-sized display panel shipments decreasing by 10.0% quarter-on-quarter, but A-Si LCD panels maintained stable demand due to their cost advantage - Global smartphone shipments increased by **1%** year-on-year in Q2 2025, reaching **295.2 million units**[35](index=35&type=chunk) - Global tablet shipments increased by **8.5%** year-on-year in Q1 2025, reaching **36.8 million units**[35](index=35&type=chunk) - Small and medium-sized display panel shipments are expected to decrease by **10.0%** quarter-on-quarter and **6.0%** year-on-year in Q2 2025[36](index=36&type=chunk) - A-Si LCD panels maintain stable demand in the entry-level market due to their significant cost advantage[36](index=36&type=chunk) [Business Review](index=18&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) The group achieved significant growth in sales volume and turnover during the review period, benefiting from scaled production capacity, optimized product structure, and the integrated panel module model with TCL CSOT. Sales of mobile phone modules, tablet modules, and commercial display products all substantially increased, leading to significantly enhanced profitability - During the review period, the group achieved total sales volume of **33.7 million units**, a year-on-year increase of **70.0%**, driving total turnover to **RMB 3,170.6 million**, a year-on-year increase of **72.2%**[37](index=37&type=chunk) - Mobile phone module sales volume increased by **82.3%** to **24.9 million units**, with related turnover increasing by **71.2%** year-on-year to **RMB 1,208.3 million**[37](index=37&type=chunk) - Tablet module sales volume increased by **91.1%** to **4.3 million units**, with related turnover increasing by **71.3%** year-on-year to **RMB 742.7 million**[38](index=38&type=chunk) - Commercial display product sales volume increased by over **2.7 times** year-on-year to **1.7 million units**, with related turnover reaching **RMB 747.0 million**[38](index=38&type=chunk) - The group recorded a gross profit of **RMB 118.3 million**, a year-on-year increase of **70.0%**, with a gross profit margin of **3.7%**. Profit attributable to owners of the parent reached **RMB 51.0 million**, a year-on-year increase of **631.9%**[38](index=38&type=chunk) Sales Volume by Product Category and Year-on-Year Change | Product Sold | 2025 (thousands of units) | % | 2024 (thousands of units) | % | Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Mobile Phone Modules | 24,853.6 | 73.8% | 13,631.5 | 68.9% | +82.3% | | Tablet Modules | 4,327.4 | 12.9% | 2,264.2 | 11.4% | +91.1% | | Commercial Display Products | 1,688.4 | 5.0% | 457.7 | 2.3% | +268.9% | | Components and Other Products | 1,600.0 | 4.8% | 1,668.6 | 8.4% | (4.1%) | | Processing and Manufacturing Services | 1,187.5 | 3.5% | 1,780.4 | 9.0% | (33.3%) | | Total | 33,656.9 | 100.0% | 19,802.4 | 100.0% | +70.0% | Turnover by Product Category and Year-on-Year Change | Product Sold | 2025 (RMB millions) | % | 2024 (RMB millions) | % | Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Mobile Phone Modules | 1,208.3 | 38.1% | 705.8 | 38.3% | +71.2% | | Tablet Modules | 742.7 | 23.4% | 433.5 | 23.6% | +71.3% | | Commercial Display Products | 747.0 | 23.6% | 431.6 | 23.5% | +73.1% | | Components and Other Products | 449.4 | 14.2% | 247.3 | 13.4% | +81.7% | | Processing and Manufacturing Services | 23.2 | 0.7% | 22.8 | 1.2% | +1.8% | | Total | 3,170.6 | 100.0% | 1,841.0 | 100.0% | +72.2% | Turnover by Region and Year-on-Year Change | Region | 2025 (RMB millions) | % | 2024 (RMB millions) | % | Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Mainland China | 2,911.4 | 91.8% | 1,628.8 | 88.5% | +78.7% | | Hong Kong | 259.2 | 8.2% | 212.2 | 11.5% | +22.2% | | Total | 3,170.6 | 100.0% | 1,841.0 | 100.0% | +72.2% | [Outlook](index=20&type=section&id=%E5%B1%95%E6%9C%9B) Facing a slowdown in global economic growth and trade tensions, the group anticipates single-digit growth in the smartphone market and stable demand for A-Si panels. The group will continue to leverage its integrated panel module advantage with TCL CSOT to develop customized products, expecting stable to improving orders in the second half of the year, and is committed to enhancing profitability and creating long-term value - The International Monetary Fund (IMF) forecasts global economic growth to slow to **2.8%** in 2025, continuing to impact the consumer electronics industry[43](index=43&type=chunk) - The smartphone market is expected to maintain single-digit growth in the future, with stable demand for A-Si panels[43](index=43&type=chunk) - The group will continue to leverage its integrated panel module advantage with TCL CSOT t9 to jointly develop more competitive customized products and solutions[43](index=43&type=chunk) - Looking ahead to the second half of 2025, with the continuous expansion of product categories and gradual increase in market share, the group's orders are expected to be stable to improving[43](index=43&type=chunk) [Financial Review](index=21&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) This section details the group's liquidity, financial resources, asset pledges, capital commitments, foreign exchange risk management, and investment activities [Liquidity and Financial Resources](index=21&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90) The group maintains ample liquidity, with cash and cash equivalents and time deposits totaling RMB 122.9 million, and financial deposits of RMB 909.3 million. There were no interest-bearing bank loans or other borrowings during the period, resulting in a zero gearing ratio and a robust financial position - As at June 30, 2025, the group's cash and cash equivalents and time deposits balance was **RMB 122.9 million**[44](index=44&type=chunk) - As at June 30, 2025, the group's financial deposits balance was **RMB 909.3 million**, placed with TCL Technology[44](index=44&type=chunk) - As at June 30, 2025, the group had no interest-bearing bank loans or other borrowings[45](index=45&type=chunk) - Total equity attributable to owners of the parent was **RMB 1,128.9 million**, with a gearing ratio of **zero**[45](index=45&type=chunk) [Pledged Assets](index=21&type=section&id=%E8%B3%87%E7%94%A2%E6%8A%B5%E6%8A%BC) As at June 30, 2025, the group had no pledged assets, consistent with the situation at the end of the previous year - As at June 30, 2025, the group had no pledged assets (December 31, 2024: nil)[46](index=46&type=chunk) [Capital Commitments and Contingent Liabilities](index=22&type=section&id=%E8%B3%87%E6%9C%AC%E6%89%BF%E8%AB%BE%E5%8F%8A%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5) The group's contracted but unprovided capital commitments for plant and equipment amounted to RMB 169,010 thousands, with no significant contingent liabilities Contracted but Unprovided Capital Commitments | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Plant and Equipment | 169,010 | 53,318 | - As at June 30, 2025, the group had no significant contingent liabilities[47](index=47&type=chunk) [Foreign Currency Exchange Risk](index=22&type=section&id=%E5%A4%96%E5%B9%A3%E5%8C%AF%E5%85%8C%E9%A2%A8%E9%9A%AA) The group faces foreign exchange transaction and currency translation risks, aiming for natural hedging by balancing foreign currency-denominated trade, assets, and liabilities, and uses forward foreign exchange contracts to mitigate risk, without engaging in high-risk derivative transactions - The group strives to balance foreign currency-denominated trade, assets, and liabilities to achieve a natural hedging effect[48](index=48&type=chunk) - The group also uses forward foreign exchange contracts to reduce foreign exchange risk and did not engage in any high-risk derivative transactions during the review period[48](index=48&type=chunk) [Litigation](index=22&type=section&id=%E6%9C%AA%E6%B1%BA%E8%A8%B4%E8%A8%9F) During the review period, the group was not involved in any material litigation - During the review period, the group was not involved in any material litigation[49](index=49&type=chunk) [Material Investments Held](index=22&type=section&id=%E6%89%80%E6%8C%81%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87) As at June 30, 2025, the group held no material investments - As at June 30, 2025, the group held no material investments[50](index=50&type=chunk) [Material Acquisitions and Disposals](index=23&type=section&id=%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E5%8F%8A%E5%87%BA%E5%94%AE) The group did not undertake any material acquisitions or disposals of subsidiaries, associates, or joint ventures during the review period - The group did not undertake any material acquisitions or disposals of subsidiaries, associates, or joint ventures during the review period[52](index=52&type=chunk) [Future Plans for Material Investments or Capital Assets](index=23&type=section&id=%E6%9C%89%E9%97%9C%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E6%88%96%E8%B3%87%E6%9C%AC%E8%B3%87%E7%94%A2%E7%9A%84%E6%9C%AA%E4%BE%86%E8%A8%88%E5%8A%83) As at June 30, 2025, the group had no specific plans for material investments or capital assets for the second half of 2025 - As at June 30, 2025, the group had no specific plans for material investments or capital assets for the second half of 2025[53](index=53&type=chunk) [Other Information](index=23&type=section&id=%E5%85%B6%E4%BB%96%E4%BF%A1%E6%81%AF) This section covers employee and remuneration policies, interim dividends, securities transactions, corporate governance, and board composition [Employees and Remuneration Policy](index=23&type=section&id=%E5%83%B1%E5%93%A1%E5%8F%8A%E9%85%AC%E9%87%91%E6%94%BF%E7%AD%96) The group has 3,731 employees, with total staff costs of approximately RMB 239.6 million. The company offers competitive remuneration, bonuses, and benefits, along with continuous training and development programs, linking remuneration policy to market conditions and employee performance, and potentially incentivizing staff through share option and share award schemes - As at June 30, 2025, the group had **3,731** employees, with total staff costs of approximately **RMB 239.6 million**[54](index=54&type=chunk) - The group aims to provide employees with fair, legal, and competitive remuneration, bonuses, and benefits by offering compensation packages regularly updated in conjunction with regional GDP growth and the latest laws and regulations[54](index=54&type=chunk) - The company may grant share options and share awards to relevant grantees (including group employees) under the share option scheme and share award scheme, respectively[54](index=54&type=chunk) [Interim Dividend](index=23&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board has resolved not to declare any interim dividend for the six months ended June 30, 2025, consistent with the prior corresponding period - The Board has resolved not to declare any interim dividend for the six months ended June 30, 2025 (six months ended June 30, 2024: nil)[55](index=55&type=chunk) [Purchase, Redemption or Sale of the Company's Listed Securities](index=23&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E8%B4%96%E5%9B%9E%E6%88%96%E5%87%BA%E5%94%AE%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B9%8B%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) Neither the company nor any of its subsidiaries purchased, redeemed, or sold any of the company's listed securities during the review period - Neither the company nor any of its subsidiaries purchased, redeemed, or sold any of the company's listed securities during the review period[56](index=56&type=chunk) [Compliance with Corporate Governance Code](index=24&type=section&id=%E9%81%B5%E5%AE%88%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%89%87) The company complied with the Corporate Governance Code in Appendix C1 of the Listing Rules during the review period, with the exception that the company secretary is not an employee of the company. A contact person has been appointed to ensure information flow, and the company believes the company secretary's expertise benefits compliance - During the review period, the company complied with the code provisions set out in Part 2 of the Corporate Governance Code in Appendix C1 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, except that Ms. CHEUNG Po Man, the company secretary, is not an employee of the company[57](index=57&type=chunk) - The company has appointed Ms. Clara SIU, Deputy Director of the company's Finance and Investor Relations Department, as Ms. CHEUNG's contact person to ensure that information regarding the group's performance, financial position, and other key developments is promptly communicated[57](index=57&type=chunk) [Standard Code for Securities Transactions by Directors](index=24&type=section&id=%E8%91%A3%E4%BA%8B%E9%80%B2%E8%A1%8C%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E4%B9%8B%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87) The Board has adopted a code of conduct no less stringent than the Standard Code under the Listing Rules, and all directors confirmed compliance with the relevant standards during the review period - The Board has adopted a code of conduct for directors' securities transactions, the terms of which are no less stringent than the Model Code for Securities Transactions by Directors of Listed Issuers set out in Appendix C3 of the Listing Rules[58](index=58&type=chunk) - Following specific enquiries with all Directors, all Directors confirmed that they had complied with the standards set out in the Model Code during the review period[58](index=58&type=chunk) [Audit Committee](index=25&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83) The Audit Committee, comprising four independent non-executive directors, reviewed the group's interim condensed consolidated financial statements and confirmed their compliance with applicable accounting standards, Listing Rules, and legal requirements, with adequate disclosures - The Audit Committee currently comprises four members: Ms. XU Huimin (Chairperson), Mr. LI Yang, Mr. XU Yan, and Ms. YANG Qiulin, all of whom are independent non-executive directors[59](index=59&type=chunk) - The Audit Committee has reviewed the group's unaudited interim condensed consolidated financial statements for the six months ended June 30, 2025, and is of the opinion that the preparation of such financial information complies with applicable accounting standards, the requirements of the Listing Rules, and any other applicable legal requirements, and that adequate disclosures have been made[59](index=59&type=chunk) [Board of Directors](index=25&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83) As of the date of this announcement, the Board of Directors comprises Mr. LIAO Qian, Chairman and Non-executive Director, five Executive Directors, and four Independent Non-executive Directors - As of the date of this announcement, the Board of Directors includes Mr. LIAO Qian, Chairman and Non-executive Director; Mr. ZHANG Feng, Mr. XI Wenbo, Mr. WANG Xinfu, and Mr. ZHANG Caili as Executive Directors; and Ms. XU Huimin, Mr. LI Yang, Mr. XU Yan, and Ms. YANG Qiulin as Independent Non-executive Directors[60](index=60&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，概不就因本公告全部或任 何部分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。 Linklogis Inc. （於開曼群島註冊成立以不同投票權控制的有限公司） 聯易融科技集團 （股份代號：9959） 截至2025年6月30日止六個月之中期業績公告 董事會謹此公佈本集團截至2025年6月30日止六個月（「報告期」）的未經審核中期 業績，以及2024年同期的比較數字。本中期業績已由本公司審核委員會審閱。 主要財務摘要 | | 截至6月30日止六個月 | | | | --- | --- | --- | --- | | | 2025年 | 2024年 | 變動(%) | | | （未經審核） | （未經審核） | | | | （人民幣千元，百分比除外） | | | | 主營業務收入及收益 | 374,506 | 413,111 | (9.3) | | 供應鏈金融科技解決方案 | 348,349 | 385,580 | (9.7) | | 新興解決方案 | 26,157 | 27,531 | ...

[Announcement Summary](index=1&type=section&id=Announcement%20Summary) [Key Financial Highlights](index=1&type=section&id=Key%20Financial%20Highlights) The Group's revenue grew 1.0% driven by property management, but profit declined 37.1% due to fair value losses and reduced gross profit - The Board does not recommend any interim dividend for the period[3](index=3&type=chunk) Overview of Key Financial Data | Metric | Current Period (thousand HKD) | Prior Period (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 169,400 | 167,700 | 1.0% | | Profit attributable to equity holders | 15,100 | 24,000 | -37.1% | | Basic and diluted earnings per share | 5.04 HK cents | 3.99 HK cents (restated) | 26.3% | - Revenue growth was primarily driven by successful bidding for new projects in the property management segment, offset by reduced revenue from environmental hygiene and integrated development businesses[4](index=4&type=chunk) - The decrease in profit was mainly due to increased fair value losses on investment properties, reduced bank interest income, and a decline in gross profit[4](index=4&type=chunk) [Condensed Consolidated Financial Statements](index=2&type=section&id=Condensed%20Consolidated%20Financial%20Statements) [Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) Revenue increased by 1.0%, but higher costs and fair value losses on investment properties led to a 36.3% decline in profit for the period Condensed Consolidated Statement of Profit or Loss Summary | Metric | Six Months Ended June 30, 2025 (thousand HKD) | Six Months Ended June 30, 2024 (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 169,381 | 167,741 | 1.0% | | Cost of sales and services | (124,013) | (120,555) | 2.9% | | Gross Profit | 45,368 | 47,186 | -3.8% | | Other income | 988 | 3,563 | -72.3% | | Fair value change of investment properties | (9,844) | (5,572) | 76.7% | | Profit for the period | 15,197 | 23,832 | -36.3% | | Profit attributable to equity holders of the Company | 15,132 | 24,017 | -37.0% | | Basic and diluted earnings per share | 5.04 HK cents | 3.99 HK cents | 26.3% | - Basic and diluted earnings per share increased from **3.99 HK cents** (restated) to **5.04 HK cents**, despite a decrease in profit for the period, possibly due to share consolidation[6](index=6&type=chunk) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) Despite a decline in profit for the period, total comprehensive income surged over 200% due to favorable foreign currency translation differences Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Summary | Metric | Six Months Ended June 30, 2025 (thousand HKD) | Six Months Ended June 30, 2024 (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Profit for the period | 15,197 | 23,832 | -36.3% | | Exchange differences on translation of foreign operations | 13,321 | (13,583) | 198.1% | | Total comprehensive income for the period | 29,237 | 9,602 | 204.5% | | Attributable to equity holders of the Company | 28,628 | 10,256 | 179.1% | - The shift from an exchange loss of **HKD 13.6 million** in the prior period to an exchange gain of **HKD 13.3 million** in the current period for overseas operations was the primary driver of the significant increase in total comprehensive income[7](index=7&type=chunk) [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) Total assets slightly increased, with net current assets growing significantly, leading to a 6.1% rise in net assets, primarily due to increased reserves Condensed Consolidated Statement of Financial Position Summary | Metric | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current assets | 238,168 | 243,614 | -2.2% | | Current assets | 399,447 | 387,029 | 3.2% | | Current liabilities | 134,323 | 149,435 | -10.1% | | Net current assets | 265,124 | 237,594 | 11.6% | | Net assets | 460,217 | 433,551 | 6.1% | | Equity attributable to equity holders of the Company | 354,068 | 327,540 | 8.1% | - Net current assets increased by **11.6%**, primarily due to an increase in current assets and a decrease in current liabilities[8](index=8&type=chunk) - Reserves increased from **HKD 207.3 million** to **HKD 233.8 million**, serving as the main driver for the growth in equity attributable to equity holders of the Company[9](index=9&type=chunk) [Notes to the Unaudited Condensed Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) [1. General Information](index=6&type=section&id=1.%20General%20Information) The Company, an exempted limited company listed on the Stock Exchange, primarily operates in property management, environmental hygiene, and integrated development - The Company is an exempted limited company incorporated in the Cayman Islands, with its shares listed on The Stock Exchange of Hong Kong Limited[10](index=10&type=chunk) - The Group primarily engages in property management and leasing services for residential and commercial properties, environmental hygiene, integrated development, and diversified tourism products and services[10](index=10&type=chunk) [2. Basis of Preparation](index=6&type=section&id=2.%20Basis%20of%20Preparation) Unaudited interim financial statements, reviewed by the Audit Committee, are prepared under Listing Rules and HKAS 34 on a historical cost basis - The interim financial statements are unaudited, have been reviewed by the Audit Committee, and are prepared in accordance with Appendix D2 of the Listing Rules and Hong Kong Accounting Standard 34[12](index=12&type=chunk) - The adoption of new/revised Hong Kong Financial Reporting Standards had no significant impact on the Group's results and financial position[14](index=14&type=chunk) [3. Revenue and Segment Reporting](index=7&type=section&id=3.%20Revenue%20and%20Segment%20Reporting) [3(a) Revenue](index=7&type=section&id=3%28a%29%20Revenue) Revenue, totaling **HKD 169.4 million**, is primarily generated from property management, environmental hygiene, tourism-related services, and rental income Revenue Composition | Revenue Category | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Property management services | 88,584 | 85,260 | 3.9% | | Tourism-related services | 2,127 | 3,928 | -45.9% | | Environmental hygiene services | 63,696 | 65,249 | -2.4% | | Rental income | 14,974 | 13,304 | 12.6% | | **Total Revenue** | **169,381** | **167,741** | **1.0%** | [3(b) Segment Reporting](index=8&type=section&id=3%28b%29%20Segment%20Reporting) Operating segments include property management, environmental hygiene, and integrated development, with property management showing significant growth while others declined - Property management segment performance nearly doubled, increasing from **HKD 8.3 million** to **HKD 16.1 million**[21](index=21&type=chunk) - Environmental hygiene segment performance significantly decreased from **HKD 15.9 million** to **HKD 6.2 million**[21](index=21&type=chunk) - All external customer revenue and over **98%** of non-current assets of the Group are derived from mainland China[25](index=25&type=chunk) Key Client Revenue Contribution | Client | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Client A (related company) | <10% of total revenue | 19,369 | | Client B | 39,317 | 29,196 | [4. Finance Costs](index=12&type=section&id=4.%20Finance%20Costs) Finance costs, mainly interest on lease liabilities, increased slightly by 15.2% to **HKD 977 thousand** for the period Finance Costs | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Interest on lease liabilities | 977 | 848 | 15.2% | [5. Profit Before Tax](index=12&type=section&id=5.%20Profit%20Before%20Tax) Profit before tax was affected by lower staff costs, a sharp drop in bank interest income, and increased loss allowance for trade receivables Profit Before Tax Impact Factors | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Total staff costs | 43,570 | 48,406 | -9.99% | | Bank interest income | (851) | (3,536) | -75.9% | | Loss allowance for trade receivables | 1,861 | 4,568 | -59.2% | | Net exchange loss (gain) | 1,788 | (1,868) | 195.7% | - Bank interest income significantly decreased by **75.9%**, negatively impacting profit before tax[28](index=28&type=chunk) - Net exchange position shifted from a gain to a loss, increasing expenses by **HKD 1.8 million**[28](index=28&type=chunk) [6. Tax](index=13&type=section&id=6.%20Tax) Tax for the period was negative **HKD 104 thousand** due to deferred tax reversal, with China's taxable profits subject to 5% or 25% rates - Corporate income tax in China is levied at **5%** (for small and micro enterprises) or **25%**[29](index=29&type=chunk) - No provision for profits tax was made in Hong Kong due to tax losses incurred[29](index=29&type=chunk) Income Tax Composition | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Current tax (corporate income tax) | 1,953 | 2,206 | | Deferred tax (reversal) | (2,057) | (4,596) | | **Total income tax** | **(104)** | **(2,390)** | [7. Earnings Per Share](index=13&type=section&id=7.%20Earnings%20Per%20Share) Basic and diluted earnings per share increased to **5.04 HK cents**, primarily due to reduced distributions to perpetual convertible securities holders Earnings Per Share Calculation Data | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Profit attributable to equity holders of the Company | 15,132 | 24,017 | | Distributions paid to holders of perpetual convertible securities | (2,100) | (11,613) | | Distributions accrued to holders of perpetual convertible securities | – | (2,100) | | **Profit for EPS calculation** | **13,032** | **10,304** | - The weighted average number of ordinary shares used for EPS calculation has been retrospectively adjusted due to the share consolidation[33](index=33&type=chunk) - The assumed conversion and issue of perpetual convertible securities and share award schemes were not included in diluted EPS calculation due to their anti-dilutive effect[33](index=33&type=chunk) [8. Property, Plant and Equipment](index=14&type=section&id=8.%20Property%2C%20Plant%20and%20Equipment) The carrying amount of machinery and equipment, primarily lease-held assets, decreased to zero HKD as of June 30, 2025 - As of June 30, 2025, the carrying amount of machinery and equipment was **zero HKD**, compared to **HKD 3,498 thousand** as of December 31, 2024, primarily related to assets held under leases[34](index=34&type=chunk) [9. Trade Receivables](index=14&type=section&id=9.%20Trade%20Receivables) Total trade receivables increased to **HKD 166.8 million**, with a significant rise in overdue accounts from third parties and related companies Trade Receivables Composition | Source | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Third parties | 127,591 | 116,725 | 9.3% | | Related companies | 52,946 | 53,182 | -0.4% | | Loss allowance | (13,691) | (11,440) | 19.7% | | **Total (net of allowance)** | **166,846** | **158,467** | **5.3%** | Trade Receivables Aging Analysis | Aging | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Within 90 days | 60,985 | 62,001 | -1.6% | | 91 to 180 days | 18,626 | 34,769 | -46.4% | | 181 to 365 days | 57,212 | 48,986 | 16.8% | | Over 365 days | 30,023 | 12,711 | 136.2% | - The increase in trade receivables was primarily due to delayed payments from specific customers in the property management and environmental hygiene segments due to cash flow delays[66](index=66&type=chunk) [10. Trade Payables](index=15&type=section&id=10.%20Trade%20Payables) Total trade payables slightly decreased to **HKD 31.6 million**, mainly to third parties, though payables over 365 days increased Trade Payables Composition | Source | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | To third parties | 31,163 | 31,797 | -2.0% | | To related companies | 467 | 773 | -39.6% | | **Total** | **31,630** | **32,570** | **-2.9%** | Trade Payables Aging Analysis | Aging | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Within 90 days | 12,371 | 12,659 | -2.3% | | 91 to 180 days | 3,413 | 5,304 | -35.7% | | 181 to 365 days | 3,469 | 4,396 | -21.1% | | Over 365 days | 12,377 | 10,211 | 21.2% | [11. Share Capital](index=16&type=section&id=11.%20Share%20Capital) Share capital structure remained stable, with 258,442 thousand issued ordinary shares at **HKD 0.25** par value, totaling **HKD 64,610 thousand** - The authorized share capital is **400,000 thousand** shares with a par value of **HKD 0.25** each, totaling **HKD 100,000 thousand**[37](index=37&type=chunk) - The issued and fully paid share capital consists of **258,442 thousand** shares with a par value of **HKD 0.25** each, totaling **HKD 64,610 thousand**[37](index=37&type=chunk) - A share consolidation was effected on December 2, 2024, where every fifty shares of **HKD 0.005** par value were consolidated into one share of **HKD 0.25** par value[37](index=37&type=chunk) [12. Interim Dividend](index=16&type=section&id=12.%20Interim%20Dividend) The Board does not recommend any interim dividend for the period - The Board does not recommend any interim dividend for the period[38](index=38&type=chunk) [Management Discussion and Analysis](index=17&type=section&id=Management%20Discussion%20and%20Analysis) [Industry Overview, Business Strategies and Business Review](index=17&type=section&id=Industry%20Overview%2C%20Business%20Strategies%20and%20Business%20Review) The Group operates in property management, environmental hygiene, and integrated development in China, with property management revenue growing while others declined [Property Management Business](index=17&type=section&id=Property%20Management%20Business) Driven by urbanization, the property management business achieved 5.1% revenue growth through service quality improvements and digital platform adoption - National policies are driving the property management industry towards standardization, intelligence, and a people-oriented approach, encouraging the adoption of big data and artificial intelligence to enhance efficiency[42](index=42&type=chunk) - Hongyu Property Group received multiple industry awards and enhanced customer satisfaction by strengthening employee training, competitive promotion systems, and digital platforms for value-added services[43](index=43&type=chunk)[44](index=44&type=chunk) - The total gross floor area under management is approximately **8.5 million square meters**, with successful bids for several new projects (primarily public buildings), but some service contracts expired and were not renewed[45](index=45&type=chunk) Property Management Business Revenue | Business | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Property management business revenue | 103,600 | 98,600 | 5.1% | [Environmental Hygiene Business](index=20&type=section&id=Environmental%20Hygiene%20Business) Environmental hygiene revenue decreased by 2.3% due to fewer sporadic contracts, with future focus on service scope, client relations, and cost control - The environmental hygiene industry is expected to maintain rapid growth but faces challenges such as technology upgrade costs, human resource management, and environmental regulation enforcement[47](index=47&type=chunk) Environmental Hygiene Services Business Revenue | Business | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Environmental hygiene services revenue | 63,700 | 65,200 | -2.3% | - The decrease in revenue was primarily due to a reduction in sporadic contracts; the Group will implement cost control measures and provide training to enhance operational efficiency[48](index=48&type=chunk) [Integrated Development Business](index=21&type=section&id=Integrated%20Development%20Business) Integrated development revenue, particularly tourism-related services, decreased by 45.9% due to high mall vacancy rates and increased competition [Tourism-related Services](index=21&type=section&id=Tourism-related%20Services) Tourism-related revenue decreased by 45.9% to **HKD 2.1 million** due to high mall vacancy rates, increased competition, and lack of unique products Tourism-related Services Revenue | Business | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Tourism-related services revenue | 2,100 | 3,900 | -45.9% | - The decrease in revenue was primarily due to high shopping mall vacancy rates, increased competition from self-operated businesses by nearby villagers, and a lack of unique and competitive products[50](index=50&type=chunk) - A piece of land with a total area of **14,637 square meters** is in the planning stage, with a carrying value of approximately **HKD 15.5 million**[50](index=50&type=chunk) [Provision of Promotion, Event Planning and Consultancy Services](index=22&type=section&id=Provision%20of%20Promotion%2C%20Event%20Planning%20and%20Consultancy%20Services) No revenue was recorded from promotion, event planning, and consultancy services due to changes in a key client's sales and marketing strategy - No revenue was recorded from promotion, event planning, and consultancy services during the current and prior periods, mainly due to changes in a key client's sales and marketing strategy[52](index=52&type=chunk) [Diversified Tourism Products and Services Business](index=22&type=section&id=Diversified%20Tourism%20Products%20and%20Services%20Business) No revenue was recorded in diversified tourism products and services, as the Group focused on property management and environmental hygiene - No revenue was recorded in the diversified tourism products and services segment during the current and prior periods, as the Group focused on other businesses such as property management and environmental hygiene[53](index=53&type=chunk) [Future Outlook](index=22&type=section&id=Future%20Outlook) Property management and environmental hygiene industries are expected to grow but face rising costs; the Group plans strategic adjustments and acquisitions - The property management and environmental hygiene industries are expected to maintain growth but face increasing operating costs and intense competition[54](index=54&type=chunk) - The Group will adjust its market strategies to support national policies, enhance service quality, and promote intelligent and digital transformation[54](index=54&type=chunk)[55](index=55&type=chunk) - Future strategies include expanding service scope through cross-industry cooperation and strategically acquiring high-quality projects to grow the property management and environmental hygiene businesses[56](index=56&type=chunk) [Financial Review](index=24&type=section&id=Financial%20Review) [Operating Performance](index=24&type=section&id=Operating%20Performance) Total revenue increased by 1.0% to **HKD 169.4 million**, driven by property management growth, while environmental hygiene and integrated development revenues declined Analysis by Revenue Nature | Business Category | 2025 (thousand HKD) | Share (%) | 2024 (thousand HKD) | Share (%) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Property management and leasing related services | 103,558 | 61.1 | 98,564 | 58.8 | 5.1% | | Environmental hygiene services | 63,696 | 37.6 | 65,249 | 38.9 | -2.4% | | Tourism-related revenue | 2,127 | 1.3 | 3,928 | 2.3 | -45.9% | | **Total** | **169,381** | **100.0** | **167,741** | **100.0** | **1.0%** | - The increase in property management business revenue was primarily due to successful bids for several new projects, mainly in public facilities[58](index=58&type=chunk) - The decrease in environmental hygiene business revenue was mainly due to a reduction in sporadic contracts (non-tendered services)[58](index=58&type=chunk) - The decline in integrated development business revenue was primarily due to increased vacancy rates in Tumen Tourism's shopping mall and intense competition from self-operated businesses by nearby villagers[59](index=59&type=chunk) [Gross Profit and Gross Margin](index=25&type=section&id=Gross%20Profit%20and%20Gross%20Margin) Total gross profit decreased by 3.8% to **HKD 45.4 million**, with gross margin falling to 26.8%, as property management growth was offset by declines in other segments Gross Profit and Gross Margin by Business Segment | Business Segment | 2025 Gross Profit (thousand HKD) | 2024 Gross Profit (thousand HKD) | Change (%) | 2025 Gross Margin (%) | 2024 Gross Margin (%) | Change (percentage points) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Property management business | 33,600 | 25,600 | 31.3% | 32.4% | 26.0% | 6.4 | | Environmental hygiene business | 10,000 | 18,100 | -44.8% | 15.7% | 27.7% | -12.0 | | Integrated development business | 1,800 | 3,500 | -48.6% | 82.2% | 89.7% | -7.5 | | **Total** | **45,400** | **47,200** | **-3.8%** | **26.8%** | **28.1%** | **-1.3** | - The increase in property management business gross profit and gross margin was primarily due to successful bids for new projects and effective operational cost control[60](index=60&type=chunk) - The decrease in environmental hygiene business gross profit and gross margin was mainly due to a reduction in sporadic contracts, contract expirations, and increased operating costs from upgraded services[61](index=61&type=chunk) [Profit for the Period](index=26&type=section&id=Profit%20for%20the%20Period) Profit for the period decreased to **HKD 15.2 million** due to increased fair value losses on investment properties, lower bank interest income, and reduced gross profit - Profit for the period was approximately **HKD 15.2 million**, a decrease from **HKD 23.8 million** in the prior period[63](index=63&type=chunk) - The decrease in profit was mainly due to an increase in fair value losses on investment properties of approximately **HKD 4.3 million**, reduced bank interest income, and a decline in the Group's gross profit[63](index=63&type=chunk) [Asset Structure](index=26&type=section&id=Asset%20Structure) Property, plant and equipment, and right-of-use assets totaled **HKD 133.3 million**, with increases in trade receivables and contract assets Key Asset Composition | Asset Category | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Property, plant and equipment and right-of-use assets | 133,300 | 139,900 | -4.7% | | Investment properties | 75,500 | 76,000 | -0.7% | | Investment in an associate | 23,400 | 22,700 | 3.1% | | Inventories | 15,600 | 15,100 | 3.3% | | Trade receivables | 166,800 | 158,500 | 5.2% | | Contract assets | 26,100 | 16,900 | 54.4% | | Prepayments, deposits and other receivables, amounts due from related companies and an associate | 80,500 | 110,300 | -27.0% | | Fixed deposits and cash and cash equivalents | 110,400 | 86,400 | 27.8% | - The development project of the associate, Dakun Zhifang, has been suspended due to economic uncertainties; the Group is evaluating the feasibility of restarting and exploring alternative exit strategies[65](index=65&type=chunk) - Contract assets significantly increased by **54.4%**, primarily representing trade receivables yet to be invoiced, especially from government department clients[68](index=68&type=chunk) - Cash and cash equivalents increased by **27.8%**, mainly generated from operating activities, partially offset by repayment of lease liabilities and distributions[68](index=68&type=chunk) [Liability Structure](index=28&type=section&id=Liability%20Structure) Trade payables and contract liabilities decreased by 6.4% to **HKD 58.3 million**, mainly due to accelerated repayments in the environmental hygiene segment Key Liability Composition | Liability Category | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Trade payables and contract liabilities | 58,300 | 62,300 | -6.4% | | Other payables | 53,300 | 63,000 | -15.4% | | Lease liabilities | 42,300 | 46,400 | -8.8% | - The decrease in trade payables and contract liabilities was primarily due to accelerated repayments in the environmental hygiene segment[67](index=67&type=chunk) - Other payables decreased by **15.4%**, mainly due to a reduction in customer advances and retirement contributions payable in the environmental hygiene segment[71](index=71&type=chunk) [Liquidity and Financial Resources](index=29&type=section&id=Liquidity%20and%20Financial%20Resources) The Group's current ratio increased to 3.0, indicating sound financial policy with operations funded by internal resources Liquidity Ratios | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Current Ratio | 3.0 | 2.6 | | Gearing Ratio | Not applicable | Not applicable | - The Group funds its operations and investments through internal resources[69](index=69&type=chunk) [Foreign Exchange Risk](index=29&type=section&id=Foreign%20Exchange%20Risk) Most transactions are in RMB, making net assets susceptible to exchange rate fluctuations; no derivative instruments were used for hedging - Most of the Group's transactions are denominated and settled in RMB, so exchange rate fluctuations will affect net assets[70](index=70&type=chunk) - No derivative financial instruments were used to hedge foreign exchange risk during the period[70](index=70&type=chunk) [Other Information](index=30&type=section&id=Other%20Information) [Capital Commitments](index=30&type=section&id=Capital%20Commitments) Capital commitments for equity securities investments totaled approximately **HKD 16.4 million** as of June 30, 2025 Capital Commitments | Item | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Equity securities investments | 16,400 | 15,900 | 3.1% | [Significant Acquisitions, Investments and Disposals](index=30&type=section&id=Significant%20Acquisitions%2C%20Investments%20and%20Disposals) The Group had no significant investments, acquisitions, or disposals of subsidiaries and associates during the period - The Group had no significant investments, significant acquisitions, or disposals of subsidiaries and associates during the period[73](index=73&type=chunk) [Pledge of Assets](index=30&type=section&id=Pledge%20of%20Assets) The Group had no pledged assets as of June 30, 2025, and December 31, 2024 - The Group had no pledged assets[74](index=74&type=chunk) [Significant Contingent Liabilities](index=30&type=section&id=Significant%20Contingent%20Liabilities) The Group had no significant contingent liabilities as of June 30, 2025, and December 31, 2024 - The Group had no significant contingent liabilities[75](index=75&type=chunk) [Number of Employees and Remuneration](index=30&type=section&id=Number%20of%20Employees%20and%20Remuneration) The Group's total employees increased to 2,400, while staff costs decreased by 9.9% to **HKD 43.6 million**; benefits include medical insurance and MPF Employee Data | Metric | June 30, 2025 | June 30, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Total Employees | 2,400 | 2,100 | 14.3% | | Staff Costs (thousand HKD) | 43,600 | 48,400 | -9.9% | - The Group provides medical insurance, Mandatory Provident Fund (MPF) schemes, and a share award scheme for its employees[76](index=76&type=chunk)[77](index=77&type=chunk)[78](index=78&type=chunk) - Employees in China participate in a Chinese retirement scheme, while Hong Kong employees participate in an MPF scheme[77](index=77&type=chunk) [Interim Dividend](index=31&type=section&id=Interim%20Dividend) The Board does not recommend any interim dividend for the period - The Board does not recommend any interim dividend for the period[79](index=79&type=chunk) [Corporate Governance](index=32&type=section&id=Corporate%20Governance) The Company complied with the Corporate Governance Code, except for the combined Chairman and CEO roles, and rectified prior non-compliance with Listing Rules [Corporate Governance Code](index=32&type=section&id=Corporate%20Governance%20Code) The Company complied with the Corporate Governance Code, though the Chairman and CEO roles are combined, deviating from Code Provision C.2.1 - The Company complied with the Corporate Governance Code, except that the roles of Chairman and Chief Executive Officer are combined and performed by Mr. Mo Yueming, deviating from Code Provision C.2.1[80](index=80&type=chunk) [Non-compliance with Listing Rules](index=32&type=section&id=Non-compliance%20with%20Listing%20Rules) Non-compliance with Listing Rules on committee composition, due to INED re-designation, was rectified by appointing a new independent non-executive director - The re-designation of Mr. He Qi and Mr. Sui Fengzhi from independent non-executive directors to non-executive directors resulted in the Audit Committee and Nomination Committee composition not meeting Listing Rules requirements[81](index=81&type=chunk) - The Company rectified the non-compliance by appointing Mr. Yao Gang as an independent non-executive director, Chairman of the Audit Committee, and a member of the Nomination Committee on June 30, 2025, to comply with Listing Rules[82](index=82&type=chunk) [Standard Code for Securities Transactions by Directors](index=33&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The Company adopted the Standard Code for directors' securities transactions, with all directors confirming compliance during the period - The Company adopted the Standard Code in Appendix C3 of the Listing Rules as the code of conduct for directors' securities transactions, and all directors confirmed compliance during the period[83](index=83&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=33&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) The Company did not redeem, purchase, or sell any of its listed securities on the Stock Exchange during the period - The Company did not redeem any of its listed securities on the Stock Exchange during the period, nor did the Company or any of its subsidiaries purchase or sell any such securities[84](index=84&type=chunk) [Significant Events After the Reporting Period](index=33&type=section&id=Significant%20Events%20After%20the%20Reporting%20Period) The Group will acquire the remaining 49% interest in Hong Kong Dongsheng from China Comfort Travel Group, making it a wholly-owned entity - The Group will acquire the remaining **49%** interest in Hong Kong Dongsheng from China Comfort Travel Group Co., Ltd. for a consideration of **RMB 2,627,000** (approximately **HKD 2,876,000**), making it a wholly-owned entity after completion[85](index=85&type=chunk) - This acquisition is a fully exempt transaction as all applicable percentage ratios (except for the profit ratio) are less than **5%**, and the total consideration is less than **HKD 3,000,000**[85](index=85&type=chunk) [Audit Committee and Review of Interim Results](index=34&type=section&id=Audit%20Committee%20and%20Review%20of%20Interim%20Results) The Audit Committee reviewed the unaudited interim results, confirming compliance with accounting standards, Listing Rules, and adequate disclosures - The Audit Committee has reviewed the Group's unaudited interim results for the period[87](index=87&type=chunk) - The Audit Committee concluded that applicable accounting standards were adopted, relevant Listing Rules complied with, and adequate disclosures made[87](index=87&type=chunk) [Publication of Interim Results and Interim Report](index=34&type=section&id=Publication%20of%20Interim%20Results%20and%20Interim%20Report) The interim results announcement is published online, and the interim report will be dispatched to shareholders and published on the website - This interim results announcement is published on the Company's website (www.gycsfw.com.cn) and the Stock Exchange's website (www.hkexnews.hk)[88](index=88&type=chunk) [Acknowledgement](index=34&type=section&id=Acknowledgement) The Board extends its sincere gratitude to shareholders, business partners, and employees - The Board extends its sincere gratitude to shareholders, business partners, and employees[89](index=89&type=chunk) [Board Composition](index=34&type=section&id=Board%20Composition) As of the announcement date, the Board comprises three executive, two non-executive, and three independent non-executive directors - The Board comprises three executive directors (Mr. Mo Yueming, Ms. Hao Ying, and Mr. Xue Fei), two non-executive directors (Mr. He Qi and Mr. Sui Fengzhi), and three independent non-executive directors (Mr. Lin Huarong, Ms. Juliett Jing Dong, and Mr. Yao Gang)[90](index=90&type=chunk)

（股份代號：3329） 500,000,000美元1.75厘2026年到期之有擔保票據 （債券代號：40737） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 BOCOM INTERNATIONAL HOLDINGS COMPANY LIMITED 交銀國際控股有限公司 （於香港註冊成立的有限公司） 截至2025年6月30日止六個月之中期業績公告 董事會宣佈本集團截至2025年6月30日止六個月的未經審核簡明合併中期業績連同2024 年同期之比較數字。 簡明合併收益表 | | | 截至以下日期止六個月 | | | --- | --- | --- | --- | | | | 2025年6月30日 | 2024年6月30日 | | | | （未經審核） | （未經審核） | | | 附註 | 千港元 | 千港元 | | 收益 | | | | | 佣金及手續費收入 | 4 | 104,118 | 96,019 | | 利息收入 | 4 | 155,449 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 暢捷通信息技術股份有限公司 CHANJET INFORMATION TECHNOLOGY COMPANY LIMITED* （於中華人民共和國註冊成立的股份有限公司） （股份代號：1588） 截至二零二五年六月三十日止六個月之中期業績公告 中期簡明綜合全面收益表 | 財務摘要 | | | | | --- | --- | --- | --- | | | 截至六月三十日止六個月 | | | | | 二零二五年 | 二零二四年 | | | | （未經審核） | （未經審核） | 變化率 | | | 人民幣千元 | 人民幣千元 | % | | 收入 | 483,109 | 452,883 | 7 | | 毛利 | 336,901 | 327,125 | 3 | | 母公司擁有人應佔利潤╱（虧損） | 33,513 | (9,879) | 不適用 | | （人民幣元） 基本每股盈利╱（虧損） | 0.105 | ...