2025 中期報告 2025 Interim Report 公司資料 董事 執行董事 楊英民 （主席兼行政總裁） 錢一棟 （副主席） 沈健 黃志丹 錢斯群 （於二零二五年三月二十八日獲委任） 獨立非執行董事 石文豪 沈鳴杰 馮嘉偉 授權代表 楊英民 公司秘書 何詠欣 審核委員會 石文豪 （主席） 沈鳴杰 馮嘉偉 薪酬委員會 沈鳴杰 （主席） 馮嘉偉 錢一棟 提名委員會 楊英民 （主席） 沈鳴杰 馮嘉偉 企業管治委員會 馮嘉偉 （主席） 石文豪 沈鳴杰 財務報告委員會 石文豪 （主席） 沈鳴杰 馮嘉偉 註冊辦事處 Clarendon House 2 Church Street Hamilton HM 11 Bermuda 總辦事處及主要營業地點 香港 灣仔 杜老誌道6號 群策大廈 20樓2004–05室 主要股份過戶登記處 Appleby Global Corporate Services (Bermuda) Limited Canon's Court, 22 Victoria Street P.O. Box HM1179, Hamilton HM EX Bermuda （於二零二五年一月十日生效） 香港股份過 ...

Revenue and Profitability - Revenue for the six months ended June 30, 2025, was HK$213,440,000, a decrease of 8.3% from HK$232,089,000 in the same period of 2024[6] - Revenue from property management services was HK$213,417,000, down 8.0% from HK$232,045,000 in the previous year[34] - Wine distribution revenue decreased to HK$23,000 from HK$44,000, reflecting a significant decline of 47.7%[34] - Total revenue from all operations for the six months ended June 30, 2025, was HK$988,678,000, down from HK$1,030,384,000 in 2024, reflecting a decline of 4.1%[51] - The Group's property management segment revenue for the period was approximately HK$213.4 million, a decline from HK$232.0 million for the same period in 2024[188] - The wine operation revenue fell by 47.7% year-on-year to approximately HK$23,000, reflecting a challenging operating environment and weak consumer sentiment[191] Losses and Impairments - Loss from operating activities increased significantly to HK$42,042,000 compared to a loss of HK$3,722,000 in the prior period[6] - Loss for the period from continuing operations was HK$42,647,000, compared to HK$7,277,000 in the same period last year, reflecting a substantial increase in losses[6] - The company reported an impairment loss of goodwill amounting to HK$48,456,000 during the period[6] - The Group recognized an impairment loss of approximately HK$48,456,000 on goodwill related to its property management business during the six months ended June 30, 2025[95] - The loss before taxation was HK$22,377,000, with a tax credit of HK$73, leading to a total loss for the period of HK$22,304,000[69] - The loss after tax for the Period increased by 486.1% to approximately HK$42.6 million[153] Cash Flow and Assets - Cash and cash equivalents at the end of the period were HK$378,059,000, up from HK$357,768,000, marking an increase of about 5.7%[22] - The net cash used in operating activities for the six months ended June 30, 2025, was HK$43,181,000, compared to HK$21,306,000 for the same period in 2024, indicating a worsening cash flow situation[22] - As of June 30, 2025, total assets less current liabilities amounted to HK$1,423,490,000, a decrease from HK$1,453,868,000 as of December 31, 2024, representing a decline of approximately 2.1%[14] - Consolidated total assets decreased to HK$1,625,430,000 in 2025 from HK$1,673,187,000 in 2024, reflecting a reduction of approximately 3%[47] - The Group's total assets decreased by 2.9% to approximately HK$1,625.4 million, down from HK$1,673.2 million as of December 31, 2024[161][164] Equity and Liabilities - Total equity attributable to owners of the Company decreased to HK$1,391,201,000 from HK$1,419,324,000, a decline of approximately 2.0%[17] - The Company’s reserves decreased from HK$1,387,248,000 to HK$1,359,125,000, a reduction of about 2.0%[17] - Total liabilities decreased by 7.3% to approximately HK$235.6 million, compared to HK$254.3 million as of December 31, 2024[162][164] Segment Performance - The Group has three reportable segments: real estate development and operation, wine distribution in Hong Kong, and property management services[37] - Revenue from external customers for the real estate and integrated resort segment was HK$213,417,000 in 2025, a decrease from HK$232,045,000 in 2024, representing a decline of approximately 8%[41] - The total segment loss for the period was HK$42,647,000, compared to a loss of HK$62,228,000 in the previous period, indicating an improvement of about 31%[41] Operational Changes and Future Outlook - The Group completed the disposals of its former subsidiaries in the entertainment and wine sectors to generate cash flows for the expansion of other existing businesses[62] - The Group is actively exploring new business opportunities to broaden income sources and may withdraw from long-term loss-making projects to strengthen its core business[200] - The Group aims to improve profitability by focusing on profitable business segments and exploring diverse business opportunities for sustained growth[200] Financial Ratios and Metrics - The current ratio increased to 3.2 as of June 30, 2025, up from 2.9 as of December 31, 2024[163][164] - The gearing ratio remained stable at 0.1% as of June 30, 2025, consistent with December 31, 2024[163][164] - Trade receivables turnover ratio increased to 132 days, compared to 115 days as of December 31, 2024, due to longer aging of accounts receivable in the property management services segment[165][168] Employee and Management Costs - The Group employed a total of 1,340 full-time employees as of June 30, 2025, down from 1,567 as of December 31, 2024[180][183] - Key management personnel remuneration increased to HK$3,537,000 for the six months ended June 30, 2025, compared to HK$2,639,000 in the same period of 2024[118]

2025 2025 2025 中期報告 上海電氣集團股份有限公司 INTERIM REPORT Shanghai Electric Group Company Limited REPORT INTERIM CONTENTS | 目 | 錄 | | --- | --- | | 02 | 公司資料 | | 03 | 業績摘要 | | 04 | 董事長報告 | | 10 | 管理層討論與分析 | | 20 | 其他資料 | | 24 | 未經審核中期合併資產負債表 | | 26 | 未經審核中期合併利潤表 | | 28 | 未經審核中期合併股東權益變動表 | | 30 | 未經審核中期合併現金流量表 | | 31 | 未經審核中期合併財務資料附註 | 二零二五年中期报告 上海電氣集團股份有限公司 2 公司資料 公司信息 | 公司法定中文名稱 | 上海電氣集團股份有限公司 | | --- | --- | | 公司法定中文名稱縮寫 | 上海電氣 | | 公司法定英文名稱 | Shanghai Electric Group Company Limited | | 公司法定英文名稱縮寫 | Shanghai Electri ...

CONTENTS 目錄 2 Financial Highlights 財務摘要 3 Chairman's Statement 主席報告 8 Management Discussion and Analysis 管理層論述及分析 37 Condensed Consolidated Statement of Comprehensive Income 簡明綜合全面收益表 38 Condensed Consolidated Statement of Financial Position 簡明綜合財務狀況表 40 Condensed Consolidated Statement of Changes in Equity 簡明綜合股權變動報表 41 Condensed Consolidated Statement of Cash Flows 簡明綜合現金流量表 43 Notes to the Condensed Consolidated Interim Financial Statements 簡明綜合中期財務報表附註 70 Group's Properties 本集團物業 71 List of Restaurants/ ...

( 於開曼群島註冊成立的有限公司 ) 股份代號 : 815 2025年中期報告 中國白銀集團 CHINA SILVER GROUP 中國白銀集團有限公司 China Silver Group Limited 中國領先的全產業 白銀、黄金、윈金及貴金屬綜合企業 能 | 公司資料 | 2 | | --- | --- | | 財務摘要 | 3 | | 我們的里程碑 | ব | | 精選品牌與產品 | ട | | 管理層討論與分析 | ୧ | | 企業管治及其他資料 | 19 | | 簡明綜合損益及其他全面收益表 | 25 | | 簡明綜合財務狀況表 | 27 | | 簡明綜合權益變動表 | 29 | | 簡明綜合現金流量表 | 30 | | 簡明綜合財務報表附註 | 31 | 公司資料 執行董事 陳萬天 宋國生 獨立非執行董事 宋鴻兵 宋芳秀 曾一龍 審核委員會 曾一龍（主席） 宋芳秀 宋鴻兵 薪酬委員會 宋芳秀（主席） 陳萬天 宋鴻兵 提名委員會 陳萬天（主席） 宋芳秀 宋鴻兵 公司秘書 陳瀚濤，HKICPA FCCA 授權代表 陳萬天 陳瀚濤 開曼群島股份過戶登記處 Intertrust Corporate S ...

1 中國玻璃控股有限公司 二零二五年中期報告 公司資料 2-3 管理層討論及分析 4-13 其他資料 14-22 致中國玻璃控股有限公司董事會審閱報告 23-24 綜合損益表 25 綜合損益及其他全面收益表 26 綜合財務狀況表 27-28 綜合權益變動表 29-30 簡明綜合現金流量表 31 未經審核中期財務報告附註 32-50 公司資料 董事會 目錄 薪酬委員會 藍海青女士 （薪酬委員會主席） 彭壽先生 （於二零二五年四月二十二日辭任） 湯李煒先生 （於二零二五年四月二十二日獲委任） 張佰恒先生 執行董事 提名委員會 呂國先生 （行政總裁） 非執行董事 彭壽先生 （主席）（於二零二五年四月二十二日辭任） 湯李煒先生 （主席）（於二零二五年四月二十二日獲委任） 趙令歡先生 （於二零二五年四月二十二日辭任） 張勁舒先生 （於二零二五年四月二十二日辭任） 解長青先生 （於二零二五年四月二十二日獲委任） 楊昕宇先生 （於二零二五年四月二十二日獲委任） 獨立非執行董事 張佰恒先生 陳華晨先生 藍海青女士 審核委員會 陳華晨先生 （審核委員會主席） 彭壽先生 （於二零二五年四月二十二日辭任） 湯李煒先生 （於二零二五 ...

Financial Performance - For the six months ended June 30, 2025, the company reported a sales revenue of approximately HKD 50.2 million, a decrease of about 78.7% year-on-year [14]. - The company experienced a gross loss of approximately HKD 29.9 million, with a net loss attributable to the parent company of HKD 270.8 million, an increase of about 58.9% year-on-year [14]. - The group’s revenue decreased from approximately HKD 235.3 million for the six months ended June 30, 2024, to approximately HKD 50.2 million for the six months ended June 30, 2025, representing a decline of about 78.7% [52]. - The net loss for the period was HKD 286,524,000, compared to a net loss of HKD 185,064,000 in 2024, representing a year-over-year increase of 54.8% [106]. - Basic and diluted loss per share was HKD 8.73 for the six months ended June 30, 2025, compared to HKD 5.50 in 2024 [105]. - The company reported a comprehensive loss attributable to owners of HKD 270,848,000 for the six months ended June 30, 2025, compared to a loss of HKD 170,487,000 for the same period in 2024, representing an increase in loss of 59% [143]. Sales and Orders - The company signed new external orders totaling HKD 181 million, with 30% of these orders coming from transformation and new business initiatives [15]. - Strategic customers contributed to 54% of new orders, while central state-owned enterprises accounted for 63% of the new order value, an increase of 18 percentage points year-on-year [15]. - The sales contract amount for prefabricated PC components in the first half of 2025 was approximately RMB 180 million, a year-on-year decrease of about 44% [16]. - The company signed new contracts totaling RMB 180 million in the first half of 2025, with 30% from transformation and new business orders [24]. Market and Economic Conditions - The overall economic recovery in China is supported by infrastructure investments, despite challenges in the real estate market [14]. - The domestic prefabricated construction market is facing challenges, with a 9.1% year-on-year decline in the construction area of real estate projects [23]. - The construction area of new prefabricated buildings decreased by 2% year-on-year, with major cities experiencing price declines of 1% to 12% [14]. Cost Management and Cash Flow - The company is actively enhancing cash flow by strengthening debt collection and revitalizing idle assets [14]. - The monthly labor costs were reduced from RMB 7 million at the beginning of the year to RMB 5.31 million by the end of June, a decrease of RMB 1.69 million or 24% [28]. - The company completed operational cash receipts of RMB 277 million in the first half of the year, with cash receipts accounting for 40% [26]. Business Strategy and Development - The company is focusing on technology marketing and business transformation to adapt to the challenging market environment [14]. - The company aims to leverage its technological innovations to provide safer and smarter living experiences [13]. - The company plans to enhance its international market presence, focusing on regions like Australia, the Middle East, and South Africa, where modular construction is growing at a compound annual growth rate of 7.94% [25]. - The company is committed to achieving a 30% share of prefabricated buildings in new constructions by 2025, as per national targets [17]. - The company aims for technology marketing orders to account for at least 35% of total orders for the year [20]. Research and Development - The company is committed to R&D in prefabricated building technologies, with a focus on developing new products and achieving large-scale application of patented technologies [35]. - The group has accumulated 1,973 patents as of June 30, 2025 [46]. Financial Position and Liquidity - As of June 30, 2025, the company had current assets of approximately HKD 1,646.4 million and current liabilities of approximately HKD 2,583.2 million, resulting in a current ratio of approximately 0.6 [61]. - The company reported cash and cash equivalents of HKD 2,887,000 as of June 30, 2025, down from HKD 6,435,000 as of December 31, 2024, representing a decrease of approximately 55.15% [157]. - The company has defaulted on bank loans totaling RMB 393,954,000 (approximately HKD 431,990,000), which are now due upon lender's demand [116]. - The company is actively negotiating with lenders to restructure existing debts and secure new financing to alleviate liquidity pressures [118]. Shareholder Information - As of June 30, 2025, the largest shareholder, Jia Yao (International) Investment Limited, holds 1,470,110,000 shares, representing 47.41% of the issued share capital [90]. - Hu Baosen holds a total of 2,025,177,425 shares, which accounts for 65.31% of the issued share capital through controlled entities [91]. - The total issued shares as of June 30, 2025, amounted to 3,101,095,730 shares, with a market capitalization of approximately HKD 204.7 million based on a closing price of HKD 0.066 per share [64]. Administrative and Operational Expenses - Administrative expenses rose to approximately HKD 97.4 million for the six months ended June 30, 2025, from approximately HKD 91.3 million for the same period in 2024, an increase of about 6.7% [57]. - Financing costs decreased to approximately HKD 39.3 million for the six months ended June 30, 2025, down from approximately HKD 43.0 million for the same period in 2024, a reduction of about 8.6% [58]. - Total expenses for the six months ended June 30, 2025, amounted to HKD 186,985,000, a decrease of 46% compared to HKD 345,717,000 for the same period in 2024 [137]. Dividend and Equity - No interim dividend was recommended for the six months ending June 30, 2025, consistent with the previous period [86]. - The company did not issue any equity securities to raise cash during the six months ending June 30, 2025 [77].

CONTENTS 目錄 | 2 | Corporate Information | | --- | --- | | | 公司資料 | | 4 | Management Discussion and Analysis | | | 管理層討論及分析 | | 12 | Disclosure of Interests | | | 權益披露 | | 15 | Corporate Governance and Other Information | | | 企業管治及其他資料 | | 17 | Unaudited Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | | | 未經審核簡明綜合損益及其他全面收益表 | | 18 | Unaudited Condensed Consolidated Statement of Financial Position | | | 未經審核簡明綜合財務狀況表 | | 20 | Unaudited Condensed Consolidated Statement of Ch ...

Financial Performance - The company recorded revenue of HKD 58,254,000, an increase of 146.9% compared to the previous period's revenue of HKD 23,598,000[8] - Net profit attributable to the company's owners was approximately HKD 17,703,000, up from HKD 13,089,000 in the previous period, with basic earnings per share remaining at HKD 0.06[8] - Fair value gains on financial assets recognized in profit or loss amounted to approximately HKD 58,600,000, compared to HKD 15,100,000 in the previous period[8] - Total comprehensive income for the period reached HKD 22,537,000, compared to HKD 7,081,000 in the previous year, representing a significant increase[67] - Profit attributable to the company's owners was HKD 17,703,000, up from HKD 13,089,000, indicating a year-over-year growth of approximately 35.5%[67] - The company reported a profit before tax of HKD 17,703,000 for the six months ended June 30, 2025, up from HKD 13,089,000 in the previous year, reflecting a growth of 35.5%[102] Acquisitions and Investments - The company completed the acquisition of Aspire Holding Limited, which owns and manages two properties in Shenzhen, China[13] - The company completed the acquisition of Aspire Holding for a total consideration of HKD 27,738,000 on April 1, 2025[53] - The acquisition of the subsidiary,卓思基金管理有限公司, was completed on January 28, 2025, for a total consideration of HKD 2,000,000, which included HKD 1,000,000 in cash and HKD 1,000,000 in shares[141] - The identifiable net assets acquired from卓思 amounted to HKD 972,000, with goodwill recognized at HKD 842,000[142] - The identifiable net assets acquired from Aspire Holding included investment properties valued at HKD 54,769,000, with total liabilities of HKD 29,443,000[146] - The acquisition of Aspire Holding is expected to diversify the company's property investment portfolio in China[145] Revenue Streams - Rental income for the period was approximately HKD 3,199,000, down from HKD 3,615,000 in the previous period[13] - The company recorded property brokerage service commission income of approximately HKD 9,788,000, compared to HKD 4,066,000 in the previous period[13] - Property management service income for the period was approximately HKD 3,962,000, up from HKD 1,284,000 in the previous period[13] - Revenue from hotel operations and related services increased to HKD 21,209,000 from HKD 10,203,000, marking a growth of 108.9% year-over-year[87] - The asset management service segment generated management fee income of HKD 1,626,000, which was not reported in the previous year[87] Financial Position - The total market value of the investment property portfolio as of June 30, 2025, was HKD 1,091,585,000[12] - The group’s securities investment portfolio had a market value of approximately HKD 154,868,000 as of June 30, 2025, up from HKD 125,230,000 as of December 31, 2024[17] - The company’s non-current assets totaled HKD 1,292,583,000, an increase from HKD 1,172,145,000 in the previous period, reflecting a growth of about 10.3%[69] - Total assets increased to HKD 1,723,384,000 as of June 30, 2025, compared to HKD 1,667,533,000 as of December 31, 2024, representing a growth of 3.35%[96] - Total liabilities rose to HKD 830,749,000 as of June 30, 2025, from HKD 819,503,000 as of December 31, 2024, indicating an increase of 1.52%[96] Cash Flow and Liquidity - The total cash and bank balance as of June 30, 2025, was approximately HKD 57,144,000, down from HKD 99,275,000 as of December 31, 2024[43] - Net cash generated from operating activities for the six months ended June 30, 2025, was HKD 27,674,000, a decrease of 30.3% compared to HKD 39,700,000 for the same period in 2024[75] - Cash outflow from investing activities amounted to HKD 4,985,000, compared to a cash inflow of HKD 6,050,000 in the previous year, indicating a significant shift in investment strategy[75] - The company reported a net cash outflow from financing activities of HKD 65,053,000, compared to a net cash inflow of HKD 8,173,000 in the previous year, indicating a shift in capital structure[75] Borrowings and Financing Costs - The total borrowings as of June 30, 2025, amounted to approximately HKD 695,904,000, a decrease from HKD 728,157,000 as of December 31, 2024[43] - The group recorded a financing cost of approximately HKD 19,818,000 during the period, compared to HKD 9,204,000 in the previous period[46] - The company’s bank borrowing interest expense decreased to HKD 3,521,000 for the six months ended June 30, 2025, down from HKD 6,457,000 in the same period of 2024, a reduction of 45.1%[97] Corporate Governance and Compliance - The company has maintained high standards of corporate governance and has complied with the corporate governance code during the reporting period, with the exception of the separation of roles between the chairman and CEO[161] - The audit committee reviewed the unaudited interim results in accordance with the corporate governance code[166] - The financial statements are prepared in accordance with Hong Kong Accounting Standards, ensuring compliance with local regulations[78] Future Outlook - The company plans to expand its investment portfolio in key regions of China, including Shenzhen, Zhuhai, Shanxi, Hainan, Zhejiang, and Shanghai, through acquisitions[62] - The company anticipates an increase in hotel occupancy rates in second-tier cities driven by domestic tourism growth in Shanxi province[62] - The company has no significant future investment or capital asset plans beyond what has been disclosed in the report[54]

中期報告 INTERIM REPORT 2025 2025 目錄 | 公司資料 | 2 | | --- | --- | | 財務摘要 | 3 | | 管理層討論及分析 | 4 | | 其他資料 | 9 | | 簡明綜合損益及其他全面收益表 | 13 | | 簡明綜合財務狀況表 | 14 | | 簡明綜合權益變動表 | 15 | | 簡明綜合現金流量表 | 17 | | 簡明綜合財務報表附註 | 18 | 1 現代中藥集團有限公司 公司資料 劉凌女士 （主席） 張宏麗女士 黃志堅先生 提名委員會 黃志堅先生 （主席） 賈艷茹女士 劉凌女士 聯席公司秘書 董事會 執行董事 孫新磊女士 （主席） 張宏麗女士 （首席執行官） 賈艷茹女士 獨立非執行董事 劉凌女士 梁子榮先生 黃志堅先生 審核委員會 梁子榮先生 （主席） 劉凌女士 黃志堅先生 薪酬委員會 賈艷茹女士 謝婉婷女士 授權代表 張宏麗女士 謝婉婷女士 獨立核數師 富睿瑪澤會計師事務所有限公司 執業會計師及註冊公眾利益實體核數師 香港 灣仔 港灣道18 號 中環廣場42 樓 法律顧問 程彥棋律師樓 香港 德輔道中19 號 環球大廈 24 樓2403 室 主要往 ...