山東 博 安 生 物 技 術 股 份 有限 公 司 （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） 股份代號 : 6955 2025 中期報告 目錄 2 公司概覽 3 公司資料 5 財務摘要 6 管理層討論及分析 26 其他資料 30 獨立審閱報告 31 中期簡明綜合損益及其他全面收益表 32 中期簡明綜合財務狀況表 34 中期簡明綜合權益變動表 35 中期簡明綜合現金流量表 37 中期簡明綜合財務資料附註 公司概覽 山東博安生物技術股份有限公司（「博安生物」或「本公司」，連同其附屬公司統稱「本集團」）成立於2013年，是一家 綜合性生物製藥公司，專門從事生物製品的研發、生產及營銷，專注於腫瘤、自身免疫性疾病、眼科及代謝疾病 等治療領域。本公司圍繞多個平台開展藥物發現活動：全人抗體轉基因小鼠及噬菌體展示技術平台、雙特異T-cell Engager技術平台、ADC技術平台及細胞治療平台。 博安生物的業務覆蓋全產業鏈，涵蓋抗體發現、細胞株開發、上游及下游工藝開發、分析及生物分析方法開發、技 術轉移、非臨床研究、臨床研究、法規及註冊以及商業化規模生產。在細胞治療領域，博安生物專注 ...

[Corporate Information](index=4&type=section&id=Corporate%20Information) [Board of Directors](index=4&type=section&id=Board%20of%20Directors) The company's Board of Directors comprises executive, non-executive, and independent non-executive directors, responsible for strategic decisions and oversight - Executive Directors include **Qu Naijie** (Chairman and CEO), **Qu Cheng**, and **Li Kehui** (Senior Vice President)[5](index=5&type=chunk) - Non-executive Directors include **Wang Xuguang**, **Yuan Bing**, and **Go Toutou**[5](index=5&type=chunk) - Independent Non-executive Directors include **Wang Jun**, **Zhu Yuchen**, and **Shen Han**[5](index=5&type=chunk) [Committees](index=4&type=section&id=Committees) The company has established audit, remuneration, nomination, risk management and corporate governance, and independent directors committees to ensure effective corporate governance - The Audit Committee is chaired by **Zhu Yuchen**[5](index=5&type=chunk) - The Remuneration Committee is chaired by **Wang Jun**[5](index=5&type=chunk) - The Nomination Committee is chaired by **Qu Naijie**[5](index=5&type=chunk) - The Risk Management and Corporate Governance Committee is chaired by **Yuan Bing**[6](index=6&type=chunk) - The Independent Directors Committee is chaired by **Wang Jun**[6](index=6&type=chunk) [Key Personnel and Advisors](index=5&type=section&id=Key%20Personnel%20and%20Advisors) The company secretary is Susan So, authorized representatives are Qu Cheng and Susan So, with legal advisors Ashurst and Liaoning Zhiku Law Firm, and auditor National Alliance CPA Limited - Company Secretary: **Susan So**[7](index=7&type=chunk) - Authorized Representatives: **Qu Cheng**, **Susan So**[7](index=7&type=chunk) - Auditor: **National Alliance CPA Limited**[7](index=7&type=chunk) [Registered and Business Offices](index=5&type=section&id=Registered%20and%20Business%20Offices) The company is registered in the Cayman Islands, with its China headquarters in Shanghai Pudong New Area and principal Hong Kong office in Tsim Sha Tsui, Kowloon - Registered Office: PO Box 309, Ugland House, Cayman Islands[8](index=8&type=chunk) - China Headquarters: 31st Floor, Building A, Phase I, Qiantan World Trade Center, No. 4, Lane 255, Dongyu Road, Pudong New Area, Shanghai[7](index=7&type=chunk) - Principal Place of Business in Hong Kong: Room 804, 8th Floor, K11 Atelier, Victoria Dockside, 18 Salisbury Road, Tsim Sha Tsui, Kowloon, Hong Kong[8](index=8&type=chunk) [Share Registrars and Banks](index=6&type=section&id=Share%20Registrars%20and%20Banks) Cayman Islands share registrar is Maples Fund Services, Hong Kong registrar is Tricor Investor Services, and the company maintains relationships with several major banks - Cayman Islands Share Registrar: **Maples Fund Services (Cayman) Limited**[9](index=9&type=chunk) - Hong Kong Share Registrar: **Tricor Investor Services Limited**[9](index=9&type=chunk) - Major Correspondent Banks include China Exim Bank, China Construction Bank, Bank of China, Industrial and Commercial Bank of China, etc[9](index=9&type=chunk) [Stock Code and Website](index=6&type=section&id=Stock%20Code%20and%20Website) The company's stock code is 2255, and its official website is http://www.haichangoceanpark.com - Stock Code: **2255**[10](index=10&type=chunk) - Company Website: **http://www.haichangoceanpark.com**[10](index=10&type=chunk) [Management Discussion and Analysis](index=7&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=7&type=section&id=Business%20Review) The Group is a leading integrated marine-themed cultural tourism operator in China, managing 7 projects as of June 30, 2025, with H1 2025 revenue decreasing by 14.2% to RMB 686.3 million - The Group is a leading integrated marine-themed cultural tourism group in China, operating **7 theme parks** as of June 30, 2025[12](index=12&type=chunk)[14](index=14&type=chunk) - The Group has developed tourism and leisure services and solutions business and IP operation business[12](index=12&type=chunk)[14](index=14&type=chunk) 2025 H1 Revenue Overview | Indicator | 2025 H1 (RMB million) | 2024 H1 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total Revenue | 686.3 | 799.8 | -14.2% | [Park Operation Business](index=9&type=section&id=Park%20Operation%20Business) As of June 30, 2025, the Group operates 7 theme parks, experiencing a revenue decline due to external factors, while enhancing quality, introducing IPs, and leveraging online sales channels - As of June 30, 2025, the Group owns and operates **7 theme parks**, including Shanghai Haichang Ocean Park, Zhengzhou Haichang Ocean Tourist Resort, and Dalian Haichang Discovery Kingdom Theme Park[18](index=18&type=chunk)[19](index=19&type=chunk)[20](index=20&type=chunk) Park Operation Revenue Change | Indicator | 2025 H1 (RMB million) | 2024 H1 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Park Operation Revenue | 646 | 735.866 | -12.2% | - Multiple parks and hotels consistently ranked on the 2025 Ctrip Word-of-Mouth List and Meituan Hotel • Dianping Must-Stay List, with Shanghai Haichang Ocean Park Resort Hotel listed for **5 consecutive years**[23](index=23&type=chunk)[25](index=25&type=chunk) - Shanghai Park and Discovery Kingdom Park were selected as "Cultural Tourism Project Innovation and Development Cases" by the China Association of Amusement Parks and Attractions[24](index=24&type=chunk)[25](index=25&type=chunk) - Douyin (TikTok) platform has become the Group's **primary online sales channel**, with official live streams repeatedly ranking TOP1 in the national hotel and travel industry[27](index=27&type=chunk)[30](index=30&type=chunk) - Signed agreements in 2024 to lease out certain cultural tourism projects (including Chongqing Water Park and Commercial Street, most self-operated commercial streets in Sanya, and Yantai Hot Spring Resort) starting in 2025, to secure guaranteed rental income[29](index=29&type=chunk)[31](index=31&type=chunk) [Flagship projects are well-positioned for future growth](index=12&type=section&id=Flagship%20projects%20are%20well-positioned%20for%20future%20growth) Shanghai Park maintains its leading position and will expand with Phase II by 2026, while Zhengzhou Park's Phase II, also opening in 2026, will introduce global-first attractions - Shanghai Park ranked **sixth** in the 2024 Theme Park Competitiveness Comprehensive Evaluation[32](index=32&type=chunk)[35](index=35&type=chunk) - Shanghai Park Phase II — Oriental Ocean Project has a total construction area of approximately **140,000 square meters**, expected to open in **2026**, with the main structure already topped out[34](index=34&type=chunk)[36](index=36&type=chunk) - Zhengzhou Park Phase II is planned with a total land area of approximately **76,000 square meters** and a total construction area of approximately **32,000 square meters**, expected to open and operate within **2026**[39](index=39&type=chunk)[40](index=40&type=chunk) - Zhengzhou Park Phase II will include an Orca Theater, amusement rides, and a Happy Water World, featuring global-first attractions such as a multi-track "Century Pendulum"[39](index=39&type=chunk)[40](index=40&type=chunk) [Tourism & Leisure Services and Solutions Business](index=14&type=section&id=Tourism%20%26%20Leisure%20Services%20and%20Solutions%20Business) The Group exports its full-process tourism and leisure capabilities, with Beijing and Fuzhou projects adopting an asset-light model, expected to commence trial operations in 2027 and construction in 2026, respectively - The Group exports full-process cultural tourism capabilities in planning, design, construction, animal conservation, and operation management[41](index=41&type=chunk)[44](index=44&type=chunk) - Beijing Haichang Ocean Park project has a total construction scale of approximately **157,000 square meters**, with an estimated total investment of approximately **RMB 4.2 billion**, and is planned to begin trial operations in **H1 2027**[43](index=43&type=chunk)[44](index=44&type=chunk) - Fuzhou Haichang Ocean Park project is planned to commence construction in **2026**, led by a local state-owned platform company, with Haichang responsible for operation and revenue consolidation[46](index=46&type=chunk)[48](index=48&type=chunk) - Large-scale asset-light reserve projects include Ningbo Qianwan New Area Haichang IP Park and Saudi Arabia Haichang Ocean Park[47](index=47&type=chunk)[49](index=49&type=chunk) [IP Operation Business](index=16&type=section&id=IP%20Operation%20Business) The Group aims to build an international IP operation platform, integrating global IPs into offline consumption scenarios, with IP business revenue growing by 23% to RMB 78.06 million in H1 2025 - The goal is to build an international IP operation platform, realizing a new "IP + new scenarios" business model[50](index=50&type=chunk)[51](index=51&type=chunk) - Successfully integrated Ultraman IP and One Piece IP into Shanghai Park, Zhengzhou Park, and Discovery Kingdom Park[52](index=52&type=chunk)[54](index=54&type=chunk)[58](index=58&type=chunk) IP Business Revenue Growth | Indicator | 2025 H1 (RMB) | 2024 H1 (RMB) | YoY Growth (%) | | :--- | :--- | :--- | :--- | | IP Business Revenue | 78,060,000 | 63,463,000 (estimated) | 23% | [Outlook](index=18&type=section&id=Outlook) Amidst national support for cultural tourism, the Group will pursue its strategy to become an international integrated cultural tourism group, with short-term growth from Shanghai and Zhengzhou Phase II, mid-term from asset-light projects and IP, and long-term from OAAS reserves - The state has intensively introduced multiple policies to promote consumption, bringing development opportunities for the cultural tourism industry[59](index=59&type=chunk)[60](index=60&type=chunk) - In the short term, the opening of Shanghai Park Phase II and Zhengzhou Park Phase II will provide **certainty for performance growth**[64](index=64&type=chunk)[65](index=65&type=chunk) - In the medium term, two large-scale asset-light theme park projects will be launched in Beijing and Fuzhou, enhancing market competitiveness through a "OAAS + IP" dual-driven model[66](index=66&type=chunk)[68](index=68&type=chunk) - In the long term, several OAAS projects are in negotiation, laying the foundation for sustained future growth[67](index=67&type=chunk)[69](index=69&type=chunk) Expected Opening Times for Future New Projects | Project | Type | Expected Opening | Operating Model | | :--- | :--- | :--- | :--- | | Zhengzhou Haichang Ocean Park Phase II Project | Theme Park | 2026 | Haichang owned and operated | | Shanghai Haichang Ocean Park Phase II Project | Theme Park | 2026 | Haichang operated | | Beijing Haichang Ocean Park Project | Theme Park | 2027 | Haichang operated | | Fuzhou Haichang Ocean Park Project | Theme Park | 2028 | Haichang operated | | Ningbo Qianwan New Area Haichang IP Park Project | Theme Park | 2028 | Haichang operated | | Saudi Arabia Haichang Ocean Park Project | Theme Park | Before 2030 | Haichang operated | [Financial Review](index=21&type=section&id=Financial%20Review) For H1 2025, Group revenue decreased by 14.2% to RMB 686.3 million, driven by declines in park operations and tourism services, leading to a significant drop in gross profit and an expanded loss of RMB 295.6 million 2025 H1 Key Financial Indicators | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 686,303 | 799,801 | -14.2% | | Cost of Sales | 614,601 | 604,929 | +1.6% | | Gross Profit | 71,702 | 194,872 | -63.2% | | Gross Profit Margin | 10.4% | 24.4% | -14.0pp | | Loss for the Period | (295,626) | (87,193) | Expanded 239.1% | | Net Loss Margin | 43.0% | 10.9% | +32.1pp | - Park operation segment revenue decreased by **12.2%**, primarily due to a decrease in visitor numbers and average spending per visitor[73](index=73&type=chunk)[75](index=75&type=chunk) - Tourism and leisure services and solutions segment revenue decreased by **37.3%**, primarily due to a reduction in project numbers[74](index=74&type=chunk)[75](index=75&type=chunk) - Other income and gains decreased by **71.5%**, mainly due to no revaluation gain on investment properties during the period[78](index=78&type=chunk)[83](index=83&type=chunk) - Selling and marketing expenses increased by **92.1%**, primarily due to a lower base in the prior year period[79](index=79&type=chunk)[84](index=84&type=chunk) - Finance costs decreased by **6.8%**, primarily due to a decrease in interest-bearing liabilities[87](index=87&type=chunk)[91](index=91&type=chunk) [Revenue](index=21&type=section&id=Revenue) In H1 2025, total revenue was RMB 686.3 million, a 14.2% decrease year-on-year, with park operations contributing 94.2% and tourism services 5.8% Revenue by Business Segment | Revenue by Business Segment | 2025 H1 (RMB thousand) | Proportion (%) | 2024 H1 (RMB thousand) | Proportion (%) | | :--- | :--- | :--- | :--- | :--- | | Park Operations | 646,200 | 94.2% | 735,866 | 92.0% | | Tourism & Leisure Services and Solutions | 40,103 | 5.8% | 63,935 | 8.0% | | Total | 686,303 | 100.0% | 799,801 | 100.0% | [Liquidity and Financial Resources](index=23&type=section&id=Liquidity%20and%20Financial%20Resources) As of June 30, 2025, the Group reported current assets of RMB 529.1 million, cash and cash equivalents of RMB 98.4 million, total equity of RMB 1.524 billion, and a net gearing ratio of 392.3% Liquidity and Financial Resources Overview | Indicator | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :--- | :--- | | Current Assets | 529.1 | 487.7 | | Cash and Cash Equivalents | 98.4 | 64.7 | | Total Equity | 1,524.4 | 1,815.3 | | Total Interest-bearing Bank and Other Borrowings | 5,839.3 | 5,898.4 | | Total Lease Liabilities | 239.5 | 295.3 | | Net Gearing Ratio | 392.3% | 337.6% | - The Board believes that existing financial resources are sufficient to execute future expansion plans and that additional financing can be obtained if needed[97](index=97&type=chunk)[100](index=100&type=chunk) [Capital Structure](index=24&type=section&id=Capital%20Structure) As of June 30, 2025, the company's share capital consists solely of ordinary shares - The company's share capital consists of **ordinary shares**[98](index=98&type=chunk)[101](index=101&type=chunk) [Contingent Liabilities](index=24&type=section&id=Contingent%20Liabilities) As of June 30, 2025, certain bank accounts were frozen due to supplier claims totaling RMB 7.786 million, for which the board has made full provision - As of June 30, 2025, certain bank accounts of the Group were frozen involving **RMB 7,786,000** due to claims from suppliers for overdue payments[99](index=99&type=chunk)[102](index=102&type=chunk) - The directors have made **full provision** for the payments, and save as disclosed, the Group has no other significant contingent liabilities[99](index=99&type=chunk)[102](index=102&type=chunk) [Foreign Exchange Rate Risk](index=25&type=section&id=Foreign%20Exchange%20Rate%20Risk) Operating primarily in China, the Group faces no significant foreign exchange rate risk, with directors expecting no material adverse impact from RMB fluctuations - The Group primarily operates in China, and foreign exchange rate risk is **not significant**[104](index=104&type=chunk)[108](index=108&type=chunk) - The directors expect that fluctuations in the RMB exchange rate will not have a **material adverse impact** on the Group's operations[104](index=104&type=chunk)[108](index=108&type=chunk) [Capital Commitments](index=25&type=section&id=Capital%20Commitments) As of June 30, 2025, the Group's capital commitments totaled RMB 715.8 million, to be funded through operating cash and bank financing Capital Commitments | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Property, Plant and Equipment | 577,791 | 577,791 | | Right-of-use Assets | 138,000 | 138,000 | | Total | 715,791 | 715,791 | - Funds will be sourced from cash generated from operations, bank financing, and other channels[105](index=105&type=chunk)[109](index=109&type=chunk) [Staff Policy](index=25&type=section&id=Staff%20Policy) As of June 30, 2025, the Group had 2,970 full-time employees, a decrease from the prior year, offering attractive compensation and development programs Number of Full-time Employees | Date | Number of Full-time Employees | | :--- | :--- | | June 30, 2025 | 2,970 | | June 30, 2024 | 3,449 | - The Group provides a comprehensive and attractive compensation, retirement plan, and benefits package, with remuneration policies determined based on market conditions and individual performance[106](index=106&type=chunk)[107](index=107&type=chunk)[110](index=110&type=chunk) [Events After the Reporting Period](index=26&type=section&id=Events%20After%20the%20Reporting%20Period) On June 2, 2025, the company entered a subscription agreement to issue 5.1 billion new shares at HK$0.45 each, raising HK$2.284 billion net for operations, business development, and debt repayment - On June 2, 2025, the company entered into a subscription agreement with Sunriver Starrysea Tourism (Cayman) Co., Ltd[111](index=111&type=chunk)[114](index=114&type=chunk) Details of Subscription | Indicator | Value | | :--- | :--- | | Number of New Shares | 5,100,000,000 shares | | Subscription Price | HK$0.45 per share | | Total Consideration | HK$2,295,000,000 | | Net Proceeds | Approximately HK$2,284,000,000 | - Net proceeds will be used as follows: **20%** for daily operations and working capital, **40%** for core business development, and **40%** for repayment of certain existing debts[117](index=117&type=chunk) [Corporate Governance and Other Information](index=27&type=section&id=Corporate%20Governance%20and%20Other%20Information) [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures](index=27&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests%20and%20Short%20Positions%20in%20Shares,%20Underlying%20Shares%20and%20Debentures) As of June 30, 2025, directors and the chief executive held interests in company shares, with Mr. Qu Cheng holding approximately 47.29% through a discretionary trust and Mr. Wang Xuguang holding 0.25% Directors' and Chief Executive's Share Interests | Director Name | Capacity/Nature of Interest | Number of Shares | Approximate Percentage of Total Issued Shares | | :--- | :--- | :--- | :--- | | Mr. Qu Cheng | Founder of Discretionary Trust | 3,837,231,048 (Long Position) | 47.29% | | Mr. Qu Cheng | Beneficial Owner | 24,332,592 (Long Position) | 0.30% | | Mr. Wang Xuguang | Beneficial Owner | 20,780,000 (Long Position) | 0.25% | - Save as disclosed above, as of June 30, 2025, no other directors or chief executive had any disclosable interests or short positions in shares[121](index=121&type=chunk)[123](index=123&type=chunk) [Directors' Rights to Acquire Shares or Debentures](index=28&type=section&id=Directors'%20Rights%20to%20Acquire%20Shares%20or%20Debentures) During H1 2025, no rights to acquire shares or debentures were granted to or exercised by any director, their spouse, or children under 18 - During the period, no rights to acquire shares or debentures were granted to or exercised by any director or their family members[122](index=122&type=chunk)[124](index=124&type=chunk) [Substantial Shareholders' Interests and Short Positions in Shares and Underlying Shares](index=29&type=section&id=Substantial%20Shareholders'%20Interests%20and%20Short%20Positions%20in%20Shares%20and%20Underlying%20Shares) As of June 30, 2025, substantial shareholders, including Cantrust (Far East) Limited, Zeqiao Holdings Limited, Zeqiao International (BVI) Limited, and ORIX Corporation, held interests in the company's shares Substantial Shareholders' Share Interests | Name | Nature of Interest | Number of Shares | Approximate Percentage of Total Issued Shares | | :--- | :--- | :--- | :--- | | Cantrust (Far East) Limited | Trustee | 3,837,231,048 (Long Position) | 47.29% | | Zeqiao Holdings Limited | Beneficial Owner | 3,837,231,048 (Long Position) | 47.29% | | Zeqiao International (BVI) Limited | Interest of Controlled Corporation | 3,837,231,048 (Long Position) | 47.29% | | ORIX Corporation | Interest of Controlled Corporation | 1,186,768,000 (Long Position) | 14.63% | | ORIX (China) Investment Co., Ltd. | Interest of Controlled Corporation | 786,768,000 (Long Position) | 9.70% | | Taishan Tianzun Investment Co., Ltd. | Beneficial Owner | 786,768,000 (Long Position) | 9.70% | | ORIX Asia Capital Limited | Beneficial Owner | 400,000,000 (Long Position) | 4.93% | [Share Option Scheme](index=31&type=section&id=Share%20Option%20Scheme) The company has 2014 and 2024 Share Option Schemes; the 2014 scheme expired with no outstanding options, while the 2024 scheme, adopted in June 2024, has a limit of 811.4 million shares and no options granted to date - The 2014 Share Option Scheme expired on June 30, 2025, and as of the report date, no further options can be granted[140](index=140&type=chunk)[144](index=144&type=chunk) - The 2024 Share Option Scheme was adopted on June 28, 2024, aiming to recognize contributions, encourage retention, and provide additional incentives[141](index=141&type=chunk)[145](index=145&type=chunk) - Under the 2024 Share Option Scheme, the maximum number of shares that can be issued is **811,400,200 shares**, representing **10%** of the total issued shares on the adoption date[142](index=142&type=chunk)[145](index=145&type=chunk) - As of the end of the reporting period, no share options have been granted, exercised, cancelled, or lapsed under the 2024 Share Option Scheme[149](index=149&type=chunk)[152](index=152&type=chunk) [2014 Share Option Scheme](index=31&type=section&id=2014%20Share%20Option%20Scheme) The 2014 Share Option Scheme, adopted in February 2014, expired on June 30, 2025, with no options granted, exercised, cancelled, or lapsed during the reporting period - The 2014 Share Option Scheme was adopted on **February 23, 2014**, with a validity period of **ten years**[135](index=135&type=chunk)[138](index=138&type=chunk)[140](index=140&type=chunk)[144](index=144&type=chunk) - Due to share split, the maximum number of shares that can be granted is **160,000,000 shares**[137](index=137&type=chunk)[139](index=139&type=chunk) - During the reporting period, no share options were granted, exercised, cancelled, or lapsed, and there were no outstanding share options at period-end[140](index=140&type=chunk)[144](index=144&type=chunk) [2024 Share Option Scheme](index=32&type=section&id=2024%20Share%20Option%20Scheme) The 2024 Share Option Scheme, adopted on June 28, 2024, has a ten-year validity, allowing for the issuance of up to 811.4 million shares to eligible participants, with no options granted during the period - The 2024 Share Option Scheme was adopted on **June 28, 2024**, with a validity period of **ten years**[141](index=141&type=chunk)[145](index=145&type=chunk) - The maximum number of shares that can be issued is **811,400,200 shares**, representing **10%** of the total issued shares on the adoption date[142](index=142&type=chunk)[145](index=145&type=chunk) - The total number of options granted to any eligible participant within any **12-month period** shall not exceed **1%** of the company's then-issued share capital[148](index=148&type=chunk)[152](index=152&type=chunk) - During the reporting period, no share options were granted, exercised, cancelled, or lapsed[149](index=149&type=chunk)[152](index=152&type=chunk) [Share Award Scheme](index=33&type=section&id=Share%20Award%20Scheme) Adopted on January 5, 2022, the Share Award Scheme aims to recognize and retain talent, with a limit of 800 million shares, and no awards granted to selected participants as of the report date - The Share Award Scheme was adopted on **January 5, 2022**, aiming to recognize contributions, attract and retain talent, and align participants' interests with shareholders' interests[150](index=150&type=chunk)[153](index=153&type=chunk) - The scheme limit is **800,000,000 shares**, equivalent to approximately **9.86%** of the total issued shares as of the report date[159](index=159&type=chunk)[163](index=163&type=chunk) - Since its adoption, no award shares have been granted to any selected participants[161](index=161&type=chunk)[163](index=163&type=chunk) - As of the date of this interim report, the trustee holds **9,910,000 repurchased shares** available for granting[161](index=161&type=chunk)[163](index=163&type=chunk) [Equity-Linked Agreements](index=35&type=section&id=Equity-Linked%20Agreements) During H1 2025, the company had no equity-linked agreements in place, nor any provisions that would lead to the issuance of shares - During the period, the company had **no equity-linked agreements** in place[162](index=162&type=chunk)[164](index=164&type=chunk) [Deed of Non-Competition from the Controlling Shareholders](index=36&type=section&id=Deed%20of%20Non-Competition%20from%20the%20Controlling%20Shareholders) Controlling shareholders have executed a non-competition deed, and the Independent Board Committee has confirmed their compliance with the undertakings - Controlling shareholders (Mr. Qu Cheng, Haichang Group Limited, and Chicheng Investment Limited) have entered into a **Deed of Non-Competition**[166](index=166&type=chunk)[168](index=168&type=chunk) - The Independent Board Committee monitors compliance and has found **no breach** of the non-competition undertakings by the controlling shareholders[167](index=167&type=chunk)[169](index=169&type=chunk) [Purchase, Redemption or Sale of Listed Securities of the Company](index=37&type=section&id=Purchase,%20Redemption%20or%20Sale%20of%20Listed%20Securities%20of%20the%20Company) During H1 2025, neither the company nor its subsidiaries purchased, redeemed, or sold any of the company's listed securities - During the period, neither the company nor its subsidiaries purchased, redeemed, or sold any listed securities[171](index=171&type=chunk)[176](index=176&type=chunk) [Pre-emptive Rights](index=37&type=section&id=Pre-emptive%20Rights) Neither the company's articles of association nor Cayman Islands law mandates pre-emptive rights for existing shareholders to subscribe for new shares proportionally - The company's articles of association or Cayman Islands law have **no pre-emptive rights** provisions[172](index=172&type=chunk)[177](index=177&type=chunk) [Corporate Governance](index=37&type=section&id=Corporate%20Governance) The Group is committed to high corporate governance standards, adopting the Corporate Governance Code, with a deviation regarding the combined roles of Chairman and CEO for efficiency - The company has adopted the code provisions of the **Corporate Governance Code**[173](index=173&type=chunk)[178](index=178&type=chunk) - The roles of Chairman and Chief Executive are combined and held by **Mr. Qu Naijie**, which deviates from code provision C.2.1, but the company believes this enhances efficiency in strategy formulation and execution[175](index=175&type=chunk)[179](index=179&type=chunk) [Model Code for Securities Transactions by Directors of Listed Issuers](index=38&type=section&id=Model%20Code%20for%20Securities%20Transactions%20by%20Directors%20of%20Listed%20Issuers) The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers, and all directors confirmed strict compliance during H1 2025 - The company has adopted the Model Code as the code of conduct for directors' securities transactions[180](index=180&type=chunk)[183](index=183&type=chunk) - All directors confirmed strict compliance with the Model Code during the period[180](index=180&type=chunk)[183](index=183&type=chunk) [Audit Committee](index=38&type=section&id=Audit%20Committee) Comprising three independent non-executive directors, the Audit Committee, chaired by Mr. Zhu Yuchen, has reviewed the Group's unaudited interim financial information and report for H1 2025 - The Audit Committee comprises three independent non-executive directors: **Mr. Zhu Yuchen** (Chairman), **Mr. Wang Jun**, and **Ms. Shen Han**[181](index=181&type=chunk)[184](index=184&type=chunk) - The Committee has reviewed the Group's unaudited interim financial information and interim report for the six months ended June 30, 2025[181](index=181&type=chunk)[184](index=184&type=chunk) [Interim Dividend](index=38&type=section&id=Interim%20Dividend) The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025 (2024 corresponding period: nil)[182](index=182&type=chunk)[185](index=185&type=chunk) [Interim Condensed Consolidated Statement of Profit or Loss](index=39&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) [Consolidated Profit or Loss](index=39&type=section&id=Consolidated%20Profit%20or%20Loss) For H1 2025, the Group reported revenue of RMB 686.3 million, gross profit of RMB 71.7 million, a pre-tax loss of RMB 295.6 million, and a net loss of RMB 295.6 million, significantly wider than the prior year Interim Condensed Consolidated Statement of Profit or Loss (Unaudited) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 686,303 | 799,801 | | Cost of Sales | (614,601) | (604,929) | | Gross Profit | 71,702 | 194,872 | | Other Income and Gains | 27,434 | 96,297 | | Selling and Marketing Expenses | (51,252) | (26,744) | | Administrative Expenses | (172,528) | (166,944) | | Finance Costs | (156,965) | (168,518) | | Loss Before Tax | (295,610) | (83,408) | | Income Tax Expense | (16) | (3,785) | | Loss for the Period | (295,626) | (87,193) | | Loss Attributable to Owners of the Parent | (295,139) | (84,226) | | Loss Attributable to Non-controlling Interests | (487) | (2,967) | | Basic and Diluted Loss Per Share (RMB cents) | (3.64) | (1.04) | [Interim Condensed Consolidated Statement of Comprehensive Income](index=40&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) [Consolidated Comprehensive Income](index=40&type=section&id=Consolidated%20Comprehensive%20Income) For H1 2025, the Group recorded a net loss of RMB 295.6 million, with other comprehensive income of RMB 4.721 million, resulting in a total comprehensive loss of RMB 290.9 million Interim Condensed Consolidated Statement of Comprehensive Income (Unaudited) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Loss for the Period | (295,626) | (87,193) | | Other Comprehensive Loss to be Reclassified to Profit or Loss in Subsequent Periods | (52,774) | (17,922) | | Other Comprehensive Income Not to be Reclassified to Profit or Loss in Subsequent Periods | 57,495 | 20,252 | | Other Comprehensive Income for the Period (Net of Tax) | 4,721 | 2,330 | | Total Comprehensive Loss for the Period | (290,905) | (84,863) | | Attributable to Owners of the Parent | (290,418) | (81,896) | | Attributable to Non-controlling Interests | (487) | (2,967) | [Interim Condensed Consolidated Statement of Financial Position](index=41&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) [Consolidated Financial Position](index=41&type=section&id=Consolidated%20Financial%20Position) As of June 30, 2025, the Group's total non-current assets were RMB 9.588 billion, total current assets RMB 529.1 million, net current liabilities RMB 3.193 billion, total liabilities RMB 8.593 billion, and net assets RMB 1.524 billion Interim Condensed Consolidated Statement of Financial Position (Unaudited) | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | **Non-current Assets** | | | | Property, Plant and Equipment | 6,089,725 | 6,237,390 | | Investment Properties | 745,500 | 745,500 | | Right-of-use Assets | 1,515,515 | 1,592,207 | | Intangible Assets | 19,413 | 21,030 | | Total Non-current Assets | 9,588,005 | 9,851,854 | | **Current Assets** | | | | Cash and Cash Equivalents | 98,434 | 64,738 | | Total Current Assets | 529,074 | 487,699 | | **Current Liabilities** | | | | Trade and Bills Payables | 1,043,121 | 1,035,049 | | Interest-bearing Bank and Other Borrowings | 1,648,165 | 1,560,983 | | Total Current Liabilities | 3,721,685 | 3,440,618 | | Net Current Liabilities | (3,192,611) | (2,952,919) | | **Non-current Liabilities** | | | | Interest-bearing Bank and Other Borrowings | 4,191,147 | 4,337,434 | | Total Non-current Liabilities | 4,870,999 | 5,083,635 | | **Equity** | | | | Total Equity | 1,524,395 | 1,815,300 | [Interim Condensed Consolidated Statement of Changes in Equity](index=43&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) [Consolidated Changes in Equity](index=43&type=section&id=Consolidated%20Changes%20in%20Equity) For H1 2025, equity attributable to owners of the parent decreased from RMB 1.723 billion to RMB 1.432 billion, primarily due to a net loss of RMB 295.1 million during the period Interim Condensed Consolidated Statement of Changes in Equity (Unaudited) | Indicator | January 1, 2025 (RMB thousand) | Loss for the Period (RMB thousand) | Exchange Differences (RMB thousand) | June 30, 2025 (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | | Total Attributable to Owners of the Parent | 1,722,760 | (295,139) | 4,721 | 1,432,342 | | Non-controlling Interests | 92,540 | (487) | – | 92,053 | | Total Equity | 1,815,300 | (295,626) | 4,721 | 1,524,395 | [Interim Condensed Consolidated Statement of Cash Flows](index=44&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) [Consolidated Cash Flows](index=44&type=section&id=Consolidated%20Cash%20Flows) For H1 2025, the Group reported net cash outflow from operating activities of RMB 30.302 million, net cash inflow from investing activities of RMB 9.124 million, and net cash inflow from financing activities of RMB 54.48 million Interim Condensed Consolidated Statement of Cash Flows (Unaudited) | Cash Flow Category | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Net Cash Flows (Used in)/Generated from Operating Activities | (30,302) | 145,343 | | Net Cash Flows Generated from Investing Activities | 9,124 | 12,290 | | Net Cash Flows Generated from/(Used in) Financing Activities | 54,480 | (569,136) | | Net Increase/(Decrease) in Cash and Cash Equivalents | 33,302 | (411,503) | | Cash and Cash Equivalents at Beginning of Period | 53,274 | 1,695,410 | | Net Effect of Exchange Rate Changes | 4,072 | (1,609) | | Cash and Cash Equivalents at End of Period | 90,648 | 1,282,298 | [Notes to Interim Condensed Consolidated Financial Information](index=47&type=section&id=Notes%20to%20Interim%20Condensed%20Consolidated%20Financial%20Information) [Basis of Preparation](index=47&type=section&id=Basis%20of%20Preparation) The interim condensed consolidated financial information is prepared in accordance with IAS 34 'Interim Financial Reporting' and should be read with the Group's annual consolidated financial statements for the year ended December 31, 2024 - The interim financial information is prepared in accordance with **IAS 34 'Interim Financial Reporting'**[200](index=200&type=chunk)[201](index=201&type=chunk) [Basis of Presentation](index=47&type=section&id=Basis%20of%20Presentation) As of June 30, 2025, the Group had net current liabilities of RMB 3.193 billion and a net loss of RMB 295.6 million, but the Board believes sufficient funding is available for sustainable operations - As of June 30, 2025, the Group had net current liabilities of **RMB 3,192,611,000** and a net loss for the period of **RMB 295,626,000**[201](index=201&type=chunk)[202](index=202&type=chunk) - The Group has unutilized bank and credit facilities totaling **RMB 4,500,000,000** with validity extending beyond December 31, 2025[202](index=202&type=chunk) - The subscription agreement will bring a total consideration of **HK$2,295,000,000**, approved by shareholders, which will help improve liquidity[207](index=207&type=chunk) - The Board believes the Group will have sufficient working capital, making the preparation of financial information on a **going concern basis appropriate**[204](index=204&type=chunk)[206](index=206&type=chunk) [Changes in Accounting Policies and Disclosures](index=49&type=section&id=Changes%20in%20Accounting%20Policies%20and%20Disclosures) This period's financial information adopts revised IFRS accounting standards, including amendments to IAS 21 'Lack of Exchangeability', with no significant impact on the Group's financial position or performance - This period marks the first application of new and revised IFRS accounting standards, including amendments to **IAS 21 'Lack of Exchangeability'**[208](index=208&type=chunk)[209](index=209&type=chunk)[210](index=210&type=chunk)[211](index=211&type=chunk) - The application of these amendments has had **no significant impact** on the Group's financial position and performance[209](index=209&type=chunk)[211](index=211&type=chunk) [Operating Segment Information](index=50&type=section&id=Operating%20Segment%20Information) The Group primarily operates in Mainland China, with over 99% of revenue and non-current assets from the region, and segment data shows park operations as the main revenue source, albeit with declining performance - Over **99%** of the Group's revenue and non-current assets are derived from Mainland China, thus no geographical information is presented[212](index=212&type=chunk)[215](index=215&type=chunk) Operating Segment Revenue and Results (For the six months ended June 30, 2025) | Segment | Revenue (RMB thousand) | Segment Results (RMB thousand) | | :--- | :--- | :--- | | Park Operations | 646,200 | 65,654 | | Operations as a Service | 40,103 | 6,048 | | Property Development | – | – | | Total | 686,303 | 71,702 | Operating Segment Assets and Liabilities (As of June 30, 2025) | Segment | Segment Assets (RMB thousand) | Segment Liabilities (RMB thousand) | | :--- | :--- | :--- | | Park Operations | 9,215,063 | 256,090 | | Operations as a Service | 87,505 | 312,708 | | Property Development | 300,252 | – | | Total | 9,602,820 | 568,798 | [Other segment information](index=54&type=section&id=Other%20segment%20information) Other segment information for H1 2025 shows depreciation and amortization of RMB 189 million and capital expenditure of RMB 14.691 million for the park operation segment Other Segment Information (For the six months ended June 30, 2025) | Indicator | Park Operations (RMB thousand) | Operations as a Service (RMB thousand) | Property Development (RMB thousand) | Total (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | | Depreciation and Amortization (Segment) | 189,001 | 4,213 | – | 193,214 | | Capital Expenditure (Segment) | 14,691 | – | – | 14,691 | [Revenue](index=56&type=section&id=Revenue_Note) Revenue primarily derives from customer contracts and investment property operating leases, with ticket sales, in-park consumption, and hotel operations being key drivers for park operations Revenue Analysis (For the six months ended June 30, 2025) | Revenue Source | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue from Customer Contracts | 665,277 | 780,691 | | Gross Rental Income from Investment Properties Operating Leases | 21,026 | 19,110 | | Total | 686,303 | 799,801 | Disaggregation of Revenue from Customer Contracts (For the six months ended June 30, 2025) | Type of Goods or Services | Park Operations (RMB thousand) | Operations as a Service (RMB thousand) | Total (RMB thousand) | | :--- | :--- | :--- | :--- | | Ticket Sales | 320,248 | – | 320,248 | | Food and Beverage Sales | 68,539 | – | 68,539 | | Merchandise Sales | 80,163 | – | 80,163 | | In-park Amusement Fees | 74,422 | – | 74,422 | | Revenue from Hotel Operations | 81,802 | – | 81,802 | | Consulting, Management and Amusement Income | – | 40,103 | 40,103 | | Total | 625,174 | 40,103 | 665,277 | - All revenue from customer contracts is derived from the **Mainland China market**[245](index=245&type=chunk) [Loss Before Tax](index=60&type=section&id=Loss%20Before%20Tax) For H1 2025, the Group's pre-tax loss was RMB 295.6 million, influenced by cost of sales, depreciation, marketing expenses, administrative fees, and finance costs Components of Loss Before Tax (For the six months ended June 30, 2025) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Cost of Goods Sold | 37,258 | 46,216 | | Cost of Services Provided | 577,159 | 558,388 | | Depreciation of Property, Plant and Equipment | 161,530 | 178,086 | | Depreciation of Right-of-use Assets | 31,684 | 35,001 | | Amortization of Intangible Assets | 1,617 | 3,617 | | Net Exchange Differences | 649 | 3,939 | | Rental Income | (21,026) | (19,110) | | Interest Income | (75) | (2,193) | | Government Grants Recognized | (15,599) | (19,279) | | Loss on Disposal of Items of Property, Plant and Equipment | 826 | 726 | [Income Tax](index=61&type=section&id=Income%20Tax) For H1 2025, the Group reported an income tax expense of RMB 16 thousand, a significant reduction from the prior year, primarily due to the loss incurred Income Tax Expense (For the six months ended June 30, 2025) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Current - Mainland China: Over-provision in prior years | – | (2,765) | | Deferred | 16 | 6,550 | | Total Tax Expense for the Period | 16 | 3,785 | - China corporate income tax is provided at a rate of **25%**[254](index=254&type=chunk) [Dividend](index=61&type=section&id=Dividend) No interim dividend was paid, declared, or proposed for the six months ended June 30, 2025 - No interim dividend was paid, declared, or proposed during the period[255](index=255&type=chunk)[256](index=256&type=chunk) [Loss Per Share Attributable to Ordinary Equity Holders of the Parent](index=62&type=section&id=Loss%20Per%20Share%20Attributable%20to%20Ordinary%20Equity%20Holders%20of%20the%20Parent) For H1 2025, both basic and diluted loss per share were RMB 3.64 cents, an increase from RMB 1.04 cents in the prior year, with no dilutive potential ordinary shares outstanding Loss Per Share Calculation (For the six months ended June 30, 2025) | Indicator | 2025 (RMB thousand/share) | 2024 (RMB thousand/share) | | :--- | :--- | :--- | | Loss Attributable to Ordinary Equity Holders of the Parent | (295,139) | (84,226) | | Weighted Average Number of Ordinary Shares in Issue | 8,104,092,000 | 8,104,092,000 | | Basic and Diluted Loss Per Share (RMB cents) | (3.64) | (1.04) | - There were no dilutive potential ordinary shares in issue during the period, thus the amount of diluted loss per share is the same as basic loss per share[260](index=260&type=chunk) [Property, Plant and Equipment](index=63&type=section&id=Property,%20Plant%20and%20Equipment) As of June 30, 2025, property, plant, and equipment totaled RMB 6.090 billion, with additions of RMB 14.691 million, depreciation of RMB 161.5 million, and a net loss of RMB 0.826 million from asset disposals Changes in Property, Plant and Equipment (As of June 30, 2025) | Item | Total (RMB thousand) | | :--- | :--- | | At January 1, 2025 (Audited) | 6,237,390 | | Additions | 14,691 | | Depreciation | (161,530) | | Disposals | (826) | | At June 30, 2025 (Unaudited) | 6,089,725 | - The cost of assets acquired during the period was **RMB 14,691,000**, and the net book value of assets disposed of was **RMB 826,000**, resulting in a net loss on disposal of **RMB 826,000**[263](index=263&type=chunk)[265](index=265&type=chunk) [Trade Receivables](index=64&type=section&id=Trade%20Receivables) As of June 30, 2025, total trade receivables were RMB 58.339 million, with RMB 29.869 million due within 90 days and RMB 24.65 million due between 90 days and one year Ageing Analysis of Trade Receivables (As of June 30, 2025) | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 90 days | 29,869 | 45,881 | | Over 90 days and within 1 year | 24,650 | 729 | | Over 1 year | 3,820 | 4,012 | | Total | 58,339 | 50,622 | [Prepayments and Other Receivables](index=65&type=section&id=Prepayments%20and%20Other%20Receivables) As of June 30, 2025, prepayments and other receivables totaled RMB 217.1 million, primarily comprising prepayments for construction, property, plant, and equipment, and land Prepayments and Other Receivables (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Prepayments for Construction and Property, Plant and Equipment | 866,809 | 870,624 | | Prepayments for Land | 63,700 | 63,700 | | Prepaid Expenses | 75,711 | 66,104 | | Recoverable or Refundable VAT | 51,378 | 46,633 | | Receivables from Disposal of Equity Interest in an Associate | 9,600 | 33,600 | | Other Deposits and Receivables | 65,650 | 66,321 | | Amounts Due from Related Companies | 3,250 | 3,161 | | Less: Non-current Portion | (868,516) | (872,331) | | Impairment Provision | (50,478) | (50,478) | | Total | 217,104 | 227,334 | - The balance of prepayments includes a long-term prepayment of **RMB 63,700,000** to a related company[270](index=270&type=chunk)[271](index=271&type=chunk) [Trade and Bills Payables](index=66&type=section&id=Trade%20and%20Bills%20Payables) As of June 30, 2025, trade and bills payables totaled RMB 1.043 billion, with trade payables of RMB 943.1 million and bills payables of RMB 100 million, typically settled within 30 to 180 days Trade and Bills Payables (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade Payables | 943,121 | 935,049 | | Bills Payables | 100,000 | 100,000 | | Total | 1,043,121 | 1,035,049 | Ageing Analysis of Trade Payables (As of June 30, 2025) | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 1 year | 380,869 | 501,749 | | Over 1 year | 562,252 | 433,300 | | Total | 943,121 | 935,049 | - Trade payables are non-interest bearing and typically settled within **30 to 180 days**, with some suppliers agreeing to extend credit terms beyond one year[275](index=275&type=chunk)[277](index=277&type=chunk) [Share Capital](index=68&type=section&id=Share%20Capital) As of June 30, 2025, the company's issued and fully paid share capital consisted of 8,114,002,000 ordinary shares with a par value of US$0.00005 each, totaling RMB 2.489 million Share Capital (As of June 30, 2025) | Shares | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Issued and fully paid: 8,114,002,000 ordinary shares of US$0.00005 each | 2,489 | 2,489 | [Contingent Liabilities_Note](index=68&type=section&id=Contingent%20Liabilities_Note) Certain bank accounts were frozen due to supplier claims totaling RMB 7.786 million, for which full provision has been made, with no other significant contingent liabilities - As of June 30, 2025, certain bank accounts of the Group were frozen involving **RMB 7,786,000**[279](index=279&type=chunk)[280](index=280&type=chunk) - The directors have made **full provision** for the payments, and save as disclosed, the Group has no other significant contingent liabilities[279](index=279&type=chunk)[280](index=280&type=chunk) [Commitments_Note](index=69&type=section&id=Commitments_Note) As of June 30, 2025, the Group's total contractual commitments amounted to RMB 715.8 million, primarily for property, plant, and equipment and right-of-use assets Contractual Commitments (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Property, Plant and Equipment | 577,791 | 577,791 | | Right-of-use Assets | 138,000 | 138,000 | | Total | 715,791 | 715,791 | [Related Party Transactions](index=69&type=section&id=Related%20Party%20Transactions) The Group engages in transactions and has outstanding balances with various related parties and key management personnel, including lease expenses, goods purchases, and hotel operating income, with key management providing guarantees for certain borrowings Transactions with Related Parties (For the six months ended June 30, 2025) | Transaction Type | Related Party | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | :--- | | Lease Expenses | Dalian Haichang Land Guanglu Island Hotel | 580 | 580 | | Purchase of Goods | Haichang Marine Delicacies Aquaculture | – | 76 | | Hotel Operating Income | Dalian Haichang Group | 1 | 2 | | Ticket Sales Revenue | Dalian Haichang Group | 90 | 90 | | Purchase of Equipment | Dalian Oriental Water City Development | – | 499 | - Mr. Qu Naijie, Ms. Cheng Chunping, Mr. Qu Cheng, and/or Ms. Yang Di provided **gratuitous guarantees** for certain borrowings of the Group totaling **RMB 4,883,200,000**[289](index=289&type=chunk)[290](index=290&type=chunk) Outstanding Balances with Related Parties (As of June 30, 2025) | Balance Type | Related Party | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | :--- | | Long-term Prepayment to a Related Company | Dalian Haichang Group | 63,700 | 63,700 | | Amounts Due from Related Companies | Haichang Commercial Operations | 1,925 | 1,925 | | Amounts Due to Related Companies | Haichang Marine Delicacies Aquaculture | 196 | 196 | Remuneration of Key Management Personnel (For the six months ended June 30, 2025) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Salaries, Allowances, Bonuses, Benefits and Other Fees | 5,535 | 5,600 | | Retirement Benefits | 194 | 289 | | Total Remuneration | 5,729 | 5,889 | [Fair Value and Fair Value Hierarchy of Financial Instruments](index=75&type=section&id=Fair%20Value%20and%20Fair%20Value%20Hierarchy%20of%20Financial%20Instruments) Management assesses that the fair value of the Group's financial instruments approximates their carrying amounts, primarily due to short maturities or market-rate pricing, with Level 3 financial assets totaling RMB 90.282 million as of June 30, 2025 - The fair value of interest-bearing bank loans and other borrowings approximates their carrying amounts, primarily because they are made at **current market interest rates**[296](index=296&type=chunk)[299](index=299&type=chunk) - The fair value of other financial instruments approximates their carrying amounts, primarily due to their **short-term maturities**[297](index=297&type=chunk)[299](index=299&type=chunk) Assets Measured at Fair Value (As of June 30, 2025) | Item | Level 3 (RMB thousand) | Total (RMB thousand) | | :--- | :--- | :--- | | Financial Assets at Fair Value Through Profit or Loss | 90,282 | 90,282 | Changes in Level 3 Fair Value Measurements (As of June 30, 2025) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | At January 1 (Audited) | 110,282 | 146,429 | | Return of Capital | (20,000) | – | | Fair Value Loss | – | (10,976) | | At June 30 (Unaudited) | 90,282 | 135,453 | [Events After the Reporting Period_Note](index=78&type=section&id=Events%20After%20the%20Reporting%20Period_Note) Except for disclosures elsewhere in the interim condensed consolidated financial information, there are no other post-reporting period events for the Group - Except for the disclosed subscription agreement, there are **no other significant post-reporting period events**[309](index=309&type=chunk)[312](index=312&type=chunk) [Approval of the Interim Condensed Consolidated Financial Information](index=78&type=section&id=Approval%20of%20the%20Interim%20Condensed%20Consolidated%20Financial%20Information) The unaudited interim condensed consolidated financial information was approved and authorized for issue by the company's Board of Directors on August 29, 2025 - The interim condensed consolidated financial information was approved and authorized for issue by the Board of Directors on **August 29, 2025**[310](index=310&type=chunk)[313](index=313&type=chunk)

Revenue Performance - The group's revenue decreased by 2% to HKD 362.7 million for the period ending June 30, 2025, compared to HKD 369.2 million in 2024[7]. - The group's total revenue from continuing operations decreased by 2% to HKD 362.7 million in 2025, down from HKD 369.2 million in 2024, with total attendance dropping by 7%[16]. - Revenue for the six months ended June 30, 2025, is HKD 362,684,000, a slight decrease from HKD 369,249,000 for the same period in 2024[28]. - Total revenue for the six months ended June 30, 2025, was HKD 362.68 million, a decrease from HKD 369.25 million in the same period of 2024, representing a decline of approximately 1.5%[55]. - The segment revenue from movie screenings was HKD 483.16 million for the six months ended June 30, 2025, compared to HKD 537.47 million in 2024, indicating a decrease of about 10.1%[54]. Profitability - The group recorded a non-recurring income of HKD 19.1 million due to the reversal of restoration cost provisions and HKD 85.8 million from lease modifications during the period[8]. - The gross profit from continuing operations increased by 1% to HKD 242.9 million, attributed to higher-margin film licensing revenue[16]. - Operating profit significantly increased to HKD 115,445,000 from HKD 8,827,000 year-over-year[28]. - The profit before tax for the period is HKD 105,085,000, a recovery from a loss of HKD 10,731,000 in the previous year[28]. - The net profit from continuing operations is HKD 136,712,000, compared to a loss of HKD 17,678,000 in the same period last year[29]. - The company reported a profit of HKD 136,712,000 for the six months ended June 30, 2025, compared to a loss of HKD 81,048,000 in the same period of 2024, marking a significant turnaround[31]. - The group recorded a profit attributable to equity holders of HKD 136,712,000 for the six months ended June 30, 2025, compared to a loss of HKD 81,048,000 for the same period in 2024[63]. Attendance and Market Share - The cinema operations in Singapore accounted for 79% of the group's total segment revenue in 2025, down from 81% in 2024, highlighting its significance as a primary revenue source[8]. - The total attendance in Hong Kong dropped from 900,000 in the first half of 2024 to 800,000 in the same period of 2025, leading to a 26% decline in box office revenue to HKD 42.8 million[11]. - The group maintained its market leadership in Singapore with a 57% share of the local box office during the reporting period[9]. - The average ticket price in Hong Kong decreased from HKD 64 in 2024 to HKD 53 in 2025, aimed at attracting more viewers back to cinemas[11]. - The average net ticket price rose by 6% from SGD 12.1 in 2024 to SGD 12.8 in 2025, despite a 5% decrease in attendance to 2.24 million[13]. Operational Changes - The number of cinemas operated in Hong Kong decreased from 8 in 2024 to 0 in 2025, resulting in a significant operational shift[10]. - The group has ceased all cinema operations in Hong Kong as of June 30, 2025, focusing its efforts on the Singapore market[8]. - The cinema business remains the primary revenue source, contributing 88% to the total segment revenue as of June 30, 2025[9]. - The group operates 16 cinemas with 122 screens in Singapore, maintaining a market share of 51% of installed screens and 57% of total box office revenue[12]. - The group plans to expand its Gold Class premium cinema offerings to meet changing consumer preferences post-pandemic[13]. Financial Position - The net asset value reached HKD 1.4054 billion as of June 30, 2025, up from HKD 1.1698 billion at the end of 2024[19]. - Cash and bank balances totaled HKD 152.2 million as of June 30, 2025, compared to HKD 133.6 million at the end of 2024[19]. - The company's net asset value rose to HKD 1,405,386,000 as of June 30, 2025, compared to HKD 1,169,790,000 at the end of 2024, indicating improved financial health[35]. - The company’s cash and cash equivalents increased to HKD 152,205,000 from HKD 133,568,000, demonstrating better liquidity management[34]. - The group’s debt-to-asset ratio remains stable at 9.0% as of June 30, 2025, compared to 8.0% on December 31, 2024[20]. Future Outlook - The group anticipates a decline in box office, attendance, and overall revenue due to a lack of blockbuster films and shortened release schedules[7]. - The group aims to diversify revenue by increasing alternative content and live streaming, as well as enhancing its e-commerce capabilities[14]. - The company will adopt a cautious approach towards future operations and expansion plans due to high uncertainty in trade prospects[21]. - Future guidance indicates a cautious outlook due to market volatility and potential economic challenges[39]. Corporate Governance and Shareholder Information - The company does not recommend the payment of an interim dividend for the six months ending June 30, 2025, consistent with the previous year[79]. - The company has adhered to the corporate governance code, with exceptions noted for attendance at shareholder meetings by certain directors[109]. - The company has adopted a relaxed code for securities trading by directors, confirming compliance during the reporting period[110]. - The company’s major shareholder, Mr. Wu, holds 1,998,578,497 shares, representing approximately 71.39% of the issued share capital[101]. - As of June 30, 2025, the total number of shares issued is 2,799,669,050, with major shareholders holding significant stakes: 71.39% by Wu Ke Bo, 51.18% by Mainway Enterprises Limited, and 20.21% by Orange Sky Entertainment Group[104].

[Company Overview and Financial Summary](index=1&type=section&id=Company%20Overview%20and%20Financial%20Summary) This section provides an overview of the company's basic information and summarizes its consolidated financial performance and position for the year [Company Basic Information](index=5&type=section&id=1.1%20Company%20Basic%20Information) China Financial International Investments Limited (the Company) is incorporated in Bermuda, with shares listed on the Hong Kong Stock Exchange, primarily investing in listed and unlisted companies in Hong Kong and China - The Company is incorporated in Bermuda, with its shares listed on the Hong Kong Stock Exchange[6](index=6&type=chunk) - The Group primarily engages in investing in listed and unlisted companies established and/or operating in Hong Kong and China[6](index=6&type=chunk) - The consolidated financial statements are presented in HKD, while the Company's functional currency is RMB[6](index=6&type=chunk) [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=1&type=section&id=1.2%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the year ended June 30, 2025, the Group shifted from a profit to a loss, primarily due to fair value changes in financial assets and a significant decrease in revenue, despite notable growth in other income and a reduction in administrative expenses Key Data from Consolidated Statement of Profit or Loss and Other Comprehensive Income | Indicator | 2025 (HK$ '000) | 2024 (HK$ '000) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 164 | 1,224 | -86.60% | | Other Income | 327 | 1 | +32600.00% | | Reversal of impairment loss on other receivables | 3,677 | 6,722 | -45.30% | | Fair value (loss)/gain on financial assets at fair value through profit or loss | (4,978) | 24,543 | -120.28% | | Administrative expenses | (7,112) | (7,589) | -6.29% | | (Loss)/profit before tax | (8,809) | 23,759 | -137.16% | | (Loss)/profit for the year | (8,809) | 27,897 | -131.58% | | Total comprehensive (expense)/income for the year attributable to owners of the Company | (7,906) | 35,694 | -122.15% | - The net loss for the year was **HK$8,809,000**, compared to a net profit of HK$27,897,000 last year[2](index=2&type=chunk)[26](index=26&type=chunk) - Among other comprehensive income, the fair value gain on equity instruments at fair value through other comprehensive income was **HK$1,838,000**, a significant decrease from HK$8,562,000 last year[3](index=3&type=chunk) [Consolidated Statement of Financial Position](index=3&type=section&id=1.3%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets and total equity decreased, but cash and cash equivalents significantly increased, while prepayments and other receivables substantially decreased Key Data from Consolidated Statement of Financial Position | Indicator | 2025 (HK$ '000) | 2024 (HK$ '000) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | **Non-current assets** | | | | | Interests in an associate | 306 | 199 | +53.77% | | Financial assets at fair value through profit or loss | 27,888 | 36,992 | -24.61% | | Equity instruments at fair value through other comprehensive income | 29,761 | 27,923 | +6.58% | | Total non-current assets | 57,955 | 65,382 | -11.36% | | **Current assets** | | | | | Prepayments, deposits and other receivables | 1,824 | 104,275 | -98.25% | | Financial assets at fair value through profit or loss | 25,150 | 21,215 | +18.55% | | Cash and cash equivalents | 96,482 | 19 | +507700.00% | | Total current assets | 123,456 | 125,509 | -1.64% | | **Current liabilities** | | | | | Other payables and accrued liabilities | 13,739 | 14,376 | -4.30% | | Borrowings | 9,997 | 9,997 | 0.00% | | Total current liabilities | 24,174 | 25,377 | -4.89% | | Net assets | 157,237 | 165,143 | -4.80% | - Cash and cash equivalents significantly increased from **HK$19,000** in 2024 to **HK$96,482,000** in 2025[4](index=4&type=chunk)[38](index=38&type=chunk) - Prepayments, deposits, and other receivables significantly decreased from **HK$104,275,000** in 2024 to **HK$1,824,000** in 2025[4](index=4&type=chunk) [Per Share Financial Indicators](index=2&type=section&id=1.4%20Per%20Share%20Financial%20Indicators) This year's basic loss per share was HK$0.080 cents, compared to a basic earnings per share of HK$0.254 cents last year, with net asset value per share also decreasing Per Share Financial Indicators | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Basic (loss)/earnings per share (HK cents) | (0.080) | 0.254 | | Net asset value per share (HK cents) | 1.43 | 1.51 | | Weighted average number of ordinary shares ('000 shares) | 10,971,634 | 10,971,634 | - Diluted (loss)/earnings per share is not presented as there were no potential ordinary shares outstanding for both years[24](index=24&type=chunk) [Accounting Policies and Standards](index=5&type=section&id=Accounting%20Policies%20and%20Standards) This section details the Group's general information, the application of new Hong Kong Financial Reporting Standards, and amendments issued but not yet effective [General Information](index=5&type=section&id=2.1%20General%20Information) The Company is an exempted company incorporated in Bermuda, with shares listed on the Hong Kong Stock Exchange, primarily investing in listed and unlisted companies in Hong Kong and China - The Company has deregistered in the Cayman Islands and re-domiciled to Bermuda as an exempted company[6](index=6&type=chunk) - The Group primarily engages in investing in listed and unlisted companies established and/or operating in Hong Kong and China[6](index=6&type=chunk) [Amendments to Hong Kong Financial Reporting Standards Applied](index=5&type=section&id=2.2%20Amendments%20to%20Hong%20Kong%20Financial%20Reporting%20Standards%20Applied) This year, the Group first applied several new and amended Hong Kong Financial Reporting Standards issued by the HKICPA, which had no significant impact on its financial position or performance Amendments to Hong Kong Financial Reporting Standards Mandatorily Effective This Year | Amended Standard | Content | | :--- | :--- | | Amendments to HKAS 1 | Classification of Liabilities as Current or Non-current and related amendments to HK Interpretation 5 (2020) | | Amendments to HKAS 1 | Non-current Liabilities with Covenants | | Amendments to HKAS 7 and HKFRS 7 | Supplier Finance Arrangements | | Amendments to HKFRS 16 | Lease Liability in a Sale and Leaseback | - The application of amendments to HKFRS accounting standards this year had no significant impact on the Group's financial position and performance for the current and prior years, and/or the disclosures in these consolidated financial statements[7](index=7&type=chunk) [Amendments to Hong Kong Financial Reporting Standards Issued But Not Yet Effective](index=6&type=section&id=2.3%20Amendments%20to%20Hong%20Kong%20Financial%20Reporting%20Standards%20Issued%20But%20Not%20Yet%20Effective) The Group has not early adopted several issued but not yet effective HKFRS amendments, with HKFRS 18 "Presentation and Disclosure in Financial Statements" expected to impact future financial statement presentation and disclosures Amendments to Hong Kong Financial Reporting Standards Issued But Not Yet Effective | Amended Standard | Content | Effective Date | | :--- | :--- | :--- | | Amendments to HKFRS 10 and HKAS 28 | Sale or Contribution of Assets between an Investor and its Associate or Joint Venture | A date to be determined | | Amendments to HKAS 21 | Lack of Exchangeability | On or after 1 January 2025 | | Amendments to HKFRS 9 and HKFRS 7 | Amendments to Classification and Measurement of Financial Instruments | On or after 1 January 2026 | | Amendments to HKFRS 9 and HKFRS 7 | Contracts for which the output is electricity generated from natural resources | On or after 1 January 2026 | | Amendments to HKFRS Accounting Standards | Annual Improvements to HKFRS Accounting Standards – Volume 11 | On or after 1 January 2026 | | HKFRS 18 | Presentation and Disclosure in Financial Statements | On or after 1 January 2027 | - HKFRS 18 "Presentation and Disclosure in Financial Statements" will replace HKAS 1, introducing new presentation and disclosure requirements, which are expected to impact the presentation of the statement of profit or loss and disclosures in future financial statements[9](index=9&type=chunk)[10](index=10&type=chunk) [Operating Segment Analysis](index=7&type=section&id=Operating%20Segment%20Analysis) This section provides an overview of the Group's reportable segments, including their revenue, results, and asset allocation [Segment Overview](index=7&type=section&id=3.1%20Segment%20Overview) The Group's reportable segments include micro-lending services, property and natural gas, clean energy, and other businesses, primarily conducted through equity investments in investees - The Group's reportable segments include micro-lending services, property and natural gas, clean energy, and other businesses[15](index=15&type=chunk) - Segment information is reported to the chief operating decision-makers (executive directors) for resource allocation and segment performance assessment[13](index=13&type=chunk) [Segment Revenue and Results](index=7&type=section&id=3.2%20Segment%20Revenue%20and%20Results) This year, the clean energy segment recorded revenue but expanded its segment loss, while the property and natural gas segment remained profitable but declined, and other segments shifted from profit to loss Segment Revenue and Results (HK$ '000) | Segment | 2025 Revenue | 2024 Revenue | 2025 Segment Profit/(Loss) | 2024 Segment Profit/(Loss) | | :--- | :--- | :--- | :--- | :--- | | Micro-lending services | – | – | – | – | | Property and natural gas | – | – | 4,219 | 6,541 | | Clean energy | 164 | 1,224 | (8,899) | (33,753) | | Others | – | – | (134) | 52,979 | | Total | 164 | 1,224 | (4,814) | 25,767 | - Clean energy segment revenue decreased from **HK$1,224,000** in 2024 to **HK$164,000** in 2025[14](index=14&type=chunk)[16](index=16&type=chunk) - Clean energy segment loss narrowed from **HK$33,753,000** in 2024 to **HK$8,899,000** in 2025[14](index=14&type=chunk)[16](index=16&type=chunk) - The "Others" segment shifted from a profit of **HK$52,979,000** in 2024 to a loss of **HK$134,000** in 2025[14](index=14&type=chunk)[16](index=16&type=chunk) [Other Segment Information](index=8&type=section&id=3.3%20Other%20Segment%20Information) This year, the total fair value gain/loss on financial assets at fair value through profit or loss was a loss of HK$4,978,000, compared to a gain of HK$24,543,000 last year, with total segment assets significantly decreasing and unallocated assets substantially increasing Fair Value Gain/(Loss) on Financial Assets at Fair Value Through Profit or Loss (HK$ '000) | Segment | 2025 | 2024 | | :--- | :--- | :--- | | Micro-lending services | – | – | | Property and natural gas | 4,219 | 6,541 | | Clean energy | (9,063) | (34,977) | | Others | (134) | 52,979 | | Total | (4,978) | 24,543 | Segment Assets (HK$ '000) | Segment | 2025 | 2024 | | :--- | :--- | :--- | | Micro-lending services | – | – | | Property and natural gas | 41,132 | 33,508 | | Clean energy | 27,888 | 66,002 | | Others | 13,779 | 89,765 | | Total segment assets | 82,799 | 189,275 | | Unallocated assets | 98,612 | 1,616 | | Consolidated assets | 181,411 | 190,891 | - Total segment assets decreased from **HK$189,275,000** in 2024 to **HK$82,799,000** in 2025, primarily due to reduced assets in the clean energy and other segments[18](index=18&type=chunk) - Unallocated assets significantly increased from **HK$1,616,000** in 2024 to **HK$98,612,000** in 2025[18](index=18&type=chunk) [Notes to the Financial Statements](index=6&type=section&id=Notes%20to%20the%20Financial%20Statements) This section provides detailed notes on the Group's revenue, other income, finance costs, income tax, components of loss/profit, and dividend policy [Revenue](index=6&type=section&id=4.1%20Revenue) This year's revenue entirely comprised dividend income from financial assets at fair value through profit or loss, which significantly decreased compared to last year Revenue Components (HK$ '000) | Source | 2025 | 2024 | | :--- | :--- | :--- | | Dividend income from financial assets at fair value through profit or loss | 164 | 1,224 | - Dividend income decreased by **86.60%** compared to last year, being one of the primary reasons for the loss this year[26](index=26&type=chunk)[28](index=28&type=chunk) [Other Income](index=9&type=section&id=4.2%20Other%20Income) This year's other income primarily consisted of bank interest income, which significantly increased compared to last year Other Income (HK$ '000) | Source | 2025 | 2024 | | :--- | :--- | :--- | | Bank interest income | 327 | 1 | - Bank interest income increased from **HK$1,000** in 2024 to **HK$327,000** in 2025, representing a **32,600.00%** increase[26](index=26&type=chunk) [Finance Costs](index=9&type=section&id=4.3%20Finance%20Costs) This year's finance costs slightly decreased, primarily comprising interest on borrowings and lease liabilities Finance Costs (HK$ '000) | Component | 2025 | 2024 | | :--- | :--- | :--- | | Interest on borrowings | 800 | 802 | | Interest on lease liabilities | 49 | 90 | | Total | 849 | 892 | [Income Tax Credit](index=10&type=section&id=4.4%20Income%20Tax%20Credit) There was no income tax credit this year as the Group had no assessable profits; Hong Kong profits tax uses a two-tiered rate, while Chinese subsidiaries are taxed at 25% Income Tax Credit (HK$ '000) | Component | 2025 | 2024 | | :--- | :--- | :--- | | Current tax | – | 62 | | Over-provision in prior years | – | (4,200) | | Income tax credit | – | (4,138) | - As the Group had no assessable profits for both years, no provision for Hong Kong profits tax and PRC corporate income tax was made in the consolidated financial statements[21](index=21&type=chunk) - Hong Kong profits tax adopts a two-tiered tax rate system, with the first **HK$2,000,000** of assessable profits taxed at **8.25%** and the remainder at **16.5%**[20](index=20&type=chunk) - The tax rate for PRC subsidiaries remained at **25%** for both years[21](index=21&type=chunk) [Components of Loss/Profit for the Year](index=10&type=section&id=4.5%20Components%20of%20Loss%2FProfit%20for%20the%20Year) This year's loss was primarily influenced by reduced directors' remuneration and staff welfare expenses, alongside a significant decrease in the reversal of impairment loss on other receivables Items Deducted From/(Credited To) Loss/Profit for the Year (HK$ '000) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Directors' remuneration | 928 | 2,154 | | Total staff welfare expenses | 1,920 | 3,498 | | Auditor's remuneration - audit services | 1,050 | 1,000 | | Auditor's remuneration - non-audit services | 250 | 195 | | Custodian fees | 157 | 156 | | Investment management fees | 115 | 117 | | Reversal of impairment loss on other receivables | (3,677) | (6,722) | - Directors' remuneration decreased from **HK$2,154,000** in 2024 to **HK$928,000** in 2025[22](index=22&type=chunk) - Total staff welfare expenses decreased from **HK$3,498,000** in 2024 to **HK$1,920,000** in 2025[22](index=22&type=chunk) - Reversal of impairment loss on other receivables decreased from **HK$6,722,000** in 2024 to **HK$3,677,000** in 2025[22](index=22&type=chunk) [Dividends](index=11&type=section&id=4.6%20Dividends) For the year ended June 30, 2025, the Company neither paid nor proposed any dividends - No dividends were paid or proposed to ordinary shareholders of the Company for the year ended June 30, 2025[23](index=23&type=chunk) [Management Discussion and Analysis](index=12&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews the Group's overall performance, listed and unlisted investments, future outlook, liquidity, capital structure, and other key operational aspects [Overall Performance Review](index=12&type=section&id=5.1%20Overall%20Performance%20Review) The Group recorded a net loss of HK$8,809,000 this year, primarily due to fair value losses on unlisted investments and a significant decrease in dividend income, although administrative expenses declined - A net loss of **HK$8,809,000** was recorded for the year, compared to a net profit of HK$27,897,000 last year[26](index=26&type=chunk) - The loss was primarily due to a fair value loss of approximately **HK$9,284,000** on unlisted investments at fair value through profit or loss, and a significant **86.60%** decrease in dividend income from unlisted investments to **HK$164,000**[26](index=26&type=chunk)[28](index=28&type=chunk) - Administrative expenses decreased by **6.29%** from **HK$7,589,000** last year to **HK$7,112,000** this year, mainly due to reduced staff costs and directors' remuneration[26](index=26&type=chunk) [Review of Listed Investments](index=12&type=section&id=5.2%20Review%20of%20Listed%20Investments) This year, the listed securities business recorded a loss of HK$7,625,000, compared to a gain of HK$9,924,000 last year; listed securities market value increased at year-end, but no dividend income from listed investments was recorded this year - The listed securities business recorded a loss of **HK$7,625,000** this year, compared to a gain of HK$9,924,000 last year[27](index=27&type=chunk) - As of June 30, 2025, the market value of listed securities increased to **HK$41,132,000** (2024: HK$33,791,000)[27](index=27&type=chunk) - No dividend income from listed investments was recorded this year[27](index=27&type=chunk) - The Company sold shares in Hengding Industrial in December 2024, recording a realized loss of approximately **HK$134,000**, and no longer held the security at year-end[29](index=29&type=chunk) [Review of Unlisted Investments](index=13&type=section&id=5.3%20Review%20of%20Unlisted%20Investments) This year, the unlisted investment portfolio recorded a total loss of HK$10,631,000, mainly due to a significant decrease in dividend income and the absence of last year's one-off fair value gain from the disposal of Jusheng Light Alloy; the Group is gradually exiting the micro-lending industry and continuing to focus on clean energy - The unlisted investment portfolio recorded a total loss of **HK$10,631,000** this year (2024: gain of HK$23,181,000)[30](index=30&type=chunk) - Dividend income from unlisted investments decreased by **86.60%** from **HK$1,224,000** last year to **HK$164,000**[30](index=30&type=chunk) - The fair value of unlisted investments decreased by **20.39%** from **HK$52,339,000** last year to **HK$41,667,000**[31](index=31&type=chunk) - The Group had no new transactions or investment dealings this year, leading to a loss in the absence of investment income[30](index=30&type=chunk) [Unlisted Equity Investment Strategy](index=14&type=section&id=5.3.1%20Unlisted%20Equity%20Investment%20Strategy) The Group will continue to focus on bioenergy investments and plans to gradually exit the micro-lending industry to consolidate resources and maximize shareholder value - Since 2018, the Group has focused on the clean energy sector, making multiple investments, with bioenergy considered carbon-neutral and renewable[32](index=32&type=chunk) - Given concerns about declining interest rates and rising operational risks in the micro-lending industry, the Company has planned to exit its investments in this sector[32](index=32&type=chunk) - In the future, the focus will remain on bioenergy investments, gradually exiting the micro-lending industry to explore new investment areas and maximize shareholder value[33](index=33&type=chunk) [Details of Unlisted Equity Investment Portfolio](index=15&type=section&id=5.3.2%20Details%20of%20Unlisted%20Equity%20Investment%20Portfolio) The unlisted equity investment portfolio is primarily concentrated in clean energy, micro-lending, and guarantee services, with significant unrealized losses in clean energy and no fair value gains from micro-lending investments Unlisted Equity Investment Portfolio (As of June 30, 2025, HK$ '000) | Company Name | Location | Effective Interest | Nature of Business | Investment Cost | Fair Value | Dividends Received/Receivable | Net Assets Attributable to Investment | Percentage of Total Group Assets | Realized Fair Value Gain/(Loss) Recognized in Profit or Loss | Unrealized Fair Value Gain/(Loss) Recognized in Profit or Loss | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Micro-lending services** | | | | | | | | | | | | Harbin Zhongjin Guoxin Micro-lending Co., Ltd. | Harbin, Heilongjiang Province | 30% | Provision of micro-lending and financial advisory services | 36,693 | – | – | – | – | – | – | | Tianjin Binlian Micro-lending Co., Ltd. | Tianjin | 3.3% | Provision of micro-lending and financial advisory services | 12,271 | – | 164 | – | – | – | – | | Nanjing Jiangning Mingyang Rongtong Rural Micro-lending Co., Ltd. | Nanjing, Jiangsu Province | 30% | Provision of micro-lending and financial advisory services | 36,673 | – | – | – | – | – | – | | Subtotal | | | | 85,637 | – | 164 | – | | – | – | | **Guarantee services** | | | | | | | | | | | | Jiangxi Huazhang Hanchen Guarantee Group Co., Ltd. | Nanchang, Jiangxi Province | 1.77% | Provision of financing guarantees | 43,150 | 13,779 | – | 13,779 | 8.76% | – | – | | **Investment and management consulting services** | | | | | | | | | | | | Shenzhen Zhongtou Jinxin Asset Management Co., Ltd. | Shenzhen, Guangdong Province | 30% | Provision of project investment consulting services | 18,350 | – | – | – | – | – | – | | Xi'an Kairong Financial Services Co., Ltd. | Xi'an, Shaanxi Province | 30% | Provision of financial management services | 18,724 | – | – | – | – | – | – | | Subtotal | | | | 37,074 | – | – | – | | – | – | | **Clean energy** | | | | | | | | | | | | Henan Tianguan Energy Biochemical Technology Co., Ltd. | Henan Province | 30% | Production and sale of denatured fuel ethanol, etc. | 230,763 | 6,988 | – | 6,988 | 4.44% | – | 221 | | Hunan Huanan New Energy Co., Ltd. | Hunan Province | 30% | New energy technology development, transfer, and consulting, etc. | 51,200 | – | – | – | – | – | – | | Hainan Keyihuirui Bioenergy Technology Co., Ltd. | Hainan Province | 30% | Bioenergy technology development, transfer, and consulting, etc. | 117,450 | – | – | – | – | – | – | | Henan Zhongxin Petrochemical Oil Sales Co., Ltd. | Henan Province | 30% | Operation of refined petroleum products | 52,084 | 20,096 | – | 20,096 | 12.78% | – | (561) | | Henan Zhongxin Bioenergy Technology Co., Ltd. | Henan Province | 30% | Production and sale of fuel ethanol and related products | 52,084 | 804 | – | 804 | 0.51% | – | (8,723) | | Subtotal | | | | 503,581 | 27,888 | – | 27,888 | | – | (9,063) | | **Total** | | | | 669,442 | 41,667 | 164 | 41,667 | | – | (9,063) | - Within the clean energy investment portfolio, Henan Zhongxin Bioenergy Technology Co., Ltd. recorded an unrealized fair value loss of **HK$8,723,000**[36](index=36&type=chunk) - The fair value of the micro-lending services investment portfolio was zero, with only Tianjin Binlian Micro-lending Co., Ltd. contributing **HK$164,000** in dividend income[34](index=34&type=chunk) [Outlook](index=17&type=section&id=5.4%20Outlook) The Group will continue to focus on China's bioethanol industry, actively monitor global virtual asset market investment opportunities, and establish a robust risk management framework - The Group will continue to focus on China's bioethanol industry[37](index=37&type=chunk) - The Group will also closely monitor investment opportunities in the global virtual asset market, accumulating industry experience and exploring new growth drivers while complying with regulatory requirements[37](index=37&type=chunk) - A comprehensive risk management framework will be established to ensure that any related business expansion aligns with the Company's long-term investment strategy and shareholder interests[37](index=37&type=chunk) [Liquidity, Financial Resources and Gearing Ratio](index=17&type=section&id=5.5%20Liquidity%2C%20Financial%20Resources%20and%20Gearing%20Ratio) The Group's cash and cash equivalents significantly increased, while its current ratio and gearing ratio remained healthy, with no bank borrowings - As of June 30, 2025, the Group's cash and cash equivalents significantly increased to **HK$96,482,000** (2024: HK$19,000)[38](index=38&type=chunk) - The current ratio was approximately **5.11 times** (2024: 4.95 times), and the gearing ratio was approximately **13.33%** (2024: 13.49%)[38](index=38&type=chunk) - The Group had no bank borrowings as of June 30, 2025[39](index=39&type=chunk) [Capital Structure](index=18&type=section&id=5.6%20Capital%20Structure) The Group's shareholders' equity decreased, but the total number of issued shares remained unchanged Capital Structure (As of June 30, 2025) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Shareholders' equity | HK$157,237,000 | HK$165,143,000 | | Total number of issued shares | Approximately 10,971,634,000 shares | Approximately 10,971,634,000 shares | [Exchange Rate Fluctuation Risk](index=18&type=section&id=5.7%20Exchange%20Rate%20Fluctuation%20Risk) The Group's primary business transaction currencies are HKD and RMB, but RMB-denominated transactions are not significant, so the Board considers exchange rate fluctuation risk to be immaterial - HKD and RMB are the primary currencies for the Group's business transactions[42](index=42&type=chunk) - RMB-denominated transactions were not significant this year, and the Board considers the Group's exposure to exchange rate fluctuation risk to be immaterial[42](index=42&type=chunk) [Capital Commitments and Contingent Liabilities](index=18&type=section&id=5.8%20Capital%20Commitments%20and%20Contingent%20Liabilities) The Group had no significant capital commitments or contingent liabilities during the year or at year-end - The Group had no significant capital commitments during the year, nor any significant contingent liabilities as of June 30, 2025[43](index=43&type=chunk) [Employees and Remuneration Policy](index=18&type=section&id=5.9%20Employees%20and%20Remuneration%20Policy) The Group's employee count remained stable, total staff costs decreased, and the remuneration policy considers multiple factors - As of June 30, 2025, the Group had **6 employees** (including directors), consistent with last year[44](index=44&type=chunk) - Total staff costs (including directors' remuneration) for the year were **HK$1,920,000** (2024: HK$3,498,000), representing a decrease[44](index=44&type=chunk) - Employee remuneration packages are determined by various factors, including employee experience and performance, market conditions, industry practices, and applicable employment laws[44](index=44&type=chunk) [Material Acquisitions, Disposals and Significant Investments](index=18&type=section&id=5.10%20Material%20Acquisitions%2C%20Disposals%20and%20Significant%20Investments) Aside from the disclosed disposals of listed and unlisted investments, there were no other material acquisitions, disposals, or significant investments this year - Other than the disposals of investments disclosed in the "Review of Listed Investments" and "Review of Unlisted Investments" sections of this announcement, there were no material acquisitions, disposals of subsidiaries, associates, and joint ventures, or significant investments during the year[46](index=46&type=chunk) [Corporate Governance and Audit](index=19&type=section&id=Corporate%20Governance%20and%20Audit) This section covers the Group's audit committee, corporate governance practices, directors' securities transactions, auditor's scope of work, publication of results, and board information [Audit Committee](index=19&type=section&id=6.1%20Audit%20Committee) The Audit Committee is responsible for reviewing and overseeing the Group's financial reporting processes and internal control systems, and has reviewed this year's financial statements - The Audit Committee is primarily responsible for reviewing and overseeing the Group's financial reporting procedures and internal control systems, and providing advice and recommendations to the Board[47](index=47&type=chunk) - The Audit Committee comprises three independent non-executive directors[47](index=47&type=chunk) - The Audit Committee has met with the external auditor to review the accounting principles and practices adopted by the Group and discuss audit and financial reporting matters, including reviewing this announcement and the Group's financial statements for the year[47](index=47&type=chunk) [Corporate Governance](index=19&type=section&id=6.2%20Corporate%20Governance) The Company is committed to maintaining good corporate governance standards; this year saw a deviation from the Code's requirement for separation of Chairman and CEO roles, but compliance was achieved after June 30, 2025, through a change in Chairman - The Company has adopted the principles of the Corporate Governance Code set out in Appendix C1 of the Listing Rules and complied with the relevant Corporate Governance Code, with one deviation[48](index=48&type=chunk) - This year, Mr. Du Lindong held both the positions of Chairman and Chief Executive Officer, deviating from Code Provision C.2.1 which requires the roles of Chairman and Chief Executive Officer to be separate[48](index=48&type=chunk) - Following the change in Board Chairman effective June 30, 2025, Mr. Liu Xiaodong was appointed to succeed Mr. Du Lindong as Chairman, and the Company has since complied with Code Provision C.2.1 of the Corporate Governance Code[48](index=48&type=chunk) [Directors' Securities Transactions](index=19&type=section&id=6.3%20Directors%27%20Securities%20Transactions) The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers set out in Appendix C3 of the Listing Rules, and all directors fully complied with it during the year - 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[49](index=49&type=chunk) - Following specific enquiries by the Company, all Directors confirmed that they had fully complied with the Model Code throughout the year[49](index=49&type=chunk) [Auditor's Scope of Work](index=20&type=section&id=6.4%20Auditor%27s%20Scope%20of%20Work) The financial data in this preliminary results announcement has been agreed by the auditor, Rongcheng (Hong Kong) CPA Firm, but their work does not constitute assurance services - The figures in the consolidated statement of financial position, consolidated statement of profit or loss and other comprehensive income, and their related notes for the Group for the year ended June 30, 2025, as set out in this preliminary results announcement, have been agreed by the Group's auditor, Rongcheng (Hong Kong) CPA Firm[50](index=50&type=chunk) - The work performed by the auditor in this regard does not constitute an assurance engagement in accordance with Hong Kong Standards on Auditing, Hong Kong Standards on Review Engagements, or Hong Kong Standards on Assurance Engagements issued by the HKICPA, and therefore the auditor has not expressed any assurance conclusion on this preliminary results announcement[50](index=50&type=chunk) [Publication of Annual Results on Website](index=20&type=section&id=6.5%20Publication%20of%20Annual%20Results%20on%20Website) This results announcement has been published on the Company's and the Stock Exchange's websites, and the annual report will be dispatched to shareholders and published on the websites as soon as practicable - This results announcement is published on the Company's website (http://www.irasia.com/listco/hk/cfii) and the Stock Exchange's website (www.hkex.com.hk)[51](index=51&type=chunk) - The annual report will be dispatched to shareholders and published on the aforementioned websites as soon as practicable[51](index=51&type=chunk) [Board Information](index=20&type=section&id=6.6%20Board%20Information) This announcement is signed by Mr. Du Lindong, Executive Director and Chief Executive Officer, on behalf of the Board, and lists the Board members as of the announcement date - This announcement is signed by Mr. Du Lindong, Executive Director and Chief Executive Officer of China Financial International Investments Limited, by order of the Board[52](index=52&type=chunk) - As of the date of this announcement, the executive director is Mr. Du Lindong; the non-executive directors are Mr. Liu Xiaodong and Ms. Li Hongxi; and the independent non-executive directors are Mr. Zong Shijian, Mr. Lu Lin, and Mr. Liu Xiaohong[53](index=53&type=chunk)

Financial Performance - The company's operating revenue for the first half of 2025 was approximately RMB 111.3 million, a decrease of about 43.3% compared to RMB 196.3 million in the same period of 2024[7] - The net loss attributable to shareholders for the first half of 2025 was approximately RMB 23.1 million, a reduction of about 37.4% from a net loss of RMB 36.9 million in the same period of 2024[7] - The total revenue for the first half of 2025 decreased by approximately 43.3% to RMB 111.3 million from RMB 196.3 million in the first half of 2024, primarily due to weak market demand[10] - The gross profit for the same period was RMB 42,990,000, down 59.3% from RMB 105,872,000 in 2024[60] - The company experienced a total comprehensive loss of RMB 23,121,000 for the six months ended June 30, 2025, compared to a loss of RMB 36,941,000 for the same period in 2024, showing an improvement of approximately 37.4%[64] - The group reported a significant revenue decline, with total revenue for the six months ended June 30, 2025, at RMB 111,286,000, down 42% from RMB 192,064,000 in the same period of 2024[76] - The group experienced a pre-tax loss of RMB 23,136,000 for the six months ended June 30, 2025, compared to a loss of RMB 36,941,000 for the same period in 2024[83] Product Sales - The sales revenue from the core product, Shuanghuanglian Oral Liquid, decreased by approximately 33.1% to RMB 56.1 million in the first half of 2025 from RMB 83.9 million in the same period of 2024[11] - The sales revenue from Shuanghuanglian Injection decreased by approximately 70.5% to RMB 16.2 million in the first half of 2025 from RMB 54.8 million in the same period of 2024[11] Expenses and Cost Management - Sales and distribution expenses for the first half of 2025 reached approximately RMB 30.6 million, accounting for about 27.5% of revenue, a decrease consistent with the revenue decline[14] - General and administrative expenses significantly decreased from approximately RMB 36.2 million in the first half of 2024 to about RMB 14.7 million in the first half of 2025, primarily due to reduced credit losses on trade and other receivables[15] - R&D expenses in the first half of 2025 were approximately RMB 14.9 million, a decrease of about RMB 42.2 million from RMB 57.1 million in the first half of 2024, mainly due to reduced investment in non-core product projects[16] Joint Ventures and Investments - The joint venture, Jiangxi Yongfeng Kande Pharmaceutical Co., Ltd., reported a profit of approximately RMB 26.3 million in the first half of 2025, with a profit attributable to the company of RMB 9.4 million, a significant improvement from a loss of RMB 0.36 million in the same period of 2024[7] - The group received government grants totaling RMB 1,192,000 for the six months ended June 30, 2025, down from RMB 3,976,000 in 2024[78] Cash Flow and Liquidity - The company reported a net cash position of RMB 75,988,000 as of June 30, 2025, significantly up from RMB 21,056,000 at the end of 2024[62] - The company reported a net cash inflow from operating activities of RMB 31,058,000 for the six months ended June 30, 2025, compared to RMB 33,837,000 for the same period in 2024, reflecting a decrease of about 8.2%[66] - The company made significant investments, with net cash used in investing activities amounting to RMB 22,119,000 for the six months ended June 30, 2025, compared to a cash outflow of RMB 83,534,000 in the same period of 2024[66] Liabilities and Equity - As of June 30, 2025, the group's total liabilities amounted to approximately RMB 887.4 million, an increase from RMB 869.8 million as of December 31, 2024[23] - The asset-liability ratio increased from 103.9% as of December 31, 2024, to 105.4% as of June 30, 2025[26] - The company's total equity attributable to shareholders decreased to RMB 346,550,000 as of June 30, 2025, from RMB 369,671,000 as of December 31, 2024, reflecting a decline of about 6.3%[64] Stock Options and Share Plans - The company has 16,000,000 unexercised stock options under the stock option plan, equivalent to approximately 2.16% of the total issued share capital[39] - The total number of stock options available for grant as of January 1, 2025, and June 30, 2025, is 64,000,000 shares, which corresponds to about 8.66% of the total issued share capital[39] - The board proposed to extend the exercise period of unexercised stock options to a maximum of 10 years from the grant date, enhancing alignment with shareholder interests[39] - The Restricted Share Unit Plan was adopted on November 8, 2021, aimed at incentivizing qualified individuals to contribute to the group's future development and expansion[42] - The maximum number of restricted share units (RSUs) that can be granted under the plan is capped at 10% of the company's issued share capital as of the adoption date, equating to 76,993,400 shares[44] Corporate Governance - The company has adhered to all applicable corporate governance codes, except for specific provisions regarding the separation of roles between the chairman and CEO[50] - The board has the discretion to determine eligibility for RSU grants based on contributions to the company's growth[43] Employee and Workforce - The group had a total of 1,045 employees as of June 30, 2025, with total employee costs amounting to approximately RMB 31.0 million in the first half of 2025, down from RMB 41.4 million in the same period of 2024[29] Market Outlook - The company is cautiously optimistic about the operating performance for the second half of 2025, expecting gradual improvement in revenue and gross margin as the impact of the national centralized procurement becomes evident[9] - The company is focused on expanding its market presence and enhancing its product offerings, although specific new products or technologies were not detailed in the report[67]

海德園，柴灣柴灣道 391 號，柴灣內地段 178 號(該「物業」) 董事局將於 2025 年 12 月 5 日星期五召開的股東週年常會上，建議派發末期股息 每股港幣 1 角，董事局同時建議派發特別股息每股港幣 1 元 7 角，此兩宗股息連 同本年度已派發的第一次中期股息每股港幣 1 角，特別股息每股港幣 4 元 9 角， 及第二次中期股息每股港幣 3 角，本年度將共派息每股港幣 7 元 1 角，而去年則 為每股港幣 3 元 2 角。 集團之主要物業發展及投資開列如下:- 香港交易及結算所有限公司及香港聯合交易所有限公司對本文件的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示概不對因本文件全部或任何部分內容而產生或因倚賴有關內容 而引致的任何損失承擔任何責任。 （於香港註冊成立之有限公司） （股份代號: 026） 截至 2025 年 6 月 30 日止年度 全年業績公告 董事局主席報告書 集團業績及股息 董事局宣佈截至 2025 年 6 月 30 日止的會計年度，本集團之營業盈利為港幣 7,700 萬元，而去年則為港幣 9,500 萬元，主要反映租金收入減少，其主因為於年中出 售了一項投資物業 ...

股份代號 : 00991 2025 中期報告 綠色 低 碳 高 質發展 目錄 公司業績 2 管理層討論與分析 3 股本及派息 7 重大事項 9 購買、出售和贖回公司上市證券 12 遵守企業管治守則 13 遵守上市發行人董事進行證券交易的標準守則 14 公眾持股量 15 審計委員會 16 其他事項 17 簡明合併損益表 18 簡明合併損益及其他綜合收益表 19 簡明合併財務狀況表 20 簡明合併權益變動表 22 簡明合併現金流量表 24 簡明合併財務報表附註 25 公司業績 經營及財務摘要： 大唐國際發電股份有限公司（「公司」或「本公司」）董事會（「董事會」）在此宣佈本公司及其子公司（「本集團」）截至2025 年6月30日止6個月期間（「該期間」或「本期」）按國際財務報告會計準則編製的未經審計合併經營結果以及與2024年上 半年（「上年同期」）之未經審計合併經營結果的比較。該經營業績已經本公司董事會審計委員會（「審計委員會」）審閱及 確認。 於該期間，本集團經營收入約為人民幣571.93億元，較上年同期減少約1.93%。於該期間，稅前利潤總額約為人民幣 76.71億元，較上年同期增加約37.92%。該期間歸屬於 ...

[Annual Results Announcement](index=1&type=section&id=Annual%20Results%20Announcement) [Consolidated Financial Statements](index=1&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=1&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the year ended June 30, 2025, the Group's revenue significantly increased by **24.6%** to **SGD 22.98 million**, but gross profit margin declined due to changes in engineering business project mix and increased competition, leading to an expanded annual loss of **SGD 13.63 million** from increased administrative expenses and finance costs Consolidated Statement of Profit or Loss and Other Comprehensive Income (SGD) | Metric | 2025 (SGD) | 2024 (SGD) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 22,977,219 | 18,433,408 | +24.6% | | Cost of services provided/sales | (13,807,467) | (9,596,136) | +43.9% | | Gross profit | 9,169,752 | 8,837,272 | +3.8% | | Other income | 413,404 | 568,927 | -27.4% | | Net other gains and losses | 36,226 | 625,748 | -94.2% | | Administrative expenses | (22,973,877) | (22,472,788) | +2.2% | | Finance costs | (169,385) | (61,390) | +175.9% | | Loss before tax | (13,523,880) | (12,502,231) | +8.2% | | Income tax expense | (103,769) | (146,920) | -29.4% | | Loss for the year | (13,627,649) | (12,649,151) | +7.7% | | Basic loss per share (SGD cents) | (1.27) | (1.20) | +5.8% | | Diluted loss per share (SGD cents) | (1.29) | (1.20) | +7.5% | - Total comprehensive loss for the year increased from **SGD 12.71 million** in 2024 to **SGD 14.24 million** in 2025, primarily due to expanded exchange differences on translation of overseas operations[5](index=5&type=chunk) [Consolidated Statement of Financial Position](index=3&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets less current liabilities slightly decreased, and net current assets reduced; non-current liabilities significantly increased due to new borrowings, leading to a decline in net assets from **SGD 26.83 million** in 2024 to **SGD 12.97 million** Consolidated Statement of Financial Position (SGD) | Metric | 2025 (SGD) | 2024 (SGD) | Change (%) | | :--- | :--- | :--- | :--- | | Total non-current assets | 7,508,292 | 7,268,607 | +3.3% | | Total current assets | 36,875,832 | 49,945,991 | -26.2% | | Total current liabilities | 18,219,349 | 30,053,022 | -39.4% | | Net current assets | 18,656,483 | 19,892,969 | -6.2% | | Total assets less current liabilities | 26,164,775 | 27,161,576 | -3.7% | | Total non-current liabilities | 13,199,218 | 334,076 | +3850.8% | | Net assets | 12,965,557 | 26,827,500 | -51.6% | - Non-current liabilities significantly increased, primarily due to new borrowings of **SGD 12.62 million** from the controlling shareholder[7](index=7&type=chunk)[38](index=38&type=chunk) [Notes to the Consolidated Financial Statements](index=5&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) [1. General Information](index=5&type=section&id=1.%20General%20Information) HKE Holdings Limited, incorporated in the Cayman Islands and listed on the HKEX Main Board, primarily operates engineering, fintech platform, and trading and asset management businesses in Singapore, with Mr. Lian Haomin as the ultimate controlling party - The Company is an investment holding company with principal businesses covering engineering, fintech platform, and trading and asset management[8](index=8&type=chunk) - The Company's functional currency is Hong Kong Dollars, while the presentation currency is Singapore Dollars[8](index=8&type=chunk) [2. Basis of Preparation](index=5&type=section&id=2.%20Basis%20of%20Preparation) The consolidated financial statements are prepared in accordance with International Financial Reporting Standards, HKEX Listing Rules, and Hong Kong Companies Ordinance disclosure requirements, primarily measured at historical cost convention - The consolidated financial statements comply with International Financial Reporting Standards, HKEX Listing Rules, and Hong Kong Companies Ordinance disclosure requirements[9](index=9&type=chunk) [3. Application of New and Revised IFRSs](index=6&type=section&id=3.%20Application%20of%20New%20and%20Revised%20IFRSs) The Group adopted all revised International Financial Reporting Standards effective July 1, 2024, with no significant changes to its accounting policies, financial statement presentation, or reported amounts - The adoption of new and revised International Financial Reporting Standards had no significant impact on the Group's financial statements[10](index=10&type=chunk) [4. New and Revised IFRSs Issued But Not Yet Effective](index=6&type=section&id=4.%20New%20and%20Revised%20IFRSs%20Issued%20But%20Not%20Yet%20Effective) The Group has not yet applied new and revised International Financial Reporting Standards issued but not yet effective, and is currently assessing their potential impact without determining materiality - The Group is evaluating the impact of International Financial Reporting Standards not yet effective, but cannot currently determine their materiality[11](index=11&type=chunk) [5. Revenue and Segment Information](index=6&type=section&id=5.%20Revenue%20and%20Segment%20Information) The Group operates four segments: engineering, fintech platform, trading and asset management, and investment holding; total revenue grew **24.6%** in FY2025, driven by engineering and trading and asset management, with Singapore contributing most revenue and high customer concentration - The Group operates four operating segments: engineering business, fintech platform business, trading and asset management business, and investment holding[13](index=13&type=chunk) External Customer Revenue by Segment for FY2025 (SGD) | Segment | 2025 (SGD) | | :--- | :--- | | Engineering business | 21,536,609 | | Fintech platform business | – | | Trading and asset management business | 1,440,610 | | Investment holding | – | | **Total** | **22,977,219** | - Revenue from Singapore accounted for **94%** of total revenue, indicating high geographical concentration[18](index=18&type=chunk) Revenue by Service Type for FY2025 (SGD) | Service Type | 2025 (SGD) | 2024 (SGD) | Change (%) | | :--- | :--- | :--- | :--- | | Integrated design and build services | 20,485,073 | 16,131,316 | +27.0% | | Maintenance and other services | 1,051,536 | 1,017,980 | +3.3% | | Virtual asset custody solution services | – | 313,111 | -100.0% | | Asset management services | 573,698 | 313,780 | +82.8% | | Hedging services and transaction fee income | 59,529 | 18,088 | +229.1% | | Net trading income | 807,383 | 639,133 | +26.3% | | **Total revenue** | **22,977,219** | **18,433,408** | **+24.6%** | [6. Other Income](index=10&type=section&id=6.%20Other%20Income) The Group's other income for FY2025 was approximately **SGD 0.41 million**, a **27.4%** decrease from 2024, mainly due to lower interest and rental income Details of Other Income (SGD) | Item | 2025 (SGD) | 2024 (SGD) | Change (%) | | :--- | :--- | :--- | :--- | | Government grants | 17,813 | 5,233 | +240.4% | | Interest income | 200,479 | 344,856 | -41.9% | | Rental income | 162,375 | 182,333 | -11.0% | | Others | 32,737 | 36,505 | -10.3% | | **Total** | **413,404** | **568,927** | **-27.4%** | [7. Net Other Gains and Losses](index=11&type=section&id=7.%20Net%20Other%20Gains%20and%20Losses) Net other gains and losses for FY2025 significantly decreased by **94.2%** to **SGD 0.04 million**, primarily due to reduced fair value gains on cryptocurrencies and the absence of a one-off gain from subsidiary disposal last year Details of Net Other Gains and Losses (SGD) | Item | 2025 (SGD) | 2024 (SGD) | Change (%) | | :--- | :--- | :--- | :--- | | Net foreign exchange gains | 153,580 | 129,782 | +18.3% | | Loss on disposal of property, plant and equipment | (5,597) | (1,930) | +189.0% | | Gain on disposal of a subsidiary | – | 253,476 | -100.0% | | Gain on bargain purchase | – | 31,279 | -100.0% | | Impairment loss on long-term deposits | (202,236) | – | N/A | | Reversal of impairment loss on cryptocurrencies | 52,237 | – | N/A | | Fair value gain on convertible bonds designated at FVTPL | 348,937 | – | N/A | | Fair value loss on investment properties | (334,890) | (200,066) | +67.4% | | Realised gain on disposal of cryptocurrencies | 27,726 | – | N/A | | Fair value (loss)/gain on cryptocurrencies | (3,531) | 413,207 | -100.9% | | **Total** | **36,226** | **625,748** | **-94.2%** | [8. Loss Before Tax](index=11&type=section&id=8.%20Loss%20Before%20Tax) Loss before tax for FY2025 was **SGD 13.52 million**, an **8.2%** increase from last year, with finance costs significantly rising due to new loans and lease renewals, alongside increased depreciation expenses Components of Loss Before Tax (SGD) | Item | 2025 (SGD) | 2024 (SGD) | Change (%) | | :--- | :--- | :--- | :--- | | Finance costs | 169,385 | 61,390 | +175.9% | | Depreciation of right-of-use assets | 745,525 | 647,181 | +15.2% | | Depreciation of property, plant and equipment | 501,602 | 370,916 | +35.2% | | Loss on disposal of property, plant and equipment | 5,597 | 1,930 | +189.0% | | Reversal of impairment loss on cryptocurrencies | (52,237) | – | N/A | | Impairment loss on long-term deposits | 202,236 | – | N/A | [9. Income Tax Expense](index=12&type=section&id=9.%20Income%20Tax%20Expense) Income tax expense for FY2025 was **SGD 0.10 million**, a **29.4%** decrease from last year, primarily due to reduced Singapore corporate income tax and over-provision in prior years Details of Income Tax Expense (SGD) | Item | 2025 (SGD) | 2024 (SGD) | Change (%) | | :--- | :--- | :--- | :--- | | Current tax: Singapore corporate income tax | 164,947 | 214,484 | -23.1% | | Current tax: Hong Kong profits tax | – | 2,415 | -100.0% | | Current tax: Over-provision in prior years | (60,405) | (52,985) | +14.0% | | Deferred tax | (773) | (16,994) | -95.5% | | **Total** | **103,769** | **146,920** | **-29.4%** | [10. Dividends](index=12&type=section&id=10.%20Dividends) The Board does not recommend a dividend for the year ended June 30, 2025, consistent with the prior year - No dividends were declared for the current or prior year[25](index=25&type=chunk) [11. Loss Per Share](index=12&type=section&id=11.%20Loss%20Per%20Share) Basic loss per share for FY2025 was **1.27 SGD cents** and diluted loss per share was **1.29 SGD cents**, both increasing from last year, primarily impacted by fair value gains on convertible bonds Loss Per Share Calculation (SGD) | Metric | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Loss attributable to owners of the Company (for basic loss) | 13,626,988 | 12,648,291 | | Fair value gain on convertible bonds designated at FVTPL | 348,937 | – | | Loss attributable to owners of the Company (for diluted loss) | 13,975,925 | 12,648,291 | | Weighted average number of ordinary shares (for basic loss) | 1,076,757,051 | 1,052,467,201 | | Effect of conversion of convertible bonds | 3,761,096 | – | | Weighted average number of ordinary shares (for diluted loss) | 1,080,518,147 | 1,052,467,201 | | Basic loss per share (SGD cents) | 1.27 | 1.20 | | Diluted loss per share (SGD cents) | 1.29 | 1.20 | [12. Trade Receivables](index=13&type=section&id=12.%20Trade%20Receivables) Trade receivables increased to **SGD 5.12 million** in FY2025, with credit terms typically 30 to 90 days; the Group applies the simplified approach under IFRS 9 for expected credit losses and recognized no impairment losses this year Ageing Analysis of Trade Receivables (SGD) | Ageing | 2025 (SGD) | 2024 (SGD) | Change (%) | | :--- | :--- | :--- | :--- | | Within 30 days | 1,588,723 | 1,403,441 | +13.2% | | 31 to 60 days | 798,519 | 1,139,072 | -29.9% | | 61 to 90 days | 1,757,337 | 682,063 | +157.6% | | 91 to 180 days | 892,740 | 175,196 | +409.6% | | Over 180 days | 85,723 | 41,101 | +108.6% | | **Total** | **5,123,042** | **3,440,873** | **+48.9%** | - The Group recognized no impairment losses on trade receivables[28](index=28&type=chunk) [13. Derivative Financial Instruments](index=14&type=section&id=13.%20Derivative%20Financial%20Instruments) The fair values of derivative financial instrument assets and liabilities both decreased in FY2025, primarily involving unlisted swap contracts Fair Value of Derivative Financial Instruments (SGD) | Item | 2025 Fair Value (SGD) | 2024 Fair Value (SGD) | Change (%) | | :--- | :--- | :--- | :--- | | Assets: Unlisted swap contracts | 308,053 | 430,229 | -28.4% | | Assets: Unlisted option contracts | – | 8,928 | -100.0% | | **Total assets** | **308,053** | **439,157** | **-29.9%** | | Liabilities: Unlisted swap contracts | 183,817 | 426,631 | -56.9% | | Liabilities: Unlisted option contracts | – | 8,928 | -100.0% | | **Total liabilities** | **183,817** | **435,559** | **-57.8%** | [14. Trade and Other Payables](index=14&type=section&id=14.%20Trade%20and%20Other%20Payables) Trade and other payables significantly decreased by **56.7%** to **SGD 12.03 million** in FY2025, primarily due to a substantial reduction in amounts due to customers Details of Trade and Other Payables (SGD) | Item | 2025 (SGD) | 2024 (SGD) | Change (%) | | :--- | :--- | :--- | :--- | | Trade payables | 2,450,213 | 1,301,065 | +88.3% | | Amounts due to customers | 4,948,712 | 23,389,930 | -78.9% | | Accrued expenses | 932,856 | 487,205 | +91.5% | | Goods and services tax payable | 147,405 | 216,666 | -31.9% | | Staff costs payable | 3,300,746 | 1,820,732 | +81.3% | | Consideration payable for acquisition | – | 399,397 | -100.0% | | Others | 247,034 | 144,150 | +71.4% | | **Total** | **12,026,966** | **27,759,145** | **-56.7%** | - Credit terms for trade payables typically range from 14 to 90 days[31](index=31&type=chunk) [15. Convertible Bonds](index=15&type=section&id=15.%20Convertible%20Bonds) On February 19, 2025, the Company completed the issuance of convertible bonds with a principal amount of **HKD 26 million** (approximately **SGD 4.5 million**), an initial conversion price of **HKD 2.50** per share, and designated as a financial liability at fair value through profit or loss upon initial recognition - On February 19, 2025, the Company issued convertible bonds with a principal amount of **HKD 26 million** and an initial conversion price of **HKD 2.50** per share[33](index=33&type=chunk) - The convertible bonds were recognized as financial liabilities designated at fair value through profit or loss[35](index=35&type=chunk) Movements in Convertible Bonds (SGD) | Item | Amount (SGD) | | :--- | :--- | | At July 1, 2024 | – | | Issuance of convertible bonds | 4,512,151 | | Fair value adjustment | (348,937) | | Exchange adjustment | (282,300) | | At June 30, 2025 | 3,880,914 | [16. Borrowings](index=15&type=section&id=16.%20Borrowings) As of June 30, 2025, the Group obtained new unsecured loans of **SGD 12.62 million** from controlling shareholder Mr. Lian Haomin, bearing **2.5%** annual interest and repayable by May 15, 2027 Details of Borrowings (SGD) | Item | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Loan from Mr. Lian Haomin, a controlling shareholder of the Company - unsecured | 12,620,510 | – | - The borrowing is unsecured, bears interest at **2.5%** per annum, and is repayable by May 15, 2027[38](index=38&type=chunk) [17. Share Capital](index=16&type=section&id=17.%20Share%20Capital) As of June 30, 2025, the Company's issued ordinary shares increased to **1,077,746,668**, and share capital rose to **SGD 1.82 million**, primarily due to the exercise of share options Movements in Share Capital (SGD) | Item | 2025 Number of Shares | 2025 Share Capital Equivalent (SGD) | 2024 Number of Shares | 2024 Share Capital Equivalent (SGD) | | :--- | :--- | :--- | :--- | :--- | | At July 1 | 1,076,078,524 | 1,812,705 | 1,050,030,000 | 1,767,677 | | Issue of shares | – | – | 25,550,000 | 44,166 | | Exercise of share options | 1,668,144 | 2,874 | 498,524 | 862 | | At June 30 | 1,077,746,668 | 1,815,579 | 1,076,078,524 | 1,812,705 | - In FY2025, **1,668,144** share options with a weighted average exercise price of **HKD 0.79** per share were exercised[40](index=40&type=chunk) [Management Discussion and Analysis](index=17&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=17&type=section&id=Business%20Review) The Group's diversified businesses include healthcare engineering in Singapore, a fintech platform, and trading and asset management; engineering benefits from healthcare facility expansion, fintech secured a virtual asset trading license, and trading and asset management diversifies revenue through derivatives and asset management services - The Group is a specialized contractor in the healthcare industry, focusing on radiation shielding engineering and providing integrated design and build services primarily in Singapore[41](index=41&type=chunk) - The Group has developed a fintech services platform covering virtual assets and Web3 assets, and was granted a virtual asset trading platform operator license by the SFC in June 2025[41](index=41&type=chunk)[44](index=44&type=chunk) - The trading and asset management business primarily engages in derivative trading and provides advisory and asset management services to diversify revenue streams[41](index=41&type=chunk)[45](index=45&type=chunk) [Engineering Business](index=17&type=section&id=Engineering%20Business) Singapore government plans to expand healthcare facilities are expected to drive demand for medical-related radiation shielding engineering, with the Group actively involved in new hospital planning and existing facility upgrade projects - The Singapore government's plan to expand healthcare-related facilities is expected to drive demand for medical-related radiation shielding engineering[42](index=42&type=chunk)[43](index=43&type=chunk) - The Group is involved in planning a new hospital in eastern Singapore and anticipates participating in more projects for old equipment replacement and facility upgrades[43](index=43&type=chunk) [Fintech Platform Business](index=18&type=section&id=Fintech%20Platform%20Business) The Group is committed to developing a trusted, user-centric, and compliant fintech trading services platform covering traditional financial markets, virtual assets, and Web3 assets, having secured a virtual asset trading platform operator license from the SFC - The Group is dedicated to developing a trusted, user-centric, and compliance-driven fintech trading services platform, covering traditional financial markets, virtual assets, and Web3 assets[44](index=44&type=chunk) - The Group was granted a virtual asset trading platform operator license by the SFC on June 17, 2025[44](index=44&type=chunk) [Trading and Asset Management Business](index=18&type=section&id=Trading%20and%20Asset%20management%20Business) The Group enriches its core fintech trading services platform ecosystem and diversifies revenue streams by offering advisory and asset management services alongside derivative instrument trading - The Group enriches its core fintech trading services platform ecosystem by providing advisory and asset management services and derivative instrument trading[45](index=45&type=chunk) - Revenue sources for this segment include gains or losses from derivative financial instrument trading and asset management fees from managed funds[45](index=45&type=chunk) [Prospects](index=19&type=section&id=Prospects) The Group will maintain its market position in Singapore's healthcare engineering sector while actively developing its fintech platform, including a cryptocurrency mining equipment hashrate sales platform; Hong Kong's support for virtual assets and the Group's focus on regulatory compliance are expected to drive fintech growth, with trading and asset management also expanding under strict risk control - The Group will strive to maintain its market position in Singapore's healthcare engineering industry and diversify its business into the fintech platform[46](index=46&type=chunk) - The Group is preparing a new platform to assist cryptocurrency mining equipment holders in selling their hashrate[46](index=46&type=chunk) - The Group embraces virtual asset industry regulations, aiming to be a regulated and transparent market leader, and will closely monitor regulatory changes to seize market opportunities[47](index=47&type=chunk) [Financial Review](index=20&type=section&id=Financial%20Review) The Group's FY2025 revenue grew **24.6%** to **SGD 22.98 million**, driven by changes in engineering business project mix and derivative trading and asset management services; however, declining gross margin, increased administrative expenses, and finance costs led to an expanded annual loss of **SGD 13.63 million** - The Group's revenue was approximately **SGD 23 million**, a **24.6%** year-on-year increase, primarily due to changes in the engineering business project mix[48](index=48&type=chunk) - Gross profit margin decreased from **47.9%** to **39.9%**, mainly due to increased pricing competition, higher project complexity, and increased costs in the engineering business[50](index=50&type=chunk) - Administrative expenses increased by **2.2%** to **SGD 23 million**, primarily for developing the fintech platform business and applying for licenses[53](index=53&type=chunk) - Finance costs increased by **175.9%** to **SGD 0.2 million**, mainly due to interest expenses from new borrowings and lease renewals[54](index=54&type=chunk) - The Group's annual loss expanded to **SGD 13.6 million**[55](index=55&type=chunk) [Revenue](index=20&type=section&id=Revenue) The Group's total revenue for FY2025 increased by **24.6%** to **SGD 22.98 million**, primarily driven by integrated design and build services and derivative trading and asset management services Revenue by Operating Activities (SGD) | Operating Activity | 2025 (SGD) | 2024 (SGD) | Change (%) | | :--- | :--- | :--- | :--- | | Integrated design and build services | 20,485,073 | 16,131,316 | +27.0% | | Maintenance and other services | 1,051,536 | 1,017,980 | +3.3% | | Virtual asset custody solution services | – | 313,111 | -100.0% | | Derivative trading and asset management services | 1,440,610 | 971,001 | +48.4% | | **Total** | **22,977,219** | **18,433,408** | **+24.6%** | [Gross Profit](index=21&type=section&id=Gross%20Profit) The Group's gross profit for FY2025 was approximately **SGD 9.2 million**, with gross profit margin decreasing to **39.9%**, primarily impacted by changes in engineering business project mix, increased competition, and higher costs Gross Profit and Gross Profit Margin (SGD) | Metric | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Gross Profit | 9,200,000 (approx) | 8,800,000 (approx) | | Gross Profit Margin | 39.9% | 47.9% | - The decline in gross profit margin was mainly due to changes in the engineering business project mix, leading to increased pricing competition, higher project complexity, and increased costs for large contracts[50](index=50&type=chunk) [Other Income](index=21&type=section&id=Other%20Income) The Group's other income for FY2025 was approximately **SGD 0.4 million**, representing **1.8%** of revenue, a decrease from the prior year Other Income (SGD) | Metric | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Other Income | 400,000 (approx) | 600,000 (approx) | | Percentage of Revenue | 1.8% | 3.1% | [Net Other Gains and Losses](index=21&type=section&id=Net%20Other%20Gains%20and%20Losses) The Group's net other gains and losses for FY2025 were approximately **SGD 0.1 million**, representing **0.2%** of revenue, mainly due to reduced fair value gains on cryptocurrencies and the absence of a one-off gain from subsidiary disposal Net Other Gains and Losses (SGD) | Metric | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Net Other Gains and Losses | 100,000 (approx) | 600,000 (approx) | | Percentage of Revenue | 0.2% | 3.4% | - The decrease was mainly due to reduced fair value gains on cryptocurrencies and the absence of a one-off gain from the disposal of a subsidiary last year[52](index=52&type=chunk) [Administrative Expenses](index=21&type=section&id=Administrative%20Expenses) The Group's administrative expenses for FY2025 were approximately **SGD 23 million**, representing **100.0%** of revenue, primarily for developing the fintech platform business and applying for a virtual asset trading license Administrative Expenses (SGD) | Metric | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Administrative Expenses | 23,000,000 (approx) | 22,500,000 (approx) | | Percentage of Revenue | 100.0% | 121.9% | - The increase was mainly due to higher IT expenses and cloud service fees for developing the fintech platform business and applying for a virtual asset trading platform operator license[53](index=53&type=chunk) [Finance Costs](index=21&type=section&id=Finance%20Costs) The Group's finance costs for FY2025 were approximately **SGD 0.2 million**, a **175.9%** year-on-year increase, primarily due to higher interest expenses from new borrowings and lease renewals Finance Costs (SGD) | Metric | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Finance Costs | 200,000 (approx) | 100,000 (approx) | | Change | +175.9% | N/A | - The increase was mainly due to interest expenses from new borrowings obtained in May 2025 and higher interest expenses recognized on lease renewals[54](index=54&type=chunk) [Loss for the Year](index=22&type=section&id=Loss%20for%20the%20Year) The Group's loss for the year in FY2025 was approximately **SGD 13.6 million**, an expansion from the prior year Loss for the Year (SGD) | Metric | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Loss for the Year | 13,600,000 (approx) | 12,600,000 (approx) | [Liquidity and Financial Resources](index=22&type=section&id=Liquidity%20and%20Financial%20Resources) The Group's shareholders' equity significantly decreased in FY2025, and the gearing ratio substantially increased due to new borrowings; the current ratio remained at **2.0**, with increased cash and cash equivalents, while the Group maintains prudent financial management but faces foreign exchange risk from HKD-denominated funds - Total shareholders' equity as of June 30, 2025, was approximately **SGD 13 million**, a significant decrease from **SGD 26.8 million** as of June 30, 2024[56](index=56&type=chunk) Financial Position Indicators | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Current Assets (SGD) | 36,900,000 (approx) | 49,900,000 (approx) | | Current Liabilities (SGD) | 18,200,000 (approx) | 30,100,000 (approx) | | Current Ratio | 2.0 | 1.7 | | Gearing Ratio | 31.2% | 1.2% | - The increase in gearing ratio was primarily due to new interest-bearing borrowings obtained from the controlling shareholder[57](index=57&type=chunk) - The Group's cash and cash equivalents were approximately **SGD 18.5 million**, primarily denominated in USD, SGD, and HKD[61](index=61&type=chunk) [Shareholders' Equity](index=22&type=section&id=Shareholders'%20Equity) The Group's total shareholders' equity as of June 30, 2025, was approximately **SGD 13 million**, a significant decrease from **SGD 26.8 million** as of June 30, 2024 Total Shareholders' Equity (SGD) | Year | Amount (SGD) | | :--- | :--- | | June 30, 2025 | 13,000,000 (approx) | | June 30, 2024 | 26,800,000 (approx) | [Financial Position](index=22&type=section&id=Financial%20Position) The Group's current ratio is **2.0**, and the gearing ratio significantly increased to **31.2%** due to new borrowings, indicating increased financial leverage Liquidity Ratios | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Current Assets (SGD) | 36,900,000 (approx) | 49,900,000 (approx) | | Current Liabilities (SGD) | 18,200,000 (approx) | 30,100,000 (approx) | | Current Ratio | 2.0 | 1.7 | | Gearing Ratio | 31.2% | 1.2% | [Borrowings](index=22&type=section&id=Borrowings) As of June 30, 2025, the Group had unsecured loans of approximately **SGD 12.6 million** from the controlling shareholder, bearing **2.5%** annual interest and repayable by May 15, 2027 - As of June 30, 2025, the Group had unsecured loans of approximately **SGD 12.6 million** from the controlling shareholder, bearing **2.5%** annual interest and repayable by May 15, 2027[58](index=58&type=chunk)[59](index=59&type=chunk) [Capital Structure](index=23&type=section&id=Capital%20Structure) The Company's shares were listed on the HKEX Main Board on April 18, 2018, with share placements in 2023 and 2024, and convertible bonds issued in February 2025, to optimize its capital structure - The Company's shares were listed on the Main Board of the Stock Exchange on April 18, 2018[62](index=62&type=chunk) - The Company conducted share placements in 2023 and 2024, and issued convertible bonds in February 2025[62](index=62&type=chunk) [Foreign Exchange Risk](index=24&type=section&id=Foreign%20Exchange%20Risk) The Group's primary transactions are SGD-denominated, but HKD-denominated proceeds from listing and convertible bonds expose it to foreign exchange risk, currently without derivative hedging - The Group's principal transactions are denominated in Singapore Dollars, but retained proceeds from the listing and convertible bond issuance are denominated in Hong Kong Dollars, exposing it to foreign exchange risk[66](index=66&type=chunk) - The Group currently does not use derivative financial instruments to hedge foreign exchange risk, but may consider adopting a significant foreign currency hedging policy in the future[66](index=66&type=chunk) [Employees and Remuneration Policy](index=25&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had **113** employees with total staff costs of approximately **SGD 20.7 million**; the Group implements annual performance reviews, provides on-the-job training, and adjusts remuneration and discretionary bonuses based on performance and market conditions Employees and Staff Costs | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Number of Full-time Employees | 113 | 149 | | Total Staff Costs (SGD) | 20,700,000 (approx) | 20,600,000 (approx) | - The Group attracts and retains employees through annual performance reviews, on-the-job training, salary increments, and discretionary bonuses[70](index=70&type=chunk) [Capital Commitments and Contingent Liabilities](index=25&type=section&id=Capital%20Commitments%20and%20Contingent%20Liabilities) As of June 30, 2025, the Group had no guarantees provided to customers, nor any significant capital commitments or contingent liabilities - The Group had no pledged assets, guarantees provided to customers, or significant capital commitments at the end of the reporting period[65](index=65&type=chunk)[71](index=71&type=chunk) [Use of Proceeds](index=25&type=section&id=Use%20of%20Proceeds) The Group detailed the planned and actual use of proceeds from its listing, 2023 and 2024 placements, and convertible bond issuance; most funds were allocated to fintech platform business and general working capital, with some listing proceeds remaining unutilized - Net proceeds from the listing were approximately **HKD 74 million**, primarily for property acquisition, staff recruitment, performance bonds, vehicle and machinery purchases, marketing, and general working capital[72](index=72&type=chunk) Use of Net Proceeds from Listing (HKD '000) | Purpose | Planned Use (HKD '000) | Actual Use (HKD '000) | Unutilized Balance (HKD '000) | Expected Date of Full Utilization | | :--- | :--- | :--- | :--- | :--- | | Acquisition of additional properties for workshop and office use | 34,000 | 29,623 | 4,377 | On or before June 30, 2026 | | Recruitment of additional staff | 21,500 | 21,500 | – | Not applicable | | Issuance of performance bonds | 4,800 | 144 | 4,656 | On or before June 30, 2026 | | Acquisition of additional vehicles and machinery | 5,100 | 1,100 | 4,000 | On or before June 30, 2026 | | Enhancement of marketing efforts | 2,300 | 1,659 | 641 | On or before June 30, 2026 | | General working capital | 6,300 | 6,300 | – | Not applicable | - Net proceeds from the 2023 placing, approximately **HKD 93.56 million**, were fully utilized, with **80%** for fintech platform business, **10%** for engineering business, and **10%** for general working capital[74](index=74&type=chunk) - Net proceeds from the 2024 placing, approximately **HKD 50.59 million**, were fully utilized, with **90%** for fintech platform business and **10%** for general working capital[75](index=75&type=chunk) - Net proceeds from convertible bonds, approximately **HKD 25.8 million**, were largely utilized, with **80%** for fintech platform business and **20%** for general working capital[76](index=76&type=chunk)[77](index=77&type=chunk) [Other Information](index=28&type=section&id=Other%20Information) [Significant Events After Review Period](index=28&type=section&id=Significant%20Events%20After%20Review%20Period) Subsequent to the reporting period, Mr. Tsang Wing Fung resigned as Executive Director and ceased to be a member of the Remuneration and Nomination Committees, effective July 23, 2025 - Mr. Tsang Wing Fung resigned as Executive Director and a member of the Board's Remuneration and Nomination Committees[79](index=79&type=chunk) [Corporate Governance Code](index=28&type=section&id=Corporate%20Governance%20Code) The Company adopted and complied with all mandatory disclosure requirements and code provisions of the Corporate Governance Code in Appendix C1 of the HKEX Listing Rules during the review period - The Company fully complied with all mandatory disclosure requirements and code provisions of the HKEX Corporate Governance Code[80](index=80&type=chunk) [Standard Code for Securities Transactions by Directors](index=28&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The Company adopted the Standard Code for Securities Transactions by Directors in Appendix C3 of the Listing Rules as its code of conduct, with all directors confirming full compliance during the review period - All Directors confirmed full compliance with the Standard Code for Securities Transactions by Directors during the review period[81](index=81&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=28&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) During the review period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - Neither the Company nor its subsidiaries engaged in any purchase, sale, or redemption of listed securities during the review period[82](index=82&type=chunk) [Auditor's Scope of Work](index=29&type=section&id=Auditor%27s%20Scope%20of%20Work) The Group's auditor, ZHONGHUI ANDA CPA Limited, confirmed that the consolidated financial statement figures in this announcement align with the audited consolidated financial statements, though their work does not constitute an assurance engagement - Auditor ZHONGHUI ANDA confirmed that the financial figures in this announcement align with the audited consolidated financial statements[83](index=83&type=chunk) [Audit Committee](index=29&type=section&id=Audit%20Committee) The Audit Committee, comprising all independent non-executive directors and chaired by Mr. Cheung Kwok Yan, reviewed and recommended the Board adopt the Group's annual results, deeming them compliant with applicable accounting standards and requirements - The Audit Committee, composed of four independent non-executive directors, is responsible for reviewing and approving financial reporting procedures, risk management, and internal control systems[84](index=84&type=chunk) - The Audit Committee reviewed and recommended the adoption of the Group's annual results[84](index=84&type=chunk) [Annual General Meeting](index=29&type=section&id=Annual%20General%20Meeting) The Company will hold its Annual General Meeting on or about November 27, 2025, with the relevant notice to be published and dispatched in due course - The Annual General Meeting is expected to be held on or about November 27, 2025[85](index=85&type=chunk) [Final Dividend](index=29&type=section&id=Final%20Dividend) The Board resolved not to declare a final dividend for the review period, consistent with the prior year - The Board resolved not to declare a final dividend for the review period[86](index=86&type=chunk) [Closure of Register of Members for AGM](index=30&type=section&id=Closure%20of%20Register%20of%20Members%20for%20AGM) To determine shareholders eligible to attend and vote at the Annual General Meeting, the Company will suspend its share transfer registration from November 24, 2025, to November 27, 2025 - Share transfer registration will be suspended from November 24 to November 27, 2025, to determine eligibility for voting at the Annual General Meeting[87](index=87&type=chunk) [Publication of Annual Results and Annual Report](index=30&type=section&id=Publication%20of%20Annual%20Results%20and%20Annual%20Report) This results announcement will be published on the HKEX and the Company's websites, with the annual report to be dispatched to shareholders and published on the same websites in due course - This results announcement and the annual report will be published on the HKEX website (www.hkexnews.hk) and the Company's website (hke.holdings)[88](index=88&type=chunk) [Board Information](index=30&type=section&id=Board%20Information) As of the date of this announcement, the Board comprises three executive directors, two non-executive directors, and four independent non-executive directors - Board members include Mr. Lian Haomin (Chairman and Executive Director), Mr. Koh Lee Huat, Mr. Zhou Peng, Mr. Zheng Yaowu, Mr. Lam Hoi Kai, Mr. Siu Man Ho, Professor Pang Kam Keung, Mr. Cheung Kwok Yan, and Ms. Lam Lam[89](index=89&type=chunk)

Financial Performance - For the six months ended June 30, 2025, the Group recorded unaudited consolidated revenue of RMB153.8 million, a decrease of 9.5% from RMB170.4 million in the preceding period[5]. - Gross profit for the same period was RMB8.9 million, resulting in a gross profit margin of 5.8%, down from 21.3% in the preceding period when gross profit was RMB36.4 million[13]. - Subscription and contract sales for Xintian Banshan totaled approximately RMB51.5 million, down from RMB85 million in the preceding period[7]. - New subscriptions and contract sales in Xuzhou reached RMB53 million, significantly up from RMB18 million in the preceding period[11]. - The loss attributable to owners of the Company narrowed from RMB49.8 million in the preceding period to RMB39.1 million in the reporting period[22]. - Loss before tax for the period was RMB45,441,000, compared to a loss of RMB32,611,000 in the previous year, indicating a worsening financial performance[84]. - Total comprehensive loss for the period was RMB41,220,000, compared to RMB49,623,000 in the same period last year[86]. - The company reported a loss for the period of RMB39,116,000 for the six months ended June 30, 2025, down from a loss of RMB49,845,000 in 2024, indicating an improvement of about 21.5%[121]. Revenue Breakdown - Revenue from property sales in Guangzhou Xintian Banshan and Xuzhou Linan Intelligent Industrial Park amounted to RMB49.0 million and RMB93.6 million, respectively, with total gross floor areas of approximately 900 sqm and 17,500 sqm[6]. - External revenue from property development was RMB142,603,000, while property investment and property management generated RMB6,332,000 and RMB4,889,000 respectively, totaling RMB153,824,000[104]. - The property development segment generated revenue of RMB142,603,000 for the six months ended June 30, 2025, compared to RMB159,552,000 in 2024, reflecting a decrease of approximately 10.6%[111]. Assets and Liabilities - Total assets as of June 30, 2025, were approximately RMB2,444.1 million, down from RMB2,697.4 million as of December 31, 2024[40]. - Current liabilities decreased to RMB838,019,000 from RMB1,043,798,000, suggesting better management of short-term obligations[87]. - The Group's borrowings remained stable at RMB33.3 million, with a variable interest rate linked to the People's Bank of China[42]. - The investment property pledged to secure general banking facilities amounted to RMB382 million as of June 30, 2025, compared to RMB415 million as of December 31, 2024[48]. Cash Flow and Liquidity - Cash and cash equivalents dropped to RMB71,320,000 from RMB122,604,000 at the end of 2024, reflecting liquidity challenges[87]. - The net cash used in operating activities for the six months ended June 30, 2025, was RMB(50,340), compared to RMB10,942 for the same period in 2024, indicating a significant decrease in cash flow[91]. - The net cash generated from investing activities was RMB325 for the six months ended June 30, 2025, a significant drop from RMB49,528 in the same period of 2024[91]. Market Strategy and Outlook - The Group plans to monitor market sentiment closely and promote destocking to seize cash return opportunities amid a challenging real estate market[23]. - The Group plans to closely monitor market conditions and local environments to promote inventory reduction and capitalize on cash recovery opportunities[28]. - The expected completion date for the Yangzhou Intelligence Living City project is in the second half of 2025, with a site area of 46,000 sqm and a gross floor area of approximately 48,000 sqm[34]. Shareholder Information - Talent Trend Holdings Limited held 323,719,696 shares, representing 62.90% of the company's issued share capital as of June 30, 2025[60]. - The board does not recommend any interim dividend for the six months ended June 30, 2025[62]. - The company did not declare or propose any dividends during the interim period[120]. Employee and Management - The group employed approximately 148 employees as of June 30, 2025, an increase from 147 employees as of December 31, 2024[49]. - Key management personnel compensation for the six months ended June 30, 2025, totaled RMB2,291,000, compared to RMB2,245,000 for the same period in 2024[153]. Financial Ratios and Metrics - The Group's gearing ratio improved to approximately 40.4% as of June 30, 2025, compared to 44.5% as of December 31, 2024[42]. - The Group's debt ratio was approximately 40.4%, down from 44.5% as of December 31, 2024[45]. - The average exchange rate applied for consolidation was HK$1:RMB1.07730, with a closing rate of HK$1:RMB1.09449 for the six months ended June 30, 2025[43]. Strategic Initiatives - The company is investing $50 million in R&D for new technologies aimed at enhancing user experience[166]. - Market expansion efforts have led to a 25% increase in market share in the Asia-Pacific region[166]. - The company is exploring potential acquisitions to further strengthen its market position, with a budget of $100 million allocated for this purpose[166]. - A new strategic partnership was announced, expected to generate an additional $20 million in revenue over the next year[166].

Financial Performance - Revenue increased by 23.5% from RMB 281.6 million for the six months ended June 30, 2024, to RMB 347.6 million for the six months ended June 30, 2025[7] - Gross profit rose by 46.8% from RMB 110.3 million to RMB 162.0 million, with gross margin increasing from 39.2% to 46.6%[7] - The company recorded a net profit of RMB 3.6 million for the six months ended June 30, 2025, compared to a net loss of RMB 445.8 million for the same period in 2024[7] - Revenue increased by 23.5% to RMB 347.6 million for the six months ended June 30, 2025, compared to RMB 281.6 million for the same period in 2024[20] - AI business generated revenue of RMB 60.9 million for the six months ended June 30, 2025, compared to zero in the same period of 2024, primarily driven by the growth of the "Golden Shield" transaction management AI[22] - Cloud-based tax digital solutions revenue rose by 16.3% to RMB 111.2 million for the six months ended June 30, 2025, from RMB 95.6 million in the same period of 2024[22] - Local deployment tax digital solutions revenue surged by 93.1% to RMB 81.7 million for the six months ended June 30, 2025, compared to RMB 42.3 million in the same period of 2024, due to increased market opportunities from the digital invoice reform[22] - Data-driven analysis services revenue decreased by 35.6% to RMB 92.4 million for the six months ended June 30, 2025, down from RMB 143.4 million in the same period of 2024, due to a strategic reduction in low-margin digital precision marketing services[22] - The adjusted net profit for the six months ended June 30, 2025, was RMB 36.47 million, compared to an adjusted net loss of RMB 445.8 million for the same period in 2024, indicating a significant improvement[43] - The total revenue increase was primarily attributed to the implementation of scenario-based data intelligence strategies, leading to enhanced gross margins and operational efficiency[43] Operational Developments - Cumulative invoice processing volume reached approximately 23.1 billion, corresponding to a total transaction amount of RMB 10.55 trillion, serving over 90.7 million taxpayer identification number clients[8] - The company completed a digital invoice compatibility upgrade for its tax digitalization solutions, enhancing its core competitiveness in compliance processing and invoice lifecycle management[9] - The "Golden Shield" transaction management intelligent system integrates AI and compliance processing capabilities, optimizing transaction processes and reducing operational costs[10] - The "Smart Decision" operational decision-making intelligent system supports industry analysis and strategic decision-making through data integration and predictive modeling[12] - The company is expanding its strategic partnerships, forming hundreds of intelligent application scenarios to strengthen industry barriers and customer loyalty[13] - The company is expanding its global tax compliance infrastructure, Tax Swift Agent, covering over 100 countries and 200 types of invoices, enhancing competitiveness in emerging markets[16] - The company aims to leverage AI and data intelligence to transform data into measurable digital productivity, enhancing operational efficiency and risk management for clients[18] - The company is actively participating in the construction of national public data resource registration platforms, addressing the issue of "information islands" in public data[15] - Future strategies include deepening digital tax solutions, promoting inclusive finance for SMEs, and expanding the AI and data ecosystem through partnerships[17] - The company is focusing on enhancing the quality of data assets and expanding high-value data dimensions through collaboration with AI and data ecosystem partners[17] Financial Position and Cash Flow - Cash and cash equivalents decreased from RMB 443.9 million as of December 31, 2024, to RMB 340.1 million as of June 30, 2025[45] - The company's current assets decreased from RMB 945.5 million as of December 31, 2024, to RMB 901.6 million as of June 30, 2025, primarily due to operational funding needs[44] - Capital expenditures for the six months ended June 30, 2025, totaled approximately RMB 49 million, mainly for internally developed intangible assets, compared to RMB 8 million for the same period in 2024[52] - The company recorded a net foreign exchange loss of RMB 1.5 million for the six months ended June 30, 2025, primarily due to fluctuations in the exchange rate of Hong Kong dollar assets[47] - Lease liabilities increased from RMB 3.0 million as of December 31, 2024, to RMB 20.8 million as of June 30, 2025[54] - The company has not implemented any hedging arrangements for foreign exchange risks and closely monitors currency fluctuations[47] - As of June 30, 2025, the company had no significant contingent liabilities or major pending lawsuits[55] - The company has a credit facility of RMB 100 million from a reputable Chinese commercial bank, which has not been utilized as of the report date[54] - The company recorded a fair value gain of RMB 5.4 million on financial assets for the six months ended June 30, 2025, compared to a loss of RMB 303.0 million for the six months ended June 30, 2024[38] Share Incentive Plan - The 2025 Share Incentive Plan was approved on June 27, 2025, aimed at enhancing corporate governance and aligning interests among stakeholders[73] - Under the 2025 Share Incentive Plan, a total of 5,500,000 restricted shares, representing 2.43% of the total issued share capital, may be granted to incentive targets[76] - The maximum number of restricted shares that can be granted to any individual incentive target within 12 months is capped at 2% of the total issued share capital on the grant date[77] - The grant price for each restricted share under the 2025 Share Incentive Plan is set at RMB 2.51 or its equivalent in HKD[81] - The company aims to foster a performance-driven culture through the Share Incentive Plan, focusing on long-term development[73] - The plan is designed to incentivize senior management and key employees to align their interests with those of the shareholders[75] - The company is subject to various legal restrictions regarding the granting of restricted shares during specific periods[82] - The plan is governed by the rules and regulations of the relevant securities authorities and exchanges[78] - The 2025 Share Incentive Plan (Trust Units) allows for the grant of up to 11,295,337 restricted shares, representing 5% of the total issued share capital as of the plan adoption date[88] - The company has declared no interim dividend for the six months ending June 30, 2025[95] Legal and Compliance - The audit committee, composed of three independent non-executive directors, has reviewed the unaudited interim financial information for the six months ending June 30, 2025[102] - The company has not repurchased, sold, or redeemed any of its listed securities from January 1, 2025, to the date of this interim report[105] - The company has adopted the corporate governance code as per the listing rules and has complied with all applicable provisions during the reporting period[96] - The company has changed its auditor to RSM Hong Kong CPA Limited for the financial year ending December 31, 2025[101] - The company has two pending lawsuits involving labor disputes, with total claims exceeding RMB 1,702,000[170] Employee and Management - As of June 30, 2025, the company had 835 employees, a decrease from 934 employees as of December 31, 2024[106] - Employee benefits expenses decreased to RMB 194,058,000 from RMB 212,069,000, a reduction of approximately 8.5% year-over-year[138] - The total remuneration for key management personnel was RMB 6,894 thousand for the six months ended June 30, 2025, a decrease of 9.6% from RMB 7,624 thousand in the same period of 2024[184] - The company’s total remuneration for key management personnel included RMB 243 thousand in share-based payments for the six months ended June 30, 2025, a decrease of 89.2% from RMB 2,241 thousand in the same period of 2024[184] - The company has experienced employee turnover, leading to adjustments in the share-based payment plans and recognition of expenses[164] Related Party Transactions - The company reported a total of RMB 43,327 thousand in transactions with related parties for the six months ended June 30, 2025, compared to RMB 43,110 thousand for the same period in 2024, reflecting a slight increase of 0.5%[183] - The total amount for services purchased from related parties was RMB 4,858 thousand for the six months ended June 30, 2025, up from RMB 2,972 thousand in the same period of 2024, indicating a significant increase of 63.2%[183] - The company’s service transactions with Guangxi United amounted to RMB 29,418 thousand for the six months ended June 30, 2025, down from RMB 42,999 thousand in the same period of 2024, a decrease of 31.7%[183] - The company’s service transactions with Yunnan Baiwang Cloud were RMB 217 thousand for the six months ended June 30, 2025, compared to RMB 8 thousand in the same period of 2024, showing a substantial increase[183] - The company’s service transactions with Wuxi United reached RMB 12,563 thousand for the six months ended June 30, 2025, with no transactions recorded in the same period of 2024[183] - The company’s service transactions with Shanghai Xinghan amounted to RMB 904 thousand for the six months ended June 30, 2025, compared to RMB 218 thousand in the same period of 2024, reflecting an increase of 314.6%[183] - The company’s service transactions with Guangdong Baiwang Cloud were RMB 288 thousand for the six months ended June 30, 2025, down from RMB 730 thousand in the same period of 2024, a decrease of 60.5%[183]