香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任 何責任。 China Yongda Automobiles Services Holdings Limited （中國永達汽車服務控股有限公司） （於開曼群島註冊成立之有限公司） （股份代號：03669） 中期業績公告 截至二零二五年六月三十日止六個月 中國永達汽車服務控股有限公司（「本公司」）董事會（「董事會」）欣然宣佈本公司及其附 屬公司（統稱為「本集團」或「我們」）截至二零二五年六月三十日止六個月的未經審核簡 明綜合中期財務業績，連同截至二零二四年六月三十日止六個月之比較數據。 本集團財務摘要 - 1 - • 截至二零二五年六月三十日止六個月的收入為人民幣270.72億元，較截至二零 二四年六月三十日止六個月的人民幣310.36億元下降12.8% 。 • 截至二零二五年六月三十日止六個月的新車經銷收入為人民幣187.77億元，較 截至二零二四年六月三十日止六個月的人民幣229.11億元下降18.0% 。 • ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任 何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 MAINLAND HEADWEAR HOLDINGS LIMITED 飛達帽業控股有限公司 * （於百慕達註冊成立之有限公司） （股份代號：1100） 截至二零二五年六月三十日止六個月之 中期業績公佈 飛達帽業控股有限公司（「本公司」）之董事會（「董事會」或「董事」）謹此宣佈截至 二零二五年六月三十日止六個月（「本期間」）本公司及其附屬公司（統稱「本集團」） 之未經審核中期業績連同二零二四年同期之比較數字。 中期簡明綜合損益表（未經審核） 截至二零二五年六月三十日止六個月 | | | 截至六月三十日止六個月 | | | --- | --- | --- | --- | | | | 二零二五年 | 二零二四年 | | | | （未經審核） | （未經審核） | | | 附註 | 千港元 | 千港元 | | 收益 | 3 | 845,629 | 687,114 | | 銷售成本 | | (590,525) | ...

[Chairman's Report](index=2&type=section&id=%E4%B8%BB%E5%B8%AD%E5%A0%B1%E5%91%8A) [Operating Results](index=2&type=section&id=%E7%B6%93%E7%87%9F%E6%A5%AD%E7%B8%BE) The Group's first-half 2025 operating results shifted from profit to loss, with a 19% decline in total turnover driven by sales downturns, increased fair value losses on investment properties, and reduced gross margins [Turnover](index=2&type=section&id=%E7%87%9F%E6%A5%AD%E9%A1%8D) The Group's total turnover for the first half of 2025 was HK$487,111,000, a 19% decrease year-on-year, with all major business revenues experiencing varying degrees of decline Turnover Comparison | Metric | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Total Turnover | 487,111 | 603,261 | -19% | [Cost of Sales and Gross Profit](index=2&type=section&id=%E9%8A%B7%E5%94%AE%E6%88%90%E6%9C%AC%E5%8F%8A%E6%AF%9B%E5%88%A9) Total cost of sales for the period was HK$198,157,000, with apparel cost of sales decreasing by 22%, leading to a 25% drop in gross profit, while the gross profit margin before inventory impairment slightly declined to 56% Cost of Sales and Gross Profit Comparison | Metric | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Total Cost of Sales | 198,157 | 241,390 | -17.9% | | Apparel Cost of Sales | 147,454 | 189,561 | -22% | | Apparel Sales Gross Profit (before inventory impairment) | 187,551 | 249,771 | -25% | | Gross Profit Margin before Inventory Impairment | 56% | 56.9% | -0.9 percentage points | | Inventory Impairment Provision | 8,501 | 12,350 | -31.2% | | Cost of Properties Sold | 23,179 | 21,079 | +9.9% | | Property Sales Gross Profit Margin | 17.2% | 25.6% | -8.4 percentage points | | Direct Operating Expenses for Investment Properties | 18,239 | 17,596 | +3.6% | [Other Losses](index=2&type=section&id=%E5%85%B6%E4%BB%96%E虧%E6%90%8D) The Group recorded a fair value loss on investment properties of HK$22,953,000 for the period, representing a 16% increase compared to the prior year Fair Value Loss on Investment Properties | Metric | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Fair Value Loss on Investment Properties | 22,953 | 19,818 | +15.8% | [Operating Expenses](index=2&type=section&id=%E7%B6%93%E7%87%9F%E8%B2%BB%E7%94%A8) Distribution and marketing costs remained similar to the prior year, while administrative expenses decreased by 5%, with distribution and marketing costs not significantly declining despite reduced sales Operating Expenses Comparison | Metric | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Distribution and Marketing Costs | 205,734 | 207,764 | -1% | | Administrative Expenses | 74,415 | 78,365 | -5% | [Operating (Loss)/Profit](index=3&type=section&id=%E7%B6%93%E7%87%9F%EF%BC%88%E虧%E6%90%8D%EF%BC%89%E2%88%95%E6%BA%A2%E5%88%A9) The Group recorded an operating loss of HK$14,148,000 for the period, compared to an operating profit of HK$55,924,000 in the prior year, resulting in an operating loss margin of approximately 2.9% Operating (Loss)/Profit Comparison | Metric | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Operating (Loss)/Profit | (14,148) | 55,924 | Shift from profit to loss | | Operating (Loss)/Profit Margin | -2.9% | 9.3% | -12.2 percentage points | [(Loss)/Profit Attributable to Owners of the Company](index=3&type=section&id=%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%93%81%E6%9C%89%E4%BA%BA%E6%87%89%E4%BD%B5%EF%BC%88%E虧%E6%90%8D%EF%BC%89%E2%88%95%E6%BA%A2%E5%88%A9) The Group reported a loss attributable to owners of the Company of HK$3,960,000 for the period, compared to a profit of HK$58,233,000 in the prior year, with profit excluding fair value loss on investment properties (net of tax) decreasing by approximately 79% to HK$15,575,000 (Loss)/Profit Attributable to Owners of the Company Comparison | Metric | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | (Loss)/Profit Attributable to Owners of the Company | (3,960) | 58,233 | Shift from profit to loss | | Profit excluding fair value loss on investment properties (net of tax) | 15,575 | 73,478 | -78.8% | | Net Interest Income | 11,592 | 12,215 | -5.1% | | Income Tax Expense | 1,388 | 9,899 | -86% | | Effective Tax Rate (excluding fair value loss on investment properties and its tax impact) | 23.6% | 16.5% | +7.1 percentage points | Overview of Operating Results for H1 2025 | Metric | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Total Turnover | 487,111 | 603,261 | -19% | | Cost of Sales | 198,157 | 241,390 | -17.9% | | Gross Profit | 288,954 | 361,871 | -20.1% | | Operating (Loss)/Profit | (14,148) | 55,924 | Shift from profit to loss | | (Loss)/Profit Attributable to Owners of the Company | (3,960) | 58,233 | Shift from profit to loss | - Persistent macroeconomic uncertainties continue to impact the consumer market, especially the traditional menswear industry, leading to a challenging operating environment for the Group[2](index=2&type=chunk) [Business Review](index=3&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) The Group's apparel business faced severe challenges in mainland China and Hong Kong with significant sales declines, while the Singapore market underperformed, property investment saw reduced rental income, and the Meixian property development experienced slow sales, though domestic photovoltaic business recorded a slight profit [Apparel Business](index=3&type=section&id=%E6%9C%8D%E8%A3%9D%E6%9C%8D%E9%A3%BE%E6%A5%AD%E5%8B%99) Overall apparel turnover in mainland China and Hong Kong markets decreased by approximately 24%, with wholesale sales down 50%, self-operated retail same-store sales down 12%, and e-commerce sales down 14%, while Singapore apparel sales fell by 8% and recorded increased losses Apparel Business Sales Comparison for Mainland China and Hong Kong | Business Type | H1 2025 (HK$ thousand) | Y-o-Y Change (%) | | :--- | :--- | :--- | | Domestic Apparel Overall Turnover | 317,924 | -24% | | Wholesale Sales (RMB) | N/A | -50% | | Self-operated Retail Sales (RMB) | N/A | +11% | | Self-operated Retail Same-store Sales | N/A | -12% | | Outlet Store Sales (RMB) | N/A | -30% | | E-commerce Sales (RMB) | N/A | -14% | | Group Customization Sales | N/A | -57% | | Operating Rights Income | 31,659 | -22% | Singapore Apparel Business Comparison | Metric | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Apparel Sales | 17,081 | 18,535 | -8% | | Decline in Local Currency | N/A | N/A | -11% | | Gross Profit Margin before Inventory Impairment | 52% | 54% | -2 percentage points | | Inventory Impairment Provision | 870 | 236 | +268% | | Local Apparel Business Loss | 3,461 | 2,337 | +48.1% | - In domestic apparel sales channels, wholesale business accounted for approximately **20%**, self-operated retail for **28%**, and e-commerce for **34%**[10](index=10&type=chunk)[11](index=11&type=chunk) [Property Investment and Development](index=5&type=section&id=%E7%89%A9%E6%A5%AD%E6%8A%95%E8%B3%87%E5%8F%8A%E7%99%BC%E5%B1%95) The investment property portfolio value was approximately HK$2,658,006,000, slightly higher due to RMB appreciation, with a fair value loss of HK$22,953,000 primarily from domestic properties, while total rental and property management fee income decreased by 3% due to rising vacancy rates, and the Meixian property development experienced slow sales Key Data for Property Investment and Development | Metric | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Investment Property Portfolio Value | 2,658,006 | 2,604,529 (Year-end) | +2.05% | | Fair Value Loss on Investment Properties | 22,953 | 19,818 | +15.8% | | Total Rental and Property Management Fee Income | 91,672 | 94,869 | -3.4% | | Guangzhou 'Goldlion Digital Network Centre' Occupancy Rate | 77% | 81% | -4 percentage points | | Meixian 'Goldlion Garden' Property Sales Revenue | 27,987 | N/A | N/A | | Meixian 'Goldlion Garden' Property Sales Gross Profit | 4,808 | N/A | N/A | - The occupancy rate of Goldlion Group Centre in Sha Tin, Hong Kong, decreased from 89% to **86%**, while the property at 3 Yuk Yat Street, To Kwa Wan, saw its occupancy rate fall to **89%**[15](index=15&type=chunk) [Domestic Photovoltaic Business](index=6&type=section&id=%E5%9C%8B%E5%85%A7%E5%85%89%E4%BC%8F%E6%A5%AD%E5%8B%99) The Group's domestic photovoltaic business recorded electricity sales revenue of HK$788,000 and a slight profit during the period Domestic Photovoltaic Business Revenue | Metric | H1 2025 (HK$ thousand) | | :--- | :--- | | Electricity Sales Revenue | 788 | - Apparel businesses in mainland China and Hong Kong face intense competition, consumption downgrades, and market structural shifts[9](index=9&type=chunk) - Singapore's apparel business underperformed due to a weak external economy and slowing private consumption growth[12](index=12&type=chunk) - The property investment market faces a severe environment, with rising vacancy rates in some properties leading to a decline in rental and property management income[13](index=13&type=chunk) [Outlook](index=6&type=section&id=%E5%B1%95%E6%9C%9B) The operating environment for the second half of 2025 is expected to remain challenging with slow recovery in domestic consumer confidence and ongoing property market adjustments, prompting the Group to optimize domestic apparel operations, enhance Singapore business, launch a snooker apparel series, and improve property leasing and sales in Meixian - Domestic consumer confidence is expected to recover slowly, and the property market adjustment continues, indicating a persistently challenging operating outlook[17](index=17&type=chunk) - The Group will optimize product quality, integrate distribution networks, and strengthen self-operated retail capabilities for its domestic apparel business[17](index=17&type=chunk) - A snooker apparel series will be launched and promoted through collaborations with relevant sports associations and event sponsorships[17](index=17&type=chunk) - The property investment business will focus on improving leasing conditions for Goldlion Digital Network Centre and other properties, and flexibly market the remaining units of Goldlion Garden in Meixian[17](index=17&type=chunk) [Financial Position](index=7&type=section&id=%E8%B2%A1%E6%94%BF%E7%8B%80%E6%B3%81) As of June 30, 2025, the Group's cash and bank balances increased by HK$79,759,000 to approximately HK$1,131,605,000, demonstrating a robust financial position with zero bank loans, overdrafts, and a liquidity ratio of 6.1 Key Financial Position Data | Metric | June 30, 2025 (HK$ thousand) | Year-end (HK$ thousand) | Change (HK$ thousand) | | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 1,131,605 | 1,051,846 | +79,759 | | Net Cash Inflow from Operating Activities | 91,295 | N/A | N/A | | Current Assets | 2,205,077 | N/A | N/A | | Current Liabilities | 360,786 | N/A | N/A | | Current Ratio | 6.1 | N/A | N/A | | Debt-to-Asset Ratio | 0 | N/A | N/A | - The Group has no bank loans or overdrafts, and its debt-to-asset ratio is **zero**, indicating a very healthy financial position[18](index=18&type=chunk) - The Group provided mortgage loan guarantees of **HK$3,991,000** for certain property buyers, with the Board deeming the net realizable value of the properties sufficient to cover any defaults, thus no provision was made[19](index=19&type=chunk) [Acknowledgements](index=7&type=section&id=%E8%87%B4%E8%AC%9D) The Chairman, on behalf of the Board, extends gratitude to all staff for their hard work and contributions to the Group [Review Report on Interim Financial Information](index=8&type=section&id=%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99%E5%AF%A9%E9%96%B1%E5%A0%B1%E5%91%8A) [Introduction](index=8&type=section&id=%E5%BC%95%E8%A8%80) PricewaterhouseCoopers has reviewed the interim condensed consolidated financial information of Goldlion Holdings Limited and its subsidiaries for the six months ended June 30, 2025, in accordance with HKFRS 34 and the HKEX Listing Rules - The auditor has reviewed the interim financial information and confirmed its compliance with relevant accounting standards and listing rule requirements[23](index=23&type=chunk) [Scope of Review](index=8&type=section&id=%E5%AF%A9%E9%96%B1%E7%AF%84%E5%9C%8D) The review was conducted in accordance with HKSRE 2410, which is significantly narrower in scope than an audit, thus no audit opinion is expressed, nor is assurance provided that all material matters will be identified - The scope of review is narrower than an audit, and no audit opinion is expressed[24](index=24&type=chunk) [Conclusion](index=8&type=section&id=%E7%B5%90%E8%AB%96) The auditor found no matters suggesting that the Group's interim financial information was not prepared in all material respects in accordance with HKFRS 34 'Interim Financial Reporting' - The auditor believes the interim financial information complies in all material respects with HKFRS 34[25](index=25&type=chunk) [Interim Condensed Consolidated Financial Statements](index=9&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) [Interim Condensed Consolidated Statement of Financial Position](index=9&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5%E8%A1%A8) As of June 30, 2025, the Group's total assets increased slightly to HK$5,242,929,000 from year-end 2024, driven by higher investment property values, increased completed properties and bank deposits, and reduced inventories and trade receivables Key Balance Sheet Data (HK$ thousand) | Metric | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Total Assets | 5,242,929 | 5,146,477 | +96,452 | | Non-current Assets | 3,037,852 | 2,946,059 | +91,793 | | Investment Properties | 2,658,006 | 2,604,529 | +53,477 | | Current Assets | 2,205,077 | 2,200,418 | +4,659 | | Completed Properties Held for Sale | 774,482 | 590,795 | +183,687 | | Inventories | 153,826 | 217,723 | -63,897 | | Trade Receivables | 52,370 | 88,669 | -36,299 | | Bank Deposits | 925,077 | 734,144 | +190,933 | | Cash and Cash Equivalents | 205,950 | 316,392 | -110,442 | | Total Equity | 4,435,484 | 4,349,283 | +86,201 | | Total Liabilities | 807,445 | 797,194 | +10,251 | | Current Liabilities | 360,786 | 387,118 | -26,332 | | Trade Payables | 16,894 | 49,557 | -32,663 | [Interim Condensed Consolidated Statement of Profit or Loss](index=10&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%94%B6%E7%9B%8A%E8%A1%A8) The Group's H1 2025 turnover decreased by 19% to HK$487,111,000, with gross profit down 20.1%, resulting in an operating loss of HK$14,148,000 and a loss attributable to owners of HK$3,960,000, or HK$0.41 cents per share Key Income Statement Data (HK$ thousand) | Metric | H1 2025 | H1 2024 | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Turnover | 487,111 | 603,261 | -19.2% | | Cost of Sales | (198,157) | (241,390) | -17.9% | | Gross Profit | 288,954 | 361,871 | -20.1% | | Other Losses | (22,953) | (19,818) | +15.8% | | Distribution and Marketing Costs | (205,734) | (207,764) | -1.0% | | Administrative Expenses | (74,415) | (78,365) | -5.0% | | Operating (Loss)/Profit | (14,148) | 55,924 | Shift from profit to loss | | (Loss)/Profit Before Income Tax | (2,556) | 68,139 | Shift from profit to loss | | Income Tax Expense | (1,388) | (9,899) | -86.0% | | (Loss)/Profit for the Period | (3,944) | 58,240 | Shift from profit to loss | | (Loss)/Profit Attributable to Owners of the Company | (3,960) | 58,233 | Shift from profit to loss | | (Loss)/Earnings Per Share (HK cents) | (0.41) | 5.98 | Shift from profit to loss | [Interim Condensed Consolidated Statement of Comprehensive Income](index=11&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) The Group recorded a loss for the period of HK$3,944,000 in H1 2025, but total comprehensive income turned positive to HK$86,201,000 due to other comprehensive income of HK$90,145,000, primarily from exchange differences on translating financial statements of mainland China and overseas subsidiaries Key Comprehensive Income Statement Data (HK$ thousand) | Metric | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | (Loss)/Profit for the Period | (3,944) | 58,240 | Shift from profit to loss | | Other Comprehensive Income | 90,145 | (67,000) | Shift from loss to profit | | - Exchange differences | 76,651 | (74,436) | Shift from loss to profit | | Total Comprehensive Income for the Period | 86,201 | (8,760) | Shift from loss to profit | | Total Comprehensive Income Attributable to Owners of the Company | 86,124 | (8,767) | Shift from loss to profit | [Interim Condensed Consolidated Statement of Changes in Equity](index=12&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) As of June 30, 2025, total equity attributable to owners of the Company increased to HK$4,433,279,000 from the beginning of the year, primarily due to an increase in other comprehensive income (exchange differences) offsetting the period's loss Key Statement of Changes in Equity Data (HK$ thousand) | Metric | June 30, 2025 | January 1, 2025 | Change | | :--- | :--- | :--- | :--- | | Total Equity Attributable to Owners of the Company | 4,433,279 | 4,347,155 | +86,124 | | (Loss)/Profit for the Period | (3,960) | N/A | N/A | | Other Comprehensive Income | 90,084 | N/A | N/A | | Total Comprehensive Income for the Period | 86,124 | N/A | N/A | [Interim Condensed Consolidated Statement of Cash Flows](index=13&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) The Group generated net cash inflow of HK$91,295,000 from operating activities in H1 2025, utilized HK$198,877,000 in investing activities and HK$9,969,000 in financing activities, resulting in a decrease in cash and cash equivalents to HK$205,950,000 at period-end Key Cash Flow Statement Data (HK$ thousand) | Metric | H1 2025 | H1 2024 | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Net Cash Generated from Operating Activities | 91,295 | 77,377 | +18.0% | | Net Cash Used in Investing Activities | (198,877) | (95,886) | +107.4% | | Net Cash Used in Financing Activities | (9,969) | (47,612) | -79.1% | | Net Decrease in Cash and Cash Equivalents | (117,551) | (66,121) | +77.8% | | Cash and Cash Equivalents at End of Period | 205,950 | 275,315 | -25.2% | - Cash outflow from investing activities significantly increased, primarily due to additions to investment properties, property, plant and equipment, and an increase in bank deposits[33](index=33&type=chunk) [Notes to the Interim Condensed Financial Information](index=14&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99%E9%99%84%E8%A8%BB) [1. General Information](index=14&type=section&id=1.%20%E4%B8%80%E8%88%AC%E8%B3%87%E6%96%99) Goldlion Holdings Limited and its subsidiaries primarily engage in the distribution and production of apparel, leather goods, and accessories, trademark licensing, and property investment and development, with its interim financial information being unaudited - The Group's principal activities include the distribution and manufacturing of apparel, leather goods, and accessories, trademark licensing, and property investment and development[34](index=34&type=chunk) - This interim condensed consolidated financial information is unaudited and was approved for issue by the Board on **August 14, 2025**[35](index=35&type=chunk)[36](index=36&type=chunk) [2. Basis of Preparation](index=15&type=section&id=2.%20%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) The interim condensed consolidated financial information is prepared in accordance with HKFRS 34 'Interim Financial Reporting' and consistent with the accounting policies adopted for the annual financial statements for the year ended December 31, 2024, with new and revised standards not expected to have a significant impact - The interim financial information is prepared in accordance with HKFRS 34, with accounting policies consistent with the annual financial statements[37](index=37&type=chunk) - New and revised standards issued but not yet effective are not expected to have a significant impact on the Group's condensed consolidated financial statements[40](index=40&type=chunk) [3. Financial Risk Management](index=17&type=section&id=3.%20%E8%B2%A1%E5%8B%99%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86) The Group's business is exposed to market risks (including foreign currency and cash flow interest rate risks), credit risk, and liquidity risk, with no changes in risk management policies since year-end - The Group faces market, credit, and liquidity risks, with no changes in risk management policies since year-end[42](index=42&type=chunk)[43](index=43&type=chunk) [4. Critical Accounting Estimates and Judgements](index=17&type=section&id=4.%20%E9%87%8D%E5%A4%A7%E6%9C%83%E8%A8%88%E4%BC%B0%E8%A8%88%E5%8F%8A%E5%88%A4%E6%96%B7) The preparation of interim financial information requires management to make judgments, estimates, and assumptions, which are consistent with those applied in preparing the 2024 annual consolidated financial statements - The significant judgments, estimates, and assumptions applied by management in preparing the interim financial information are consistent with those used for the annual financial statements[44](index=44&type=chunk) [5. Operating Segments](index=18&type=section&id=5.%20%E7%87%9F%E9%81%8B%E5%88%86%E9%83%A8) The Group has three main reportable segments: apparel business in mainland China and Hong Kong, apparel business in Singapore, and property investment and development, with both apparel segments recording losses in H1 2025, while the property segment generated a profit H1 2025 Turnover and Segment Results by Operating Segment (HK$ thousand) | Segment | Turnover | Segment Results | | :--- | :--- | :--- | | Mainland China and Hong Kong Apparel | 349,583 | (16,333) | | Singapore Apparel | 17,081 | (3,461) | | Property Investment and Development | 119,659 | 31,223 | | Others and Eliminations | 788 | 548 | | Total Group | 487,111 | 11,977 | | Unallocated Costs | N/A | (14,533) | | Loss Before Income Tax | N/A | (2,556) | H1 2024 Turnover and Segment Results by Operating Segment (HK$ thousand) | Segment | Turnover | Segment Results | | :--- | :--- | :--- | | Mainland China and Hong Kong Apparel | 461,153 | 46,904 | | Singapore Apparel | 18,535 | (2,337) | | Property Investment and Development | 123,193 | 41,185 | | Eliminations | 380 | 14 | | Total Group | 603,261 | 85,766 | | Unallocated Costs | N/A | (17,627) | | Profit Before Income Tax | N/A | 68,139 | - Revenue from goods sales was **HK$335,005,000**, property sales revenue was **HK$27,987,000**, and investment property rental income was **HK$72,002,000**[45](index=45&type=chunk) [6. Capital Expenditure](index=21&type=section&id=6.%20%E8%B3%87%E6%9C%AC%E9%96%8B%E6%94%AF) As of June 30, 2025, the net book value of property, plant and equipment was HK$215,788,000 and investment properties was HK$2,658,006,000, with total capital expenditure additions of HK$35,536,000 and a fair value loss on investment properties of HK$22,953,000 recorded during the period Overview of Capital Expenditure Changes (HK$ thousand) | Metric | Property, Plant and Equipment | Investment Properties | Total | | :--- | :--- | :--- | :--- | | Carrying amount at January 1, 2025 | 211,196 | 2,604,529 | 2,815,725 | | Additions | 31,703 | 3,833 | 35,536 | | Transfers | (12,135) | 31,392 | 19,257 | | Depreciation | (18,361) | – | (18,361) | | Impairment Loss | (120) | – | (120) | | Fair Value Loss | – | (22,953) | (22,953) | | Exchange differences | 3,560 | 41,205 | 44,765 | | Carrying amount at June 30, 2025 | 215,788 | 2,658,006 | 2,873,794 | [7. Properties Under Development](index=22&type=section&id=7.%20%E7%99%BC%E5%B1%95%E4%B8%AD%E7%89%A9%E6%A5%AD) As of June 30, 2025, properties under development were zero as the Meixian property in mainland China was completed during the period, compared to HK$164,630,000 at the end of last year Properties Under Development (HK$ thousand) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Land use rights | – | 52,759 | | Development costs | – | 111,871 | | Total | – | 164,630 | - Properties under development were completed during the period and reclassified as completed properties held for sale[50](index=50&type=chunk) [8. Completed Properties Held for Sale](index=22&type=section&id=8.%20%E5%B7%B2%E8%90%BD%E6%88%90%E7%89%A9%E6%A5%AD) As of June 30, 2025, completed properties held for sale significantly increased to HK$774,482,000 from HK$590,795,000 at year-end 2024, primarily due to reclassification upon completion of properties under development Completed Properties Held for Sale (HK$ thousand) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Completed Properties Held for Sale | 774,482 | 590,795 | - Completed properties held for sale are located in Meixian, mainland China, and were initially measured at their carrying amount on the date of reclassification from properties under development[51](index=51&type=chunk) [9. Trade Receivables](index=23&type=section&id=9.%20%E6%A5%AD%E5%8B%99%E6%87%89%E6%94%B6%E8%B3%A0%E9%A0%85) As of June 30, 2025, net trade receivables significantly decreased to HK$52,370,000 from HK$88,669,000 at year-end 2024, with the largest reduction observed in receivables aged 1 to 30 days Trade Receivables Ageing Analysis (HK$ thousand) | Ageing | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | 1 to 30 days | 30,570 | 63,291 | -32,721 | | 31 to 90 days | 9,256 | 16,605 | -7,349 | | Over 90 days | 13,638 | 9,396 | +4,242 | | Total Trade Receivables | 53,464 | 89,292 | -35,828 | | Less: Impairment allowance | (1,094) | (623) | -471 | | Net Trade Receivables | 52,370 | 88,669 | -36,299 | [10. Prepayments, Deposits and Other Receivables](index=23&type=section&id=10.%20%E9%A0%90%E4%BB%98%E6%AC%BE%E9%A0%85%E3%80%81%E6%8C%89%E9%87%91%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E8%B3%A0%E9%A0%85) As of June 30, 2025, total prepayments, deposits, and other receivables increased to HK$63,819,000 from HK$52,571,000 at year-end 2024, primarily due to higher recoverable VAT and other receivables Prepayments, Deposits and Other Receivables (HK$ thousand) | Metric | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Purchase deposits | 5,220 | 2,812 | +2,408 | | Prepayments | 9,534 | 8,764 | +770 | | General deposits | 15,851 | 14,144 | +1,707 | | Interest receivable | 9,144 | 10,546 | -1,402 | | Recoverable VAT | 16,253 | 13,131 | +3,122 | | Others | 7,817 | 3,174 | +4,643 | | Total | 63,819 | 52,571 | +11,248 | [11. Share Capital](index=24&type=section&id=11.%20%E8%82%A1%E6%9C%AC) As of June 30, 2025, the Company's issued and fully paid ordinary shares remained unchanged at 973,844,000 shares, with share capital of HK$1,101,358,000, consistent with year-end 2024 Share Capital (HK$ thousand) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Number of ordinary shares (thousands) | 973,844 | 973,844 | | Share Capital | 1,101,358 | 1,101,358 | [12. Trade Payables](index=24&type=section&id=12.%20%E6%A5%AD%E5%8B%99%E6%87%89%E4%BB%98%E8%B3%A0%E9%A0%85) As of June 30, 2025, total trade payables significantly decreased to HK$16,894,000 from HK$49,557,000 at year-end 2024, primarily due to reductions in payables aged 1 to 30 days and 31 to 90 days Trade Payables Ageing Analysis (HK$ thousand) | Ageing | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | 1 to 30 days | 8,532 | 31,690 | -23,158 | | 31 to 90 days | 7,687 | 14,645 | -6,958 | | Over 90 days | 675 | 3,222 | -2,547 | | Total | 16,894 | 49,557 | -32,663 | [13. Other Losses](index=24&type=section&id=13.%20%E5%85%B6%E4%BB%96%E虧%E6%90%8D) The Group recorded a fair value loss on investment properties of HK$22,953,000 in H1 2025, an increase of 15.8% compared to the prior year Other Losses (HK$ thousand) | Metric | H1 2025 | H1 2024 | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Fair Value Loss on Investment Properties | 22,953 | 19,818 | +15.8% | [14. Expenses by Nature](index=25&type=section&id=14.%20%E6%8C%89%E6%80%A7%E8%B3%AA%E5%91%88%E5%A0%B1%E7%9A%84%E9%96%8B%E6%94%AF) The Group's total expenses for H1 2025 decreased to HK$478,306,000 from the prior year, with lower cost of inventories sold and inventory impairment provisions, but increased depreciation expenses, while staff costs and advertising remained key expenditure items Expenses by Nature (HK$ thousand) | Metric | H1 2025 | H1 2024 | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Cost of inventories sold | 147,454 | 189,561 | -22.2% | | Cost of properties sold | 23,179 | 21,079 | +9.9% | | Inventory impairment provision | 8,501 | 12,350 | -31.2% | | Direct operating expenses for investment properties generating rental income | 18,239 | 17,596 | +3.6% | | Expenses relating to short-term leases and variable lease payments | 33,672 | 42,036 | -19.9% | | Depreciation of property, plant and equipment | 18,361 | 14,646 | +25.4% | | Depreciation of right-of-use assets | 11,190 | 10,528 | +6.3% | | Impairment of right-of-use assets | 4,600 | 2,245 | +104.9% | | Staff costs | 111,454 | 111,862 | -0.4% | | Advertising and promotion expenses | 43,162 | 38,424 | +12.3% | | Total | 478,306 | 527,519 | -9.3% | [15. Income Tax Expense](index=25&type=section&id=15.%20%E6%89%80%E5%BE%97%E7%A8%85%E6%94%AF%E5%87%BA) The Group's income tax expense for H1 2025 significantly decreased to HK$1,388,000 from the prior year, primarily due to increased deferred tax reversals offsetting current tax liabilities Income Tax Expense (HK$ thousand) | Metric | H1 2025 | H1 2024 | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Current tax – PRC enterprise income tax | 9,803 | 10,882 | -9.9% | | Deferred income tax | (8,415) | (983) | +756.0% | | Total income tax expense | 1,388 | 9,899 | -86.0% | - The Group's estimated taxable profit is offset by tax losses brought forward from previous years, thus no provision for Hong Kong profits tax was made[58](index=58&type=chunk) - The PRC enterprise income tax rate is **25%**, with subsidiaries qualifying as small-profit enterprises taxed at a preferential rate of **5%**[58](index=58&type=chunk) [16. Dividends](index=26&type=section&id=16.%20%E8%82%A1%E6%81%AF) The Board declared an interim dividend of HK$1.0 cent per share, totaling HK$9,738,000, a reduction from HK$2.0 cents per share (totaling HK$19,477,000) in the prior year Interim Dividend (HK$ thousand) | Metric | H1 2025 | H1 2024 | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Interim dividend per ordinary share | 1.0 HK cents | 2.0 HK cents | -50% | | Total dividend payout | 9,738 | 19,477 | -50% | - No final dividend for the year ended December 31, 2024, was paid during the period[60](index=60&type=chunk) [17. (Loss)/Earnings Per Share](index=26&type=section&id=17.%20%E6%AF%8F%E8%82%A1%EF%BC%88%E虧%E6%90%8D%EF%BC%89%E2%88%95%E7%9B%88%E5%88%A9) Basic and diluted loss per share attributable to owners of the Company was HK$0.41 cents, compared to earnings of HK$5.98 cents in the prior year, with no potentially dilutive ordinary shares issued during the period (Loss)/Earnings Per Share (HK cents) | Metric | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Basic and diluted (loss)/earnings per share | (0.41) | 5.98 | Shift from profit to loss | - (Loss)/Earnings per share is calculated based on the loss attributable to owners of the Company of **HK$3,960,000** and **973,844,035** ordinary shares in issue[61](index=61&type=chunk) [18. Commitments](index=27&type=section&id=18.%20%E6%89%BF%E6%93%94) As of June 30, 2025, the Group's capital commitments included HK$17,136,000 for property, plant and equipment and HK$2,028,000 for investment properties, with property development and land use right commitments reduced to zero, and total future rental receivables amounting to HK$284,772,000 Capital Commitments (HK$ thousand) | Commitment Type | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Property, plant and equipment (contracted but not provided for) | 17,136 | 14,706 | | Investment properties (contracted but not provided for) | 2,028 | 4,261 | | Property development expenditure and land use rights commitments (contracted but not provided for) | – | 366 | | Property development expenditure and land use rights commitments (authorised but not contracted for) | – | 21,000 | Future Rental Receivables (HK$ thousand) | Period | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within one year | 122,552 | 126,279 | | After one year and within five years | 158,143 | 146,088 | | After five years | 4,077 | 4,758 | | Total | 284,772 | 277,125 | [19. Mortgage Loan Guarantees](index=28&type=section&id=19.%20%E6%8C%89%E6%8F%AD%E8%9E%8D%E8%B3%87%E6%93%94%E4%BF%9D) As of June 30, 2025, the Group provided mortgage loan guarantees of HK$3,991,000 for certain property buyers, with the Board believing the net realizable value of the properties is sufficient to cover any defaults, thus no provision was made Mortgage Loan Guarantees (HK$ thousand) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Guarantees provided for mortgage loans of certain property buyers | 3,991 | 3,981 | - Guarantee terms stipulate that if buyers fail to make mortgage payments, the Group is responsible for repayment and has the right to take over the property title[64](index=64&type=chunk) [20. Related Party Transactions](index=28&type=section&id=20.%20%E9%97%9C%E9%80%A3%E4%BA%BA%E5%A3%AB%E4%BA%A4%E6%98%93) The Company is ultimately controlled by the Tsang family, with Mr. Tsang Chi Ming serving as both Chairman and Chief Executive Officer, and related party transactions for the period primarily included professional fees of HK$160,000 paid to Winwin Financial Advisory Limited and key management personnel remuneration of HK$9,966,000 - The Company is ultimately controlled by the Tsang family, with Mr. Tsang Chi Ming and his family members holding approximately **68.62%** of the issued shares[65](index=65&type=chunk) Related Party Transactions (HK$ thousand) | Transaction Type | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Professional fees paid to a related company (Winwin Financial Advisory Limited) | 160 | 160 | | Key management personnel remuneration | 9,966 | 11,840 | [Supplementary Information](index=30&type=section&id=%E8%A3%9C%E5%85%85%E8%B3%87%E6%96%99) [Interim Dividend](index=30&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board recommended an interim dividend of HK$1.0 cent per share for the year ending December 31, 2025, totaling HK$9,738,000, expected to be paid on September 17, 2025 Interim Dividend | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Interim dividend per share | 1.0 HK cents | 2.0 HK cents | | Total dividend payout | 9,738 | 19,477 | [Closure of Register of Members](index=30&type=section&id=%E6%9A%AB%E5%81%9C%E8%BE%A6%E7%90%86%E8%82%A1%E4%BB%BD%E9%81%8E%E6%88%B6%E7%99%BB%E8%A8%98) To ascertain the right to receive the proposed dividend, the Company will suspend its register of members on September 4 and September 5, 2025 - The register of members will be closed on **September 4 and September 5, 2025**, to determine eligibility for the interim dividend[68](index=68&type=chunk) [Purchase, Sale or Redemption of Shares](index=30&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E8%82%A1%E4%BB%BD) Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's shares during the period - Neither the Company nor its subsidiaries conducted any share repurchases, sales, or redemptions during the period[69](index=69&type=chunk) [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures](index=31&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E8%A1%8C%E6%94%BF%E7%B8%BD%E8%A3%81%E6%96%BC%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%88%96%E4%BB%BB%E4%BD%95%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B9%8B%E6%8C%87%E6%98%8E%E4%BC%81%E6%A5%AD%E6%88%96%E4%BB%BB%E4%BD%95%E5%85%B6%E4%BB%96%E7%9B%B8%E8%81%AF%E6%B3%95%E5%9C%98%E8%82%A1%E4%BB%BD%E3%80%81%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E5%8F%8A%E5%82%B5%E5%88%B8%E4%B8%AD%E4%B9%8B%E6%AC%8A%E7%9B%8A%E5%8F%8A%E6%B7%A1%E5%80%89) As of June 30, 2025, Mr. Tsang Chi Ming held a long position of 614,438,750 ordinary shares in the Company, representing 63.09% of the issued share capital, primarily through other interests (family trust), with no other disclosable interests or short positions for directors and chief executive Mr. Tsang Chi Ming's Interests in the Company's Ordinary Shares | Director | Interest Type | Personal Interest (shares) | Other Interests (shares) | Total (shares) | Percentage of total issued share capital | | :--- | :--- | :--- | :--- | :--- | :--- | | Tsang Chi Ming | Long Position | 1,404,000 | 613,034,750 | 614,438,750 | 63.09% | - Mr. Tsang Chi Ming's other interests are primarily held by Tsang Hin Chi Family Management Limited, as trustee of The Tsang Hin Chi (2007) Family Discretionary Trust[70](index=70&type=chunk) [Substantial Shareholders' Interests and Short Positions in Shares and Underlying Shares](index=32&type=section&id=%E4%B8%BB%E8%A6%81%E8%82%A1%E6%9D%B1%E6%96%BC%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%82%A1%E4%BB%BD%E5%8F%8A%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E4%B8%AD%E4%B9%8B%E6%AC%8A%E7%9B%8A%E5%8F%8A%E6%B7%A1%E5%80%89) As of June 30, 2025, Tsang Hin Chi Family Management Limited, Top Grade Holdings Limited, Silver Disc Limited, Tsang Hin Chi Charitable (Management) Limited, and FMR LLC were substantial shareholders of the Company, holding 5% or more of the issued share capital Substantial Shareholders' Interests in the Company's Shares | Name of Securities Holder | Total Number of Shares Held (shares) | Percentage of total issued share capital | | :--- | :--- | :--- | | Tsang Hin Chi Family Management Limited | 613,034,750 | 62.95% | | Top Grade Holdings Limited | 613,034,750 | 62.95% | | Silver Disc Limited | 160,616,000 | 16.49% | | Tsang Hin Chi Charitable (Management) Limited | 53,880,750 | 5.53% | | FMR LLC | 53,160,331 | 5.46% | - Tsang Hin Chi Family Management Limited indirectly holds shares through Top Grade Holdings Limited and its wholly-owned subsidiaries, Silver Disc Limited and Keysonic Development Limited[74](index=74&type=chunk) [Corporate Governance](index=33&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB) The Company complied with the Corporate Governance Code in Appendix C1 of the HKEX Listing Rules during H1 2025, with Mr. Tsang Chi Ming serving as both Chairman and Chief Executive Officer to enhance decision-making efficiency, and all directors adhering to the Model Code for securities transactions - The Company complies with the Corporate Governance Code set out in Appendix C1 of the HKEX Listing Rules[75](index=75&type=chunk) - Mr. Tsang Chi Ming serves concurrently as Chairman and Chief Executive Officer, an arrangement the Board believes facilitates more effective planning and promotion of long-term business strategies[75](index=75&type=chunk) [Audit Committee](index=33&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83) The Company's Audit Committee comprises four members, including three independent non-executive directors and one non-executive director, responsible for reviewing and overseeing the Group's financial reporting, risk management, and internal control systems - The Audit Committee comprises Mr. Li Ka Fai (Chairman), Ms. Law Wing Sze, Mr. Chan Kwong Ming (Independent Non-executive Directors), and Mr. Ng Ming Wah (Non-executive Director)[76](index=76&type=chunk) [Review of Financial Information](index=33&type=section&id=%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99%E5%AF%A9%E9%96%B1) The Audit Committee has reviewed the Group's unaudited interim financial information for the six months ended June 30, 2025, which was also reviewed by external auditor PricewaterhouseCoopers in accordance with HKSRE 2410 - Both the Audit Committee and external auditor PricewaterhouseCoopers have reviewed the interim financial information[77](index=77&type=chunk) [Board of Directors](index=33&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83) As of the report date, the Board of Directors comprises Executive Director Mr. Tsang Chi Ming (Chairman and Chief Executive Officer), Non-executive Director Mr. Ng Ming Wah, and Independent Non-executive Directors Mr. Li Ka Fai, Ms. Law Wing Sze, and Mr. Chan Kwong Ming - The Board of Directors includes executive, non-executive, and independent non-executive directors[78](index=78&type=chunk)

```markdown [Financial Highlights](index=1&type=section&id=Financial%20Highlights) The company achieved revenue growth and significant profit increases in H1 2025, with a notable improvement in net profit margin Key Financial Data Comparison for H1 2025 vs H1 2024 | Metric | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 944,325 | 922,501 | 2.4% | | Gross Profit | 293,905 | 289,125 | 1.7% | | Profit for the Period | 56,154 | 48,636 | 15.5% | | Profit for the Period Attributable to Owners of the Company | 49,944 | 30,763 | 62.4% | | Adjusted Profit for the Period | 77,531 | 58,323 | 32.9% | | Adjusted Profit for the Period Attributable to Owners of the Company | 69,636 | 39,909 | 74.5% | | Gross Profit Margin (%) | 31.1% | 31.3% | (0.2) percentage points | | Net Profit Margin (%) | 5.9% | 5.3% | 0.6 percentage points | [Interim Condensed Consolidated Financial Statements](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Statements) This section presents the interim condensed consolidated financial statements, including comprehensive income and financial position, for the period [Interim Condensed Consolidated Statement of Comprehensive Income](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group's revenue grew by **2.4%** to HK$**944.3 million**, and profit for the period increased by **15.5%** year-on-year to HK$**56.2 million**. Profit attributable to owners of the Company significantly rose by **62.4%** to HK$**49.9 million**, with basic earnings per share at HK$**0.0411** Interim Condensed Consolidated Statement of Comprehensive Income (For the six months ended June 30) | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Revenue | 944,325 | 922,501 | | Cost of Sales | (650,420) | (633,376) | | Gross Profit | 293,905 | 289,125 | | Other Income | 3,160 | 2,234 | | Selling Expenses | (63,486) | (60,640) | | Administrative Expenses | (165,413) | (159,356) | | Other Gains, Net | 13,091 | 2,060 | | Operating Profit | 81,257 | 73,423 | | Finance Income | 8,559 | 7,463 | | Finance Costs | (13,151) | (12,252) | | Net Finance Costs | (4,592) | (4,789) | | Share of Loss of Associates and Joint Ventures | (1,271) | (241) | | Profit Before Income Tax | 75,394 | 68,393 | | Income Tax Expense | (19,240) | (19,757) | | Profit for the Period | 56,154 | 48,636 | | Profit for the Period Attributable to Owners of the Company | 49,944 | 30,763 | | Profit for the Period Attributable to Non-controlling Interests | 6,210 | 17,873 | | Basic Earnings Per Share (HK cents) | 4.11 | 2.48 | - Total comprehensive income for the period significantly increased by **120.4%** to HK$**89.3 million**, mainly due to fair value changes of financial assets at fair value through other comprehensive income and foreign currency translation differences[4](index=4&type=chunk) [Interim Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets were HK$**2,762.7 million**, a slight increase from December 31, 2024. Total equity grew to HK$**1,939.4 million**, while total liabilities slightly decreased, indicating a stable financial position Interim Condensed Consolidated Statement of Financial Position (As of June 30) | Metric | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | **ASSETS** | | | | Non-current Assets | 2,127,481 | 2,079,677 | | Current Assets | 635,268 | 640,475 | | **TOTAL ASSETS** | **2,762,749** | **2,720,152** | | **EQUITY** | | | | Equity Attributable to Owners of the Company | 1,781,523 | 1,752,677 | | Non-controlling Interests | 157,905 | 137,234 | | **TOTAL EQUITY** | **1,939,428** | **1,889,911** | | **LIABILITIES** | | | | Non-current Liabilities | 403,127 | 420,219 | | Current Liabilities | 420,194 | 410,022 | | **TOTAL LIABILITIES** | **823,321** | **830,241** | | **TOTAL EQUITY AND LIABILITIES** | **2,762,749** | **2,720,152** | - Cash and cash equivalents within current assets decreased from HK$**423.1 million** to HK$**380.7 million**, while trade receivables increased from HK$**57.8 million** to HK$**66.7 million**[5](index=5&type=chunk) - Dividends payable within current liabilities increased from zero to HK$**24.1 million**, reflecting the declaration of the 2024 final dividend[6](index=6&type=chunk)[25](index=25&type=chunk) [Notes to the Financial Statements](index=6&type=section&id=Notes%20to%20the%20Financial%20Statements) This section provides detailed notes on the financial statements, covering general information, accounting policies, and specific financial items [1 General Information](index=6&type=section&id=1%20General%20Information) C-MER Medical Holdings Limited, incorporated in the Cayman Islands, primarily provides ophthalmic, dental, and other medical services and sells optical aids in Hong Kong and Mainland China, listed on the Main Board of the Stock Exchange of Hong Kong since January 15, 2018 - The Company's principal activities are providing ophthalmic, dental, and other medical services, and selling optical aids in Hong Kong and Mainland China[7](index=7&type=chunk) [2 Basis of Preparation](index=6&type=section&id=2%20Basis%20of%20Preparation) This interim condensed consolidated financial information is prepared in accordance with HKAS 34 'Interim Financial Reporting' issued by the HKICPA and should be read in conjunction with the annual consolidated financial statements for the year ended December 31, 2024 - The interim condensed consolidated financial information is unaudited and prepared in accordance with HKAS 34[8](index=8&type=chunk)[9](index=9&type=chunk) [3 Accounting Policies](index=7&type=section&id=3%20Accounting%20Policies) The Group's accounting policies are consistent with the 2024 annual consolidated financial statements, with new and revised standards adopted having no significant impact on the financial statements; management is assessing the potential impact of new standards not yet effective - The revised standards first adopted by the Group on January 1, 2025 (e.g., amendments to HKAS 21 and HKFRS 1) had no significant impact on accounting policies or financial statements[10](index=10&type=chunk)[11](index=11&type=chunk) - Several new and revised standards effective from 2026 or 2027 onwards are being assessed by management for potential financial impact, but no significant changes have been determined yet[12](index=12&type=chunk) [4 Revenue and Segment Information](index=8&type=section&id=4%20Revenue%20and%20Segment%20Information) The Group's revenue primarily derives from ophthalmic, dental, and other medical services, and sales of optical aids; management assesses performance based on four reportable segments: Hong Kong Medical Business, Mainland China Ophthalmic Business, Mainland China Dental Business, and Mainland China Other Business [Revenue Breakdown](index=8&type=section&id=4(a)%20Revenue) For the six months ended June 30, 2025, total revenue was HK$**944.3 million**, with ophthalmic services contributing the largest share at HK$**613.2 million**; most revenue is recognized at a point in time Revenue by Service Type (For the six months ended June 30) | Service Type | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Provision of Ophthalmic Services | 613,180 | 586,873 | | Provision of Dental Services | 237,479 | 246,400 | | Provision of Other Medical Services | 18,820 | 15,052 | | Sales of Optical Aids | 74,846 | 74,176 | | **Total Revenue** | **944,325** | **922,501** | | Revenue Recognition Timing | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Revenue Recognized at a Point in Time | 778,961 | 749,491 | | Revenue Recognized Over Time | 165,364 | 173,010 | | **Total Revenue** | **944,325** | **922,501** | [Segment Results](index=8&type=section&id=4(b)%20Segment%20Information) In H1 2025, Hong Kong Medical Business and Mainland China Ophthalmic Business achieved profit growth, while Mainland China Dental Business profit declined, and Mainland China Other Business (primarily Shenzhen C-MER Aierkangjian Hospital) remained in early operational stages, recording a gross loss Segment Results (For the six months ended June 30, 2025) | Segment | Segment Revenue (HK$ thousand) | Gross Profit / (Loss) (HK$ thousand) | Segment Results (HK$ thousand) | | :--- | :--- | :--- | :--- | | Hong Kong Medical Business | 467,069 | 134,387 | 50,950 | | Mainland China Ophthalmic Business | 254,815 | 95,737 | 1 | | Mainland China Dental Business | 217,062 | 72,929 | 33,179 | | Mainland China Other Business | 5,379 | (9,148) | (20,395) | | **Total** | **944,325** | **293,905** | **63,735** | Segment Results (For the six months ended June 30, 2024) | Segment | Segment Revenue (HK$ thousand) | Gross Profit (HK$ thousand) | Segment Results (HK$ thousand) | | :--- | :--- | :--- | :--- | | Hong Kong Medical Business | 427,052 | 113,166 | 45,921 | | Mainland China Ophthalmic Business | 270,761 | 89,660 | (22,954) | | Mainland China Dental Business | 224,688 | 86,299 | 54,073 | | Mainland China Other Business | – | – | (8,152) | | **Total** | **922,501** | **289,125** | **68,888** | - Mainland China ophthalmic business segment results improved from a loss of HK$**23.0 million** in H1 2024 to break-even in H1 2025[15](index=15&type=chunk)[16](index=16&type=chunk) [5 Other Income](index=11&type=section&id=5%20Other%20Income) Other income increased to HK$**3.2 million** in H1 2025, primarily driven by higher rental income, while management fee income and government grants decreased Other Income Breakdown (For the six months ended June 30) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Management Fee Income | 535 | 1,045 | | Rental Income | 1,647 | 207 | | Government Grants | 141 | 225 | | Others | 837 | 757 | | **Total** | **3,160** | **2,234** | [6 Other Gains, Net](index=11&type=section&id=6%20Other%20Gains,%20Net) Other gains, net, significantly increased to HK$**13.1 million** in H1 2025, primarily due to gains on early termination of leases and net gains on disposal of property, plant and equipment Other Gains, Net Breakdown (For the six months ended June 30) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Net Gain / (Loss) on Disposal of Property, Plant and Equipment | 2,288 | (286) | | Gain on Early Termination of Leases | 14,104 | 1,810 | | Fair Value (Loss) / Gain on Financial Assets at FVTPL | (101) | 1,621 | | Loss on Write-off of Non-current Assets | (2,002) | (1,421) | | Net Exchange Gain | 137 | 361 | | **Total** | **13,091** | **2,060** | [7 Cost of Sales, Selling and Administrative Expenses](index=12&type=section&id=7%20Cost%20of%20Sales,%20Selling%20and%20Administrative%20Expenses) Total cost of sales, selling and administrative expenses increased to HK$**879.3 million** in H1 2025, mainly due to higher doctors' fees, employee benefit expenses, and advertising and promotion expenses Total Cost of Sales, Selling and Administrative Expenses Breakdown (For the six months ended June 30) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Amortisation of Intangible Assets | 529 | 682 | | Auditor's Remuneration | 1,156 | 1,178 | | Depreciation of Property, Plant and Equipment | 31,132 | 36,549 | | Depreciation of Investment Properties | 1,099 | 164 | | Depreciation of Right-of-use Assets | 65,203 | 71,236 | | Doctors' Fees | 209,006 | 187,570 | | Cost of Inventories and Consumables | 162,942 | 168,684 | | Employee Benefit Expenses | 270,820 | 271,387 | | Advertising and Promotion Expenses | 62,739 | 59,957 | | Legal and Professional Fees | 7,330 | 2,366 | | **Total** | **879,319** | **853,372** | [8 Net Finance Costs](index=12&type=section&id=8%20Net%20Finance%20Costs) Net finance costs slightly decreased to HK$**4.6 million** in H1 2025, primarily due to increased bank interest income and reduced interest expenses on lease liabilities, partially offset by higher interest expenses on bank loans Net Finance Costs Breakdown (For the six months ended June 30) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Finance Income | 8,559 | 7,463 | | Finance Costs | (13,151) | (12,252) | | **Net Finance Costs** | **(4,592)** | **(4,789)** | [9 Income Tax Expense](index=13&type=section&id=9%20Income%20Tax%20Expense) Income tax expense decreased by **3.0%** to HK$**19.2 million** in H1 2025, primarily due to reduced taxable profit in Mainland China, partially offset by increased taxable profit in Hong Kong Income Tax Expense Breakdown (For the six months ended June 30) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Current Income Tax - Hong Kong Profits Tax | 9,027 | 12,055 | | Current Income Tax - Mainland China Corporate Income Tax | 8,135 | 7,816 | | Under / (Over) Provision in Prior Years | 803 | (615) | | Deferred Income Tax | 1,275 | 501 | | **Income Tax Expense** | **19,240** | **19,757** | - Hong Kong profits tax rate is **16.5%**, and the applicable tax rate for Mainland China subsidiaries is **25%**[22](index=22&type=chunk) [10 Earnings Per Share](index=13&type=section&id=10%20Earnings%20Per%20Share) Basic earnings per share for H1 2025 was HK$**0.0411**, a significant increase from HK$**0.0248** in H1 2024, primarily due to the increase in profit attributable to owners of the Company Earnings Per Share Calculation (For the six months ended June 30) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Profit for the Period Attributable to Owners of the Company (HK$ thousand) | 49,944 | 30,763 | | Weighted Average Number of Ordinary Shares in Issue | 1,213,785,216 | 1,239,070,639 | | **Basic Earnings Per Share (HK cents)** | **4.11** | **2.48** | - Share options were not included in the calculation of diluted earnings per share as they had an anti-dilutive effect during the period[24](index=24&type=chunk) [11 Dividends](index=14&type=section&id=11%20Dividends) The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025. The 2024 final dividend of HK$**0.02** per ordinary share was paid on July 15, 2025 - The Board does not recommend the payment of any interim dividend for H1 2025[25](index=25&type=chunk) - The final dividend of HK$**0.02** per ordinary share for the year ended December 31, 2024, totaling HK$**24,069,198**, was paid on July 15, 2025[25](index=25&type=chunk) [12 Trade Receivables](index=14&type=section&id=12%20Trade%20Receivables) As of June 30, 2025, total trade receivables increased to HK$**66.7 million**, with the largest portion aged 0 to 90 days Trade Receivables Aging Analysis (As of June 30) | Aging | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | 0 to 90 days | 44,743 | 38,132 | | 91 to 180 days | 6,173 | 4,882 | | Over 180 days | 15,781 | 14,749 | | **Total** | **66,697** | **57,763** | [13 Trade Payables](index=14&type=section&id=13%20Trade%20Payables) As of June 30, 2025, total trade payables were HK$**57.4 million**, a slight increase from December 31, 2024, primarily concentrated in the 0 to 30-day aging category Trade Payables Aging Analysis (As of June 30) | Aging | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | 0 to 30 days | 42,824 | 33,350 | | 31 to 60 days | 6,187 | 11,338 | | 61 to 90 days | 5,653 | 6,952 | | Over 90 days | 2,687 | 4,170 | | **Total** | **57,351** | **55,810** | [Management Discussion and Analysis](index=15&type=section&id=Management%20Discussion%20and%20Analysis) This section offers management's perspective on the Group's performance, operational highlights, and strategic outlook for the period [Business Review Overview](index=15&type=section&id=Business%20Review%20Overview) In H1 2025, the Group's profitability improved, driven by revenue growth, service network optimization, and enhanced operational efficiency; adjusted profit attributable to owners of the Company significantly increased by **74.5%**, and Mainland China ophthalmic business achieved break-even - Adjusted profit for the period attributable to owners of the Company (excluding losses from Mainland China Other Business segment) increased by **74.5%** from HK$**39.9 million** in H1 2024 to HK$**69.6 million**[28](index=28&type=chunk) - Total revenue slightly increased by **2.4%** to HK$**944.3 million**, driven by growth in Hong Kong ophthalmic services, partially offset by reduced revenue from Shenzhen dental and ophthalmic services due to intense competition[29](index=29&type=chunk) - Net cash generated from operating activities was HK$**108.1 million**, a decrease from the prior period, primarily due to increased working capital used in operations[29](index=29&type=chunk) [Hong Kong Business](index=16&type=section&id=Hong%20Kong%20Business) Hong Kong business, operating under the 'C-MER Dennis Lam' brand, provides ophthalmic services and has expanded into dental, oncology, and other medical services, with an ophthalmic network including five day surgery centers, eight satellite clinics, and eight optometry centers - Hong Kong ophthalmic service network includes five day surgery centers, eight satellite clinics, and eight optometry centers, offering comprehensive ophthalmic and optometric services[31](index=31&type=chunk) - Since 2021, Hong Kong business has expanded to dental, oncology, and other medical services, comprising six dental clinics, two general clinics, and one oncology center as of June 30, 2025[32](index=32&type=chunk) [Mainland China Business](index=16&type=section&id=Mainland%20China%20Business) Mainland China ophthalmic service network covers multiple cities, achieving break-even through organizational optimization; Shenzhen dental business faces intense competition leading to revenue decline but is actively expanding its service network through expansions and new clinics; Shenzhen C-MER Aierkangjian Hospital is fully operational but remains in an early loss-making stage - Mainland China ophthalmic service network includes nine ophthalmic hospitals, achieving break-even in H1 2025, reversing the loss from the prior period[33](index=33&type=chunk) - Shenzhen Aierkangjian dental business revenue decreased by **3.4%** to HK$**217.1 million** due to intense market competition, but is actively expanding, including the expansion of Luohu Dental Hospital and new clinics in Futian and Liantang Port[34](index=34&type=chunk)[35](index=35&type=chunk) - Shenzhen C-MER Aierkangjian Hospital became fully operational in H1 2025, offering multi-specialty Hong Kong-style medical services, but incurred a loss of HK$**15.1 million** due to its early stage of operation[36](index=36&type=chunk) [Revenue Analysis](index=17&type=section&id=Revenue%20Analysis) Total revenue in H1 2025 slightly increased by **2.4%** to HK$**944.3 million**; Hong Kong Medical Business revenue grew by **9.4%**, while Mainland China ophthalmic and dental business revenues decreased by **5.9%** and **3.4%** respectively, primarily due to market competition and weak consumption [By Business Segment](index=18&type=section&id=By%20Business%20Segment) Hong Kong Medical Business revenue share increased to **49.5%**, growing by **9.4%**; Mainland China ophthalmic and dental business revenue shares decreased, declining by **5.9%** and **3.4%** respectively; Mainland China Other Business began contributing revenue Revenue by Segment (For the six months ended June 30) | Segment | 2025 (HK$ thousand) | 2025 (%) | 2024 (HK$ thousand) | 2024 (%) | Change (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hong Kong Medical Business | 467,069 | 49.5 | 427,052 | 46.2 | 40,017 | 9.4 | | Mainland China Ophthalmic Business | 254,815 | 27.0 | 270,761 | 29.4 | (15,946) | (5.9) | | Mainland China Dental Business | 217,062 | 23.0 | 224,688 | 24.4 | (7,626) | (3.4) | | Mainland China Other Business | 5,379 | 0.5 | – | – | 5,379 | N/A | | **Total** | **944,325** | **100.0** | **922,501** | **100.0** | **21,824** | **2.4** | [By Service Type](index=20&type=section&id=By%20Service%20Type) Revenue from ophthalmic services grew by **4.5%**, accounting for **65.0%** of total revenue; dental service revenue decreased by **3.6%**, and other medical services revenue increased by **25.0%** Revenue by Service Type (For the six months ended June 30) | Service Type | 2025 (HK$ thousand) | 2025 (%) | 2024 (HK$ thousand) | 2024 (%) | Change (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Provision of Ophthalmic Services | 613,180 | 65.0 | 586,873 | 63.7 | 26,307 | 4.5 | | Provision of Dental Services | 237,479 | 25.1 | 246,400 | 26.7 | (8,921) | (3.6) | | Provision of Other Medical Services | 18,820 | 2.0 | 15,052 | 1.6 | 3,768 | 25.0 | | Sales of Optical Aids | 74,846 | 7.9 | 74,176 | 8.0 | 670 | 0.9 | | **Total** | **944,325** | **100.0** | **922,501** | **100.0** | **21,824** | **2.4** | [By Geographical Market](index=21&type=section&id=By%20Geographical%20Market) Hong Kong market revenue share increased from **46.3%** to **49.5%**, growing by **9.4%**; Mainland China revenue share decreased from **53.7%** to **50.5%**, a **3.7%** decline, mainly due to reduced ophthalmic and dental service revenue Revenue by Geographical Market (For the six months ended June 30) | Geographical Market | 2025 (HK$ thousand) | 2025 (%) | 2024 (HK$ thousand) | 2024 (%) | Change (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hong Kong | 467,069 | 49.5 | 427,052 | 46.3 | 40,017 | 9.4 | | Mainland China | 477,256 | 50.5 | 495,449 | 53.7 | (18,193) | (3.7) | | **Total** | **944,325** | **100.0** | **922,501** | **100.0** | **21,824** | **2.4** | [Ophthalmic Services Analysis](index=21&type=section&id=Ophthalmic%20Services%20Analysis) Ophthalmic service revenue grew by **4.5%**, with increases in consultation and surgery fees in Hong Kong, while Mainland China saw a decrease; average surgery fees in Hong Kong increased by **12.4%**, and Mainland China's average surgery fees decreased by **8.5%** (HK$ denominated) Ophthalmic Service Revenue by Category and Region (For the six months ended June 30) | Category | Region | 2025 (HK$ thousand) | 2025 (%) | 2024 (HK$ thousand) | 2024 (%) | Change (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Consultation and Other Medical Service Fees | Hong Kong | 168,768 | 27.5 | 153,592 | 26.2 | 15,176 | 9.9 | | | Mainland China | 67,165 | 11.0 | 73,685 | 12.5 | (6,520) | (8.8) | | Surgery Fees | Hong Kong | 241,932 | 39.4 | 219,760 | 37.5 | 22,172 | 10.1 | | | Mainland China | 135,315 | 22.1 | 139,836 | 23.8 | (4,521) | (3.2) | | **Total** | | **613,180** | **100.0** | **586,873** | **100.0** | **26,307** | **4.5** | Ophthalmic Surgery Data (For the six months ended June 30) | Metric | Region | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Total Surgery Fees (HK$ thousand) | Hong Kong | 241,932 | 219,760 | 10.1 | | | Mainland China | 135,315 | 139,836 | (3.2) | | Number of Surgeries | Hong Kong | 7,492 | 7,646 | (2.0) | | | Mainland China | 13,639 | 12,894 | 5.8 | | Average Surgery Fee (HK$) | Hong Kong | 32,292 | 28,742 | 12.4 | | | Mainland China | 9,921 | 10,845 | (8.5) | | Average Surgery Fee (RMB denominated) | Mainland China | - | - | (8.0) | [Dental Services Analysis](index=23&type=section&id=Dental%20Services%20Analysis) Total dental service revenue decreased by **3.6%** to HK$**237.5 million**; despite a **7.4%** increase in total patient visits, patient visits and revenue per dental chair both declined, reflecting intense competition in the Shenzhen market Dental Services Data (For the six months ended June 30) | Metric | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Total Dental Service Revenue (HK$ thousand) | 237,479 | 246,400 | (3.6) | | Total Patient Visits | 167,599 | 156,080 | 7.4 | | Total Dental Chairs | 278 | 244 | 13.9 | | Patient Visits per Dental Chair | 603 | 640 | (5.8) | | Revenue per Dental Chair (HK$ thousand) | 854 | 1,010 | (15.4) | [Other Medical Services and Sales of Optical Aids](index=23&type=section&id=Other%20Medical%20Services%20and%20Sales%20of%20Optical%20Aids) Other medical services revenue grew by **25.0%** to HK$**18.8 million**; sales of optical aids revenue slightly increased by **0.9%** to HK$**74.8 million** - Revenue from oncology, medical aesthetics, general practice, and other services was approximately HK$**18.8 million**, a year-on-year increase of **25.0%**[54](index=54&type=chunk) - Revenue from sales of optical aids was HK$**74.8 million**, a year-on-year increase of **0.9%**[55](index=55&type=chunk) [Cost and Profit Analysis](index=24&type=section&id=Cost%20and%20Profit%20Analysis) The Group's total cost of sales, selling and administrative expenses increased, but gross profit and profit for the period still grew due to operational optimization; gross profit margin slightly decreased, but net profit margin improved [Cost of Sales](index=24&type=section&id=Cost%20of%20Sales) Total cost of sales increased by **2.7%** to HK$**650.4 million**, primarily due to higher doctors' fees paid to Hong Kong ophthalmologists Cost of Sales Breakdown (For the six months ended June 30) | Item | 2025 (HK$ thousand) | 2025 % of Revenue | 2024 (HK$ thousand) | 2024 % of Revenue | Change (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Doctors' Fees | 209,006 | 22.1 | 187,570 | 20.3 | 21,436 | 11.4 | | Cost of Inventories and Consumables | 162,942 | 17.3 | 168,684 | 18.3 | (5,742) | (3.4) | | Staff Salaries and Allowances | 178,058 | 18.9 | 177,525 | 19.2 | 533 | 0.3 | | Depreciation of Right-of-use Assets | 46,571 | 4.9 | 43,611 | 4.7 | 2,960 | 6.8 | | Depreciation of Property, Plant and Equipment | 22,596 | 2.4 | 26,046 | 2.8 | (3,450) | (13.2) | | Others | 31,247 | 3.3 | 29,940 | 3.2 | 1,307 | 4.4 | | **Total** | **650,420** | **68.9** | **633,376** | **68.7** | **17,044** | **2.7** | [Gross Profit and Gross Profit Margin](index=25&type=section&id=Gross%20Profit%20and%20Gross%20Profit%20Margin) Gross profit increased by **1.7%** to HK$**293.9 million**, but gross profit margin slightly decreased by **0.2** percentage points to **31.1%**; gross profit margins for Hong Kong Medical Business and Mainland China Ophthalmic Business increased, while Mainland China Dental Business's gross profit margin decreased Gross Profit and Gross Profit Margin by Segment (For the six months ended June 30) | Segment | 2025 Gross Profit (HK$ thousand) | 2025 Gross Profit Margin (%) | 2024 Gross Profit (HK$ thousand) | 2024 Gross Profit Margin (%) | Change (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hong Kong Medical Business | 134,387 | 28.8 | 113,166 | 26.5 | 21,221 | 18.8 | | Mainland China Ophthalmic Business | 95,737 | 37.6 | 89,660 | 33.1 | 6,077 | 6.8 | | Mainland China Dental Business | 72,929 | 33.6 | 86,299 | 38.4 | (13,370) | (15.5) | | Mainland China Other Business | (9,148) | N/A | – | N/A | (9,148) | – | | **Total** | **293,905** | **31.1** | **289,125** | **31.3** | **4,780** | **1.7** | [Selling and Administrative Expenses](index=25&type=section&id=Selling%20and%20Administrative%20Expenses) Selling expenses increased by **4.8%** to HK$**63.5 million**, mainly due to increased promotion expenses for Mainland China dental services; administrative expenses grew by **3.8%** to HK$**165.4 million**, primarily impacted by expenses from the full operation of Luohu Hospital - Selling expenses as a percentage of total revenue increased from **6.6%** to **6.7%**, mainly due to increased promotion expenses for Mainland China dental services[60](index=60&type=chunk) - The increase in administrative expenses was primarily due to expenses incurred from the full operation of Luohu Hospital[61](index=61&type=chunk) [Other Income and Net Gains](index=26&type=section&id=Other%20Income%20and%20Net%20Gains) Other income increased to HK$**3.2 million**, primarily from rental income; other gains, net, significantly rose to HK$**13.1 million**, mainly due to gains on early termination of leases - Other income, mainly comprising management fee income and rental income, increased from HK$**2.2 million** to HK$**3.2 million**[62](index=62&type=chunk) - Other gains, net, amounted to HK$**13.1 million**, primarily including gains on early termination of leases[63](index=63&type=chunk) [Net Finance Expenses and Income Tax](index=26&type=section&id=Net%20Finance%20Expenses%20and%20Income%20Tax) Net finance costs decreased to HK$**4.6 million**, primarily due to the net effect of increased bank interest income and reduced interest expenses on lease liabilities; income tax expense decreased by **3.0%** to HK$**19.2 million**, mainly due to reduced taxable profit in Mainland China - Net finance costs decreased to HK$**4.6 million**, mainly due to increased interest income from bank deposits and reduced interest expenses on lease liabilities[64](index=64&type=chunk) - Income tax expense decreased by **3.0%** to HK$**19.2 million**, primarily due to reduced taxable profit in Mainland China, partially offset by increased taxable profit in Hong Kong[65](index=65&type=chunk) [Profit for the Period](index=26&type=section&id=Profit%20for%20the%20Period) Profit for the period increased to HK$**56.2 million**, primarily benefiting from revenue growth and the strategic effectiveness of service network optimization and operational efficiency improvements - Profit for H1 2025 was HK$**56.2 million**, an increase from HK$**48.6 million** in the prior period, mainly attributable to revenue growth and improved operational efficiency[66](index=66&type=chunk) [Cash Flow Analysis](index=27&type=section&id=Cash%20Flow%20Analysis) Net cash from operating activities decreased to HK$**108.1 million**, mainly due to increased working capital; net cash used in investing activities decreased, while net cash used in financing activities increased, primarily for share repurchases and lease payments - Net cash generated from operating activities was HK$**108.1 million**, a decrease from the prior period, primarily due to increased working capital used in operations[67](index=67&type=chunk) - Net cash used in investing activities was HK$**46.1 million**, primarily for the purchase of property, plant and equipment[67](index=67&type=chunk) - Net cash used in financing activities was HK$**110.7 million**, primarily including HK$**29.1 million** for share repurchases and HK$**71.4 million** for lease payments[67](index=67&type=chunk) [Outlook and Strategies](index=27&type=section&id=Outlook%20and%20Strategies) The Group anticipates strong demand for ophthalmic services in Hong Kong, while Mainland China ophthalmic business faces challenges; strategies include focusing on ophthalmic services in Hong Kong and core Mainland cities, developing cross-border dental medical services in Shenzhen, and investing in innovative businesses to explore opportunities - Demand for ophthalmic services in Hong Kong remains strong, while Mainland China ophthalmic business faces challenges due to changing consumption patterns[69](index=69&type=chunk) - Strategies include focusing on ophthalmic services in Hong Kong and core cities in Mainland China, developing cross-border dental medical business under Shenzhen Aierkangjian, and developing multi-specialty hospitals in Luohu[70](index=70&type=chunk) - Will continue to improve operational efficiency and service capabilities, implement strict cost control for Mainland China ophthalmic business, and invest in innovative businesses that contribute professional expertise[74](index=74&type=chunk) [Other Information](index=28&type=section&id=Other%20Information) This section covers additional corporate information, including dividends, investments, corporate governance, and securities transactions [Interim Dividend](index=28&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 H1 2025[71](index=71&type=chunk) [Material Investments, Acquisitions and Disposals](index=28&type=section&id=Material%20Investments,%20Acquisitions%20and%20Disposals) In H1 2025, the Group made no material investments, acquisitions, or disposals - The Group made no material investments, acquisitions, or disposals in H1 2025[72](index=72&type=chunk) [Corporate Governance](index=28&type=section&id=Corporate%20Governance) The Company has complied with all applicable provisions of the Corporate Governance Code in Appendix C1 of the Listing Rules; effective June 1, 2025, the roles of Chairman and Chief Executive Officer were separated, with Dr. Ouyang Boquan as Chairman and Ms. Li Xiaoting as CEO, restoring compliance with the code - The Company has complied with all applicable provisions of the Corporate Governance Code in Appendix C1 of the Listing Rules, with a previous deviation from Rule C.2.1 (roles of Chairman and Chief Executive should be separate)[73](index=73&type=chunk) - Effective June 1, 2025, Dr. Ouyang Boquan was appointed Chairman and Ms. Li Xiaoting was appointed Chief Executive Officer, bringing the Company back into compliance with Rule C.2.1[73](index=73&type=chunk) [Standard Code for Securities Transactions](index=29&type=section&id=Standard%20Code%20for%20Securities%20Transactions) The Company has adopted the Model Code for Securities Transactions in Appendix C3 of the Listing Rules as a code of conduct for directors and relevant employees' securities transactions, and complied with it during H1 2025 - The Company has adopted and complied with the Model Code for Securities Transactions in Appendix C3 of the Listing Rules, with all directors and relevant employees complying during H1 2025[75](index=75&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=29&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20Listed%20Securities) In H1 2025, the Company repurchased **17,370,000** ordinary shares on the Stock Exchange for a total consideration of approximately HK$**29.1 million**, aiming to enhance net asset value per share and/or earnings per share; as of the announcement date, the Company holds **8,730,000** repurchased shares as treasury shares 2025 H1 Share Repurchase Details | Month of Repurchase | Number of Shares Repurchased | Highest Price Paid per Share (HK$) | Lowest Price Paid per Share (HK$) | Total Consideration Paid (HK$) | | :--- | :--- | :--- | :--- | :--- | | 2025年1月 | 2,020,000 | 1.97 | 1.84 | 3,869,755 | | 2025年2月 | 688,000 | 2.07 | 1.96 | 1,393,873 | | 2025年3月 | 2,496,000 | 1.61 | 1.54 | 3,921,813 | | 2025年4月 | 4,124,000 | 1.68 | 1.34 | 6,006,651 | | 2025年5月 | 3,462,000 | 1.77 | 1.68 | 5,951,348 | | 2025年6月 | 4,580,000 | 1.82 | 1.66 | 7,965,318 | | **Total** | **17,370,000** | | | **29,108,758** | - The Board believes share repurchases are in the best interest of the Company and shareholders, enhancing net asset value per share and/or earnings per share[77](index=77&type=chunk) - As of the announcement date, the Company holds **8,730,000** repurchased shares as treasury shares, with an intention to resell depending on market conditions[77](index=77&type=chunk) [Audit Committee and Review of Interim Results](index=30&type=section&id=Audit%20Committee%20and%20Review%20of%20Interim%20Results) The Audit Committee has reviewed the Group's accounting principles, risk management, internal controls, and financial reporting matters, and reviewed the unaudited interim condensed consolidated financial information for H1 2025; PricewaterhouseCoopers has reviewed the financial information in accordance with Hong Kong Standard on Review Engagements - The Audit Committee, comprising three independent non-executive directors, has reviewed the Group's accounting principles, risk management, internal controls, and financial reporting matters[80](index=80&type=chunk) - The Group's unaudited interim condensed consolidated financial information has been reviewed by PricewaterhouseCoopers in accordance with Hong Kong Standard on Review Engagements 2410[80](index=80&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=30&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) This interim results announcement has been published on the Stock Exchange and Company websites; the H1 2025 interim report will be dispatched to shareholders in due course and will be available on the Stock Exchange and Company websites - This interim results announcement has been published on the Stock Exchange website (www.hkexnews.hk) and the Company's website (www.cmermedical.com)[81](index=81&type=chunk) - The Company's H1 2025 interim report will be dispatched to shareholders in due course and will be available on the Stock Exchange and Company websites[81](index=81&type=chunk) ```

1.1 本中期業績公告（半年度報告摘要）摘自中國石油天然氣股份有限公司 （「本公司」）二零二五年半年度報告全文，為全面了解本公司的經營成果、財務 狀 況 及 未 來 發 展 規 劃 ， 投 資 者 應 當 到 上 海 證 券 交 易 所 網 站 （ 網 址 https://www.sse.com.cn）、香港聯合交易所有限公司（「香港聯交所」）「披露易」 網 站 （ 網 址 https://www.hkexnews.hk ） 及 本 公 司 網 站 （ 網 址 https://www.petrochina.com.cn）仔細閱讀本公司二零二五年半年度報告全文。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因 倚賴該等內容而引致的任何損失承擔任何責任。 中國石油天然氣股份有限公司 PETROCHINA COMPANY LIMITED （於中華人民共和國註冊成立之股份有限公司） （於香港聯交所股票代碼：857；於上海證券交易所股票代碼：601857） 二零二五年中期業績公告（半年度報告摘要） 1 ...

香港交易及結算所有限公司以及香港聯合交易所有限公司（「聯交所」）對本公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示不會就因本公告全部或任何部分 內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 KELFRED HOLDINGS LIMITED 恒發光學控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1134） 截至二零二五年六月三十日止六個月的 中期業績公告 恒發光學控股有限公司（「本公司」）董事會（「董事會」）欣然公佈本公司及其附 屬公司（統稱「本集團」）截至二零二五年六月三十日止六個月的未經審核簡明 綜合財務業績。本公告列載本公司截至二零二五年六月三十日止六個月的中 期報告（「中期報告」）全文，符合聯交所證券上市規則中有關未經審核中期業績 初步公告附載資料的相關要求。中期報告的印刷版本將於適當時候寄發予本 公司的股東，並於網站www.hkexnews.hk 及本公司的網站www.kelfred.com.hk 上 可供查閱。 承董事會命 恒發光學控股有限公司 主席兼執行董事 郭君暉 香港，二零二五年八月二十六日 於本公告日期，執行董事為郭君暉先生及郭君宇先生；非執行 ...

Global Digital Creations Holdings Limited 中期報告 Global Digital Creations Holdings Limited 環球數碼創意控股有限公司 CHARACTERISTICS OF GEM OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE "STOCK EXCHANGE") GEM has been positioned as a market designed to accommodate small and mid-sized companies to which a higher investment risk may be attached than other companies listed on the Stock Exchange. Prospective investors should be aware of the potential risks of investing in such companies and should make the decision to invest ...

2025年中期報告 公司資料 董事會 主席兼非執行董事 霍建寧BA, DFM, FCA (ANZ) 執行董事 呂博聞BSc 執行副主席 古星輝BSc 行政總裁 非執行董事 胡超文BSc 非執行副主席 黎啟明BSc, MBA （ 亦為霍建寧及施熙德之替任董事 ） 施熙德BSE, MA, MA, EdM, Solicitor, FCG, HKFCG 馬勵志BCom, MA （ 為黎啟明之替任董事 ） 獨立非執行董事 陳子亮BSc(Econ), MBA, FHKIOD 周靜宜BA, MBA 嚴萬英BCom, MBus(Acc), CPA 葉毓強BSc, MSc, MSc 審核委員會 葉毓強 （ 主席 ） 陳子亮 嚴萬英 提名委員會 陳子亮 （ 主席 ） 施熙德 葉毓強 薪酬委員會 葉毓強 （ 主席 ） 霍建寧 周靜宜 可持續發展委員會 施熙德 （ 主席 ） 古星輝 周靜宜 公司秘書 周恩慶 核數師 羅兵咸永道會計師事務所 執業會計師 註冊公眾利益實體核數師 目錄 | • | 公司資料 | | --- | --- | | 2 | 財務摘要 | | 3 | 主席報告 | | 5 | 管理層討論及分析 | | 8 | 集 ...

福耀玻璃工業集團股份有限公司 重要提示 五. 董事局決議通過的本報告期利潤分配預案或公積金轉增股本預案 2025年上半年本公司按中國企業會計準則編製的合併財務報表中歸屬於母公司普通股股東的淨利潤為人民幣 4,804,711,711元，按國際財務報告準則編製的合併財務報表中歸屬於母公司普通股股東的淨利潤為人民幣 4,804,424,175元。 2025年上半年本公司按中國企業會計準則編製的母公司報表的淨利潤為人民幣5,489,977,256元，加上2025 年年初未分配利潤人民幣8,717,965,322元，扣減當年已分配的2024年度利潤人民幣4,697,538,358元，截至 2025年6月30日可供股東分配的利潤為人民幣9,510,404,220元。 綜合考慮投資者的合理回報，兼顧公司可持續發展，本公司擬進行2025年中期利潤分配。本公司擬訂的2025 年中期利潤分配方案為：公司擬以實施2025年中期權益分派的股權登記日登記的總股數為基數，向2025年中 期權益分派的股權登記日登記在冊的本公司A股股東和H股股東派發現金股利，每股分配現金股利人民幣0.90 元（含稅），本公司剩餘未分配利潤結轉入2025年下 ...

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公告之內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致之任 何 損 失 承 擔 任 何 責 任。 2025年半年度報告摘要 一. 重要提示 – 1 – 1. 南 京 熊 猫 電 子 股 份 有 限 公 司（「公 司」或「本公司」）及 其 子 公 司（「本 集團」）截止2025年6月30日止六個月（「本報告期」）的業績摘要如下。 本 報 告 內 的 財 務 報 表 未 經 審 核。本 半 年 度 報 告 摘 要 來 自 半 年 度 報 告 全 文，投 資 者 欲 了 解 詳 細 內 容，應 當 仔 細 閱 讀 同 時 刊 載 於 上 海 證 券 交 易 所 網 站 等 中 國 證 券 監 督 管 理 委 員 會（「中國證監會」） 指 定 網 站 上 的 半 年 度 報 告 全 文。 2. 本 公 司 董 事 會、監 事 會 及 董 事、監 事、高 級 管 理 人 員 保 證 半 年 度報告內容的真實 性、準 確 性、完 整 性，不 存 ...