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 ...

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。 Health and Happiness (H&H) International Holdings Limited 健合(H&H)國際控股有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：1112） 截至二零二五年六月三十日止六個月的 中期業績公告 | 財務摘要 | | | | | --- | --- | --- | --- | | | 二零二五年 | 截至六月三十日止六個月 二零二四年 | 變 動 | | | 人民幣百萬元 | 人民幣百萬元 | | | | （未 經 審 核） | （未 經 審 核） | | | 收 入 | 7,019.2 | 6,692.1 | +4.9% | | 毛 利 | 4,389.1 | 4,072.3 | +7.8% | | EBITDA* | 1,033.1 | 1,098.4 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何部份內容而產生 或因倚賴該等內容而引致之任何損失承擔任何責任。 中期簡明綜合全面收益表 （於開曼群島註冊成立之有限公司） （股份代號：03828） 二零二五年中期業績公告 截至二零二五年六月三十日止六個月之摘要 1 • 收入增加0.5%至約1,028.6百萬港元（截至二零二四年六月三十日止六個月：約1,023.4 百萬港元）。 • 毛利減少4.5%至約233.8百萬港元（截至二零二四年六月三十日止六個月：約244.9百萬 港元）。 • 毛利率下降1.2個百分點至22.7%（截至二零二四年六月三十日止六個月：23.9%）。 • 經營溢利約59.7百萬港元（截至二零二四年六月三十日止六個月：約64.0百萬港元）。 • 本公司擁有人應佔溢利約50.9百萬港元（截至二零二四年六月三十日止六個月：約53.3 百萬港元）。 • 宣派截至二零二五年六月三十日止六個月之中期股息為每股本公司股份（「股份」）3.0 港仙（截至二零二四年六月三十日止六個月：每股3.0港仙）。 明輝國際控股 ...

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) The company achieved significant profit growth in the first half of 2025, with substantial increases in revenue and EBITDA, alongside a strengthened balance sheet with higher total assets and equity Financial Highlights for the Six Months Ended June 30, 2025 | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 782,719 | 617,387 | 26.8% | | Gross Profit | 406,221 | 324,925 | 25.0% | | Profit/(Loss) Before Income Tax | 1,920,144 | (347,014) | 653.3% | | Profit/(Loss) for the Period | 1,511,315 | (349,957) | 531.9% | | Total Comprehensive Income/(Loss) for the Period | 1,517,410 | (349,335) | 534.4% | | EBITDA (Non-IFRS Measure) | 1,938,507 | (328,864) | 698.6% | | Adjusted EBITDA (Non-IFRS Measure) | 2,083,372 | (188,424) | 1,205.7% | Balance Sheet Highlights as of June 30, 2025 | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Total Assets | 19,147,196 | 14,538,817 | | Total Liabilities | 16,528,202 | 13,303,310 | | Total Equity | 2,618,994 | 1,235,507 | | Equity Attributable to Owners of the Company | 2,611,169 | 1,228,336 | [Interim Condensed Consolidated Statement of Comprehensive Income](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) The company reported a significant turnaround from loss to profit for the period, driven by increased revenue and other net gains, despite higher operating expenses Interim Condensed Consolidated Statement of Comprehensive Income for the Six Months Ended June 30, 2025 | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 782,719 | 617,387 | | Cost | (376,498) | (292,462) | | Gross Profit | 406,221 | 324,925 | | Selling and Marketing Expenses | (128,785) | (108,883) | | General and Administrative Expenses | (299,857) | (290,244) | | Research and Development Expenses | (186,972) | (147,469) | | Other Income | 141,256 | 89,489 | | Other Gains/(Losses) – Net | 2,047,468 | (2,378) | | Impairment Loss on Financial Assets | (5,938) | (3,391) | | Operating Profit/(Loss) | 1,973,393 | (137,951) | | Net Finance Costs | (2,041) | (6,366) | | Share of Net Loss of Associates Accounted for Using the Equity Method | (51,208) | (202,697) | | Profit/(Loss) Before Income Tax | 1,920,144 | (347,014) | | Income Tax Expense | (408,829) | (2,943) | | Profit/(Loss) for the Period | 1,511,315 | (349,957) | | Basic Earnings/(Loss) Per Share (RMB per share) | 1.42 | (0.34) | | Diluted Earnings/(Loss) Per Share (RMB per share) | 1.39 | (0.34) | [Interim Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) The company's total assets and equity significantly increased by June 30, 2025, reflecting growth in both non-current and current assets, while liabilities also rose Interim Condensed Consolidated Statement of Financial Position as of June 30, 2025 | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | **Assets** | | | | Total Non-current Assets | 962,937 | 874,585 | | Total Current Assets | 18,184,259 | 13,664,232 | | **Total Assets** | **19,147,196** | **14,538,817** | | **Liabilities** | | | | Total Non-current Liabilities | 143,309 | 164,052 | | Total Current Liabilities | 16,384,893 | 13,139,258 | | **Total Liabilities** | **16,528,202** | **13,303,310** | | **Equity** | | | | Equity Attributable to Owners of the Company | 2,611,169 | 1,228,336 | | Non-controlling Interests | 7,825 | 7,171 | | **Total Equity** | **2,618,994** | **1,235,507** | [Notes to the Interim Condensed Financial Information](index=6&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Financial%20Information) This section provides essential context for the financial statements, detailing the basis of preparation, accounting policies, revenue, expenses, earnings per share, investments, financial assets and liabilities, cash flows, and post-reporting period events [1 General Information](index=6&type=section&id=1%20General%20Information) Established in China in 2009 and listed on the HKEX in March 2024, the company and its subsidiaries primarily provide global digital payment and value-added services, controlled by Mr Zhang Zhengyu - The company was established in China in 2009, restructured into a joint-stock company in 2020, and listed on the Main Board of the Hong Kong Stock Exchange on March 28, 2024[10](index=10&type=chunk)[11](index=11&type=chunk) - The company primarily provides global digital payment and value-added services in China, with Mr Zhang Zhengyu as the ultimate controlling party[10](index=10&type=chunk) [2 Basis of Preparation](index=6&type=section&id=2%20Basis%20of%20Preparation) The interim condensed consolidated financial information is prepared under IAS 34, consistent with 2024 annual policies, and incorporates new standards with no significant expected financial impact - The interim condensed consolidated financial information is prepared in accordance with IAS 34 "Interim Financial Reporting" and should be read in conjunction with the 2024 annual consolidated financial statements, as it does not include all notes from the annual statements[13](index=13&type=chunk) [(a) New and Amended Standards Adopted by the Group](index=6&type=section&id=(a)%20New%20and%20Amended%20Standards%20Adopted%20by%20the%20Group) The group adopted new and amended standards, including IAS 21 (Revised) "Lack of Exchangeability," effective January 1, 2025, with no significant financial impact - The company adopted IAS 21 (Revised) "Lack of Exchangeability," effective January 1, 2025, with no significant impact on past, current, or future periods[14](index=14&type=chunk)[15](index=15&type=chunk) [(b) New Standards, Amendments and Interpretations Not Yet Adopted](index=7&type=section&id=(b)%20New%20Standards%2C%20Amendments%20and%20Interpretations%20Not%20Yet%20Adopted) New standards like IFRS 18 "Presentation and Disclosure in Financial Statements" are not yet mandatory, with no significant impact expected beyond profit or loss presentation - New standards such as IFRS 18 "Presentation and Disclosure in Financial Statements" are not yet mandatorily applied, and are not expected to have a significant impact on the entity or foreseeable future transactions, except for the presentation of the statement of profit or loss[16](index=16&type=chunk)[18](index=18&type=chunk) [3 Revenue and Segment Information](index=7&type=section&id=3%20Revenue%20and%20Segment%20Information) The company's revenue is primarily derived from digital payment services (global and domestic) and value-added services, with business segmented into global payment, domestic payment, value-added services, and other reportable segments - The Group's principal activities include digital payment services, value-added services, and others[19](index=19&type=chunk) - Management assesses operating segments from a product perspective, identifying four reportable segments: global payment, domestic payment, value-added services, and others[21](index=21&type=chunk)[23](index=23&type=chunk) [(a) Revenue](index=7&type=section&id=(a)%20Revenue) Revenue details are presented by business line, showing contributions from digital payment services, value-added services, and other sources Revenue Breakdown by Business Line | Business Line | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Digital Payment Services | 683,980 | 541,888 | | Value-Added Services | 89,588 | 66,773 | | Revenue from Other Sources | 9,151 | 8,726 | | **Total** | **782,719** | **617,387** | [(b) Segment Information](index=8&type=section&id=(b)%20Segment%20Information) Segment performance, assets, and liabilities are detailed for global payment, domestic payment, value-added services, and other segments Segment Performance for the Six Months Ended June 30, 2025 | Indicator (RMB thousands) | Global Payment | Domestic Payment | Value-Added Services | Others | Unallocated Amounts | Inter-segment Eliminations | Total | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | 472,804 | 211,176 | 89,588 | 9,151 | – | – | 782,719 | | Segment Gross Profit | 343,615 | 42,042 | 17,773 | 2,791 | – | – | 406,221 | | Profit/(Loss) for the Period | 127,107 | (26,553) | (9,458) | (33,541) | 1,453,760 | – | 1,511,315 | Segment Assets and Liabilities as of June 30, 2025 | Indicator (RMB thousands) | Global Payment | Domestic Payment | Value-Added Services | Others | Unallocated Amounts | Inter-segment Eliminations | Total | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Segment Assets | 13,848,625 | 3,485,984 | 173,670 | 1,552,194 | 4,374,169 | (4,287,446) | 19,147,196 | | Segment Liabilities | 14,458,120 | 3,148,713 | 88,956 | 1,158,991 | 792,264 | (3,118,842) | 16,528,202 | [4 Expenses by Nature](index=9&type=section&id=4%20Expenses%20by%20Nature) For the six months ended June 30, 2025, total expenses were RMB 992,112 thousand, mainly driven by employee benefits, fees to financial institutions, and service fees to channel partners Expenses by Nature for the Six Months Ended June 30, 2025 | Expense Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Employee Benefits | 467,917 | 385,701 | | Fees Paid to Financial Institutions and Payment Networks | 226,011 | 154,431 | | Service Fees Paid to Channel Partners | 136,493 | 116,699 | | Marketing and Promotion Expenses | 40,778 | 32,038 | | Research and Development Expenses | 186,972 | 147,469 | | **Total (Cost, Selling and Marketing Expenses, General and Administrative Expenses, and Research and Development Expenses)** | **992,112** | **839,058** | [5 Other Income](index=10&type=section&id=5%20Other%20Income) For the six months ended June 30, 2025, other income totaled RMB 141,256 thousand, mainly from interest and gains on segregated customer funds and government grants Other Income for the Six Months Ended June 30, 2025 | Source of Income | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Interest Income and Gains on Funds Segregated for Customers | 127,509 | 87,134 | | Government Grants | 13,747 | 2,355 | | **Total** | **141,256** | **89,489** | [6 Other Gains/(Losses) – Net](index=10&type=section&id=6%20Other%20Gains%2F(Losses)%20%E2%80%93%20Net) For the six months ended June 30, 2025, net other gains reached RMB 2,047,468 thousand, primarily from the disposal of Lianlian equity and related dilution gains Other Gains/(Losses) – Net for the Six Months Ended June 30, 2025 | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Gain on Disposal of Investments Accounted for Using the Equity Method | 1,601,460 | – | | Dilution Gain | 452,181 | – | | Gain on Disposal of Financial Assets at Fair Value Through Profit or Loss | 4,351 | 894 | | Fair Value Loss on Financial Assets at Fair Value Through Profit or Loss | (2,999) | (15,921) | | Net Foreign Exchange (Loss)/Gain | (6,106) | 12,754 | | **Total** | **2,047,468** | **(2,378)** | - The company completed the disposal of a **14.56%** equity interest in Lianlian in February 2025 and a capital increase in March 2025, recognizing a disposal gain of approximately **RMB 1,601,460 thousand** and a dilution gain of approximately **RMB 452,181 thousand**[27](index=27&type=chunk)[28](index=28&type=chunk) [7 Income Tax Expense](index=11&type=section&id=7%20Income%20Tax%20Expense) For the six months ended June 30, 2025, income tax expense significantly increased to RMB 408,829 thousand, mainly due to the reversal of deferred tax credits related to Lianlian equity Income Tax Expense for the Six Months Ended June 30, 2025 | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Current Income Tax Expense | 6,127 | 8,827 | | Deferred Income Tax Expense/(Credit) | 402,702 | (5,884) | | **Total** | **408,829** | **2,943** | - The significant increase in 2025 income tax expense is primarily due to the **RMB 294,545 thousand** deferred income tax asset recognized in 2024 being debited to the statement of profit or loss, as taxable profits from the disposal of Lianlian equity could offset temporary differences[29](index=29&type=chunk) [8 Earnings/(Loss) Per Share](index=11&type=section&id=8%20Earnings%2F(Loss)%20Per%20Share) For the six months ended June 30, 2025, basic earnings per share were **RMB 1.42** and diluted earnings per share were **RMB 1.39**, a significant improvement from the prior year's loss per share of **RMB 0.34** - Basic earnings per share are calculated by dividing the profit attributable to owners of the company by the weighted average number of ordinary shares outstanding (excluding treasury shares and shares held by the trustee)[30](index=30&type=chunk) - Diluted earnings per share are calculated by adjusting the weighted average number of ordinary shares outstanding for the assumed conversion of all potentially dilutive ordinary shares, such as share options[32](index=32&type=chunk) [(a) Basic Earnings/(Loss) Per Share](index=11&type=section&id=(a)%20Basic%20Earnings%2F(Loss)%20Per%20Share) Basic earnings per share are detailed, showing net profit attributable to owners and the weighted average number of ordinary shares outstanding Basic Earnings/(Loss) Per Share for the Six Months Ended June 30, 2025 | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Net Profit/(Loss) Attributable to Owners of the Company | 1,510,810 | (351,294) | | Weighted Average Number of Ordinary Shares in Issue (thousands of shares) | 1,061,827 | 1,048,153 | | **Basic Earnings/(Loss) Per Share (RMB per share)** | **1.42** | **(0.34)** | [(b) Diluted Earnings/(Loss) Per Share](index=12&type=section&id=(b)%20Diluted%20Earnings%2F(Loss)%20Per%20Share) Diluted earnings per share are presented, including adjustments for potentially dilutive ordinary shares in the weighted average share count Diluted Earnings/(Loss) Per Share for the Six Months Ended June 30, 2025 | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Net Profit/(Loss) Attributable to Owners of the Company | 1,510,810 | (351,294) | | Weighted Average Number of Ordinary Shares Used in Calculating Diluted Earnings Per Share (thousands of shares) | 1,085,296 | 1,048,153 | | **Diluted Earnings/(Loss) Per Share (RMB per share)** | **1.39** | **(0.34)** | [9 Investments Accounted for Using the Equity Method](index=12&type=section&id=9%20Investments%20Accounted%20for%20Using%20the%20Equity%20Method) As of June 30, 2025, total investments accounted for using the equity method were **RMB 400,973 thousand**, primarily in Lianlian, with a significantly reduced share of net loss of **RMB 51,208 thousand** due to decreased equity interest Investments Accounted for Using the Equity Method and Share of Net Loss of Associates Investments Accounted for Using the Equity Method | Investee Entity | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Lianlian | 400,973 | – | | Zhejiang Zhongpulian Technology Co., Ltd. | – | – | | **Total** | **400,973** | **–** | Share of Net Loss of Associates | Investee Entity | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Lianlian | (51,208) | (201,500) | | Zhongpulian Technology | – | (1,197) | | **Total** | **(51,208)** | **(202,697)** | [(a) Investment in Lianlian](index=13&type=section&id=(a)%20Investment%20in%20Lianlian) The investment in Lianlian is detailed, showing changes in carrying amount, including dilution gains and share of net loss Changes in Investment in Lianlian | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Carrying Amount at Beginning of Period | – | 291,157 | | Dilution Gain | 452,181 | – | | Share of Net Loss Accounted for Using the Equity Method | (51,208) | (201,500) | | **Carrying Amount at End of Period** | **400,973** | **89,657** | - As of June 30, 2025, the company's equity interest in Lianlian decreased from **45.2%** as of December 31, 2024, to **17.6%**, but it still retains significant influence[36](index=36&type=chunk)[37](index=37&type=chunk) [10 Trade Receivables](index=14&type=section&id=10%20Trade%20Receivables) As of June 30, 2025, net trade receivables increased to **RMB 124,528 thousand**, with the majority falling within the 3-month aging category Carrying Amount and Aging Analysis of Trade Receivables Carrying Amount of Trade Receivables | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade Receivables | 140,397 | 103,149 | | Less: Impairment Allowance | (15,869) | (10,111) | | **Net Amount** | **124,528** | **93,038** | Aging Analysis of Trade Receivables | Aging | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 3 months | 97,423 | 84,013 | | 3 to 6 months | 26,863 | 10,963 | | 6 months to 1 year | 9,939 | 2,796 | | Over 1 year | 6,172 | 5,377 | | **Total** | **140,397** | **103,149** | [11 Financial Assets at Fair Value Through Profit or Loss](index=14&type=section&id=11%20Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) As of June 30, 2025, total financial assets at fair value through profit or loss were **RMB 344,447 thousand**, including unlisted equity, wealth management products, and listed equity securities, with gains from disposals and fair value losses recognized Financial Assets at Fair Value Through Profit or Loss | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | **Included in Current Assets** | | | | Unlisted Equity Investments | 178,865 | 178,865 | | Wealth Management Products | 82,285 | 87,970 | | Listed Equity Securities | 13,934 | 16,804 | | **Included in Non-current Assets** | | | | Unlisted Equity Investments | 69,363 | 69,363 | | **Total** | **344,447** | **353,002** | - The company holds a **4.84%** equity interest in Hangzhou Qulian Technology Co., Ltd., which is classified as a current asset due to the intention to sell[41](index=41&type=chunk) - Wealth management products primarily invest in capital-guaranteed funds of short-term foreign currency funds, with an expected annual return rate ranging from **3.5% to 3.7%**[43](index=43&type=chunk) - The company holds **12.96%** voting rights in Queen Bee Capital Co., Ltd. but without significant influence, thus classified as a financial asset at fair value through profit or loss[43](index=43&type=chunk) [12 Cash and Cash Equivalents, Funds Segregated for Customers and Restricted Cash](index=16&type=section&id=12%20Cash%20and%20Cash%20Equivalents%2C%20Funds%20Segregated%20for%20Customers%20and%20Restricted%20Cash) As of June 30, 2025, cash and cash equivalents were **RMB 1,560,722 thousand**, and funds segregated for customers and restricted cash totaled **RMB 16,038,446 thousand**, primarily representing customer funds held Cash and Cash Equivalents, Funds Segregated for Customers and Restricted Cash Cash and Cash Equivalents, Funds Segregated for Customers and Restricted Cash | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Cash at Bank | 17,598,975 | 13,128,945 | | Cash on Hand | 193 | 208 | | **Total** | **17,599,168** | **13,129,153** | | Less: Funds Segregated for Customers and Restricted Cash | (16,038,446) | (12,606,903) | | **Cash and Cash Equivalents** | **1,560,722** | **522,250** | Details of Funds Segregated for Customers and Restricted Cash | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Funds Segregated for Customers | 16,029,038 | 12,597,785 | | Transaction Deposits for Payment Business | 7,785 | 8,228 | | Others | 1,623 | 890 | | **Total** | **16,038,446** | **12,606,903** | - Funds segregated for customers primarily refer to funds collected on behalf of customers and payable upon their request, as well as service fees earned by the Group from completed digital payment services that have not been withdrawn from separate accounts[46](index=46&type=chunk) [13 Trade Payables](index=17&type=section&id=13%20Trade%20Payables) As of June 30, 2025, total trade payables were **RMB 93,035 thousand**, mainly for service fees and fees to financial institutions, with most settled within 90 days Details and Aging Analysis of Trade Payables Details of Trade Payables | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Service Fees Payable | 70,502 | 51,758 | | Fees Payable to Financial Institutions and Payment Networks | 21,578 | 21,524 | | Others | 955 | 1,428 | | **Total** | **93,035** | **74,710** | Aging Analysis of Trade Payables | Aging | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | 0 to 90 days | 78,167 | 54,749 | | 91 to 180 days | 5,900 | 5,335 | | 181 days to 1 year | 1,995 | 5,928 | | Over 1 year | 6,973 | 8,698 | | **Total** | **93,035** | **74,710** | [14 Accrued Expenses and Other Payables](index=17&type=section&id=14%20Accrued%20Expenses%20and%20Other%20Payables) As of June 30, 2025, total accrued expenses and other payables were **RMB 16,069,426 thousand**, predominantly amounts payable to merchants and customers, reflecting the company's payment service nature Details of Accrued Expenses and Other Payables | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Amounts Payable to Merchants and Other Customers | 15,877,462 | 12,466,651 | | Staff Costs and Accrued Benefits | 81,140 | 130,791 | | VAT and Other Taxes Payable | 8,487 | 7,483 | | Others | 101,414 | 85,833 | | **Total** | **16,069,426** | **12,691,508** | - **98.8%** of accrued expenses and other payables represent amounts payable to merchants and other customers, referring to funds processed by the company for them, which are to be settled on contractual settlement dates[48](index=48&type=chunk)[49](index=49&type=chunk) [15 Borrowings](index=18&type=section&id=15%20Borrowings) As of June 30, 2025, total borrowings were **RMB 326,495 thousand**, comprising long-term secured and short-term unsecured bank loans, with interest rates of **3.4%** for long-term and **2.35% to 3.90%** for short-term Borrowings Details | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | **Borrowings Included in Non-current Liabilities** | | | | Secured Bank Borrowings | 134,300 | 136,850 | | **Borrowings Included in Current Liabilities** | | | | Unsecured Bank Borrowings | 181,008 | 331,232 | | Current Portion of Secured Long-term Bank Borrowings | 11,187 | 11,231 | | **Total** | **326,495** | **479,313** | - Long-term borrowing interest rate is **3.4%** (December 31, 2024: **4.0%**), with principal repayable semi-annually before September 20, 2037[53](index=53&type=chunk) - Short-term borrowings have a maturity of one year or less, with annual interest rates ranging from **2.35% to 3.90%** (December 31, 2024: **3.15% to 4.05%**)[53](index=53&type=chunk) [16 Dividends](index=18&type=section&id=16%20Dividends) For the six months ended June 30, 2025, the company neither paid nor declared any dividends - For the six months ended June 30, 2025, the company neither paid nor declared any dividends[51](index=51&type=chunk) [17 Events After the Reporting Period](index=18&type=section&id=17%20Events%20After%20the%20Reporting%20Period) In July 2025, the company completed a placement of **38,400,000** shares at **HK$10.25** each, raising net proceeds of approximately **HK$387.25 million** - In July 2025, the company completed the placement of **38,400,000** shares at **HK$10.25** per share, with net proceeds of approximately **HK$387.25 million**[52](index=52&type=chunk) [Management Discussion and Analysis](index=19&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews the company's H1 2025 operating performance and financial position, highlighting significant growth in payment businesses, a turnaround to profitability driven by associate equity disposal gains, and discussions on liquidity, capital structure, expenses, and future strategic initiatives [Performance Review](index=19&type=section&id=Performance%20Review) As a leading digital payment provider, the company achieved significant H1 2025 performance growth, with digital payment TPV reaching **RMB 2.1 trillion** (up **32.0%**) and total revenue up **26.8%**, while continuing to leverage global licenses and explore AI and blockchain - The company is a leading digital payment solutions provider in China, possessing an extensive global license portfolio (**65 payment licenses and related qualifications**) and a robust technology platform, being the only company holding money transmitter licenses in all US states[54](index=54&type=chunk)[55](index=55&type=chunk) Key Operating Data for H1 2025 | Indicator | 2025 H1 | Year-on-year Change | | :--- | :--- | :--- | | Digital Payment Business Total Payment Volume (TPV) | RMB 2.1 trillion | 32.0% | | Total Revenue | RMB 782.7 million | 26.8% | | Digital Payment Business Total Revenue | RMB 684.0 million | 26.2% | | Cumulative Number of Customers Served | 7.9 million | - | [Global Payment](index=19&type=section&id=Global%20Payment) The company strengthened its global payment operations, completing infrastructure reconstruction and expanding into new markets in Southeast Asia, the Middle East, and Latin America - The company strengthened its global operational capabilities in global payments, completed payment infrastructure reconstruction, and actively expanded into new markets in Southeast Asia, the Middle East, and Latin America[57](index=57&type=chunk) Global Payment Business Performance in H1 2025 | Indicator | 2025 H1 | Year-on-year Change | | :--- | :--- | :--- | | Total Payment Volume (TPV) | RMB 198.5 billion | 94.0% | | Total Revenue | RMB 472.8 million | 27.0% | [Domestic Payment](index=20&type=section&id=Domestic%20Payment) In domestic payments, the company deepened its industry payment ecosystem, enhanced SaaS collaboration, and strengthened services for private domain e-commerce clients - The company deepened its full-link industry payment layout in domestic payments, enhanced SaaS ecosystem collaboration through innovative platform merchant cooperation models, and strengthened service capabilities for private domain e-commerce clients[58](index=58&type=chunk) Domestic Payment and Value-Added Services Business Performance in H1 2025 | Indicator | 2025 H1 | Year-on-year Change | | :--- | :--- | :--- | | Domestic Payment Business Total Payment Volume (TPV) | RMB 1.9 trillion | 27.6% | | Domestic Payment Business Total Revenue | RMB 211.2 million | 24.6% | | Value-Added Services Total Revenue | RMB 89.6 million | 34.2% | [Outlook](index=20&type=section&id=Outlook) The company plans to enhance global compliance, strengthen license synergy, and integrate AI and blockchain technologies into cross-border payment innovations - The company will continue to deepen its global compliance advantages, strengthen the synergistic efficiency of its global licenses, and consolidate its "internal connection, external movement" strategic development pattern[59](index=59&type=chunk) - The company will deeply integrate AI technology applications and actively explore the use of innovative technologies like blockchain and new models such as digital asset exchanges in cross-border payments[59](index=59&type=chunk) [Financial Review](index=20&type=section&id=Financial%20Review) This section reviews H1 2025 financial performance, including revenue, costs, gross profit, expenses, other gains/losses, income tax, and non-IFRS measures, highlighting revenue and gross profit growth, a profit turnaround from associate equity disposal, and improved operating efficiency [Revenue](index=20&type=section&id=Revenue) Revenue details are presented by service type, showing growth in digital payment services, particularly global and domestic payments, and value-added services Revenue Breakdown for the Six Months Ended June 30, 2025 | Revenue Item | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Digital Payment Services | 683,980 | 541,888 | 142,092 | 26.2 | | －Global Payment | 472,804 | 372,374 | 100,430 | 27.0 | | －Domestic Payment | 211,176 | 169,514 | 41,662 | 24.6 | | Value-Added Services | 89,588 | 66,773 | 22,815 | 34.2 | | Others | 9,151 | 8,726 | 425 | 4.9 | | **Total** | **782,719** | **617,387** | **165,332** | **26.8** | - The growth in value-added services revenue is primarily due to the strong growth of the virtual bank card business[63](index=63&type=chunk) [Cost](index=22&type=section&id=Cost) Costs increased by **28.7%** to **RMB 376.5 million**, driven by digital payment and value-added services, particularly service fees for virtual bank card and digital marketing expansion - Costs increased by **28.7%** year-on-year to **RMB 376.5 million**, primarily driven by digital payment business service costs (up **25.6%**) and value-added service costs (up **47.1%**)[65](index=65&type=chunk) - The growth in value-added service costs is mainly due to increased service fees paid to channel partners resulting from the rapid expansion of virtual bank card business and digital marketing services[65](index=65&type=chunk) [Gross Profit and Gross Margin](index=22&type=section&id=Gross%20Profit%20and%20Gross%20Margin) Gross profit increased by **25.0%** to **RMB 406.2 million**, with overall gross margin slightly decreasing to **51.9%**, primarily due to a decline in value-added services gross margin Gross Profit and Gross Margin for the Six Months Ended June 30, 2025 | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (RMB thousands) | Change (%) | Gross Margin (2025) | Gross Margin (2024) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total Gross Profit | 406,221 | 324,925 | 81,296 | 25.0 | 51.9% | 52.6% | | Global Payment Services Gross Profit | 343,615 | 270,176 | 73,439 | 27.2 | 72.7% | 72.6% | | Domestic Payment Services Gross Profit | 42,042 | 34,107 | 7,935 | 23.3 | 19.9% | 20.1% | | Value-Added Services Gross Profit | 17,773 | 17,946 | (173) | (1.0) | 19.8% | 26.9% | - The gross margin for value-added services decreased by **7.0 percentage points**, primarily because the relatively lower-margin virtual card business is still in its ramp-up phase[66](index=66&type=chunk) [Selling and Marketing Expenses](index=22&type=section&id=Selling%20and%20Marketing%20Expenses) Selling and marketing expenses increased by **18.3%** to **RMB 128.8 million**, driven by increased promotional activities for customer acquisition and slightly higher sales staff wage costs Selling and Marketing Expenses for the Six Months Ended June 30, 2025 | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Selling and Marketing Expenses | 128,785 | 108,883 | 19,902 | 18.3 | | Less: Share-based Payment Expenses | 8,945 | 7,497 | 1,448 | 19.3 | | **Adjusted Selling and Marketing Expenses** | **119,840** | **101,386** | **18,454** | **18.2** | - The increase in selling and marketing expenses is primarily due to increased promotional activities across the company's platforms to expand customer acquisition and industry coverage, along with a slight increase in sales staff wage costs[68](index=68&type=chunk) [General and Administrative Expenses](index=23&type=section&id=General%20and%20Administrative%20Expenses) Adjusted general and administrative expenses increased by **2.9%** to **RMB 194.9 million**, mainly due to strategic investments in blockchain, partially offset by the absence of one-off listing expenses General and Administrative Expenses for the Six Months Ended June 30, 2025 | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | General and Administrative Expenses | 299,857 | 290,244 | 9,613 | 3.3 | | Less: Share-based Payment Expenses | 105,000 | 93,075 | 11,925 | 12.8 | | Less: Listing Expenses | – | 7,799 | (7,799) | (100) | | **Adjusted General and Administrative Expenses** | **194,857** | **189,370** | **5,487** | **2.9** | - The increase in adjusted general and administrative expenses is primarily due to increased strategic investments in blockchain-based initiatives, partially offset by the absence of additional one-off listing expenses during the reporting period[70](index=70&type=chunk) [Research and Development Expenses](index=23&type=section&id=Research%20and%20Development%20Expenses) Adjusted R&D expenses increased by **29.5%** to **RMB 157.0 million**, driven by continuous investment in innovative businesses, particularly in blockchain and AI, and a one-off **RMB 6.7 million** team optimization cost Research and Development Expenses for the Six Months Ended June 30, 2025 | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Research and Development Expenses | 186,972 | 147,469 | 39,503 | 26.8 | | Less: Share-based Payment Expenses | 29,978 | 26,281 | 3,697 | 14.1 | | **Adjusted Research and Development Expenses** | **156,994** | **121,188** | **35,806** | **29.5** | - The increase in research and development expenses is primarily due to continuous investment in innovative businesses, particularly in enhancing technological capabilities and expanding application scenarios in areas such as blockchain and artificial intelligence, as well as a one-off **RMB 6.7 million** structural optimization cost for the R&D team[72](index=72&type=chunk) [Other Income](index=24&type=section&id=Other%20Income) Other income increased by **57.8%** to **RMB 141.3 million**, primarily driven by higher interest income and gains on funds segregated for customers due to sustained TPV growth - Other income increased by **57.8%** year-on-year to **RMB 141.3 million**, primarily driven by the sustained and stable growth of TPV, leading to increased interest income and gains on funds segregated for customers[73](index=73&type=chunk) [Other Gains/(Losses) – Net](index=24&type=section&id=Other%20Gains%2F(Losses)%20%E2%80%93%20Net) Net other gains significantly increased to **RMB 2,047.5 million**, primarily due to a **RMB 1,601.5 million** gain from the disposal of Lianlian equity and a **RMB 452.2 million** dilution gain - Net other gains significantly increased to **RMB 2,047.5 million**, primarily due to a **RMB 1,601.5 million** gain recognized from the disposal of Lianlian equity and a **RMB 452.2 million** dilution gain[74](index=74&type=chunk) [Impairment Loss on Financial Assets](index=24&type=section&id=Impairment%20Loss%20on%20Financial%20Assets) Impairment loss on financial assets was **RMB 5.9 million**, an increase of **RMB 2.5 million** year-on-year, consistent with the rising trend in trade receivables - Impairment loss on financial assets was **RMB 5.9 million**, a year-on-year increase of **RMB 2.5 million**, consistent with the increasing trend in trade receivables[75](index=75&type=chunk) [Net Finance Costs](index=24&type=section&id=Net%20Finance%20Costs) Net finance costs were **RMB 2.0 million**, a year-on-year decrease of **RMB 4.3 million**, primarily due to lower interest costs from repaying a significant amount of borrowings - Net finance costs were **RMB 2.0 million**, a year-on-year decrease of **RMB 4.3 million**, primarily due to lower interest costs resulting from the repayment of a significant amount of borrowings[76](index=76&type=chunk) [Share of Net Loss of Associates Accounted for Using the Equity Method](index=24&type=section&id=Share%20of%20Net%20Loss%20of%20Associates%20Accounted%20for%20Using%20the%20Equity%20Method) Share of net loss of associates was **RMB 51.2 million**, a **74.7%** year-on-year decrease, mainly due to the company's reduced equity interest in Lianlian - Share of net loss of associates was **RMB 51.2 million**, a year-on-year decrease of **74.7%**, primarily due to the company's reduced equity interest in Lianlian[77](index=77&type=chunk) [Income Tax Expense](index=25&type=section&id=Income%20Tax%20Expense) Income tax expense was **RMB 408.8 million**, a significant year-on-year increase of **RMB 405.9 million**, mainly due to the reversal of deferred tax assets related to the Lianlian investment - Income tax expense was **RMB 408.8 million**, a significant year-on-year increase of **RMB 405.9 million**, primarily due to the reversal of deferred tax assets (related to the Lianlian investment) recognized at the end of the previous year[78](index=78&type=chunk) [Non-IFRS Measures](index=25&type=section&id=Non-IFRS%20Measures) Non-IFRS measures, including EBITDA and Adjusted EBITDA, are presented to facilitate comparability of operating performance across periods and companies - Non-IFRS measures (EBITDA and Adjusted EBITDA) are used to facilitate comparison of operating performance across different periods and companies[79](index=79&type=chunk) Reconciliation of Non-IFRS Measures for the Six Months Ended June 30, 2025 | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Profit/(Loss) for the Period | 1,511,315 | (349,957) | | Add: Income Tax Expense | 408,829 | 2,943 | | Add: Net Finance Costs | 2,041 | 6,366 | | Add: Depreciation and Amortization | 16,322 | 16,784 | | **EBITDA (Non-IFRS Measure)** | **1,938,507** | **(323,864)** | | Add: Share-based Payment Expenses | 144,865 | 127,641 | | Add: Listing Expenses | – | 7,799 | | **Adjusted EBITDA (Non-IFRS Measure)** | **2,083,372** | **(188,424)** | | **Adjusted Profit/(Loss) for the Period (Non-IFRS Measure)** | **1,656,180** | **(214,517)** | [Liquidity and Financial Resources, Treasury Policy and Capital Structure](index=26&type=section&id=Liquidity%20and%20Financial%20Resources%2C%20Treasury%20Policy%20and%20Capital%20Structure) This section details the company's liquidity, financial resources, treasury policy, and capital structure, highlighting increased cash and cash equivalents, improved operating cash flow, significant investment cash inflow, and a gearing ratio of approximately **12.5%** [Cash Flow](index=26&type=section&id=Cash%20Flow) Cash flow analysis shows a decrease in net cash used in operating activities, a significant increase in net cash from investing activities, and an increase in net cash used in financing activities Cash Flow for the Six Months Ended June 30, 2025 | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Net Cash (Used in)/From Operating Activities | (21,142) | (102,890) | | Net Cash From/(Used in) Investing Activities | 1,505,628 | (106,916) | | Net Cash (Used in)/From Financing Activities | (446,632) | 590,270 | | **Net Increase in Cash and Cash Equivalents** | **1,037,854** | **380,464** | | Cash and Cash Equivalents at Beginning of Period | 522,250 | 189,840 | | Effect of Exchange Rate Changes on Cash and Cash Equivalents | 618 | 5,284 | | **Cash and Cash Equivalents at End of Period** | **1,560,722** | **575,588** | - Net cash from investing activities was primarily due to proceeds of **RMB 1,601.5 million** from the disposal of a portion of Lianlian's equity[85](index=85&type=chunk) - Net cash used in financing activities primarily included **RMB 278.8 million** injected into the award trust fund and **RMB 160.6 million** in loan repayments[86](index=86&type=chunk) [Borrowings](index=27&type=section&id=Borrowings) As of June 30, 2025, bank borrowings totaled **RMB 326.5 million**, with long-term rates at **3.4%** and short-term rates between **2.35% and 3.90%**, and the company has **RMB 1,053.8 million** in unused credit facilities - As of June 30, 2025, the company's bank borrowings amounted to **RMB 326.5 million**, with long-term borrowing interest rates at **3.4%** and short-term borrowing annual interest rates ranging from **2.35% to 3.90%**[87](index=87&type=chunk)[53](index=53&type=chunk) - The company has approximately **RMB 1,053.8 million** in unused credit facilities and has complied with its borrowing covenants[87](index=87&type=chunk) [Capital Expenditure](index=28&type=section&id=Capital%20Expenditure) Capital expenditure for the period was **RMB 5.1 million**, primarily for the acquisition of property, equipment, and intangible assets like computer software - Capital expenditure during the reporting period was **RMB 5.1 million**, primarily for the acquisition of property and equipment, and intangible assets such as computer software[88](index=88&type=chunk) [Funds Segregated for Customers and Restricted Cash](index=28&type=section&id=Funds%20Segregated%20for%20Customers%20and%20Restricted%20Cash) Funds segregated for customers and restricted cash increased by **RMB 3,431.6 million** to **RMB 16,038.4 million**, driven by growth in TPV and revenue - Funds segregated for customers and restricted cash amounted to **RMB 16,038.4 million**, an increase of **RMB 3,431.6 million** from the end of 2024, primarily due to the growth in TPV and revenue[89](index=89&type=chunk) [Accrued Expenses and Other Payables](index=28&type=section&id=Accrued%20Expenses%20and%20Other%20Payables) Accrued expenses and other payables increased by **RMB 3,377.9 million** to **RMB 16,069.4 million**, with **98.8%** being amounts payable to merchants and other customers, consistent with segregated funds growth - Accrued expenses and other payables amounted to **RMB 16,069.4 million**, an increase of **RMB 3,377.9 million** from the end of 2024, with **98.8%** representing amounts payable to merchants and other customers, consistent with the growth trend of funds segregated for customers[90](index=90&type=chunk) [Trade Receivables](index=28&type=section&id=Trade%20Receivables) The increase in trade receivables is primarily due to revenue growth and changes in customer mix, including longer settlement cycles with commercial banks and large enterprises - The increase in trade receivables is primarily due to revenue growth and changes in customer mix, with longer settlement cycles resulting from collaborations with more commercial banks and large enterprises[91](index=91&type=chunk) [Trade Payables](index=28&type=section&id=Trade%20Payables) Trade payables increased by **RMB 18.3 million** to **RMB 93.0 million**, mainly due to higher service fees and processing fees in line with revenue growth - Trade payables amounted to **RMB 93.0 million**, an increase of **RMB 18.3 million** from the end of 2024, primarily due to increased service fees and processing fees in line with revenue growth[92](index=92&type=chunk) [Prepayments, Other Receivables and Other Current Assets](index=29&type=section&id=Prepayments%2C%20Other%20Receivables%20and%20Other%20Current%20Assets) Prepayments, other receivables, and other current assets increased by **RMB 27.1 million** to **RMB 185.5 million**, mainly due to increased card organization payment channel deposit requirements from global payment transaction volume growth - The balance of prepayments, other receivables, and other current assets was **RMB 185.5 million**, an increase of **RMB 27.1 million** from the end of 2024, primarily due to increased card organization deposit requirements for payment channels driven by the growth in global payment transaction volume[93](index=93&type=chunk) [Pledge of Assets](index=29&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, the company pledged investment properties, buildings, and land use rights with a net book value of **RMB 159.0 million**, **RMB 98.3 million**, and **RMB 2.7 million**, respectively, for **RMB 145.5 million** in bank borrowings - As of June 30, 2025, the company pledged investment properties with a net book value of **RMB 159.0 million**, buildings of **RMB 98.3 million**, and land use rights of **RMB 2.7 million** to secure **RMB 145.5 million** in bank borrowings[94](index=94&type=chunk) [Contingent Liabilities](index=29&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the company had no contingent liabilities - As of June 30, 2025, the company had no contingent liabilities[95](index=95&type=chunk) [Share Pledges](index=29&type=section&id=Share%20Pledges) A total of **92,316,555** unlisted shares, representing approximately **8.55%** of total issued shares held by controlling shareholder Mr Lü Zhonglin, were judicially frozen due to his personal civil case disputes - A total of **92,316,555** unlisted shares, representing approximately **8.55%** of the total issued shares held by controlling shareholder Mr Lü Zhonglin, were judicially frozen due to his personal civil case disputes[96](index=96&type=chunk) [Gearing Ratio](index=29&type=section&id=Gearing%20Ratio) As of June 30, 2025, the company's gearing ratio was approximately **12.5%** - As of June 30, 2025, the company's gearing ratio was approximately **12.5%**[97](index=97&type=chunk) [Other Information](index=30&type=section&id=Other%20Information) This section covers significant investments and disposals, future plans, foreign exchange risk, employee and remuneration policies, use of global offering proceeds, corporate governance, securities transactions by directors, share repurchases, interim dividend policy, and audit committee work [Significant Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures](index=30&type=section&id=Significant%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%2C%20Associates%20and%20Joint%20Ventures) During the period, the company disposed of a portion of its equity in Lianlian, reducing its stake to **17.63%**, with the transaction completed in February and March 2025, classified as a discloseable transaction [Disposal of Equity Interest in Lianlian](index=30&type=section&id=Disposal%20of%20Equity%20Interest%20in%20Lianlian) The company disposed of a portion of its equity in Lianlian, reducing its stake to **17.63%**, a transaction completed in February and March 2025 and classified as a discloseable transaction - During the reporting period, the company disposed of a portion of its equity interest in Lianlian, reducing its shareholding to **17.63%**, with the disposal completed in February 2025 and the capital increase completed in March 2025[98](index=98&type=chunk)[99](index=99&type=chunk) - This disposal constitutes a discloseable transaction for the company but is exempt from the shareholder approval requirements under Chapter 14 of the Listing Rules[99](index=99&type=chunk) [Future Plans for Material Investments and Capital Assets](index=30&type=section&id=Future%20Plans%20for%20Material%20Investments%20and%20Capital%20Assets) As of June 30, 2025, the company had no material investment and capital asset plans beyond those disclosed in the prospectus - As of June 30, 2025, the company had no other material investment and capital asset plans beyond those disclosed in the prospectus[100](index=100&type=chunk) [Foreign Exchange Risk](index=31&type=section&id=Foreign%20Exchange%20Risk) Operating globally, the company manages foreign exchange risk through "back-to-back" transaction strategies and real-time quotation platforms, effectively reducing exchange rate fluctuation exposure - The company mitigates foreign exchange risk by employing "back-to-back" transaction strategies and real-time reference quotation platforms to shorten transaction time intervals[101](index=101&type=chunk) [Material Investments and Significant Events During the Reporting Period](index=31&type=section&id=Material%20Investments%20and%20Significant%20Events%20During%20the%20Reporting%20Period) As of June 30, 2025, the company had not made any material investments valued at **5%** or more of its total assets - As of June 30, 2025, the company had not made any material investments valued at **5%** or more of its total assets[102](index=102&type=chunk) [Employees and Remuneration Policy](index=31&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the company had **1,025** employees (91% in China, 9% overseas) with total benefits of **RMB 467.9 million**, focusing on talent attraction, retention, and motivation through training, social security, and labor relations - As of June 30, 2025, the company had **1,025** employees, with **91%** in China and **9%** overseas[103](index=103&type=chunk) - Total employee benefits, including directors' remuneration, amounted to **RMB 467.9 million**[103](index=103&type=chunk) - The company attracts, retains, and motivates talent through high-standard recruitment, regular training, online learning platforms, social security schemes, and share option and award trust schemes[103](index=103&type=chunk)[104](index=104&type=chunk) [Use of Proceeds](index=32&type=section&id=Use%20of%20Proceeds) Of the **HK$548.0 million** net proceeds from the global offering, approximately **HK$278.9 million** (**50.9%**) was utilized by June 30, 2025, mainly for enhancing technological capabilities, with no change in intended use - The net proceeds from the global offering were approximately **HK$548.0 million**, of which approximately **HK$278.9 million** had been utilized as of June 30, 2025, representing approximately **50.9%** of the total[105](index=105&type=chunk) Details of Use of Net Proceeds from Global Offering | Purpose | Percentage of Net Proceeds | Estimated Net Proceeds Allocated (HK$ million) | Net Proceeds Utilized as of June 30, 2025 (HK$ million) | Remaining Amount (HK$ million) | | :--- | :--- | :--- | :--- | :--- | | Enhancing Technological Capabilities | 60.0% | 328.8 | 251.5 | 77.3 | | Expanding Global Business Operations | 30.0% | 164.4 | – | 164.4 | | Future Strategic Investments and Acquisitions | 5.0% | 27.4 | – | 27.4 | | General Corporate Purposes and Working Capital Needs | 5.0% | 27.4 | 27.4 | – | | **Total** | **100.0%** | **548.0** | **278.9** | **269.1** | [Corporate Governance](index=34&type=section&id=Corporate%20Governance) The company adheres to high corporate governance standards, adopting the HKEX Listing Rules' Corporate Governance Code, with a highly independent Board of Directors comprising four executive and three independent non-executive directors - The company adopted the Corporate Governance Code set out in Appendix C1 Part 2 of the Listing Rules and complied with all relevant principles and code provisions during the reporting period[107](index=107&type=chunk)[108](index=108&type=chunk) - The Board of Directors comprises four executive directors and three independent non-executive directors, demonstrating strong independence[108](index=108&type=chunk) [Securities Transactions by Directors and Supervisors](index=34&type=section&id=Securities%20Transactions%20by%20Directors%20and%20Supervisors) The company adopted the Standard Code for securities transactions by directors, supervisors, and relevant employees, with all personnel strictly complying during the reporting period - The company adopted the Standard Code to regulate securities transactions by directors, supervisors, and relevant employees, and all relevant personnel strictly complied during the reporting period[109](index=109&type=chunk)[110](index=110&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=34&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20Listed%20Securities) For the six months ended June 30, 2025, the company repurchased **771,000** H shares on the HKEX for a total of **HK$4,679,872.85**, aiming to benefit the company and create shareholder value Details of Share Repurchases in H1 2025 | Month of Repurchase | Number of Shares Repurchased | Highest Price Per Share (HK$) | Lowest Price Per Share (HK$) | Total Consideration (HK$) | | :--- | :--- | :--- | :--- | :--- | | April 2025 | 13,500 | 6.00 | 5.97 | 80,985.15 | | May 2025 | 757,500 | 6.30 | 5.94 | 4,598,887.70 | | **Total** | **771,000** | | | **4,679,872.85** | - The share repurchases aim to benefit the company and create value for shareholders; otherwise, neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities[113](index=113&type=chunk) [Interim Dividend](index=35&type=section&id=Interim%20Dividend) Considering the long-term interests of shareholders and the company, the Board did not recommend an interim dividend for the reporting period - The Board did not recommend the payment of an interim dividend for the reporting period (interim dividend for the six months ended June 30, 2024: nil)[114](index=114&type=chunk) [Audit Committee](index=35&type=section&id=Audit%20Committee) The Audit Committee, composed of three independent non-executive directors, reviewed this announcement and interim financial information, confirming compliance with accounting principles, laws, and regulations, and sufficient disclosure - The Audit Committee, comprising three independent non-executive directors, reviewed this announcement and the interim financial information, deeming them compliant with applicable accounting principles and relevant laws and regulations[115](index=115&type=chunk) [Scope of Work of PricewaterhouseCoopers](index=35&type=section&id=Scope%20of%20Work%20of%20PricewaterhouseCoopers) The interim condensed consolidated financial information is unaudited but has been reviewed by PricewaterhouseCoopers in accordance with ISRE 2410 - The interim condensed consolidated financial information is unaudited but has been reviewed by PricewaterhouseCoopers in accordance with International Standard on Review Engagements 2410[116](index=116&type=chunk) [Events After Reporting Period](index=36&type=section&id=Events%20After%20Reporting%20Period) In July 2025, the company completed a placement of **38,400,000** new H shares, raising net proceeds of approximately **HK$387.25 million** for blockchain innovation, global business expansion, and general corporate purposes - In July 2025, the company completed the placement of **38,400,000** new H shares, with net proceeds of approximately **HK$387.25 million**[117](index=117&type=chunk) - The proceeds from the placement will be used for innovation and application of blockchain and other innovative technologies in global payment (**50%**), global business and license expansion (**30%**), and general corporate purposes (**20%**)[117](index=117&type=chunk) [Publication of Interim Results Announcement and 2025 Interim Report](index=36&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%202025%20Interim%20Report) This interim results announcement is published on the company and HKEX websites, and the interim report for the six months ended June 30, 2025, will be dispatched to shareholders and published online - This interim results announcement has been published on the company's website and the HKEX website, and the interim report will be dispatched to shareholders and published on the website in accordance with the Listing Rules[119](index=119&type=chunk) [Definitions](index=37&type=section&id=Definitions) This section defines key terms and abbreviations used throughout the report, including company names, financial reporting standards, business entities, share types, and regulatory bodies, to ensure clarity - This section provides definitions of key terms and abbreviations used throughout the report, including company names, financial reporting standards, business entities, share types, and regulatory bodies[120](index=120&type=chunk)[121](index=121&type=chunk)[122](index=122&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 STEVE LEUNG DESIGN GROUP LIMITED 梁志天設計集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2262） 截至2025年6月30日止六個月期間的中期業績公告 財務摘要 截至6月30日止六個月期間 | 2025年 | 2024年 | | --- | --- | | （未經審核） | （未經審核） | 業績： | 期內收入（百萬港元） | 194.6 | 164.5 | | --- | --- | --- | | 期內溢利（虧損）（百萬港元） | 1.0 | (7.4) | | 每股基本盈利（虧損）（港仙） | 0.14 | (0.54) | 資產價值淨額： 於2025年6月30日，本集團的每股資產價值淨額約為0.28港元（2024年12月31 日：約0.28港元）。 剩餘合同總額： 於2025年6月30日，本集團的剩餘合同總額約為538.5百萬港元（2024年12月 ...

中期業績 方 正 控 股 有 限 公 司（「本 公 司」）董 事 會（「董 事 會」）提 呈 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 之 未 經 審 核 中 期 簡 明 綜 合 財 務 報 表，連 同 二 零 二 四 年 同 期 之 比 較 數 字。中 期 簡 明 綜 合 財 務 報 表 未 經 審 核，惟 已 經 本 公 司 之 審 核 委 員 會 審 閱。 簡明綜合損益表 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。 （於百慕達註冊成立之有限公司） （股份代號：00418） 截至二零二五年六月三十日止六個月之 中期業績 – 1 – 簡明綜合全面收入表 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 | | | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2883） 截至2025年6月30日止六個月 中期業績公告 財務摘要 - 1 - 1、 收入為人民幣23,295.1百萬元 2、 經營利潤為人民幣2,908.6百萬元 3、 本期利潤為人民幣2,076.8百萬元 4、 每股基本盈利為人民幣0.41元 本公司截至2025年6月30日止六個月中期業績未經審計。 中期簡明合併損益表 截至2025年6月30日止六個月 | | | 截至6月30日止六個月 | | | --- | --- | --- | --- | | | | 2025年 | 2024年 | | | 附註 | 人民幣千元 | 人民幣千元 | | | | （未經審計） | （未經審計） | | 收入 | 5 | 23,320,327 | 22,528,544 | | 銷售附加稅 | | (25,256) | (31,881) | | 收入，扣除銷 ...