Customer Base and Market Presence - As of June 30, 2025, the active customer base reached 4.54 million, representing a year-on-year growth of 15.2% and an increase of 8.3% compared to the end of 2024[12]. - The subscription members of the WeChat platform Zhongsheng GO reached 3.8 million, with nearly 10.5 million customers connected through corporate WeChat[12]. - The company has closed 37 authorized dealerships since November 2024 and opened 57 new authorized dealerships and 20 service centers, primarily new stores[9]. - In the 32 key cities where the company operates, there is an average of 15 dealerships and service centers per city, serving approximately 137,000 active customers[13]. - Over 46% of the company's stores are the leading dealers for their brands in local markets, with 89 stores being exclusive dealers[13]. Business Strategy and Transformation - The company aims to transform into a high-end automotive service brand, focusing on after-sales services driven by the existing customer base[10]. - The company is focusing on digitalization and centralized operations as part of its transformation into a customer-centric automotive service provider[12]. - The company is enhancing local market business density and brand concentration to support its cross-brand operational strategy[13]. - The company has implemented a significant network optimization, marking the largest scale in its history since November 2024[9]. Financial Performance - The company's revenue for the six months ended June 30, 2025, was RMB 77,322.1 million, a decrease of RMB 5,099.3 million or 6.2% compared to the same period in 2024[36]. - New car sales revenue was RMB 57,931.0 million, down 4.7% from RMB 60,812.0 million in the previous year, while used car sales revenue fell by 27.0% to RMB 6,014.6 million[36]. - The after-sales service segment saw a revenue increase of 4.4%, reaching RMB 11,445.3 million, indicating a positive trend in this area[36]. - Gross profit for the six months ended June 30, 2025, was RMB 4,209.3 million, a decrease of RMB 716.9 million or 14.6% compared to the previous year[42]. - Operating profit was RMB 1,905.1 million, a decrease of RMB 850.7 million or 30.9% compared to the previous year, with an operating profit margin of 2.5%[49]. Vehicle Sales and Market Trends - In the first half of 2025, the company sold approximately 229,000 new vehicles, a decrease of about 4,000 units or 1.7% year-on-year, with luxury brand sales accounting for 62.3% of total sales[21]. - The average transaction price of new vehicles decreased by approximately RMB 33,000, a decline of 12.5% compared to the previous year, while manufacturers provided an average subsidy of RMB 19,000 per vehicle, representing 7.0% of the price[21]. - The company sold approximately 111,000 used vehicles in the first half of 2025, a year-on-year increase of 9.6%, but revenue from used vehicles fell by 27.0% to RMB 6.02 billion[23]. - The average profit per used vehicle was compressed to less than RMB 3,000, with overall profit for the used vehicle segment declining by 60.2%[24]. - The company expects continued growth in after-sales service revenue, particularly in the luxury market, as local competitors exit and market consolidation deepens[18]. Cash Flow and Financial Position - As of June 30, 2025, the company's cash balance was RMB 20,037.2 million, a decrease of RMB 2,966.8 million from December 31, 2024, primarily due to cash outflows from financing activities[55]. - The company generated free cash flow of RMB 3,973.0 million for the six months ended June 30, 2025, with net cash inflow from operating activities amounting to RMB 5,948.4 million[55]. - Cash used in financing activities for the six months ended June 30, 2025, was RMB 10,830.2 million, mainly for repaying bank loans and redeeming convertible bonds[60]. - The company's total capital expenditure for the six months ended June 30, 2025, was RMB 818.7 million, compared to RMB 618.7 million for the same period in 2024[62]. - The average inventory turnover days increased from 36.2 days in 2024 to 38.3 days in 2025, reflecting adjustments in inventory levels[65]. Shareholder Information and Corporate Governance - The company declared a final dividend of RMB 1,734,665,000 for the year 2023, reflecting a commitment to returning value to shareholders despite fluctuations in comprehensive income[77]. - The company has issued zero-coupon convertible bonds with a face value of HKD 4,560,000,000, maturing in 2025, with the conversion price adjusted to HKD 43.88 per share as of July 4, 2024[105]. - Major shareholders, including Blue Natural Development Ltd. and Light Yield Ltd., collectively own 49.66% of the company's shares[133]. - The company has a total of 505,816,116 shares held by Jardine Strategic Limited, representing 21.20% of the total shares[134]. - The company’s board members are considered to have interests in the treasury shares due to their voting rights[129]. Environmental and Social Responsibility - The group has implemented multiple measures to reduce emissions and enhance energy efficiency in daily operations, including improving emission testing equipment and wastewater treatment[167]. - The group encourages employees to use public transportation and replace business travel with phone or video conferencing when feasible to reduce carbon emissions[167]. - The group is committed to corporate social responsibility by providing employment opportunities for local residents and disabled individuals through its national dealer network[168].

Tanwan Inc. 贪玩 （曾用名ZX Inc.中旭未来） 股份代號 ���� （於開曼群島註冊成立的有限公司） 中期報告2025 INTERIM REPORT 2025 Tanwan Inc. 贪玩 （Formerly known as ZX Inc.中旭未来） （Incorporated in the Cayman Islands with limited liability） Stock Code ���� Tanwan Inc. 貪玩 目錄 | 公司資料 | 2 | | --- | --- | | 致股東的信 | 3 | | 主要重點 | 5 | | 管理層討論與分析 | 6 | | 其他資料 | 18 | | 獨立審閱報告 | 26 | | 中期簡明綜合損益表 | 27 | | 中期簡明綜合全面收益表 | 28 | | 中期簡明綜合財務狀況表 | 29 | | 中期簡明綜合權益變動表 | 31 | | 中期簡明綜合現金流量表 | 32 | | 中期簡明綜合財務資料附註 | 34 | | 釋義 | 51 | 公司資料 董事會 執行董事 Interim Report 2025 中期報告 吳旭波先生 ...

Financial Performance - Morimatsu International Holdings reported a revenue increase of 15% year-over-year, reaching HKD 1.2 billion for the interim period[1]. - The company achieved a net profit margin of 12%, translating to a net profit of HKD 144 million, compared to HKD 120 million in the same period last year[1]. - The company has projected a revenue growth of 10-15% for the next fiscal year, driven by new product launches and market expansion strategies[1]. - The company has reported a significant increase in demand for its electronic chemicals, with sales up by 35% compared to the previous year[1]. - The company reported strong order growth across various regions, including North America, South America, Asia, Europe, and Oceania, particularly in pharmaceuticals, biopharmaceuticals, and battery materials[20]. - The company’s revenue decreased by 22.7% from approximately RMB 3,476,752 thousand for the six months ended June 30, 2024, to approximately RMB 2,687,283 thousand for the six months ended June 30, 2025[55]. - Total revenue for the six months ended June 30, 2025, was approximately RMB 2,687,283 thousand, a decrease of 22.7% compared to RMB 3,476,752 thousand for the same period in 2024[56]. - The gross profit for the six months ended June 30, 2025, was approximately RMB 788,786 thousand, down 23.3% from RMB 1,028,448 thousand in the previous year, with a gross margin of 29.4%[59]. - The net profit for the six months ended June 30, 2025, was approximately RMB 333,008 thousand, down from RMB 373,827 thousand in the same period of 2024[68]. - Basic earnings per share for the period were RMB 0.28, down from RMB 0.32 in the previous year[134]. Research and Development - Morimatsu is investing HKD 200 million in R&D for new technologies, particularly in biopharmaceuticals and advanced manufacturing processes[1]. - The company has a strong focus on advanced manufacturing and engineering services, including modular factory solutions[17]. - The R&D team collaborates with downstream enterprises and renowned universities to develop new products and technologies across multiple fields, including pharmaceutical separation systems and solid-state battery technologies[40]. - Research and development expenses decreased to approximately RMB 113,902 thousand, down 48.5% from RMB 219,020 thousand in the previous year[63]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 25% increase in market share by 2026[1]. - The company has established subsidiaries in Singapore and Malaysia, enhancing its international presence and operational capabilities[11]. - The company is pursuing both organic growth through new business incubation and external growth via mergers and acquisitions[17]. - The company is focusing on mergers and acquisitions to enhance business synergies and support sustainable development, targeting organizations that can provide market access and international capabilities[26]. - The company aims to enhance its global delivery capabilities by investing in mergers and acquisitions to address gaps in its value chain and expand international talent and production capacity[28]. Sustainability and Innovation - The company is focusing on sustainability initiatives, aiming to reduce carbon emissions by 20% over the next three years[1]. - The company aims to provide globally leading core equipment and high-value-added process solutions, focusing on sustainable energy and materials[13]. - The company is committed to continuous innovation and sustainable development, aligning with modern industrial civilization[15]. - The company aims to enhance the green development level of new data centers and accelerate green technology product innovation and service capabilities[51]. Financial Management and Risks - The company’s operational expenditure (OPEX) is closely monitored to ensure profitability and efficiency in daily operations[11]. - The company has established a risk management framework to assess and manage significant operational, financial, and market risks[92]. - Interest rate risks include fair value interest rate risks related to fixed-rate bank borrowings and cash flow interest rate risks associated with floating-rate borrowings, with regular reviews to mitigate these risks[95]. - Foreign exchange risks arise mainly from revenue in RMB, USD, and EUR, with strategies in place to monitor and reduce exposure through forward contracts and RMB-denominated sales orders[96]. - The company is focused on expanding its global business despite ongoing geopolitical and international trade risks, which may impact operational costs and potential liabilities[93]. Shareholder Information - As of June 30, 2025, major shareholders include Senmatsu Holdings with a 60.22% stake, holding 750,000,000 shares[98]. - The total number of issued shares as of June 30, 2025, is 1,245,419,000, with significant ownership concentrated among a few key stakeholders[99]. - The board declared a final dividend of HKD 0.15 per share for the last fiscal year, totaling HKD 182,926,000, compared to HKD 0.10 per share totaling HKD 121,328,000 for the previous year[189]. Operational Highlights - The company has completed the acquisition of a local competitor, which is expected to enhance its production capacity by 30%[1]. - The company has developed a diverse capability structure to mitigate cyclical downturns in specific industries, ensuring resilience against market fluctuations[21]. - The company has established a global presence with subsidiaries and service centers in multiple countries, including China, Japan, the US, and several European nations[35]. - The company has established comprehensive credit control policies to assess customer creditworthiness and ensure adequate provisions for expected credit losses[97].

北京控股有限公司 股份代號 : 392 中期報告 2025 BEIJING ENTERPRISES HOLDINGS LIMITED Stock Code : 392 Interim Report 2025 BEIJING ENTER PR ISES HOLDINGS LIMITED 北 京 控 股 有 限 公 司 Interim Report 審核委員會 2025 中 期 報 告 目錄 | 2 | 一、 | 公司資料 | | --- | --- | --- | | 3 | 二、 | 期內亮點 | | 4 | 三、 | 財務摘要 | | 5 | 四、 | 運營業績概要 | | 5 | 五、 | 中期股息 | | 6 | 六、 | 主席報告 | | 9 | 七、 | 本集團業務 | | 15 | 八、 | 管理層討論及分析 | | 30 | 九、 | 簡明綜合財務報表 | | 30 | | （一）簡明綜合損益表（未經審核） | | 31 | | （二）簡明綜合全面收益表（未經審核） | | 32 | | （三）簡明綜合財務狀況表（未經審核） | | 34 | | （四）簡明綜合權益變動表（未經審核） | | 3 ...

[Company Information](index=2&type=section&id=Company%20Information) This section provides an overview of the company's fundamental administrative and contact details [Board of Directors and Company Secretary](index=3&type=section&id=Board%20of%20Directors%20and%20Company%20Secretary) The report lists the composition of the company's executive directors, non-executive directors, independent non-executive directors, and members of the audit, remuneration, and nomination committees, noting Mr. Wang Yanxin, an independent non-executive director, will resign on August 1, 2025 - Independent Non-Executive Director Mr. Wang Yanxin will resign on **August 1, 2025**[3](index=3&type=chunk) [Registered Office and Principal Place of Business](index=3&type=section&id=Registered%20Office%20and%20Principal%20Place%20of%20Business) The company's registered office is in Bermuda, with its principal place of business in Tsim Sha Tsui, Kowloon, Hong Kong - The company's registered office is at Clarendon House, Bermuda, with its principal place of business at Tower One, Gateway, 25 Canton Road, Tsim Sha Tsui, Kowloon, Hong Kong[3](index=3&type=chunk) [Principal Bankers and Auditor](index=3&type=section&id=Principal%20Bankers%20and%20Auditor) The company's principal banker is DBS Bank (Hong Kong) Limited, and its auditor is Grant Thornton Hong Kong Limited - Principal banker is **DBS Bank (Hong Kong) Limited**, and the auditor is **Grant Thornton Hong Kong Limited**[3](index=3&type=chunk) [Share Registrar](index=3&type=section&id=Share%20Registrar) The company's principal share registrar is in Bermuda, and its Hong Kong branch share registrar is Tricor Tengard Limited - The principal share registrar is **Conyers Corporate Services (Bermuda) Limited**, and the Hong Kong branch is **Tricor Tengard Limited**[3](index=3&type=chunk)[4](index=4&type=chunk) [Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) This section presents the company's financial performance over the period, detailing revenues, costs, and profits or losses Key Financial Data from Condensed Consolidated Statement of Comprehensive Income (For the six months ended June 30, 2025) | Indicator | 2025年6月30日 (HKD thousands) | 2024年6月30日 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Revenue | 177,334 | 142,600 | 34,734 | 24.36% | | Cost of Sales | (109,926) | (77,672) | (32,254) | 41.53% | | Gross Profit | 67,408 | 64,928 | 2,480 | 3.82% | | Operating Profit/(Loss) | 8,920 | (10,766) | 19,686 | 182.85% | | Loss for the Period | (3,253) | (26,518) | 23,265 | 87.73% | | Profit/(Loss) from Continuing Operations Attributable to Owners of the Company | 6,309 | (10,777) | 17,086 | 158.55% | | Basic and Diluted Earnings/(Loss) Per Share (HK cents) | 0.42 | (0.74) | 1.16 | 156.76% | [Condensed Consolidated Statement of Financial Position](index=5&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This section outlines the company's assets, liabilities, and equity at a specific point in time, reflecting its financial health Key Data from Condensed Consolidated Statement of Financial Position (As at June 30, 2025) | Indicator | 2025年6月30日 (HKD thousands) | 2024年12月31日 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Total Assets | 931,931 | 923,846 | 8,085 | 0.87% | | Non-current Assets | 481,981 | 501,397 | (19,416) | -3.87% | | Current Assets | 443,516 | 416,015 | 27,501 | 6.61% | | Total Equity | 182,148 | 184,921 | (2,773) | -1.50% | | Total Liabilities | 749,783 | 738,925 | 10,858 | 1.47% | | Non-current Liabilities | 494,697 | 350,277 | 144,420 | 41.23% | | Current Liabilities | 255,086 | 388,648 | (133,562) | -34.37% | | Net Current Assets | 194,864 | 33,801 | 161,063 | 476.51% | [Condensed Consolidated Statement of Changes in Equity](index=7&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) This section details the changes in the company's equity over the period, reflecting movements in capital and retained earnings Key Data from Condensed Consolidated Statement of Changes in Equity (For the six months ended June 30, 2025) | Indicator | 2025年6月30日 (HKD thousands) | 2024年6月30日 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | Equity Attributable to Owners of the Company (End of Period) | 232,786 | 251,898 | (19,112) | | Non-controlling Interests (End of Period) | (50,638) | (23,909) | (26,729) | | Total Equity (End of Period) | 182,148 | 227,989 | (45,841) | | Loss for the Period (Attributable to Owners of the Company) | 6,180 | (10,777) | 16,957 | | Total Comprehensive Expense for the Period (Attributable to Owners of the Company) | 6,660 | (9,847) | 16,507 | [Condensed Consolidated Statement of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) This section presents the cash inflows and outflows from operating, investing, and financing activities, illustrating the company's liquidity and solvency Key Data from Condensed Consolidated Statement of Cash Flows (For the six months ended June 30, 2025) | Indicator | 2025年6月30日 (HKD thousands) | 2024年6月30日 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (11,984) | (10,289) | (1,695) | | Net Cash Used in Investing Activities | (4,671) | (12,444) | 7,773 | | Net Cash (Used in)/Generated from Financing Activities | (18,934) | 20,926 | (39,860) | | Net Decrease in Cash and Cash Equivalents | (35,589) | (1,807) | (33,782) | | Cash and Cash Equivalents at End of Period | 171,945 | 180,715 | (8,770) | [Notes to the Condensed Consolidated Interim Financial Statements](index=9&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Statements) This section provides detailed explanations and supplementary information for the figures presented in the condensed consolidated interim financial statements [1. General Information](index=9&type=section&id=1.%20General%20Information) The company is a limited company registered in Bermuda, with shares listed on the Main Board of the Hong Kong Stock Exchange, primarily engaged in SMT equipment manufacturing and energy business, having terminated its radar business - The company is primarily engaged in **SMT equipment manufacturing** and **electricity sales and provision of electricity spot market trading and ancillary services (energy business)**[14](index=14&type=chunk) - For the six months ended June 30, 2025, the Group has terminated its **radar hardware manufacturing and intelligent software development, application, and system integration business**[14](index=14&type=chunk) [2. Basis of Preparation](index=10&type=section&id=2.%20Basis%20of%20Preparation) The condensed consolidated interim financial statements are prepared in accordance with HKAS 34 and the Listing Rules, and should be read in conjunction with the annual consolidated financial statements - The financial statements are prepared in accordance with **Hong Kong Accounting Standard 34 'Interim Financial Reporting'** and the **Listing Rules**[17](index=17&type=chunk) [3. Significant Accounting Policies](index=11&type=section&id=3.%20Significant%20Accounting%20Policies) The financial statements are primarily prepared under the historical cost convention, except for investment properties and financial assets measured at fair value; several revised HKFRSs adopted this period had no significant impact on consolidated results or financial position - The financial statements are primarily prepared under the **historical cost convention**, with certain assets presented at fair value[18](index=18&type=chunk) - The adoption of newly revised Hong Kong Financial Reporting Standards had **no significant impact** on the consolidated results and financial position for the current and prior periods[19](index=19&type=chunk) [4. Critical Accounting Estimates and Judgements](index=11&type=section&id=4.%20Critical%20Accounting%20Estimates%20and%20Judgements) The preparation of financial statements involves management's critical judgments, estimates, and assumptions regarding accounting policy application and carrying amounts of assets, liabilities, income, and expenses, where actual results may differ - Financial statement preparation involves management's **critical judgments, estimates, and assumptions**, and actual results may differ[20](index=20&type=chunk) [5. Revenue](index=12&type=section&id=5.%20Revenue) Total revenue for the period was HKD 177,334 thousand, primarily from the production and sale of industrial products (HKD 152,408 thousand) and electricity sales (HKD 24,926 thousand), with revenue recognition completed at a point in time Revenue Composition (For the six months ended June 30, 2025) | Revenue Source | 2025年6月30日 (HKD thousands) | 2024年6月30日 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Production and Sale of Industrial Products | 152,408 | 134,758 | 17,650 | 13.10% | | Electricity Sales | 24,926 | 7,842 | 17,084 | 217.85% | | **Total** | **177,334** | **142,600** | **34,734** | **24.36%** | [6. Segment Information](index=13&type=section&id=6.%20Segment%20Information) The Group primarily operates in industrial product manufacturing and sales and energy business, with the radar business terminated; the industrial products segment saw significant revenue and gross profit growth, while the energy business revenue increased substantially but still recorded gross loss and pre-tax loss - The **radar business has been terminated**, and segment information does not include discontinued operations[23](index=23&type=chunk) Revenue and Gross Profit/(Loss) from Continuing Operations by Segment (For the six months ended June 30, 2025) | Segment | 2025 Revenue (HKD thousands) | 2024 Revenue (HKD thousands) | Revenue Change Rate | 2025 Gross Profit/(Loss) (HKD thousands) | 2024 Gross Profit (HKD thousands) | Gross Profit Change Rate | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Industrial Product Manufacturing and Sales | 150,706 | 131,709 | 14.42% | 74,610 | 59,835 | 24.69% | | Energy Business | 24,926 | 7,842 | 217.85% | (8,904) | 2,044 | -535.52% | | Unallocated Items | 1,702 | 3,049 | -44.18% | 1,702 | 3,049 | -44.18% | | **Total** | **177,334** | **142,600** | **24.36%** | **67,408** | **64,928** | **3.82%** | [7. Other Income](index=14&type=section&id=7.%20Other%20Income) Other income for the period was HKD 1,384 thousand, mainly from government grants, a significant decrease from the prior period Other Income Composition (For the six months ended June 30, 2025) | Income Source | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Sale of Scrap Materials | 31 | 294 | (263) | -89.46% | | Government Grants | 1,353 | 4,656 | (3,303) | -70.94% | | **Total** | **1,384** | **4,950** | **(3,566)** | **-72.04%** | [8. Finance Income and Expenses](index=15&type=section&id=8.%20Finance%20Income%20and%20Expenses) Net finance expenses for the period were HKD 10,767 thousand, a decrease from the prior period, primarily due to lower interest expenses on bank and other borrowings Finance Income and Expenses (For the six months ended June 30, 2025) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Finance Income (Bank Deposit Interest) | 561 | 913 | (352) | -38.55% | | Finance Expenses (Borrowing Interest) | (11,328) | (13,410) | 2,082 | -15.53% | | **Net Finance Expenses** | **(10,767)** | **(12,497)** | **1,730** | **-13.84%** | [9. Income Tax Expense/(Credit) from Continuing Operations](index=15&type=section&id=9.%20Income%20Tax%20Expense%2F(Credit)%20from%20Continuing%20Operations) Income tax expense from continuing operations for the period was HKD 1,085 thousand, compared to an income tax credit of HKD 1,453 thousand in the prior period, mainly due to China corporate income tax Income Tax from Continuing Operations (For the six months ended June 30, 2025) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | China Corporate Income Tax Expense/(Credit) | 1,085 | (1,453) | 2,538 | [10. Discontinued Operations](index=16&type=section&id=10.%20Discontinued%20Operations) Discontinued operations (radar business) resulted in a loss of HKD 187 thousand for the period, primarily administrative expenses, with no such loss in the prior period Loss from Discontinued Operations (For the six months ended June 30, 2025) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Revenue | — | — | | Administrative Expenses | (187) | — | | Loss for the Period from Discontinued Operations | (187) | — | - Discontinued operations primarily refer to the **radar business**, incurring a loss of **HKD 187 thousand** for the period[14](index=14&type=chunk)[28](index=28&type=chunk) [11. Earnings/(Loss) Per Share](index=17&type=section&id=11.%20Earnings%2F(Loss)%20Per%20Share) Basic and diluted earnings per share from continuing operations were 0.43 HK cents, loss per share from discontinued operations was 0.01 HK cents, totaling 0.42 HK cents earnings per share, achieving a turnaround Earnings/(Loss) Per Share (For the six months ended June 30, 2025) | Indicator | 2025 (HK cents) | 2024 (HK cents) | Change (HK cents) | | :--- | :--- | :--- | :--- | | Continuing Operations | 0.43 | (0.74) | 1.17 | | Discontinued Operations | (0.01) | — | (0.01) | | **Basic and Diluted Earnings/(Loss)** | **0.42** | **(0.74)** | **1.16** | [12. Dividends](index=17&type=section&id=12.%20Dividends) No dividends were declared or proposed by the company for the six months ended June 30, 2025 - No dividends were declared or proposed for the current period or the prior corresponding period[30](index=30&type=chunk) [13. Trade and Other Receivables](index=18&type=section&id=13.%20Trade%20and%20Other%20Receivables) As at June 30, 2025, total trade and bills receivables were HKD 105,564 thousand, a significant increase from HKD 72,136 thousand at the end of 2024, with receivables over 180 days growing substantially Ageing Analysis of Trade and Bills Receivables (As at June 30, 2025) | Ageing | 2025年6月30日 (HKD thousands) | 2024年12月31日 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | 0 to 90 Days | 48,379 | 58,476 | (10,097) | -17.27% | | 91 to 180 Days | 28,658 | 11,779 | 16,879 | 143.29% | | Over 180 Days | 28,527 | 1,881 | 26,600 | 1414.14% | | **Total** | **105,564** | **72,136** | **33,382** | **46.28%** | [14. Trade and Other Payables](index=18&type=section&id=14.%20Trade%20and%20Other%20Payables) As at June 30, 2025, total trade and bills payables were HKD 45,693 thousand, a decrease from HKD 49,634 thousand at the end of 2024 Ageing Analysis of Trade and Bills Payables (As at June 30, 2025) | Ageing | 2025年6月30日 (HKD thousands) | 2024年12月31日 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | 0 to 90 Days | 40,141 | 43,702 | (3,561) | -8.15% | | 91-120 Days | 447 | 253 | 194 | 76.68% | | Over 120 Days | 5,105 | 5,679 | (574) | -10.11% | | **Total** | **45,693** | **49,634** | **(3,941)** | **-7.94%** | [15. Assets Classified as Held for Sale](index=18&type=section&id=15.%20Assets%20Classified%20as%20Held%20for%20Sale) As at June 30, 2025, the Group classified equipment, intangible assets, and inventories of the radar business, totaling HKD 6,434 thousand, as assets held for sale - Equipment, intangible assets, and inventories of the **radar business**, totaling **HKD 6,434 thousand**, were classified as assets held for sale[33](index=33&type=chunk) [Chairman's Report](index=18&type=section&id=Chairman%27s%20Report) This report from the Chairman provides an executive summary of the company's performance, strategic direction, and outlook [Overview](index=19&type=section&id=Overview) In the first half of 2025, the global economy faced challenges with slowing growth, but China's economy maintained steady progress with a 5.3% GDP increase; the Group adopted a prudent strategy, focusing on SMT and semiconductor equipment manufacturing and energy businesses - In the first half of 2025, global economic growth slowed, while China's GDP grew by **5.3%** and industrial value-added above designated size increased by **6.4%**[35](index=35&type=chunk) - The Group focuses on **SMT and semiconductor equipment manufacturing** and **energy businesses**, aiming to create greater commercial value and shareholder returns[35](index=35&type=chunk) [Business Review](index=19&type=section&id=Business%20Review) For the period, the Group's revenue increased by 24.4% year-on-year to HKD 177,334 thousand, and gross profit grew by 3.8% to HKD 67,408 thousand; SMT and semiconductor equipment manufacturing contributed 85.0% of revenue, the energy business gradually stabilized, administrative expenses decreased, resulting in a profit attributable to owners of HKD 6,180 thousand, achieving a turnaround Key Financial Data from Group Business Review (For the six months ended June 30, 2025) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Overall Revenue | 177,334 | 142,600 | 24.4% | | Gross Profit | 67,408 | 64,928 | 3.8% | | SMT and Semiconductor Equipment Manufacturing Business Revenue | 150,706 | 131,709 | 14.4% | | SMT and Semiconductor Equipment Manufacturing Business Gross Profit | 74,610 | 59,835 | 24.7% | | Energy Business Segment Revenue | 24,926 | 7,842 | 217.85% | | Profit Attributable to Owners of the Company | 6,180 | (10,777) | Turnaround | - The Group achieved a **turnaround**, primarily due to stable operations in **SMT and semiconductor equipment manufacturing**, gradual stabilization of the **energy business**, and **reduced administrative expenses**[36](index=36&type=chunk) - The Group commissioned China's first grid-side new energy storage project for spot trading and ancillary services in Datong, Shanxi, at the end of 2023, with the energy business segment revenue reaching **HKD 24,926 thousand** this period[37](index=37&type=chunk) [Industry Trends](index=20&type=section&id=Industry%20Trends) This section analyzes the broader market and technological trends impacting the company's SMT and semiconductor equipment manufacturing and energy businesses [SMT and Semiconductor Equipment Manufacturing Related Industries](index=20&type=section&id=SMT%20and%20Semiconductor%20Equipment%20Manufacturing%20Related%20Industries) China's manufacturing sector is stable and improving, with significant growth in equipment manufacturing and high-tech manufacturing value-added; demand for Mini LED TVs, AI servers, and automotive electronics PCBs is rising, with the global PCB market expected to reach USD 96.8 billion in 2025, China's smartphone shipments to reach 291 million units, the automotive electronics market to reach RMB 1.28 trillion, and China's IoT spending to reach USD 165.86 billion - China's **equipment manufacturing** and **high-tech manufacturing** value-added grew by **10.2%** and **9.5%**, respectively[38](index=38&type=chunk) - By 2025, China's **Mini LED TV penetration rate** is expected to exceed **20%**, the **global PCB market size** to reach **USD 96.8 billion**, and China's **smartphone shipments** to reach **291 million units**[38](index=38&type=chunk) - By 2025, China's **automotive electronics market size** is expected to reach **RMB 1.28 trillion**, and **IoT spending** to reach **USD 165.86 billion**[39](index=39&type=chunk) [Energy Industry](index=21&type=section&id=Energy%20Industry) China's power industry continues to grow with increasing renewable energy share, and energy storage is crucial for alleviating grid absorption pressure; since 2025, China's energy storage industry has grown rapidly, with new energy storage installed capacity continuously climbing to 94.91 million kW / 222 million kWh by the end of June, an increase of approximately 29% year-on-year; multiple policies have been introduced to support energy storage development, including expanding application scenarios, improving utilization, promoting technological innovation, strengthening standard systems, and perfecting market mechanisms - **Energy storage** is a key technology for alleviating grid absorption pressure and enhancing power system regulation capabilities[41](index=41&type=chunk) - By the end of June, national new energy storage installed capacity reached **94.91 million kW / 222 million kWh**, an increase of approximately **29%** compared to the end of 2024[41](index=41&type=chunk) - Multiple government departments have introduced policies to promote **large-scale construction, technological innovation, standard system improvement, and market mechanism optimization** for new energy storage[42](index=42&type=chunk) [Development and Outlook](index=22&type=section&id=Development%20and%20Outlook) China's economy is expected to maintain steady progress in the second half of 2025; the Group will consolidate its core SMT and semiconductor equipment manufacturing business, enhance R&D and market competitiveness, and accelerate the development of its energy business to contribute more revenue and shareholder value - China's economy is expected to continue its **stable growth** in the second half of 2025, with domestic demand, new energy, and high-end manufacturing as key drivers[44](index=44&type=chunk) - The Group will operate its **SMT and semiconductor equipment manufacturing business** steadily, consolidate its **independent R&D advantages**, and accelerate the development of its **energy business** to contribute more revenue[44](index=44&type=chunk) [Management Discussion and Analysis](index=22&type=section&id=Management%20Discussion%20and%20Analysis) This section provides management's perspective on the company's financial performance, operational results, and future prospects, offering insights beyond the financial statements [Performance Review](index=23&type=section&id=Performance%20Review) Revenue for the period was HKD 177,334 thousand, up 24.4% year-on-year; SMT and semiconductor equipment manufacturing accounted for 85.0% of total revenue, with increased contribution from the energy business; profit attributable to owners was HKD 6,180 thousand, and comprehensive income was HKD 6,660 thousand, both increasing year-on-year, mainly due to stable energy business operations and reduced administrative expenses - Revenue increased by **24.4%** year-on-year to **HKD 177,334 thousand**, with profit attributable to owners reaching **HKD 6,180 thousand**, achieving a turnaround[46](index=46&type=chunk) - The energy business gradually entered **stable operation**, and reduced one-off expenses and daily management costs led to **lower administrative expenses**[46](index=46&type=chunk) - The domestic manufacturing and energy industries have **broad prospects for modernization and green transformation**, and the Group will actively seize development opportunities[47](index=47&type=chunk) [SMT and Semiconductor Equipment Manufacturing Business](index=23&type=section&id=SMT%20and%20Semiconductor%20Equipment%20Manufacturing%20Business) For the period, SMT and semiconductor equipment manufacturing revenue was HKD 150,706 thousand, up 14.4% year-on-year; segment gross profit was HKD 74,610 thousand, up 24.7%; segment profit before tax was HKD 23,384 thousand, up 38.4%, making it the primary source of revenue and profit; the company actively expanded its market, launched an e-commerce platform, participated in domestic and international exhibitions, and deepened its overseas strategic layout, benefiting from growing market demand for Mini LED, new energy vehicles, and domestic semiconductor equipment substitution SMT and Semiconductor Equipment Manufacturing Business Performance (For the six months ended June 30, 2025) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Business Segment Revenue | 150,706 | 131,709 | 14.4% | | Segment Gross Profit | 74,610 | 59,835 | 24.7% | | Segment Profit Before Income Tax | 23,384 | 16,890 | 38.4% | - The company actively promotes its market presence and deepens its overseas strategic layout by launching the **'Nitto Technology Mall' e-commerce platform** and participating in **domestic and international industry exhibitions**[48](index=48&type=chunk) - SMT technology is widely used in communications, computers, automotive electronics, consumer electronics, and other fields, benefiting from growing market demand for **Mini LED, new energy vehicles, and domestic semiconductor equipment substitution**[49](index=49&type=chunk)[50](index=50&type=chunk) [Energy Business](index=24&type=section&id=Energy%20Business) The Group's Herong New Energy Storage Power Station in Datong, Shanxi, commenced commercial operation in 2023; for the period, energy business revenue was HKD 24,926 thousand, but still recorded a gross loss of HKD 8,904 thousand and a pre-tax loss of HKD 19,133 thousand; the Herong Power Station has passed secondary and primary frequency regulation technical tests and entered market operation, with its frequency regulation response speed and accuracy reaching industry-leading levels; the power station has initiated new energy leasing business and plans to consolidate frequency regulation revenue, participate in the electricity spot market and standby compensation, and explore diversified development opportunities Energy Business Performance (For the six months ended June 30, 2025) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Revenue | 24,926 | 7,842 | | Segment Gross Loss | (8,904) | 2,044 | | Segment Loss Before Income Tax | (19,133) | (31,413) | - The Herong Power Station has passed **secondary frequency regulation (AGC)** and **primary frequency regulation (PFR)** technical tests and officially entered market operation, with its K-value and charge-discharge conversion rate ranking among the industry's best[53](index=53&type=chunk) - The Herong Power Station has initiated **new energy leasing business** and plans to consolidate frequency regulation revenue, actively participate in the **electricity spot market and standby compensation**, and explore diversified development opportunities[53](index=53&type=chunk) [Financial Review](index=26&type=section&id=Financial%20Review) This section provides a detailed analysis of the company's financial performance, including revenue, costs, profits, and key financial ratios [Revenue](index=26&type=section&id=Revenue) Total revenue for the period was HKD 177,334 thousand, a 24.4% year-on-year increase, primarily driven by SMT equipment manufacturing and related businesses and electricity sales Revenue by Business Segment (For the six months ended June 30, 2025) | Business Segment | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | SMT Equipment Manufacturing and Related Businesses | 150,706 | 131,709 | 18,997 | 14.42% | | Electricity Sales | 24,926 | 7,842 | 17,084 | 217.85% | | Integrated Services | 1,702 | 3,049 | (1,347) | -44.18% | | **Total** | **177,334** | **142,600** | **34,734** | **24.36%** | [Other Income](index=26&type=section&id=Other%20Income) Other income for the period was HKD 1,384 thousand, mainly from government grants - Other income for the period was **HKD 1,384 thousand**, primarily from **government grants**[55](index=55&type=chunk) [Distribution Costs](index=26&type=section&id=Distribution%20Costs) Distribution costs for the period were HKD 26,563 thousand, an increase of HKD 5,950 thousand year-on-year, mainly growing with sales revenue Distribution Costs (For the six months ended June 30, 2025) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Distribution Costs | 26,563 | 20,613 | 5,950 | 28.86% | [Administrative Expenses](index=26&type=section&id=Administrative%20Expenses) Administrative expenses for the period were HKD 34,570 thousand, a decrease of HKD 24,954 thousand year-on-year, mainly due to the reclassification of depreciation from the electricity sales segment to cost of sales Administrative Expenses (For the six months ended June 30, 2025) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Administrative Expenses | 34,570 | 59,524 | (24,954) | -41.92% | [Net Finance Expenses](index=27&type=section&id=Net%20Finance%20Expenses) Net finance expenses for the period were HKD 10,767 thousand, a decrease of HKD 1,730 thousand year-on-year, primarily due to reduced interest expenses Net Finance Expenses (For the six months ended June 30, 2025) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Net Finance Expenses | 10,767 | 12,497 | (1,730) | -13.84% | [Profit for the Period](index=27&type=section&id=Profit%20for%20the%20Period) Profit attributable to owners for the period was HKD 6,180 thousand, achieving a turnaround - Profit attributable to owners for the period was **HKD 6,180 thousand**, achieving a **turnaround**[59](index=59&type=chunk) [EBITDA](index=27&type=section&id=EBITDA) EBITDA for the period was HKD 21,750 thousand, with an EBITDA margin of approximately 12.26% EBITDA (For the six months ended June 30, 2025) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | EBITDA | 21,750 | 23,916 | (2,166) | -9.06% | | EBITDA Margin | 12.26% | 16.77% | -4.51% | -26.89% | [Current Ratio](index=27&type=section&id=Current%20Ratio) As at June 30, 2025, the Group's net current assets were HKD 194,864 thousand, with a current ratio of approximately 176.39%, indicating ample working capital Current Ratio (As at June 30, 2025) | Indicator | 2025年6月30日 (HKD thousands) | 2024年12月31日 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Net Current Assets | 194,864 | 33,801 | 161,063 | 476.51% | | Current Ratio | 176.39% | 108.08% | 68.31% | 63.20% | [Working Capital Management](index=28&type=section&id=Working%20Capital%20Management) As at June 30, 2025, cash and bank balances decreased to HKD 171,945 thousand; average trade receivables turnover days, trade payables turnover days, and inventory turnover days all increased Working Capital Management Indicators (As at June 30, 2025) | Indicator | 2025年6月30日 | 2024年12月31日 | Change | | :--- | :--- | :--- | :--- | | Cash and Bank Balances (HKD thousands) | 171,945 | 205,301 | (33,356) | | Average Trade Receivables Turnover Days | 180 Days | 95 Days | 85 Days | | Average Trade Payables Turnover Days | 156 Days | 72 Days | 84 Days | | Average Inventory Turnover Days | 80 Days | 44 Days | 36 Days | [Pledge of the Group's Assets](index=28&type=section&id=Pledge%20of%20the%20Group%27s%20Assets) As at June 30, 2025, the Group's bank facilities were secured by first legal charges over certain land and buildings with a total net book value of approximately HKD 70,873 thousand - The Group's bank facilities are secured by first legal charges over land and buildings with a net book value of approximately **HKD 70,873 thousand**[64](index=64&type=chunk) [Equity and Liabilities](index=28&type=section&id=Equity%20and%20Liabilities) As at June 30, 2025, the Group's net assets attributable to owners were approximately HKD 232,786 thousand, with equity increasing by HKD 6,660 thousand during the period Equity and Liabilities (As at June 30, 2025) | Indicator | 2025年6月30日 (HKD thousands) | 2024年12月31日 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Equity Attributable to Owners of the Company | 232,786 | 226,126 | 6,660 | 2.95% | [Employees](index=28&type=section&id=Employees) As at June 30, 2025, the Group employed approximately 285 full-time employees and workers in mainland China and approximately 24 staff in Hong Kong, enhancing employee capabilities through regular training and welfare programs - The Group employs approximately **285 full-time employees** in mainland China and approximately **24 staff** in Hong Kong[66](index=66&type=chunk) - The Group maintains and enhances employee capabilities through **regular training, employee benefits, and performance-linked bonuses**[66](index=66&type=chunk) [Principal Risks and Uncertainties](index=28&type=section&id=Principal%20Risks%20and%20Uncertainties) This section identifies and discusses the key risks and uncertainties that could materially affect the company's business, financial condition, and operating results [Operational Risks](index=29&type=section&id=Operational%20Risks) The Group's various business segments face operational risks, which are effectively mitigated through management monitoring, risk management policies, and whistleblowing procedures - The Group manages operational risks through **management monitoring, risk management policies, and whistleblowing procedures** across its business segments[68](index=68&type=chunk) [Financial Risks](index=29&type=section&id=Financial%20Risks) This section details the financial risks the company faces, including credit, liquidity, and foreign exchange risks, and how they are managed [Credit Risk](index=29&type=section&id=Credit%20Risk) The Board closely monitors credit risk, with management responsible for credit approval and collection procedures, ensuring adequate impairment provisions for irrecoverable amounts, thereby effectively reducing credit risk - The Group mitigates credit risk through **close monitoring, strict credit approval and collection procedures**, and ensuring **adequate impairment provisions**[70](index=70&type=chunk) [Liquidity Risk](index=29&type=section&id=Liquidity%20Risk) The Group has established an appropriate liquidity risk management framework, maintaining sufficient cash and cash equivalents to meet working capital needs and mitigate cash flow fluctuations - The Group effectively manages liquidity risk by establishing a **liquidity risk management framework** and maintaining **sufficient cash and cash equivalents**[71](index=71&type=chunk) [Foreign Exchange Risk](index=29&type=section&id=Foreign%20Exchange%20Risk) The Group faces foreign exchange risk arising from business transactions, assets, and liabilities denominated in multiple currencies such as RMB, HKD, and USD, and will continue to closely monitor and implement hedging measures when necessary - The Group faces foreign exchange risk from transactions, assets, and liabilities denominated in **RMB, HKD, USD**, and other currencies, and will **closely monitor and implement hedging measures** as needed[72](index=72&type=chunk) [Disclosure of Interests](index=29&type=section&id=Disclosure%20of%20Interests) This section provides information on the interests of directors and substantial shareholders in the company's shares and underlying shares [Directors' Interests in Shares and Underlying Shares](index=30&type=section&id=Directors%27%20Interests%20in%20Shares%20and%20Underlying%20Shares) As at June 30, 2025, no director had any disclosable interests or short positions in the shares, underlying shares, or debentures of the company or its associated corporations - As at June 30, 2025, no director held any **disclosable interests or short positions** in the shares, underlying shares, or debentures of the company or its associated corporations[73](index=73&type=chunk) [Directors' Rights to Acquire Shares or Debentures](index=30&type=section&id=Directors%27%20Rights%20to%20Acquire%20Shares%20or%20Debentures) During the period, the company did not grant any rights to any director or their spouse or minor children to acquire shares or debentures of the company, nor were any such rights exercised - During the period, the company did not grant any rights to any director or their associates to acquire company shares or debentures, nor were any such rights exercised[74](index=74&type=chunk) [Substantial Shareholders' Interests in Shares and Underlying Shares](index=30&type=section&id=Substantial%20Shareholders%27%20Interests%20in%20Shares%20and%20Underlying%20Shares) As at June 30, 2025, Core Ding Limited, Chen Ping, Bi Tianfu, and Da Guang were substantial shareholders, with Core Ding Limited holding 67.85% of shares as the largest shareholder Substantial Shareholders' Long Positions in Shares (As at June 30, 2025) | Shareholder Name | Nature of Interest | Number of Ordinary Shares Held | Approximate Percentage of Total Equity (%) | | :--- | :--- | :--- | :--- | | Core Ding Limited | Beneficial Owner | 987,176,230 | 67.85 | | Chen Ping | Beneficial Owner | 100,000,000 | 6.87 | | Bi Tianfu | Beneficial Owner | 87,783,168 | 6.03 | | Da Guang | Beneficial Owner | 84,270,000 | 5.79 | - **Core Ding Limited** is 50.1% owned by **Qingxin (Suzhou Industrial Park) Asset Management Co., Ltd.**, making it the ultimate controlling shareholder of the company[14](index=14&type=chunk)[77](index=77&type=chunk) [Corporate Governance and Other Information](index=31&type=section&id=Corporate%20Governance%20and%20Other%20Information) This section details the company's adherence to corporate governance principles and other relevant information for stakeholders [Corporate Governance Practices](index=32&type=section&id=Corporate%20Governance%20Practices) The company is committed to complying with the Corporate Governance Code and regularly reviews it to ensure adherence to Appendix C1 of the Listing Rules; the company complied with the code throughout the period - The company has adopted the **Corporate Governance Code** set out in Appendix C1 of the Listing Rules and complied with it during the period[78](index=78&type=chunk) [Audit Committee](index=32&type=section&id=Audit%20Committee) The Audit Committee has reviewed the Group's interim results for the six months ended June 30, 2025, and found them to be in compliance with applicable accounting standards, laws, and Listing Rules - The Audit Committee has reviewed the interim results and found them to be in compliance with **applicable accounting standards, laws, and Listing Rules**[79](index=79&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=32&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) During the period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities - During the period, neither the company nor its subsidiaries purchased, sold, or redeemed any **listed securities**[80](index=80&type=chunk) [Dividends](index=32&type=section&id=Dividends) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of an **interim dividend** for the current period[81](index=81&type=chunk) [Standard Code for Securities Transactions by Directors](index=32&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The company has adopted the Standard Code for Securities Transactions by Directors as set out in Appendix C3 of the Listing Rules, and all directors confirm compliance with the code - The company has adopted the **Standard Code for Securities Transactions by Directors**, and all directors confirm compliance[82](index=82&type=chunk) [Publication of Interim Report on HKEX and Company Website](index=32&type=section&id=Publication%20of%20Interim%20Report%20on%20HKEX%20and%20Company%20Website) This interim report will be published on the HKEX website and the company's website, and dispatched to shareholders - The interim report will be published on the **HKEX website** and the **company's website**, and dispatched to shareholders[83](index=83&type=chunk) [Cautionary Statement](index=32&type=section&id=Cautionary%20Statement) This statement advises investors on the inherent risks associated with relying on forward-looking information and unaudited financial data - The Board reminds investors that unaudited interim financial results and operating data are based on internal information, and undue reliance may pose investment risks; investors should exercise **extreme caution** when trading the company's securities[85](index=85&type=chunk) - The report contains forward-looking statements that do not constitute a guarantee of future performance, and actual results may differ significantly due to factors such as **industry economic conditions, changes in customer demand, and government policy changes**[85](index=85&type=chunk)

Financial Performance - For the six months ended June 30, 2025, the company reported total revenue of HKD 1,466,423,000, a significant increase from HKD 723,666,000 in the same period of 2024, representing a growth of approximately 102.5%[5] - The company recorded a net loss of HKD 245,990,000 for the period, an improvement compared to a net loss of HKD 859,224,000 in the prior year, indicating a reduction in losses by about 71.4%[5] - The gross profit increased from approximately HKD 544,864,000 for the six months ended June 30, 2024, to approximately HKD 1,010,124,000 during the review period[32] - The group reported a net loss of HKD 245,990,000 for the six months ended June 30, 2025, compared to a net loss of HKD 859,224,000 for the same period in 2024, showing an improvement of approximately 71.3%[92] - The company recorded a total comprehensive loss of HKD 893,201 for the six months ended June 30, 2025, compared to a loss of HKD 884,601 in the previous period[72] Revenue Breakdown - Revenue from property development was approximately HKD 894,967,000, up from HKD 101,036,000 in the same period last year, primarily due to an increase in the number of properties delivered[30] - The project management services segment contributed approximately HKD 506,853,000 to total revenue, compared to HKD 514,231,000 in the same period of 2024[30] - Rental income from investment properties decreased to approximately HKD 36,142,000 from HKD 72,706,000 in the same period last year, a decline of about 50%[26][31] - The group’s hotel operations revenue decreased to HKD 28,461,000 from HKD 194,540,000 in the previous year, a decline of approximately 85.3%[99] Assets and Liabilities - The total assets as of June 30, 2025, amounted to HKD 33,196,132,000, up from HKD 32,781,140,000 at the end of 2024, reflecting an increase of approximately 1.3%[5] - The total liabilities as of June 30, 2025, were HKD 30,126,488,000, compared to HKD 29,521,670,000 as of December 31, 2024, representing an increase of about 2.1%[95] - The total current liabilities amounted to HKD 27,869,963, an increase from HKD 27,455,239 as of December 31, 2024, reflecting a year-over-year increase of approximately 1.5%[69] - Non-current liabilities totaled HKD 2,256,525, an increase from HKD 2,066,431, indicating a growth of about 9.2%[69] Cash Flow and Financing - Cash and bank balances as of June 30, 2025, were approximately HKD 15,712,000, down from HKD 17,003,000 as of December 31, 2024[45] - The group’s outstanding interest-bearing bank and other borrowings were approximately HKD 14.48 billion as of June 30, 2025[78] - The net financing costs for the review period were approximately HKD 583,271,000, an increase from HKD 552,572,000 for the six months ended June 30, 2024, due to a decrease in interest capitalization rates[39] - The group plans to continue monitoring receivables from urban renewal projects and aims to recover them according to the agreed schedule[79] Projects and Developments - The company continues to focus on urban renewal projects in Guangzhou, enhancing its competitive advantage and industry position as an "urban renewal expert"[6] - The project "珠光金融城壹號" has a total saleable area of approximately 391,881 square meters, with a cumulative delivered area of 25,189 square meters as of June 30, 2025[8] - The project "珠光 • 逸景" has a total saleable area of approximately 164,603 square meters, with a cumulative delivered area of 154,361 square meters as of June 30, 2025[9] - The total land reserve of the company in China is approximately 730,848 square meters, which includes total saleable building area, pre-sold but not delivered area, and rental area[20] Shareholder Information - The company’s major shareholders, Zhu Qing Song and Liao Teng Jia, each hold 56.25% of the total issued share capital, amounting to 4,978,123,714 shares[161] - The total number of issued shares as of June 30, 2025, is 8,850,632,753 shares, which is used to calculate the approximate percentage of shareholdings[163] - The total number of shares held by the major shareholders indicates a significant concentration of ownership, with the top shareholders holding over 50% of the total issued shares[167] Compliance and Governance - The audit committee reviewed the accounting principles and policies adopted by the group and confirmed compliance with applicable accounting standards and listing rules[181] - The board expressed gratitude to shareholders and employees for their support and contributions to the group[182] - The board approved the interim financial information on August 29, 2025[156]

Financial Performance - The company's revenue for the six months ended June 30, 2025, was approximately HKD 612.1 million, a decrease of 25.0% compared to HKD 816.6 million in the same period of 2024[20]. - The SI business generated revenue of HKD 150.2 million, accounting for 24.5% of total revenue, down from HKD 345.1 million (42.3%) in 2024[21]. - The IBO business revenue was HKD 461.9 million, representing 75.5% of total revenue, slightly down from HKD 471.5 million (57.7%) in 2024[22]. - Gross profit for the six months ended June 30, 2025, was approximately HKD 122.4 million, a decline of 12.9% from HKD 140.5 million in 2024, with a gross margin improvement from 17.2% to 20.0%[25][26]. - The company recorded a profit of approximately HKD 21.7 million for the six months ended June 30, 2025, compared to a loss of HKD 131.6 million in the same period of 2024[27]. - The profit attributable to owners for the six months ended June 30, 2025, was approximately HKD 20.7 million, compared to a loss of HKD 138.6 million in the same period of 2024, with basic earnings per share of HKD 0.31[35]. - The company reported a pre-tax profit of HKD 20,683,000 for the six months ended June 30, 2025, compared to a loss of HKD 138,599,000 for the same period in 2024[79]. - The company reported a total comprehensive loss of HKD 178,609,000 for the period, compared to a loss of HKD 138,599,000 in the previous year[50]. Operational Efficiency - The group aims to enhance operational efficiency and optimize its business structure to create favorable conditions for future profitability improvements[10]. - The IBO business generated revenue of approximately HKD 461.9 million and a gross profit of about HKD 94.6 million, with a slight revenue decrease of 2% year-on-year, but a gross margin improvement to 20.5% due to enhanced operational efficiency[13]. - The group is strategically managing assets to reduce financial costs and has successfully turned losses into profits through effective asset disposal measures[11]. Investments and Assets - The group has invested approximately HKD 819.7 million in the Tamar VPower Energy Fund I, L.P., with a book value of about HKD 692.9 million, representing 12.4% of the group's total assets[15]. - The group invested approximately HKD 68.1 million in property, plant, and equipment during the six months ended June 30, 2025, slightly down from HKD 76.2 million in the previous period[40]. - The company’s total revenue from the sale of assets classified as held for sale amounted to HKD 765,063,000, a significant increase compared to HKD 16,380,000 in the previous year[51]. - The group reported capital expenditures of HKD 68.1 million for the six months ended June 30, 2025[62]. Financial Position - As of June 30, 2025, the total current assets of the group amounted to approximately HKD 3,930.6 million, a decrease from HKD 4,231.1 million as of December 31, 2024[36]. - The group's cash and cash equivalents were approximately HKD 310.2 million as of June 30, 2025, compared to HKD 122.8 million as of December 31, 2024[36]. - The total bank and other borrowings decreased by approximately 15.7% to HKD 1,916.1 million as of June 30, 2025, from HKD 2,272.2 million as of December 31, 2024[36]. - The company generated net cash inflow from investing activities of HKD 743,444,000, a substantial increase from HKD 108,301,000 in 2024[51]. - The company reported a net cash outflow from operating activities of HKD 86,152,000 for the six months ended June 30, 2025, compared to a cash inflow of HKD 98,415,000 in 2024[51]. - The group maintained a current ratio of 1.0 and a debt-to-asset ratio of 70.6% as of June 30, 2025, indicating stable liquidity and financial leverage[36]. Market and Industry Trends - In the first half of 2025, the global electricity demand increased by approximately 3.5% year-on-year, driven by factors such as the rise of AI and cloud computing, increased air conditioning usage due to higher temperatures, and the electrification of manufacturing and heavy industries[9]. - The global energy industry is accelerating structural transformation, with a focus on the stability, flexibility, and regional autonomy of energy supply, providing clear growth directions for the group's distributed generation and system integration businesses[16]. - The group is committed to achieving carbon neutrality by 2050 and is focusing on developing distributed integrated energy solutions, including renewable energy and energy storage technologies[3]. Shareholder Information - Major shareholders include China General Technology (Group) Holding Limited, holding 4,068,590,511 shares (60.88%)[116]. - Publicly held shares account for at least 25% of the company's issued shares, meeting the public float requirement[118]. - The company has a stock option plan adopted on October 24, 2016, which remains valid for approximately one more year[107]. - The total number of shares that can be issued under the stock option plan and other stock option plans is capped at 30% of the company's issued share capital at any time[108]. - The stock reward plan, adopted on July 18, 2017, allows for the issuance of up to 318,717,526 shares, equivalent to about 4.77% of the company's issued shares as of January 1, 2025, and June 30, 2025[111]. Management Changes - Mr. Liu Ruikun will be appointed as an executive director effective September 1, 2025[3]. - Mr. Wang Jiachang will serve as the general manager of the Energy and Power Division of General Technology Group International Holdings Limited starting April 21, 2025[2]. - Mr. Lu Weijun will resign as an executive director effective September 1, 2025[3].

Financial Performance - The company reported a significant increase in revenue, achieving a total of $XX million, representing a YY% growth compared to the previous period[2]. - Total revenue for the six months ended June 30, 2025, was RMB 203,609,000, an increase of 8.1% from RMB 187,326,000 in the same period of 2024[18]. - Income from trading of medical equipment and consumables rose to RMB 195,437,000, up 21.8% from RMB 160,410,000 year-over-year[18]. - The company reported a profit and total comprehensive income of RMB 6,675,000 for the period, up from RMB 6,183,000 in 2024, representing an increase of 8.0%[18]. - For the six months ended June 30, 2025, the profit attributable to owners of the Company was RMB 6,755,000, an increase from RMB 6,042,000 in the same period of 2024, representing a growth of approximately 11.8%[63]. - The company recorded a profit before income tax of RMB 8,724,000 for the six months ended June 30, 2025[41]. - The total revenue for the reportable segments in the previous year (2024) was RMB 187,326,000, indicating growth in 2025[44]. User Engagement and Market Expansion - User data showed an increase in active users, reaching ZZ million, which is an increase of AA% year-over-year[2]. - The company is expanding its market presence in the Asia-Pacific region, targeting a growth rate of DD% in this segment over the next year[2]. - The company provided a positive outlook for the next quarter, projecting revenue growth of BB% and an increase in user engagement metrics[2]. Product Development and Innovation - New product launches are expected to contribute an additional $CC million in revenue, with a focus on innovative features and user experience[2]. - Ongoing research and development efforts have led to the introduction of new technologies, which are anticipated to enhance operational efficiency by EE%[2]. Cost Management and Profitability - Cost management strategies have been implemented, resulting in a reduction of operational expenses by FF%, improving overall profitability[2]. - Staff costs decreased from RMB 13.7 million for the Prior Period to approximately RMB 7.3 million for the Period[139]. - Other operating expenses decreased from approximately RMB 17.8 million for the Prior Period to approximately RMB 13.7 million for the Period[145]. Financial Position and Assets - Net current assets increased to RMB 288,208,000, compared to RMB 237,070,000 at the end of 2024, indicating a growth of 21.6%[20]. - Total equity as of June 30, 2025, was RMB 314,960,000, up from RMB 302,087,000 at the end of 2024, reflecting a growth of 4.9%[21]. - Non-current assets decreased to RMB 138,802,000 from RMB 162,839,000, a decline of 14.8%[20]. Financing Activities - The company issued new shares amounting to RMB 40,000,000 during the period, contributing to its financing activities[34]. - The Company issued Convertible Bonds I with an aggregate principal amount of HK$52,000,000, with a maximum of 34,437,085 ordinary shares potentially issuable upon full conversion[107]. - Convertible Bonds I bear an interest rate of 6% per annum, maturing 18 months from the date of issue, with an initial conversion price of HK$1.51 per share[106]. Sustainability and Corporate Responsibility - Management emphasized the importance of sustainability initiatives, with plans to reduce carbon emissions by HH% over the next five years[2]. Segment Performance - For the six months ended June 30, 2025, the reportable segment revenue totaled RMB 203,609,000, with the finance leasing service contributing RMB 3,813,000, trading business RMB 195,437,000, postpartum care service RMB 4,110,000, and other segment RMB 249,000[41]. - The reportable segment profit for the same period was RMB 19,144,000, with finance leasing service profit at RMB 7,814,000, trading business profit at RMB 12,064,000, and postpartum care service loss at RMB 1,181,000[41]. Cash Flow and Liquidity - Net cash used in operating activities improved to RMB (30,344,000) in 2025 from RMB (111,337,000) in 2024, indicating a reduction in cash outflow by approximately 72.7%[24]. - The company reported a net increase in cash and cash equivalents of RMB 7,030,000 for the six months ended June 30, 2025, compared to a net decrease of RMB (87,953,000) in 2024[24]. - As of June 30, 2025, bank balances and cash were approximately RMB 21.4 million, up from RMB 13.0 million as of December 31, 2024[157]. Shareholder Information - The company aims to enhance shareholder value through a proposed dividend increase of GG% in the upcoming fiscal year[2]. - Directors and chief executives held a total of 300 million shares, representing approximately 69.77% of the shareholding[186].

[Company Information](index=3&type=section&id=Company%20Information) This section provides an overview of the company's governance structure and contact details [Board of Directors and Committees](index=3&type=section&id=Board%20of%20Directors%20and%20Committees) This section lists the company's board members (executive directors, independent non-executive directors) and the composition of various committees (Audit Committee, Remuneration Committee, Nomination Committee) - The Board of Directors includes executive directors such as Chairperson Ms. Ji Chulian, Managing Director Mr. Chen Yucheng, and CFO and Company Secretary Mr. Chen Dachang, as well as independent non-executive directors Mr. Luo Guogui, Mr. Ma Shaoyuan, and Mr. Rong Yongqi[3](index=3&type=chunk) - The Audit Committee is chaired by Mr. Ma Shaoyuan, the Remuneration Committee by Mr. Luo Guogui, and the Nomination Committee by Mr. Rong Yongqi[3](index=3&type=chunk) [Company Contact Information](index=3&type=section&id=Company%20Contact%20Information) This section provides essential company information including registered office, principal place of business, share registrar, company website, investor relations contact, and stock code - The Company Secretary is Mr. Chen Dachang, and the auditor is KPMG[3](index=3&type=chunk) - The stock code is **00894**, the company website is www.manyue.com, and the investor relations email is ir@manyue.com[4](index=4&type=chunk) [Management Discussion and Analysis](index=5&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews the group's financial performance, business operations, liquidity, and future outlook [Financial Highlights](index=5&type=section&id=Financial%20Highlights) This section summarizes key financial metrics for the six months ended June 30, 2025, showing stable revenue and growth in gross profit and profit attributable to shareholders Unaudited Financial Highlights for the Six Months Ended June 30 | Indicator | 2025 (HK$ '000) | 2024 (HK$ '000) | Change | | :--- | :--- | :--- | :--- | | Revenue | 816,637 | 815,977 | +0.1% | | Gross Profit | 137,257 | 133,039 | +3.2% | | EBITDA | 66,673 | 68,704 | -3.0% | | Profit Attributable to Shareholders | 4,405 | 2,756 | +59.8% | | Earnings Per Share | 0.93 HK cents | 0.58 HK cents | +60.3% | [Financial Performance](index=5&type=section&id=Financial%20Performance) The group achieved robust financial performance with significant net profit growth, driven by strategic portfolio adjustments and cost control amidst global trade tensions and tariff changes - Revenue remained stable at **HK$816.64 million**, consistent with the same period in 2024, despite global trade tensions and tariff adjustments[7](index=7&type=chunk) - Gross profit margin remained stable year-on-year at approximately **16%**, attributed to product portfolio optimization and improved operational efficiency[7](index=7&type=chunk) - Finance costs decreased by nearly **16%** compared to the same period in 2024, primarily due to loan portfolio restructuring, converting high-interest HKD financing to lower-interest RMB financing[8](index=8&type=chunk) - Net profit attributable to shareholders increased by **59.8%** from HK$2.76 million to **HK$4.41 million**, mainly due to cost control, new product commercialization, reduced finance costs, and enhanced operational efficiency[6](index=6&type=chunk)[8](index=8&type=chunk) [Business Review](index=6&type=section&id=Business%20Review) The group demonstrated strong resilience, capitalizing on high-growth opportunities in advanced energy and AI infrastructure to offset traditional market slowdowns, achieving profit growth through operational optimization and R&D investment [Market Overview](index=6&type=section&id=Market%20Overview) The global passive electronic components market remained stable, with the group successfully strengthening its position in high-growth areas like advanced energy (energy storage systems) and AI infrastructure, offsetting sluggish demand in traditional applications - Strong demand in the advanced energy storage sector drove growth for specialized passive components such as high-voltage capacitors[9](index=9&type=chunk) - The AI revolution created immense demand for specialized passive components, with AI servers and accelerators requiring more components than traditional servers and commanding price premiums[9](index=9&type=chunk) - The group achieved stable revenue of **HK$816.64 million** by focusing R&D on advanced energy, adjusting its product portfolio, and optimizing manufacturing capabilities[9](index=9&type=chunk) [Operational Review](index=6&type=section&id=Operational%20Review) The group enhanced operational efficiency and competitive standing through advanced production optimization, stringent cost control, supply chain optimization, and R&D investment, supporting net profit growth - Implemented advanced production optimization technologies and stringent cost controls, enhancing manufacturing efficiency[10](index=10&type=chunk) - R&D investments in advanced energy (AI infrastructure and advanced energy storage solutions) achieved success, expanding market share[10](index=10&type=chunk) - Financial discipline, including comprehensive cost optimization and targeted R&D investments, is central to operations[10](index=10&type=chunk) [Liquidity and Financial Resources](index=7&type=section&id=Liquidity%20and%20Financial%20Resources) The group experienced a decrease in cash and cash equivalents and a slight increase in net gearing ratio, but maintained a healthy current ratio while closely monitoring foreign exchange risks Overview of Liquidity and Financial Resources | Indicator | June 30, 2025 (HK$ '000) | December 31, 2024 (HK$ '000) | Change | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 143,790 | 208,170 | -30.9% | | Total Outstanding Bank and Other Borrowings | 976,090 | 1,002,050 | -2.6% | | Net Gearing Ratio | 54.5% | 53.1% | +1.4% | | Net Working Capital | 136,860 | 147,190 | -7.0% | | Current Ratio | 1.09 times | 1.10 times | -0.01 times | - The group primarily conducts transactions in HKD, RMB, USD, and JPY, and closely monitors foreign exchange risks[11](index=11&type=chunk) [Outlook and Prospects](index=7&type=section&id=Outlook%20and%20Prospects) Looking ahead to the second half of 2025, the global economic environment remains challenging, but the group plans to address these challenges and seize growth opportunities through customer diversification, deeper client relationships, transformation into an integrated solutions partner, and geographically diversified manufacturing - The International Monetary Fund maintained its 2025 global economic growth forecast at **3.0%** but warned of inflationary pressures and geopolitical uncertainties[12](index=12&type=chunk) - The group will strengthen its market position by expanding and diversifying its customer base, deepening relationships with existing clients, providing customized engineering support, and enhancing technical collaboration[12](index=12&type=chunk) - Key strategic priorities include transforming from a traditional capacitor supplier to an integrated solutions partner, offering system solutions for advanced energy storage systems, AI infrastructure power management, and electric vehicle charging solutions[12](index=12&type=chunk) - The Board of Directors is confident in the group's strategic roadmap, technological capabilities, and financial stability, with geographically diversified manufacturing and localized supply chain initiatives enhancing resilience[13](index=13&type=chunk) [Employment and Remuneration Policies](index=8&type=section&id=Employment%20and%20Remuneration%20Policies) As of June 30, 2025, the group's total number of employees increased to 2,553, with remuneration policies based on fair reward, meritocracy, and market competitiveness, offering benefits such as provident funds, medical insurance, and performance-linked bonuses - As of June 30, 2025, the group's total number of employees was **2,553**, an increase from **2,227** as of December 31, 2024[14](index=14&type=chunk) - Remuneration policies are based on fair reward, incentivization, meritocracy, and competitive market-level compensation[14](index=14&type=chunk) - Employee benefits include salaries, provident fund contributions, medical insurance, and performance-linked bonuses[14](index=14&type=chunk) [Review Report on Interim Financial Statements](index=9&type=section&id=Review%20Report%20on%20Interim%20Financial%20Statements) This section presents KPMG's review report on the unaudited interim financial statements for the six months ended June 30, 2025 [Introduction](index=9&type=section&id=Introduction) KPMG has reviewed the interim financial statements of Man Yue Technology Holdings Limited for the six months ended June 30, 2025, prepared in accordance with the Listing Rules of The Stock Exchange of Hong Kong Limited and Hong Kong Accounting Standard 34 - The auditor has reviewed the interim financial statements for the six months ended June 30, 2025, including the consolidated statement of financial position and income statement[15](index=15&type=chunk) - The interim report is prepared in compliance with the Listing Rules of the Stock Exchange and Hong Kong Accounting Standard 34 "Interim Financial Reporting"[15](index=15&type=chunk) [Scope of Review](index=9&type=section&id=Scope%20of%20Review) The review was conducted in accordance with Hong Kong Standard on Review Engagements 2410, which is less extensive than an audit, and therefore no audit opinion is expressed - The review was conducted in accordance with Hong Kong Standard on Review Engagements 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Hong Kong Institute of Certified Public Accountants[16](index=16&type=chunk) - The scope of the review is substantially less than that of an audit, and therefore no audit opinion is expressed[16](index=16&type=chunk) [Conclusion](index=9&type=section&id=Conclusion) Based on the review, the auditor found no matters indicating that the interim financial report was not prepared, in all material respects, in accordance with Hong Kong Accounting Standard 34 - The auditor found no matters indicating that the interim financial report was not prepared, in all material respects, in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting"[17](index=17&type=chunk) [Unaudited Consolidated Income Statement](index=10&type=section&id=Unaudited%20Consolidated%20Income%20Statement) This section presents the group's unaudited consolidated income statement for the six months ended June 30, 2025 [Consolidated Income Statement Overview](index=10&type=section&id=Consolidated%20Income%20Statement%20Overview) For the six months ended June 30, 2025, the group maintained stable revenue, with increases in gross profit and profit attributable to shareholders, but a slight decrease in operating profit and a reduction in profit for the period due to increased income tax Unaudited Consolidated Income Statement (For the Six Months Ended June 30) | Indicator | 2025 (HK$ '000) | 2024 (HK$ '000) | Change | | :--- | :--- | :--- | :--- | | Revenue | 816,637 | 815,977 | +0.1% | | Cost of Sales | (679,380) | (682,938) | -0.5% | | Gross Profit | 137,257 | 133,039 | +3.2% | | Other Income | 8,481 | 3,842 | +120.7% | | Net Other Losses | (11,203) | (49) | +22763.3% | | Selling and Distribution Expenses | (24,152) | (26,117) | -7.5% | | Administrative Expenses | (79,093) | (78,469) | +0.8% | | Operating Profit | 31,290 | 32,246 | -2.96% | | Finance Costs | (21,763) | (25,852) | -15.8% | | Finance Income | 2,796 | 3,222 | -13.1% | | Share of Results of Joint Ventures | (4,641) | (2,483) | +86.9% | | Profit Before Tax | 7,682 | 7,133 | +7.7% | | Income Tax | (7,032) | (4,741) | +48.3% | | Profit for the Period | 650 | 2,392 | -72.8% | | Profit Attributable to Equity Holders of the Company | 4,405 | 2,756 | +59.8% | | Profit/(Loss) Attributable to Non-controlling Interests | (3,755) | (364) | +931.6% | | Basic Earnings Per Share | 0.93 HK cents | 0.58 HK cents | +60.3% | [Unaudited Consolidated Statement of Comprehensive Income](index=11&type=section&id=Unaudited%20Consolidated%20Statement%20of%20Comprehensive%20Income) This section presents the group's unaudited consolidated statement of comprehensive income for the six months ended June 30, 2025 [Consolidated Statement of Comprehensive Income Overview](index=11&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income%20Overview) For the six months ended June 30, 2025, the group's profit for the period decreased, but total comprehensive income for the period significantly increased due to a substantial positive impact from exchange differences, offsetting a revaluation deficit Unaudited Consolidated Statement of Comprehensive Income (For the Six Months Ended June 30) | Indicator | 2025 (HK$ '000) | 2024 (HK$ '000) | Change | | :--- | :--- | :--- | :--- | | Profit for the Period | 650 | 2,392 | -72.8% | | **Other Comprehensive Income:** | | | | | Asset Revaluation (Deficit)/Surplus after Tax | (20,816) | 3,890 | -635.3% | | Exchange Differences | 53,315 | (22,228) | +339.9% | | Other Comprehensive Income for the Period, after Tax | 32,499 | (18,338) | +277.2% | | **Total Comprehensive Income for the Period** | 33,149 | (15,946) | +307.9% | | Total Comprehensive Income Attributable to Equity Holders of the Company | 34,544 | (14,273) | +342.0% | | Total Comprehensive Income Attributable to Non-controlling Interests | (1,395) | (1,673) | -16.7% | [Unaudited Consolidated Statement of Financial Position](index=12&type=section&id=Unaudited%20Consolidated%20Statement%20of%20Financial%20Position) This section presents the group's unaudited consolidated statement of financial position as of June 30, 2025 [Consolidated Statement of Financial Position Overview](index=12&type=section&id=Consolidated%20Statement%20of%20Financial%20Position%20Overview) As of June 30, 2025, the group's total assets and liabilities remained stable, with a slight increase in non-current assets and a minor decrease in net current assets and current ratio, maintaining an overall sound financial position Unaudited Consolidated Statement of Financial Position (As of June 30) | Indicator | June 30, 2025 (HK$ '000) | December 31, 2024 (HK$ '000) | Change | | :--- | :--- | :--- | :--- | | **Non-current Assets** | | | | | Property, Plant and Equipment | 539,411 | 541,855 | -0.45% | | Investment Properties | 382,290 | 365,103 | +4.71% | | Total Non-current Assets | 1,502,730 | 1,494,114 | +0.58% | | **Current Assets** | | | | | Inventories | 616,901 | 606,725 | +1.68% | | Trade Receivables | 685,865 | 660,194 | +3.89% | | Cash and Cash Equivalents | 143,794 | 208,172 | -30.92% | | Total Current Assets | 1,612,993 | 1,653,763 | -2.59% | | **Current Liabilities** | | | | | Bank and Other Borrowings | 963,122 | 966,452 | -0.34% | | Total Current Liabilities | 1,476,129 | 1,506,574 | -2.02% | | **Net Assets** | 1,526,147 | 1,495,328 | +2.06% | | Total Equity | 1,526,147 | 1,495,328 | +2.06% | [Unaudited Consolidated Statement of Changes in Equity](index=14&type=section&id=Unaudited%20Consolidated%20Statement%20of%20Changes%20in%20Equity) This section presents the group's unaudited consolidated statement of changes in equity for the six months ended June 30, 2025 [Consolidated Statement of Changes in Equity Overview](index=14&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Equity%20Overview) For the six months ended June 30, 2025, total equity attributable to equity holders of the company increased, primarily due to the positive impact of exchange differences, despite a revaluation deficit Unaudited Consolidated Statement of Changes in Equity (For the Six Months Ended June 30) | Indicator | June 30, 2025 (HK$ '000) | January 1, 2024 (HK$ '000) | Change | | :--- | :--- | :--- | :--- | | Balance at Beginning of Period (Attributable to Equity Holders of the Company) | 1,466,730 | 1,516,817 | -3.3% | | Profit for the Period (Attributable to Equity Holders of the Company) | 4,405 | 2,756 | +59.8% | | Asset Revaluation Deficit/Surplus after Tax | (20,816) | 3,890 | -635.3% | | Exchange Differences | 50,955 | (20,919) | +343.6% | | Dividends Declared | (2,330) | - | N/A | | Balance at End of Period (Attributable to Equity Holders of the Company) | 1,498,944 | 1,502,544 | -0.24% | | Total Equity (End of Period) | 1,526,147 | 1,529,919 | -0.25% | [Unaudited Condensed Consolidated Cash Flow Statement](index=15&type=section&id=Unaudited%20Condensed%20Consolidated%20Cash%20Flow%20Statement) This section presents the group's unaudited condensed consolidated cash flow statement for the six months ended June 30, 2025 [Condensed Consolidated Cash Flow Statement Overview](index=15&type=section&id=Condensed%20Consolidated%20Cash%20Flow%20Statement%20Overview) For the six months ended June 30, 2025, the group experienced a decrease in net cash inflow from operating activities, an increase in net cash outflow from investing activities, and a decrease in net cash outflow from financing activities, leading to an expanded net decrease in cash and cash equivalents Unaudited Condensed Consolidated Cash Flow Statement (For the Six Months Ended June 30) | Indicator | 2025 (HK$ '000) | 2024 (HK$ '000) | Change | | :--- | :--- | :--- | :--- | | Net Cash Inflow from Operating Activities | 40,944 | 79,214 | -48.31% | | Net Cash Outflow from Investing Activities | (44,491) | (27,031) | +64.60% | | Net Cash Outflow from Financing Activities | (63,941) | (90,095) | -29.03% | | Net Decrease in Cash and Cash Equivalents | (67,488) | (37,912) | +77.99% | | Cash and Cash Equivalents at End of Period | 143,794 | 209,886 | -31.49% | [Notes to the Unaudited Consolidated Financial Statements](index=16&type=section&id=Notes%20to%20the%20Unaudited%20Consolidated%20Financial%20Statements) This section provides detailed notes supporting the unaudited consolidated financial statements [1 General Information](index=16&type=section&id=1%20General%20Information) The group's principal activities are the manufacturing and trading of electronic components and raw materials, with the company incorporated in Bermuda and listed on the Hong Kong Stock Exchange - The group's principal activities are the manufacturing and trading of electronic components and raw materials[27](index=27&type=chunk) - The company is incorporated in Bermuda and listed on The Stock Exchange of Hong Kong Limited[27](index=27&type=chunk)[28](index=28&type=chunk) [2 Basis of Preparation](index=16&type=section&id=2%20Basis%20of%20Preparation) The interim financial statements are prepared in accordance with the Listing Rules of the Stock Exchange and Hong Kong Accounting Standard 34 "Interim Financial Reporting" and have been reviewed by KPMG - The interim financial statements have been prepared in accordance with the Listing Rules of the Stock Exchange and Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants[29](index=29&type=chunk) - KPMG has reviewed the interim financial statements in accordance with Hong Kong Standard on Review Engagements 2410, but no audit was performed[29](index=29&type=chunk) [3 Changes in Accounting Policies](index=16&type=section&id=3%20Changes%20in%20Accounting%20Policies) The group has applied the amendments to Hong Kong Accounting Standard 21 "The Effects of Changes in Foreign Exchange Rates—Lack of Exchangeability," which had no material impact on these interim financial statements - The group has applied the amendments to Hong Kong Accounting Standard 21 "The Effects of Changes in Foreign Exchange Rates—Lack of Exchangeability"[30](index=30&type=chunk) - These amendments had no material impact on these interim financial statements as the group had no transactions where foreign currency was not exchangeable into another currency[30](index=30&type=chunk) [4 Estimates](index=17&type=section&id=4%20Estimates) The preparation of interim financial statements involves management's judgments, estimates, and assumptions regarding the application of accounting policies and the amounts of assets, liabilities, income, and expenses, with key sources of uncertainty consistent with the 2024 annual financial statements - The preparation of interim financial statements requires management to make judgments, estimates, and assumptions, and actual results may differ from these estimates[32](index=32&type=chunk) - The key sources of estimation uncertainty are consistent with those applied in the 2024 annual financial statements[32](index=32&type=chunk) [5 Fair Value Measurement of Financial Instruments](index=17&type=section&id=5%20Fair%20Value%20Measurement%20of%20Financial%20Instruments) The fair value of the group's financial instruments is classified into three levels according to Hong Kong Financial Reporting Standard 13, with most financial assets measured at fair value through profit or loss belonging to Level 3, and their fair value changes recognized in profit or loss Financial Assets Measured at Fair Value (June 30, 2025) | Category | Level 1 (HK$ '000) | Level 2 (HK$ '000) | Level 3 (HK$ '000) | Total (HK$ '000) | | :--- | :--- | :--- | :--- | :--- | | Financial Assets at Fair Value Through Profit or Loss – Non-current | – | – | 48,479 | 48,479 | | Financial Assets at Fair Value Through Profit or Loss – Current | 14 | – | – | 14 | | **Total** | 14 | – | 48,479 | 48,493 | - The fair value of Level 3 financial instruments is measured using discounted cash flow methods and valued by independent professional valuers at least twice a year[37](index=37&type=chunk) - As of June 30, 2025, the closing balance of Level 3 financial assets measured at fair value was **HK$48,493 thousand**, with a fair value loss of **HK$1,270 thousand** recognized during the period[37](index=37&type=chunk) [6 Segment Information](index=19&type=section&id=6%20Segment%20Information) The group operates in two main segments: manufacturing, sales, and distribution of electronic components, and investment, with the electronic components segment contributing the vast majority of revenue and stable gross margins, and the investment segment contributing to operating profit, with most revenue derived from mainland China - The group comprises two main operating segments: (i) manufacturing, sales, and distribution of electronic components; and (ii) investment[40](index=40&type=chunk) Segment Results (For the Six Months Ended June 30, 2025) | Indicator | Manufacturing, Sales and Distribution of Electronic Components (HK$ '000) | Investment (HK$ '000) | Total (HK$ '000) | | :--- | :--- | :--- | :--- | | Segment Revenue from External Customers | 816,637 | – | 816,637 | | Segment Gross Profit | 137,257 | – | 137,257 | | Gross Profit Margin (%) | 16.8% | – | 16.8% | | Operating Profit | 23,448 | 7,842 | 31,290 | | Operating Profit Margin (%) | 2.9% | N/A | 3.8% | Revenue from External Customers by Geographical Location (For the Six Months Ended June 30) | Region | 2025 (HK$ '000) | 2024 (HK$ '000) | | :--- | :--- | :--- | | Mainland China | 625,553 | 620,439 | | Taiwan | 79,906 | 81,856 | | Hong Kong | 30,741 | 40,239 | | Southeast Asia | 34,716 | 29,460 | | United States | 17,723 | 9,629 | | Europe | 17,649 | 20,596 | | **Total** | 816,637 | 815,977 | [7 Revenue](index=22&type=section&id=7%20Revenue) The group's revenue primarily stems from the manufacturing and trading of electronic components, with all revenue recognized at a point in time when control is transferred to the customer - Revenue refers to the net value of goods sold after deducting returns and discounts[45](index=45&type=chunk) - For the six months ended June 30, 2025, revenue from contracts with customers for manufacturing and trading electronic components was **HK$816,637 thousand**, largely consistent with the prior year period[46](index=46&type=chunk) [8 Other Income](index=22&type=section&id=8%20Other%20Income) The group's other income significantly increased, primarily driven by growth in government grants and "other" income, while rental income from investment properties slightly decreased Other Income (For the Six Months Ended June 30) | Item | 2025 (HK$ '000) | 2024 (HK$ '000) | Change | | :--- | :--- | :--- | :--- | | Government Grants | 2,035 | 261 | +679.7% | | Rental Income from Investment Properties | 1,846 | 2,787 | -33.8% | | Other | 4,477 | 3,422 | +30.8% | | **Total** | 8,481 | 3,842 | +120.7% | [9 Net Other Losses](index=23&type=section&id=9%20Net%20Other%20Losses) The group's net other losses significantly increased, mainly due to a substantial rise in net exchange losses, despite an increase in fair value gains on investment properties Net Other Losses (For the Six Months Ended June 30) | Item | 2025 (HK$ '000) | 2024 (HK$ '000) | Change | | :--- | :--- | :--- | :--- | | Fair Value Gains on Investment Properties | 7,266 | 674 | +978.0% | | Net Exchange (Losses)/Gains | (15,477) | 13,345 | -216.0% | | Fair Value Losses on Financial Assets at Fair Value Through Profit or Loss | (1,270) | (9,706) | -86.9% | | **Total** | (11,203) | (49) | +22763.3% | [10 Operating Profit](index=23&type=section&id=10%20Operating%20Profit) The group's operating profit is derived after deducting depreciation, amortization, inventory write-downs, and net reversal of expected credit losses, with increases in depreciation expense and inventory write-downs Components of Operating Profit (For the Six Months Ended June 30) | Item | 2025 (HK$ '000) | 2024 (HK$ '000) | Change | | :--- | :--- | :--- | :--- | | Depreciation Expense: Owned Property, Plant and Equipment | 24,735 | 24,802 | -0.27% | | Depreciation Expense: Right-of-use Assets | 12,209 | 10,618 | +14.98% | | Inventory Write-downs | 3,000 | 1,751 | +71.33% | | Additional Expected Credit Losses Recognized | 1,642 | 61 | +2591.8% | [11 Finance Costs](index=24&type=section&id=11%20Finance%20Costs) The group's finance costs decreased, primarily due to reduced interest expense on bank and other borrowings, with some interest expense capitalized as construction in progress Finance Costs (For the Six Months Ended June 30) | Item | 2025 (HK$ '000) | 2024 (HK$ '000) | Change | | :--- | :--- | :--- | :--- | | Interest Expense on Bank and Other Borrowings | 21,592 | 25,061 | -13.84% | | Interest Expense on Lease Liabilities | 971 | 1,375 | -29.38% | | Less: Interest Expense Capitalized as Construction in Progress | (800) | (584) | +37.0% | | **Total** | 21,763 | 25,852 | -15.82% | [12 Finance Income](index=24&type=section&id=12%20Finance%20Income) The group's finance income slightly decreased, mainly due to reduced interest income from time deposits and bank balances, while interest income from loans to a joint venture remained stable Finance Income (For the Six Months Ended June 30) | Item | 2025 (HK$ '000) | 2024 (HK$ '000) | Change | | :--- | :--- | :--- | :--- | | Interest Income from Loan to a Joint Venture | 2,647 | 2,692 | -1.67% | | Interest Income from Time Deposits and Bank Balances | 149 | 530 | -71.9% | | **Total** | 2,796 | 3,222 | -13.1% | [13 Income Tax](index=25&type=section&id=13%20Income%20Tax) The group's income tax expense significantly increased, primarily due to a shift from deferred tax income to expense and no assessable profit in Hong Kong, with mainland China subsidiaries subject to tax rates of 15% or 25% Income Tax (For the Six Months Ended June 30) | Item | 2025 (HK$ '000) | 2024 (HK$ '000) | Change | | :--- | :--- | :--- | :--- | | Current Tax: Outside Hong Kong | 4,871 | 4,948 | -1.56% | | Deferred Tax | 2,161 | (207) | +1143.5% | | **Total Tax Expense for the Period** | 7,032 | 4,741 | +48.3% | - No Hong Kong Profits Tax provision was made as there was no assessable profit in Hong Kong[52](index=52&type=chunk) - Mainland China subsidiaries are subject to preferential or statutory tax rates of **15%** or **25%**[52](index=52&type=chunk) [14 Earnings Per Share](index=25&type=section&id=14%20Earnings%20Per%20Share) For the six months ended June 30, 2025, basic earnings per share were 0.93 HK cents, an increase from the prior year, with diluted earnings per share being the same as basic earnings per share due to no potential dilutive ordinary shares - Basic earnings per share were **0.93 HK cents**, an increase of **60.3%** from **0.58 HK cents** in the same period of 2024[19](index=19&type=chunk)[54](index=54&type=chunk) - Diluted earnings per share were the same as basic earnings per share as there were no potential dilutive ordinary shares issued during the current and prior periods[54](index=54&type=chunk) [15 Dividends](index=26&type=section&id=15%20Dividends) The Board does not recommend an interim dividend for the current period but has approved a final dividend of 0.49 HK cents per ordinary share for the previous financial year, which has been included in dividends payable - The Board does not recommend the payment of an interim dividend for the current period[55](index=55&type=chunk) - A final dividend of **0.49 HK cents** per ordinary share for the previous financial year, amounting to **HK$2,330,000**, has been approved and included in "Dividends payable"[55](index=55&type=chunk) [16 Property, Plant and Equipment, Construction in Progress and Machinery Under Installation](index=26&type=section&id=16%20Property,%20Plant%20and%20Equipment,%20Construction%20in%20Progress%20and%20Machinery%20Under%20Installation) As of June 30, 2025, the net book value of property, plant and equipment, construction in progress, and machinery under installation slightly decreased, primarily due to revaluation deficits, though additions increased Changes in Property, Plant and Equipment, Construction in Progress (For the Six Months Ended June 30) | Item | 2025 (HK$ '000) | 2024 (HK$ '000) | Change | | :--- | :--- | :--- | :--- | | Net Book Value at Beginning of Period | 592,413 | 629,181 | -5.99% | | Additions: Self-owned Property, Plant and Equipment | 33,227 | 18,081 | +83.77% | | Revaluation (Deficit)/Surplus | (27,768) | 4,032 | -788.9% | | Net Book Value at End of Period | 574,755 | 607,640 | -5.41% | - As of June 30, 2025, the amount of machinery under installation expected to be transferred to property, plant and equipment was **HK$79,644,000**[56](index=56&type=chunk) [17 Prepaid Land Lease Payments](index=26&type=section&id=17%20Prepaid%20Land%20Lease%20Payments) As of June 30, 2025, the net book value of prepaid land lease payments slightly decreased, primarily due to amortization Changes in Prepaid Land Lease Payments (For the Six Months Ended June 30) | Item | 2025 (HK$ '000) | 2024 (HK$ '000) | Change | | :--- | :--- | :--- | :--- | | Net Book Value at Beginning of Period | 9,879 | 10,452 | -5.5% | | Amortization | (175) | (188) | -6.9% | | Net Book Value at End of Period | 9,854 | 10,191 | -3.3% | [18 Investment Properties](index=27&type=section&id=18%20Investment%20Properties) The group's investment properties' net book value increased, driven by additions and fair value gains, and are valued by independent professional valuers Changes in Investment Properties (For the Six Months Ended June 30) | Item | 2025 (HK$ '000) | 2024 (HK$ '000) | Change | | :--- | :--- | :--- | :--- | | Net Book Value at Beginning of Period | 365,103 | 373,858 | -2.34% | | Additions | 9,918 | – | N/A | | Fair Value Adjustment Gains | 7,266 | 674 | +978.0% | | Net Book Value at End of Period | 382,290 | 372,403 | +2.65% | - Investment properties are valued by an independent professional qualified valuer, Richfield Global Appraisal Advisory Limited, using valuation techniques consistent with those applied as of December 31, 2024[58](index=58&type=chunk) - All fair value measurements of investment properties are classified as Level 3, including completed residential/industrial/commercial properties and properties under development[60](index=60&type=chunk) [19 Trade and Other Receivables, Prepayments, Deposits and Other Receivables](index=29&type=section&id=19%20Trade%20and%20Other%20Receivables,%20Prepayments,%20Deposits%20and%20Other%20Receivables) The group's total trade receivables increased, with credit terms generally ranging from 90 to 150 days, and risks managed through a credit control department and credit insurance, showing the largest proportion of overdue receivables in the 1-3 month aging category Trade and Other Receivables, Prepayments, Deposits and Other Receivables (As of June 30) | Item | June 30, 2025 (HK$ '000) | December 31, 2024 (HK$ '000) | Change | | :--- | :--- | :--- | :--- | | Trade Receivables | 685,865 | 660,194 | +3.89% | | Prepayments, Deposits and Other Receivables | 146,248 | 158,520 | -7.62% | | **Total** | 832,113 | 818,714 | +1.64% | - Credit terms are generally **90 days**, extendable to a maximum of **150 days** for major customers, with credit risk hedged through a credit control department and credit insurance[61](index=61&type=chunk)[62](index=62&type=chunk) Aging Analysis of Trade Receivables (As of June 30) | Aging | June 30, 2025 (HK$ '000) | December 31, 2024 (HK$ '000) | | :--- | :--- | :--- | | 1 to 3 Months | 618,427 | 576,119 | | 4 to 6 Months | 28,094 | 58,732 | | 7 to 12 Months | 24,130 | 25,276 | | Over 1 Year | 15,214 | 67 | [20 Trade and Bills Payables](index=30&type=section&id=20%20Trade%20and%20Bills%20Payables) As of June 30, 2025, the group's total trade and bills payables slightly decreased, with the largest proportion of trade payables falling within the 1-3 month aging category Aging Analysis of Trade and Bills Payables (As of June 30) | Aging | June 30, 2025 (HK$ '000) | December 31, 2024 (HK$ '000) | | :--- | :--- | :--- | | 1 to 3 Months | 278,538 | 261,234 | | 4 to 6 Months | 23,028 | 40,506 | | 7 to 12 Months | 1,150 | 2,230 | | Over 1 Year | 4,245 | 14,904 | | Bills Payable | 6,900 | 4,934 | | **Total** | 313,861 | 323,808 | [21 Bank and Other Borrowings](index=30&type=section&id=21%20Bank%20and%20Other%20Borrowings) The group's total bank and other borrowings slightly decreased, but some loans were classified as current liabilities due to covenant breaches, for which bank waivers have been obtained Bank and Other Borrowings (As of June 30) | Item | June 30, 2025 (HK$ '000) | December 31, 2024 (HK$ '000) | Change | | :--- | :--- | :--- | :--- | | Repayable within 1 Year | 897,790 | 936,154 | -4.09% | | Repayable in the 2nd Year | 41,283 | 49,628 | -16.82% | | Repayable in the 3rd to 5th Year | 37,018 | 16,271 | +127.5% | | **Total** | 976,091 | 1,002,053 | -2.59% | - The group breached two financial covenant provisions, resulting in **HK$276,683,000** of bank loans being classified as current liabilities, but bank waiver letters have been obtained[66](index=66&type=chunk) [22 Share Capital](index=31&type=section&id=22%20Share%20Capital) As of June 30, 2025, the group's authorized and issued and fully paid share capital remained unchanged at HK$47,555 thousand, representing 475,547,534 shares Share Capital Information (As of June 30) | Item | June 30, 2025 (HK$ '000) | December 31, 2024 (HK$ '000) | | :--- | :--- | :--- | | Authorized Share Capital (1,000,000,000 shares of HK$0.10 each) | 100,000 | 100,000 | | Issued and Fully Paid Share Capital (475,547,534 shares of HK$0.10 each) | 47,555 | 47,555 | - Issued share capital and share premium remained unchanged during the reporting period[67](index=67&type=chunk) [23 Reserves](index=32&type=section&id=23%20Reserves) As of June 30, 2025, the group's total reserves increased, primarily due to a significant positive impact from the exchange fluctuation reserve, offsetting a deficit in the asset revaluation reserve Changes in Reserves (For the Six Months Ended June 30) | Item | January 1, 2025 (HK$ '000) | June 30, 2025 (HK$ '000) | Change | | :--- | :--- | :--- | :--- | | Share Premium | 165,458 | 165,458 | 0% | | Asset Revaluation Reserve | 191,014 | 170,198 | -10.9% | | Exchange Fluctuation Reserve | (63,152) | (12,197) | +80.7% | | Retained Profits | 1,050,999 | 1,053,074 | +0.2% | | **Total** | 1,419,175 | 1,451,389 | +2.27% | - Profit for the period and exchange differences had a positive impact on reserves, while the asset revaluation deficit had a negative impact[68](index=68&type=chunk) [24 Capital Commitments](index=33&type=section&id=24%20Capital%20Commitments) As of June 30, 2025, the group's contracted but unprovided capital commitments primarily related to plant and machinery, amounting to HK$58,748 thousand, an increase from the end of the previous year Capital Commitments (As of June 30) | Item | June 30, 2025 (HK$ '000) | December 31, 2024 (HK$ '000) | Change | | :--- | :--- | :--- | :--- | | Contracted but not provided for: Plant and Machinery | 58,748 | 50,866 | +15.49% | [25 Related Party Transactions](index=33&type=section&id=25%20Related%20Party%20Transactions) The group engages in significant related party transactions with joint ventures, including raw material purchases, rent payments, and loan interest income, and discloses key management personnel compensation - Man Yue Holdings Inc. is the largest shareholder, holding **44.09%** equity interest, with the ultimate controlling party being Chairperson Ms. Ji Chulian[70](index=70&type=chunk) Significant Transactions with Joint Ventures (For the Six Months Ended June 30) | Item | 2025 (HK$ '000) | 2024 (HK$ '000) | Change | | :--- | :--- | :--- | :--- | | Purchase of Raw Materials | 7,159 | 4,690 | +52.6% | | Lease Rental Payments | 6,504 | 6,615 | -1.7% | | Interest Income | 2,647 | 2,692 | -1.7% | - Interest on loans to a joint venture is calculated at **4.90%** per annum, with most loans being unsecured, interest-free, and repayable on demand[71](index=71&type=chunk)[72](index=72&type=chunk) Key Management Personnel Compensation (For the Six Months Ended June 30) | Item | 2025 (HK$ '000) | 2024 (HK$ '000) | Change | | :--- | :--- | :--- | :--- | | Salaries and Allowances | 7,192 | 6,432 | +11.8% | | Provident Fund Contributions | 27 | 27 | 0% | | **Total** | 7,219 | 6,459 | +11.8% | [Corporate Governance and Other Information](index=35&type=section&id=Corporate%20Governance%20and%20Other%20Information) This section covers corporate governance practices, directors' and major shareholders' interests, and other relevant disclosures [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures](index=35&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests%20and%20Short%20Positions%20in%20Shares,%20Underlying%20Shares%20and%20Debentures) This section discloses the long positions of directors and the chief executive in the company's ordinary shares and underlying shares, highlighting significant holdings by Chairperson Ms. Ji Chulian and Managing Director Mr. Chen Yucheng through controlled corporations and beneficial ownership Directors' Long Positions in the Company's Ordinary Shares and Underlying Shares (As of June 30, 2025) | Director | Capacity | Nature of Interest | Number of Shares Held | Approximate Percentage of the Company's Issued Share Capital | | :--- | :--- | :--- | :--- | :--- | | Ji Chulian | Interest in Controlled Corporation | Corporate | 146,782,767 | 30.87% | | Ji Chulian | Beneficial Owner | Individual | 51,634,334 | 10.86% | | **Ji Chulian Total** | | | 198,417,101 | 41.73% | | Chen Yucheng | Interest in Controlled Corporation | Corporate | 62,906,900 | 13.23% | | Chen Yucheng | Beneficial Owner | Individual | 4,716,666 | 0.99% | | **Chen Yucheng Total** | | | 67,623,566 | 14.22% | - Man Yue Holdings Inc. is owned **70%** by Ms. Ji Chulian and **30%** by Mr. Chen Yucheng[74](index=74&type=chunk) [Substantial Shareholders' and Other Persons' Interests and Short Positions in Shares and Underlying Shares](index=36&type=section&id=Substantial%20Shareholders'%20and%20Other%20Persons'%20Interests%20and%20Short%20Positions%20in%20Shares%20and%20Underlying%20Shares) Apart from the directors, Man Yue Holdings Inc. is the only substantial shareholder holding 5% or more interest in the company's issued share capital Substantial Shareholders' Long Positions in the Company's Shares (As of June 30, 2025) | Name | Capacity and Nature of Interest | Number of Ordinary Shares Held | Approximate Percentage of the Company's Issued Share Capital | | :--- | :--- | :--- | :--- | | Man Yue Holdings Inc. | Individual/Beneficial Owner | 209,689,667 | 44.09% | [Directors' Rights to Acquire Shares or Debentures](index=36&type=section&id=Directors'%20Rights%20to%20Acquire%20Shares%20or%20Debentures) During the period, no director or their spouse/minor children were granted or exercised any rights to acquire shares or debentures of the company - As of the current period, no director or their spouse or minor children were granted or exercised any rights to acquire benefits by purchasing shares or debentures of the company[76](index=76&type=chunk) [Purchase, Sale or Redemption of the Company's Shares](index=36&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20the%20Company's%20Shares) For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's shares - For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's shares[77](index=77&type=chunk) [Compliance with Corporate Governance Code](index=36&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The company has complied with the applicable code provisions of the Corporate Governance Code as set out in Appendix C1 to the Listing Rules during the period - The company has complied with the applicable code provisions of the Corporate Governance Code as set out in Appendix C1 to the Listing Rules[78](index=78&type=chunk) [Compliance with Model Code](index=36&type=section&id=Compliance%20with%20Model%20Code) The company has adopted the Model Code as set out in Appendix C3 to the Listing Rules, and all directors confirmed full compliance with the code during the period after due enquiry - The company has adopted the Model Code as set out in Appendix C3 to the Listing Rules as the code of conduct for directors' dealings in the company's securities[79](index=79&type=chunk) - All directors confirmed their full compliance with the Model Code during the period[79](index=79&type=chunk) [Scope of Work of the Audit Committee and KPMG](index=37&type=section&id=Scope%20of%20Work%20of%20the%20Audit%20Committee%20and%20KPMG) The company's Audit Committee has reviewed the group's unaudited consolidated financial statements for the six months ended June 30, 2025, and KPMG has also conducted a review in accordance with relevant standards - The company's Audit Committee has reviewed the group's unaudited consolidated financial statements for the six months ended June 30, 2025[80](index=80&type=chunk) - KPMG has reviewed the interim financial statements in accordance with Hong Kong Standard on Review Engagements 2410[80](index=80&type=chunk) [Interim Dividend](index=37&type=section&id=Interim%20Dividend) The Board does not recommend an interim dividend for the current period but has approved a final dividend of 0.49 HK cents per ordinary share for the previous financial year - The Board does not recommend the payment of an interim dividend for the current period[81](index=81&type=chunk) - A final dividend of **0.49 HK cents** per ordinary share for the previous financial year, amounting to **HK$2,330,000**, has been approved[81](index=81&type=chunk) [Publication of Interim Report](index=37&type=section&id=Publication%20of%20Interim%20Report) This interim report is printed in English and Chinese, available in electronic and printed forms, free for download on the company's website, and shareholders can request printed copies by mail - The interim report is printed in English and Chinese, available in both electronic and printed forms[82](index=82&type=chunk) - The electronic version is available for free download on the company's website www.manyue.com, and shareholders may request free printed copies[82](index=82&type=chunk) [Acknowledgement](index=37&type=section&id=Acknowledgement) The Board expresses its gratitude to all employees, customers, suppliers, banks, and shareholders for their support - The Board extends its sincere gratitude to all employees for their loyalty and contributions, and to customers, suppliers, banks, and shareholders for their continuous support[83](index=83&type=chunk)

2025 中期報告 | | 目錄 | | --- | --- | | 公司資料 | 02 | | 未經審核簡明綜合全面收益表 | 03 | | 未經審核簡明綜合財務狀況表 | 04 | | 未經審核簡明綜合權益變動表 | 05 | | 未經審核簡明綜合現金流量表 | 06 | | 未經審核簡明綜合財務資料附註 | 07 | | 管理層討論及分析 | 15 | | 中期股息 | 17 | | 企業管治及其他資料 | 18 | 公司資料 董事會 執行董事 梁振華先生 （行政總裁） 鄧自然先生 周啟超先生 非執行董事 翁國基先生 （主席） 李碧玫女士 獨立非執行董事 梁文釗先生 潘澤生先生 何志成先生 審核委員會 梁文釗先生 （主席） 翁國基先生 潘澤生先生 薪酬委員會 潘澤生先生 （主席） 翁國基先生 梁文釗先生 提名委員會 翁國基先生 （主席） 潘澤生先生 梁文釗先生 李碧玫女士 （於二零二五年六月十三日獲委任） 何志成先生 （於二零二五年六月十三日獲委任） 主要往來銀行 香港上海滙豐銀行有限公司 恒生銀行有限公司 公司秘書 李嘉文女士 ACG, HKACG 註冊辦事處 Windward 3, Regatta ...