（股份代號：00816） 截至2025年6月30日止六個月 中期業績公告 摘要 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 JINMAO PROPERTY SERVICES CO., LIMITED 金茂物業服務發展股份有限公司 （於香港註冊成立之有限公司） 1 • 截至2025年6月30日止六個月，本集團總收入約為人民幣1,783.4百萬元， 較截至2024年6月30日止六個月的約人民幣1,491.4百萬元增加約人民幣 292.0百萬元或19.6%。 • 截至2025年6月30日止六個月，本集團毛利約為人民幣401.6百萬元，較截 至2024年6月30日止六個月的約人民幣366.4百萬元增加約9.6%。 • 截至2025年6月30日止六個月，本集團期內利潤約為人民幣184.4百萬元， 較截至2024年6月30日止六個月的約人民幣181.0百萬元增加約1.9%。 • 截至2025年6月30日止六個月，本公司普通權益持有人應佔每股盈利約為 每股人民 ...

[Financial and Operational Summary](index=1&type=section&id=Financial%20and%20Operational%20Summary) [Financial Summary for the Six Months Ended June 30](index=1&type=section&id=截至六月三十日止六個月財務概要) Revenue decreased by 1.9% to RMB 443.9 million, resulting in a loss attributable to owners of the parent of RMB 40.6 million, with basic loss per share at RMB 1.26 cents and operating cash outflow increasing by 25.9% **Financial Summary for the Six Months Ended June 30 (RMB millions):** | Indicator | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Revenue | 443.9 | 452.4 | -1.9% | | Loss / (Profit) attributable to owners of the parent | (40.6) | 8.2 | N/A | | Basic Loss / (Earnings) per share (RMB cents) | (1.26) | 0.25 | N/A | | Interim dividend per share (HK cents) | – | – | N/A | | Net cash flow (used in) / from operating activities | (188.3) | (149.5) | +25.9% | - The company shifted from a profit of **RMB 8.2 million** in the prior period to a loss of **RMB 40.6 million** in the current period[2](index=2&type=chunk) [Operational Summary for the Six Months Ended June 30](index=1&type=section&id=截至六月三十日止六個月營運概要) Total assets slightly increased, but inventory and accounts receivable turnover days rose, indicating potential operational efficiency decline, while accounts payable turnover days decreased **Operational Summary for the Six Months Ended June 30 (RMB millions/days):** | Indicator | H1 2025 | FY 2024 | H1 2024 | | :--- | :--- | :--- | :--- | | Total assets | 2,843.6 | 2,829.2 | 2,996.1 | | Inventory turnover days – Raw materials | 79.3 | 61.1 | 60.6 | | Inventory turnover days – Finished goods and work-in-progress | 322.4 | 223.4 | 232.9 | | Accounts receivable turnover days | 63.2 | 61.3 | 66.4 | | Accounts payable turnover days | 62.4 | 67.0 | 62.3 | - Inventory turnover days (raw materials and finished goods) and accounts receivable turnover days both increased, indicating a potential decline in operational efficiency[2](index=2&type=chunk) [Condensed Consolidated Financial Statements](index=2&type=section&id=簡明綜合財務報表) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=簡明綜合損益及其他全面收益表) Revenue declined by 1.9% and gross profit by 34.5%, shifting the company from profit to a **RMB 40.586 million** loss attributable to owners of the parent, exacerbated by increased income tax expense **Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30, RMB thousands):** | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | 443,914 | 452,357 | | Cost of sales | (392,193) | (373,334) | | Gross profit | 51,721 | 79,023 | | Other income and gains, net | 14,525 | 31,862 | | Selling and distribution expenses | (14,961) | (18,579) | | Administrative expenses | (65,862) | (59,640) | | Finance costs | (2,548) | (3,713) | | Profit / (Loss) before tax | (21,074) | 18,703 | | Income tax expense | (18,012) | (9,724) | | Profit / (Loss) for the period | (39,086) | 8,979 | | Profit / (Loss) attributable to owners of the parent | (40,586) | 8,231 | | Profit / (Loss) attributable to non-controlling interests | 1,500 | 748 | | Basic Earnings / (Loss) per share (RMB cents) | (1.26) | 0.25 | - Profit for the period shifted from **RMB 8,979 thousand** in the prior period to a loss of **RMB 39,086 thousand** in 2025, primarily due to a significant decrease in gross profit and increased income tax expense[4](index=4&type=chunk) [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=簡明綜合財務狀況報表) Total assets slightly decreased, driven by reduced fixed deposits and increased interest-bearing bank borrowings and dividends payable, resulting in lower net current assets and net assets **Condensed Consolidated Statement of Financial Position (As at June 30, 2025, RMB thousands):** | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Non-current assets** | | | | Property, plant and equipment | 906,204 | 977,416 | | Investment properties | 78,322 | 30,828 | | Fixed deposits | 10,000 | 114,000 | | Total non-current assets | 1,162,005 | 1,289,642 | | **Current assets** | | | | Inventories | 912,803 | 813,976 | | Accounts receivable and bills receivable | 148,544 | 158,838 | | Cash and cash equivalents | 558,602 | 503,804 | | Total current assets | 1,681,619 | 1,539,538 | | **Current liabilities** | | | | Accounts payable and bills payable | 51,270 | 111,160 | | Interest-bearing bank borrowings | 410,295 | 240,285 | | Dividends payable | 117,842 | – | | Total current liabilities | 672,050 | 508,356 | | Net current assets | 1,009,569 | 1,031,182 | | Net assets | 2,133,017 | 2,292,691 | - Fixed deposits within non-current assets significantly decreased from **RMB 114,000 thousand** at the end of 2024 to **RMB 10,000 thousand** as of June 30, 2025[6](index=6&type=chunk) - Interest-bearing bank borrowings in current liabilities increased from **RMB 240,285 thousand** at the end of 2024 to **RMB 410,295 thousand** as of June 30, 2025, and dividends payable increased from zero to **RMB 117,842 thousand**[6](index=6&type=chunk) [Notes to the Condensed Interim Financial Information](index=6&type=section&id=簡明中期財務資料附註) [1. Company Information](index=6&type=section&id=1.%20公司資料) The company, registered in the Cayman Islands, primarily manufactures and sells edible collagen casings, collagen food, skincare, and medical biomaterials - The company's main business encompasses the manufacturing and sale of edible collagen casings, collagen food, skincare products, and high-molecular collagen medical biomaterials[8](index=8&type=chunk) [2.1 Basis of Preparation and Accounting Policies](index=6&type=section&id=2.1%20編製基準及會計政策) Interim financial information is prepared under HKAS 34 'Interim Financial Reporting' and should be read with the 2024 annual consolidated financial statements - Interim financial information is prepared in accordance with Hong Kong Accounting Standard 34 'Interim Financial Reporting'[9](index=9&type=chunk) [2.2 Changes in Accounting Policies](index=6&type=section&id=2.2%20會計政策變動) The company adopted HKAS 21 (Revised) 'Lack of Exchangeability', which had no impact on interim financial information due to currency convertibility - The company first adopted HKAS 21 (Revised) 'Lack of Exchangeability', but it had no impact on the financial information[10](index=10&type=chunk) [3. Operating Segment Information](index=7&type=section&id=3.%20經營分部資料) Edible collagen casings generate over 90% of revenue, primarily from mainland China, where most non-current assets are located, and a new major customer emerged - Edible collagen casing products contributed over **90%** of the Group's revenue[11](index=11&type=chunk) **Revenue from External Customers (For the six months ended June 30, RMB thousands):** | Region | 2025 | 2024 | | :--- | :--- | :--- | | Mainland China | 387,600 | 380,261 | | Asia (excluding Mainland China) | 36,246 | 48,162 | | Other countries / regions | 20,068 | 23,934 | | Total | 443,914 | 452,357 | - As of June 30, 2025, a major customer accounted for over **10%** of the Group's revenue, contributing **RMB 49,431 thousand**[14](index=14&type=chunk) [4. Revenue](index=8&type=section&id=4.%20收入) Total revenue decreased by 1.9% to **RMB 443.914 million**, with 99.99% derived from goods transferred at a point in time **Revenue Breakdown (For the six months ended June 30, RMB thousands):** | Revenue Source | 2025 | 2024 | | :--- | :--- | :--- | | Goods transferred at a point in time | 443,885 | 452,323 | | Services transferred over time | 29 | 34 | | Total | 443,914 | 452,357 | [5. Other Income and Gains, Net](index=8&type=section&id=5.%20其他收入及收益，淨額) Other income and gains, net, significantly decreased by **54.4%** to **RMB 14.525 million**, mainly due to reduced bank interest, government grants, and auxiliary material sales **Analysis of Other Income and Gains, Net (For the six months ended June 30, RMB thousands):** | Item | 2025 | 2024 | | :--- | :--- | :--- | | Bank interest income | 7,602 | 17,156 | | Government grants | 1,826 | 4,887 | | Sales of auxiliary materials | 1,930 | 3,596 | | Total | 14,525 | 31,862 | - Other income and gains, net, decreased by **54.4%** year-on-year, primarily due to reduced bank interest income and government grants[16](index=16&type=chunk) [6. Finance Costs](index=8&type=section&id=6.%20融資成本) Finance costs decreased by **31.4%** to **RMB 2.548 million**, primarily driven by lower bank loan interest **Finance Costs (For the six months ended June 30, RMB thousands):** | Item | 2025 | 2024 | | :--- | :--- | :--- | | Interest on bank loans | 2,387 | 3,627 | | Interest on lease liabilities | 161 | 86 | | Total | 2,548 | 3,713 | [7. Profit / (Loss) Before Tax](index=9&type=section&id=7.%20除稅前盈利╱（虧損）) The company shifted from pre-tax profit to a **RMB 21.074 million** loss, impacted by lower gross profit, increased inventory provisions, and fair value losses **Profit / (Loss) Before Tax after deducting / (crediting) items (For the six months ended June 30, RMB thousands):** | Item | 2025 | 2024 | | :--- | :--- | :--- | | Cost of inventories sold | 335,472 | 334,283 | | Depreciation of property, plant and equipment | 37,842 | 35,150 | | Provision for obsolete and slow-moving inventories | 22,622 | 2,775 | | Impairment of accounts receivable and bills receivable | 3,027 | 6,395 | | Fair value loss / (gain) on investment properties, net | 258 | (574) | - Profit before tax shifted from **RMB 18,703 thousand** in the prior period to a loss of **RMB 21,074 thousand** in 2025[4](index=4&type=chunk) - Provision for obsolete and slow-moving inventories significantly increased from **RMB 2,775 thousand** in 2024 to **RMB 22,622 thousand** in 2025[18](index=18&type=chunk) [8. Income Tax Expense](index=9&type=section&id=8.%20所得稅開支) Income tax expense significantly increased by **85.2%** to **RMB 18.012 million**, mainly due to financial planning adjustments between China and Hong Kong entities, resulting in dividend withholding tax **Income Tax Expense (For the six months ended June 30, RMB thousands):** | Item | 2025 | 2024 | | :--- | :--- | :--- | | Current – China | 10,712 | 12,865 | | Current – Hong Kong | 647 | 406 | | Deferred tax | 6,653 | (3,547) | | Total tax expense for the period | 18,012 | 9,724 | - Income tax expense increased from **RMB 9,724 thousand** in the prior period to **RMB 18,012 thousand** in 2025, an increase of **85.2%**[21](index=21&type=chunk) - The increase in income tax expense is primarily due to overall financial planning adjustments between the Group's companies in China and Hong Kong, resulting in dividend withholding tax expenses and provisions[48](index=48&type=chunk) [9. Dividends](index=10&type=section&id=9.%20股息) The company declared and paid **RMB 118.328 million** in 2024 final and special dividends, but the Board does not recommend an interim dividend for this period **Dividends Declared and Paid (For the six months ended June 30, RMB thousands):** | Item | 2025 | 2024 | | :--- | :--- | :--- | | Final dividend declared and paid for 2024 | 59,164 | 58,725 | | Special dividend declared and paid for 2024 | 59,164 | 58,725 | | Total | 118,328 | 117,450 | - The Board does not recommend paying any interim dividend for this reporting period[22](index=22&type=chunk) [10. Earnings / (Loss) Per Share Attributable to Owners of the Parent](index=11&type=section&id=10.%20母公司普通股權益持有人應佔每股盈利╱（虧損）) Basic loss per share attributable to owners of the parent was **RMB 1.26 cents**, a shift from **RMB 0.25 cents** profit in the prior period, with no dilutive shares **Earnings / (Loss) Per Share Attributable to Owners of the Parent (For the six months ended June 30, RMB cents per share):** | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Basic and diluted | (1.26) | 0.25 | - Basic earnings per share shifted from a profit of **RMB 0.25 cents** in the prior period to a loss of **RMB 1.26 cents** in the current period[23](index=23&type=chunk) [11. Accounts Receivable and Bills Receivable](index=11&type=section&id=11.%20應收賬款及應收票據) Total accounts receivable and bills receivable slightly decreased to **RMB 148.544 million**, with the majority aged within three months **Aging Analysis of Accounts Receivable and Bills Receivable (As at June 30, RMB thousands):** | Aging | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 1 month | 48,496 | 72,326 | | 1 to 3 months | 47,038 | 43,777 | | 3 to 6 months | 44,576 | 33,653 | | 6 months to 1 year | 4,807 | 3,618 | | Over 1 year | 3,627 | 5,464 | | Total | 148,544 | 158,838 | [12. Accounts Payable and Bills Payable](index=11&type=section&id=12.%20應付賬款及應付票據) Total accounts payable and bills payable significantly decreased by **53.9%** to **RMB 51.270 million**, with the largest portion due within one month **Aging Analysis of Accounts Payable and Bills Payable (As at June 30, RMB thousands):** | Aging | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 1 month | 35,594 | 38,257 | | 1 to 2 months | 499 | 12,168 | | 2 to 3 months | 1,162 | 9,753 | | 3 to 6 months | 6,002 | 41,396 | | Over 6 months | 8,013 | 9,586 | | Total | 51,270 | 111,160 | - Total accounts payable and bills payable significantly decreased by **53.9%** from **RMB 111,160 thousand** at the end of 2024 to **RMB 51,270 thousand** as of June 30, 2025[25](index=25&type=chunk) [13. Share Capital](index=12&type=section&id=13.%20股本) Authorized share capital remained at **HKD 200,000 thousand**, with issued and fully paid share capital at **HKD 32,305 thousand** (equivalent to **RMB 27,807 thousand**), consistent with 2024 year-end **Share Capital (As at June 30, RMB thousands):** | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Authorized share capital (20,000,000,000 ordinary shares of HKD 0.01 each) | 200,000 (HKD) | 200,000 (HKD) | | Issued and fully paid share capital (3,230,480,000 ordinary shares of HKD 0.01 each) | 32,305 (HKD) | 32,305 (HKD) | | Equivalent (RMB thousands) | 27,807 | 27,807 | [Management Discussion and Analysis](index=13&type=section&id=管理層討論及分析) [Market Review](index=13&type=section&id=市場回顧) China's GDP grew by **5.3%** in H1 2025, with future policies expected to boost domestic consumption and drive collagen casing market growth - China's GDP grew by **5.3%** year-on-year in the first half of 2025, with the national economy maintaining overall resilience[27](index=27&type=chunk) - Future policies are expected to further unleash domestic consumption potential, driving sustained growth in China's collagen casing market demand[27](index=27&type=chunk) [Business Review](index=13&type=section&id=業務回顧) The Group focused on quality and high-end products, expanding into food, skincare, and medical biomaterials, with the latter showing exceptional performance in R&D and approvals - The Group's core guiding principle is "strengthening standard management and solidifying new product quality," with a focus on increasing the proportion of high-end casing products, accounting for approximately **40%** of first-half sales volume[28](index=28&type=chunk) - The Group is intensifying market development efforts in new business areas such as collagen food, skincare products, and high-molecular collagen medical biomaterials[28](index=28&type=chunk) [Collagen Casings](index=14&type=section&id=膠原蛋白腸衣) New collagen casing products gained significant market acceptance, production efficiency improved through innovation, and raw material sourcing and cost management were enhanced - Market acceptance for the six new series of collagen casing products significantly improved after market promotion[29](index=29&type=chunk) - Production processes were optimized through technological innovation, equipment upgrades, and resource investment, enhancing production efficiency[29](index=29&type=chunk) - Raw material import channels were expanded, and domestic acquisition points increased to ensure stable supply, while standardized management of equipment and spare parts was implemented to reduce costs[29](index=29&type=chunk) [High-Molecular Collagen Medical Biomaterials, Collagen Food and Skincare Products](index=14&type=section&id=高分子膠原蛋白醫用生物材料、膠原蛋白食品及膠原蛋白護膚品) Non-casing business sales grew by **93%**, led by high-molecular collagen medical biomaterials with strong performance and progress in medical device approvals, exceeding FDA standards - Sales of business segments other than collagen casings increased by approximately **93%** year-on-year, with high-molecular collagen medical biomaterials performing exceptionally well[30](index=30&type=chunk) - The endotoxin content of medical collagen raw materials is only **0.01EU/ml**, superior to the US FDA standard of **0.5EU/ml**[30](index=30&type=chunk) - Documentation for the "Collagen Bone Graft Material (Artificial Bone)" Class III medical device product license approval is being finalized, and clinical trials for "Dental Medical Collagen Sponge" have been completed, with plans to enter the application process in the second half of the year[30](index=30&type=chunk) [Group Accolades](index=14&type=section&id=集團榮譽) The 'Shenguan' brand was recognized among China's Top 500 Most Valuable Brands, maintaining its research center status, holding **116 patents**, and collaborating on research with universities - The "Shenguan" brand was evaluated by the World Brand Lab as one of China's Top 500 Most Valuable Brands in 2025[31](index=31&type=chunk) **Group Patent Status (As at June 30, 2025):** | Patent Authority | Total Granted | In Force | Pending | | :--- | :--- | :--- | :--- | | China National Intellectual Property Administration | 108 | 71 | 22 | | Taiwan Intellectual Property Office, Ministry of Economic Affairs | 2 | 2 | – | | United States Patent and Trademark Office | 1 | 1 | – | | Intellectual Property Office of Singapore | 2 | 2 | – | | Intellectual Property Department, Ministry of Commerce, Cambodia | 1 | 1 | – | | Directorate General of Intellectual Property, Indonesia | 1 | 1 | – | | Intellectual Property Corporation of Malaysia | 1 | 1 | – | | Total | 116 | 79 | 22 | - The Group collaborates closely with Huazhong University of Science and Technology, publishing research articles in *Advanced Science* and *BioDesign Research* journals, with six co-developed patents authorized or pending[32](index=32&type=chunk)[33](index=33&type=chunk) [Quality Control](index=16&type=section&id=質量控制) Strict quality control, multiple ISO and FDA certifications enable global exports, while a subsidiary's extensive testing capabilities support high-end collagen raw material development - Collagen casing production is certified with multiple management systems including ISO9001, ISO22000, ISO10012, ISO45001, and ISO14001, and has obtained US FDA registration, allowing products to be exported to Southeast Asia, Europe, and the United States[34](index=34&type=chunk) - Subsidiary Wuzhou Zhongguan Testing Technology Service Co., Ltd. possesses over **800** physicochemical indicator testing capabilities and provides third-party impartial testing services, which helps the Group develop a high-end collagen raw material base[35](index=35&type=chunk) [Customer Relationships](index=16&type=section&id=客戶關係) The Group maintains strong, long-term relationships with domestic and international partners, ensuring a stable customer base and continuous new client acquisition - The Group maintains close relationships with leading meat product processing and sausage manufacturers in China and various overseas markets including Southeast Asia, South America, and the United States[36](index=36&type=chunk) - The Group continuously attracts new customers while maintaining its existing customer base, achieving good results[36](index=36&type=chunk) [Raw Material Supply](index=16&type=section&id=原料供應) Bovine inner hide supply has been stable since H2 2024, significantly improving from prior years, with the main supplier holding a food production license - The supply of bovine inner hide, the main raw material for collagen casings, has remained stable since the second half of 2024, showing significant improvement compared to the previous two years[37](index=37&type=chunk) - The main supplier, Guangxi Zhiguan Industrial Development Co., Ltd., has obtained a food production license valid until October 2027[38](index=38&type=chunk) [Financial Analysis](index=17&type=section&id=財務分析) Revenue decreased by 1.9% and gross profit by 34.5%, leading to a **RMB 40.6 million** loss attributable to owners of the parent, impacted by weak consumer confidence, inventory write-downs, and increased tax expense - Revenue decreased by **1.9%** to **RMB 443.9 million**, primarily due to weakened demand in the meat market caused by insufficient consumer confidence[39](index=39&type=chunk) - Gross profit decreased by **34.5%** to **RMB 51.7 million**, with the gross profit margin falling from **17.5%** to **11.7%**, mainly due to inventory write-downs and preferential sales policies for old process products[41](index=41&type=chunk) - Loss attributable to owners of the parent was approximately **RMB 40.6 million**, a reversal from a profit of approximately **RMB 8.2 million** in the prior period[50](index=50&type=chunk) [Revenue](index=17&type=section&id=收入) Revenue decreased by **1.9%** to **RMB 443.9 million**, primarily due to weakened market demand for meat products amid insufficient consumer confidence **Revenue (RMB millions):** | Period | Amount | | :--- | :--- | | Current period | 443.9 | | Prior period | 452.4 | | Change | -1.9% | [Cost of Sales](index=17&type=section&id=銷售成本) Cost of sales increased by **5.1%** to **RMB 392.2 million**, driven by a **312.5%** surge in inventory write-downs and provisions, despite slight reductions in raw material and energy costs **Cost of Sales Composition (RMB millions):** | Item | Current Period | Prior Period | Change | | :--- | :--- | :--- | :--- | | Total cost of sales | 392.2 | 373.3 | +5.1% | | Inventory write-downs and provisions | 23.1 | 5.6 | +312.5% | | Raw material costs | 163.1 | 164.7 | -1.0% | | Energy expenses | 76.2 | 76.4 | -0.2% | | Direct labor costs | 78.7 | 75.5 | +4.2% | - Inventory write-downs and provisions significantly increased from **RMB 5.6 million** in the prior period to **RMB 23.1 million** in the current period, which is the main reason for the increase in cost of sales[40](index=40&type=chunk) [Gross Profit](index=17&type=section&id=毛利) Gross profit decreased by **34.5%** to **RMB 51.7 million**, with gross profit margin falling from **17.5%** to **11.7%**, primarily due to inventory write-downs and promotional sales **Gross Profit and Gross Profit Margin (RMB millions):** | Indicator | Current Period | Prior Period | Change | | :--- | :--- | :--- | :--- | | Gross profit | 51.7 | 79.0 | -34.5% | | Gross profit margin | 11.7% | 17.5% | -5.8 percentage points | | Gross profit margin after deducting inventory write-downs and provisions | 16.8% | 18.7% | -1.9 percentage points | - The decrease in gross profit margin is primarily due to increased inventory write-downs and provisions, as well as preferential policies implemented to accelerate sales of old process products[41](index=41&type=chunk) [Other Income and Gains](index=18&type=section&id=其他收入及收益) Other income and gains decreased by **54.4%** to **RMB 14.5 million** **Other Income and Gains (RMB millions):** | Period | Amount | | :--- | :--- | | Current period | 14.5 | | Prior period | 31.9 | | Change | -54.4% | [Selling and Distribution Expenses](index=18&type=section&id=銷售及分銷開支) Selling and distribution expenses decreased by **19.5%** to **RMB 15.0 million**, with its revenue ratio falling from **4.1%** to **3.4%** **Selling and Distribution Expenses (RMB millions):** | Period | Amount | | :--- | :--- | | Current period | 15.0 | | Prior period | 18.6 | | Change | -19.5% | [Administrative Expenses](index=18&type=section&id=行政開支) Administrative expenses increased by **10.4%** to **RMB 65.9 million**, primarily due to higher staff costs and a **RMB 2.9 million** revaluation loss on investment properties **Administrative Expenses (RMB millions):** | Period | Amount | | :--- | :--- | | Current period | 65.9 | | Prior period | 59.6 | | Change | +10.4% | - The increase in administrative expenses is mainly due to higher employee remuneration and benefits expenses, and a revaluation loss of approximately **RMB 2.9 million** on investment properties[44](index=44&type=chunk) [Finance Costs](index=18&type=section&id=融資成本) Finance costs decreased by **31.4%** to **RMB 2.5 million** **Finance Costs (RMB millions):** | Period | Amount | | :--- | :--- | | Current period | 2.5 | | Prior period | 3.7 | | Change | -31.4% | [Share of Loss of an Associate](index=18&type=section&id=分佔一間聯營公司之虧損) The Group no longer shared losses from an associate in the current period, as its net investment had been reduced to zero by prior losses and impairment **Share of Loss of an Associate (RMB thousands):** | Period | Amount | | :--- | :--- | | Current period | – | | Prior period | (287) | [Impairment of Accounts Receivable and Bills Receivable](index=18&type=section&id=應收賬款及應收票據減值) Impairment of accounts receivable and bills receivable decreased to **RMB 3.0 million** from **RMB 6.4 million** in the prior period **Impairment of Accounts Receivable and Bills Receivable (RMB millions):** | Period | Amount | | :--- | :--- | | Current period | 3.0 | | Prior period | 6.4 | [Income Tax Expense](index=19&type=section&id=所得稅開支) Income tax expense significantly increased to **RMB 18.0 million** from **RMB 9.7 million**, primarily due to financial planning adjustments between China and Hong Kong entities, leading to dividend withholding tax **Income Tax Expense (RMB millions):** | Period | Amount | | :--- | :--- | | Current period | 18.0 | | Prior period | 9.7 | - Income tax expense significantly increased, primarily due to overall financial planning adjustments between the Group's companies in China and Hong Kong, resulting in dividend withholding tax expenses and provisions[48](index=48&type=chunk) [Profit Attributable to Non-Controlling Interests](index=19&type=section&id=非控股權益應佔盈利) Profit attributable to non-controlling interests increased to **RMB 1.5 million**, representing the aggregate profit from non-wholly owned subsidiaries **Profit Attributable to Non-Controlling Interests (RMB millions):** | Period | Amount | | :--- | :--- | | Current period | 1.5 | | Prior period | 0.7 | [Loss Attributable to Owners of the Parent](index=19&type=section&id=母公司擁有人應佔虧損) The Group reported a loss attributable to owners of the parent of **RMB 40.6 million**, a reversal from a **RMB 8.2 million** profit in the prior period **Loss Attributable to Owners of the Parent (RMB millions):** | Period | Amount | | :--- | :--- | | Current period | (40.6) | | Prior period | 8.2 | [Liquidity and Capital Resources](index=19&type=section&id=流動資金及資本資源) Cash and equivalents, net of dividends, decreased to **RMB 477.1 million**, while bank borrowings rose to **RMB 410.3 million**, increasing the debt-to-equity ratio to **19.7%**; operating cash outflow was **RMB 188.3 million**, with future capital commitments of **RMB 130.2 million** - As of June 30, 2025, cash and cash equivalents, together with pledged and fixed deposits, amounted to approximately **RMB 595.0 million**, or **RMB 477.1 million** after deducting dividends, a decrease of approximately **RMB 169.2 million** from the end of 2024[51](index=51&type=chunk) - Total bank borrowings increased to approximately **RMB 410.3 million**, all repayable within one year[52](index=52&type=chunk) - The net cash position (after deducting dividends) was **RMB 66.8 million**, a decrease of approximately **RMB 339.2 million** from the end of 2024; the debt-to-equity ratio increased to **19.7%** (December 31, 2024: **10.8%**)[53](index=53&type=chunk) [Cash and Bank Borrowings](index=19&type=section&id=現金及銀行借貸) Cash and equivalents, net of dividends, decreased to **RMB 477.1 million**, while bank borrowings rose to **RMB 410.3 million**, increasing the debt-to-equity ratio to **19.7%** **Cash and Bank Borrowings Overview (RMB millions):** | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents together with pledged and fixed deposits | 595.0 | 646.3 | | Cash and cash equivalents together with pledged and fixed deposits after deducting dividends | 477.1 | – | | Total bank borrowings | 410.3 | 240.3 | | Net cash position (after deducting dividends) | 66.8 | 406.0 | | Debt-to-equity ratio | 19.7% | 10.8% | [Cash Flows](index=20&type=section&id=現金流量) Net cash outflow from operating activities was **RMB 188.3 million**, primarily due to increased inventory and reduced accounts payable, offset by inflows from investing and financing activities **Cash Flows (For the six months ended June 30, RMB millions):** | Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash outflow from operating activities | (188.3) | (149.5) | | Net cash inflow from investing activities | 57.6 | – | | Net cash inflow from financing activities | 164.9 | – | - Net cash outflow from operating activities increased by **25.9%**, mainly due to increased inventory and decreased accounts payable[54](index=54&type=chunk) [Exposure to Exchange Rate Risk](index=20&type=section&id=承受匯兌風險) Operating primarily in China with RMB-denominated transactions, the Group has no formal hedging policy, as the Board anticipates no significant impact from future currency fluctuations - The Group primarily settles transactions in Renminbi and has not adopted a formal hedging policy, as the Board believes future currency fluctuations will not have a significant impact on operations[55](index=55&type=chunk) [Capital Expenditure](index=21&type=section&id=資本開支) Capital expenditure was **RMB 17.3 million**, with future commitments of **RMB 130.2 million** for capacity expansion and equipment upgrades, including **RMB 100.0 million** estimated for 2025 **Capital Expenditure and Commitments (RMB millions):** | Item | Amount | | :--- | :--- | | Capital expenditure for the current period | 17.3 | | Capital commitments as of June 30, 2025 | 130.2 | | Estimated capital expenditure for 2025 | 100.0 | - Future capital commitments are primarily related to expanding, improving, and upgrading production equipment, particularly for the renovation of high-quality collagen casing production lines[56](index=56&type=chunk) [Pledge of Assets](index=21&type=section&id=資產抵押) Pledged bank deposits totaled **RMB 26.4 million** as of June 30, 2025 **Pledged Bank Deposits (RMB millions):** | Date | Amount | | :--- | :--- | | June 30, 2025 | 26.4 | [Contingent Liabilities](index=21&type=section&id=或然負債) The Group had no significant contingent liabilities as of June 30, 2025 - The Group had no significant contingent liabilities as of the end of the reporting period[58](index=58&type=chunk) [Material Investments, Material Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures](index=21&type=section&id=重大投資、重大收購及出售附屬公司、聯營公司及合營企業) No significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures occurred during the period - No material investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures occurred during the reporting period[59](index=59&type=chunk) [Events After the Reporting Period](index=21&type=section&id=本期間後事項) No significant post-reporting period events affecting the Group have occurred as of this announcement date - No significant events affecting the Group have occurred subsequent to the reporting period as of the date of this announcement[60](index=60&type=chunk) [Human Resources](index=21&type=section&id=人力資源) The Group had **3,010** employees with **RMB 134.7 million** in staff costs, focusing on automation to mitigate rising labor expenses **Human Resources Overview (RMB millions):** | Indicator | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Number of contracted employees | 3,010 | 2,730 | | Total remuneration and employee benefits expenses | 134.7 | 124.0 | - The Group is committed to enhancing automated production to offset continuously rising labor costs[61](index=61&type=chunk) [Outlook](index=22&type=section&id=展望) [Macroeconomic Outlook](index=22&type=section&id=宏觀經濟展望) China's government will continue implementing policies to stabilize employment, boost consumption, and expand emerging industry investment, aiming to unleash domestic demand potential - The country will continue to promote policies to stabilize employment, boost consumption, and expand investment in emerging industries to unleash domestic demand potential[62](index=62&type=chunk) [Collagen Casing Business Outlook](index=22&type=section&id=膠原蛋白腸衣業務展望) The Group will focus on standardizing collagen casing production, enhancing new product applicability, improving efficiency, resolving bottlenecks, and strengthening market expansion efforts - Key work for the second half of the year includes strengthening standardized production management and enhancing the applicability of the six new series of products[63](index=63&type=chunk) - The Group will advance improvements in the production environment, site environment, and equipment environment to enhance production efficiency and product quality[63](index=63&type=chunk) - The Group plans to improve collagen casing production support capabilities, resolve production bottlenecks, and conduct training for market marketing and technical service teams to continuously expand the market[63](index=63&type=chunk) [High-Molecular Collagen Medical Biomaterials Industry Outlook](index=23&type=section&id=高分子膠原蛋白醫用生物材料產業展望) The Group will boost medical collagen raw material sales, expedite Class III medical device approvals for 'artificial bone' and 'oral collagen sponge,' and advance other biomaterial R&D - The Group will continue to promote the production and sales of medical collagen raw materials to enhance performance[64](index=64&type=chunk) - Efforts will be made to accelerate the finalization of supplementary materials required for "artificial bone" approval and to compile post-clinical data for "oral medical collagen sponge" in preparation for application[65](index=65&type=chunk)[66](index=66&type=chunk) - The Group will continue to advance the research and development and preclinical preparation for other high-molecular collagen medical biomaterials[67](index=67&type=chunk) [Collagen Food Industry Outlook](index=23&type=section&id=膠原蛋白食品產業展望) The Group will innovate high-molecular collagen food applications, expand marketing for 'Niu Xiaojin' and 'Boboji,' and adjust strategies via in-store and online channels to boost performance - The Group will expand marketing and promotion for products such as "Niu Xiaojin" and "Boboji"[67](index=67&type=chunk) - Marketing strategies will be adjusted, and the marketing team expanded, utilizing in-store experiences and online live streaming to strive for better performance[67](index=67&type=chunk) [Collagen Skincare Products Industry Outlook](index=23&type=section&id=膠原蛋白護膚品產業展望) The Group will research high-molecular collagen in skincare, develop new products, expand brands like 'Luxianna,' and enhance advertising and sales planning for dual online and offline sales - The Group will continue to research and develop new daily skincare and washing products, expanding the product chain for brands such as "Luxianna," "Gaojile," "Collagen Family," and "Guangcaidunsheng"[68](index=68&type=chunk) - Advertising and sales planning will be strengthened to fully promote both online (e-commerce, WeChat commerce) and offline sales[68](index=68&type=chunk) [Overall Group Strategy](index=23&type=section&id=集團整體戰略) The Group aims to accelerate Shenguan's health industry development, expand collagen technology applications, launch more products, and enhance shareholder returns - The Group's team will continue to strive to accelerate the development of Shenguan's grand health industry and further expand the technological application of collagen[68](index=68&type=chunk) - The Group will develop and launch more collagen industry chain products to the market, providing better investment returns for shareholders[68](index=68&type=chunk) [Other Information](index=24&type=section&id=其他資料) [Share Option Scheme](index=24&type=section&id=購股權計劃) The employee stock option scheme, adopted in 2020 and revised in 2024, aims to attract and retain talent, with a 10% share cap and approximately 5 years remaining; no options were transacted this period - The share option scheme aims to attract and retain qualified individuals and promote the Group's business development[69](index=69&type=chunk) - The scheme has a ten-year validity, with approximately **5 years** remaining as of June 30, 2025[69](index=69&type=chunk) - Under the scheme, the total number of shares that can be issued is capped at **10%** of the issued shares on the adoption date (**323,048,000 shares**)[72](index=72&type=chunk) [Payment of Interim Dividend](index=25&type=section&id=派付中期股息) The Board does not recommend an interim dividend for this period, prioritizing future capital expenditures and market expansion needs - The Board does not recommend paying an interim dividend for this reporting period, to support future capital expenditures and market expansion[75](index=75&type=chunk) [Purchase, Redemption or Sale of the Company's Listed Securities](index=25&type=section&id=購買、贖回或出售本公司的上市證券) Neither the company nor its subsidiaries purchased, redeemed, or sold any of the company's listed securities during the period - During the reporting period, neither the company nor any of its subsidiaries purchased, redeemed, or sold any of the company's listed securities[76](index=76&type=chunk) [Corporate Governance Code](index=25&type=section&id=企業管治守則) The company complied with corporate governance codes, except for the combined Chairman and CEO roles, which the Board is reviewing, while the Chairman ensures board effectiveness and shareholder communication - The company did not comply with code provision C.2.1 (separation of Chairman and Chief Executive Officer roles), but the Board believes the current structure fosters strong leadership[77](index=77&type=chunk) - The company will continue to consider the feasibility of appointing a separate Chief Executive Officer[78](index=78&type=chunk) - The Chairman's responsibilities include ensuring the Board acts in the company's best interests, maintaining effective communication with shareholders, and leading the Board's effective operation[79](index=79&type=chunk)[81](index=81&type=chunk) [Model Code for Securities Transactions](index=26&type=section&id=上市規則標準守則) The company adopted the Listing Rules' Model Code for securities transactions, with all directors confirming compliance and no known breaches by senior management - The company has adopted the Model Code set out in Appendix C3 of the Listing Rules, and all directors confirmed compliance during the reporting period[80](index=80&type=chunk) [Audit Committee](index=27&type=section&id=審核委員會) The Audit Committee, comprising three independent non-executive directors with a professionally qualified Chairman, reviewed and approved the interim results, confirming compliance with standards - The Audit Committee comprises three independent non-executive directors, with Mr. Xu Rongguo, the Chairman, possessing professional accounting qualifications[82](index=82&type=chunk) - The Committee has reviewed and approved the Group's unaudited condensed consolidated interim results, deeming them compliant with all applicable accounting standards and Listing Rules[82](index=82&type=chunk) [Board of Directors](index=27&type=section&id=承董事會命) [Board Members](index=27&type=section&id=董事會成員) The Board comprises four executive directors, one non-executive director, and three independent non-executive directors, including the Chairman - The Board of Directors includes four executive directors, one non-executive director, and three independent non-executive directors[83](index=83&type=chunk)

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司（「聯交所」）對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失 承 擔 任 何 責 任。 PanAsialum Holdings Company Limited 榮陽實業集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2078） 截至二零二五年六月三十日止六個月中期業績公告 財務摘要 – 1 – • 截至二零二五年六月三十日止六個月的收益約為242.8百 萬 港 元，與 二 零二四年同期的約433.9百 萬 港 元 相 比，減 少44.0%； • 截至二零二五年六月三十日止六個月的毛利約為28.7百 萬 港 元，與 二 零 二四年同期的約74.6百 萬 港 元 相 比，減 少61.5%； • 截至二零二五年六月三十日止六個月的毛利率約為11.8%，與 二 零 二 四 年同期的約17.2%相 比，下 降5.4%； • 截至二零二五年六月三十日止六個月的 ...

ANJOY FOODS GROUP CO., LTD. 安井食品集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2648） 截至2025年6月30日止六個月之中期業績公告 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 承董事會命 | 公司資料 | 2 | | --- | --- | | 管理層討論與分析 | 4 | | 企業管治及其他資料 | 26 | | 中期簡明綜合財務報表 | 42 | | －中期簡明綜合損益表 | 42 | | －中期簡明綜合全面收益表 | 43 | | －中期簡明綜合財務狀況表 | 44 | | －中期簡明綜合權益變動表 | 46 | | －中期簡明綜合現金流量表 | 48 | | －中期簡明綜合財務報表附註 | 50 | | 釋義 | 66 | 安井食品集團股份有限公司 安井食品集團股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈本公司及其 附屬公司截至2025年6月30日止六個月之未經審 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，且明確表示概不就因本公告全部或任何 部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 Yunhong Guixin Group Holdings Limited 運鴻硅鑫集團控股有限公司 （於 開 曼 群 島 註 冊 成 立 之 有 限 公 司 ） （股份代號：8349） 截至2025年6月30日止六個月之 中期業績公告 及執行董事辭任 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM 的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交 所上市的公司帶有較高投資風險。有意投資的人士應了解投資於該等公司的潛在 風險，並應經過審慎周詳的考慮後方作出投資決定。 由於GEM 上市公司普遍為中小型公司，在GEM 買賣的證券可能會較於聯交所主 板買賣之證券承受較大的市場波動風險，同時無法保證在GEM買賣的證券會有高 流通量的市場。 香港交易及結算所有限公司及聯交所對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，且明確表示概不就因本公告全部或任何部分內容而產生 或因 ...

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) Era Global Group Holdings Limited announced unaudited interim results for the six months ended June 30, 2025, showing a 4.7% year-on-year increase in revenue, but a 17.5% decrease in gross profit, leading to a 68.5% expansion in loss attributable to company shareholders; the board does not recommend an interim dividend Financial Highlights Table | Metric | H1 2025 (HKD Million) | H1 2024 (HKD Million) | Percentage Change | | :--- | :--- | :--- | :--- | | Revenue | 52.4 | 50.0 | 4.7% | | Gross Profit | 11.1 | 13.5 | -17.5% | | Gross Profit Margin | 21.2% | 26.9% | N/A | | Loss Attributable to Company Shareholders | 5.0 | 2.9 | 68.5% | | Basic Loss Per Share | 0.45 HK cents | 0.27 HK cents | 68.5% | - The Board does not recommend an interim dividend for the six months ended June 30, 2025[3](index=3&type=chunk) [Condensed Consolidated Financial Statements](index=2&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents Era Global Group's unaudited condensed consolidated statement of profit or loss and other comprehensive income, and condensed consolidated statement of financial position for the six months ended June 30, 2025, reflecting the company's operating results and financial position during the reporting period [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group's revenue increased to HKD 52,356 thousand, but gross profit decreased to HKD 11,105 thousand due to increased direct costs; administrative and other operating expenses rose, leading to an expanded loss for the period of HKD 4,958 thousand Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Metric (HKD Thousand) | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Revenue | 52,356 | 49,990 | | Direct Costs | (41,251) | (36,529) | | Gross Profit | 11,105 | 13,461 | | Net Other Income and Losses | 2,222 | 68 | | Selling and Distribution Expenses | (11) | – | | Administrative and Other Operating Expenses | (15,574) | (14,936) | | Net Impairment Loss under Expected Credit Loss Model | (1,931) | – | | Finance Costs | (887) | (1,377) | | Loss Before Tax | (5,076) | (2,784) | | Income Tax Credit/(Expense) | 118 | (159) | | Loss for the Period | (4,958) | (2,943) | - Total comprehensive expense for the period was **(HKD 1,824 thousand)**, a narrowing from **(HKD 3,360 thousand)** in the prior year, primarily due to exchange differences[5](index=5&type=chunk) [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets were HKD 111,259 thousand, with non-current assets accounting for HKD 93,337 thousand; net current liabilities were **(HKD 123,963 thousand)**, resulting in total assets less current liabilities of **(HKD 30,626 thousand)** and total net liabilities of **(HKD 37,502 thousand)**, reflecting ongoing debt pressure Condensed Consolidated Statement of Financial Position | Metric (HKD Thousand) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **ASSETS** | | | | Non-current Assets | 93,337 | 89,564 | | Current Assets | 17,922 | 20,415 | | **LIABILITIES** | | | | Current Liabilities | 141,885 | 138,369 | | Non-current Liabilities | 6,876 | 7,288 | | **NET** | | | | Net Current Liabilities | (123,963) | (117,954) | | Net Liabilities | (37,502) | (35,678) | - As of June 30, 2025, cash and cash equivalents were **HKD 7,388 thousand**, a decrease from **HKD 10,189 thousand** as of December 31, 2024[6](index=6&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed notes to the condensed consolidated financial statements, covering company information, accounting policies, revenue breakdown, segment performance, asset and liability composition and changes, and dividend and loss per share calculations, offering essential context and details for understanding the financial statements [General Information and Basis of Preparation](index=6&type=section&id=General%20Information%20and%20Basis%20of%20Preparation) Era Global Group Holdings Limited is a Hong Kong-listed investment holding company primarily engaged in Canadian hotel operations, and Chinese property and catering management; financial statements are presented in HKD, prepared on a going concern basis under HKAS 34, with auditors issuing a modified opinion on the 2024 annual report and noting material uncertainty regarding going concern - The Group's principal activities are hotel operations in Canada, and property and catering management in China[8](index=8&type=chunk) - The financial statements are prepared on a going concern basis, but the auditors' opinion on the 2024 annual report was modified due to scope limitations on interests in an associate and receivables, and includes a material uncertainty related to going concern[9](index=9&type=chunk)[10](index=10&type=chunk) [Principal Accounting Policies and Adoption of Revised HKFRSs](index=7&type=section&id=Principal%20Accounting%20Policies%20and%20Adoption%20of%20Revised%20HKFRSs) The condensed consolidated financial statements are prepared primarily on a historical cost basis, consistent with the accounting policies and calculation methods used in the 2024 annual financial statements; the adoption of revised HKFRSs (such as HKAS 27) for the first time in this period had no significant impact on the Group's financial position or performance - The condensed consolidated financial statements are prepared primarily on a historical cost basis, consistent with the accounting policies used in the 2024 annual financial statements[11](index=11&type=chunk) - The revised Hong Kong Financial Reporting Standards (including HKAS 27) adopted for the first time in this period had no significant impact on the Group's financial position or performance[12](index=12&type=chunk) [Disaggregation of Revenue from Contracts with Customers](index=8&type=section&id=Disaggregation%20of%20Revenue%20from%20Contracts%20with%20Customers) The Group's revenue primarily derives from hotel operations (Canada), property management (China), and catering management (China); in H1 2025, hotel operations revenue was HKD 29,723 thousand, property management HKD 19,203 thousand, and catering management HKD 3,430 thousand, totaling HKD 52,356 thousand, with revenue recognition primarily occurring over time Disaggregation of Revenue from Contracts with Customers | Revenue Source (HKD Thousand) | H1 2025 | H1 2024 | | :--- | :--- | :--- | | **By Type of Product or Service** | | | | Hotel Accommodation | 9,474 | 8,990 | | Food and Beverage (Hotel) | 13,659 | 12,177 | | Spa | 4,919 | 4,228 | | Marina | 1,215 | 1,278 | | Spa and Marina Product Sales | 456 | 424 | | Property Management | 19,203 | 18,924 | | Catering Services (China) | 3,430 | 3,969 | | **Total** | 52,356 | 49,990 | | **By Geographical Market** | | | | China | 22,633 | 22,893 | | Canada | 29,723 | 27,097 | | **Total** | 52,356 | 49,990 | - In H1 2025, revenue recognized over time was **HKD 38,232 thousand**, and revenue recognized at a point in time was **HKD 14,124 thousand**[13](index=13&type=chunk) [Segment Information](index=10&type=section&id=Segment%20Information) The Group is managed across three reportable segments: hotel operations, property management, and catering management; in H1 2025, hotel operations generated HKD 29,723 thousand revenue with a segment loss of HKD 438 thousand, property management HKD 19,203 thousand revenue with a segment loss of HKD 3,322 thousand, and catering management HKD 3,430 thousand revenue with a segment loss of HKD 2 thousand, with unallocated corporate expenses further expanding the loss before tax Segment Performance | Segment (HKD Thousand) | H1 2025 Revenue | H1 2025 Segment Profit/(Loss) | H1 2024 Revenue | H1 2024 Segment Profit/(Loss) | | :--- | :--- | :--- | :--- | :--- | | Hotel Operations | 29,723 | (438) | 27,097 | (455) | | Property Management | 19,203 | (3,322) | 18,924 | (732) | | Catering Management | 3,430 | (2) | 3,969 | 159 | | **Total** | 52,356 | (3,762) | 49,990 | (1,028) | Segment Assets and Liabilities | Segment Assets/Liabilities (HKD Thousand) | Assets as of June 30, 2025 | Liabilities as of June 30, 2025 | Assets as of June 30, 2024 | Liabilities as of June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Hotel Operations | 87,251 | 29,698 | 88,093 | 31,450 | | Property Management | 16,495 | 29,165 | 16,697 | 31,112 | | Catering Management | 2,874 | 2,542 | 5,747 | 2,540 | | **Total Segment** | 106,620 | 61,405 | 110,537 | 65,102 | [Loss Before Tax](index=12&type=section&id=Loss%20Before%20Tax) For the six months ended June 30, 2025, the Group's loss before tax calculation saw increases in staff costs, cost of inventories recognized as an expense, depreciation and amortization, and legal and professional fees, with staff costs rising to HKD 26,376 thousand and total depreciation to HKD 2,204 thousand Loss Before Tax Components | Item (HKD Thousand) | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Staff Costs | 26,376 | 22,661 | | Cost of Inventories Recognized as an Expense | 7,038 | 6,136 | | Total Depreciation | 2,204 | 1,858 | | Amortisation of Intangible Assets | 824 | 823 | | Legal and Professional Fees | 2,688 | 2,239 | [Income Tax Credit/(Expense)](index=13&type=section&id=Income%20Tax%20Credit%2F(Expense)) For the six months ended June 30, 2025, the Group recorded an income tax credit of HKD 118 thousand, primarily due to a deferred tax credit of HKD 124 thousand for the year, offsetting a current tax expense (China corporate income tax) of HKD 6 thousand, compared to an income tax expense of HKD 159 thousand in the prior period Income Tax Credit/(Expense) | Item (HKD Thousand) | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Current Tax - China Corporate Income Tax | (6) | (159) | | Deferred Tax - Current Year | 124 | – | | **Total** | 118 | (159) | [Dividends](index=13&type=section&id=Dividends) The Board has decided not to declare an interim dividend for the six months ended June 30, 2025, consistent with the prior corresponding period - The Board does not recommend an interim dividend for the six months ended June 30, 2025 (H1 2024: nil)[24](index=24&type=chunk) [Loss Per Share](index=13&type=section&id=Loss%20Per%20Share) For the six months ended June 30, 2025, basic loss per share attributable to owners of the company increased to **0.45 HK cents** from **0.27 HK cents** in the prior period; diluted loss per share is not presented due to the absence of outstanding potentially dilutive ordinary shares Loss Per Share | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Loss for the Period Attributable to Owners of the Company (HKD Thousand) | (4,958) | (2,943) | | Weighted Average Number of Ordinary Shares (Thousand Shares) | 1,092,877 | 1,092,877 | | Basic Loss Per Share (HK Cents) | (0.45) | (0.27) | - Diluted loss per share is not presented as there were no outstanding potentially dilutive ordinary shares[26](index=26&type=chunk) [Right-of-Use Assets](index=14&type=section&id=Right-of-Use%20Assets) As of June 30, 2025, the Group's right-of-use assets had a carrying amount of HKD 6,823 thousand, primarily comprising office properties and car parks; additions for the period amounted to HKD 11 thousand, depreciation expense was HKD 580 thousand, and the assets were also affected by exchange adjustments Right-of-Use Assets Carrying Amounts | Item (HKD Thousand) | Office Properties | Car Parks | Total | | :--- | :--- | :--- | :--- | | January 1, 2024 (Audited) | 8,422 | 134 | 8,556 | | December 31, 2024 (Audited) | 7,083 | 72 | 7,155 | | June 30, 2025 (Unaudited) | 6,778 | 45 | 6,823 | - For the six months ended June 30, 2025, depreciation expense for right-of-use assets was **HKD 580 thousand**[27](index=27&type=chunk) [Intangible Assets](index=14&type=section&id=Intangible%20Assets) As of June 30, 2025, the Group's intangible assets (customer relationships) had a carrying amount of HKD 840 thousand, a decrease from HKD 1,623 thousand as of December 31, 2024; customer relationships are amortized on a straight-line basis over ten years, with a remaining useful life of half a year Intangible Assets (Customer Relationships) | Item (HKD Thousand) | Customer Relationships | | :--- | :--- | | Cost as of January 1, 2024 | 42,163 | | Cost as of June 30, 2025 | 42,184 | | Accumulated Amortisation and Impairment as of January 1, 2024 | 38,806 | | Accumulated Amortisation and Impairment as of June 30, 2025 | 41,344 | | Carrying Amount as of June 30, 2025 | 840 | | Carrying Amount as of December 31, 2024 | 1,623 | - The remaining useful life of intangible assets (customer relationships) is **half a year** (December 31, 2024: one year)[28](index=28&type=chunk) [Trade and Other Receivables](index=15&type=section&id=Trade%20and%20Other%20Receivables) As of June 30, 2025, net trade and other receivables totaled HKD 10,222 thousand, slightly higher than HKD 9,961 thousand as of December 31, 2024; net trade receivables were HKD 6,998 thousand, with HKD 4,155 thousand due within 90 days, and credit loss provisions increased Trade and Other Receivables | Item (HKD Thousand) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Net Trade Receivables | 6,998 | 8,356 | | Net Other Receivables | 3,224 | 1,605 | | **Total** | 10,222 | 9,961 | Trade Receivables Ageing | Trade Receivables Ageing (HKD Thousand) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 90 days | 4,155 | 8,197 | | 91 to 180 days | 1,686 | 159 | | 181 to 365 days | 1,157 | – | | 1 to 2 years | – | – | | **Total** | 6,998 | 8,356 | - As of June 30, 2025, the provision for credit losses on trade receivables was **HKD 17,432 thousand**, an increase from **HKD 14,943 thousand** at the beginning of the period[29](index=29&type=chunk)[32](index=32&type=chunk) [Trade and Other Payables](index=16&type=section&id=Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables were HKD 25,560 thousand, a slight decrease from HKD 26,934 thousand as of December 31, 2024; accrued expenses significantly increased to HKD 6,592 thousand, while bond interest payable and trade payables decreased Trade and Other Payables | Item (HKD Thousand) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade Payables | 2,598 | 2,878 | | Accrued Expenses | 6,592 | 1,925 | | Other Taxes Payable | 2,125 | 3,721 | | Bond Interest Payable | 916 | 3,016 | | Other Payables | 13,329 | 15,394 | | **Total** | 25,560 | 26,934 | Trade Payables Ageing | Trade Payables Ageing (HKD Thousand) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 90 days | 1,213 | 1,375 | | 91 to 180 days | 755 | 1,111 | | 181 to 365 days | 471 | 239 | | Over 365 days | 159 | 153 | | **Total** | 2,598 | 2,878 | [Secured Bank Loans](index=17&type=section&id=Secured%20Bank%20Loans) As of June 30, 2025, the Group had secured bank loans of HKD 21,144 thousand, bearing interest at Canada prime rate plus 1.2% (effective rate 6.62%), collateralized by freehold land and buildings held for own use, and personally guaranteed by Mr. Choi Yun Chu; the Group has complied with all financial covenants, but the loans are still classified as current liabilities Secured Bank Loans | Loan Type | Effective Interest Rate | Maturity Date | June 30, 2025 (HKD Thousand) | December 31, 2024 (HKD Thousand) | | :--- | :--- | :--- | :--- | :--- | | Floating-rate Secured Bank Loans | 6.62% (2024: 6.65%) | March 15, 2032 | 21,144 | 21,171 | - The loans are secured by freehold land and buildings held for own use with a carrying amount of approximately **HKD 78,986 thousand**, and personally guaranteed by Mr. Choi Yun Chu for **CAD 5,000,000**[36](index=36&type=chunk) - The Group has complied with all financial covenants, including the debt service coverage ratio requirement of not less than 1.25, but the loans are still classified as current liabilities[37](index=37&type=chunk) [Bonds](index=18&type=section&id=Bonds) As of June 30, 2025, the Group held total bonds of HKD 10,181 thousand; one bond with a principal of HKD 10,000 thousand and a 3% coupon rate was fully settled on May 23, 2025, while another bond with a principal of HKD 10,181 thousand and a 3% coupon rate remains outstanding as part of the consideration for acquiring a joint venture Bonds | Bond Type | Coupon Rate | June 30, 2025 (HKD Thousand) | December 31, 2024 (HKD Thousand) | | :--- | :--- | :--- | :--- | | Settled Bonds (Note a) | 3% | – | 10,000 | | Outstanding Bonds (Note b) | 3% | 10,181 | 10,181 | | **Total** | | 10,181 | 20,181 | - An unlisted and unsecured bond with a principal of **HKD 10,000 thousand** was fully settled on May 23, 2025[39](index=39&type=chunk) [Capital Commitments](index=18&type=section&id=Capital%20Commitments) As of June 30, 2025, the Group's contracted capital commitments not reflected in the consolidated financial statements primarily consisted of unpaid registered capital for subsidiaries, amounting to approximately HKD 17,548 thousand, an increase from HKD 16,962 thousand as of December 31, 2024 Capital Commitments | Item (HKD Thousand) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Unpaid Registered Capital for Subsidiaries | 17,548 | 16,962 | [Financial Review](index=19&type=section&id=Financial%20Review) This section reviews the Group's financial performance for the six months ended June 30, 2025, including revenue growth, gross profit decline, and expanded loss, detailing liquidity, asset pledges, capital structure, staff costs, and foreign exchange risk management [Overall Financial Performance](index=19&type=section&id=Overall%20Financial%20Performance) In H1 2025, the Group's revenue increased by 4.7% year-on-year to HKD 52.4 million, driven by higher hotel operations revenue; however, gross profit decreased by 17.5% to HKD 11.1 million due to increased direct costs related to property management, and administrative expenses and expected credit losses led to a 68.5% expansion in loss for the period to HKD 5.0 million - Revenue increased by **4.7%** from approximately **HKD 50.0 million** in H1 2024 to approximately **HKD 52.4 million** in H1 2025, primarily driven by an increase of approximately **HKD 2.6 million** in hotel operations revenue[41](index=41&type=chunk) - Gross profit decreased by **HKD 2.4 million** from approximately **HKD 13.5 million** in H1 2024 to approximately **HKD 11.1 million** in H1 2025, mainly due to increased direct costs related to property management[42](index=42&type=chunk) - Loss for the period increased from approximately **HKD 2.9 million** in H1 2024 to approximately **HKD 5.0 million** in H1 2025, primarily impacted by increased administrative expenses and expected credit losses[42](index=42&type=chunk) [Liquidity and Financial Resources](index=19&type=section&id=Liquidity%20and%20Financial%20Resources) As of June 30, 2025, the Group's net current liabilities increased to approximately HKD 124 million, and the current ratio decreased to approximately 0.13 times, indicating increased liquidity pressure; bank balances and cash decreased to approximately HKD 7.4 million Liquidity and Financial Resources | Metric (HKD Million) | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Net Current Liabilities | 124 | 118 | Increase by 6 | | Current Ratio | 0.13 times | 0.15 times | Decrease | | Bank Balances and Cash | 7.4 | 10.2 | Decrease by 2.8 | [Pledge of Assets](index=20&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, the Group pledged freehold land and buildings held for own use with a value of approximately HKD 75.9 million as collateral for bank financing, an increase from HKD 71.8 million as of December 31, 2024 - As of June 30, 2025, the Group pledged freehold land and buildings held for own use with a value of approximately **HKD 75.9 million** as collateral for bank financing[44](index=44&type=chunk) [Capital Structure](index=20&type=section&id=Capital%20Structure) In H1 2025, the Group primarily supported its liquidity needs through cash generated from operations, secured bank loans, bonds, and loans from controlling shareholders - The Group supported its liquidity needs through cash generated from operations, secured bank loans, bonds, and loans from controlling shareholders[45](index=45&type=chunk) [Capital Commitments and Contingent Liabilities](index=20&type=section&id=Capital%20Commitments%20and%20Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities; capital commitments primarily consisted of unpaid registered capital for subsidiaries, amounting to approximately HKD 17.5 million, a slight increase from the end of last year - As of June 30, 2025, the Group had no significant contingent liabilities[46](index=46&type=chunk) - Capital commitments for unpaid registered capital of subsidiaries amounted to approximately **HKD 17.5 million**[46](index=46&type=chunk) [Employees and Remuneration Policies](index=20&type=section&id=Employees%20and%20Remuneration%20Policies) As of June 30, 2025, the Group had approximately 433 employees, with staff costs increasing by 16.4% year-on-year to approximately HKD 26.4 million, primarily due to the expansion of hotel operations and property management businesses; remuneration policies are based on industry practice, employee performance, and experience, offering discretionary bonuses and other benefits Employees and Staff Costs | Metric | June 30, 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Number of Employees | 433 | N/A | N/A | | Staff Costs (HKD Million) | 26.4 | 22.7 | Increase by 3.7 (16.4%) | - The increase in staff costs was primarily due to the expansion of hotel operations and property management businesses[47](index=47&type=chunk) [Foreign Exchange Fluctuations and Hedging](index=20&type=section&id=Foreign%20Exchange%20Fluctuations%20and%20Hedging) The Group considers its foreign currency risk not significant, as operations in China and Canada are primarily denominated in RMB and CAD, respectively, with revenues and costs measured in the entities' functional currencies; therefore, no hedging instruments were used in H1 2025, but the Board will continue to monitor and consider future hedging needs - The Group considers its foreign currency risk not significant, primarily because its operations in China and Canada are denominated in RMB and CAD, respectively[48](index=48&type=chunk) - No forward foreign exchange contracts were entered into during H1 2025, and the Board will continue to monitor and consider hedging when necessary[48](index=48&type=chunk)[49](index=49&type=chunk) [Business Review and Outlook](index=21&type=section&id=Business%20Review%20and%20Outlook) This section provides a detailed review of the Group's three core business segments' performance and an outlook on future market conditions and company strategy; hotel operations and property management businesses achieved growth, while catering management faced challenges, and management is actively taking measures to improve financial performance and explore new business opportunities [Hotel Operations](index=21&type=section&id=Hotel%20Operations) In H1 2025, hotel operations revenue increased by 9.7% year-on-year to approximately HKD 29.7 million, accounting for 56.8% of the Group's total revenue; growth was primarily driven by higher average room rates and improved performance in the food and beverage and spa segments, with occupancy remaining at approximately 80.2% Hotel Operations Performance | Metric | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Revenue (HKD Million) | 29.7 | 27.1 | Increase by 2.6 (9.7%) | | Percentage of Total Revenue | 56.8% | N/A | N/A | | Occupancy Rate | 80.2% | 82.2% | Slight Decrease | - Revenue growth was primarily due to higher average room rates and improved performance in the food and beverage and spa segments[50](index=50&type=chunk) [Property Management](index=21&type=section&id=Property%20Management) In H1 2025, property management revenue increased by 1.5% year-on-year to approximately HKD 19.2 million, accounting for 36.7% of the Group's total revenue; the increase was primarily attributable to higher revenue from labor dispatch services Property Management Performance | Metric | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Revenue (HKD Million) | 19.2 | 18.9 | Increase by 0.3 (1.5%) | | Percentage of Total Revenue | 36.7% | N/A | N/A | - The increase in revenue was primarily due to higher revenue from labor dispatch services[51](index=51&type=chunk) [Catering Management](index=21&type=section&id=Catering%20Management) In H1 2025, catering management revenue decreased by 13.6% year-on-year to approximately HKD 3.4 million, accounting for 6.6% of the Group's total revenue; the revenue reduction was primarily due to a decrease in the total number of customers amid intense competition in the Chinese market Catering Management Performance | Metric | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Revenue (HKD Million) | 3.4 | 4.0 | Decrease by 0.5 (13.6%) | | Percentage of Total Revenue | 6.6% | N/A | N/A | - The decrease in revenue was primarily due to a reduction in the total number of customers amid intense competition in the Chinese market[52](index=52&type=chunk) [Outlook](index=21&type=section&id=Outlook) Despite challenges such as economic instability and market saturation, the overall outlook for Canadian hotel operations and Chinese property management businesses remains stable; the management team is actively implementing measures to reduce operating losses, improve financial performance, and continuously explore new business opportunities to deliver shareholder returns - The overall outlook for Canadian hotel operations and Chinese property management businesses remains stable, despite challenges such as economic instability and market saturation[53](index=53&type=chunk) - The management team is implementing various measures to reduce operating losses and improve financial performance, while continuously exploring new business opportunities[54](index=54&type=chunk) [Other Information](index=22&type=section&id=Other%20Information) This section covers other important information regarding the Group's corporate governance, directors' securities transactions, dealings in listed securities, audit committee operations, and interim report publication, emphasizing the company's commitment to high governance standards and transparency [Corporate Governance](index=22&type=section&id=Corporate%20Governance) The Group is committed to maintaining high standards of corporate governance, having adopted the Corporate Governance Code set out in Appendix C1 of the HKEX Listing Rules, and has complied with its provisions throughout the six months ended June 30, 2025 - The Group has adopted and complied with the Corporate Governance Code set out in Appendix C1 of the HKEX Listing Rules throughout the reporting period[55](index=55&type=chunk) [Standard Code for Securities Transactions by Directors](index=22&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules, and confirms that all directors complied with its provisions during the period ended June 30, 2025 - The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers, and all directors complied with its provisions during the reporting period[56](index=56&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=22&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) 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 listed securities - During the reporting period, neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities[57](index=57&type=chunk) [Audit Committee and Review of Financial Statements](index=22&type=section&id=Audit%20Committee%20and%20Review%20of%20Financial%20Statements) The Board's Audit Committee has reviewed and discussed accounting principles, financial reporting procedures, internal control matters, and the unaudited condensed financial statements for the six months ended June 30, 2025, confirming compliance with applicable accounting principles, standards, and requirements - The Audit Committee has reviewed and confirmed the unaudited condensed financial statements for the six months ended June 30, 2025, and confirmed compliance with applicable accounting principles[58](index=58&type=chunk) - The Audit Committee comprises three independent non-executive directors, at least one of whom possesses appropriate professional qualifications and experience in financial matters[58](index=58&type=chunk) [Publication of Interim Results Announcement and 2025 Interim Report](index=23&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%202025%20Interim%20Report) This interim results announcement has been published on the company's website and the HKEX website; the 2025 interim report is expected to be dispatched to shareholders on or before September 30, 2025, and simultaneously published on the company's and HKEX websites - This interim results announcement has been published on the company's website and the HKEX website[59](index=59&type=chunk) - The 2025 interim report is expected to be dispatched to shareholders and published on or before September 30, 2025[59](index=59&type=chunk) [Acknowledgement](index=23&type=section&id=Acknowledgement) The Board extends its sincere gratitude to shareholders, business partners, senior management, and staff for their continued support and valuable contributions to the Group - The Board expresses its sincere gratitude to shareholders, business partners, senior management, and staff[60](index=60&type=chunk) [Board of Directors](index=23&type=section&id=Board%20of%20Directors) As of the announcement date, the Board of Directors comprises four executive directors, including Mr. Choi Yun Chu (Chairman and Executive Director), and three independent non-executive directors, including Ms. Lai Cheuk Yu - As of the announcement date, the Board of Directors comprises four executive directors (Mr. Choi Yun Chu, Mr. Chan Kin, Mr. Tai Kwok Keung, Ms. Hung Hung Kai) and three independent non-executive directors (Ms. Lai Cheuk Yu, Mr. Wong Heung Yeung, Mr. Lok Hor Wai)[61](index=61&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不對因本公佈全部或任何部分內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 時捷集團有限公司 * S.A.S. Dragon Holdings Limited （於百慕達註冊成立之有限公司） （股份代號：1184） 2025年中期業績公佈 | 財務摘要 | | | | | --- | --- | --- | --- | | | 截至6月30日止六個月 | | | | | 2025年 | 2024年 | 變動 | | | （未經審核） | （未經審核） | | | 收入 （千港元） | 12,593,839 | 13,639,486 | –7.7% | | 本公司擁有人應佔溢利 （千港元） | 263,523 | 330,288 | –20.2% | | （港仙） 每股基本盈利 | 42.11 | 52.78 | –20.2% | | （港仙） 每股中期股息 | 15.00 | 15.00 | 不變 | — 1 — 時捷集團有限公司（「本公司」）之董事會（「董事會」）欣然宣佈本公司 ...

[Company Information and Report Declaration](index=1&type=section&id=Company%20Information%20and%20Report%20Declaration) [Company Profile and Board Declaration](index=1&type=section&id=Company%20Profile%20and%20Board%20Declaration) RMH HOLDINGS LIMITED (Des Holdings Limited) announced its unaudited interim results for the six months ended June 30, 2025, with the Board confirming the announcement's accuracy and completeness - Company Name: RMH HOLDINGS LIMITED (Des Holdings Limited), Stock Code: **8437**[2](index=2&type=chunk) - Reporting Period: Unaudited results for the six months ended June 30, 2025[2](index=2&type=chunk) - The Board confirms the announcement complies with the GEM Listing Rules of The Stock Exchange of Hong Kong Limited and assumes full responsibility for its accuracy, completeness, and non-misleading nature[2](index=2&type=chunk)[3](index=3&type=chunk) [GEM Market Characteristics and Risk Warning](index=2&type=section&id=GEM%20Market%20Characteristics%20and%20Risk%20Warning) The GEM market, a listing platform for SMEs, entails higher investment risks, significant market volatility, and no guaranteed liquidity - The GEM market is designed for small and medium-sized companies, with investment risks higher than other listed companies on the Stock Exchange[5](index=5&type=chunk)[9](index=9&type=chunk) - GEM securities may experience significant market volatility, and a highly liquid market cannot be guaranteed[6](index=6&type=chunk)[9](index=9&type=chunk) - Hong Kong Exchanges and Clearing Limited and the Stock Exchange are not responsible for this report's content and make no statement regarding its accuracy or completeness[7](index=7&type=chunk)[9](index=9&type=chunk) [Financial Highlights and Performance Overview](index=3&type=section&id=Financial%20Highlights%20and%20Performance%20Overview) [Summary of Key Financial Data](index=3&type=section&id=Summary%20of%20Key%20Financial%20Data) For the six months ended June 30, 2025, the Group's revenue decreased, shifting from profit to loss, with lower EPS and no interim dividend Key Financial Data for the Six Months Ended June 30, 2025 | Metric | June 30, 2025 (S$'000) | June 30, 2024 (S$'000) | Change (S$'000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 2,094 | 2,357 | (263) | -11.2% | | (Loss) Profit | (387) | 879 | (1,266) | -144.0% | | Earnings per Share (Singapore cents) | 0.03 | 0.08 | (0.05) | -62.5% | - The Board does not recommend paying an interim dividend for the six months ended June 30, 2025[11](index=11&type=chunk) [Unaudited Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=4&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, Group revenue was S$2,094 thousand, a **11.2%** decrease year-on-year, turning from a S$879 thousand profit to a S$387 thousand loss, mainly due to significantly reduced other operating income and increased costs Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (Summary) | Item | June 30, 2025 (S$'000) | June 30, 2024 (S$'000) | Change (S$'000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 2,094 | 2,357 | (263) | -11.2% | | Other operating income | 181 | 2,833 | (2,652) | -93.6% | | Employee benefit expenses | (928) | (1,119) | 191 | -17.1% | | Other operating expenses | (738) | (1,822) | 1,084 | -59.5% | | Finance costs | (133) | (81) | (52) | 64.2% | | (Loss) Profit before tax | (387) | 879 | (1,266) | -144.0% | | (Loss) Profit for the period | (387) | 879 | (1,266) | -144.0% | | (Loss) Profit attributable to owners of the Company | (377) | 1,180 | (1,557) | -132.0% | - Other comprehensive income (expense) for the period was **S$682 thousand**, primarily from exchange differences on translating foreign operations, compared to an expense of **S$215 thousand** in the prior period[14](index=14&type=chunk) [Unaudited Condensed Consolidated Statement of Financial Position](index=7&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total non-current assets were S$277 thousand, total current assets were S$4,640 thousand, with net current liabilities of S$19,592 thousand and net liabilities of S$24,200 thousand, indicating significant going concern uncertainty Condensed Consolidated Statement of Financial Position (Summary) | Item | June 30, 2025 (S$'000) | December 31, 2024 (S$'000) | Change (S$'000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Non-current assets | 277 | 345 | (68) | -19.7% | | Current assets | 4,640 | 3,622 | 1,018 | 28.1% | | Current liabilities | 24,232 | 23,782 | 450 | 1.9% | | Net current liabilities | (19,592) | (20,160) | 568 | -2.8% | | Net liabilities | (24,200) | (24,412) | 212 | -0.9% | | Cash and cash equivalents | 557 | 566 | (9) | -1.6% | | Trade and other receivables | 3,468 | 2,402 | 1,066 | 44.4% | | Trade and other payables | 18,601 | 18,616 | (15) | -0.1% | | Borrowings | 584 | 112 | 472 | 421.4% | - As of June 30, 2025, the Group's current liabilities exceeded current assets by approximately **S$19,592 thousand**, and cash and cash equivalents were insufficient to settle outstanding balances, indicating significant uncertainty regarding its ability to continue as a going concern[17](index=17&type=chunk)[27](index=27&type=chunk)[29](index=29&type=chunk) [Unaudited Condensed Consolidated Statement of Changes in Equity](index=8&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, the deficit in equity attributable to owners of the Company decreased from **S$19,496 thousand** at the beginning of the year to **S$19,274 thousand**, primarily due to a **S$377 thousand** loss for the period and **S$682 thousand** in other comprehensive income Condensed Consolidated Statement of Changes in Equity (Summary) | Item | January 1, 2025 (S$'000) | June 30, 2025 (S$'000) | Change (S$'000) | | :--- | :--- | :--- | :--- | | Deficit in equity attributable to owners of the Company | (19,496) | (19,274) | 222 | | Non-controlling interests | (4,916) | (4,926) | (10) | | Total deficit | (24,412) | (24,200) | 212 | | Profit (Loss) for the period | - | (377) | (377) | | Other comprehensive expense for the period | - | 678 | 678 | - Exchange fluctuation reserve increased from **S$70 thousand** at the beginning of the year to **S$752 thousand**, reflecting a positive impact from exchange differences[18](index=18&type=chunk) [Unaudited Condensed Consolidated Statement of Cash Flows](index=9&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash outflow from operating activities was S$1,358 thousand, compared to a net inflow of S$7,260 thousand in the prior period; there was no cash outflow from investing activities, and net cash inflow from financing activities was S$739 thousand, with cash and cash equivalents at period-end of S$557 thousand Condensed Consolidated Statement of Cash Flows (Summary) | Item | June 30, 2025 (S$'000) | June 30, 2024 (S$'000) | Change (S$'000) | | :--- | :--- | :--- | :--- | | Cash (used in) generated from operating activities | (1,358) | 7,260 | (8,618) | | Cash (used in) generated from investing activities | – | (6,463) | 6,463 | | Cash used in financing activities | 739 | (330) | 1,069 | | Net (decrease) increase in cash and cash equivalents | (619) | 447 | (1,066) | | Cash and cash equivalents at end of period | 557 | 558 | (1) | - Cash outflow from operating activities was primarily due to loss before tax and an increase in trade and other receivables[20](index=20&type=chunk) - Cash inflow from financing activities mainly resulted from **S$1,392 thousand** in borrowings, partially offset by repayment of lease liabilities[21](index=21&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) [General Information](index=11&type=section&id=General%20Information) The Company was incorporated in the Cayman Islands on March 22, 2017, and listed on GEM of the Stock Exchange on October 13, 2017, with its Hong Kong headquarters at Cosco Tower, 183 Queen's Road Central - The Company was incorporated as an exempted company in the Cayman Islands on March 22, 2017[23](index=23&type=chunk)[24](index=24&type=chunk) - The Company's shares have been listed on GEM of the Stock Exchange since October 13, 2017[23](index=23&type=chunk)[24](index=24&type=chunk) [Basis of Preparation and Going Concern](index=12&type=section&id=Basis%20of%20Preparation%20and%20Going%20Concern) The condensed consolidated financial statements are prepared in accordance with IFRSs and presented in Singapore Dollars; as of June 30, 2025, the Group had net current liabilities of approximately S$19,592 thousand and insufficient cash to settle debts, indicating significant going concern uncertainty, which management is addressing through various measures including accelerated receivables collection, communication with liquidators, business streamlining, and seeking new financing - The financial statements are prepared in accordance with International Financial Reporting Standards (IFRSs) and presented in Singapore Dollars (S$)[25](index=25&type=chunk)[26](index=26&type=chunk)[28](index=28&type=chunk) - As of June 30, 2025, the Group's current liabilities exceeded current assets by approximately **S$19,592 thousand**, and cash and cash equivalents of approximately **S$557 thousand** were insufficient to immediately settle debts, raising significant doubt about its ability to continue as a going concern[27](index=27&type=chunk)[29](index=29&type=chunk) - Management has implemented several measures to mitigate liquidity pressure and support going concern, including: - Accelerating the collection of trade and other receivables to replenish liquidity[33](index=33&type=chunk) - Actively communicating with Singapore liquidators and financial institutions to verify debt responsibilities and guarantee obligations[34](index=34&type=chunk) - Streamlining non-core businesses and assets, expanding new segments to improve asset utilization efficiency, and reducing operating costs[36](index=36&type=chunk) - Actively seeking other financing options, including introducing new investors, subscribing to debt instruments or new shares, to settle existing debts and support future operations and capital expenditures[36](index=36&type=chunk) [Adoption of New and Revised Standards](index=15&type=section&id=Adoption%20of%20New%20and%20Revised%20Standards) During the period, the Group adopted all relevant and effective new and revised International Financial Reporting Standards, which did not significantly impact accounting policies or financial statement amounts, and management anticipates no material impact from future IFRSs adoption - The Group has adopted all relevant new and revised International Financial Reporting Standards effective for annual periods beginning on or after January 1, 2024[38](index=38&type=chunk)[40](index=40&type=chunk) - The adoption of these standards did not result in changes to accounting policies or have a significant impact on the amounts reported for the current or prior years[38](index=38&type=chunk)[40](index=40&type=chunk) [Critical Accounting Estimates and Judgements](index=16&type=section&id=Critical%20Accounting%20Estimates%20and%20Judgements) The Group continuously evaluates critical accounting estimates and judgments based on historical experience and reasonable expectations of future events, with significant judgments and estimation uncertainties in the current period being similar to those in the 2024 annual report - Estimates and judgments are made based on past experience and reasonable expectations of future events and are continuously evaluated[41](index=41&type=chunk)[43](index=43&type=chunk) - Significant judgments and sources of estimation uncertainty made by management in applying accounting policies during the current period are similar to those described in the annual report for the year ended December 31, 2024[42](index=42&type=chunk)[43](index=43&type=chunk) [Revenue and Segment Information](index=17&type=section&id=Revenue%20and%20Segment%20Information) For the six months ended June 30, 2025, the Group's total revenue decreased by **11.2%** year-on-year to **S$2,094 thousand**, with treatment services revenue significantly increasing by **110.3%** to **S$1,306 thousand** (62.4% of total revenue), dental services revenue decreasing by **13.9%** to **S$788 thousand**, and trade sales revenue being zero compared to **S$820 thousand** in the prior period Revenue Breakdown and Segment Revenue (Summary) | Business Segment | June 30, 2025 (S$'000) | June 30, 2024 (S$'000) | Change (S$'000) | Change (%) | 2025 % of Total | 2024 % of Total | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Treatment services | 1,306 | 621 | 685 | 110.3% | 62.4% | 26.3% | | Dental services | 788 | 916 | (128) | -13.9% | 37.6% | 38.9% | | Trade sales | – | 820 | (820) | -100.0% | 0.0% | 34.8% | | **Total** | **2,094** | **2,357** | **(263)** | **-11.2%** | **100.0%** | **100.0%** | - Revenue from treatment services is recognized "over time," while revenue from dental services and trade sales is recognized "at a point in time"[46](index=46&type=chunk) - The treatment services segment turned from a loss to a profit, while the dental services and trade sales segments saw expanded losses[48](index=48&type=chunk) [Other Operating Income](index=18&type=section&id=Other%20Operating%20Income) For the six months ended June 30, 2025, other operating income significantly decreased by **93.6%** to **S$181 thousand**, primarily due to a large reversal of impairment losses and foreign exchange gains in the prior period Other Operating Income (Summary) | Item | June 30, 2025 (S$'000) | June 30, 2024 (S$'000) | Change (S$'000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Other income | 181 | 27 | 154 | 570.4% | | Foreign exchange gains | – | 162 | (162) | -100.0% | | Reversal of impairment losses | – | 2,644 | (2,644) | -100.0% | | **Total** | **181** | **2,833** | **(2,652)** | **-93.6%** | - The prior period included a **S$2,644 thousand** reversal of impairment losses, which was absent in the current period[50](index=50&type=chunk) [Finance Costs](index=19&type=section&id=Finance%20Costs) For the six months ended June 30, 2025, finance costs increased by **64.2%** year-on-year to **S$133 thousand**, mainly due to increased interest expenses on lease liabilities Finance Costs (Summary) | Item | June 30, 2025 (S$'000) | June 30, 2024 (S$'000) | Change (S$'000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Interest expense on borrowings | 15 | 9 | 6 | 66.7% | | Interest expense on lease liabilities | 118 | 72 | 46 | 63.9% | | **Total** | **133** | **81** | **52** | **64.2%** | [Loss Before Tax](index=19&type=section&id=Loss%20Before%20Tax) For the six months ended June 30, 2025, the loss before tax was **S$387 thousand**, with major expenses including **S$214 thousand** in professional and consulting fees and **S$928 thousand** in employee benefit expenses Loss Before Tax by Deducted Items (Summary) | Item | June 30, 2025 (S$'000) | June 30, 2024 (S$'000) | Change (S$'000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Professional and consulting fees | 214 | 964 | (750) | -77.8% | | Directors' remuneration | 189 | 202 | (13) | -6.4% | | Other staff costs (salaries, bonuses and other benefits) | 718 | 890 | (172) | -19.3% | | Contributions to retirement benefit schemes | 21 | 27 | (6) | -22.2% | | **Total employee benefit expenses** | **928** | **1,119** | **(191)** | **-17.1%** | - Professional and consulting fees significantly decreased by **77.8%** year-on-year, positively contributing to loss reduction[52](index=52&type=chunk) [Income Tax Expense](index=20&type=section&id=Income%20Tax%20Expense) No income tax expense was provided for continuing operations in the current or prior periods, with Hong Kong profits tax at **16.5%** and Chinese subsidiary corporate income tax at **25%** - No income tax was provided for continuing operations in the current or prior periods[53](index=53&type=chunk)[56](index=56&type=chunk) - Hong Kong profits tax rate is **16.5%**, and the corporate income tax rate for Chinese subsidiaries is **25%**[53](index=53&type=chunk)[54](index=54&type=chunk)[56](index=56&type=chunk) [Earnings (Loss) Per Share](index=20&type=section&id=Earnings%20(Loss)%20Per%20Share) For the six months ended June 30, 2025, earnings per share attributable to owners of the Company were **S$0.03 cents**, a significant decrease from **S$0.08 cents** in the prior period, with no potential dilutive ordinary shares during the period Earnings (Loss) Per Share | Item | June 30, 2025 | June 30, 2024 | Change | | :--- | :--- | :--- | :--- | | Profit attributable to owners of the Company (S$'000) | 305 | 965 | (660) | | Weighted average number of ordinary shares (thousands) | 1,082,258 | 1,282,007 | (199,749) | | Earnings per Share (Singapore cents) | 0.03 | 0.08 | (0.05) | - No potential dilutive ordinary shares were issued for the six months ended June 30, 2025 and 2024, thus no diluted loss per share information is presented[59](index=59&type=chunk)[63](index=63&type=chunk) [Dividends](index=21&type=section&id=Dividends) The Board does not recommend paying an interim dividend for the six months ended June 30, 2025, consistent with the prior period - The Board does not recommend paying an interim dividend for the six months ended June 30, 2025 (2024: nil)[60](index=60&type=chunk)[64](index=64&type=chunk) [Property, Plant and Equipment](index=21&type=section&id=Property,%20Plant%20and%20Equipment) For the six months ended June 30, 2025, the Group did not acquire any property, plant and equipment, compared to **S$1,760 thousand** acquired in the prior period - For the six months ended June 30, 2025, the Group acquired **S$0** in property, plant and equipment (2024: **S$1,760 thousand**)[61](index=61&type=chunk)[65](index=65&type=chunk) [Intangible Assets](index=21&type=section&id=Intangible%20Assets) Intangible assets primarily refer to software purchased from suppliers, with an estimated useful life of 5 years - Intangible assets refer to software purchased from vendors, with an estimated useful life of 5 years[62](index=62&type=chunk)[66](index=66&type=chunk) [Right-of-use Assets](index=22&type=section&id=Right-of-use%20Assets) As of June 30, 2025, the carrying amount of right-of-use assets was **S$42 thousand**, a decrease from **S$61 thousand** as of December 31, 2024, mainly due to exchange adjustments Right-of-use Assets (Summary) | Item | June 30, 2025 (S$'000) | December 31, 2024 (S$'000) | | :--- | :--- | :--- | | Cost | 4,883 | 5,126 | | Accumulated depreciation | 4,841 | 5,065 | | Carrying amount | 42 | 61 | - Both cost and accumulated depreciation decreased due to exchange adjustments[68](index=68&type=chunk) [Trade and Other Receivables](index=23&type=section&id=Trade%20and%20Other%20Receivables) As of June 30, 2025, total trade and other receivables amounted to **S$3,468 thousand**, a **44.4%** increase from December 31, 2024; trade receivables significantly increased, with a high proportion over 90 days past due, and the Group made loss provisions for trade and some other receivables Trade and Other Receivables (Summary) | Item | June 30, 2025 (S$'000) | December 31, 2024 (S$'000) | Change (S$'000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Trade receivables (net of loss allowance) | 2,520 | 705 | 1,815 | 257.4% | | Deposits | – | 2,099 | (2,099) | -100.0% | | Prepayments | 349 | 301 | 48 | 15.9% | | Other receivables (net of loss allowance) | 599 | (703) | 1,302 | -185.2% | | **Total** | **3,468** | **2,402** | **1,066** | **44.4%** | - The average credit period for trade receivables is **90 days**[70](index=70&type=chunk)[71](index=71&type=chunk) Ageing Analysis of Trade Receivables (Based on Invoice Date) | Ageing | June 30, 2025 (S$'000) | December 31, 2024 (S$'000) | | :--- | :--- | :--- | | 0–30 days | 13 | – | | Over 90 days | 2,507 | 705 | | **Total** | **2,520** | **705** | [Trade and Other Payables](index=25&type=section&id=Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables amounted to **S$18,601 thousand**, largely consistent with December 31, 2024; other payables primarily include amounts due to Singapore liquidating subsidiaries, for which the Group has received demand letters and is negotiating repayment Trade and Other Payables (Summary) | Item | June 30, 2025 (S$'000) | December 31, 2024 (S$'000) | Change (S$'000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Trade payables | 112 | 104 | 8 | 7.7% | | Accrued expenses | 2,501 | 2,594 | (93) | -3.6% | | Other payables | 13,484 | 13,226 | 258 | 2.0% | | Amounts due to directors | 1,053 | 1,105 | (52) | -4.7% | | Contract liabilities | 1,451 | 1,587 | (136) | -8.6% | | **Total** | **18,601** | **18,616** | **(15)** | **-0.1%** | - Other payables primarily include **S$6,945 thousand** due to Singapore liquidating subsidiaries; the Group has received demand letters from the liquidator for **S$6,800 thousand** and is negotiating repayment[77](index=77&type=chunk)[78](index=78&type=chunk) Ageing Analysis of Trade Payables (Based on Invoice Date) | Ageing | June 30, 2025 (S$'000) | December 31, 2024 (S$'000) | | :--- | :--- | :--- | | 0–30 days | 7 | 35 | | Over 90 days | 105 | 69 | | **Total** | **112** | **104** | [Lease Liabilities](index=26&type=section&id=Lease%20Liabilities) As of June 30, 2025, total lease liabilities amounted to **S$3,519 thousand**, with **S$963 thousand** due within 12 months Lease Liabilities (Summary) | Item | June 30, 2025 (S$'000) | December 31, 2024 (S$'000) | Change (S$'000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Amounts payable within 12 months | 963 | 970 | (7) | -0.7% | | Amounts payable after 12 months | 2,556 | 3,202 | (646) | -20.2% | | **Total** | **3,519** | **4,172** | **(653)** | **-15.6%** | [Financial Guarantee Liabilities](index=27&type=section&id=Financial%20Guarantee%20Liabilities) As of June 30, 2025, the Company provided corporate guarantees totaling **S$6,000 thousand** for bank financing to Singapore liquidating subsidiaries, of which **S$4,076 thousand** was utilized; due to the subsidiaries' failure to repay, the Company has made full provision for the outstanding principal and accrued interest - The Company provided corporate guarantees totaling **S$6,000 thousand** for bank financing to Singapore liquidating subsidiaries, of which **S$4,076 thousand** has been utilized[83](index=83&type=chunk)[84](index=84&type=chunk) - Due to the subsidiaries' failure to repay, the Company has made full provision for the outstanding principal and accrued interest[83](index=83&type=chunk)[84](index=84&type=chunk) - The related borrowings bear interest at fixed annual rates ranging from **3% to 4.5%**[83](index=83&type=chunk)[84](index=84&type=chunk) [Share Capital](index=27&type=section&id=Share%20Capital) As of June 30, 2025, the Company's authorized share capital was **500,000,000 shares** with a par value of **HK$0.20**, totaling **HK$100,000 thousand**; issued and fully paid share capital was **66,600,000 shares**, amounting to **S$2,303 thousand**, with no new shares issued during the period Share Capital Details | Item | Number of Shares | Par Value (HK$) | Share Capital (HK$'000) | | :--- | :--- | :--- | :--- | | Authorized share capital | 500,000,000 | 0.20 | 100,000 | | Issued and fully paid shares | 66,600,000 | - | 2,303 (S$'000) | - As of June 30, 2025, the number of issued and fully paid shares and the share capital amount remained unchanged from December 31, 2024, with no new shares issued during the period[88](index=88&type=chunk) [Related Party Transactions](index=28&type=section&id=Related%20Party%20Transactions) As of June 30, 2025, the Group's amount payable to related party Guangdong Tianban Grand Health Industry Co., Ltd. was **S$2,329 thousand**, an increase from December 31, 2024; this amount is unsecured, interest-free, and repayable by March 5, 2027 Related Party Balances (Summary) | Related Party Name | Relationship | Nature of Business | June 30, 2025 (S$'000) | December 31, 2024 (S$'000) | | :--- | :--- | :--- | :--- | :--- | | Guangdong Tianban Grand Health Industry Co., Ltd. | Related party | Amount payable to a related party | 2,329 | 1,395 | - The amount payable to the related party is unsecured, interest-free, and repayable by March 5, 2027[91](index=91&type=chunk) - This related party is jointly controlled by a legal person of a domestic subsidiary[91](index=91&type=chunk) [Management Discussion and Analysis](index=30&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=30&type=section&id=Business%20Review) For the six months ended June 30, 2025, the Company's revenue decreased by **11.2%** year-on-year, primarily due to changes in business structure in 2025 and reduced contributions from Hong Kong healthcare products; current revenue mainly stems from Hong Kong treatment services, Hong Kong healthcare products, and mainland China dental clinics - The Company's revenue decreased by **11.2%** year-on-year, mainly due to changes in business structure in 2025[93](index=93&type=chunk)[96](index=96&type=chunk) - Since December 2024, the Group's revenue contributions primarily come from original Hong Kong treatment services, Hong Kong healthcare products, and dental clinics in mainland China, with a reduced contribution from Hong Kong healthcare products[93](index=93&type=chunk)[96](index=96&type=chunk) [Business Outlook](index=30&type=section&id=Business%20Outlook) The Group primarily operates in dental implant and dermatological medical aesthetics and treatment services, with a two-year business development plan in place; the Company sees significant potential in the mainland China and Hong Kong markets, considers its current business model viable, and plans to focus resources on dental and dermatological services while maintaining a prudent and proactive investment strategy - The Group primarily operates in dental implant and dermatological medical aesthetics and treatment services, having formulated a two-year business development plan and operational objectives in 2023[94](index=94&type=chunk)[97](index=97&type=chunk) - For the six months ended June 30, 2025, dental services revenue accounted for approximately **37.6%** of total revenue, and dermatological medical aesthetics and treatment services revenue accounted for approximately **62.4%**[94](index=94&type=chunk)[97](index=97&type=chunk) - The Company believes the vast population base and aging trend in mainland China and Hong Kong offer broad market space for future development, and its existing business model is viable and effective[95](index=95&type=chunk)[97](index=97&type=chunk) - The Company will concentrate its main resources to actively support and promote the continuous development of dental business and dermatological medical aesthetics and treatment services, while maintaining a prudent and proactive investment strategy[98](index=98&type=chunk)[100](index=100&type=chunk) [Financial Review](index=31&type=section&id=Financial%20Review) This section provides a detailed review of the Group's financial performance for the six months ended June 30, 2025, including revenue composition, changes in costs and expenses, and their impact on the loss for the period [Revenue Analysis](index=31&type=section&id=Revenue%20Analysis) For the six months ended June 30, 2025, the Group's total revenue decreased by **11.2%** year-on-year to **S$2,094 thousand**; treatment services revenue significantly increased by **110.3%** to **S$1,306 thousand**, becoming the primary income source; dental services revenue decreased by **13.9%** to **S$788 thousand**; and trade sales revenue was zero, compared to **S$820 thousand** in the prior period Revenue Details | Business Type | June 30, 2025 (S$'000) | % of Total | June 30, 2024 (S$'000) | % of Total | Change (S$'000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Treatment services | 1,306 | 62.4 | 621 | 26.3 | 685 | 110.3% | | Dental services | 788 | 37.6 | 916 | 38.9 | (128) | -13.9% | | Trade sales | – | – | 820 | 34.8 | (820) | -100.0% | | **Total** | **2,094** | **100.0** | **2,357** | **100.0** | **(263)** | **-11.2%** | - The decrease in trade sales revenue (primarily from stem cell supplements and other medical products) from **S$820 thousand** to **S$0** was the main reason for the overall revenue decline[104](index=104&type=chunk)[108](index=108&type=chunk) [Consumables and Medical Supplies Used](index=32&type=section&id=Consumables%20and%20Medical%20Supplies%20Used) For the six months ended June 30, 2025, the cost of consumables and medical supplies used was **S$494 thousand**, a slight year-on-year decrease consistent with reduced revenue from prescription and dispensing services; costs are primarily influenced by quantities used and procurement costs Cost of Consumables and Medical Supplies Used | Item | June 30, 2025 (S$'000) | June 30, 2024 (S$'000) | Change (S$'000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Consumables and medical supplies used | 494 | 519 | (25) | -4.8% | - The decrease in cost is consistent with the reduction in revenue generated from prescription and dispensing services[105](index=105&type=chunk)[109](index=109&type=chunk) - Costs are primarily influenced by the quantity of medicines and consumables used and their procurement costs, depending on the number of patient visits, treatment procedures, and complexity[106](index=106&type=chunk)[109](index=109&type=chunk) [Other Operating Income](index=32&type=section&id=Other%20Operating%20Income) For the six months ended June 30, 2025, other operating income was **S$181 thousand**, a significant decrease from **S$2,833 thousand** in the prior period, mainly due to a large reversal of impairment losses on investments in joint ventures and foreign exchange gains in the prior period Other Operating Income Composition | Item | June 30, 2025 (S$'000) | June 30, 2024 (S$'000) | | :--- | :--- | :--- | | Other income | 181 | 27 | | Foreign exchange gains | – | 162 | | Reversal of impairment losses | – | 2,644 | | **Total** | **181** | **2,833** | - The prior period included a **S$2,644 thousand** reversal of impairment losses and **S$162 thousand** in foreign exchange gains, both absent in the current period[50](index=50&type=chunk)[107](index=107&type=chunk)[110](index=110&type=chunk) [Other Direct Costs](index=33&type=section&id=Other%20Direct%20Costs) Other direct costs primarily consist of laboratory fees for outsourced blood, urine, and other testing services, as the Group opts for outsourcing due to insufficient internal demand to support related investments - Other direct costs primarily arise from laboratory fees for providing patient blood, urine, and other testing services[111](index=111&type=chunk)[114](index=114&type=chunk) - The Group chooses to outsource medical testing services because internal demand is insufficient to support the necessary investment in developing expertise and internal infrastructure[112](index=112&type=chunk)[114](index=114&type=chunk) [Employee Benefit Expenses](index=33&type=section&id=Employee%20Benefit%20Expenses) For the six months ended June 30, 2025, employee benefit expenses were **S$928 thousand**, a **17.1%** year-on-year decrease, while the total number of employees increased from **33** in the prior period to **38** Employee Benefit Expenses Composition | Item | June 30, 2025 (S$'000) | June 30, 2024 (S$'000) | Change (S$'000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Directors' remuneration | 189 | 202 | (13) | -6.4% | | Other staff costs (salaries, bonuses and other benefits) | 718 | 890 | (172) | -19.3% | | Contributions to retirement benefit schemes | 21 | 27 | (6) | -22.2% | | **Total employee benefit expenses** | **928** | **1,119** | **(191)** | **-17.1%** | - As of June 30, 2025, the total number of employees (excluding directors) was **38**, an increase from **33** in the prior period[117](index=117&type=chunk)[118](index=118&type=chunk) [Depreciation of Property, Plant and Equipment](index=34&type=section&id=Depreciation%20of%20Property,%20Plant%20and%20Equipment) Depreciation is calculated using the straight-line method, primarily covering professional medical equipment, computer office equipment, and leasehold improvements; depreciation methods, useful lives, and residual values are regularly reviewed - Depreciation is recognized on a straight-line basis over the estimated useful lives of each component of property, plant and equipment[118](index=118&type=chunk)[120](index=120&type=chunk) - Key categories include: - Professional equipment, mainly medical equipment used in clinics (e.g., skin laser equipment)[121](index=121&type=chunk) - Computer and office equipment used for operations at various premises[121](index=121&type=chunk) - Leasehold improvements for leased operational premises[121](index=121&type=chunk) - Depreciation methods, useful lives, and residual values are reviewed and adjusted at each reporting period end, with medical and office equipment generally depreciated over three to five years[119](index=119&type=chunk)[120](index=120&type=chunk) [Depreciation of Right-of-use Assets](index=35&type=section&id=Depreciation%20of%20Right-of-use%20Assets) Right-of-use assets are depreciated over the shorter of the lease term or the useful life of the underlying asset, with increased depreciation primarily due to the adoption of new accounting standards - Right-of-use assets are depreciated over the shorter of the lease term or the useful life of the underlying asset[122](index=122&type=chunk)[127](index=127&type=chunk) - The increase in depreciation is primarily due to the adoption of new accounting standards[122](index=122&type=chunk)[127](index=127&type=chunk) [Other Operating Expenses](index=35&type=section&id=Other%20Operating%20Expenses) For the six months ended June 30, 2025, other operating expenses significantly decreased by **59.5%** year-on-year to **S$738 thousand**, primarily including rent and property maintenance, administrative fees, and professional and consulting fees Other Operating Expenses | Item | June 30, 2025 (S$'000) | June 30, 2024 (S$'000) | Change (S$'000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Other operating expenses | 738 | 1,822 | (1,084) | -59.5% | - Other operating expenses include rent and property maintenance, administrative fees, professional and consulting fees, net foreign exchange losses, and other expenses[123](index=123&type=chunk)[128](index=128&type=chunk) [Finance Costs](index=35&type=section&id=Finance%20Costs) Finance costs are primarily attributable to interest expenses on term loans and lease liabilities under IFRS 16 - Finance costs comprise interest expenses on term loans and lease liabilities under IFRS 16[124](index=124&type=chunk)[129](index=129&type=chunk) [Income Tax Expense](index=35&type=section&id=Income%20Tax%20Expense) No provision for income tax expense was made for the six months ended June 30, 2025 - No provision for income tax expense was made for the six months ended June 30, 2025[125](index=125&type=chunk)[130](index=130&type=chunk) [Loss for the Period](index=35&type=section&id=Loss%20for%20the%20Period) Due to the combined impact of the aforementioned factors, the Group recorded a loss of **S$387 thousand** for the six months ended June 30, 2025, a **144%** significant decrease from a profit of **S$879 thousand** in the prior period (Loss) Profit for the Period | Item | June 30, 2025 (S$'000) | June 30, 2024 (S$'000) | Change (S$'000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | (Loss) Profit for the period | (387) | 879 | (1,266) | -144.0% | - The loss for the period was primarily influenced by the combined effects of decreased revenue, significantly reduced other operating income, and increased finance costs[131](index=131&type=chunk) [Interim Dividend](index=36&type=section&id=Interim%20Dividend) The Board does not recommend paying an interim dividend for the six months ended June 30, 2025, consistent with the prior period - The Board does not recommend paying an interim dividend for the six months ended June 30, 2025 (2024: nil)[132](index=132&type=chunk)[136](index=136&type=chunk) [Capital Structure, Liquidity and Financial Resources](index=36&type=section&id=Capital%20Structure,%20Liquidity%20and%20Financial%20Resources) As of June 30, 2025, the Group's total deficit was **S$24,200 thousand**, with net current liabilities of **S$19,592 thousand**; the Group primarily funds its operations through internal cash flow, bank loans, and new share issuance, with an asset-liability ratio of **120.32%** and a net cash outflow from operating activities of **S$1,358 thousand** - As of June 30, 2025, the Group's total deficit was approximately **S$24,200 thousand** (December 31, 2024: **S$24,412 thousand**)[134](index=134&type=chunk)[137](index=137&type=chunk) - The Group primarily funds its operations through internally generated cash flows, bank loans, and the issuance of new shares[134](index=134&type=chunk)[137](index=137&type=chunk) Capital Structure and Liquidity Ratios | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Bank balances and cash | S$557 thousand | S$566 thousand | | Net current liabilities | S$19,592 thousand | S$20,160 thousand | | Asset-liability ratio | 120.32% | 116.3% | | Net cash from operating activities | (S$1,358) thousand | S$7,260 thousand | [Material Investments, Major Acquisitions and Disposals of Subsidiaries](index=37&type=section&id=Material%20Investments,%20Major%20Acquisitions%20and%20Disposals%20of%20Subsidiaries) For the six months ended June 30, 2025, the Group primarily transferred a joint venture to the subsidiary's consolidated financial statements - For the six months ended June 30, 2025, the Group primarily transferred a joint venture to the subsidiary's consolidated financial statements[138](index=138&type=chunk)[142](index=142&type=chunk) [Foreign Exchange Risk](index=37&type=section&id=Foreign%20Exchange%20Risk) The Group primarily operates in Singapore, Hong Kong, and mainland China, with transactions settled in Singapore Dollars and Hong Kong Dollars; management believes the Group's business is not exposed to significant foreign exchange risk as there are no material financial assets or liabilities denominated in currencies other than the functional currency of the operating entities, and no foreign currency hedging was undertaken in historical periods - The Group primarily conducts business in Singapore, Hong Kong, and mainland China, with most transactions settled in Singapore Dollars and Hong Kong Dollars, respectively[139](index=139&type=chunk)[143](index=143&type=chunk) - Management believes the business is not exposed to any significant foreign exchange risk, as there are no material financial assets or liabilities denominated in currencies other than the respective functional currencies of the operating entities[139](index=139&type=chunk)[143](index=143&type=chunk) - No foreign currency hedging was undertaken during the historical record period[139](index=139&type=chunk)[143](index=143&type=chunk) [Future Plans for Material Investments and Capital Assets](index=37&type=section&id=Future%20Plans%20for%20Material%20Investments%20and%20Capital%20Assets) The Group will continue to diversify its services and product offerings through mergers and acquisitions to meet medical, health, and beauty needs, actively seeking acquisition targets and cooperation opportunities, especially in Hong Kong, the Greater Bay Area, Singapore, and ASEAN regions - The Group will continue to diversify its services and product offerings through mergers and acquisitions to meet individuals' medical, health, and beauty needs[140](index=140&type=chunk)[144](index=144&type=chunk) - It will actively seek acquisition targets and cooperation opportunities to explore further collaborations in Hong Kong, the Greater Bay Area, Singapore, and ASEAN[140](index=140&type=chunk)[144](index=144&type=chunk) [Contingent Liabilities](index=37&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no material contingent liabilities - As of June 30, 2025, the Group had no material contingent liabilities[141](index=141&type=chunk)[145](index=145&type=chunk) [Employees and Remuneration Policies](index=38&type=section&id=Employees%20and%20Remuneration%20Policies) As of June 30, 2025, the Group had **38** employees (excluding doctors), with staff costs of **S$928 thousand**; remuneration is determined based on market compensation, job performance, time commitment, and responsibilities, with internal/external training and year-end discretionary bonuses provided to attract and retain talent - As of June 30, 2025, the Group had **38** employees (including part-time staff but excluding doctors), an increase from **33** in the prior period[146](index=146&type=chunk)[148](index=148&type=chunk) Staff Costs | Item | June 30, 2025 (S$'000) | June 30, 2024 (S$'000) | | :--- | :--- | :--- | | Staff costs (including directors' remuneration) | 928 | 1,119 | - Remuneration is determined based on comparable market compensation, job performance, time commitment, and individual responsibilities, with training and year-end discretionary bonuses provided to attract and retain talent[146](index=146&type=chunk)[148](index=148&type=chunk) [Pledge of the Group's Assets](index=38&type=section&id=Pledge%20of%20the%20Group's%20Assets) As of June 30, 2025, and December 31, 2024, the Group had no pledged assets - As of June 30, 2025, and December 31, 2024, the Group had no pledged assets[147](index=147&type=chunk)[149](index=149&type=chunk) [Corporate Governance and Other Information](index=39&type=section&id=Corporate%20Governance%20and%20Other%20Information) [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures](index=39&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests%20and%20Short%20Positions%20in%20Shares,%20Underlying%20Shares%20and%20Debentures) As of June 30, 2025, Mr. Li Zongshun, the Company's Vice Chairman, held a long position of **300,000** ordinary shares, representing approximately **0.45%** of the share capital; other directors and chief executives held no other disclosable interests or short positions in shares, underlying shares, or debentures Directors' Long Positions in the Company's Ordinary Shares | Director Name | Nature of Interest | Number of Shares | Approximate % of Shareholding | | :--- | :--- | :--- | :--- | | Li Zongshun | Beneficial owner | 300,000 | 0.45% | - Mr. Li Zongshun's shareholding is adjusted based on the share consolidation effective November 26, 2024[153](index=153&type=chunk)[154](index=154&type=chunk) - Save as disclosed above, no other directors or chief executives held any interests or short positions in the shares, underlying shares, or debentures required to be disclosed under the Securities and Futures Ordinance[155](index=155&type=chunk)[157](index=157&type=chunk) [Substantial Shareholders' and Other Persons' Interests and Short Positions in Shares, Underlying Shares and Debentures](index=40&type=section&id=Substantial%20Shareholders'%20and%20Other%20Persons'%20Interests%20and%20Short%20Positions%20in%20Shares,%20Underlying%20Shares%20and%20Debentures) As of June 30, 2025, Dr. Loh Teck Hiong and his spouse Ms. Fung Yuen Yee held **10,501,200** shares through Brisk Success, representing **15.77%** equity; Mr. Li Mingcheng held **6,648,400** shares through HK MZ Health Investment Management Group Limited, representing **9.98%** equity, and beneficially owned **34,800** shares Substantial Shareholders' Long Positions in the Company's Ordinary Shares | Shareholder Name/Name | Capacity/Nature of Interest | Number of Shares Interested | % of the Company's Interest | | :--- | :--- | :--- | :--- | | Loh Teck Hiong | Interest in controlled corporation | 10,501,200 | 15.77% | | Brisk Success | Beneficial owner | 10,501,200 | 15.77% | | Fung Yuen Yee | Spouse's interest | 10,501,200 | 15.77% | | Li Mingcheng | Interest in controlled corporation | 6,648,400 | 9.98% | | Li Mingcheng | Beneficial owner | 34,800 | 0.05% | | HK MZ Health Investment Management Group Limited | Beneficial owner | 6,648,400 | 9.98% | - Dr. Loh Teck Hiong holds **70%** equity in Brisk Success and is therefore deemed to have an interest in the shares held by Brisk Success[160](index=160&type=chunk) - Ms. Fung Yuen Yee, as Dr. Loh Teck Hiong's spouse, is deemed to have an interest in all shares in which Dr. Loh has an interest[160](index=160&type=chunk) [Compliance with the Model Code](index=42&type=section&id=Compliance%20with%20the%20Model%20Code) The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers under the GEM Listing Rules, and all directors have confirmed compliance with the code for the six months ended June 30, 2025 - The Company has adopted the Model Code as set out in Rules 5.48 to 5.67 of the GEM Listing Rules[162](index=162&type=chunk)[166](index=166&type=chunk) - All directors have confirmed compliance with the Model Code for the six months ended June 30, 2025[162](index=162&type=chunk)[166](index=166&type=chunk) [Corporate Governance Practices](index=42&type=section&id=Corporate%20Governance%20Practices) The Board is committed to achieving high standards of corporate governance, has adopted the principles and code provisions of the Corporate Governance Code set out in Appendix C1 of the GEM Listing Rules, and confirms compliance with all applicable code provisions for the six months ended June 30, 2025 - The Board is committed to achieving high standards of corporate governance to manage business risks, enhance transparency, achieve high levels of accountability, and protect stakeholders' interests[163](index=163&type=chunk)[167](index=167&type=chunk) - The Company has adopted the principles and code provisions of the Corporate Governance Code set out in Appendix C1 of the GEM Listing Rules as its own corporate governance code[164](index=164&type=chunk)[167](index=167&type=chunk) - The Company has complied with all applicable code provisions of the Corporate Governance Code for the six months ended June 30, 2025[164](index=164&type=chunk)[167](index=167&type=chunk) [Share Option Scheme](index=43&type=section&id=Share%20Option%20Scheme) The Company adopted a share option scheme on September 22, 2017; for the six months ended June 30, 2025, no share options were granted, exercised, lapsed, or cancelled, with **600,000** options remaining unexercised at period-end and zero options available for grant - The Company adopted a share option scheme on September 22, 2017[168](index=168&type=chunk)[169](index=169&type=chunk) - For the six months ended June 30, 2025, no share options were granted, exercised, lapsed, or cancelled under the share option scheme[168](index=168&type=chunk)[169](index=169&type=chunk) Share Option Movements (Summary) | Item | January 1, 2025 | Granted | Exercised | Lapsed | Cancelled | June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Employee share options | 600,000 | – | – | – | – | 600,000 | [Purchase, Sale or Redemption of the Company's Listed Securities](index=44&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) 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 listed securities - 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 listed securities[171](index=171&type=chunk)[174](index=174&type=chunk) [Rights to Acquire Shares or Debentures by Directors](index=44&type=section&id=Rights%20to%20Acquire%20Shares%20or%20Debentures%20by%20Directors) For the six months ended June 30, 2025, no rights to acquire benefits through the acquisition of Company shares or debentures were granted to or exercised by any director or their spouse/minor children, nor did the Company enter into any related arrangements - For the six months ended June 30, 2025, no rights to acquire benefits through the acquisition of the Company's shares or debentures were granted to or exercised by any director or their respective spouses or children under 18 years of age[172](index=172&type=chunk)[175](index=175&type=chunk) - Neither the Company, its holding company, nor any of its subsidiaries or fellow subsidiaries entered into any arrangements enabling directors to acquire such rights in any other body corporate[172](index=172&type=chunk)[175](index=175&type=chunk) [Compliance with the Code of Conduct for Securities Transactions by Directors](index=44&type=section&id=Compliance%20with%20the%20Code%20of%20Conduct%20for%20Securities%20Transactions%20by%20Directors) The Company has adopted a code of conduct for directors' securities transactions that is no less exacting than the GEM Listing Rules, and all directors have confirmed continuous compliance with this code for the six months ended June 30, 2025 - The Company has adopted a code of conduct for directors' securities transactions, with terms no less exacting than the required standards set out in Rules 5.48 to 5.67 of the GEM Listing Rules[173](index=173&type=chunk)[176](index=176&type=chunk) - All directors confirmed continuous compliance with the required dealing standards and the Company's adopted code of conduct throughout the six months ended June 30, 2025[173](index=173&type=chunk)[176](index=176&type=chunk) [Compliance with Non-Competition Undertaking](index=45&type=section&id=Compliance%20with%20Non-Competition%20Undertaking) The independent non-executive directors have reviewed the implementation of the non-competition deed and believe that the controlling shareholders have complied with the non-competition undertaking for the six months ended June 30, 2025 - Controlling shareholders Brisk Success and Dr. Loh have undertaken not to directly or indirectly engage in any business that competes with or is similar to the Group's business[177](index=177&type=chunk)[181](index=181&type=chunk) - The independent non-executive directors believe that the controlling shareholders have complied with the undertakings under the non-competition deed for the six months ended June 30, 2025[178](index=178&type=chunk)[182](index=182&type=chunk) [Dividends](index=45&type=section&id=Dividends) The Board does not recommend paying an interim dividend for the six months ended June 30, 2025 - The Board does not recommend paying an interim dividend for the six months ended June 30, 2025[179](index=179&type=chunk)[183](index=183&type=chunk) [Events After the Reporting Period](index=45&type=section&id=Events%20After%20the%20Reporting%20Period) No significant events occurred after the six months ended June 30, 2025, and up to the date of this report - No significant events occurred after the six months ended June 30, 2025, and up to the date of this report[180](index=180&type=chunk)[184](index=184&type=chunk) [Audit Committee](index=46&type=section&id=Audit%20Committee) The Company's Audit Committee, established on September 22, 2017, comprises three independent non-executive directors, chaired by Mr. Zhou Yingnan; its primary responsibilities include reviewing and monitoring financial reporting processes and internal control systems, and it has reviewed the unaudited condensed consolidated financial statements for the current period - The Audit Committee was established on September 22, 2017, in compliance with the GEM Listing Rules and the Corporate Governance Code[185](index=185&type=chunk)[189](index=189&type=chunk) - The committee consists of three independent non-executive directors, with Mr. Zhou Yingnan serving as Chairman[185](index=185&type=chunk)[189](index=189&type=chunk) - Its main responsibilities include reviewing and monitoring financial reporting processes and internal control systems, and it has reviewed the Group's unaudited condensed consolidated financial statements for the six months ended June 30, 2025[186](index=186&type=chunk)[189](index=189&type=chunk)

（於開曼群島註冊成立的有限公司） （股份代號：1305） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 Wai Chi Holdings Company Limited 偉志控股有限公司 截 至2025年6月30日止六個月之 中期業績公告 | 財務摘要 | | | | --- | --- | --- | | | 截 至6月30日止六個月 | | | | 2025年 | 2024年 | | | 未經審核 | 未經審核 | | | 千港元 | 千港元 | | 收 益 | 1,127,460 | 1,166,073 | | 毛 利 | 166,545 | 132,255 | | 毛利率 | 14.8% | 11.3% | | 本公司擁有人應佔期內利潤 | 28,505 | 23,967 | | 每股基本及攤薄盈利 | 12.97港 仙 | 10.90港 仙 | 中期業績 偉 志 控 股 有 限 公 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何 部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 萬城控股有限公司 MILLION CITIES HOLDINGS LIMITED （於開曼群島註冊成立的有限公司） （股份代號：2892） 有關截至2024年12月31日止年度的年度報告補充公告 茲提述萬城控股有限公司（「本公司」）截至2024年12月31日止年度的年度報告（「2024 年年報」）。除本公告另有界定者外，本公告所用詞彙與2024年年報所界定者具有相 同涵義。 董事會謹此向本公司股東及潛在投資者提供以下有關購股權計劃的補充資料，有關 資料載於二零二四年年報董事會報告「購股權計劃」一節。 1. 可供發行之股份總數 – 1 – 購股權的可獲行使期將由董事會全權酌情釐定，惟不得於授出購股權十年後行 使購股權。 3. 已授出購股權歸屬期 購股權計劃對歸屬期無任何最低要求。 本補充公告所載資料並不會對載於2024年年報內其他資料構成影響，且除上文所披 露者外，2024年年報內所有其他資料保持不變。 ...