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。 京東方精電有限公司 （於百慕達註冊成立之有限公司） （股份代號：710） 2025 年中期業績公告 主席報告 財務摘要 | | 截至 2025 年 6 月 30 日 | 截至 2024 年 6 月 30 日 | | --- | --- | --- | | 百萬港元 (除另有指示外) | 止 6 個月 | 止 6 個月 | | 收益 | 6,671 | 6,157 | | 利息、稅項、折舊及攤銷前利 潤（EBITDA1） | 338 | 315 | | 股東應佔溢利 | 180.5 | 172.1 | | 基本每股盈利 | 22.9 港仙 | 21.9 港仙 | | 攤薄每股盈利 | 22.8 港仙 | 21.8 港仙 | | 經營現金流入 | 533 | 795 | | | 截至 2025 年 6 月 30 日 | 截至 2024 年 12 月 31 日 | | 2 現金資源 | 4,748 | 4,1 ...

1. 穩定收入增長及利潤提升 根據金界控股有限公司（「本公司」，連同其附屬公司稱為「本集團」）於該期間 的未經審核綜合財務報表，有關半年度財務表現的分析如下： 香港交易及結算所有限公司及香港聯合交易所有限公司對本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。 NAGACORP LTD. 金界控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：3918） 截至二零二五年六月三十日止六個月 中期業績公告 截至二零二五年六月三十日止六個月（「該期間」或「二零二五年上半年」）未經審 核簡明綜合中期業績摘要： 1 ‧ 博 彩 總 收 入（「博彩總收入 」）較 去 年 同 期283,400,000美元增長17.2%至 332,300,000美元 ‧ 中場博彩總收入較去年同期192,000,000美元增長20.9%至232,100,000美 元 ‧ 貴賓市場博彩總收入較去年同期91,400,000美元增長9.6%至100,200,000美 元 ‧ 中場分部毛利率（扣除博彩稅）為89.1%，佔博彩總收入69. ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 KEEN OCEAN INTERNATIONAL HOLDING LIMITED 僑洋國際控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：8070） 截至2025年6月30日止六個月之 中期業績公告 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。 本公告的資料乃遵照《香港聯合交易所有限公司GEM證券上市規則》（「GEM上市 規則」）而刊載，旨在提供有關僑洋國際控股有限公司（「本公司」或「我們」）及其附 屬公司（統稱「本集團」）的資料；本公司董事（ ...

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。 截至2025年6月30日止六個月 （以人民幣列示） | | | 截至2025年 | 截至2024年 | | --- | --- | --- | --- | | | | 6月30日止 | 6月30日止 | | | | 六個月 | 六個月 | | | 附註 | 人民幣千元 | 人民幣千元 | | | | （未經審計） | （未經審計） | | 收入 | 4 | 41,371 | 46,119 | | 銷售成本 | | (24,827) | (31,362) | | 毛利 | | 16,544 | 14,757 | | 投資物業估值（虧損）╱收益 | | (2,166) | 1,048 | | 其他收入淨額 | 5 | 3,620 | 7,836 | | 其他應收款項減值虧損 | | (513) | (1,341) | | 銷售開支 | | (3,970) | (3,724) | | 行政開支 | | (13 ...

[Interim Results Summary](index=1&type=section&id=%E6%A6%82%E8%A6%81) This section presents a high-level overview of the Group's financial performance and key operational highlights for the six months ended June 30, 2025 [Results for the Six Months Ended June 30, 2025](index=1&type=section&id=%E6%88%AA%E8%87%B3%E4%BA%8C%E9%9B%B6%E4%BA%94%E5%B9%B4%E4%B8%8A%E5%8D%8A%E5%B9%B4%E6%A5%AD%E7%B8%BE) Soft International Limited achieved RMB 8.507 billion in revenue, a 7.3% year-on-year increase, with profit attributable to owners growing by 10.4% and basic earnings per share by 15.6% | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 8,506,642 | 7,926,183 | 7.3% | | Service Revenue | 8,248,232 | 7,647,920 | 7.8% | | Profit Before Tax | 348,946 | 295,834 | 18.0% | | Profit for the Period | 315,031 | 285,353 | 10.4% | | Profit Attributable to Owners of the Company | 315,563 | 285,720 | 10.4% | | Basic EPS (RMB cents) | 12.64 | 10.93 | 15.6% | - The Board **does not recommend** an interim dividend for the six months ended June 30, 2025[3](index=3&type=chunk) [Management Discussion and Analysis](index=2&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) This section provides a detailed analysis of the Group's operational performance, financial results, and strategic initiatives during the reporting period [Key Operating Data](index=2&type=section&id=%E4%B8%BB%E8%A6%81%E9%81%8B%E7%87%9F%E8%B3%87%E6%96%99) The Group's business returned to growth in the first half of 2025, with revenue, service revenue, profit for the period, and basic earnings per share all increasing year-on-year - The Group's business returned to growth, with revenue increasing by **7.3%** year-on-year and service revenue by **7.8%**[4](index=4&type=chunk) - Profit for the period and profit attributable to owners of the Group both increased by **10.4%** year-on-year[4](index=4&type=chunk) - Basic earnings per share increased by **15.6%** year-on-year[4](index=4&type=chunk) | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 8,506,642 | 7,926,183 | 7.3% | | Service Revenue | 8,248,232 | 7,647,920 | 7.8% | | Profit for the Period | 315,031 | 285,353 | 10.4% | | Profit Attributable to Owners of the Group | 315,563 | 285,720 | 10.4% | | Basic EPS (cents) | 12.64 | 10.93 | 15.6% | [Overall Review](index=3&type=section&id=%E7%B8%BD%E9%AB%94%E6%A6%82%E8%BF%B0) The company is advancing its full-scenario AI strategy, achieving a 130% revenue surge in AI business, and making significant progress in KaihongOS, R1-AgentDIM, and cloud computing - The company is steadfastly advancing its full-scenario AI strategy, focusing on "1+3" core tracks, with cloud intelligence and computing power as the foundation, synergizing three major business segments: Harmony AIoT and Digital Twin, Intelligent Agent and Model Factory Services, and ERP Consulting Implementation and Digital Transformation Services[6](index=6&type=chunk) - Full-scenario AI business achieved revenue of **RMB 656 million**, a year-on-year surge of **130%**, becoming the core engine driving the company's performance growth[6](index=6&type=chunk) - KaihongOS, the world's first open-source HarmonyOS system meeting microsecond-level hard real-time requirements, obtained Level 4 security certification from the Ministry of Public Security and, in collaboration with DeepKaihong, released the world's first distributed heterogeneous multi-machine collaborative robot operating system, M-Robots OS[7](index=7&type=chunk) - The R1-AgentDIM Platform and R1-DMP Data Management Platform were launched, with over **300 AI assistant projects** implemented across manufacturing, healthcare, finance, and energy sectors, and more than **50 large model collaboration projects** with Huawei[8](index=8&type=chunk) - The company continues to lead the Huawei Cloud ecosystem, maintaining the top position in business scale and ecosystem share, building a complete service system of "cloud sales - cloud services - AI enablement," and actively participating in computing center construction, helping clients improve AI inference efficiency by **15%**[10](index=10&type=chunk) - Since its listing in 2003, revenue has achieved a compound annual growth rate of **24.6%**, and service revenue a compound annual growth rate of **30.8%**[11](index=11&type=chunk) [Customers](index=6&type=section&id=%E5%AE%A2%E6%88%B6) The Group serves a global customer base, with significant achievements in Greater China, Asia Pacific, and the Middle East, and a high concentration of service revenue from top clients - Customers are located globally, with significant achievements in Greater China, Asia Pacific, and the Middle East[13](index=13&type=chunk) - The company has long-standing relationships with numerous renowned domestic and international large enterprise clients, including Huawei, HSBC, Honor, Tencent, Alibaba, Ping An, China Mobile, China Telecom, Bank of Communications, China National Petroleum Corporation, CNOOC, and State Grid[13](index=13&type=chunk) | Indicator | 2025 H1 | | :--- | :--- | | Top 5 Customers' Service Revenue Share | 57.3% | | Top 10 Customers' Service Revenue Share | 65.0% | | Number of Major Customers with Service Revenue > RMB 6 million | 191 | [Markets](index=6&type=section&id=%E5%B8%82%E5%A0%B4) The Group focuses on industry-specific AI solutions based on HarmonyOS, expanding domestically in developed regions and internationally in Asia Pacific and the Middle East - The company focuses on industries such as power, finance, government, transportation, public utilities, and enterprise manufacturing, creating industry-specific scenario solutions based on the HarmonyOS ecosystem and AI technology[14](index=14&type=chunk) - The domestic market strategy emphasizes economically developed regions like the Greater Bay Area, Yangtze River Delta, and Beijing-Tianjin-Hebei, as well as central and western hub regions, deeply cultivating key cities[14](index=14&type=chunk) - The overseas market uses Hong Kong as a strategic hub, driven by a "technology export + ecosystem localization" dual-wheel model, to build a global service system covering the Asia Pacific and Middle East regions, with progress in projects like the Kai Tak Sports Park in Hong Kong and NEOM in Saudi Arabia[14](index=14&type=chunk) [Human Resources](index=7&type=section&id=%E4%BA%BA%E5%8A%9B%E8%B3%87%E6%BA%90) The Group's total headcount increased by 7.7% to 75,249 employees by June 30, 2025, driven by business recovery and rapid expansion of full-scenario AI operations | Indicator | June 30, 2025 | June 30, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Total Employees | 75,249 persons | 69,898 persons | 7.7% | - Employee growth primarily stemmed from increased demand for human resource support due to the steady recovery of cornerstone businesses and the rapid expansion of full-scenario AI businesses, which led to a surge in demand for specialized talent[15](index=15&type=chunk) [Operating Results](index=8&type=section&id=%E7%B6%93%E7%87%9F%E6%A5%AD%E7%B8%BE) This section details the Group's operating results for the first half of 2025, highlighting revenue, gross profit, expenses, and profit performance, driven by full-scenario AI business and efficiency improvements | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 8,506,642 | 7,926,183 | 7.3% | | Service Revenue | 8,248,232 | 7,647,920 | 7.8% | | Gross Profit | 1,874,898 | 1,831,400 | 2.4% | | Profit Before Tax | 348,946 | 295,834 | 18.0% | | Profit for the Period | 315,031 | 285,353 | 10.4% | | Profit Attributable to Owners of the Group | 315,563 | 285,720 | 10.4% | | Basic EPS (cents) | 12.64 | 10.93 | 15.6% | | Adjusted Profit | 277,093 | 247,534 | 11.9% | [Revenue](index=9&type=section&id=%E6%94%B6%E5%85%A5) In the first half of 2025, total revenue grew by 7.3% to RMB 8.507 billion, with service revenue up 7.8%, and full-scenario AI business revenue surging by 130% to RMB 656 million | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Total Revenue | 8,506,642 | 7,926,183 | 7.3% | | Service Revenue | 8,248,232 | 7,647,920 | 7.8% | | Full-Scenario AI Business Revenue | 656,000 | 285,217 (estimated) | 130% | - Full-scenario AI business emerged as a new growth engine, achieving revenue of approximately **RMB 656 million**, a significant year-on-year increase of **130%**[19](index=19&type=chunk) [Gross Profit](index=9&type=section&id=%E6%AF%9B%E5%88%A9) Gross profit increased by 2.4% to RMB 1.875 billion, though the overall gross profit margin decreased by 1.1% to 22.0% due to client price reductions, partially offset by AI business growth | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Gross Profit | 1,874,898 | 1,831,400 | 2.4% | | Overall Gross Profit Margin | 22.0% | 23.1% | -1.1% | | Gross Profit as % of Service Revenue | 22.7% | 23.9% | -1.2% | - The decline in gross profit margin was primarily due to price reductions from some of the Group's major clients, but the increase in the proportion of full-scenario AI business and the application of AI programming tools in projects effectively drove a quarter-on-quarter gross profit margin rebound of **0.8%** (compared to 21.2% in 2024 H2)[20](index=20&type=chunk) - Future efforts will focus on continuously increasing the proportion of full-scenario AI products and services business and improving delivery efficiency (through AI tool application) to enhance the overall gross profit margin[20](index=20&type=chunk) [Operating Expenses](index=10&type=section&id=%E7%B6%93%E7%87%9F%E8%B2%BB%E7%94%A8) Sales and distribution costs slightly increased by 0.1%, while administrative expenses grew by 0.5%, with both expense ratios decreasing due to optimized resource allocation and AI tool applications | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Sales and Distribution Costs | 426,462 | 425,950 | 0.1% | | Sales and Distribution Costs as % of Revenue | 5.0% | 5.4% | -0.4% | | Administrative Expenses | 1,118,980 | 1,113,278 | 0.5% | | Administrative Expenses as % of Revenue | 13.2% | 14.0% | -0.8% | - The company developed an AI sales assistant through the R1-AgentDIM platform, enhancing sales personnel efficiency and controlling the need for additional sales staff despite revenue growth[21](index=21&type=chunk) - By strengthening budget management and applying self-developed AI tools for recruitment and operations, the company significantly improved the management efficiency of its recruitment and operations departments, reducing the administrative expense ratio[21](index=21&type=chunk) [Other Income](index=10&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5) Other income increased by 3.5% to RMB 97.907 million, primarily driven by higher government grants, despite a reduction in interest income | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Other Income | 97,907 | 94,577 | 3.5% | - The increase was primarily due to a year-on-year increase in government grants, partially offset by a decrease in interest income[22](index=22&type=chunk) [Other Gains or Losses](index=10&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E7%9B%8A%E6%88%96%E8%99%A7%E6%90%8D) Other gains decreased by 18.2% to RMB 85.785 million, mainly due to the absence of investment gains from the disposal of equity interests recorded in the prior year | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Other Gains or Losses | 85,785 | 104,890 | -18.2% | - The decrease was primarily due to the recognition of investment gains from the disposal of equity interests in certain associate companies in 2024, with no similar transactions occurring in the current reporting period[23](index=23&type=chunk) [Finance Costs and Income Tax](index=11&type=section&id=%E8%B2%A1%E5%8B%99%E8%B2%BB%E7%94%A8%E5%92%8C%E6%89%80%E5%BE%97%E7%A8%85) Finance costs decreased by 38.6% to RMB 61.329 million, while income tax expense surged by 223.6% to RMB 33.915 million, with the effective tax rate rising to 9.7% | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Finance Costs | 61,329 | 99,837 | -38.6% | | Income Tax Expense | 33,915 | 10,481 | 223.6% | | Effective Tax Rate | 9.7% | 3.5% | +6.2% | - The decrease in finance costs was mainly due to reduced interest expenses on syndicated loans and a one-off expense incurred in the first half of 2024 from early repayment of syndicated loans[24](index=24&type=chunk) - The increase in income tax was primarily due to the prior year's corporate income tax reconciliation and the recognition of deferred income tax expense from fair value changes of financial assets measured at fair value[24](index=24&type=chunk) [Other Non-Cash Expenses](index=11&type=section&id=%E5%85%B6%E4%BB%96%E9%9D%9E%E7%8F%BE%E9%87%91%E9%96%8B%E6%94%AF) Other expenses increased by 17.3% to RMB 52.363 million, and impairment losses under expected credit loss model rose by 23.0% to RMB 19.017 million, both maintaining similar proportions to revenue | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Other Expenses | 52,363 | 44,638 | 17.3% | | Impairment Losses under Expected Credit Loss Model | 19,017 | 15,455 | 23.0% | - The proportion of other expenses and impairment losses under the expected credit loss model to revenue remained consistent with the prior year[25](index=25&type=chunk) [Liquidity, Financial and Capital Resources](index=11&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E3%80%81%E8%B2%A1%E5%8B%99%E5%8F%8A%E8%B3%87%E6%9C%AC%E8%B3%87%E6%BA%90) As of June 30, 2025, the Group's available cash balance was RMB 2.937 billion, with net current assets of RMB 7.471 billion and a current ratio of 2.3, while the net gearing ratio turned positive at 12.8% | Indicator | 2025 H1 (RMB thousand) | 2024 Year-end (RMB thousand) | Change | | :--- | :--- | :--- | :--- | | Available Cash Balance | 2,936,842 | 4,747,142 | Decrease | | Net Current Assets | 7,470,686 | 6,687,092 | Increase | | Current Ratio | 2.3 | 2.1 | +0.2 | | Total Borrowings | 4,436,629 | 4,416,097 | Slight Increase | | Net Gearing Ratio | 12.8% | Negative | Turned Positive | [Profit for the Period and Earnings Per Share](index=12&type=section&id=%E6%9C%AC%E6%9C%9F%E6%BA%A2%E5%88%A9%E5%92%8C%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9) Profit for the period increased by 10.4% to RMB 315.031 million, with profit attributable to owners also up 10.4%, and basic earnings per share growing by 15.6% to RMB 0.1264 | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Profit for the Period | 315,031 | 285,353 | 10.4% | | Profit Attributable to Owners of the Group | 315,563 | 285,720 | 10.4% | | Basic EPS (RMB cents) | 12.64 | 10.93 | 15.6% | - Profit growth was primarily attributable to the initial success of the Group's AI transformation in enhancing quality and efficiency during the reporting period[27](index=27&type=chunk) - The increase in basic earnings per share was due to the company's focus on shareholder returns through share repurchases and cancellations[27](index=27&type=chunk) [Adjusted Profit](index=13&type=section&id=%E7%B6%93%E8%AA%BF%E6%95%B4%E6%BA%A2%E5%88%A9) Adjusted profit increased by 11.9% to RMB 277.093 million, with the adjusted profit margin rising by 0.2% to 3.3%, reflecting enhanced profitability from strategic initiatives | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Adjusted Profit | 277,093 | 247,534 | 11.9% | | Adjusted Profit Margin (as % of Revenue) | 3.3% | 3.1% | +0.2% | | Adjusted Profit Margin (as % of Service Revenue) | 3.4% | 3.2% | +0.2% | - The company achieved a significant improvement in profitability through proactive strategic planning, precise implementation, and a series of initiatives to enhance quality and efficiency[28](index=28&type=chunk) [Fundraising Activities](index=14&type=section&id=%E9%9B%86%E8%B3%87%E6%B4%BB%E5%8B%95) The Group undertook no new fundraising activities during the period, with approximately HKD 394 million from the 2021 placement allocated for HarmonyOS and OpenHarmony development expected to be utilized by December 31, 2025 - The Group did not undertake any fundraising activities during the current year or the prior year[29](index=29&type=chunk) | Net Proceeds Allocation (HKD) | Intended Use of Proceeds | Actual Use of Proceeds | Balance as of June 30, 2025 (HKD) | Expected Utilization Time | | :--- | :--- | :--- | :--- | :--- | | Approx. 788 million | R&D of full-stack cloud intelligent products and solutions, and investments/M&A related to the company's core business | Approx. HKD 788 million used for R&D of full-stack cloud intelligent products and solutions, and investments/M&A related to the company's core business | — | — | | Approx. 788 million | Building HarmonyOS, OpenHarmony software and hardware products and solutions, R&D of full-stack technology for atomic services, and investments/M&A around the HarmonyOS and OpenHarmony industry ecosystem | Approx. HKD 394 million used for building HarmonyOS, OpenHarmony software and hardware products and solutions, R&D of full-stack technology for atomic services, and investments/M&A around the HarmonyOS and OpenHarmony industry ecosystem | Approx. HKD 394 million | Before December 31, 2025 | | Approx. 394 million | General working capital of the company | Approx. HKD 394 million used for general working capital of the company | — | — | [Interim Financial Statements](index=15&type=section&id=%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE) This section presents the unaudited interim financial statements, including the comprehensive income statement, statement of financial position, statement of changes in equity, and cash flow statement [Unaudited Condensed Consolidated Statement of Comprehensive Income](index=15&type=section&id=%E7%B6%9C%E5%90%88%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8%EF%BC%88%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%EF%BC%89) The unaudited consolidated statement of comprehensive income shows year-on-year growth in revenue, gross profit, profit for the period, and EPS, with exchange differences turning from loss to gain | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 8,506,642 | 7,926,183 | | Cost of Sales and Services | (6,631,744) | (6,094,783) | | Gross Profit | 1,874,898 | 1,831,400 | | Other Income | 97,907 | 94,577 | | Other Gains or Losses | 85,785 | 104,890 | | Sales and Distribution Costs | (426,462) | (425,950) | | Other Expenses | (52,363) | (44,638) | | Administrative Expenses | (1,118,980) | (1,113,278) | | Finance Costs | (61,329) | (99,837) | | Profit Before Tax | 348,946 | 295,834 | | Income Tax Expense | (33,915) | (10,481) | | Profit for the Period | 315,031 | 285,353 | | Exchange Differences Arising from Translation of Foreign Operations | 9,056 | (2,420) | | Total Comprehensive Income for the Period | 324,087 | 282,933 | | Basic EPS (cents) | 12.64 | 10.93 | | Diluted EPS (cents) | 12.05 | 10.56 | [Unaudited Condensed Consolidated Statement of Financial Position](index=17&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8%EF%BC%88%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%EF%BC%89) The unaudited consolidated statement of financial position indicates a slight decrease in non-current assets, changes in current assets and liabilities, and an increase in net current assets and total equity | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | **Non-Current Assets** | | | | Property, Plant and Equipment | 1,409,375 | 1,341,755 | | Intangible Assets | 382,518 | 377,431 | | Goodwill | 843,654 | 843,654 | | Fixed Deposits | 760,000 | 1,384,000 | | **Current Assets** | | | | Trade and Other Receivables | 7,968,818 | 6,458,917 | | Contract Assets | 2,174,950 | 2,292,057 | | Bank Balances and Cash | 1,290,856 | 3,130,989 | | **Current Liabilities** | | | | Trade and Other Payables | 1,845,267 | 1,976,013 | | Borrowings | 3,599,918 | 3,640,752 | | Net Current Assets | 7,470,686 | 6,687,092 | | **Total Equity** | 11,733,041 | 11,438,494 | [Unaudited Condensed Consolidated Statement of Changes in Equity](index=19&type=section&id=%E7%B6%9C%E5%90%88%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8%EF%BC%88%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%EF%BC%89) The unaudited consolidated statement of changes in equity outlines movements in equity for the six months ended June 30, 2025, including profit for the period, other comprehensive income, and share-based payments | Equity Item | June 30, 2025 (RMB thousand) | January 1, 2024 (RMB thousand) | | :--- | :--- | :--- | | Share Capital | 123,434 | 133,029 | | Share Premium | 4,296,705 | 5,474,719 | | Treasury Shares | (864,400) | (1,114,363) | | Accumulated Profits | 7,589,312 | 6,743,079 | | Total Equity Attributable to Owners of the Company | 11,711,054 | 11,742,461 | | Non-Controlling Interests | 21,987 | 24,299 | | Total Equity | 11,733,041 | 11,766,760 | | Profit for the Period | 315,031 | 285,353 | | Other Comprehensive Income for the Period | 9,056 | (2,420) | | Equity-Settled Share-Based Payment Expenses Recognized | 92,656 | 107,861 | | Dividends Paid to Ordinary Shareholders | (122,196) | (190,683) | [Unaudited Condensed Consolidated Statement of Cash Flows](index=20&type=section&id=%E7%B6%9C%E5%90%88%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8%EF%BC%88%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%EF%BC%89) The unaudited consolidated statement of cash flows shows increased cash used in operating activities, decreased cash used in investing activities, and reduced cash generated from financing activities, leading to a net decrease in cash and cash equivalents | Cash Flow Category | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (990,209) | (686,433) | | Net Cash Used in Investing Activities | (653,449) | (910,800) | | Net Cash Generated from Financing Activities | (191,291) | (332,717) | | Net Decrease in Cash and Cash Equivalents | (1,834,949) | (1,929,950) | | Cash and Cash Equivalents at End of Period | 1,290,856 | 1,841,571 | [Notes to the Unaudited Condensed Consolidated Financial Statements](index=21&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) This section provides detailed notes and explanations supporting the unaudited condensed consolidated financial statements, covering general information, accounting policies, and specific financial items [1. General Information](index=21&type=section&id=1.%20%E4%B8%80%E8%88%AC%E8%B3%87%E6%96%99) Soft International Limited, incorporated in Cayman Islands in 2000 and listed on HKEX, primarily provides IT solution, outsourcing, and training services, with financial statements presented in RMB - The Company was incorporated in the Cayman Islands on February 16, 2000, listed on the GEM Board of The Stock Exchange of Hong Kong Limited on June 20, 2003, and transferred to the Main Board on December 29, 2008[37](index=37&type=chunk) - The principal activities of the Group are the development and provision of information technology solution services, information technology outsourcing services, and training services[38](index=38&type=chunk) - The consolidated financial statements are presented in RMB[38](index=38&type=chunk) [2. Basis of Presentation](index=21&type=section&id=2.%20%E5%91%88%E5%A0%B1%E5%9F%BA%E6%BA%96) The unaudited condensed consolidated financial statements are prepared in accordance with HKAS 34 'Interim Financial Reporting' and applicable HKEX Listing Rules disclosure requirements - The condensed consolidated financial statements are prepared in accordance with the applicable disclosure requirements of Appendix D2 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants[39](index=39&type=chunk) [3. Principal Accounting Policies](index=21&type=section&id=3.%20%E4%B8%BB%E8%A6%81%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96) The condensed consolidated financial statements are prepared on a historical cost basis, consistent with 2024 policies, with no significant impact from new HKAS adoption in 2025 - The condensed consolidated financial statements are prepared on a historical cost basis, except for certain financial instruments measured at fair value[40](index=40&type=chunk) - The adoption of the amendment to HKAS 21 "Lack of Exchangeability" had no significant impact on the Group's unaudited condensed consolidated financial statements[41](index=41&type=chunk) [4. Revenue and Segment Information](index=22&type=section&id=4.%20%E6%94%B6%E5%85%A5%E5%8F%8A%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group's revenue primarily derives from services and product sales, with a single operating segment due to the integrated assessment of business performance under the full-scenario AI strategy | Nature of Goods and Services | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | | :--- | :--- | :--- | | Project-based Development Services | 914,902 | 1,125,174 | | Outsourcing Services | 7,238,584 | 6,418,172 | | Other Services | 94,746 | 104,574 | | Sales of Software and Hardware Products | 258,410 | 278,263 | | Total Revenue | 8,506,642 | 7,926,183 | - The Group has only one operating segment and is not required to provide any segment information, as it has reshaped its organizational structure and evaluates business performance as an integrated business[43](index=43&type=chunk) [5. Finance Costs](index=23&type=section&id=5.%20%E8%B2%A1%E5%8B%99%E8%B2%BB%E7%94%A8) The Group's finance costs for the first half of 2025 totaled RMB 61.329 million, primarily comprising interest on borrowings and lease liabilities, showing a decrease from the prior year | Finance Cost Item | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | | :--- | :--- | :--- | | Interest on Borrowings | 58,420 | 96,377 | | Interest on Lease Liabilities | 2,910 | 3,460 | | Total | 61,329 | 99,837 | [6. Taxation](index=23&type=section&id=6.%20%E7%A8%85%E9%A0%85) The Group's tax expense for the first half of 2025 was RMB 33.915 million, mainly including PRC corporate income tax, other taxes, and deferred tax, representing a significant increase year-on-year | Tax Expense Item | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | | :--- | :--- | :--- | | PRC Corporate Income Tax | 21,450 | 8,281 | | Others | 3,495 | 2,200 | | Deferred Tax | 8,970 | – | | Total | 33,915 | 10,481 | [7. Dividends](index=23&type=section&id=7.%20%E8%82%A1%E6%81%AF) The company declared a final dividend of HKD 0.0533 per ordinary share for 2024, but the Board resolved not to declare an interim dividend for the six months ended June 30, 2025 - The Company declared a final dividend of **HKD 0.0533 per ordinary share** for the year ended December 31, 2024, payable on June 23, 2025, from the share premium account[45](index=45&type=chunk) - The Board resolved **not to declare** an interim dividend for the six months ended June 30, 2025[46](index=46&type=chunk) [8. Earnings Per Share](index=24&type=section&id=8.%20%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9) This note provides data for calculating basic and diluted earnings per share attributable to ordinary equity holders, with basic EPS at RMB 0.1264 and diluted EPS at RMB 0.1205 for the first half of 2025 | Indicator | 2025 H1 (RMB thousand/Number of Shares) | 2024 H1 (RMB thousand/Number of Shares) | | :--- | :--- | :--- | | Profit for Calculating Basic and Diluted EPS | 315,563 | 285,720 | | Weighted Average Number of Ordinary Shares for Basic EPS | 2,497,482,058 | 2,614,104,739 | | Potentially Dilutive Ordinary Shares (Share Award Scheme) | 120,893,564 | 92,010,310 | | Weighted Average Number of Ordinary Shares for Diluted EPS | 2,618,375,622 | 2,706,115,049 | [9. Trade and Other Receivables](index=24&type=section&id=9.%20%E8%B2%A3%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E8%B3%87%E6%AC%BE) As of June 30, 2025, total trade and other receivables amounted to RMB 7.971 billion, with trade receivables (net of allowance) at RMB 7.131 billion, and credit terms ranging from 30 to 180 days | Receivables Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade Receivables (net of allowance) | 7,130,716 | 5,998,723 | | Advances to Suppliers | 488,169 | 205,284 | | Deposits, Prepayments and Other Receivables (net of allowance) | 352,343 | 260,494 | | Total | 7,971,228 | 6,464,501 | | Trade Receivables Aging Analysis | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 90 days | 4,726,848 | 4,243,934 | | Between 91 and 180 days | 813,408 | 711,423 | | Between 181 and 365 days | 1,026,989 | 647,626 | | Between 1 and 2 years | 563,471 | 395,740 | | Total | 7,130,716 | 5,998,723 | - The Group's credit period ranges from **30 to 180 days**, and it assesses the credit quality of potential customers and determines credit limits for each customer[49](index=49&type=chunk) [10. Trade and Other Payables](index=25&type=section&id=10.%20%E8%B2%A3%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E8%B3%87%E6%AC%BE) As of June 30, 2025, total trade and other payables were RMB 1.845 billion, with an average credit period of 90 days for purchases, and the Group maintains financial risk management policies | Payables Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade Payables | 802,186 | 930,191 | | Other Payables | 1,043,081 | 1,045,822 | | Total | 1,845,267 | 1,976,013 | | Trade Payables Aging Analysis | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 90 days | 174,710 | 520,624 | | Between 91 and 180 days | 96,424 | 111,743 | | Between 181 and 365 days | 315,028 | 126,724 | | Between 1 and 2 years | 84,020 | 77,046 | | Over 2 years | 132,004 | 94,054 | | Total | 802,186 | 930,191 | - The average credit period for purchases of goods is **90 days**, and the Group has established financial risk management policies to ensure sufficient working capital to settle debts as they fall due[50](index=50&type=chunk) [11. Borrowings](index=26&type=section&id=11.%20%E5%80%9F%E8%B2%B8) As of June 30, 2025, total borrowings amounted to RMB 4.437 billion, comprising unsecured and secured bank loans, subject to financial covenants which the Group has complied with | Borrowing Category | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Unsecured Bank Loans | 3,924,616 | 3,979,365 | | Secured Bank Loans | 512,013 | 436,732 | | Total Borrowings | 4,436,629 | 4,416,097 | | Repayable within One Year | 3,599,918 | 3,640,752 | | Amount Classified as Non-Current Liabilities | 836,711 | 775,345 | - The Group is subject to financial covenants to maintain consolidated tangible net worth of **not less than RMB 3.8 billion** and other ratio requirements, which the Group has complied with during the reporting period[54](index=54&type=chunk) - Floating rate borrowings bear interest at rates published by the People's Bank of China, with an average annual interest rate of **1.40%** (2024: 1.89%), while fixed rate borrowings bear interest at annual rates ranging from **1.15% to 2.60%**[54](index=54&type=chunk) [12. Share Capital](index=27&type=section&id=12.%20%E8%82%A1%E6%9C%AC) As of June 30, 2025, the company's authorized share capital was HKD 200 million, with issued and fully paid share capital of 2,732,079,358 shares, valued at RMB 123.434 million, reduced due to share cancellations | Share Capital Item | Number of Shares | Par Value (HKD) | Amount in Financial Statements (RMB thousand) | | :--- | :--- | :--- | :--- | | Authorized Share Capital | 4,000,000,000 | 200,000,000 | - | | Issued and Fully Paid as at January 1, 2024 | 2,943,299,358 | 147,164,969 | 133,029 | | Shares Cancelled | (133,546,000) | (6,677,300) | (6,057) | | Issued and Fully Paid as at June 30, 2025 | 2,732,079,358 | 136,603,969 | 123,434 | [13. Capital Commitments](index=28&type=section&id=13.%20%E8%B3%87%E6%9C%AC%E6%89%BF%E6%93%94) As of June 30, 2025, capital expenditures contracted but not provided for totaled RMB 381.020 million, primarily for property, plant, and equipment construction, with further commitments for investments in entities | Capital Commitment Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Acquisition of Property, Plant and Equipment | 5,237 | 17,058 | | Construction of Property, Plant and Equipment | 375,783 | 438,150 | | Total Capital Expenditure Contracted but Not Provided For | 381,020 | 455,208 | | Commitments for Further Capital Contributions to Investment Entities | 248,008 | 269,767 | [14. Related Party Transactions](index=29&type=section&id=14.%20%E9%97%9C%E9%80%A3%E4%BA%BA%E5%A3%AB%E4%BA%A4%E6%98%93) The Group engaged in IT outsourcing, IT solution, and other service transactions with related parties during the first half of 2025, which the directors consider to be on normal commercial terms | Type of Transaction | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | | :--- | :--- | :--- | | IT Outsourcing Services Provided by the Group | 19,589 | 4,604 | | IT Solution Services Provided by the Group | 2,712 | 2,388 | | Other Services Provided by the Group | 424 | 1,801 | - The Directors believe that the above transactions were conducted on **normal commercial terms** in the ordinary course of the Company's business[56](index=56&type=chunk) [15. Employees and Other Information](index=29&type=section&id=15.%20%E5%83%B1%E5%93%A1%E5%8F%8A%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) Employee remuneration for the first half of 2025 was approximately RMB 7.011 billion, including directors' emoluments, with intangible asset amortization and depreciation expenses also reported | Item | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | | :--- | :--- | :--- | | Employee Remuneration | 7,010,805 | 6,526,599 | | Directors' Emoluments (included in Employee Remuneration) | 18,437 | 22,389 | | Amortization Expense of Intangible Assets | 52,363 | 44,638 | | Depreciation | 101,796 | 130,436 | [Corporate Governance and Other Information](index=30&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%8F%8A%E5%85%B6%E4%BB%96%E4%BF%A1%E6%81%AF) This section covers the company's corporate governance practices, directors' securities transactions, share interests, share incentive schemes, and major shareholders [Code on Corporate Governance Practices](index=30&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%B8%B8%E8%A6%8F%E5%AE%88%E5%89%87) The company generally complied with the Corporate Governance Code, with deviations noted regarding independent non-executive directors' attendance at AGM and the combined roles of Chairman and CEO - The Company has complied with the Corporate Governance Code as set out in Appendix C1 to the Listing Rules, with two deviations noted[58](index=58&type=chunk) - Three independent non-executive directors and two non-executive directors were **unable to attend** the Annual General Meeting held on May 20, 2025, deviating from Code Provision C.1.6[58](index=58&type=chunk) - Dr. Chen Yuhong holds both the roles of Chairman and Chief Executive Officer, deviating from Code Provision C.2.1, an arrangement the Board believes is **beneficial to the Group's business prospects**[59](index=59&type=chunk) [Directors' Securities Transactions](index=31&type=section&id=%E8%91%A3%E4%BA%8B%E4%B9%8B%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93) The company adopted the Model Code for Securities Transactions by Directors, and all directors confirmed full compliance for the year ended June 30, 2025 - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 to the Listing Rules as its code of conduct for directors' securities transactions[60](index=60&type=chunk) - All Directors confirmed their **full compliance** with the required standards set out in the Model Code for Securities Transactions by Directors for the year ended June 30, 2025[60](index=60&type=chunk) [Directors' Interests in Shares](index=31&type=section&id=%E8%91%A3%E4%BA%8B%E6%96%BC%E8%82%A1%E4%BB%BD%E4%B9%8B%E6%AC%8A%E7%9B%8A) As of June 30, 2025, several directors held long positions in the company's shares, including Dr. Chen Yuhong, Dr. He Ning, Dr. Tang Zhenming, Dr. Zhang Yaqin, and Mr. Yang Debin, partly from vested share awards | Name | Capacity | Number of Issued Ordinary Shares Held | Approximate Percentage of Total Issued Share Capital | | :--- | :--- | :--- | :--- | | Chen Yuhong | Beneficial owner, interest through controlled corporation, founder of discretionary trust and beneficiary of trust | 315,488,861 | 11.55% | | He Ning | Beneficial owner and beneficiary of trust | 6,000,000 | 0.22% | | Tang Zhenming | Beneficial owner and beneficiary of trust | 24,891,765 | 0.91% | | Zhang Yaqin | Beneficial owner | 250,000 | 0.01% | | Yang Debin | Beneficial owner and beneficiary of trust | 1,000,000 | 0.04% | - Dr. Chen Yuhong had **1,650,000 awarded shares** vested and transferred in April 2025 during the reporting period[65](index=65&type=chunk) - Dr. Tang Zhenming had **576,000 awarded shares** vested and transferred in April 2025 during the reporting period[65](index=65&type=chunk) [Share Incentive Scheme](index=33&type=section&id=%E8%82%A1%E4%BB%BD%E6%BF%80%E5%8B%B5%E8%A8%88%E5%88%83) The company's 2018 Share Award Scheme aims to recognize employee contributions and retain talent, with 27.008 million and 142.380 million awarded shares from 2020 and 2023 respectively remaining unvested as of June 30, 2025 - The Share Award Scheme aims to recognize employees' contributions and provide incentives for them to remain with the Group for its continued operation and development, as well as to attract suitable personnel to drive the Group's further growth[66](index=66&type=chunk) - As of June 30, 2025, **27,008,000 awarded shares** granted on June 1, 2020, remained unvested, representing **0.99%** of the Company's issued share capital[67](index=67&type=chunk) - As of June 30, 2025, **142,380,000 awarded shares** granted on August 30, 2023, remained unvested, representing **5.21%** of the Company's issued share capital[67](index=67&type=chunk) - As of June 30, 2025, **230,662,326 shares** of the Company were held by the independent trustee of the Share Award Scheme, representing **8.44%** of the Company's issued ordinary shares[70](index=70&type=chunk) [Directors' Rights to Acquire Shares](index=35&type=section&id=%E8%91%A3%E4%BA%8B%E6%94%B6%E8%B3%BC%E8%82%A1%E4%BB%BD%E4%B9%8B%E6%AC%8A%E5%88%A9) For the six months ended June 30, 2025, no directors were granted any options to subscribe for company shares, nor did any directors possess any rights to acquire company shares, other than those disclosed - For the six months ended June 30, 2025, **no options** to subscribe for shares of the Company were granted to any Directors, other than those disclosed above[71](index=71&type=chunk) - As of June 30, 2025, **no Directors possessed any rights** to subscribe for shares of the Company, other than those disclosed above[71](index=71&type=chunk) [Required Standard of Securities Transactions by Directors](index=35&type=section&id=%E8%91%A3%E4%BA%8B%E9%80%B2%E8%A1%8C%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E4%B9%8B%E8%A6%8F%E5%AE%9A%E6%A8%99%E6%BA%96) The company adopted a code of conduct for directors' securities transactions no less exacting than the Model Code, and all directors confirmed compliance for the year ended June 30, 2025 - The Company has adopted a code of conduct for directors' securities transactions with terms **no less exacting** than the required standard of dealings set out in the Model Code for Securities Transactions by Directors[72](index=72&type=chunk) - Following specific enquiries of all Directors, the Directors have **complied** with the required standard of dealings and the code of conduct for directors' securities transactions for the year ended June 30, 2025[72](index=72&type=chunk) [Major Shareholders](index=36&type=section&id=%E4%B8%BB%E8%A6%81%E8%82%A1%E6%9D%B1) As of June 30, 2025, major shareholders (excluding directors or chief executives) included Bank of Communications Trustee Limited holding 9.20% and UBS Group AG holding 5.09% of the company's shares | Name | Nature of Interest | Approximate Number of Shares | Approximate Percentage of Total Ordinary Share Capital | | :--- | :--- | :--- | :--- | | Bank of Communications Trustee Limited | Trust | 251,368,914 | 9.20% | | UBS Group AG | Interest in controlled corporation | 138,992,423 | 5.09% | - Bank of Communications Trustee Limited holds shares as the **trustee of the Share Award Scheme**[76](index=76&type=chunk) - UBS Group AG is deemed to be interested in the Company's shares held by its wholly-owned subsidiaries[76](index=76&type=chunk) [Competing Interests](index=36&type=section&id=%E7%AB%B6%E7%88%AD%E6%AC%8A%E7%9B%8A) As of June 30, 2025, no directors, management shareholders, or their associates had any interests in businesses competing or potentially competing with the Group's operations - As of June 30, 2025, **none of the Directors**, management shareholders, or their respective associates had any interests in any business that competes or is likely to compete with the Group's business[75](index=75&type=chunk) [Audit Committee](index=37&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83) The Audit Committee, established in 2003 and comprising three independent non-executive directors, reviewed the Group's interim results for the six months ended June 30, 2025, and found them compliant with accounting standards and Listing Rules - The primary responsibilities of the Audit Committee are to **review and supervise** the Group's financial reporting process and internal control systems[77](index=77&type=chunk) - The Audit Committee comprises three independent non-executive directors: Professor Mo Lai Lan (Chairperson), Dr. Lai Kwun Wing, and Mr. Yang Debin, JP[77](index=77&type=chunk) - The Audit Committee has reviewed the Group's interim results for the six months ended June 30, 2025, and is of the opinion that they were prepared in accordance with applicable accounting standards and in compliance with the Listing Rules and statutory requirements, with **adequate disclosures** made[77](index=77&type=chunk) [Purchase, Redemption or Sale of the Company's Listed Securities](index=37&type=section&id=%E8%B3%BC%E5%9B%9E%E3%80%81%E8%B4%96%E5%9B%9E%E6%88%96%E5%87%BA%E5%94%AE%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) For the six months ended June 30, 2025, neither the company nor its subsidiaries purchased, redeemed, or sold any of the company's listed securities - For the six months ended June 30, 2025, **neither the Company nor any of its subsidiaries purchased, redeemed, or sold any of the Company's listed securities**[78](index=78&type=chunk) [Sufficiency of Public Float](index=37&type=section&id=%E5%85%85%E8%B6%B3%E5%85%AC%E7%9C%BE%E6%8C%81%E8%82%A1%E9%87%8F) Based on publicly available information and directors' knowledge, the company maintained a sufficient public float throughout the six months ended June 30, 2025 - The Company maintained a **sufficient public float** throughout the six months ended June 30, 2025, based on information publicly available and within the knowledge of the Directors[79](index=79&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 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。 Maoyan Entertainment 貓眼娛樂 （於開曼群島註冊成立的有限公司） （股份代號：1896） 截 至2025年6月30日止六個月的中期業績公告 董事會欣然宣佈本集團截至2025年6月30日止六個月的未經審核綜合業績。該等 業績已經由審核委員會連同本公司管理層及核數師審閱。 表現摘要 | | 截 至6月30日止六個月 | | | | --- | --- | --- | --- | | | 2025年 | 2024年 | 同比變動 | | | 人民幣百萬元 | 人民幣百萬元 | % | | | （未經審核） | （未經審核） | | | 收 益 | 2,472.2 | 2,170.9 | 13.9 | | 毛 利 | 936.5 | 1,156.2 | (19.0) | | 經營溢利 | 261.1 | 406.9 | (35.8) | | 期內溢利 | 178.5 | 284.8 | (3 ...

[Report Overview](index=1&type=section&id=Report%20Overview) [GEM Market Features and Disclaimer](index=2&type=section&id=1.1%20GEM%20Market%20Features%20and%20Disclaimer) This section outlines the positioning of the GEM market of the Stock Exchange of Hong Kong, noting its provision of listing opportunities for small and medium-sized companies, accompanied by higher investment risks and market volatility - The GEM market provides a listing platform for small and medium-sized companies, entailing **higher investment risks** and potential for **significant market volatility** in securities[2](index=2&type=chunk) - Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited are not responsible for the contents of this report, make no representation as to its accuracy or completeness, and accept no liability whatsoever for any loss arising from or in reliance upon the whole or any part of the contents of this report[2](index=2&type=chunk) - The Company's directors confirm that the information contained in this report is **accurate and complete** in all material respects and is not misleading or fraudulent[3](index=3&type=chunk) [Company Information](index=3&type=section&id=1.2%20Company%20Information) This section details the composition of the company's board of directors, including executive, non-executive, and independent non-executive directors, as well as members of the audit, nomination, and remuneration committees - The Board of Directors comprises **3 executive directors, 3 non-executive directors, and 3 independent non-executive directors**[4](index=4&type=chunk) - The Company Secretary is Mr. Tsang Hing Wan, and the auditor is **Ernst & Young**[4](index=4&type=chunk) - The Company's registered office is in the Cayman Islands, its principal place of business in Hong Kong is in Kwai Chung, and its **stock code is 8362**[4](index=4&type=chunk)[5](index=5&type=chunk) [Management Discussion and Analysis](index=4&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review and Prospects](index=4&type=section&id=2.1%20Business%20Review%20and%20Prospects) The Group primarily engages in the processing, sale, and transportation of fresh, frozen, and cooked foods, and operates restaurants in Hong Kong - The Group primarily engages in the processing and sale of fresh, frozen, and cooked foods (including provision of transportation services) and operates restaurants in Hong Kong[6](index=6&type=chunk) - The Group holds a **55% interest** in Wing Tai Catering, a joint venture established with Wing's Global Holdings Limited, participating in the Hong Kong catering and food business[6](index=6&type=chunk) - A joint venture, Sun King Tai Limited, was established with Tin King Limited, in which the Group holds a **60% interest**, and serves as the **primary supplier of food and beverage materials** to all its restaurants, expected to enhance future sales and revenue[7](index=7&type=chunk)[8](index=8&type=chunk) [Financial Review](index=5&type=section&id=2.2%20Financial%20Review) For the six months ended June 30, 2025, the Group's revenue slightly increased, but the cost of inventories consumed and operating loss before tax significantly rose, leading to a decrease in gross profit and gross margin, and an expanded net loss for the period Key Financial Indicators Comparison for H1 2025 | Indicator | 2025 H1 (HKD Thousand) | 2024 H1 (HKD Thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 55,106 | 54,172 | +1.7% | | Food Processing and Trading Revenue | 48,300 | 43,600 | +10.8% | | Restaurant Operations Revenue | 6,800 | 10,600 | -35.9% | | Cost of Inventories Consumed | 32,800 | 29,400 | +11.6% | | Operating Loss Before Tax | 2,100 | 600 | +250.0% | | Gross Profit | 22,300 | 24,800 | -10.1% | | Gross Margin | 40.5% | 45.8% | -5.3 percentage points | | Employee Benefit Expenses | 12,400 | 12,900 | -3.9% | | Net Loss for the Period | 2,200 | 800 | +175.0% | - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[16](index=16&type=chunk) [Liquidity and Financial Resources](index=6&type=section&id=2.3%20Liquidity%20and%20Financial%20Resources) As of June 30, 2025, the Group's net current assets increased, cash at bank slightly decreased, and the gearing ratio remained low Liquidity and Financial Resources Overview as of June 30, 2025 | Indicator | 2025-06-30 (HKD Thousand) | 2024-12-31 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | Net Current Assets | 18,600 | 14,900 | Increase 3,700 | | Cash at Bank | 11,800 | 13,200 | Decrease 1,400 | | Bank Borrowings | 2,000 | 2,200 | Decrease 200 | | Gearing Ratio | 2.2% | 2.4% | Decrease 0.2 percentage points | - The Company has **1,400,000,000 issued shares** with a par value of **HKD 0.01 per share**, and its capital structure has remained unchanged since listing[19](index=19&type=chunk) - The Group adopts **prudent financial management measures** for its treasury policy, maintaining a **robust liquidity position** during the period, with no significant contingent liabilities or capital commitments[20](index=20&type=chunk)[21](index=21&type=chunk)[24](index=24&type=chunk) - Leasehold land and buildings held for own use by the Group, with a net book value of approximately **HKD 55.6 million**, have been pledged to secure bank financing[22](index=22&type=chunk) [Employees and Remuneration Policy](index=7&type=section&id=2.4%20Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group employed 73 staff, with a competitive remuneration policy offering performance-linked incentives and other benefits such as MPF, insurance, and medical compensation - As of June 30, 2025, the Group employed **73 staff** (June 30, 2024: 73 staff)[26](index=26&type=chunk) - The Group's employee remuneration scale is maintained at a **competitive level**, offering **performance-linked incentives** and other employee benefits, including MPF, insurance, and medical compensation[26](index=26&type=chunk) [Post Balance Sheet Events](index=7&type=section&id=2.5%20Post%20Balance%20Sheet%20Events) No significant events have occurred after the six months ended June 30, 2025, other than those already disclosed in this report - Save as disclosed above, no significant events have occurred after the six months ended June 30, 2025[27](index=27&type=chunk) [Directors' and Chief Executive's Interests](index=8&type=section&id=2.6%20Directors'%20and%20Chief%20Executive's%20Interests) This section discloses the interests of directors and the chief executive in the Company's shares as of June 30, 2025, where Ms. Au Hung Lin and Mr. Chung Yuk Wah hold 70% of the shares, and Ms. Au Hung Lin is the spouse of Mr. Chung Yuk Wah Directors' and Chief Executive's Interests in the Company's Shares (June 30, 2025) | Director's Name | Number of Shares | Approximate Percentage | | :--- | :--- | :--- | | Lai Ho Yin | 14,000,000 | 1.00% | | Ho Kin Wah | 28,000,000 | 2.00% | | Yu Ting Hei | 28,000,000 | 2.00% | | Au Hung Lin | 980,000,000 | 70.00% | | Chung Yuk Wah | 980,000,000 | 70.00% | - Ms. Au Hung Lin is the **spouse of Mr. Chung Yuk Wah**[28](index=28&type=chunk) - Save as disclosed, no director or chief executive of the Company had any disclosable interests or short positions in the shares, underlying shares, or debentures of the Company or any of its associated corporations[29](index=29&type=chunk) [Substantial Shareholders' Interests](index=9&type=section&id=2.7%20Substantial%20Shareholders'%20Interests) As of June 30, 2025, Kin King Ventures Limited was a substantial shareholder of the Company, holding 70% of the issued share capital Substantial Shareholders' Interests in the Company's Shares (June 30, 2025) | Shareholder Name | Number of Shares | Percentage of Company's Issued Share Capital | | :--- | :--- | :--- | | Kin King Ventures Limited | 980,000,000 | 70% | - Save as disclosed, no other person had any interests or short positions in the shares or underlying shares of the Company or any of its associated corporations that were required to be entered in the register[30](index=30&type=chunk) [Share Option Scheme](index=9&type=section&id=2.8%20Share%20Option%20Scheme) The Company adopted a share option scheme on June 5, 2017, valid for ten years, but no share options have been granted since its adoption - The Company has a share option scheme, approved and adopted by shareholders on **June 5, 2017**, with a **ten-year validity period**[31](index=31&type=chunk) - **No share options have been granted** under the share option scheme since its adoption[32](index=32&type=chunk) [Directors' Rights to Acquire Shares](index=9&type=section&id=2.9%20Directors'%20Rights%20to%20Acquire%20Shares) At no time during the six months ended June 30, 2025, were any rights to acquire benefits by means of the acquisition of shares or debentures of the Company granted to or exercised by the directors or their respective spouses or children under 18 years of age - At no time during the six months ended June 30, 2025, were any rights to acquire benefits by means of the acquisition of shares or debentures of the Company granted to or exercised by the directors or their respective spouses or children under 18 years of age[33](index=33&type=chunk) [Purchase, Sale or Redemption of Securities](index=9&type=section&id=2.10%20Purchase%2C%20Sale%20or%20Redemption%20of%20Securities) Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's securities during the six months ended June 30, 2025 - During the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's securities[34](index=34&type=chunk) [Other Information](index=10&type=section&id=Other%20Information) [Compliance with Model Code for Securities Transactions by Directors](index=10&type=section&id=3.1%20Compliance%20with%20Model%20Code%20for%20Securities%20Transactions%20by%20Directors) The Company has adopted a model code for securities transactions by directors, no less exacting than that set out in the GEM Listing Rules, and all directors have confirmed compliance with this code during the six months ended June 30, 2025 - The Company has adopted a model code for securities transactions by directors, with terms **no less exacting** than the required standard of dealings set out in Rules 5.48 to 5.67 of the GEM Listing Rules[35](index=35&type=chunk) - Following specific enquiries made to all directors, all directors have confirmed their **compliance** with the required standard of dealings and the model code for securities transactions by directors adopted by the Company for the six months ended June 30, 2025[35](index=35&type=chunk) [Competing Interests](index=10&type=section&id=3.2%20Competing%20Interests) As of June 30, 2025, no director, substantial shareholder, or their respective associates had any interest in a business that directly or indirectly competes or may compete with the Group's business - As of June 30, 2025, no director, substantial shareholder, or their respective associates had any interest in a business that directly or indirectly competes or may compete with the Group's business[36](index=36&type=chunk) [Corporate Governance](index=10&type=section&id=3.3%20Corporate%20Governance) The Company has adopted and complied with the Corporate Governance Code set out in Appendix C1 of the GEM Listing Rules, with an exception regarding the engagement of the company secretary - The Company has adopted the principles and code provisions of the Corporate Governance Code set out in Appendix C1 to the GEM Listing Rules and has **complied with them throughout the review period**, save for the engagement of the company secretary[37](index=37&type=chunk) - The Company has appointed Mr. Lai Ho Yin, an executive director, as the contact person for the company secretary, Mr. Tsang Hing Wan, to ensure prompt access to the Group's developments and provision of professional advice[37](index=37&type=chunk) [Audit Committee](index=11&type=section&id=3.4%20Audit%20Committee) The Company has established an Audit Committee in compliance with the GEM Listing Rules, comprising three independent non-executive directors - The Company has established an Audit Committee in compliance with the GEM Listing Rules, comprising **three independent non-executive directors**: Mr. Lo Sun Tong (Chairman), Mr. Chow Chun Wai, and Mr. Lam Lai Kiu[38](index=38&type=chunk) - The Audit Committee has **reviewed this report** and considers that it complies with applicable accounting standards and has made **adequate disclosures**[38](index=38&type=chunk) [Board Approval](index=11&type=section&id=3.5%20Board%20Approval) This report was approved and authorized for issue by the Board of Directors on August 8, 2025 - The condensed consolidated financial statements were **approved and authorized for issue by the Board** on August 8, 2025[39](index=39&type=chunk) [Condensed Consolidated Financial Statements](index=12&type=section&id=Condensed%20Consolidated%20Financial%20Statements) [Condensed Consolidated Statement of Profit or Loss](index=12&type=section&id=4.1%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the Group recorded revenue of HKD 55.1 million, but due to increased cost of inventories consumed and operating expenses, the operating loss before tax expanded to HKD 2.142 million, resulting in a net loss for the period of HKD 2.24 million and basic loss per share of HKD 0.17 cents Key Data from Condensed Consolidated Statement of Profit or Loss (For the six months ended June 30, 2025) | Indicator | 2025 (HKD Thousand) | 2024 (HKD Thousand) | | :--- | :--- | :--- | | Revenue | 55,106 | 54,172 | | Cost of Inventories Consumed | (32,813) | (29,443) | | Operating Loss Before Tax | (2,142) | (648) | | Loss for the Period | (2,240) | (807) | | Loss Attributable to Owners of the Company | (2,387) | (414) | | Basic Loss Per Share (HK Cents) | (0.17) | (0.03) | [Condensed Consolidated Statement of Comprehensive Income](index=13&type=section&id=4.2%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group's total comprehensive income for the period was a loss of HKD 933 thousand, a deterioration from the previous year's income of HKD 489 thousand, primarily due to increased loss for the period, partially offset by a net revaluation surplus Key Data from Condensed Consolidated Statement of Comprehensive Income (For the six months ended June 30, 2025) | Indicator | 2025 (HKD Thousand) | 2024 (HKD Thousand) | | :--- | :--- | :--- | | Loss for the Period | (2,240) | (807) | | Net Revaluation Surplus | 1,565 | 1,552 | | Total Comprehensive Income for the Period | (933) | 489 | | Total Comprehensive Income Attributable to Owners of the Company | (1,080) | 882 | [Condensed Consolidated Statement of Financial Position](index=14&type=section&id=4.3%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total non-current assets slightly decreased to HKD 78.052 million, net current assets remained stable at HKD 18.585 million, while net assets and equity attributable to owners of the Company both slightly decreased Key Data from Condensed Consolidated Statement of Financial Position (As of June 30, 2025) | Indicator | 2025-06-30 (HKD Thousand) | 2024-12-31 (HKD Thousand) | | :--- | :--- | :--- | | Total Non-Current Assets | 78,052 | 79,188 | | Total Current Assets | 32,484 | 32,859 | | Total Current Liabilities | 13,899 | 14,216 | | Net Current Assets | 18,585 | 18,643 | | Net Assets | 87,283 | 88,216 | | Equity Attributable to Owners of the Company | 89,718 | 90,798 | [Condensed Consolidated Statement of Changes in Equity](index=16&type=section&id=4.4%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, equity attributable to owners of the Company decreased from HKD 90,798 thousand at the beginning of the period to HKD 89,718 thousand at the end, primarily due to a loss for the period of HKD 2,387 thousand, partially offset by a net revaluation surplus in other comprehensive income Changes in Equity Attributable to Owners of the Company (As of June 30, 2025) | Indicator | 2025-01-01 (HKD Thousand) | Loss for the Period (HKD Thousand) | Other Comprehensive Income for the Period (HKD Thousand) | 2025-06-30 (HKD Thousand) | | :--- | :--- | :--- | :--- | :--- | | Equity Attributable to Owners of the Company | 90,798 | (2,387) | 1,307 | 89,718 | [Condensed Consolidated Statement of Cash Flows](index=17&type=section&id=4.5%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash flows from operating activities significantly decreased to HKD 1.327 million, cash outflows from investing activities increased, and cash outflows from financing activities decreased, ultimately leading to a net decrease in cash and cash equivalents of HKD 1.346 million at period-end Key Data from Condensed Consolidated Statement of Cash Flows (For the six months ended June 30, 2025) | Indicator | 2025 (HKD Thousand) | 2024 (HKD Thousand) | | :--- | :--- | :--- | | Net Cash Flows from Operating Activities | 1,327 | 8,024 | | Net Cash Flows Used in Investing Activities | (443) | (86) | | Net Cash Flows Used in Financing Activities | (2,230) | (4,109) | | Net Increase/(Decrease) in Cash and Cash Equivalents | (1,346) | 3,829 | | Cash and Cash Equivalents at End of Period | 11,809 | 14,112 | [Notes to the Condensed Consolidated Financial Statements](index=19&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) [Company Information (Notes)](index=19&type=section&id=5.1%20Company%20Information%20(Notes)) This section discloses the company's place of incorporation, principal activities, ultimate holding company, functional currency, and the unaudited status of the financial information - The Company is an exempted company incorporated in the Cayman Islands under the Companies Law of the Cayman Islands, with its principal activities being **investment holding, food processing and trading, and restaurant operations**[48](index=48&type=chunk) - The Directors consider the Company's ultimate holding company to be **Kin King Ventures Limited**[48](index=48&type=chunk) - The condensed consolidated financial information is presented in **Hong Kong Dollars**, the Company's functional currency, and is **unaudited**[49](index=49&type=chunk)[50](index=50&type=chunk) [Basis of Preparation](index=19&type=section&id=5.2%20Basis%20of%20Preparation) The condensed consolidated financial information is prepared in accordance with the applicable disclosure requirements of the GEM Listing Rules and Hong Kong Accounting Standards issued by the HKICPA, using the historical cost convention, except for leasehold land and buildings held for own use, classified as right-of-use assets and property, plant and equipment, which are measured at fair value - The condensed consolidated financial information has been prepared in accordance with the applicable disclosure requirements of the GEM Listing Rules and **Hong Kong Accounting Standards** ("HKASs") issued by the Hong Kong Institute of Certified Public Accountants[51](index=51&type=chunk) - The condensed consolidated financial information has been prepared on the **historical cost basis**, except for leasehold land and buildings held for own use, classified as right-of-use assets and property, plant and equipment respectively, which are measured at **fair value**[51](index=51&type=chunk) [Accounting Policies](index=20&type=section&id=5.3%20Accounting%20Policies) The accounting policies adopted in the preparation of the unaudited interim condensed consolidated financial information are consistent with those used for the Group's financial information for the year ended December 31, 2024 - The accounting policies adopted in the preparation of the unaudited interim condensed consolidated financial information are **consistent** with those used for the Group's financial information for the year ended December 31, 2024[52](index=52&type=chunk) - The adoption of new and revised Hong Kong Financial Reporting Standards has **no significant impact** on the results and financial position[53](index=53&type=chunk) [Segment Information](index=20&type=section&id=5.4%20Segment%20Information) The Group has two reportable operating segments: food processing and trading (including transportation services) and restaurant operations - The Group is organised into **two reportable operating segments** based on products and services: food processing and trading (including provision of transportation services) and restaurant operations[54](index=54&type=chunk)[56](index=56&type=chunk) Segment Revenue and Results (For the six months ended June 30, 2025) | Segment | 2025 Revenue (HKD Thousand) | 2024 Revenue (HKD Thousand) | 2025 Results (HKD Thousand) | 2024 Results (HKD Thousand) | | :--- | :--- | :--- | :--- | :--- | | Food Processing and Trading | 48,289 | 43,564 | (2,561) | (2,960) | | Restaurant Operations | 6,817 | 10,608 | 324 | 2,143 | | Total | 55,106 | 54,172 | (2,237) | (817) | - No further analysis of geographical information is presented as **all the Group's revenue from external customers is derived from Hong Kong**, and **all non-current assets are located in Hong Kong**[58](index=58&type=chunk) - **Customer A** is a major customer of the food processing and trading segment, contributing **HKD 22,171 thousand in revenue** for the six months ended June 30, 2025[58](index=58&type=chunk) [Revenue](index=22&type=section&id=5.5%20Revenue) For the six months ended June 30, 2025, the Group's total revenue from contracts with customers was HKD 55.1 million Revenue Breakdown (For the six months ended June 30, 2025) | Type of Goods or Services | 2025 (HKD Thousand) | 2024 (HKD Thousand) | | :--- | :--- | :--- | | Sales of Food | 48,249 | 43,534 | | Revenue from Provision of Transportation Services | 40 | 30 | | Revenue from Restaurant Operations | 6,817 | 10,608 | | Total | 55,106 | 54,172 | - Performance obligations for **food sales and restaurant operations** are satisfied at a **point in time** upon delivery of products or completion of services, while performance obligations for **provision of transportation services** are satisfied **over time**[60](index=60&type=chunk)[61](index=61&type=chunk)[62](index=62&type=chunk) [Loss Before Tax](index=25&type=section&id=5.6%20Loss%20Before%20Tax) For the six months ended June 30, 2025, the Group's loss before tax was HKD 2.24 million, primarily impacted by increased cost of inventories consumed and total depreciation, while employee benefit expenses and bank interest income decreased Key Components of Loss Before Tax (For the six months ended June 30, 2025) | Indicator | 2025 (HKD Thousand) | 2024 (HKD Thousand) | | :--- | :--- | :--- | | Cost of Inventories Consumed | 32,813 | 29,766 | | Total Depreciation | 3,338 | 3,107 | | Total Employee Benefit Expenses | 12,425 | 12,879 | | Bank Interest Income | (47) | (95) | [Income Tax](index=26&type=section&id=5.7%20Income%20Tax) For the six months ended June 30, 2025, the Group recorded no income tax expense or credit - For the six months ended June 30, 2025, **no income tax expense or credit** was recorded[65](index=65&type=chunk) - Hong Kong profits tax is provided at **16.5%** on the estimated assessable profits arising in Hong Kong, with the first **HKD 2,000,000** for qualifying subsidiaries taxed at a rate of **8.25%** under the two-tiered profits tax rate regime[64](index=64&type=chunk) [Dividends](index=26&type=section&id=5.8%20Dividends) The Board of Directors does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board does **not recommend the payment of an interim dividend** for the six months ended June 30, 2025 (2024: nil)[65](index=65&type=chunk) [Earnings/(Loss) Per Share](index=27&type=section&id=5.9%20Earnings%2F(Loss)%20Per%20Share) For the six months ended June 30, 2025, the basic loss per share attributable to owners of the Company was HKD 0.17 cents, an increase from the prior year Earnings/(Loss) Per Share (For the six months ended June 30, 2025) | Indicator | 2025 (HK Cents) | 2024 (HK Cents) | | :--- | :--- | :--- | | Basic Loss Per Share | (0.17) | (0.03) | - The weighted average number of ordinary shares in issue used for calculating basic loss per share was **1,400,000 thousand shares**[67](index=67&type=chunk) - No diluted adjustment was made to the basic loss per share presented for the six months ended June 30, 2025 and 2024, as the Group had **no potentially dilutive ordinary shares** in issue during these periods[67](index=67&type=chunk) [Trade Receivables](index=28&type=section&id=5.10%20Trade%20Receivables) As of June 30, 2025, the Group's net book value of trade receivables was HKD 11.568 million, primarily from third-party customers Net Book Value and Ageing Analysis of Trade Receivables (As of June 30, 2025) | Indicator | 2025-06-30 (HKD Thousand) | 2024-12-31 (HKD Thousand) | | :--- | :--- | :--- | | Net Book Value | 11,568 | 11,795 | | Of which: Third-party Customers | 10,613 | 11,345 | | Related Companies | 1,367 | 862 | | Impairment | (412) | (412) | | Ageing: Within 1 month | 9,707 | 6,851 | | 1 to 2 months | 1,495 | 3,828 | | 2 to 3 months | 366 | 1,116 | - The Group's trade terms with customers are primarily on a credit basis, with credit periods generally ranging from **30 to 45 days**[68](index=68&type=chunk) - The Group strives to maintain **strict control over outstanding receivables** to minimize credit risk and holds no collateral or other credit enhancements for its trade receivables balances[68](index=68&type=chunk) [Balances with Related Parties and Ultimate Holding Company](index=29&type=section&id=5.11%20Balances%20with%20Related%20Parties%20and%20Ultimate%20Holding%20Company) Balances with related companies are non-trade in nature, unsecured, interest-free, and repayable on demand - Balances with related companies are **non-trade in nature, unsecured, interest-free, and repayable on demand**[69](index=69&type=chunk) [Trade and Bills Payables](index=29&type=section&id=5.12%20Trade%20and%20Bills%20Payables) As of June 30, 2025, the Group's total trade and bills payables amounted to HKD 4.179 million, primarily to third-party suppliers, with settlement terms typically ranging from 30 to 60 days Total Trade and Bills Payables and Ageing Analysis (As of June 30, 2025) | Indicator | 2025-06-30 (HKD Thousand) | 2024-12-31 (HKD Thousand) | | :--- | :--- | :--- | | Total Trade and Bills Payables | 4,179 | 3,866 | | Of which: Third-party Suppliers | 4,179 | 3,327 | | Related Companies | – | 539 | | Ageing: Within 1 month | 4,179 | 3,866 | - Trade payables are **non-interest bearing** and usually have settlement periods of **30 to 60 days**[69](index=69&type=chunk) [Interest-bearing Bank Borrowings](index=30&type=section&id=5.13%20Interest-bearing%20Bank%20Borrowings) As of June 30, 2025, the Group's total interest-bearing bank borrowings amounted to HKD 2.014 million, all of which are secured loans with an effective interest rate of prime rate minus 3.0%, maturing between July 2025 and 2030 Interest-bearing Bank Borrowings (As of June 30, 2025) | Type | Effective Interest Rate (%) | Maturity Date | 2025-06-30 (HKD Thousand) | 2024-12-31 (HKD Thousand) | | :--- | :--- | :--- | :--- | :--- | | Current Bank Loans | Prime rate minus 3.0 | July 2025 to June 2026 | 376 | 372 | | Non-Current Bank Loans | Prime rate minus 3.0 | July 2026 to 2030 | 1,638 | 1,827 | | **Total** | | | **2,014** | **2,199** | - All bank loans are **secured**[70](index=70&type=chunk) [Share Capital](index=30&type=section&id=5.14%20Share%20Capital) As of June 30, 2025, the Company's authorised share capital was HKD 100,000 thousand, with issued and fully paid share capital of HKD 14,000 thousand, corresponding to 1,400,000,000 ordinary shares of HKD 0.01 each Share Capital Details (As of June 30, 2025) | Type | Number of Shares | Par Value (HKD/Share) | Amount (HKD Thousand) | | :--- | :--- | :--- | :--- | | Authorised Ordinary Shares | 10,000,000,000 | 0.01 | 100,000 | | Issued and Fully Paid Ordinary Shares | 1,400,000,000 | 0.01 | 14,000 | [Contingent Liabilities](index=31&type=section&id=5.15%20Contingent%20Liabilities) As of the end of the reporting period, the Group had no significant contingent liabilities - As of the end of the reporting period, the Group had **no significant contingent liabilities**[72](index=72&type=chunk) [Commitments](index=31&type=section&id=5.16%20Commitments) As of the end of the reporting period, the Group had no capital commitments - As of the end of the reporting period, the Group had **no capital commitments**[73](index=73&type=chunk) [Related Party Transactions](index=31&type=section&id=5.17%20Related%20Party%20Transactions) This section discloses significant related party transactions between the Group and several directors and their associates (e.g., Yau Hing, Wing Chi, Wing's Group), including sales of goods, purchases, and transportation service revenue, all conducted on mutually agreed terms - The Group identified Ms. Yeung Suk Ying, Yau Hing, Yau Yip Property Investment Limited, Guangzhou Geyun, Wing Chi, Wing's Holdings Limited and its subsidiaries as **related parties**[74](index=74&type=chunk) Significant Related Party Transactions (For the six months ended June 30, 2025) | Related Party | Type of Transaction | 2025 (HKD Thousand) | 2024 (HKD Thousand) | | :--- | :--- | :--- | :--- | | Yau Hing | Sales of Goods | 3,930 | 2,787 | | Yau Hing | Transportation Service Revenue | 40 | 30 | | Wing Chi | Sales of Goods | 706 | – | | Wing Chi | Purchases of Goods | 2,878 | 875 | | Wing's Group | Sales of Goods | 3,524 | 2,980 | - Transactions with related companies were conducted on **mutually agreed terms and conditions**[77](index=77&type=chunk) - Total remuneration for the Group's key management personnel amounted to **HKD 2.83 million** (2024: HKD 2.498 million)[77](index=77&type=chunk) [Approval of Condensed Consolidated Financial Statements](index=33&type=section&id=5.18%20Approval%20of%20Condensed%20Consolidated%20Financial%20Statements) The condensed consolidated financial statements were approved and authorized for issue by the Board of Directors on August 8, 2025 - The condensed consolidated financial statements were **approved and authorized for issue by the Board** on August 8, 2025[78](index=78&type=chunk)

[Interim Results Summary](index=1&type=section&id=Interim%20Results%20Summary) [Interim Results Summary Table](index=1&type=section&id=Interim%20Results%20Summary%20Table) For the six months ended June 30, 2025, the company's revenue decreased by 20.8% year-on-year to RMB 821.8 million, but gross profit margin significantly increased by 6.2 percentage points to 52.2%. Loss for the period narrowed substantially by 78.3%, and adjusted net profit of RMB 10.3 million was achieved, turning around from an adjusted net loss of RMB 160.7 million in the prior year period | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 821,752 | 1,037,343 | (20.8) | | Gross Profit | 429,080 | 477,322 | (10.1) | | Gross Profit Margin (%) | 52.2 | 46.0 | 6.2 percentage points | | Loss for the Period | (35,429) | (163,353) | (78.3) | | Adjusted Net Profit/(Loss) for the Period | 10,347 | (160,690) | (106.4) | | Adjusted Net Profit/(Loss) Margin (%) | 1.3 | (15.5) | 16.8 percentage points | - The company achieved its first adjusted net profit of **RMB 10.3 million**, successfully turning around losses, with an adjusted net profit margin of **1.3%**[3](index=3&type=chunk) [Management Discussion and Analysis](index=2&type=section&id=Management%20Discussion%20and%20Analysis) [Overall Strategy and Performance Overview](index=2&type=section&id=Overall%20Strategy%20and%20Performance%20Overview) Keep successfully advanced its dual strategy of AI-driven platform architecture transformation and operational turnaround in H1 2025, achieving adjusted net profit by streamlining non-core businesses, optimizing product structure, and enhancing gross margin and operational efficiency for long-term sustainable development - The company focused on two strategic directions: advancing AI-driven platform architecture transformation and achieving an operational turnaround[6](index=6&type=chunk) - In H1 2025, the company completed AI infrastructure reconstruction, launched the basic AI coach, and achieved adjusted net profit, marking a profitability inflection point[6](index=6&type=chunk)[8](index=8&type=chunk)[9](index=9&type=chunk) - Total revenue contracted by **20.8%** to **RMB 821.8 million** year-on-year, primarily due to the company's strategic focus on AI and active streamlining of non-core, low-efficiency businesses[9](index=9&type=chunk) - Gross profit margin increased by **6.2 percentage points** year-on-year to **52.2%** for the period, benefiting from improved gross margins in online, consumer goods, and advertising businesses[9](index=9&type=chunk) [Key Operating Data](index=2&type=section&id=Key%20Operating%20Data) Despite a decrease in average monthly active users and subscribers, membership penetration and average monthly revenue per MAU increased, reflecting the company's strategic shift to prioritize user activity and retention over scale expansion before the AI product system is fully developed | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Average Monthly Active Users (thousands) | 22,486 | 29,660 | | Average Monthly Revenue Per Monthly Active User (RMB) | 6.1 | 5.8 | | Average Monthly Subscribing Members (thousands) | 2,787 | 3,282 | | Membership Penetration | 12.4% | 11.1% | - Membership penetration reached **12.4%**, an increase from **11.1%** in the same period of 2024[10](index=10&type=chunk) - Average monthly revenue per monthly active user increased year-on-year to **RMB 6.1**, a **4.5%** increase from **RMB 5.8** in the prior year period[10](index=10&type=chunk) - Customer acquisition costs decreased by approximately **60%** year-on-year, reflecting the company's optimized marketing efficiency[10](index=10&type=chunk) [Reshaping Online Fitness Services: Centered on AI-Powered and Data-Driven Coaching Services](index=4&type=section&id=Reshaping%20Online%20Fitness%20Services%3A%20Centered%20on%20AI-Powered%20and%20Data-Driven%20Coaching%20Services) Keep is transforming from a content-driven platform to an AI-driven, data-centric fitness intelligent entity, achieving key AI milestones in H1 2025, including Multi-Agent System (MAS) implementation, AI coach core function iteration, and AIGC workflow innovation, aiming to provide personalized, intelligent, and scientific fitness experiences - Keep is transforming from a content-driven platform to an AI-driven, data-centric fitness intelligent entity[12](index=12&type=chunk) - In H1 2025, three major AI milestones were completed: Multi-Agent System (MAS) implementation, AI coach core function iteration, and Artificial Intelligence Generated Content (AIGC) workflow innovation[12](index=12&type=chunk) [AI Milestones and Core Functions](index=4&type=section&id=AI%20Milestones%20and%20Core%20Functions) The company successfully deployed MAS infrastructure, integrated large language models with fitness tools, and launched the trial version of its first AI coach 'Kaka,' enhancing personalized training, voice guidance, diet tracking, data analysis, and posture assessment capabilities, while upgrading AIGC content architecture to improve course production efficiency and personalization - Achieved Multi-Agent System (MAS) infrastructure construction, integrating large language models with full-platform fitness tool services, and optimizing the self-developed vertical model Kinetic.ai[13](index=13&type=chunk) - Launched the trial version of its first AI coach 'Kaka' in March 2025, offering personalized training plan generation, voice guidance, diet recording and suggestions, exercise data recording and analysis, and posture and movement assessment functions[13](index=13&type=chunk) - Through a triple upgrade of the AIGC content architecture, AI training plans were launched (covering **70%** of user needs), new course production processes and evaluation systems were established (covering **50%** of course demand points), and AI voice guidance scenarios were implemented[14](index=14&type=chunk) [Early Achievements and Outlook of AI Coach 'Kaka'](index=5&type=section&id=Early%20Achievements%20and%20Outlook%20of%20AI%20Coach%20%27Kaka%27) AI coach 'Kaka' has opened core functions to all users, showing positive early trends with over **150,000** AI core daily active users (DAU), particularly in AI diet recording, which demonstrates significant retention advantages. Future plans include a tiered coaching service matrix to drive member ARPU growth and a self-reinforcing flywheel effect for user scale, membership penetration, and commercial value growth - AI coach 'Kaka' has opened core functions to all users, with usage frequency restrictions for non-members[15](index=15&type=chunk) - According to July 2025 data, AI core daily active users (DAU) exceeded **150,000**[15](index=15&type=chunk) - The AI diet recording function covers **one-third** of AI dialogue users, with a next-day retention rate of **50%**, and has boosted the App DAU retention rate to **79%**[15](index=15&type=chunk) - Looking ahead, the company plans to launch a tiered coaching service matrix to drive growth in member Average Revenue Per User (ARPU) and achieve triple growth in user scale, membership penetration, and commercial value through a self-reinforcing flywheel effect[16](index=16&type=chunk) [Online Sports Events and Advertising Business](index=5&type=section&id=Online%20Sports%20Events%20and%20Advertising%20Business) Online sports event revenue contracted due to insufficient top-tier IP event scheduling, but the company is solidifying long-term development by optimizing operations, focusing on niche categories, and enhancing the medal event system. Advertising and other segments saw overall revenue decline due to Keepland's closure, yet advertising revenue remained stable with a significant gross margin improvement, and the K-MARS city running IP event performed strongly - Online sports event business revenue contracted, primarily due to insufficient scheduling of top-tier IP events[16](index=16&type=chunk) - The company optimized event business processes, focused on niche categories like ACG and gaming, and enhanced the medal event operating system[16](index=16&type=chunk) - Overall revenue for the advertising and other segments decreased year-on-year, mainly due to the gradual closure of Keepland operations, but advertising revenue remained stable year-on-year[17](index=17&type=chunk) - Gross profit margin for the advertising and other segments increased by **34.7 percentage points**, primarily benefiting from optimized advertising business costs and the positive impact of Keepland's closure[17](index=17&type=chunk) - The advertising business focused on building the K-MARS city running IP event, achieving increases in both advertiser industry coverage and average customer transaction value[17](index=17&type=chunk) [Consumer Goods Business](index=6&type=section&id=Consumer%20Goods%20Business) Facing consumer recovery pressure and intensified industry competition, Keep's consumer goods business drove profitability improvement through structural optimization. Revenue for the period was approximately **RMB 400 million**, with gross profit margin increasing by **3.3 percentage points** year-on-year to **34.8%**, primarily due to category structure optimization, refined channel operations, and supply chain efficiency improvements - Consumer goods business revenue was approximately **RMB 400 million**, with gross profit margin increasing by **3.3 percentage points** year-on-year to **34.8%**[19](index=19&type=chunk) - Category structure optimization: actively scaled back low-margin businesses (e.g., large home fitness equipment) and developed high-potential categories such as equipment, apparel, and wearables[19](index=19&type=chunk) - Refined channel operations: established a 'category-channel' profit and loss analysis model, focusing on improving operational capabilities on third-party e-commerce platforms like Tmall and Douyin[19](index=19&type=chunk) - Supply chain efficiency: core categories leveraged economies of scale and engineering cost reduction to deepen supply chain integration efficiency[20](index=20&type=chunk) [Category Structure Optimization](index=6&type=section&id=Category%20Structure%20Optimization) The company actively scaled back low-margin businesses in consumer goods, shifting to high-potential categories. Equipment business contributed over **50%** of revenue, enhancing competitiveness through differentiated positioning and product iteration. Apparel focused on aesthetic design, constructing all-season development capabilities. Smart wearables evolved around vertical scenarios, strengthening software differentiation. Food business advanced health-oriented product iteration and improved supply chain efficiency - Equipment business revenue contribution increased to over **50%**, enhancing competitiveness through differentiated product positioning, classic product iteration, and filling missing categories[19](index=19&type=chunk) - Apparel business improved merchandise operational capabilities, focusing on aesthetic design and building all-season product development capabilities[19](index=19&type=chunk) - Smart wearables continued to evolve around vertical scenarios, with watches focusing on advanced runner needs and bands expanding to interest-based sports users[19](index=19&type=chunk) [Refined Channel Operations and Supply Chain Efficiency](index=6&type=section&id=Refined%20Channel%20Operations%20and%20Supply%20Chain%20Efficiency) The company refined operations on third-party e-commerce platforms like Tmall and Douyin, and expanded distribution channels by building a 'category-channel' profit and loss analysis model to increase the share of high-potential emerging channels. Concurrently, it deepened supply chain integration efficiency through scale and engineering cost reductions, optimizing core category costs and enhancing overall operational efficiency and profitability - Established a 'category-channel' horizontal and vertical profit and loss analysis model, focusing on improving operational capabilities on third-party e-commerce platforms like Tmall and Douyin, and enhancing marketing efficiency[19](index=19&type=chunk) - Core categories leveraged economies of scale and engineering cost reduction to deepen supply chain integration efficiency[20](index=20&type=chunk) [Future Outlook](index=7&type=section&id=Future%20Outlook) For H2 2025, the company will simultaneously advance gross margin improvement and operational efficiency optimization strategies, and while ensuring profitability, seize key marketing windows to enhance product exposure and drive business scale recovery. This includes continuous iteration of AI coach core capabilities, enhancing consumer product strength, and focusing on AI-driven motion tracking, real-time health monitoring, and other innovative technologies through self-development and fund investments for long-term sustainable growth - In H2 2025, the company will simultaneously advance strategies for gross margin improvement and operational efficiency optimization, and while ensuring profitability, enhance product exposure to drive business scale recovery[21](index=21&type=chunk) - Continuously iterate AI coach core capabilities and strengthen exposure at key nodes to attract user return[21](index=21&type=chunk) - Enhance consumer goods business product strength, driving scale growth through precise channel expansion and increased volume in high-potential categories[21](index=21&type=chunk) - Smart wearables business will focus on long-term innovation in sports science and breakthroughs in next-generation products around AI, paying attention to AI-driven motion tracking, real-time health monitoring, and personalized training and other innovative technologies[22](index=22&type=chunk) [Financial Review](index=8&type=section&id=Financial%20Review) [Revenue](index=8&type=section&id=Revenue) For the six months ended June 30, 2025, total revenue was RMB 821.8 million, a year-on-year decrease of 20.8%, primarily due to reduced revenue from self-branded sports products and online membership and paid content, linked to the company's active streamlining of inefficient categories and decreased online sports event revenue | Revenue Source | 2025 (RMB thousands) | 2024 (RMB thousands) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Self-branded Sports Products | 396,650 | 501,477 | (20.9) | | Online Membership and Paid Content | 337,122 | 436,996 | (22.9) | | Advertising and Other | 87,980 | 98,870 | (11.0) | | **Total** | **821,752** | **1,037,343** | **(20.8)** | - Revenue from self-branded sports products decreased by **20.9%**, primarily due to the active streamlining of inefficient categories[23](index=23&type=chunk) - Revenue from online membership and paid content decreased by **22.9%**, mainly due to reduced online sports event revenue[24](index=24&type=chunk) - Advertising and other revenue decreased by **11.0%**, primarily due to the gradual closure of Keepland operations in 2024, but advertising revenue remained stable year-on-year[24](index=24&type=chunk) [Cost of Sales](index=8&type=section&id=Cost%20of%20Sales) For the six months ended June 30, 2025, cost of sales was RMB 392.7 million, a year-on-year decrease of 29.9%, consistent with the revenue trend. Costs across all business segments significantly declined, primarily benefiting from lower inventory sales costs, supply chain optimization, reduced online sports event costs, and cost savings from Keepland's closure | Cost Source | 2025 (RMB thousands) | 2024 (RMB thousands) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Self-branded Sports Products | 258,653 | 343,301 | (24.7) | | Online Membership and Paid Content | 96,609 | 140,368 | (31.2) | | Advertising and Other | 37,410 | 76,352 | (51.0) | | **Total** | **392,672** | **560,021** | **(29.9)** | - Cost of self-branded sports products decreased by **24.7%**, primarily due to lower inventory sales costs and supply chain optimization[27](index=27&type=chunk) - Cost of online membership and paid content decreased by **31.2%**, mainly attributable to reduced online sports event costs and channel expenses[28](index=28&type=chunk) - Cost of advertising and other decreased by **51.0%**, mainly attributable to optimized advertising production costs and reduced costs related to Keepland's closure[28](index=28&type=chunk) [Gross Profit and Gross Profit Margin](index=9&type=section&id=Gross%20Profit%20and%20Gross%20Profit%20Margin) Despite a 10.1% decrease in total gross profit due to reduced revenue, the total gross profit margin significantly increased by 6.2 percentage points to 52.2%, primarily benefiting from business structure and related cost optimization. Gross profit margins improved across all business segments, with the advertising and other segment showing the largest increase - Gross profit was **RMB 429.1 million**, a year-on-year decrease of **10.1%**[29](index=29&type=chunk) - Gross profit margin was **52.2%**, an increase of **6.2 percentage points** from the prior year period, primarily due to business structure and related cost optimization[29](index=29&type=chunk) - Gross profit margin for self-branded sports products increased by **3.3 percentage points** to **34.8%**[29](index=29&type=chunk) - Gross profit margin for online membership and paid content increased by **3.4 percentage points** to **71.3%**[30](index=30&type=chunk) - Gross profit margin for advertising and other increased by **34.7 percentage points** to **57.5%**[30](index=30&type=chunk) [Operating Expenses](index=10&type=section&id=Operating%20Expenses) During the reporting period, all operating expenses decreased. Fulfillment expenses, selling and marketing expenses, administrative expenses, and research and development expenses decreased by 29.3%, 30.9%, 8.5% and 17.0% respectively, primarily due to reduced sales, optimized promotion efficiency, lower professional fees, and increased labor productivity from AI technology enhancements - Fulfillment expenses were **RMB 43.8 million**, a year-on-year decrease of **29.3%**, primarily due to reduced sales of self-branded sports products and online sports events, as well as optimized logistics and warehousing expenses[31](index=31&type=chunk) - Selling and marketing expenses were **RMB 223.5 million**, a year-on-year decrease of **30.9%**, primarily benefiting from optimized promotion efficiency, with brand and marketing promotion expenses decreasing by **RMB 102.8 million**[32](index=32&type=chunk) - Administrative expenses were **RMB 82.8 million**, a year-on-year decrease of **8.5%**, primarily due to reduced professional fees, partially offset by an increase in share-based compensation expenses[33](index=33&type=chunk) - Research and development expenses were **RMB 162.4 million**, a year-on-year decrease of **17.0%**, primarily due to reduced R&D personnel costs and increased labor productivity from AI technology enhancements[34](index=34&type=chunk) [Loss/Profit for the Period](index=11&type=section&id=Loss%2FProfit%20for%20the%20Period) For the six months ended June 30, 2025, the company's loss significantly narrowed to RMB 35.4 million, a 78.3% reduction from RMB 163.4 million in the prior year period. After adjustments, the company achieved a net profit of RMB 10.3 million, successfully turning around losses, primarily due to increased gross profit margin and reduced operating expenses - Loss for the period was **RMB 35.4 million**, a **78.3%** decrease from **RMB 163.4 million** in the prior year period[35](index=35&type=chunk) - Adjusted net profit (non-IFRS measure) was **RMB 10.3 million**, compared to an adjusted net loss of **RMB 160.7 million** in the prior year period, achieving a turnaround to profitability[35](index=35&type=chunk) [Non-IFRS Measures](index=11&type=section&id=Non-IFRS%20Measures) The company uses adjusted net profit/(loss) as an additional financial measure to supplement IFRS-presented consolidated financial information. This metric is defined as loss for the period excluding share-based compensation expenses, as it does not involve cash outflow, helping investors more clearly assess operating performance - Adjusted net profit/(loss) is defined as loss for the period, excluding share-based compensation expenses, as it does not involve cash outflow[36](index=36&type=chunk) Adjusted Net Profit/(Loss) for the Period (RMB thousands) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Loss for the Period | (35,429) | (163,353) | | Share-based Compensation Expenses | 45,776 | 2,663 | | **Adjusted Net Profit/(Loss) for the Period** | **10,347** | **(160,690)** | [Liquidity and Capital Resources](index=12&type=section&id=Liquidity%20and%20Capital%20Resources) [Total Available Funds](index=12&type=section&id=Total%20Available%20Funds) As of June 30, 2025, the company's total available funds were RMB 1 billion, a decrease from RMB 1.2 billion as of December 31, 2024. Available funds primarily include cash and cash equivalents, short-term time deposits, restricted bank deposits, and short-term investments, mostly denominated in USD and RMB - As of June 30, 2025, total available funds were **RMB 1 billion**, compared to **RMB 1.2 billion** as of December 31, 2024[39](index=39&type=chunk) - Total available funds include cash and cash equivalents, short-term time deposits, restricted bank deposits, and short-term investments[39](index=39&type=chunk) [Cash and Cash Equivalents](index=12&type=section&id=Cash%20and%20Cash%20Equivalents) As of June 30, 2025, the company's cash and cash equivalents were RMB 534.0 million, a decrease from RMB 764.3 million as of December 31, 2024, primarily due to investments in financial assets and cash used in operating activities - As of June 30, 2025, cash and cash equivalents were **RMB 534.0 million**, compared to **RMB 764.3 million** as of December 31, 2024[39](index=39&type=chunk) - The decrease in cash and cash equivalents was primarily due to investments in financial assets and cash used in operating activities[39](index=39&type=chunk) [Other Financial Information](index=13&type=section&id=Other%20Financial%20Information) [Material Investments](index=13&type=section&id=Material%20Investments) As of June 30, 2025, the company held no material investments representing 5% or more of the Group's total assets - As of June 30, 2025, the company held no material investments representing **5%** or more of the Group's total assets[40](index=40&type=chunk) [Material Acquisitions and/or Disposals of Subsidiaries, Associates and Joint Ventures](index=13&type=section&id=Material%20Acquisitions%20and%2For%20Disposals%20of%20Subsidiaries%2C%20Associates%20and%20Joint%20Ventures) During the reporting period, the company did not undertake any material acquisitions and/or disposals of subsidiaries, associates, and joint ventures - During the reporting period, the company did not undertake any material acquisitions and/or disposals of subsidiaries, associates, and joint ventures[41](index=41&type=chunk) [Future Plans for Material Investments and Capital Assets](index=13&type=section&id=Future%20Plans%20for%20Material%20Investments%20and%20Capital%20Assets) As of the date of this announcement, the company has no other specific future plans for material investments and capital assets - As of the date of this announcement, the company has no other specific future plans for material investments and capital assets[42](index=42&type=chunk) [Employees and Remuneration](index=13&type=section&id=Employees%20and%20Remuneration) As of June 30, 2025, the company had 669 full-time employees. Total employee benefit expenses were RMB 270.2 million, a decrease from the prior year period. The company offers competitive remuneration and benefits, along with comprehensive career development and talent cultivation systems - As of June 30, 2025, the number of full-time employees was **669**[43](index=43&type=chunk) - Total employee benefit expenses were **RMB 270.2 million**, a decrease from **RMB 282.0 million** in the prior year period[43](index=43&type=chunk) [Bank Borrowings and Gearing Ratio](index=13&type=section&id=Bank%20Borrowings%20and%20Gearing%20Ratio) As of June 30, 2025, the company had no outstanding bank borrowings. The gearing ratio improved to 0.25 from 0.29 as of December 31, 2024, indicating a more robust financial structure - As of June 30, 2025, the company had no outstanding bank borrowings[44](index=44&type=chunk) - The gearing ratio was **0.25**, an improvement from **0.29** as of December 31, 2024[44](index=44&type=chunk) [Contingent Liabilities](index=14&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the company had no material contingent liabilities or guarantees - As of June 30, 2025, the company had no material contingent liabilities or guarantees[45](index=45&type=chunk) [Pledge of Assets](index=14&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, the company had no material pledge of assets - As of June 30, 2025, the company had no material pledge of assets[46](index=46&type=chunk) [Interest Rate Risk and Foreign Exchange Risk](index=14&type=section&id=Interest%20Rate%20Risk%20and%20Foreign%20Exchange%20Risk) The company's exposure to interest rate risk and foreign exchange risk is not material, primarily because it holds no significant assets or liabilities accounted for at floating rates, most transactions are settled in RMB, and financial assets and liabilities are mainly composed of fixed-rate instruments - The company's interest rate risk is not material, primarily because it holds no significant assets or liabilities accounted for at floating rates[47](index=47&type=chunk) - The company's foreign exchange risk is not material, primarily because most transactions are settled in RMB, and it holds no significant financial assets or liabilities denominated in currencies other than its functional currency[47](index=47&type=chunk) [Condensed Consolidated Financial Statements](index=15&type=section&id=Condensed%20Consolidated%20Financial%20Statements) [Condensed Consolidated Statement of Profit or Loss](index=15&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the company reported revenue of RMB 821.8 million and gross profit of RMB 429.1 million. Operating loss significantly narrowed to RMB 42.4 million, with loss for the period at RMB 35.4 million, and basic and diluted loss per share both at RMB 0.08 | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 821,752 | 1,037,343 | | Cost of Sales | (392,672) | (560,021) | | Gross Profit | 429,080 | 477,322 | | Operating Loss | (42,353) | (187,816) | | Loss Before Income Tax | (35,429) | (163,353) | | Loss for the Period Attributable to Owners of the Company | (35,429) | (163,353) | | Basic Loss Per Share (RMB) | (0.08) | (0.35) | | Diluted Loss Per Share (RMB) | (0.08) | (0.35) | [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=16&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the company's loss for the period was RMB 35.4 million. Other comprehensive expenses primarily included currency translation differences of RMB 2.8 million, resulting in a total comprehensive expense for the period attributable to owners of the company of RMB 38.2 million, a significant narrowing from the prior year period | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Loss for the Period | (35,429) | (163,353) | | Currency Translation Differences | (2,787) | 7,518 | | Total Comprehensive Expense for the Period Attributable to Owners of the Company | (38,216) | (155,835) | [Condensed Consolidated Statement of Financial Position](index=17&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's total assets were RMB 1.7946 billion, a decrease from RMB 1.9058 billion as of December 31, 2024. Total equity was RMB 1.3503 billion, and total liabilities were RMB 444.3 million, maintaining a robust asset and liability structure | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | **Assets** | | | | Non-current Assets | 263,259 | 169,867 | | Current Assets | 1,531,378 | 1,735,935 | | **Total Assets** | **1,794,637** | **1,905,802** | | **Equity** | | | | Total Equity | 1,350,331 | 1,355,802 | | **Liabilities** | | | | Non-current Liabilities | 8,334 | 23,101 | | Current Liabilities | 435,972 | 526,899 | | **Total Liabilities** | **444,306** | **550,000** | | **Total Equity and Liabilities** | **1,794,637** | **1,905,802** | [Notes to the Condensed Consolidated Interim Financial Information](index=19&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Information) [General Information](index=19&type=section&id=General%20Information) Keep Inc. was incorporated in the Cayman Islands on April 21, 2015, and listed on the Main Board of the Hong Kong Stock Exchange on July 12, 2023. The company and its subsidiaries primarily operate an integrated online and offline fitness service platform and online retail of fitness-related products in China, with Mr. Wang Ning as the single largest shareholder - Keep Inc. was incorporated in the Cayman Islands on April 21, 2015, and listed on the Main Board of the Hong Kong Stock Exchange on July 12, 2023[52](index=52&type=chunk) - The company primarily operates an integrated online and offline fitness service platform and online retail of fitness-related products in China[52](index=52&type=chunk) - Mr. Wang Ning is the single largest shareholder of the company[53](index=53&type=chunk) [Basis of Preparation](index=19&type=section&id=Basis%20of%20Preparation) The unaudited condensed consolidated interim financial information for the six months ended June 30, 2025, was prepared in accordance with International Accounting Standard 34 'Interim Financial Reporting' and applicable disclosure requirements of the Hong Kong Stock Exchange Listing Rules, consistent with accounting policies used for the consolidated financial statements for the year ended December 31, 2024 - The unaudited condensed consolidated interim financial information was prepared in accordance with International Accounting Standard 34 'Interim Financial Reporting' and applicable disclosure requirements of the Hong Kong Stock Exchange Listing Rules[55](index=55&type=chunk) - The accounting policies adopted are consistent with those used for the consolidated financial statements for the year ended December 31, 2024[55](index=55&type=chunk) [Adoption of New and Revised IFRS Accounting Standards](index=19&type=section&id=Adoption%20of%20New%20and%20Revised%20IFRS%20Accounting%20Standards) The Group first applied IAS 21 (Amendment) 'Lack of Exchangeability' from January 1, 2025, but did not change its accounting policies or make retrospective adjustments as a result - The Group first applied IAS 21 (Amendment) 'Lack of Exchangeability' from January 1, 2025[56](index=56&type=chunk) - The Group did not change its accounting policies or make retrospective adjustments as a result of adopting the above revised standard[56](index=56&type=chunk) [Segment Information](index=20&type=section&id=Segment%20Information) The company's chief operating decision-maker assesses the performance of three operating segments based on revenue and gross profit: self-branded sports products, online membership and paid content, and advertising and other. During the reporting period, revenue and gross profit varied across segments, with no material inter-segment sales, and the vast majority of operations and non-current assets are located in China - The company's operating segments include: self-branded sports products, online membership and paid content, and advertising and other[57](index=57&type=chunk)[60](index=60&type=chunk) - The chief operating decision-maker primarily assesses the performance of operating segments based on their revenue and gross profit[57](index=57&type=chunk) Segment Results for the Six Months Ended June 30, 2025 (RMB thousands) | Segment | Revenue | Cost of Sales | Gross Profit | | :--- | :--- | :--- | :--- | | Self-branded Sports Products | 396,650 | (258,653) | 137,997 | | Online Membership and Paid Content | 337,122 | (96,609) | 240,513 | | Advertising and Other | 87,980 | (37,410) | 50,570 | | **Total** | **821,752** | **(392,672)** | **429,080** | Segment Results for the Six Months Ended June 30, 2024 (RMB thousands) | Segment | Revenue | Cost of Sales | Gross Profit | | :--- | :--- | :--- | :--- | | Self-branded Sports Products | 501,477 | (343,301) | 158,176 | | Online Membership and Paid Content | 436,996 | (140,368) | 296,628 | | Advertising and Other | 98,870 | (76,352) | 22,518 | | **Total** | **1,037,343** | **(560,021)** | **477,322** | [Revenue](index=21&type=section&id=Revenue) For the six months ended June 30, 2025, total revenue was RMB 821.8 million. Revenue breakdown shows online retail and wholesale channel sales constitute self-branded sports product revenue, with online membership and paid content, and advertising and other as the other two major revenue sources | Revenue Source | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | **Self-branded Sports Products** | | | | – Online Retail | 230,142 | 337,647 | | – Wholesale Channel Sales | 166,508 | 163,830 | | Online Membership and Paid Content | 337,122 | 436,996 | | Advertising and Other | 87,980 | 98,870 | | **Total** | **821,752** | **1,037,343** | [Net Other Income](index=21&type=section&id=Net%20Other%20Income) For the six months ended June 30, 2025, net other income was RMB 13.4 million, a significant increase from RMB 2.5 million in the prior year period, primarily due to a substantial increase in net fair value gains on financial assets measured at fair value through profit or loss | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Net Loss on Disposal of Property and Equipment | (98) | (877) | | Net Fair Value Gains on Financial Assets Measured at Fair Value Through Profit or Loss | 12,127 | 4,266 | | Net Foreign Exchange Gains/(Losses) | 352 | (775) | | Investment Income from Financial Assets Measured at Amortized Cost | 170 | 334 | | Other | 835 | (417) | | **Total** | **13,386** | **2,531** | [Income Tax Expense](index=22&type=section&id=Income%20Tax%20Expense) For the six months ended June 30, 2025 and 2024, the company made no provision for PRC corporate income tax, Hong Kong profits tax, and Singapore corporate income tax, primarily due to no estimated taxable profits or available unused tax losses to offset - For the six months ended June 30, 2025 and 2024, no provision was made for PRC corporate income tax, Hong Kong profits tax, and Singapore corporate income tax[64](index=64&type=chunk) - The reason for no provision was the absence of estimated taxable profits or available unused tax losses to offset[64](index=64&type=chunk) [Loss for the Period](index=22&type=section&id=Loss%20for%20the%20Period) The Group's loss for the period was RMB 35.4 million, primarily derived after deducting items such as employee benefit expenses, cost of sales of self-branded sports products, online sports event costs, depreciation and amortization, credit loss provisions, and inventory impairment provisions | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Employee Benefit Expenses | 270,215 | 282,011 | | Cost of Sales of Self-branded Sports Products | 253,414 | 329,503 | | Online Sports Event Costs | 45,477 | 70,920 | | Depreciation of Property and Equipment | 4,235 | 5,685 | | Depreciation of Right-of-Use Assets | 8,945 | 16,637 | | Amortization of Intangible Assets | 1,328 | 1,938 | | Provision for Credit Losses on Trade and Other Receivables | 841 | 449 | | Provision for Impairment of Inventories | 312 | 5,989 | [Loss Per Share](index=23&type=section&id=Loss%20Per%20Share) For the six months ended June 30, 2025, both basic and diluted loss per share were RMB 0.08, a significant narrowing from RMB 0.35 in the prior year period. As the company incurred a loss, potential ordinary shares had an anti-dilutive effect, resulting in identical basic and diluted loss per share amounts | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Net Loss Attributable to Owners of the Company (RMB thousands) | (35,429) | (163,353) | | Weighted Average Number of Ordinary Shares in Issue (thousands of shares) | 459,558 | 469,109 | | Basic Loss Per Share (RMB) | (0.08) | (0.35) | - As the company incurred a loss during the reporting period, potential ordinary shares had an anti-dilutive effect, thus the diluted loss per share amount was the same as the basic loss per share amount[68](index=68&type=chunk) [Trade and Bills Receivables](index=23&type=section&id=Trade%20and%20Bills%20Receivables) As of June 30, 2025, trade and bills receivables totaled RMB 217.0 million. The credit period for trade receivables is generally three months, and the provision for credit losses decreased, reflecting improved trade receivables management Trade and Bills Receivables (RMB thousands) | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade Receivables | 238,819 | 237,178 | | Bills Receivables | 1,600 | – | | Less: Provision for Credit Losses | (23,403) | (31,987) | | **Total** | **217,016** | **205,191** | - The credit period for trade receivables is generally three months[70](index=70&type=chunk) Aging Analysis of Trade Receivables (RMB thousands) | Aging | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 3 Months | 189,405 | 158,405 | | 3 to 6 Months | 17,581 | 23,403 | | 6 to 9 Months | 4,192 | 11,903 | | 9 Months to 1 Year | 3,117 | 2,172 | | Over 1 Year | 24,524 | 41,295 | | **Total** | **238,819** | **237,178** | - The provision for credit losses decreased from **RMB 31,987 thousand** as of December 31, 2024, to **RMB 23,403 thousand** as of June 30, 2025[70](index=70&type=chunk) [Dividends](index=25&type=section&id=Dividends) For the six months ended June 30, 2025 and 2024, the company neither paid nor declared any dividends - For the six months ended June 30, 2025 and 2024, the company neither paid nor declared any dividends[71](index=71&type=chunk) [Trade Payables](index=25&type=section&id=Trade%20Payables) As of June 30, 2025, trade payables were RMB 156.5 million, primarily for amounts due within three months. Trade payables are unsecured and typically settled within three months from the invoice date Aging Analysis of Trade Payables (RMB thousands) | Aging | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 3 Months | 156,549 | 149,240 | - Trade payables are unsecured and generally settled within three months from the invoice date[72](index=72&type=chunk) [Events After the Reporting Period](index=25&type=section&id=Events%20After%20the%20Reporting%20Period) No material events occurred after June 30, 2025, for the company or the Group - No material events occurred after June 30, 2025, for the company or the Group[73](index=73&type=chunk) [Corporate Governance and Other Information](index=26&type=section&id=Corporate%20Governance%20and%20Other%20Information) [Compliance with Corporate Governance Code](index=26&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The company adopted the Corporate Governance Code set out in Appendix C1 of the Listing Rules and complied with all applicable code provisions during the reporting period, except for the deviation where the roles of Chairman and Chief Executive Officer are combined - The company adopted the Corporate Governance Code set out in Appendix C1 of the Listing Rules[74](index=74&type=chunk) - During the reporting period, the company complied with all applicable code provisions of the Corporate Governance Code, except for the deviation where the roles of Chairman and Chief Executive Officer are combined and held by Mr. Wang Ning[74](index=74&type=chunk)[75](index=75&type=chunk) [Chairman and Chief Executive Officer](index=26&type=section&id=Chairman%20and%20Chief%20Executive%20Officer) Mr. Wang Ning currently holds both the Chairman and Chief Executive Officer positions. The Board believes this arrangement ensures consistent leadership within the Group, enhances strategic planning efficiency, and does not compromise the balance of power and authority - Mr. Wang Ning currently holds both the Chairman and Chief Executive Officer positions, deviating from Code Provision C.2.1 of the Corporate Governance Code[75](index=75&type=chunk) - The Board believes that combining these roles ensures consistent leadership within the Group, making overall strategic planning more effective and efficient[75](index=75&type=chunk) [Standard Code for Securities Transactions by Directors of Listed Issuers](index=26&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors%20of%20Listed%20Issuers) The company adopted the Standard Code for Securities Transactions by Directors of Listed Issuers, as set out in Appendix C3 of the Listing Rules, as its code of conduct for directors' dealings in company securities. Upon enquiry, all directors confirmed strict compliance with the Standard Code during the reporting period - The company adopted the Standard Code for Securities Transactions by Directors of Listed Issuers, as set out in Appendix C3 of the Listing Rules[76](index=76&type=chunk) - All directors confirmed strict compliance with the required standards set out in the Standard Code during the reporting period[76](index=76&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=27&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) During the reporting period, the company repurchased a total of 3,207,500 shares on the Stock Exchange for a total consideration of HKD 14,805,147, aiming to benefit the company and create shareholder value. As of June 30, 2025, the company held 11,235,400 treasury shares and 3,510,600 repurchased shares pending cancellation - During the reporting period, the company repurchased a total of **3,207,500** shares on the Stock Exchange for a total consideration of **HKD 14,805,147**[77](index=77&type=chunk) Share Repurchases on the Stock Exchange | Month of Repurchase | Number of Shares Repurchased | Price Paid Per Share (Highest/Lowest HKD) | Total Consideration (HKD) | | :--- | :--- | :--- | :--- | | January 2025 | 1,300,000 | 5.66 / 4.65 | 6,447,178 | | March 2025 | 207,700 | 4.71 / 4.56 | 968,952 | | April 2025 | 1,078,800 | 4.98 / 3.76 | 4,673,227 | | May 2025 | 621,000 | 4.75 / 3.83 | 2,715,790 | | **Total** | **3,207,500** | | **14,805,147** | - As of June 30, 2025, **11,235,400** shares of the company were held as treasury shares by the company, and **3,510,600** repurchased shares of the company were pending cancellation[78](index=78&type=chunk) [Audit Committee](index=27&type=section&id=Audit%20Committee) The company's Audit Committee comprises three independent non-executive directors, with Ms. Ge Xin as Chairwoman. Its primary responsibilities include reviewing and overseeing financial reporting processes, internal control systems, and connected transactions, and it has reviewed the Group's unaudited condensed consolidated interim financial information for the six months ended June 30, 2025 - The Audit Committee comprises three independent non-executive directors, with Ms. Ge Xin as Chairwoman[79](index=79&type=chunk) - The primary responsibilities of the Audit Committee include reviewing and overseeing the Group's financial reporting processes and internal control systems, and reviewing and approving connected transactions[79](index=79&type=chunk) - The Audit Committee has reviewed the Group's unaudited condensed consolidated interim financial information for the six months ended June 30, 2025, and agreed with the accounting treatments adopted by the company[79](index=79&type=chunk) [Other Information](index=28&type=section&id=Other%20Information) [Independent External Auditor](index=28&type=section&id=Independent%20External%20Auditor) The company's independent external auditor, RSM Hong Kong, has reviewed the Group's unaudited condensed consolidated interim financial information for the six months ended June 30, 2025, in accordance with Hong Kong Standard on Review Engagements 2410 - The independent external auditor, RSM Hong Kong, has reviewed the Group's unaudited condensed consolidated interim financial information for the six months ended June 30, 2025[80](index=80&type=chunk) [Material Events After Reporting Period](index=28&type=section&id=Material%20Events%20After%20Reporting%20Period) The company is not aware of any material events that occurred from June 30, 2025, up to the date of this announcement that could affect the Group - The company is not aware of any material events that occurred from June 30, 2025, up to the date of this announcement that could affect the Group[81](index=81&type=chunk) [Use of Proceeds](index=28&type=section&id=Use%20of%20Proceeds) The net proceeds from the company's share listing, approximately HKD 192.0 million, have been and will continue to be used for the purposes stated in the prospectus, with no change in the intended use. Unutilized proceeds will be held as short-term deposits, cash, and cash equivalents with licensed banks or financial institutions - The net proceeds from the global offering, approximately **HKD 192.0 million**, have been and will continue to be used for the purposes stated in the prospectus[82](index=82&type=chunk) - As of the date of this announcement, there has been no change in the intended use of the net proceeds[82](index=82&type=chunk) [Interim Dividend](index=28&type=section&id=Interim%20Dividend) The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025[83](index=83&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=28&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) This interim results announcement has been published on the Stock Exchange website and the company's website. The company's interim report for the six months ended June 30, 2025, will be dispatched to shareholders and published on the aforementioned websites in due course - This interim results announcement has been published on the Stock Exchange website www.hkexnews.hk and the company's website https://keep.com[84](index=84&type=chunk) [Acknowledgement](index=29&type=section&id=Acknowledgement) The Board extends its sincere gratitude to the Group's shareholders, management team, employees, business partners, and customers for their support and contributions to the Group - The Board extends its sincere gratitude to the Group's shareholders, management team, employees, business partners, and customers[85](index=85&type=chunk) [Board of Directors](index=29&type=section&id=Board%20of%20Directors) As of the date of this announcement, the company's executive directors are Mr. Wang Ning, Mr. Peng Wei, and Mr. Liu Dong; independent non-executive directors are Ms. Ge Xin, Mr. Shan Yigang, and Mr. Wang Haining - The executive directors are Mr. Wang Ning, Mr. Peng Wei, and Mr. Liu Dong; independent non-executive directors are Ms. Ge Xin, Mr. Shan Yigang, and Mr. Wang Haining[87](index=87&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該 等內容而引致的任何損失承擔任何責任。 （於百慕達註冊成立之有限公司） （股份代號：00124） 2025 年中期業績公告 摘要 | | 截至 6 月 30 | 日止六個月 | | | --- | --- | --- | --- | | | 2025 年 | 2024 年 | 變動 | | 收入（千港元） | 5,751,820 | 2,803,824 | +105.1% | | 毛利（千港元） | 2,062,754 | 115,920 | +1,679.5% | | 投資物業公允值(虧損)/收益（千港元） | (131,749) | 193 | 不適用 | | 歸屬於本公司持有者溢利/(虧損) | | | | | （千港元） | 282,053 | (217,031) | 不適用 | | 每股基本溢利/(虧損)（港仙） | 16.48 | (12.68) | 不適用 | | | 於 2025 年 | 於 2024 年 | | | | 6 ...

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。 Activation Group Holdings Limited 艾 德 韋 宣 集 團 控 股 有 限 公 司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：9919） 截至2025年6月30日止六個月的 中期業績公告 艾德韋宣集團控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司及其附 屬公司（統稱「本集團」）截至2025年6月30日止六個月（「2025年中期」）的未經審核簡明綜合 中期業績連同截至2024年6月30日止六個月（「2024年中期」）的比較數字及於2024年12月31 日的若干比較數字。該等中期業績已經由本公司審核委員會審閱。 中期股息 為了向本公司股東「( 股東」）提供更高回報並分享本集團的成長成果，經審慎考量盈利能力、 現金流產生能力以及未來發展需求後，本公司決議宣派2025年中期股息每股本公司普通股 （「股份」）2.3港仙（2 ...