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 ...

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依賴該等內容而引致的任何損失承擔任何責 任。 Strawbear Entertainment Group 稻草熊娛樂集團 （於開曼群島註冊成立的有限公司） （股 份 代 號：2125） 截 至2025年6月30日止六個月的 中期業績公告 財務摘要 截 至2025年6月30日止六個月的收入約為人民幣445.7百 萬 元，較2024年同期 約人民幣846.9百萬元下降47.4%。 截 至2025年6月30日止六個月的毛利約為人民幣62.9百 萬 元，較2024年同期約 人民幣142.9百萬元下降56.0%。 截 至2025年6月30日止六個月的虧損約為人民幣5.8百 萬 元，而 截 至2024年6月 30日止六個月的溢利約為人民幣30.0百 萬 元。 截 至2025年6月30日止六個月的經調整虧損淨額*約為人民幣0.4百 萬 元，而 2024年同期的經調整純利約人民幣37.9百 萬 元。 截 至2 ...

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布之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公布全部或任何部分內容而 產生或因倚賴該等內容而引致之任何損失承擔任何責任。 MEDIA CHINESE INTERNATIONAL LIMITED 世界華文媒體有限公司 ( 於百慕達註冊成立之有限公司 ) (馬來西亞公司編號：200702000044) (香港股份代號：685) (馬來西亞股份代號：5090) 公布 截至 2025 年 6 月 30 日止第 1 季度財務報告 根據馬來西亞證券交易所(「馬來西亞證交所」)主要板上市規定 9.22 段之規定， 世界華文媒體有限公司(「本公司」)為馬來西亞證交所主要板之上市公司，於 2025 年 8 月 25 日向馬來西亞證交所公布本公司及其附屬公司(統稱為「本集團」)截至 2025 年 6 月 30 日止季度之未經審核簡明綜合業績。 本公布同時根據香港聯合交易所有限公司證券上市規則(「香港上市規則」)第 13.09(2)(a)條及香港法例第 571 章《證券及期貨條例》第 XIVA 部項下的內幕消 息條文(按香港上市規則之定義)之規定 ...

茲提述方正控股有限公司（「本公司」）於二零二五年四月十六日刊載之截至 二零二四年十二月三十一日止年度的年報（「二零二四年年報」）。除另有界 定外，本公告所用之詞彙與二零二四年年報所界定者俱有相同涵義。 本公告旨在就二零二四年年報中有關本公司股份期權計劃及關連交易提供補充 資料如下： 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之內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內 容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 (股份代號: 00418) 有關截至二零二四年十二月三十一日止 年度年報之 補充公告 股份期權計劃 於二零二四年年報日期，根據計劃下可供發行之股份數目總計為119,974,699股 股份，佔本公司已發行股份的10%。 關連交易 於二零二四年十二月三十一日，方正電子（作為買方）與新方正及方正信息 （作為賣方）訂立股權轉讓協議，據此方正電子已同意向新方正及方正信息收 購天津方正手迹數字技術有限公司（「天津方正手迹」）之100%股權，代價為 人民幣3,579,811.24元（相等於約3,876,000港元），其將由方正電子於(i)訂 ...

[Company Information and Disclaimer](index=1&type=section&id=Company%20Information%20and%20Disclaimer) [Disclaimer and Directors' Responsibility Statement](index=1&type=section&id=Disclaimer%20and%20Directors'%20Responsibility%20Statement) This announcement contains the interim results of PHOENITRON HOLDINGS LIMITED for the six months ended June 30, 2025, for which Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility - Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the content of this announcement, make no representation, and assume no liability for any loss[1](index=1&type=chunk)[2](index=2&type=chunk) - The company's directors jointly and severally assume full responsibility for the information contained in this announcement, confirming it is accurate, complete, and free from misleading or fraudulent elements[3](index=3&type=chunk) [Interim Results Summary](index=2&type=section&id=Interim%20Results%20Summary) [Financial Highlights](index=2&type=section&id=Financial%20Highlights) For the six months ended June 30, 2025, the company's revenue significantly increased by **307.3%** due to new e-commerce and AI businesses, turning a loss into a profit of approximately **HKD 40.4 million** attributable to owners of the company Key Financial Data Comparison for H1 2025 | Indicator | H1 2025 (HKD) | H1 2024 (HKD) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 88,096,000 | 21,628,000 | +307.3% | | Profit/(Loss) Attributable to Owners of the Company | 40,400,000 | (3,049,000) | Turned from loss to profit | - The significant revenue growth is primarily attributed to the launch of new e-commerce and artificial intelligence businesses[4](index=4&type=chunk) - The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025[4](index=4&type=chunk) [Unaudited Interim Results](index=3&type=section&id=Unaudited%20Interim%20Results) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group's revenue significantly increased to **HKD 88.10 million**, gross profit substantially rose to **HKD 67.05 million**, and achieved a profit for the period of **HKD 40.40 million**, reversing the loss from the same period last year Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (Summary) | Indicator | H1 2025 (HKD) | H1 2024 (HKD) | | :--- | :--- | :--- | | Revenue | 88,096,187 | 21,628,172 | | Cost of sales | (21,047,112) | (15,061,348) | | Gross profit | 67,049,075 | 6,566,824 | | Profit/(loss) before income tax | 52,940,658 | (3,050,402) | | Profit/(loss) for the period | 40,398,451 | (3,050,402) | | Profit/(loss) for the period attributable to owners of the Company | 40,399,551 | (3,049,302) | | Basic earnings/(loss) per share (HK cents) | 7.542 | (0.580) | | Diluted earnings/(loss) per share (HK cents) | 7.023 | (0.580) | - Gross profit significantly increased by **920.5%** year-on-year, reflecting the high profitability of new businesses[5](index=5&type=chunk) - Total comprehensive income for the period turned from a loss of **HKD 3.13 million** in the same period last year to an income of **HKD 40.99 million**[5](index=5&type=chunk) [Condensed Consolidated Statement of Financial Position](index=5&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's net assets significantly increased to **HKD 98.81 million**, primarily due to a substantial increase in intangible assets and cash and cash equivalents, as well as the conversion of convertible bonds Condensed Consolidated Statement of Financial Position (Summary) | Indicator | June 30, 2025 (HKD) | December 31, 2024 (HKD) | | :--- | :--- | :--- | | Non-current assets | 54,386,788 | 47,338,871 | | Current assets | 73,399,346 | 30,795,215 | | Current liabilities | 27,674,976 | 19,174,764 | | Non-current liabilities | 1,304,589 | 18,034,696 | | Net assets | 98,806,569 | 40,924,626 | | Total equity | 98,806,569 | 40,924,626 | - Intangible assets increased from **HKD 4.71 million** to **HKD 14.25 million**, primarily reflecting investments in new businesses[7](index=7&type=chunk) - Cash and cash equivalents increased from **HKD 13.82 million** to **HKD 53.53 million**, indicating significant improvement in liquidity[7](index=7&type=chunk) - Convertible bonds in non-current liabilities were fully converted, decreasing from **HKD 16.54 million** to zero[7](index=7&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=7&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, equity attributable to owners of the Company significantly increased from **HKD 40.70 million** at the beginning of the period to **HKD 98.58 million**, mainly due to profit contribution for the period and the conversion of convertible bonds Changes in Equity Attributable to Owners of the Company (Summary) | Indicator | January 1, 2025 (HKD) | June 30, 2025 (HKD) | | :--- | :--- | :--- | | Equity attributable to owners of the Company | 40,696,262 | 98,579,305 | | Profit for the period | - | 40,399,551 | | Conversion of convertible bonds | - | 16,895,778 | - The conversion of convertible bonds resulted in an increase in share capital of **HKD 11.00 million** and share premium of **HKD 6.03 million**[9](index=9&type=chunk) - Accumulated losses decreased from **HKD (454.99 million)** at the beginning of the period to **HKD (414.59 million)**, reflecting improved profitability[9](index=9&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, the Group's net cash from operating activities significantly increased to **HKD 52.60 million**, with cash and cash equivalents reaching **HKD 53.53 million** at period-end, demonstrating strong cash generation capability Condensed Consolidated Statement of Cash Flows (Summary) | Indicator | H1 2025 (HKD) | H1 2024 (HKD) | | :--- | :--- | :--- | | Net cash from operating activities | 52,598,901 | 631,624 | | Net cash used in investing activities | (11,705,675) | (5,122,468) | | Net cash (used in)/from financing activities | (1,739,126) | 4,013,397 | | Net increase/(decrease) in cash and cash equivalents | 39,154,100 | (477,447) | | Cash and cash equivalents at end of period | 53,530,994 | 6,554,583 | - Net cash from operating activities significantly increased year-on-year, primarily due to the profit contribution from new businesses[11](index=11&type=chunk) - Net cash outflow from investing activities increased, reflecting investments in new businesses and assets[11](index=11&type=chunk) [Notes to the Unaudited Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) [1. Basis of Preparation](index=9&type=section&id=1.%20Basis%20of%20Preparation) These interim financial statements are prepared in accordance with Hong Kong Financial Reporting Standards and GEM Listing Rules, using the historical cost convention, except for investment in television programs measured at fair value - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards and GEM Listing Rules, presented in HKD[12](index=12&type=chunk)[13](index=13&type=chunk) - Except for investment in television programs measured at fair value, the statements are prepared on a historical cost basis[13](index=13&type=chunk) - The Directors do not expect the adoption of new and revised Hong Kong Financial Reporting Standards to have a significant impact on the Group's financial statements[13](index=13&type=chunk) [2. Segment Information](index=9&type=section&id=2.%20Segment%20Information) The Group currently comprises six operating segments: smart cards and application systems, private domain e-commerce platform, AI voice technology data services, financial and management consulting, scrap metal sales and trading, and media and entertainment - The Group currently has six operating segments: sales of smart cards and smart card application systems, operation of private domain e-commerce platform, provision of AI voice technology data services, financial and management consulting services, sales and trading of scrap metal, and media and entertainment[14](index=14&type=chunk) Reportable Segment Revenue and Profit (H1 2025) | Segment | Revenue (HKD) | Profit/(Loss) (HKD) | | :--- | :--- | :--- | | Sales of smart cards and smart card application systems | 27,179,313 | 2,846,761 | | Operation of private domain e-commerce platform | 54,936,874 | 49,849,509 | | Provision of AI voice technology data services | 5,980,000 | 5,772,930 | | Sales and trading of scrap metal | – | (1,681,427) | | Media and entertainment | – | (2,500) | | **Consolidated** | **88,096,187** | **56,785,273** | - The private domain e-commerce platform and AI voice technology data services had no revenue in the same period of 2024, becoming major sources of revenue and profit in H1 2025[17](index=17&type=chunk) [3. Revenue](index=12&type=section&id=3.%20Revenue) The Group's total revenue for the six months ended June 30, 2025, was **HKD 88.10 million**, with private domain e-commerce platform operations and AI voice technology data services as new revenue sources, and smart card sales also showing growth Revenue Stream Details | Revenue Stream | H1 2025 (HKD) | H1 2024 (HKD) | | :--- | :--- | :--- | | Sales of smart cards and smart card application systems | 27,179,313 | 21,628,172 | | Operation of private domain e-commerce platform | 54,936,874 | – | | Provision of AI voice technology data services | 5,980,000 | – | | **Total Revenue** | **88,096,187** | **21,628,172** | - Operation of private domain e-commerce platform and provision of AI voice technology data services contributed **HKD 60.92 million** in new revenue in H1 2025[19](index=19&type=chunk) [4. Other Income](index=13&type=section&id=4.%20Other%20Income) For the six months ended June 30, 2025, the Group's other income increased to **HKD 0.16 million**, mainly from increased miscellaneous income and bank interest income Other Income Details | Income Source | H1 2025 (HKD) | H1 2024 (HKD) | | :--- | :--- | :--- | | Bank interest income | 8,998 | 3,105 | | Miscellaneous income | 151,671 | 79,545 | | **Total** | **160,669** | **82,650** | [5. Other Gains/(Losses), Net](index=13&type=section&id=5.%20Other%20Gains%2F(Losses),%20Net) For the six months ended June 30, 2025, the Group recorded a net exchange gain of **HKD 0.55 million**, reversing the net loss from the same period last year Exchange Gains/(Losses), Net | Indicator | H1 2025 (HKD) | H1 2024 (HKD) | | :--- | :--- | :--- | | Exchange gains/(losses), net | 544,905 | (593,541) | [6. Finance Costs](index=13&type=section&id=6.%20Finance%20Costs) For the six months ended June 30, 2025, the Group's finance costs increased to **HKD 0.43 million**, primarily due to the new interest expense on convertible bonds Finance Costs Details | Type of Cost | H1 2025 (HKD) | H1 2024 (HKD) | | :--- | :--- | :--- | | Interest expense on lease liabilities | 78,200 | 121,492 | | Interest expense on convertible bonds | 355,505 | – | | **Total** | **433,705** | **121,492** | [7. Profit/(Loss) Before Income Tax](index=13&type=section&id=7.%20Profit%2F(Loss)%20Before%20Income%20Tax) For the six months ended June 30, 2025, the Group's profit before income tax was **HKD 52.94 million**, mainly due to revenue growth and improved gross profit, while deducting increased inventory costs and depreciation expenses Deductions for Profit/(Loss) Before Income Tax | Deduction Item | H1 2025 (HKD) | H1 2024 (HKD) | | :--- | :--- | :--- | | Cost of inventories recognised as an expense | 21,047,112 | 15,061,348 | | Depreciation—property, plant and equipment | 888,790 | 1,114,217 | | Depreciation—right-of-use assets | 1,649,215 | 1,662,392 | [8. Income Tax Expense](index=14&type=section&id=8.%20Income%20Tax%20Expense) For the six months ended June 30, 2025, the Group recorded an income tax expense of **HKD 12.54 million**, primarily due to profit generated from operating the private domain e-commerce platform, while Hong Kong, Cayman Islands, British Virgin Islands, and Taiwan had no income tax payable or tax losses available for offset Income Tax Expense | Indicator | H1 2025 (HKD) | H1 2024 (HKD) | | :--- | :--- | :--- | | Income tax expense | 12,542,207 | – | - No provision for Hong Kong profits tax was made due to sufficient tax losses available for offset[24](index=24&type=chunk) - China enterprise income tax is calculated at a **25%** rate, mainly due to taxable profits generated by the private domain e-commerce platform[25](index=25&type=chunk) - No income tax is payable in the Cayman Islands, British Virgin Islands, and Taiwan[26](index=26&type=chunk) [9. Dividends](index=14&type=section&id=9.%20Dividends) The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025, consistent with the same period last year - The Board does not recommend the payment of any interim dividend (2024: nil)[27](index=27&type=chunk) [10. Earnings/(Loss) Per Share Attributable to Owners of the Company](index=15&type=section&id=10.%20Earnings%2F(Loss)%20Per%20Share%20Attributable%20to%20Owners%20of%20the%20Company) For the six months ended June 30, 2025, basic earnings per share attributable to owners of the Company were **7.542 HK cents**, and diluted earnings per share were **7.023 HK cents**, a significant improvement from the loss per share in the same period last year Earnings/(Loss) Per Share Details | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit/(loss) attributable to owners of the Company (HKD) | 40,399,551 | (3,049,302) | | Weighted average number of ordinary shares for basic earnings/(loss) per share | 535,678,992 | 525,347,500 | | Basic earnings/(loss) per share (HK cents) | 7.542 | (0.580) | | Diluted earnings/(loss) per share (HK cents) | 7.023 | (0.580) | - The conversion of convertible bonds resulted in an increase of **10,331,492** ordinary shares, affecting the earnings per share calculation[28](index=28&type=chunk) - In H1 2024, diluted loss per share was the same as basic loss per share due to the anti-dilutive effect of share options[28](index=28&type=chunk) [11. Property, Plant and Equipment](index=16&type=section&id=11.%20Property,%20Plant%20and%20Equipment) For the six months ended June 30, 2025, the Group acquired approximately **HKD 1.37 million** in property, plant, and equipment, a decrease compared to the same period last year Acquisitions of Property, Plant and Equipment | Indicator | H1 2025 (HKD) | H1 2024 (HKD) | | :--- | :--- | :--- | | Acquisitions | 1,370,000 | 3,000,000 | [12. Investment in Television Program](index=16&type=section&id=12.%20Investment%20in%20Television%20Program) The Group's investment in the television program "Snow Leopard II" was **HKD 32.46 million** as of June 30, 2025, classified as a non-current asset, with revenue distribution expected to be delayed until the end of Q3 2026 Investment in Television Program | Indicator | June 30, 2025 (HKD) | December 31, 2024 (HKD) | | :--- | :--- | :--- | | Balance | 32,459,016 | 31,663,113 | - The television program is expected to be released in China by mid-2026, with net profit distribution received by the end of Q3 2026[31](index=31&type=chunk) - Fair value measurement uses the discounted cash flow method, with key unobservable inputs including a discount rate of **21.29%** and estimated television program revenue of **RMB 210 million**[33](index=33&type=chunk)[36](index=36&type=chunk) - An increase or decrease of **3%** in the discount rate would result in a decrease or increase of approximately **HKD 0.98 million** in fair value, respectively; an increase or decrease of **10%** in estimated revenue would result in an increase or decrease of approximately **HKD 3.28 million** in fair value, respectively[36](index=36&type=chunk) [13. Inventories](index=17&type=section&id=13.%20Inventories) As of June 30, 2025, the Group's total inventories amounted to **HKD 1.62 million**, a decrease from December 31, 2024, primarily due to a reduction in finished goods inventory Inventories Details | Inventory Type | June 30, 2025 (HKD) | December 31, 2024 (HKD) | | :--- | :--- | :--- | | Raw materials | 347,378 | 570,933 | | Work in progress | 1,266,857 | 396,825 | | Finished goods | 7,075 | 1,136,396 | | **Total** | **1,621,310** | **2,104,154** | [14. Trade and Other Receivables, Deposits and Prepayments](index=17&type=section&id=14.%20Trade%20and%20Other%20Receivables,%20Deposits%20and%20Prepayments) As of June 30, 2025, the Group's current trade and other receivables, deposits, and prepayments increased to **HKD 18.25 million**, with trade receivables primarily concentrated within **30 days** Trade and Other Receivables, Deposits and Prepayments | Indicator | June 30, 2025 (HKD) | December 31, 2024 (HKD) | | :--- | :--- | :--- | | Trade receivables | 10,833,526 | 10,386,299 | | Other receivables, deposits and prepayments | 8,038,844 | 8,134,845 | | Current trade and other receivables, deposits and prepayments | 18,247,042 | 14,868,358 | Ageing Analysis of Trade Receivables | Ageing | June 30, 2025 (HKD) | December 31, 2024 (HKD) | | :--- | :--- | :--- | | 0 to 30 days | 10,828,626 | 3,002,212 | | 31 to 90 days | 4,900 | 7,260,739 | | Over 90 days | – | 123,348 | - The credit period for trade receivables typically ranges from **30 to 90 days**[40](index=40&type=chunk) [15. Trade and Other Payables](index=18&type=section&id=15.%20Trade%20and%20Other%20Payables) As of June 30, 2025, the Group's trade payables were **HKD 5.22 million**, a decrease from December 31, 2024, with an improved ageing structure Ageing Analysis of Trade Payables | Ageing | June 30, 2025 (HKD) | December 31, 2024 (HKD) | | :--- | :--- | :--- | | 0 to 30 days | 2,890,718 | 1,179,900 | | 31 to 60 days | 1,296,843 | 1,936,419 | | 61 to 90 days | 301,131 | 2,198,257 | | Over 90 days | 731,076 | 2,078,009 | | **Total** | **5,219,768** | **7,392,585** | - The credit period granted by suppliers to the Group typically ranges from **30 to 90 days**[41](index=41&type=chunk) [16. Convertible Bonds](index=19&type=section&id=16.%20Convertible%20Bonds) The Company fully converted convertible bonds with a total principal amount of **HKD 16.5 million** on May 28, 2025, resulting in an increase in share capital and a zero balance for convertible bonds at period-end - The Company issued unsecured convertible bonds with a total principal amount of **HKD 16.5 million** to Mr. Kwok Yung Cheung on September 3, 2024, at an annual interest rate of **5%**[42](index=42&type=chunk) - On May 28, 2025, Mr. Kwok fully converted the convertible bonds, and the Company issued **55 million** shares at **HKD 0.30** per share[43](index=43&type=chunk) Changes in Convertible Bonds | Indicator | December 31, 2024 (HKD) | June 30, 2025 (HKD) | | :--- | :--- | :--- | | Balance of liability component | 16,540,273 | – | | Balance of equity component | 129,000 | – | [17. Share Capital](index=20&type=section&id=17.%20Share%20Capital) As of June 30, 2025, the Company's issued and fully paid share capital increased by **55 million** shares due to convertible bond conversion, totaling **580.3 million** shares with a total value of **HKD 116.1 million** Changes in Issued and Fully Paid Share Capital | Indicator | December 31, 2024 | June 30, 2025 | | :--- | :--- | :--- | | Number of ordinary shares issued | 525,347,500 | 580,347,500 | | Total value of ordinary shares issued (HKD) | 105,069,500 | 116,069,500 | - The increase in share capital is primarily due to the conversion of convertible bonds, resulting in the issuance of **55 million** new shares[45](index=45&type=chunk) [Management Discussion and Analysis](index=21&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review and Strategies](index=21&type=section&id=Business%20Review%20and%20Strategies) While maintaining stable core smart card business, the Group strategically expanded into e-commerce and AI voice technology services, achieving business diversification and significant growth through the acquisition of Dongchuang and the development of Cyber Fantasy - The Group's strategy is to consolidate its core smart card business while actively expanding into e-commerce and high-end AI technology services[46](index=46&type=chunk)[66](index=66&type=chunk) - The addition of the e-commerce business in 2024 represents strategic diversification, enhancing the Group's revenue streams through synergy with existing technological capabilities[54](index=54&type=chunk) - The Company has no intention, understanding, negotiation, or arrangement to scale down, cease, or dispose of its existing businesses[54](index=54&type=chunk) [Sales of Smart Cards and Smart Card Application Systems](index=21&type=section&id=Sales%20of%20Smart%20Cards%20and%20Smart%20Card%20Application%20Systems) The smart card business is a primary revenue source for the Group, focusing on the production, manufacturing, and global trade of telecom SIM cards with an annual capacity exceeding **300 million** cards - The smart card business is a primary revenue source for the Group, with an annual production capacity exceeding **300 million** cards, serving international clients such as IDEMIA, VALID, and G&D[46](index=46&type=chunk) - A "international + domestic" dual-driven business model has been formed, establishing cooperation with domestic clients including Hengbao Co., Ltd., Wango Smart, and Shenzhen Zhida Smart[47](index=47&type=chunk)[48](index=48&type=chunk) - Plans to allocate additional capital investment to a new factory in Shenzhen, specifically for the smart card business, to meet Global System for Mobile Communications (GSMA) Security Accreditation Scheme (SAS) certification requirements and expand international market opportunities[48](index=48&type=chunk) [Sales and Trading of Scrap Metal](index=22&type=section&id=Sales%20and%20Trading%20of%20Scrap%20Metal) The Group has temporarily ceased its scrap metal sales and trading business and is adopting a wait-and-see approach, planning to gradually resume when signs of global economic recovery and stability become clear - The scrap metal sales and trading business has been temporarily suspended due to the substantial investment required to maintain operations[49](index=49&type=chunk) - The Company will gradually resume this business when signs of global economic recovery and stability become clearer[49](index=49&type=chunk) [Provision of Financial and Management Consulting Services](index=22&type=section&id=Provision%20of%20Financial%20and%20Management%20Consulting%20Services) The Company has not generated any revenue from financial and management consulting services since Q3 2016, with this business being inactive since 2015, but remains open to re-initiating it - Financial and management consulting services have not generated any revenue since Q3 2016, and Hota Group has been inactive since 2015[50](index=50&type=chunk) - The Company remains open to re-initiating this segment when suitable opportunities arise[50](index=50&type=chunk) [Media and Entertainment](index=23&type=section&id=Media%20and%20Entertainment) The Company's invested TV series "Snow Leopard II" was completed in 2023, with an anticipated release in Q1 2026 and revenue sharing expected in Q3 2026 - The TV series "Snow Leopard II" was completed in 2023, with an anticipated release in Q1 2026 and revenue sharing expected in Q3 2026[51](index=51&type=chunk) - The Company will seek similar investments in the future but currently prioritizes realizing returns from the TV series[51](index=51&type=chunk) [E-commerce Business](index=23&type=section&id=E-commerce%20Business) The Company successfully acquired all equity in Dongchuang, officially entering the e-commerce market, and collaborates with Cyber Fantasy to provide data support for AI voice technology, forming a unique customized voice data collection platform - The Company successfully completed the acquisition of all equity in Dongchuang in December 2024, entering the e-commerce market[52](index=52&type=chunk) - Dongchuang's user ecosystem strategically shares resources with Cyber Fantasy, serving as a fundamental source of voice data material, forming a globally unique customized voice data collection platform[53](index=53&type=chunk) - Dongchuang recorded revenue of approximately **HKD 54.9 million** and pre-tax profit of **HKD 49.8 million** in H1 2025; Cyber Fantasy recorded revenue of approximately **HKD 6 million** and pre-tax profit of approximately **HKD 5.7 million**[64](index=64&type=chunk) [Dongchuang](index=24&type=section&id=Dongchuang) Dongchuang, a membership-based entertainment e-commerce platform, launched its public beta in January 2025, generating revenue through a commission-driven social e-commerce model, coupon transaction commissions, and platform-operated mall sales - Dongchuang launched its public beta in January 2025, operating as a membership-based entertainment e-commerce platform focused on private domain traffic[56](index=56&type=chunk) - Revenue structure includes membership tiers, coupon transaction commissions (local lifestyle services and external e-commerce merchants), and sales revenue from the platform's self-operated mall[56](index=56&type=chunk)[57](index=57&type=chunk) - The platform has over **200,000** registered individual users, primarily acquired through WeChat Moments and WeChat group invitations[58](index=58&type=chunk) - Dongchuang's business model is asset-light, not involved in product procurement, inventory holding, warehousing, logistics, or product ownership, enjoying high profit margins[64](index=64&type=chunk) [Cyber Fantasy](index=26&type=section&id=Cyber%20Fantasy) Cyber Fantasy, a wholly-owned subsidiary of the Company, specializes in AI voice technology R&D, including speech recognition, natural language processing, and speech synthesis, and has applied for national invention patents - Cyber Fantasy established an AI technology team in 2024, responsible for developing and advancing AI algorithms for voice-related technologies, and has developed proprietary voice algorithm technology, with national invention patent applications underway[61](index=61&type=chunk) - Provides personalized intelligent agent customization and data services, customized speech recognition development services, and agent training services using voice data[62](index=62&type=chunk) - Collaborates with Dongchuang, leveraging Dongchuang's **200,000** user platform to efficiently release data collection tasks and develop highly customized voice AI training databases[63](index=63&type=chunk) - The strategic goal is to establish a global first-mover advantage by creating a globally leading voice training database with emotional annotations[63](index=63&type=chunk) - Revenue sources include customized speech recognition technology service fees and data licensing fees for voice big data used in AI development, as well as annual service fees[64](index=64&type=chunk)[65](index=65&type=chunk) [Financial Review](index=29&type=section&id=Financial%20Review) The Group's financial performance significantly improved in H1 2025, with substantial total revenue growth, soaring gross profit, and a return to profitability, driven by new e-commerce and AI services - The Group's financial results are primarily derived from smart card contract manufacturing and sales, private domain e-commerce platform operations, and the provision of AI voice technology data services[68](index=68&type=chunk) - The improvement in 2025 financial results is a direct outcome of the 2024 strategic transformation, focusing on core smart card expertise while strategically expanding into targeted e-commerce services and high-end AI technology services[66](index=66&type=chunk) [Revenue](index=29&type=section&id=Revenue) For the six months ended June 30, 2025, the Group's total revenue significantly increased, with private domain e-commerce platform operations contributing **HKD 54.94 million**, AI voice technology data services contributing **HKD 5.98 million**, and smart card sales growing by **25.7%** to **HKD 27.18 million** Segment Revenue Comparison | Segment | H1 2025 (HKD) | H1 2024 (HKD) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operation of private domain e-commerce platform | 54,940,000 | – | New | | Sales of smart cards and smart card application systems | 27,180,000 | 21,630,000 | +25.7% | | Provision of AI voice technology data services | 5,980,000 | – | New | [Cost of Sales and Gross Profit](index=29&type=section&id=Cost%20of%20Sales%20and%20Gross%20Profit) The Group's gross profit substantially increased by **920.5%** to **HKD 67.05 million** during the reporting period, primarily due to the introduction of private domain e-commerce platform and AI voice technology data services, as well as relatively low growth in smart card sales costs Segment Cost of Sales Comparison | Segment | H1 2025 (HKD) | H1 2024 (HKD) | | :--- | :--- | :--- | | Cost of sales for operation of private domain e-commerce platform | 3,320,000 | – | | Cost of sales for smart cards and smart card application systems | 17,570,000 | 15,060,000 | | Cost of sales for provision of AI voice technology data services | 160,000 | – | Gross Profit Comparison | Indicator | H1 2025 (HKD) | H1 2024 (HKD) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Gross profit | 67,050,000 | 6,570,000 | +920.5% | [Other Income](index=30&type=section&id=Other%20Income) The Group's other income increased to **HKD 0.16 million**, primarily comprising bank interest income and miscellaneous income Other Income Details | Income Source | H1 2025 (HKD) | H1 2024 (HKD) | | :--- | :--- | :--- | | Bank interest income | 8,998 | 3,105 | | Miscellaneous income | 151,671 | 79,545 | | **Total** | **160,669** | **82,650** | [Other Gains (Losses), Net](index=30&type=section&id=Other%20Gains%20(Losses),%20Net) The Group recorded approximately **HKD 0.55 million** in other net gains during the reporting period, primarily from exchange differences on investment in television programs, reversing the net loss from the same period last year Other Gains (Losses), Net | Indicator | H1 2025 (HKD) | H1 2024 (HKD) | | :--- | :--- | :--- | | Other gains (net) | 550,000 | (590,000) | - Primarily refers to exchange differences arising from the translation of the carrying amount of investment in television programs, partially offset by exchange losses incurred in foreign currency transactions[77](index=77&type=chunk) [Selling and Distribution Costs](index=30&type=section&id=Selling%20and%20Distribution%20Costs) The Group's selling and distribution costs increased by **5%** to **HKD 1.05 million**, mainly due to increased transportation costs and sales commissions from higher smart card business revenue, partially offset by reduced other selling expenses Selling and Distribution Costs Comparison | Indicator | H1 2025 (HKD) | H1 2024 (HKD) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Selling and distribution costs | 1,050,000 | 1,000,000 | +5% | - The increase is mainly due to the year-on-year increase in smart card business revenue, with corresponding increases in transportation costs and sales commissions[78](index=78&type=chunk) [Administrative Expenses](index=30&type=section&id=Administrative%20Expenses) The Group's administrative expenses increased by **22.4%** to **HKD 13.33 million**, primarily due to approximately **HKD 1.82 million** in administrative expenses from new business launches, as well as increased legal and professional fees and salaries and wages Administrative Expenses Comparison | Indicator | H1 2025 (HKD) | H1 2024 (HKD) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Administrative expenses | 13,330,000 | 10,890,000 | +22.4% | - Administrative expenses totaling approximately **HKD 1.82 million** were recorded for the launch of new businesses[79](index=79&type=chunk) [Fair Value Change of Investment in Television Program](index=30&type=section&id=Fair%20Value%20Change%20of%20Investment%20in%20Television%20Program) No fair value gains or losses on investment in television programs were recognized during this reporting period, compared to a gain of approximately **HKD 2.9 million** in the same period last year Fair Value Change of Investment in Television Program | Indicator | H1 2025 (HKD) | H1 2024 (HKD) | | :--- | :--- | :--- | | Fair value gains or losses | – | 2,900,000 | - The estimated timeline for television program revenue inflow will be delayed by six months to the end of Q3 2026[80](index=80&type=chunk) [Finance Costs](index=31&type=section&id=Finance%20Costs) The Group's finance costs increased to **HKD 0.43 million**, primarily including interest expense on lease liabilities and new interest expense on convertible bonds Finance Costs Comparison | Indicator | H1 2025 (HKD) | H1 2024 (HKD) | | :--- | :--- | :--- | | Finance costs | 430,000 | 120,000 | - Finance costs include interest expense on lease liabilities and interest expense on convertible bonds[81](index=81&type=chunk) [Income Tax Expense](index=31&type=section&id=Income%20Tax%20Expense) Income tax expense of **HKD 12.54 million** was recognized during this reporting period, primarily for profits generated from operating the private domain e-commerce platform Income Tax Expense Comparison | Indicator | H1 2025 (HKD) | H1 2024 (HKD) | | :--- | :--- | :--- | | Income tax expense | 12,540,000 | – | - Income tax expense is primarily provided for profits generated from operating the private domain e-commerce platform[82](index=82&type=chunk) [Non-controlling Interests](index=31&type=section&id=Non-controlling%20Interests) A loss attributable to non-controlling interests of **HKD 1,100** was recognized during this reporting period, consistent with the same period last year Non-controlling Interests and Profit Attributable to Owners of the Company | Indicator | H1 2025 (HKD) | H1 2024 (HKD) | | :--- | :--- | :--- | | Loss attributable to non-controlling interests | 1,100 | 1,100 | | Profit/(loss) attributable to owners of the Company | 40,400,000 | (3,050,000) | [Liquidity and Financial Resources](index=31&type=section&id=Liquidity%20and%20Financial%20Resources) As of June 30, 2025, the Group's liquidity significantly improved, with cash and bank balances increasing to **HKD 53.5 million**, the current ratio rising to **2.65**, and no outstanding long-term convertible bonds Liquidity and Financial Resources Comparison | Indicator | June 30, 2025 (HKD) | December 31, 2024 (HKD) | | :--- | :--- | :--- | | Cash and bank balances | 53,500,000 | 13,800,000 | | Outstanding long-term convertible bonds | – | 16,500,000 | | Current assets | 73,400,000 | 30,800,000 | | Current liabilities | 27,700,000 | 19,200,000 | | Current ratio | 2.65 | 1.6 | - The Group funds its business operations and investments through cash, revenue generated from operating activities, and proceeds from the issuance of convertible bonds[84](index=84&type=chunk) [Employee Information](index=31&type=section&id=Employee%20Information) As of June 30, 2025, the Group employed **137** staff, with approximately **36%** being female and **29%** of senior management positions held by women Employee Headcount and Costs Comparison | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total number of employees | 137 | 136 | | Employee costs (HKD) | 11,800,000 | 11,000,000 (H1 2024) | - Approximately **36%** of employees (including senior management) are female, and approximately **29%** of senior management positions are held by women, indicating the company's balanced gender diversity in its workforce[85](index=85&type=chunk) - Employee benefits include basic salary, Mandatory Provident Fund Scheme, medical plans, and share options[86](index=86&type=chunk) [Material Investments and Acquisitions](index=32&type=section&id=Material%20Investments%20and%20Acquisitions) Apart from the e-commerce business acquisition disclosed in the management discussion and analysis, the Group had no other material investments, acquisitions, or disposals of subsidiaries and associates during this reporting period - For the six months ended June 30, 2025, the Group had no other material investments[87](index=87&type=chunk) - For the six months ended June 30, 2025, the Group had no material acquisitions or disposals of subsidiaries and associates[88](index=88&type=chunk) - As of June 30, 2025, there were no future plans for material investments or capital assets[89](index=89&type=chunk) [Capital Structure and Commitments](index=32&type=section&id=Capital%20Structure%20and%20Commitments) As of June 30, 2025, the Group had no pledged assets, its gearing ratio significantly decreased to **2.4%**, and it had capital commitments of approximately **HKD 0.2 million** for property, plant, and equipment - As of June 30, 2025, the Group had no pledged assets[90](index=90&type=chunk) Gearing Ratio Comparison | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Gearing ratio | 2.4% | 26.3% | Capital Commitments | Indicator | June 30, 2025 (HKD) | December 31, 2024 (HKD) | | :--- | :--- | :--- | | Capital commitments for acquisition of property, plant and equipment | 200,000 | 200,000 | [Contingent Liabilities](index=32&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no material contingent liabilities - As of June 30, 2025, the Group had no material contingent liabilities[93](index=93&type=chunk) [Exposure to Exchange Rate Fluctuations](index=33&type=section&id=Exposure%20to%20Exchange%20Rate%20Fluctuations) The Group's currency risk exposure primarily arises from investment in television programs and overseas sales and purchases denominated in RMB and USD - The Group's currency risk exposure arises from investment in television programs and overseas sales and purchases, primarily denominated in RMB and USD[95](index=95&type=chunk) - The Group monitors foreign currency cash flows in accordance with its risk management policy and considers this foreign exchange risk management policy effective[95](index=95&type=chunk) [Other Information](index=33&type=section&id=Other%20Information) [Directors' and Chief Executive's Interests in Shares and Share Options](index=33&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests%20in%20Shares%20and%20Share%20Options) As of June 30, 2025, several executive and independent non-executive directors held shares and share options in the Company, with Mr. Kwok Yung Cheung holding **55 million** shares, representing **9.48%** of the issued share capital, due to convertible bond conversion Directors' and Chief Executive's Interests in Shares and Share Options | Name of Director | Nature of Interest | Long/Short Position | Number of Shares in the Company | Number of Relevant Shares in the Company | Approximate Percentage of Interest in the Company's Issued Share Capital | | :--- | :--- | :--- | :--- | :--- | :--- | | Ms. Ng Yuk Kwan | Beneficial owner | Long | 100,000 | 4,500,000 | 0.79% | | Mr. Kwok Yung Cheung | Beneficial owner | Long | 55,000,000 | – | 9.48% | | Mr. Cheung Wai Man | Beneficial owner | Long | 525,000 | 4,500,000 | 0.87% | | Mr. Yeung Mang Sau | Beneficial owner | Long | 3,750,000 | 4,500,000 | 1.42% | | Mr. Chan Siu Wing | Beneficial owner | Long | – | 450,000 | 0.08% | | Ms. Wong Ka Wai | Beneficial owner | Long | – | 450,000 | 0.08% | - Number of relevant shares primarily refers to share options entitling the holder to subscribe for shares[97](index=97&type=chunk) [Substantial Shareholders' Interests in Shares and Related Shares](index=35&type=section&id=Substantial%20Shareholders'%20Interests%20in%20Shares%20and%20Related%20Shares) As of June 30, 2025, Mr. Choi Kei Yuen was considered a substantial shareholder of the Company, holding a total of **24.02%** of shares through Golden Dice Co., Ltd. and Best Heaven Limited Substantial Shareholders' Interests in Shares and Related Shares | Name of Shareholder | Type of Interest | Long/Short Position | Number of Shares | Approximate Percentage of Interest | | :--- | :--- | :--- | :--- | :--- | | Golden Dice Co., Ltd. | Beneficial | Long | 107,787,512 | 18.57% | | Best Heaven Limited | Beneficial | Long | 31,586,500 | 5.45% | | Mr. Choi Kei Yuen | Interest in controlled corporation | Long | 139,374,012 | 24.02% | - Mr. Choi Kei Yuen is deemed a substantial shareholder of the Company due to his **100%** beneficial ownership in Golden Dice Co., Ltd. and Best Heaven Limited[99](index=99&type=chunk) [Share Option Scheme](index=35&type=section&id=Share%20Option%20Scheme) The Company has adopted a new share option scheme to attract and retain talent and incentivize performance optimization, with options granted under the new scheme having an exercise price of **HKD 0.427** per share, a ten-year validity period, and a vesting period - The new share option scheme was approved and adopted on April 10, 2025, aiming to attract and retain the Group's best personnel and promote business success[100](index=100&type=chunk)[101](index=101&type=chunk) - Options granted under the new scheme have an exercise price of **HKD 0.427** per share, a ten-year validity period, and grantees must hold options for at least **twelve months** before exercise[94](index=94&type=chunk)[101](index=101&type=chunk)[102](index=102&type=chunk) - As of June 30, 2025, no share options were granted under the new share option scheme[103](index=103&type=chunk) Existing Share Option Scheme (Unexercised) | Participant Type | January 1, 2025 (Options) | June 30, 2025 (Options) | Exercise Price (HKD) | Remaining Term (Years) | | :--- | :--- | :--- | :--- | :--- | | Executive Directors | 13,500,000 | 13,500,000 | 0.20 | Approx. 2.51 | | Independent Non-executive Directors | 900,000 | 900,000 | 0.20 | Approx. 2.51 | | Other Employees | 22,779,250 | 22,779,250 | 0.20 | Approx. 2.51 | | **Total** | **37,179,250** | **37,179,250** | | | [Audit Committee](index=38&type=section&id=Audit%20Committee) The Audit Committee comprises three independent non-executive directors, chaired by Ms. Wong Ka Wai, and has reviewed these interim results, finding them to comply with accounting standards - The Audit Committee comprises three independent non-executive directors, with Ms. Wong Ka Wai as the chairperson[105](index=105&type=chunk) - Its primary functions are to review the Company's financial controls, internal controls, and risk management systems; review and monitor the independence of external auditors; and review the consolidated financial statements[105](index=105&type=chunk) - The Audit Committee has reviewed the Group's unaudited interim results for the six months ended June 30, 2025, and found them to be prepared in compliance with applicable accounting standards and requirements[105](index=105&type=chunk) [Compliance with Corporate Governance Code](index=38&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The Company has complied with all code provisions of the Corporate Governance Code during the reporting period, except for code provision C.2.1 (separation of Chairman and Chief Executive functions) - The Company has complied with all code provisions of the Corporate Governance Code for the six months ended June 30, 2025, except for code provision C.2.1 (separation of the roles of Chairman and Chief Executive)[106](index=106&type=chunk) - Ms. Ng Yuk Kwan resigned as Chief Executive Officer with effect from April 17, 2025, and continues to serve as an executive director and Chairman of the Board[107](index=107&type=chunk) - Mr. Cheung Wai Man was appointed as the Company's Chief Executive Officer on the same day to ensure a clearer division of responsibilities at the Board level and within the management team[107](index=107&type=chunk) [Directors' Securities Transactions](index=39&type=section&id=Directors'%20Securities%20Transactions) The Company has adopted a code of conduct for directors' securities transactions no less stringent than that required by the GEM Listing Rules, and all directors have complied with the relevant code during the reporting period - The Company has adopted a code of conduct for directors' securities transactions, the terms of which are no less stringent than those required by the GEM Listing Rules[108](index=108&type=chunk) - Following specific enquiry, the Directors have complied with the code of conduct and required standards for such dealings during the six months ended June 30, 2025[108](index=108&type=chunk) [Competing Interests](index=39&type=section&id=Competing%20Interests) As of June 30, 2025, none of the Company's directors or controlling shareholders or their respective associates had any interests in businesses that directly or indirectly compete with the Group's businesses - As of June 30, 2025, none of the Company's directors or controlling shareholders or any of their respective associates had any interests in businesses that directly or indirectly compete with the Group's businesses[109](index=109&type=chunk) [Purchase, Sale or Redemption of Securities](index=39&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20Securities) For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's securities - For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's securities[110](index=110&type=chunk) [Board Information](index=39&type=section&id=Board%20Information) This announcement is signed by Ms. Ng Yuk Kwan, Chairman of the Board, and lists the composition of the Board as of the announcement date, including four executive directors and three independent non-executive directors - The Board comprises four executive directors (Ms. Ng Yuk Kwan, Mr. Cheung Wai Man, Mr. Kwok Yung Cheung, Mr. Yeung Mang Sau) and three independent non-executive directors (Ms. Wong Ka Wai, Mr. Yeung Man Che, Mr. Chan Siu Wing)[112](index=112&type=chunk) - This announcement will be published on the HKEX website and the Company's website for at least seven consecutive days from the date of publication[112](index=112&type=chunk)

[Summary](index=1&type=section&id=Summary) [Financial Summary](index=1&type=section&id=Financial%20Summary) For the six months ended June 30, 2025, Neutech Group Limited experienced significant declines in revenue, gross profit, and profit for the period, with medical and eldercare services revenue growing substantially but failing to offset the decrease in education technology and services revenue, while gross margin and adjusted net margin also declined | Indicator | 2025 (Thousand RMB) | 2024 (Thousand RMB) | Change (Thousand RMB) | Change % | | :--- | :--- | :--- | :--- | :--- | | Revenue | 924,953 | 968,108 | -43,155 | -4.5% | | Gross Profit | 398,132 | 510,656 | -112,524 | -22.0% | | Profit for the Period | 204,038 | 277,571 | -73,533 | -26.5% | | Profit for the Period Attributable to Owners of the Company | 203,923 | 277,414 | -73,491 | -26.5% | | Adjusted Net Profit | 204,129 | 276,794 | -72,665 | -26.3% | | Adjusted Net Profit Attributable to Owners of the Company | 204,014 | 276,637 | -72,623 | -26.3% | | Gross Margin | 43.0% | 52.7% | -9.7% | N/A | | Adjusted Net Margin | 22.1% | 28.6% | -6.5% | N/A | | Basic Earnings Per Share (RMB) | 0.32 | 0.43 | -0.11 | -25.6% | [Interim Condensed Consolidated Financial Information](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Information) [Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the company's revenue decreased by 4.5% year-on-year to RMB 924,953 thousand, and gross profit decreased by 22.0% to RMB 398,132 thousand, with profit for the period at RMB 204,038 thousand, a 26.5% year-on-year decrease, and basic earnings per share at RMB 0.32, down 25.6% from the prior year period | Indicator | 2025 (Thousand RMB) | 2024 (Thousand RMB) | | :--- | :--- | :--- | | Revenue | 924,953 | 968,108 | | Cost of Sales | (526,821) | (457,452) | | Gross Profit | 398,132 | 510,656 | | Selling Expenses | (17,659) | (21,429) | | Administrative Expenses | (94,288) | (92,228) | | Research and Development Expenses | (12,977) | (20,623) | | Net Impairment Losses on Financial Assets | (2,869) | (14,434) | | Other Income | 53,349 | 55,499 | | Other Gains, Net | 527 | 315 | | Finance Income | 5,850 | 8,032 | | Finance Expenses | (61,501) | (50,861) | | Net Finance Expenses | (55,651) | (42,829) | | Profit Before Tax | 252,581 | 360,298 | | Income Tax Expense | (48,543) | (82,727) | | Profit for the Period | 204,038 | 277,571 | | Profit for the Period Attributable to Owners of the Company | 203,923 | 277,414 | | Non-controlling Interests | 115 | 157 | | Basic Earnings Per Share (RMB) | 0.32 | 0.43 | - Total comprehensive income for the period was **RMB 204,820 thousand**, a decrease from **RMB 276,222 thousand** in the prior year period[5](index=5&type=chunk) [Interim Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's total assets were RMB 7,366,877 thousand, slightly higher than RMB 7,355,053 thousand as of December 31, 2024, with total non-current assets increasing while total current assets decreased, and total liabilities and total equity remaining relatively stable | Indicator | June 30, 2025 (Thousand RMB) | December 31, 2024 (Thousand RMB) | | :--- | :--- | :--- | | **Non-current Assets** | | | | Property, Plant and Equipment | 3,729,441 | 3,674,793 | | Investment Properties | 18,600 | 18,600 | | Right-of-Use Assets | 990,694 | 875,417 | | Goodwill | 330,953 | 330,953 | | Other Intangible Assets | 197,137 | 204,637 | | Investments in Associates | 75,000 | – | | Deferred Tax Assets | 87,688 | 80,212 | | Prepayments and Other Assets | 5,342 | 5,270 | | Financial Assets at Fair Value Through Profit or Loss | 31,500 | 22,500 | | **Total Non-current Assets** | **5,466,355** | **5,212,382** | | **Current Assets** | | | | Inventories | 13,764 | 8,674 | | Trade and Bills Receivables | 77,412 | 67,588 | | Other Receivables | 40,977 | 38,314 | | Prepayments and Other Assets | 99,423 | 103,999 | | Financial Assets at Fair Value Through Profit or Loss | 178,099 | 226,443 | | Restricted Cash | 34,405 | 32,854 | | Cash and Cash Equivalents | 1,456,442 | 1,664,799 | | **Total Current Assets** | **1,900,522** | **2,142,671** | | **Total Assets** | **7,366,877** | **7,355,053** | | **Current Liabilities** | | | | Trade and Other Payables | 1,428,688 | 687,802 | | Interest-bearing Bank and Other Borrowings | 688,453 | 629,727 | | Lease Liabilities | 9,649 | 9,279 | | Contract Liabilities | 219,098 | 1,018,382 | | Current Income Tax Liabilities | 49,541 | 46,206 | | Deferred Income | 16,033 | 26,796 | | **Total Current Liabilities** | **2,411,462** | **2,418,192** | | **Non-current Liabilities** | | | | Trade and Other Payables | 675 | 675 | | Interest-bearing Bank and Other Borrowings | 2,454,414 | 2,474,243 | | Deferred Tax Liabilities | 77,164 | 89,338 | | Lease Liabilities | 19,057 | 23,242 | | Deferred Income | 105,684 | 35,411 | | **Total Non-current Liabilities** | **2,656,994** | **2,622,909** | | **Total Liabilities** | **5,068,456** | **5,041,101** | | **Equity** | | | | Share Capital | 113 | 113 | | Share Premium | 2,214,564 | 2,444,289 | | Reserves | (1,909,367) | (1,910,123) | | Retained Earnings | 1,975,059 | 1,771,136 | | Non-controlling Interests | 18,052 | 8,537 | | **Total Equity** | **2,298,421** | **2,313,952** | | **Total Equity and Liabilities** | **7,366,877** | **7,355,053** | [Notes to the Interim Condensed Consolidated Financial Information](index=6&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Information) [Company and Group Information](index=6&type=section&id=Company%20and%20Group%20Information) Neutech Group Limited, formerly Neusoft Education Technology Co. Limited, was incorporated in the Cayman Islands on August 20, 2018, and changed its name on December 4, 2024, with the Group primarily providing academic higher education services, education technology and services, and medical and eldercare services in mainland China - The Company changed its English name from 'Neusoft Education Technology Co. Limited' to 'Neutech Group Limited' on **December 4, 2024**[8](index=8&type=chunk) - The Group primarily provides academic higher education services, education technology and services, and medical and eldercare services in mainland China[8](index=8&type=chunk) [Basis of Preparation and Accounting Policies](index=6&type=section&id=Basis%20of%20Preparation%20and%20Accounting%20Policies) The interim condensed consolidated financial information is prepared in accordance with IAS 34 and is consistent with the accounting policies used in the 2024 annual financial statements, except for the initial adoption of IAS 21 (amended), which had no material impact on the Group's financial information - The interim condensed consolidated financial information is prepared in accordance with **International Accounting Standard 34 'Interim Financial Reporting'**[9](index=9&type=chunk) - The amendments to IAS 21 clarify how an entity should assess whether a currency is exchangeable into another currency and how to estimate the spot exchange rate when convertibility is lacking; as the currencies used by the Group for transactions and the functional currencies of Group entities translated into the Group's presentation currency are all convertible, the amendments had no impact on the interim condensed consolidated financial information[11](index=11&type=chunk) [Revenue and Other Income](index=7&type=section&id=Revenue%20and%20Other%20Income) For the six months ended June 30, 2025, total revenue was RMB 924,953 thousand, with academic higher education services remaining the primary source but decreasing by 2.9% year-on-year, while medical and eldercare services revenue significantly increased by 622.8%, and education technology and services revenue decreased by 39.7%, with other income, mainly from rent and property services, slightly decreasing in total | Service Type | 2025 (Thousand RMB) | 2024 (Thousand RMB) | | :--- | :--- | :--- | | Academic Higher Education Services | 779,904 | 802,937 | | Tuition Fees | 716,835 | 737,135 | | Accommodation Fees | 62,347 | 63,685 | | Telecommunication Equipment Rental Income | 722 | 2,117 | | Education Technology and Services | 95,393 | 158,301 | | Education Resources | 50,629 | 101,509 | | Lifelong Education Services | 44,764 | 56,792 | | Medical and Eldercare Services | 49,656 | 6,870 | | **Total Revenue** | **924,953** | **968,108** | | **Other Income** | | | | Rental Income and Property Services | 40,007 | 41,648 | | Government Grants and Subsidies | 7,220 | 9,475 | | Software System Technology Development | 3,981 | 3,559 | | Others | 2,141 | 817 | | **Total Other Income** | **53,349** | **55,499** | [Income Tax Expense](index=7&type=section&id=Income%20Tax%20Expense) The Group's entities in different jurisdictions are subject to varying income tax policies, including exemptions in the Cayman Islands and BVI, Hong Kong profits tax (no taxable profit this period), and PRC corporate income tax (25% standard rate, with some subsidiaries enjoying 15%-20% preferential rates), while the PRC withholding tax rate decreased from 10% in 2024 to 5% in 2025 - The Company's subsidiaries in the Cayman Islands and the British Virgin Islands are **exempt from income tax**[14](index=14&type=chunk)[15](index=15&type=chunk) - Hong Kong subsidiaries are subject to **8.25%** profits tax on the first HKD 2,000,000 of assessable profits and **16.5%** on the remainder; no assessable profits were generated in the current period[16](index=16&type=chunk)[17](index=17&type=chunk) - PRC subsidiaries are subject to a corporate income tax rate of **25%**, with some enjoying preferential rates of **15%-20%**; the applicable withholding tax rate decreased from **10% in 2024 to 5% in 2025**[19](index=19&type=chunk)[20](index=20&type=chunk) | Indicator | 2025 (Thousand RMB) | 2024 (Thousand RMB) | | :--- | :--- | :--- | | Current – PRC Current Income Tax Expense | 63,435 | 92,436 | | Under-provision in Prior Periods | 4,758 | – | | Deferred Income Tax | (19,650) | (9,709) | | **Total Income Tax Expense** | **48,543** | **82,727** | [Dividends](index=9&type=section&id=Dividends) On May 30, 2025, the company approved a final dividend of HKD 0.388 per share for the year ended December 31, 2024, totaling approximately RMB 229,775 thousand, with no interim dividend declared or paid for the six months ended June 30, 2025 - On **May 30, 2025**, the annual general meeting approved a final dividend of **HKD 0.388 per share** for the year ended December 31, 2024, totaling approximately **RMB 229,775 thousand**[22](index=22&type=chunk) - No interim dividend was declared or paid by the Company for the six months ended **June 30, 2025**[24](index=24&type=chunk) [Earnings Per Share Attributable to Owners of the Company](index=9&type=section&id=Earnings%20Per%20Share%20Attributable%20to%20Owners%20of%20the%20Company) For the six months ended June 30, 2025, basic earnings per share attributable to owners of the Company was RMB 0.32, a 25.6% decrease from RMB 0.43 in the prior year period, with earnings per share calculated based on profit attributable to ordinary equity holders and the weighted average number of ordinary shares - Basic earnings per share are calculated based on the profit attributable to ordinary equity holders of the Company for the year, using the weighted average number of ordinary shares in issue of **646,207,135 shares** (2024: **646,205,135 shares**)[25](index=25&type=chunk) | Indicator | 2025 (Thousand RMB) | 2024 (Thousand RMB) | | :--- | :--- | :--- | | Profit Attributable to Ordinary Equity Holders of the Company Used in Basic Earnings Per Share Calculation | 203,923 | 277,414 | | Weighted Average Number of Ordinary Shares in Issue for the Year Used in Basic and Diluted Earnings Per Share Calculation (Thousand Shares) | 646,207 | 646,205 | [Property, Plant and Equipment](index=10&type=section&id=Property%2C%20Plant%20and%20Equipment) For the six months ended June 30, 2025, the Group's asset acquisitions cost was RMB 150,085 thousand, a significant 59.6% year-on-year decrease, while during the same period, the net book value of assets disposed was RMB 982 thousand, resulting in a net loss of RMB 732 thousand - For the six months ended **June 30, 2025**, the Group's cost of asset acquisitions was **RMB 150,085 thousand** (June 30, 2024: **RMB 370,751 thousand**), a year-on-year decrease of **59.6%**[28](index=28&type=chunk) - The net book value of assets disposed by the Group for the six months ended **June 30, 2025**, was **RMB 982 thousand** (June 30, 2024: **RMB 1,436 thousand**), with a net loss on disposal of **RMB 732 thousand** (June 30, 2024: **RMB 1,322 thousand**)[28](index=28&type=chunk) [Trade and Bills Receivables](index=10&type=section&id=Trade%20and%20Bills%20Receivables) As of June 30, 2025, total trade and bills receivables were RMB 77,412 thousand, an increase from RMB 67,588 thousand as of December 31, 2024, with impairment provisions for trade receivables increasing from RMB 28,111 thousand to RMB 30,110 thousand, and the proportion of trade receivables over 2 years significantly increasing | Indicator | June 30, 2025 (Thousand RMB) | December 31, 2024 (Thousand RMB) | | :--- | :--- | :--- | | Trade Receivables | 104,311 | 95,699 | | Impairment | (30,110) | (28,111) | | Net Book Value | 74,201 | 67,588 | | Bills Receivable | 3,211 | – | | **Total** | **77,412** | **67,588** | | **Aging Analysis** | | | | Less Than 6 Months | 46,276 | 36,930 | | 6 Months to 1 Year | 14,687 | 19,632 | | 1 Year to 2 Years | 16,036 | 27,210 | | Over 2 Years | 27,312 | 11,927 | | **Total** | **104,311** | **95,699** | [Trade and Other Payables](index=11&type=section&id=Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables significantly increased to RMB 1,429,363 thousand, a 107.6% increase from RMB 688,477 thousand as of December 31, 2024, with amounts due to related parties surging from RMB 97,214 thousand to RMB 645,544 thousand, and dividends payable increasing from zero to RMB 228,654 thousand | Indicator | June 30, 2025 (Thousand RMB) | December 31, 2024 (Thousand RMB) | | :--- | :--- | :--- | | **Trade and Other Payables** | | | | Trade Payables | 26,399 | 21,045 | | Bills Payable | 41,749 | 24,541 | | **Subtotal** | **68,148** | **45,586** | | **Other Payables** | | | | Amounts Due to Related Parties | 645,544 | 97,214 | | Sundry Fees Collected from Students | 35,335 | 58,000 | | Accrued Salaries and Welfare | 48,342 | 90,614 | | Deposits | 26,810 | 29,425 | | Government Subsidies Payable to Students | 38,951 | 10,800 | | Payables for Property, Plant and Equipment | 251,764 | 304,420 | | Accrued Administrative Expenses | 21,094 | 15,036 | | Other Taxes Payable | 8,696 | 11,188 | | Interest Payable | 3,286 | 3,708 | | Dividends Payable | 228,654 | – | | Others | 52,739 | 22,486 | | **Subtotal** | **1,361,215** | **642,891** | | **Total** | **1,429,363** | **688,477** | | **Analyzed as:** | | | | Non-current Portion | 675 | 675 | | Current Portion | 1,428,688 | 687,802 | - Trade payables are non-interest bearing and typically settled within **180 days**[30](index=30&type=chunk) [Interest-bearing Bank and Other Borrowings](index=12&type=section&id=Interest-bearing%20Bank%20and%20Other%20Borrowings) As of June 30, 2025, total interest-bearing bank and other borrowings were RMB 3,142,867 thousand, a slight increase from RMB 3,103,970 thousand as of December 31, 2024, with total current borrowings increasing to RMB 688,453 thousand while total non-current borrowings slightly decreased, and borrowing interest rates ranging from 3.00% to 6.67% with various maturity dates | Category | June 30, 2025 (Thousand RMB) | December 31, 2024 (Thousand RMB) | | :--- | :--- | :--- | | **Current** | | | | Bank Loans – Unsecured | 227,938 | 330,081 | | Other Loans – Secured | 31,372 | 36,135 | | Current Portion of Long-term Bank Loans – Secured | 277,820 | 232,910 | | Current Portion of Long-term Bank Loans – Unsecured | 150,983 | 30,269 | | Current Portion of Long-term Other Borrowings – Unsecured | 340 | 332 | | **Total – Current** | **688,453** | **629,727** | | **Non-current** | | | | Bank Loans – Secured | 1,821,301 | 1,862,392 | | Bank Loans – Unsecured | 620,138 | 595,623 | | Other Loans – Secured | 12,975 | 16,228 | | **Total – Non-current** | **2,454,414** | **2,474,243** | | **Grand Total** | **3,142,867** | **3,103,970** | - Borrowings have maturity dates ranging from **within one year to over five years**, with interest rates between **3.00% and 6.67%**[31](index=31&type=chunk) [Contract Liabilities](index=13&type=section&id=Contract%20Liabilities) As of June 30, 2025, total contract liabilities were RMB 219,098 thousand, a significant 78.5% decrease from RMB 1,018,382 thousand as of December 31, 2024, primarily due to a substantial reduction in advance payments from customers for academic higher education services, from RMB 953,754 thousand to RMB 186,219 thousand | Category of Advance Payments from Customers | June 30, 2025 (Thousand RMB) | December 31, 2024 (Thousand RMB) | | :--- | :--- | :--- | | Academic Higher Education Services | 186,219 | 953,754 | | Tuition Fees | 165,095 | 870,170 | | Accommodation Fees | 21,124 | 83,584 | | Education Technology and Services | 27,871 | 58,268 | | Education Resources | 14,657 | 18,366 | | Lifelong Education Services | 13,214 | 39,902 | | Medical and Eldercare Services | 4,231 | 5,604 | | Software System Technology Development | 777 | 756 | | **Total** | **219,098** | **1,018,382** | [Fair Value and Fair Value Hierarchy of Financial Instruments](index=13&type=section&id=Fair%20Value%20and%20Fair%20Value%20Hierarchy%20of%20Financial%20Instruments) As of June 30, 2025, financial assets at fair value through profit or loss were RMB 209,599 thousand, a decrease from RMB 248,943 thousand as of December 31, 2024, with these financial assets primarily classified under Level 3 of the fair value hierarchy, and valuations relying on unobservable inputs such as expected yields of bank wealth management products and net asset values of unlisted funds | Indicator | June 30, 2025 (Thousand RMB) | December 31, 2024 (Thousand RMB) | | :--- | :--- | :--- | | Financial Assets at Fair Value Through Profit or Loss | 209,599 | 248,943 | | Interest-bearing Bank and Other Borrowings | 3,142,867 | 3,103,970 | - Key unobservable inputs for financial instrument valuation include expected yields of bank wealth management products (**0.84% to 2.76%**) and net asset values of unlisted fund investments; fair value is sensitive to these inputs[32](index=32&type=chunk) | Inputs Used in Fair Value Measurement | June 30, 2025 (Thousand RMB) | December 31, 2024 (Thousand RMB) | | :--- | :--- | :--- | | Level 3 (Significant Unobservable Inputs) Financial Assets | 209,599 | 248,943 | | Level 2 (Significant Observable Inputs) Interest-bearing Bank and Other Borrowings | 3,142,867 | 3,103,970 | - No transfers between Level 1 and Level 2 occurred during the period, and no transfers into or out of Level 3 for financial assets and liabilities[34](index=34&type=chunk) [About Us](index=16&type=section&id=About%20Us) [Group Overview and Strategic Transformation](index=16&type=section&id=Group%20Overview%20and%20Strategic%20Transformation) Neutech Group Limited, since its founding in 2000, has become a leader in digital talent education services in China, and starting in 2025, the Group fully initiated a strategic transformation to build a new integrated "Education, Medical, Eldercare, Wellness, and Tourism" ecosystem, establishing five diversified business segments aimed at achieving sustainable development through technology empowerment and educational innovation - The Group has become a leader in digital talent education services in China and, starting in **2025**, fully initiated a strategic transformation to build a new integrated 'Education, Medical, Eldercare, Wellness, and Tourism' ecosystem[38](index=38&type=chunk) - The Group has established five diversified business segments: (i) Education Services; (ii) Medical and Eldercare Services; (iii) Health Technology; (iv) Wellness and Tourism Services; and (v) University Science Parks and Campus Services[38](index=38&type=chunk) - The Group's vision is 'Committed to becoming a leader in the Education, Medical, Eldercare, Wellness, and Tourism ecosystem', and its mission is 'Technology empowers the Education, Medical, and Eldercare ecosystem, educational innovation for a smart digital life'[38](index=38&type=chunk) | Business Type | 2025 (Thousand RMB) | 2024 (Thousand RMB) | Change % | Proportion of Total Revenue | | :--- | :--- | :--- | :--- | :--- | | Academic Higher Education Services | 779,904 | 802,937 | –2.9% | 84.3% | | Education Technology and Services | 95,393 | 158,301 | –39.7% | 10.3% | | Education Resource Output | 50,629 | 101,509 | –50.1% | 5.5% | | Lifelong Education Services | 44,764 | 56,792 | –21.2% | 4.8% | | Medical and Eldercare Services | 49,656 | 6,870 | 622.8% | 5.4% | | **Total** | **924,953** | **968,108** | **–4.5%** | **100.0%** | [Business Review](index=17&type=section&id=Business%20Review) [Academic Higher Education Services](index=17&type=section&id=Academic%20Higher%20Education%20Services) Academic higher education services generated approximately RMB 779.9 million in revenue, a 2.9% year-on-year decrease, with the Group's three IT application-oriented undergraduate universities maintaining their leading positions, receiving numerous awards for educational quality, program development, and innovation and entrepreneurship education, while enrollment quotas and student numbers continued to grow, with an increasing proportion of high-quality students - Academic higher education services generated approximately **RMB 779.9 million** in revenue during the reporting period[41](index=41&type=chunk) - The total enrollment quota for the three universities for the **2025/2026 academic year** exceeded **21,000 students**, a **6.0%** increase from the previous academic year, with undergraduate quotas growing by **8.5%**; as of **June 30, 2025**, the total number of enrolled students across the three universities was nearly **58,000**, a **1.8%** increase from the same period in **2024**[48](index=48&type=chunk)[50](index=50&type=chunk)[51](index=51&type=chunk) - As the **2025/2026 academic year** enrollment is nearing completion, the highest admission scores for the physics group at Dalian, Chengdu, and Guangdong campuses all exceeded their respective provincial undergraduate control lines, indicating a continuous increase in high-quality student intake[52](index=52&type=chunk) [Dalian Campus](index=17&type=section&id=Dalian%20Campus) Dalian Campus offers 33 undergraduate programs, 9 vocational programs, etc., including 8 health technology-related programs, with two new vocational programs to be added in the 2025/2026 academic year, and has accumulated 7 national-level first-class undergraduate program construction sites, ranking first among private universities nationwide, and also ranks first in the national private university innovation and entrepreneurship education index - Dalian Campus offers **33 undergraduate programs**, **9 vocational programs**, **9 junior-to-senior transfer programs**, and **2 vocational undergraduate programs**, including **8 health technology-related programs**[42](index=42&type=chunk) - For the **2025/2026 academic year**, **2 new vocational programs** (nursing, elderly health management) were approved[42](index=42&type=chunk) - Accumulated **7 national-level first-class undergraduate program construction sites** and **8 provincial-level first-class undergraduate program construction sites**, with the number of national-level first-class undergraduate program construction sites ranking **first among private universities nationwide**[42](index=42&type=chunk)[43](index=43&type=chunk) - Ranked **first among national private universities** in the **2024 China Undergraduate Innovation and Entrepreneurship Education Index**[43](index=43&type=chunk) [Chengdu Campus](index=18&type=section&id=Chengdu%20Campus) Chengdu Campus offers 33 undergraduate programs, 14 junior-to-senior transfer programs, etc., including 6 health technology-related programs, with one new undergraduate program and one vocational undergraduate program to be added in the 2025/2026 academic year, and ranks third among national private universities and first among Sichuan private universities in the National University Computer Competition Index, also holding national first place in several professional rankings - Chengdu Campus offers **33 undergraduate programs**, **14 junior-to-senior transfer programs**, and **1 vocational undergraduate program**, including **6 health technology-related programs**[44](index=44&type=chunk) - For the **2025/2026 academic year**, **1 new undergraduate program** (robotics engineering) and **1 vocational undergraduate program** (software engineering technology) were approved[44](index=44&type=chunk) - Ranked **third among national private universities** and **first among Sichuan private universities** in the **National University Computer Competition Index**, and has consistently ranked **first among national private universities**[45](index=45&type=chunk)[46](index=46&type=chunk) - In the **2025 Alumni Association Private University Professional Rankings**, software engineering, digital media technology, integrated circuit design, and integrated systems programs all ranked **first nationwide**[46](index=46&type=chunk) [Guangdong Campus](index=19&type=section&id=Guangdong%20Campus) Guangdong Campus offers 23 undergraduate programs, 3 vocational programs, etc., including 1 health technology-related program, and has accumulated 3 provincial-level first-class undergraduate program construction sites, with the Visual Communication Design program ranking first among Guangdong private universities in the 2025 Soft Science China University Professional Rankings, and the campus receiving honors such as "Guangdong Province 2024 Most Network Influential Undergraduate University" - Guangdong Campus offers **23 undergraduate programs**, **3 vocational programs**, and **12 junior-to-senior transfer programs**, including **1 health technology-related program**[47](index=47&type=chunk) - Accumulated **3 provincial-level first-class undergraduate program construction sites**, **1 national-level first-class undergraduate course**, and **20 provincial-level first-class undergraduate courses**[47](index=47&type=chunk) - In the **2025 Soft Science China University Professional Rankings**, the Visual Communication Design program ranked **first among Guangdong private universities**[49](index=49&type=chunk) - Awarded 'Guangdong Province **2024 Most Network Influential Undergraduate University**' and '**2024 High-Quality Employment Best Innovation and Practice University**' honors[49](index=49&type=chunk) [Enrollment Quotas and Student Numbers](index=19&type=section&id=Enrollment%20Quotas%20and%20Student%20Numbers) For the 2025/2026 academic year, the total enrollment quota for the three universities reached 21,396 students, a 6.0% year-on-year increase, with undergraduate quotas growing by 8.5%, while as of June 30, 2025, the total number of enrolled students was 57,791, a 1.8% year-on-year increase, and Chengdu Campus ceased vocational program enrollment for the 2025/2026 academic year due to campus capacity issues | Campus | 2025/2026 Academic Year Enrollment Quota | 2024/2025 Academic Year Enrollment Quota | Change in Number | Change % | | :--- | :--- | :--- | :--- | :--- | | Dalian Campus Subtotal | 9,742 | 9,251 | 491 | 5.3% | | Chengdu Campus Subtotal | 7,123 | 6,723 | 400 | 5.9% | | Guangdong Campus Subtotal | 4,531 | 4,206 | 325 | 7.7% | | **Total** | **21,396** | **20,180** | **1,216** | **6.0%** | | **Number of Enrolled Students** | **June 30, 2025** | **June 30, 2024** | **Change %** | | | Dalian Campus Subtotal | 23,224 | 21,229 | 9.4% | | | Chengdu Campus Subtotal | 21,557 | 21,934 | –1.7% | | | Guangdong Campus Subtotal | 13,010 | 13,618 | –4.5% | | | **Total** | **57,791** | **56,781** | **1.8%** | | - Chengdu Campus ceased vocational program enrollment for the **2025/2026 academic year**, primarily due to **campus capacity issues**[50](index=50&type=chunk) [High-Quality Student Intake](index=22&type=section&id=High-Quality%20Student%20Intake) Benefiting from high-quality program development and reputation, the Group's three universities continue to attract high-quality students, with the highest admission scores for the physics group at Dalian, Chengdu, and Guangdong campuses in the 2025/2026 academic year enrollment significantly exceeding their respective provincial undergraduate control lines by 99, 100, and 68 points, respectively - The highest admission score for the physics group at Dalian Campus exceeded Liaoning Province's undergraduate control line by **99 points**[52](index=52&type=chunk) - The highest admission score for the physics group at Chengdu Campus exceeded Sichuan Province's undergraduate control line by **100 points**[52](index=52&type=chunk) - The highest admission score for the physics group at Guangdong Campus exceeded Guangdong Province's undergraduate control line by **68 points**[52](index=52&type=chunk) [Education Technology and Services](index=22&type=section&id=Education%20Technology%20and%20Services) Education technology and services revenue was approximately RMB 95.4 million, a 39.7% year-on-year decrease, with the Group building a "4S" product and service system covering content, software, platforms, and data, and fully advancing the R&D and application of emerging technologies like AI, big data, and metaverse in education, while lifelong education services combine continuing education with eldercare education to explore new business opportunities - Education technology and services generated approximately **RMB 95.4 million** in revenue during the reporting period[53](index=53&type=chunk) - The Group has built a '4S' product and service system covering content, software, platforms, and data (CaaS, SaaS, PaaS, DaaS), combined with online and offline lifelong education services[53](index=53&type=chunk) - Fully advancing the technology R&D and application of emerging frontier technologies such as AI, big data, and metaverse in the education sector, developing and iterating multiple platform software, teaching content, and smart training rooms[54](index=54&type=chunk) [Education Resource Output](index=22&type=section&id=Education%20Resource%20Output) Education resource output business generated approximately RMB 50.6 million in revenue, a 50.1% year-on-year decrease, mainly due to delayed delivery of education technology products, with the Group continuing to optimize its smart education platform software, digital teaching content, and smart training room product matrix, and partnering with 60 institutions for program co-construction and industry-academia collaboration, covering nearly 18,000 enrolled students - Education resource output business generated approximately **RMB 50.6 million** in revenue[65](index=65&type=chunk) - Smart Education Platform V3.0 fully optimizes functions, providing a lightweight online experimental environment, supporting full-process data tracking and automatic code detection, and deeply integrating AI teaching assistant tools[57](index=57&type=chunk) - Developed digital teaching content products for six major professional fields: computer and software, artificial intelligence, big data, digital media, health and medical care, and innovation and entrepreneurship[59](index=59&type=chunk) - Built smart training rooms serving the cultivation of application-oriented talents and practical teaching in universities, covering multiple professional directions such as computer and software, artificial intelligence, big data, and digital media[60](index=60&type=chunk)[61](index=61&type=chunk) - Partnered with **60 institutions** for program co-construction and industry-academia collaboration, covering nearly **18,000 enrolled students**[65](index=65&type=chunk) [Lifelong Education Services](index=27&type=section&id=Lifelong%20Education%20Services) Lifelong education services generated approximately RMB 44.8 million in revenue, a 21.2% year-on-year decrease, mainly due to reduced student intake caused by market changes, with the Group obtaining national and provincial training qualifications in continuing education, delivering 53 training programs for 43 institutional clients, and simultaneously expanding into eldercare education, establishing "Neusoft Phoenix College" and proposing the "LIFECARES" new concept for eldercare education, enrolling over 360 students during the reporting period - Lifelong education business generated approximately **RMB 44.8 million** in revenue during the reporting period[66](index=66&type=chunk) - Continuing education services successfully obtained **2 national-level** and **2 provincial-level training qualifications**, delivering **53 training programs** for **43 institutional clients**, with government and state-owned enterprise training programs accounting for **81%**[67](index=67&type=chunk) - Self-developed online education platform 'Neusoft Education Online' has accumulated **2.328 million registered users**[68](index=68&type=chunk) - Expanded into eldercare education, establishing 'Neusoft Phoenix College' and proposing the 'LIFECARES' new concept for eldercare education, integrating leisure, eldercare, medical care, learning, and contribution, enrolling over **360 students** during the reporting period[69](index=69&type=chunk)[70](index=70&type=chunk) [Medical and Eldercare Business](index=29&type=section&id=Medical%20and%20Eldercare%20Business) Medical and eldercare business generated approximately RMB 49.7 million in revenue, a significant 622.8% year-on-year increase, primarily due to the acquisition of Neusoft Health Medical and its subsidiaries completed on May 31, 2024, with the Group strategically expanding into the silver economy market by integrating education and medical/eldercare businesses to build a new mutually beneficial ecosystem, including medical services, wellness, and eldercare technology services - Medical and eldercare business generated approximately **RMB 49.7 million** in revenue during the reporting period, a **622.8%** increase from the same period last year[71](index=71&type=chunk) - Medical and eldercare facilities serve as practical bases for students and research bases for teachers in related university programs; the universities' teaching foundation and infrastructure support eldercare education, which in turn provides a customer base for medical and eldercare businesses, while medical services offer healthcare support for eldercare education and services[71](index=71&type=chunk) [Medical Services](index=29&type=section&id=Medical%20Services) Ruikang Cardiovascular Hospital, a non-profit tertiary specialized hospital, handled over 28,000 outpatient and emergency visits and over 5,800 inpatient and surgical cases, a 34% year-on-year increase, while Ruikang Dental Hospital, Dalian's second tertiary standard dental specialized hospital, handled over 10,000 outpatient visits and received the "Liaoning Province Elderly-Friendly Medical Institution" honor - Ruikang Cardiovascular Hospital is a non-profit tertiary specialized cardiovascular hospital operated in cooperation with the Second Affiliated Hospital of Dalian Medical University, and has obtained medical insurance settlement qualifications[72](index=72&type=chunk) - During the reporting period, Ruikang Cardiovascular Hospital handled over **28,000 outpatient and emergency visits** and over **5,800 inpatient and surgical cases**, with an average bed occupancy rate of **45%**; inpatient and surgical cases increased by **34%** compared to the same period in **2024**[73](index=73&type=chunk) - Ruikang Dental Hospital is Dalian's second large-scale smart dental specialized hospital built to tertiary standards, has obtained medical insurance settlement qualifications, and handled over **10,000 outpatient visits** during the reporting period[74](index=74&type=chunk)[75](index=75&type=chunk) - Ruikang Dental Hospital received the 'Liaoning Province Elderly-Friendly Medical Institution' honor awarded by the Liaoning Provincial Health Commission[74](index=74&type=chunk) [Wellness and Eldercare Technology Services](index=30&type=section&id=Wellness%20and%20Eldercare%20Technology%20Services) Ruikang Home Eldercare Institute, a high-end eldercare center deeply integrating medical and eldercare services, achieved an 88% occupancy rate, primarily serving semi-disabled and higher-level care elderly, with the Group's Chengdu Qingcheng Kangdao Hotel officially opening, and in May 2025, the Group acquired approximately 4.2255% equity in Xikang Yunshe to expand wellness tourism services, while simultaneously actively developing eldercare technology businesses, launching Shenyang City's smart eldercare platform "Shengqing Kangyang," with Dalian City's platform entering internal testing - Ruikang Home Eldercare Institute is planned with **50 rooms** and **59 beds**, fully covered with millimeter-wave radar sensing equipment, achieving an **88% occupancy rate**; **92%** of residents are over **80 years old**, primarily requiring semi-disabled and higher-level care[76](index=76&type=chunk)[77](index=77&type=chunk) - Chengdu Qingcheng Kangdao Hotel (Qingcheng Mountain Xikang Yunshe Resort Hotel) officially opened, focusing on health and healing, and serving as a venue for academic exchanges and student practical training[78](index=78&type=chunk) - In **May 2025**, acquired approximately **4.2255%** equity in Xikang Yunshe for a consideration of **RMB 30 million**, and invested **RMB 45 million**; as of **June 30, 2025**, the Group held approximately **9.9341%** equity in Xikang Yunshe[79](index=79&type=chunk) - Officially launched Shenyang City's smart eldercare platform – 'Shengqing Kangyang', and Dalian City's smart eldercare platform has entered internal testing[82](index=82&type=chunk) [University Science Parks and Campus Services](index=33&type=section&id=University%20Science%20Parks%20and%20Campus%20Services) The Group, through its industrial service company, unifies management and professional operations for the three universities' science park operations, campus support services, and infrastructure maintenance, aiming to build a high-quality "Education, Medical, Eldercare, Wellness, and Tourism" logistics service, with science park operations forming a distinctive "three locations, three parks, three platforms" system, campus life services introducing well-known brands, and infrastructure project management promoting campus expansion projects - The Group, through its industrial service company, unifies management and professional operations for the three universities' science park operations, campus support services, and campus infrastructure maintenance[83](index=83&type=chunk) - Science park operations have established a distinctive operating system of 'three locations (Dalian, Chengdu, Foshan parks), three parks (Education Park, Digital Park, Medical and Eldercare Park), and three platforms (Lifelong Education, Technology Innovation, Medical and Eldercare Wellness and Tourism)'[84](index=84&type=chunk) - Dalian Park has become Liaoning Province's first provincial-level university science park for private universities, approved as a national-level makerspace; Chengdu Park and Foshan Park have also been recognized as national-level makerspaces and national-level technology business incubators, respectively[85](index=85&type=chunk) - As of **June 30, 2025**, provided campus life services to over **60,000 faculty and staff**, with nearly **150 merchants** on campus, and newly introduced well-known brands such as KFC, McDonald's, Luckin Coffee, and Tea Baidao[87](index=87&type=chunk) - Dalian Campus and Guangdong Campus have initiated construction projects for the Health Medical Technology Park Apartments and the International Exchange Center and University Science Park, respectively, expected to add approximately **8,000 beds**[88](index=88&type=chunk)[89](index=89&type=chunk) [Science Park Operations](index=33&type=section&id=Science%20Park%20Operations) The Group operates university science parks leveraging the infrastructure of its three universities, forming a distinctive "three locations, three parks, three platforms" operating system, with Dalian Park becoming Liaoning Province's first provincial-level university science park for private universities and approved as a national-level makerspace, while Chengdu Park and Foshan Park have also been approved as national-level makerspaces and national-level technology business incubators, respectively, attracting IT enterprises and promoting industry-academia-research integration - Science park operations have established a distinctive operating system of 'three locations (Dalian Park, Chengdu Park, Foshan Park), three parks (Education Park, Digital Park, Medical and Eldercare Park), and three platforms (Lifelong Education, Technology Innovation, Medical and Eldercare Wellness and Tourism)'[84](index=84&type=chunk) - Dalian Park has become Liaoning Province's first provincial-level university science park for private universities, approved as a national-level makerspace, and an important component of the 'National Software Industry Base' and 'China Service Outsourcing Demonstration City'[85](index=85&type=chunk) - Chengdu Park and Foshan Park have been successively recognized as 'national-level makerspaces' and 'national-level technology business incubators', constructing an open, shared, and industry-education integrated innovation and entrepreneurship ecosystem through industry-academia-research integration and enterprise-into-campus initiatives[85](index=85&type=chunk) [Campus Life Services](index=34&type=section&id=Campus%20Life%20Services) The Group actively responds to national policies, providing quality campus life services for faculty and students, improving the service system, and innovating service models, with over 60,000 faculty and staff receiving safe, high-quality, and efficient campus life services as of June 30, 2025, and nearly 150 merchants on campus, with new introductions including well-known brands such as KFC, McDonald's, Luckin Coffee, and Tea Baidao to meet diverse needs - As of **June 30, 2025**, provided safe, high-quality, and efficient campus life services to over **60,000 faculty and staff**[87](index=87&type=chunk) - Nearly **150 merchants** are located on campus, with new introductions during the reporting period including well-known brands such as KFC, McDonald's, Luckin Coffee, and Tea Baidao[87](index=87&type=chunk) [Infrastructure Project Management and Property Maintenance Management](index=34&type=section&id=Infrastructure%20Project%20Management%20and%20Property%20Maintenance%20Management) The industrial service company is solely responsible for the infrastructure project management and property maintenance management of the three universities, aiming to build a beautiful, comfortable, and high-quality campus environment while improving efficiency, with Dalian Campus initiating the Health Medical Technology Park Apartment construction project in October 2024, expected to be completed by December 2025, adding approximately 6,000 beds, and Guangdong Campus initiating the International Exchange Center and University Science Park construction project in February 2025, with some buildings expected to be completed by August 2026, adding approximately 2,000 beds - The industrial service company is solely responsible for the infrastructure project management and property maintenance management of the three universities, promoting standardized business processes, centralized management, and maximized efficiency[88](index=88&type=chunk) - Dalian Campus purchased land use rights and initiated the Health Medical Technology Park Apartment construction project, expected to be completed by **December 2025**, which is projected to add approximately **6,000 beds** to the campus capacity[88](index=88&type=chunk) - Guangdong Campus purchased land use rights and initiated the International Exchange Center and University Science Park construction project, with some buildings expected to be completed by **August 2026**, which is projected to add approximately **2,000 beds** to the campus capacity[89](index=89&type=chunk) [Financial Review](index=35&type=section&id=Financial%20Review) [Revenue](index=35&type=section&id=Revenue) For the six months ended June 30, 2025, total revenue was approximately RMB 925.0 million, a 4.5% decrease from the prior year period, with academic higher education services revenue decreasing by 2.9%, education technology and services revenue decreasing by 39.7%, while medical and eldercare services revenue significantly increased by 622.8% due to the acquisition of Neusoft Health Medical and its subsidiaries - For the six months ended **June 30, 2025**, revenue was approximately **RMB 925.0 million**, a **4.5%** decrease from the prior year period[90](index=90&type=chunk) - Academic higher education services revenue decreased by **2.9%**, primarily due to differences in the academic calendar; education technology and services revenue decreased by **39.7%**, with education resource output revenue decreasing by **50.1%** (due to delayed delivery) and lifelong education services revenue decreasing by **21.2%** (due to reduced student intake from market changes)[92](index=92&type=chunk) - Medical and eldercare services revenue increased by **622.8%**, primarily due to the acquisition of Neusoft Health Medical Management Co., Ltd. and its subsidiaries completed on **May 31, 2024**, with all related revenue consolidated into the Group in the first half of **2025**[92](index=92&type=chunk) [Cost of Sales](index=35&type=section&id=Cost%20of%20Sales) For the six months ended June 30, 2025, cost of sales was approximately RMB 526.8 million, a 15.2% year-on-year increase, primarily attributable to the full consolidation of cost of sales from Neusoft Health Medical and its subsidiaries after the acquisition in May 2024, as well as increased staff remuneration and depreciation expenses due to expanded school scale and completion of expansion projects - For the six months ended **June 30, 2025**, cost of sales was approximately **RMB 526.8 million**, a **15.2%** increase from the prior year period[90](index=90&type=chunk) - Primarily due to the full consolidation of cost of sales from Neusoft Health Medical Management Co., Ltd. and its subsidiaries into the Group in the first half of **2025** after the acquisition[90](index=90&type=chunk) - Increased staff remuneration and depreciation expenses due to the expanded student scale of the three universities and the successive completion and operation of expansion projects[90](index=90&type=chunk) [Gross Profit](index=35&type=section&id=Gross%20Profit) For the six months ended June 30, 2025, gross profit was approximately RMB 398.1 million, a 22.0% year-on-year decrease, with this decline being a combined result of reduced revenue and increased cost of sales - For the six months ended **June 30, 2025**, gross profit was approximately **RMB 398.1 million**, a **22.0%** decrease from the prior year period[91](index=91&type=chunk) [Selling Expenses](index=36&type=section&id=Selling%20Expenses) For the six months ended June 30, 2025, selling expenses were approximately RMB 17.7 million, a 17.6% year-on-year decrease, with this reduction primarily due to the company optimizing its sales team structure, leading to lower staff remuneration for sales personnel - For the six months ended **June 30, 2025**, selling expenses were approximately **RMB 17.7 million**, a **17.6%** decrease from the prior year period[93](index=93&type=chunk) - Primarily due to the company optimizing its sales team structure, resulting in reduced staff remuneration for sales personnel[93](index=93&type=chunk) [Research and Development Expenses](index=36&type=section&id=Research%20and%20Development%20Expenses) For the six months ended June 30, 2025, research and development expenses were approximately RMB 13.0 million, a 37.1% year-on-year decrease, with this decline mainly due to the substantial completion of major R&D projects, such as the smart education platform, in the previous period - For the six months ended **June 30, 2025**, research and development expenses were approximately **RMB 13.0 million**, a **37.1%** decrease from the prior year period[94](index=94&type=chunk) - This decrease was primarily due to the substantial completion of major R&D projects, such as the smart education platform, in the previous period[94](index=94&type=chunk) [Net Impairment Losses on Financial Assets](index=36&type=section&id=Net%20Impairment%20Losses%20on%20Financial%20Assets) For the six months ended June 30, 2025, net impairment losses on financial assets were approximately RMB 2.9 million, an 80.1% year-on-year decrease, with this reduction primarily due to the recovery of some receivables, leading to a lower bad debt ratio - For the six months ended **June 30, 2025**, net impairment losses on financial assets were approximately **RMB 2.9 million**, an **80.1%** decrease from the prior year period[95](index=95&type=chunk) - Primarily due to the recovery of some receivables, leading to a lower bad debt ratio[95](index=95&type=chunk) [Other Income](index=36&type=section&id=Other%20Income) For the six months ended June 30, 2025, other income was approximately RMB 53.3 million, a 3.9% year-on-year decrease, with this decline primarily due to a reduction in government grants - For the six months ended **June 30, 2025**, other income was approximately **RMB 53.3 million**, a **3.9%** decrease from the prior year period[96](index=96&type=chunk) - Primarily due to a reduction in government grants[96](index=96&type=chunk) [Net Finance Expenses](index=36&type=section&id=Net%20Finance%20Expenses) For the six months ended June 30, 2025, net finance expenses were approximately RMB 55.7 million, a 29.9% year-on-year increase, with this primarily due to an increase in interest expenses - For the six months ended **June 30, 2025**, net finance expenses were approximately **RMB 55.7 million**, a **29.9%** increase from the prior year period[97](index=97&type=chunk) - Primarily due to an increase in interest expenses[97](index=97&type=chunk) [Income Tax Expense](index=36&type=section&id=Income%20Tax%20Expense) For the six months ended June 30, 2025, income tax expense was approximately RMB 48.5 million, a 41.3% year-on-year decrease, with this decline primarily due to a reduction in taxable profit during the reporting period - For the six months ended **June 30, 2025**, income tax expense was approximately **RMB 48.5 million**, a **41.3%** decrease from the prior year period[98](index=98&type=chunk) - Primarily due to a reduction in taxable profit during the reporting period[98](index=98&type=chunk) [Profit for the Period](index=37&type=section&id=Profit%20for%20the%20Period) For the six months ended June 30, 2025, profit for the period decreased by approximately 26.5% year-on-year, and profit attributable to owners of the Company was approximately RMB 203.9 million, also a 26.5% decrease, with earnings per share also decreasing by approximately 25.6%, primarily due to the decline in profit for the period - For the six months ended **June 30, 2025**, profit for the period decreased by approximately **26.5%** year-on-year[99](index=99&type=chunk) - Profit attributable to owners of the Company was approximately **RMB 203.9 million**, a **26.5%** decrease from the prior year period[99](index=99&type=chunk) - Earnings per share decreased by approximately **25.6%** year-on-year, primarily due to the decline in profit for the period[99](index=99&type=chunk) [Non-IFRS Measures](index=37&type=section&id=Non-IFRS%20Measures) To supplement IFRS, the Group uses "adjusted net profit," "adjusted net profit attributable to owners of the Company," and "adjusted net profit margin" as additional financial measures to eliminate the impact of non-recurring items (such as net exchange losses/gains) that management believes do not reflect operating performance, with adjusted net profit approximately RMB 204.1 million as of June 30, 2025, a 26.3% year-on-year decrease, and an adjusted net profit margin of 22.1% - The Group's adjusted net profit is derived by deducting the impact of net exchange losses/(gains) from the profit for the year/period[100](index=100&type=chunk) | Indicator | 2025 (Thousand RMB) | 2024 (Thousand RMB) | | :--- | :--- | :--- | | Profit for the Period | 204,038 | 277,571 | | Adjustments: Net Exchange Losses/(Gains) | 91 | (777) | | **Adjusted Net Profit** | **204,129** | **276,794** | | Profit for the Period Attributable to Owners of the Company | 203,923 | 277,414 | | Adjustments: Net Exchange Losses/(Gains) | 91 | (777) | | **Adjusted Net Profit Attributable to Owners of the Company** | **204,014** | **276,637** | - For the six months ended **June 30, 2025**, adjusted net profit was approximately **RMB 204.1 million**, a **26.3%** decrease from the prior year period; the adjusted net profit margin was **22.1%** (2024: **28.6%**)[103](index=103&type=chunk) [Financial and Liquidity Position](index=39&type=section&id=Financial%20and%20Liquidity%20Position) As of June 30, 2025, the Group's cash and cash equivalents were approximately RMB 1,456.4 million, a decrease from December 31, 2024, with total borrowings from financial institutions at approximately RMB 3,142.9 million, primarily denominated in RMB, and comprising both fixed and floating interest rates, while net current liabilities increased and the current ratio decreased, and the Group had no significant contingent liabilities or foreign exchange risks, with both the interest-bearing debt to asset ratio and capital gearing ratio slightly decreasing, and capital expenditures mainly for campus upgrades and expansion, and equity acquisition of Xikang Yunshe completed during the reporting period, with land acquisition for Guangdong Campus planned - As of **June 30, 2025**, the Group's cash and cash equivalents were approximately **RMB 1,456.4 million** (December 31, 2024: approximately **RMB 1,664.8 million**)[106](index=106&type=chunk) - The Group's total borrowings from financial institutions as of **June 30, 2025**, were approximately **RMB 3,142.9 million** (December 31, 2024: approximately **RMB 3,104.0 million**)[106](index=106&type=chunk) - As of **June 30, 2025**, net current liabilities were approximately **RMB 510.9 million** (December 31, 2024: approximately **RMB 275.5 million**), and the current ratio was **0.79** (December 31, 2024: **0.89**)[108](index=108&type=chunk) - As of **June 30, 2025**, the Group's interest-bearing debt to asset ratio was **43.1%** (December 31, 2024: **44.0%**), and the capital gearing ratio was **138.0%** (December 31, 2024: **139.7%**)[112](index=112&type=chunk)[113](index=113&type=chunk) - For the six months ended **June 30, 2025**, the Group's capital expenditure was approximately **RMB 331.2 million**, primarily related to upgrading and expanding campuses[114](index=114&type=chunk) - On **May 20, 2025**, approximately **4.2255%** equity in Xikang Yunshe was acquired for a consideration of **RMB 30.0 million**, and an investment of **RMB 45.0 million** was made in Xikang Yunshe; as of **June 30, 2025**, the Group held approximately **9.9341%** equity in Xikang Yunshe[115](index=115&type=chunk) - Guangdong Campus successfully acquired land use rights for two plots in Nanhai District, Foshan City, in **February 2025**, for a total consideration of **RMB 108.53 million**[117](index=117&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=39&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Capital%20Structure) As of June 30, 2025, the company's issued share capital was HKD 129,243, with 646,213,135 ordinary shares in issue, cash and cash equivalents at approximately RMB 1,456.4 million, and total borrowings from financial institutions at approximately RMB 3,142.9 million, with maturity dates ranging from within one year to over five years, primarily denominated in RMB, and comprising fixed-rate (approximately RMB 648.7 million) and floating-rate (approximately RMB 2,494.2 million) borrowings - As of **June 30, 2025**, the Company's issued share capital was **HKD 129,243** and the number of ordinary shares in issue was **646,213,135 shares**[105](index=105&type=chunk) - As of **June 30, 2025**, the Group's cash and cash equivalents were approximately **RMB 1,456.4 million** (December 31, 2024: approximately **RMB 1,664.8 million**)[106](index=106&type=chunk) - The Group's total borrowings from financial institutions as of **June 30, 2025**, were approximately **RMB 3,142.9 million** (December 31, 2024: approximately **RMB 3,104.0 million**)[106](index=106&type=chunk) - Borrowings have maturity dates ranging from **within one year to over five years**, with approximately **RMB 648.7 million** at fixed rates and approximately **RMB 2,494.2 million** at floating rates[106](index=106&type=chunk) [Treasury Policy](index=39&type=section&id=Treasury%20Policy) The Group adopts a prudent financial management approach to its treasury policy, with the Board closely monitoring liquidity to ensure the Group's asset, liability, and other commitment liquidity structure consistently meets its funding needs - The Group adopts a **prudent financial management approach** to its treasury policy[107](index=107&type=chunk) - The Board closely monitors the Group's liquidity position to ensure that the Group's asset, liability, and other commitment liquidity structure consistently meets its funding needs[107](index=107&type=chunk) [Net Current Liabilities](index=39&type=section&id=Net%20Current%20Liabilities) As of June 30, 2025, net current liabilities were approximately RMB 510.9 million, a significant increase from RMB 275.5 million as of December 31, 2024, with the current ratio decreasing from 0.89 to 0.79, primarily due to a reduction in total current assets caused by decreased cash and cash equivalents - As of **June 30, 2025**, net current liabilities were approximately **RMB 510.9 million** (December 31, 2024: approximately **RMB 275.5 million**); the increase in net current liabilities was primarily due to a decrease in cash and cash equivalents, leading to a reduction in total current assets[108](index=108&type=chunk) - As of **June 30, 2025**, the Group's current ratio (current assets divided by current liabilities) was **0.79** (December 31, 2024: **0.89**)[108](index=108&type=chunk) [Contingent Liabilities](index=39&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no contingent liabilities or any significant litigation against it - As of **June 30, 2025**, the Group had **no contingent liabilities** or any significant litigation against it[109](index=109&type=chunk) [Foreign Exchange Risk](index=40&type=section&id=Foreign%20Exchange%20Risk) The majority of the Group's income and expenses are denominated in RMB, and for the six months ended June 30, 2025, there were no significant difficulties or impacts on its operations or liquidity due to currency exchange rate fluctuations, with the Directors believing the Group has sufficient foreign exchange and will take measures to prevent exchange rate risks - The majority of the Group's income and expenses are denominated in **RMB**; for the six months ended **June 30, 2025**, the Group experienced **no significant difficulties or impacts** on its operations or liquidity due to currency exchange rate fluctuations[110](index=110&type=chunk) - The Directors believe that the Group has **sufficient foreign exchange** to meet its own foreign exchange requirements and will take practical and effective measures to prevent exchange rate risks[110](index=110&type=chunk) [Pledge of Assets](index=40&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, the Group's bank borrowings of RMB 1,942.1 million were pledged by the right to collect certain tuition and accommodation fees, bank borrowings of RMB 157.0 million were pledged by certain equity interests, and other borrowings of RMB 44.3 million were pledged by certain equipment and intellectual property rights - As of **June 30, 2025**, the Group's bank borrowings of **RMB 1,942.1 million** were pledged by the right to collect certain tuition and accommodation fees[111](index=111&type=chunk) - Bank borrowings of **RMB 157.0 million** were pledged by certain equity interests[111](index=111&type=chunk) - Other borrowings of **RMB 44.3 million** were pledged by certain equipment and intellectual property rights[111](index=111&type=chunk) [Interest-bearing Debt to Asset Ratio](index=40&type=section&id=Interest-bearing%20Debt%20to%20Asset%20Ratio) As of June 30, 2025, the Group's interest-bearing debt to asset ratio was 43.1%, a slight decrease from 44.0% as of December 31, 2024 - As of **June 30, 2025**, the Group's interest-bearing debt to asset ratio was **43.1%** (December 31, 2024: **44.0%**)[112](index=112&type=chunk) [Capital Gearing Ratio](index=40&type=section&id=Capital%20Gearing%20Ratio) As of June 30, 2025, the Group's capital gearing ratio was 138.0%, a slight decrease from 139.7% as of December 31, 2024 - As of **June 30, 2025**, the Group's capital gearing ratio was **138.0%** (December 31, 2024: **139.7%**)[113](index=113&type=chunk) [Capital Expenditure](index=40&type=section&id=Capital%20Expenditure) For the six months ended June 30, 2025, the Group's capital expenditure was approximately RMB 331.2 million, primarily for upgrading and expanding campuses - For the six months ended **June 30, 2025**, the Group's capital expenditure was approximately **RMB 331.2 million**, primarily related to upgrading and expanding campuses[114](index=114&type=chunk) [Significant Acquisitions or Disposals of Subsidiaries, Associates and Joint Ventures](index=40&type=section&id=Significant%20Acquisitions%20or%20Disposals%20of%20Subsidiaries%2C%20Associates%20and%20Joint%20Ventures) On May 20, 2025, the Group acquired approximately 4.2255% equity in Xikang Yunshe for a consideration of RMB 30.0 million and invested RMB 45.0 million, with the Group holding approximately 9.9341% equity in Xikang Yunshe as of June 30, 2025, and no other significant acquisitions or disposals occurring during the reporting period - On **May 20, 2025**, approximately **4.2255%** equity in Xikang Yunshe was acquired for a consideration of **RMB 30.0 million**, and an investment of **RMB 45.0 million** was made in Xikang Yunshe[115](index=115&type=chunk) - As of **June 30, 2025**, the Group held approximately **9.9341%** equity in Xikang Yunshe[115](index=115&type=chunk) - Other than the above, for the six months ended **June 30, 2025**, the Group had **no other significant acquisitions or disposals** of subsidiaries, associates, and joint ventures[115](index=115&type=chunk) [Material Investments Held](index=40&type=section&id=Material%20Investments%20Held) For the six months ended June 30, 2025, the Company held no material investments with a value equal to or exceeding 5% of its total assets - For the six months ended **June 30, 2025**, the Company held **no material investments** with a value equal to or exceeding **5%** of its total assets[116](index=116&type=chunk) [Future Plans for Material Investments or Capital Assets](index=41&type=section&id=Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) Guangdong Campus successfully acquired land use rights for two plots in Nanhai District, Foshan City, through public auction on February 26, 2025, for a total consideration of RMB 108.53 million, which has been fully paid, and other than this, as of the date of this announcement, the Group has no other future plans for material investments or capital assets - Guangdong Campus successfully acquired land use rights for two plots in Nanhai District, Foshan City, through public auction on **February 26, 2025**[117](index=117&type=chunk) - The consideration for the acquisition of land use rights for the

[Interim Consolidated Results Announcement](index=1&type=section&id=Interim%20Consolidated%20Results%20Announcement) [Consolidated Statement of Profit or Loss](index=2&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) Revenue increased by **16.76%** to **HK$2,319.02 million**, but profit for the period decreased by **32.83%** to **HK$8.02 million**, impacted by higher finance costs and lower other net income Consolidated Statement of Profit or Loss | Indicator | June 30, 2025 (HK$ Thousand) | June 30, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Revenue | 2,319,015 | 1,986,173 | | Direct costs | (2,265,949) | (1,945,035) | | Gross profit | 53,066 | 41,138 | | Operating profit | 19,738 | 19,018 | | Profit before tax | 9,854 | 11,652 | | Profit for the period | 8,021 | 11,940 | | Profit attributable to equity holders of the Company | 8,294 | 11,762 | | Basic/Diluted earnings per share | 2.07 HK Cents | 2.94 HK Cents | - Period revenue increased by **16.76%** year-on-year, mainly driven by general building and civil engineering projects[3](index=3&type=chunk)[30](index=30&type=chunk) - Profit for the period decreased by **32.83%** year-on-year, primarily due to increased finance costs and reduced other net income[3](index=3&type=chunk)[49](index=49&type=chunk)[51](index=51&type=chunk) [Consolidated Statement of Comprehensive Income](index=3&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income) Total comprehensive income for the period was **HK$8.02 million**, aligning with profit for the period, indicating no significant impact from other comprehensive income after tax Consolidated Statement of Comprehensive Income | Indicator | June 30, 2025 (HK$ Thousand) | June 30, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Profit for the period | 8,021 | 11,940 | | Other comprehensive income for the period (after tax) | – | – | | Total comprehensive income for the period | 8,021 | 11,940 | | Attributable to equity holders of the Company | 8,294 | 11,762 | | Non-controlling interests | (273) | 178 | - Total comprehensive income for the period is identical to profit for the period, indicating no significant impact from other comprehensive income items such as exchange differences[4](index=4&type=chunk)[5](index=5&type=chunk) [Consolidated Statement of Financial Position](index=4&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) Total assets slightly increased, but net assets and total equity decreased, with a significant rise in current liabilities leading to a lower current ratio and higher gearing ratio Consolidated Statement of Financial Position | Indicator | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Non-current assets | 57,889 | 65,664 | | Current assets | 1,713,810 | 1,576,990 | | Current liabilities | 1,400,846 | 1,260,915 | | Net current assets | 312,964 | 316,075 | | Total assets less current liabilities | 370,853 | 381,739 | | Non-current liabilities | 7,703 | 10,610 | | Net assets | 363,150 | 371,129 | | Total equity | 363,150 | 371,129 | - Increased current liabilities led to a decrease in net current assets and the current ratio, with the gearing ratio significantly rising to **121.16%**[6](index=6&type=chunk)[54](index=54&type=chunk)[58](index=58&type=chunk) [Notes to the Announcement](index=6&type=section&id=Notes%20to%20the%20Announcement) [1 General Information and Basis of Preparation](index=6&type=section&id=1%20General%20Information%20and%20Basis%20of%20Preparation) The Group primarily operates in Hong Kong, focusing on construction, maintenance, property management, and E&M engineering services, with interim financials prepared under HKAS 34 - The Group primarily engages in construction and maintenance projects, housing and property management services, and electrical and mechanical engineering services in Hong Kong[8](index=8&type=chunk) - The interim financial report was prepared in accordance with HKAS 34 and approved for issue by the Board of Directors on August 25, 2025[9](index=9&type=chunk)[11](index=11&type=chunk) [2 Application of Amendments to Hong Kong Financial Reporting Standards](index=7&type=section&id=2%20Application%20of%20Amendments%20to%20Hong%20Financial%20Reporting%20Standards) Amendments to HKFRS effective this period, including those on financial instruments, had no significant impact on the interim financial report's preparation or presentation - Amendments to HKFRS effective for the first time in the current accounting period had no significant impact on the preparation or presentation of the interim financial report[12](index=12&type=chunk) [3 Revenue and Segment Reporting](index=7&type=section&id=3%20Revenue%20and%20Segment%20Reporting) Revenue primarily from general building and civil engineering, with both segments showing significant growth, while other services revenue declined - The Group's principal activities are general building, civil engineering, and the provision of other services[13](index=13&type=chunk) - Reportable segments include general building, civil engineering, and other services[15](index=15&type=chunk) Revenue by Segment | Segment | June 30, 2025 Revenue (HK$ Thousand) | June 30, 2024 Revenue (HK$ Thousand) | June 30, 2025 Profit (HK$ Thousand) | June 30, 2024 Profit (HK$ Thousand) | | :--- | :--- | :--- | :--- | :--- | | General Building | 1,733,045 | 1,603,763 | 38,076 | 32,757 | | Civil Engineering | 519,382 | 301,725 | 9,001 | 6,294 | | Other | 66,588 | 80,685 | 5,944 | 13,012 | | Total | 2,319,015 | 1,986,173 | 53,021 | 52,063 | [4 Profit Before Tax](index=10&type=section&id=4%20Profit%20Before%20Tax) Profit before tax was impacted by significantly increased finance costs, while staff costs and depreciation remained stable after direct cost allocation Profit Before Tax Components | Item | June 30, 2025 (HK$ Thousand) | June 30, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Finance costs | 9,884 | 7,366 | | Staff costs (excluding those included in direct costs) | 16,250 | 18,111 | | Depreciation expenses (excluding those included in direct costs) | 3,563 | 3,652 | | Auditor's remuneration | 538 | 512 | - Finance costs increased by **34.19%** year-on-year, primarily due to higher interest on bank borrowings[18](index=18&type=chunk) [5 Income Tax](index=11&type=section&id=5%20Income%20Tax) Income tax shifted from a credit to an expense of **HK$1.83 million**, primarily due to an increase in current tax provision Income Tax Breakdown | Item | June 30, 2025 (HK$ Thousand) | June 30, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Current tax - Hong Kong Profits Tax | 1,609 | (330) | | Deferred tax | 224 | 42 | | Total income tax | 1,833 | (288) | - Income tax shifted from a credit in the prior period to an expense, mainly due to an increase in current tax provision[19](index=19&type=chunk)[50](index=50&type=chunk) [6 Earnings Per Share](index=11&type=section&id=6%20Earnings%20Per%20Share) Basic earnings per share decreased to **HK$2.07 cents** from **HK$2.94 cents**, with no potential dilutive shares during the period Earnings Per Share Calculation | Indicator | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Profit attributable to ordinary equity holders of the Company | HK$8,294,000 | HK$11,762,000 | | Shares in issue | 400,000,000 shares | 400,000,000 shares | | Basic earnings per share | 2.07 HK Cents | 2.94 HK Cents | - There were no potential dilutive shares during the period, thus diluted earnings per share are the same as basic earnings per share[21](index=21&type=chunk) [7 Property, Plant and Equipment](index=11&type=section&id=7%20Property%2C%20Plant%20and%20Equipment) Additions to plant and equipment totaled **HK$3.49 million**, with right-of-use asset additions at **HK$1.19 million** for the six months ended June 30, 2025 Property, Plant and Equipment Additions | Item | June 30, 2025 (HK$ Thousand) | June 30, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Cost of additions to plant and equipment | 3,492 | 1,971 | | Additions to right-of-use assets | 1,189 | 2,755 | [8 Trade and Other Receivables and Prepayments](index=12&type=section&id=8%20Trade%20and%20Other%20Receivables%20and%20Prepayments) Total trade receivables decreased to **HK$198.98 million**, with the majority due within one month Trade and Other Receivables and Prepayments | Item | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Trade receivables | 198,981 | 277,860 | | Deposits, prepayments and other receivables | 16,846 | 11,240 | | Total | 215,827 | 289,100 | Trade Receivables Ageing Analysis | Ageing | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Within 1 month | 190,375 | 268,908 | | 1 to 2 months | 2,841 | 5,145 | | 2 to 3 months | 4,195 | 1,526 | | Over 3 months but within 6 months | 1,570 | 2,281 | | Total | 198,981 | 277,860 | [9 Cash and Cash Equivalents](index=12&type=section&id=9%20Cash%20and%20Cash%20Equivalents) Cash and cash equivalents totaled **HK$192.71 million**, a slight decrease from the end of 2024 Cash and Cash Equivalents | Item | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Bank and cash in hand | 192,709 | 194,970 | [10 Trade and Other Payables](index=12&type=section&id=10%20Trade%20and%20Other%20Payables) Total trade and other payables decreased to **HK$832.65 million**, with trade payables primarily due within one month Trade and Other Payables | Item | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Trade payables | 258,783 | 260,311 | | Accruals and other payables | 156,196 | 222,432 | | Amounts due to joint venture partners | 1,062 | 1,062 | | Provision for construction works | 1,102 | 3,600 | | Retention money payable | 415,510 | 392,807 | | Total | 832,653 | 880,212 | Trade Payables Ageing Analysis | Ageing | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Within 1 month | 258,583 | 250,478 | | 1 to 2 months | 200 | 9,145 | | 2 to 3 months | – | 246 | | Over 3 months | – | 442 | | Total | 258,783 | 260,311 | [11 Dividends](index=13&type=section&id=11%20Dividends) The Board does not recommend an interim dividend for the six months ended June 30, 2025, unlike the prior year's **HK$3.0 cents** per share - The Board does not recommend an interim dividend for the six months ended June 30, 2025[25](index=25&type=chunk)[77](index=77&type=chunk) Interim Dividend | Item | June 30, 2025 (HK$ Thousand) | June 30, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Interim dividend proposed after the end of the reporting period | – | 12,000 | [12 Significant Related Party Transactions](index=13&type=section&id=12%20Significant%20Related%20Party%20Transactions) The Group did not enter into any significant related party transactions during the period - The Group did not enter into any significant related party transactions during the period[27](index=27&type=chunk) [13 Financial Guarantees and Contingent Liabilities](index=14&type=section&id=13%20Financial%20Guarantees%20and%20Contingent%20Liabilities) The Group issued **HK$402.36 million** in performance bonds, with claims deemed remote, and all employee compensation and personal injury claims are covered by insurance - As of June 30, 2025, the Group issued performance bonds of approximately **HK$402.36 million** to clients, an increase from **HK$385.34 million** at the end of 2024[28](index=28&type=chunk) - The Directors believe that claims under performance bonds are unlikely, and employee compensation and personal injury claims are adequately covered by insurance, requiring no provision[28](index=28&type=chunk) [Management Discussion and Analysis](index=15&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=15&type=section&id=Business%20Review) Total revenue grew by **16.76%** driven by general building and civil engineering projects, with total projects on hand increasing to **HK$19 billion** and a new large contract secured post-period - Overall revenue for the period was **HK$2,319.02 million**, an increase of approximately **16.76%** year-on-year, mainly due to undertaking general building and civil engineering projects[30](index=30&type=chunk) - The total original contract sum of projects on hand was approximately **HK$19 billion** (end of 2024: **HK$18 billion**), with uncompleted value of approximately **HK$10.8 billion** (end of 2024: **HK$12.7 billion**)[31](index=31&type=chunk) Ongoing Large Construction and Maintenance Projects (as of June 30, 2025) | Project Type | Business Segment | Scope of Works | Original Contract Sum (Approx. HK$ Million) | Revenue Recognized for the Six Months Ended June 30, 2025 (Approx. HK$ Million) | | :--- | :--- | :--- | :--- | :--- | | E&M works for Drainage Services Department sewage treatment facilities | Civil Engineering | E&M works for sewage treatment facilities | 557.6 | 130.5 | | Infrastructure works for Hong Kong Housing Authority non-public housing facilities | General Building Engineering | Infrastructure works for non-public housing facilities | 1,497.0 | 123.8 | | Construction for Hong Kong Housing Authority managed projects | General Building Engineering | Construction of Kai Tak Site 2B5 and 2B6 public housing development | 2,624.0 | 319.3 | | Design and construction for Hong Kong Housing Authority managed projects | General Building Engineering | Design and construction of Kwu Tung North Area 19 Phase 2 public rental housing development | 4,620.0 | 415.4 | - Subsequent to the reporting period, the Group was awarded and undertook a design and build contract for the Hong Kong Housing Authority, with an original contract sum of **HK$4,694.0 million**[39](index=39&type=chunk) [Financial Review](index=20&type=section&id=Financial%20Review) Revenue growth was driven by general building and civil engineering, with gross profit margin rising to **2.29%** due to cost control, but profit attributable to equity holders decreased due to lower other income, higher finance costs, and increased income tax expense Revenue by Business Segment | Business Segment | June 30, 2025 Revenue (HK$ Million) | June 30, 2024 Revenue (HK$ Million) | Year-on-Year Growth Rate | | :--- | :--- | :--- | :--- | | Overall Revenue | 2,319.02 | 1,986.17 | 16.76% | | General Building Business | 1,733.05 | 1,603.76 | 8.06% | | Civil Engineering Business | 519.38 | 301.73 | 72.13% | | Other Services | 66.59 | 80.68 | -17.47% | - Overall gross profit increased by **29.00%** to **HK$53.07 million**, with the overall gross profit margin rising from **2.07%** to **2.29%**, mainly due to more effective cost control[45](index=45&type=chunk) - Other income decreased primarily due to lower interest income; other net income significantly decreased as the prior period included a one-off gain of **HK$10.43 million** from the disposal of a subsidiary[46](index=46&type=chunk)[47](index=47&type=chunk) - Administrative expenses remained relatively stable, while finance costs increased mainly due to higher average bank borrowings[48](index=48&type=chunk)[49](index=49&type=chunk) - Profit attributable to equity holders of the Company decreased to **HK$8.29 million**[51](index=51&type=chunk) [Liquidity Financial Resources and Capital Structure](index=22&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Capital%20Structure) Capital structure includes share capital and bank loans, with total bank loans increasing to **HK$440.00 million** for working capital, while liquidity and gearing ratios deteriorated, but the Group maintains unutilized facilities and complies with covenants Liquidity and Capital Structure Indicators | Indicator | June 30, 2025 (HK$ Million) | December 31, 2024 (HK$ Million) | | :--- | :--- | :--- | | Share Capital | 363.15 | 371.13 | | Total Bank Borrowings | 440.00 | 300.00 | | Cash and Cash Equivalents | 192.71 | 194.97 | | Current Ratio | 1.22 | 1.25 | | Gearing Ratio | 121.16% | 80.83% | | Unutilized Bank Facilities | 817 | 874 | | Capital Expenditure on Property, Plant and Equipment | 3.49 | 1.97 | - Total bank borrowings increased, primarily to finance working capital for ongoing projects[56](index=56&type=chunk) - The Group continued to comply with its loan covenants during the period up to the date of this announcement[57](index=57&type=chunk) [Foreign Exchange Risk](index=24&type=section&id=Foreign%20Exchange%20Risk) The Group's functional currency is HKD, with all major operations and assets/liabilities denominated in HKD, leading the Board to assess no significant foreign exchange risk - The Group's functional currency is HKD, with its operations and assets/liabilities denominated in the functional currency, and the Board believes there is no significant foreign exchange risk[60](index=60&type=chunk) [Significant Acquisitions or Disposals of Subsidiaries Associates and Joint Ventures and Future Plans for Material Investments or Capital Assets](index=24&type=section&id=Significant%20Acquisitions%20or%20Disposals%20of%20Subsidiaries%2C%20Associates%20and%20Joint%20Ventures%2C%20and%20Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) No significant acquisitions or disposals of subsidiaries, associates, or joint ventures occurred, nor were there any future plans for material investments or capital assets during the period - There were no significant acquisitions or disposals of subsidiaries, associates, or joint ventures, nor any future plans for material investments or capital assets during the period[61](index=61&type=chunk) [Material Investments Held](index=24&type=section&id=Material%20Investments%20Held) The Group held no material investments during the period, other than those in subsidiaries and joint ventures - Other than investments in subsidiaries and joint ventures, the Group held no other material investments during the period[62](index=62&type=chunk) [Financial Guarantees and Contingent Liabilities](index=24&type=section&id=Financial%20Guarantees%20and%20Contingent%20Liabilities) The Group had no other financial guarantees and contingent liabilities as of June 30, 2025, beyond those disclosed in Note 13 - Save as disclosed in Note 13 to the condensed consolidated financial statements, the Group had no other financial guarantees and contingent liabilities as at June 30, 2025[63](index=63&type=chunk) [Capital Commitments](index=24&type=section&id=Capital%20Commitments) As of June 30, 2025, the Group had no capital commitments - As of June 30, 2025, the Group had no capital commitments[64](index=64&type=chunk) [Employees and Remuneration Policies](index=25&type=section&id=Employees%20and%20Remuneration%20Policies) The Group employed **1,044** staff in Hong Kong with total remuneration of approximately **HK$279 million**, offering competitive benefits, training, and a share option scheme Employee Information | Indicator | June 30, 2025 | | :--- | :--- | | Number of Employees | 1,044 | | Total Remuneration | Approx. HK$279 Million | - The Group provides salaries, medical benefits, and bonuses, with eligible employees also potentially receiving share options[65](index=65&type=chunk) - The Group offers on-the-job technical and operational training to employees and has a share option scheme to enhance loyalty and retention[65](index=65&type=chunk)[66](index=66&type=chunk) [Future Prospects](index=25&type=section&id=Future%20Prospects) The Board is confident in future growth, anticipating government economic stimulus and continued commitment to land and public housing development, enabling the Group to achieve long-term objectives - The Board remains confident in the Group's future development, anticipating further government measures to stimulate the Hong Kong economy and continued commitment to land development and public housing supply[67](index=67&type=chunk) - The Group will continue to leverage its existing competitive advantages to achieve its long-term business objectives[67](index=67&type=chunk) [Corporate Governance and Other Information](index=25&type=section&id=Corporate%20Governance%20and%20Other%20Information) [Corporate Governance Practices](index=25&type=section&id=Corporate%20Governance%20Practices) The company maintains high corporate governance standards despite deviations regarding the Chairman's dual role, lack of an independent internal audit, and an independent non-executive director's AGM absence, with the Board affirming the existing structure's effectiveness - The Company is committed to achieving and maintaining high standards of corporate governance[68](index=68&type=chunk) - Deviation from CG Code Provision C.2.1: The Chairman also serves as the Managing Director, which the Board believes is in the best interest of the Group[68](index=68&type=chunk)[69](index=69&type=chunk) - Deviation from CG Code Provision D.2.2: No independent internal audit function is established, but external internal control consultants are appointed to perform the function[68](index=68&type=chunk)[70](index=70&type=chunk) - Deviation from CG Code Provision C.1.5: One independent non-executive Director was unable to attend the Annual General Meeting[68](index=68&type=chunk)[71](index=71&type=chunk) [Standard Code for Securities Transactions](index=26&type=section&id=Standard%20Code%20for%20Securities%20Transactions) The company adopted the Standard Code for Securities Transactions from Listing Rules Appendix C3, with all Directors confirming compliance during the period - The Company has adopted the Standard Code for Securities Transactions as set out in Appendix C3 of the Listing Rules, and all Directors confirmed compliance during the period[72](index=72&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's%20Listed%20Securities) Neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the period - During the period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[74](index=74&type=chunk) [Events After the Reporting Period](index=27&type=section&id=Events%20After%20the%20Reporting%20Period) As of the announcement date, the Board is unaware of any significant events after the reporting period requiring disclosure - As of the date of this announcement, the Board is not aware of any significant events after the reporting period that require disclosure[75](index=75&type=chunk) [Audit Committee](index=27&type=section&id=Audit%20Committee) The Board's Audit Committee reviewed the Group's adopted accounting principles and practices, along with the unaudited condensed consolidated interim financial statements - The Board's Audit Committee has reviewed the accounting principles and practices adopted by the Group and has reviewed the unaudited condensed consolidated interim financial statements[76](index=76&type=chunk) [Interim Dividend](index=27&type=section&id=Interim%20Dividend) The Board does not recommend an interim dividend for the six months ended June 30, 2025 - The Board does not recommend an interim dividend for the six months ended June 30, 2025[77](index=77&type=chunk) [Publication of Interim Results and Interim Report](index=28&type=section&id=Publication%20of%20Interim%20Results%20and%20Interim%20Report) This interim consolidated results announcement is published on the company and HKEX websites, with the interim report to be dispatched to shareholders - This interim consolidated results announcement is published on the Company's website and the HKEX website, and the interim report will be dispatched to the Company's shareholders[78](index=78&type=chunk) [Board of Directors](index=28&type=section&id=By%20Order%20of%20the%20Board) As of the announcement date, the Board of Directors consists of three executive directors and three independent non-executive directors - As of the date of this announcement, the Company's executive directors are Mr. Chan Ki Chun, Mr. Yung Kin Man, and Mr. Yeung Chor Yin; independent non-executive directors are Mr. Jim Huen Kwong, Mr. Chan Kim Hung, and Dr. Kou Chi Fai[80](index=80&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部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。 YIHAI INTERNATIONAL HOLDING LTD. 頤海國際控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1579） 截至2025年6月30日止六個月 中期業績 頤海國際控股有限公司（「本公司」）董事會（「董事會」）欣然宣佈本公司及其附屬 公司（「本集團」或「我們」）截至2025年6月30日止六個月（「報告期」）的未經審計 綜合中期業績，連同2024年同期的比較數字。 本集團財務摘要 1 • 截至2025年6月30日止六個月的收入為人民幣2,927.4百萬元，而截至2024 年6月30日止六個月為人民幣2,926.9百萬元，維持穩定。 • 截至2025年6月30日止六個月的毛利為人民幣865.0百萬元，較截至2024年 6月30日止六個月的人民幣877.5百萬元減少1.4%。 • 截至2025年6月30日止六個月的經營利潤為人民幣430.5百萬元，較截至 2024年6月30日止 ...

目錄 | 公司資料 | 2 | | --- | --- | | 財務摘要 | 4 | | 管理層討論與分析 | 5 | | 企業管治及其他資料 | 18 | | 未經審核中期簡明綜合損益及其他全面收益表 | 26 | | 未經審核中期簡明綜合財務狀況表 | 28 | | 未經審核中期簡明綜合權益變動表 | 30 | | 未經審核中期簡明綜合現金流量表 | 31 | | 中期簡明綜合財務報表附註 | 33 | 公司資料 董事 執行董事 朱平先生 （主席兼首席執行官） 段克儉先生 樊磊先生 非執行董事 成軍先生 王旭陽先生 獨立非執行董事 尚健先生 楊惠芳女士 朱洪超先生 監事 蔡璐懿女士 （主席） 陸希立先生 王娟萍女士 審核委員會 楊惠芳女士 （主席） 尚健先生 朱洪超先生 提名委員會 朱平先生 （主席） 尚健先生 楊惠芳女士 薪酬委員會 朱洪超先生 （主席） 楊惠芳女士 朱平先生 公司秘書 劉惠儀女士 註冊辦事處 中國 上海 自由貿易試驗區 張楊路828–838號（雙） 26G–3室 中國主要營業地點 中國 上海 浦東新區 世紀大道1198號 世紀匯一座7樓707單元 郵編200122 香港主要營業地點 香 ...

ALLEGRO CULTURE LIMITED (Stock Code 股份代號：550) 20 24 ANNUAL REPORT 年 報 Allegro Culture Limited ALLEGRO CULTURE LIMITED 律齊文化有限公司 (Incorporated in the Cayman Islands and continued in Bermuda with limited liability) (於開曼群島註冊成立並於百慕達繼續經營之有限公司) 律齊文化有限公司 www.allegroculture.com.hk 律齊文化有限公司 ANNUAL REPORT 2024 年 報 Room 1506, 15th Floor, Wing On Centre, 111 Connaught Road Central, Hong Kong 香港干諾道中111號永安中心15樓1506室 Contents 目錄 | Directors' Statement | 董事會致辭 | 2 | | --- | --- | --- | | Management Discussion and Analysis | ...