康師傅控股有限公司 摘要 | | | 截至6月30日止6個月 | | | | --- | --- | --- | --- | --- | | | 人民幣千元 | 2025年 | 2024年 | 變動 | | ‧ | 收益 | 40,092,163 | 41,201,208 | ↓2.7% | | ‧ | 毛利率(%) | 34.5% | 32.6% | ↑1.9個百分點 | | ‧ | 集團毛利 | 13,815,035 | 13,439,915 | ↑2.8% | | ‧ | 扣除利息、稅項、折舊及攤銷前盈利(EBITDA) | 5,450,637 | 4,824,605 | ↑13.0% | | ‧ | 本期溢利 | 2,688,304 | 2,235,065 | ↑20.3% | | ‧ | 本公司股東應佔溢利 | 2,271,116 | 1,885,310 | ↑20.5% | | ‧ | 本公司股東應佔經調整溢利* | 2,111,604 | 1,885,310 | ↑12.0% | | ‧ | 每股溢利（人民幣分） | | | | | | 基本 | 40.30 | 33.46 | ↑6.84分 | ...

中期業績報告 財務摘要 | | 截至 | 截至 | | | --- | --- | --- | --- | | | 二零二五年 | 二零二四年 | | | | 六月三十日 | 六月三十日 | | | 人民幣千元 | 止六個月 | 止六個月 | 同比(%) | | 收入 | 183,368 | 333,120 | -45% | | 經營溢利 | 15,014 | 20,863 | -28% | | 本公司權益股東應佔溢利 | 32,948 | 29,879 | +10% | | 每股盈利 | | | | | —基本及攤薄 （人民幣元） | 0.071 | 0.065 | +9% | 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份內容而產生或因 倚賴該等內容而引致之任何損失承擔任何責任。 SINOMEDIA HOLDING LIMITED 中視金橋國際傳媒控股有限公 司 （於香港註冊成立之有限公司） （股份代號：00623） 截至二零二五年六月三十日止六個月 收入 | | 截至 | 截至 | | | --- | ...

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。 SINOPHARM GROUP CO. LTD. * （於中華人民共和國註冊成立之股份有限公司， 在香港以國控股份有限公司之名稱經營業務） （股份代號：01099） 二零二五年中期業績公告 國藥控股股份有限公司（「本公司」、「公司」或「國藥控股」）董事會（「董事會」）欣然宣佈本 公司及其附屬公司（「本集團」）截至二零二五年六月三十日止六個月期間（「報告期間」或 「報告期」）之未經審核中期業績，連同去年同期的比較資料如下： * 本公司以其中文名稱及英文名稱「Sinopharm Group Co. Ltd.」根據香港公司條例註冊為非香 港公司。 - 1 - 中期簡明綜合損益表 截至二零二五年六月三十日止六個月 | | | 截至六月三十日止六個月 | | | --- | --- | --- | --- | | | 附註 | 二零二五年 | 二零二四年 | | | | 人民幣千元 | 人民幣千元 | | | | ...

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。 新琪安集團股份有限公司 (Newtrend Group Holding Co., Ltd.) （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：2573） 2025年中期業績公告 | 財務摘要 | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | 截 | | | 至6月30日止六個月 | | | | | | | | | | | | | | | | | | | 2025年 | | | | | 202 ...

I. [Company Information and Financial Summary](index=1&type=section&id=I.%20Company%20Information%20and%20Financial%20Summary) This section provides an overview of the company's interim performance and key financial highlights for the first half of 2025 [1.1 Company Statement and Basic Information](index=1&type=section&id=1.1%20Company%20Statement%20and%20Basic%20Information) This announcement presents the unaudited interim results of Zhaojin Mining Industry Co., Ltd. for the six months ended June 30, 2025, reviewed by the Audit Committee - This announcement is the unaudited interim results announcement of Zhaojin Mining Industry Co., Ltd. for the six months ended June 30, 2025[2](index=2&type=chunk)[3](index=3&type=chunk) - The content of the announcement has been reviewed by the Board's Audit Committee[3](index=3&type=chunk) [1.2 Financial Summary](index=1&type=section&id=1.2%20Financial%20Summary) For the six months ended June 30, 2025, the company achieved significant growth in revenue, net profit, profit attributable to parent company shareholders, and earnings per share, with no interim dividend proposed Key Financial Indicators for H1 2025 | Indicator | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | YoY Growth Rate | | :--- | :--- | :--- | :--- | | Revenue | 6,972,841 | 4,627,203 | 50.69% | | Net Profit | 1,776,694 | 726,420 | 144.58% | | Profit attributable to parent company shareholders | 1,439,690 | 552,793 | 160.44% | | Basic and diluted earnings per share (RMB yuan) | 0.38 | 0.12 | 216.67% | - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[3](index=3&type=chunk) II. [Interim Condensed Consolidated Financial Statements](index=2&type=section&id=II.%20Interim%20Condensed%20Consolidated%20Financial%20Statements) This section presents the interim condensed consolidated financial statements, including the income statement, comprehensive income statement, and statement of financial position [2.1 Interim Condensed Consolidated Income Statement](index=2&type=section&id=2.1%20Interim%20Condensed%20Consolidated%20Income%20Statement) For the six months ended June 30, 2025, the company reported significant growth in revenue and profit, with a substantial increase in gross profit, indicating strong operational performance Summary of Interim Condensed Consolidated Income Statement (RMB thousands) | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Revenue | 6,972,841 | 4,627,203 | | Cost of sales | (3,922,605) | (2,650,560) | | Gross profit | 3,050,236 | 1,976,643 | | Other income and gains | 1,133,655 | 383,824 | | Profit before tax | 2,248,870 | 953,079 | | Profit for the period | 1,776,694 | 726,420 | | Profit attributable to owners of the parent | 1,439,690 | 552,793 | | Basic and diluted earnings per share (RMB yuan) | 0.38 | 0.12 | [2.2 Interim Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=2.2%20Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the company's comprehensive profit significantly increased, driven by higher profit for the period and fair value changes in equity investments measured at fair value through other comprehensive income Summary of Interim Condensed Consolidated Statement of Comprehensive Income (RMB thousands) | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit for the period | 1,776,694 | 726,420 | | Exchange differences on translation of foreign operations | 64,967 | (9,342) | | Fair value changes of equity investments measured at fair value through other comprehensive income | 182,452 | (85,807) | | Other comprehensive income for the period, net of tax | 246,737 | (93,652) | | Total comprehensive income for the period | 2,023,431 | 632,768 | | Total comprehensive income attributable to owners of the parent | 1,679,320 | 459,869 | [2.3 Interim Condensed Consolidated Statement of Financial Position](index=4&type=section&id=2.3%20Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's total assets and net assets increased, and net current liabilities improved, reflecting a stable financial position Summary of Interim Condensed Consolidated Statement of Financial Position (RMB thousands) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total non-current assets | 41,276,095 | 39,676,995 | | Total current assets | 16,995,542 | 13,890,950 | | Total current liabilities | 17,081,953 | 14,435,157 | | Net current liabilities | (86,411) | (544,207) | | Net assets | 27,588,237 | 25,192,291 | | Total equity | 27,588,237 | 25,192,291 | III. [Notes to the Interim Condensed Consolidated Financial Statements](index=6&type=section&id=III.%20Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed notes to the interim condensed consolidated financial statements, covering accounting policies, segment information, revenue, and other financial disclosures [3.1 Basis of Preparation](index=6&type=section&id=3.1%20Basis%20of%20Preparation) The interim condensed consolidated financial information is prepared in accordance with HKAS 34 "Interim Financial Reporting" and should be read in conjunction with the annual consolidated financial statements - The interim condensed consolidated financial information has been prepared in accordance with Hong Kong Accounting Standard 34 'Interim Financial Reporting'[8](index=8&type=chunk) - The interim financial information does not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the annual consolidated financial statements for the year ended December 31, 2024[8](index=8&type=chunk) [3.2 Changes in Accounting Policies](index=6&type=section&id=3.2%20Changes%20in%20Accounting%20Policies) Except for the initial adoption of revised HKFRSs, the accounting policies used to prepare the interim condensed consolidated financial information are consistent with the annual consolidated financial statements, with no impact from HKAS 21 amendments - The accounting policies adopted in preparing the interim condensed consolidated financial information are consistent with those applied in the annual consolidated financial statements, except for the initial adoption of revised Hong Kong Financial Reporting Standards[9](index=9&type=chunk) - The amendments to HKAS 21 regarding lack of exchangeability have no impact on the Group's interim condensed consolidated financial information, as the Group's transaction currency and functional currency are exchangeable[10](index=10&type=chunk) [3.3 Segment Information](index=7&type=section&id=3.3%20Segment%20Information) The Group's operations are primarily divided into gold, copper, and other businesses, with gold mining being the main source of revenue and profit, while the copper business recorded a loss in H1 2025 - The Group's operating activities are not seasonal[13](index=13&type=chunk) [3.3.1 Segment Results for H1 2025](index=7&type=section&id=3.3.1%20Segment%20Results%20for%20H1%202025) In H1 2025, the gold mining business contributed the vast majority of revenue and profit, the copper business remained in a loss-making state, but other businesses performed well Summary of Segment Results for H1 2025 (RMB thousands) | Indicator | Gold Mining Business | Copper Mining Business | Others | Total | | :--- | :--- | :--- | :--- | :--- | | Revenue from external customers | 6,163,750 | 223,616 | 585,475 | 6,972,841 | | Segment results | 2,375,495 | (651,666) | 706,501 | 2,430,330 | | Segment assets | 44,575,380 | 1,894,779 | 6,896,445 | 53,366,604 | | Capital expenditure | 2,638,345 | 13,286 | 20,070 | 2,671,701 | | Impairment losses recognized in profit or loss | 73,394 | 655,847 | 11,324 | 740,565 | [3.3.2 Segment Results for H1 2024](index=8&type=section&id=3.3.2%20Segment%20Results%20for%20H1%202024) In H1 2024, the gold mining business was also the primary source of revenue and profit, the copper business incurred losses, and capital expenditure was mainly concentrated in gold mining Summary of Segment Results for H1 2024 (RMB thousands) | Indicator | Gold Mining Business | Copper Mining Business | Others | Total | | :--- | :--- | :--- | :--- | :--- | | Revenue from external customers | 4,268,141 | 169,881 | 189,181 | 4,627,203 | | Segment results | 1,142,771 | (33,500) | (2,351) | 1,106,920 | | Segment assets | 42,234,489 | 2,619,769 | 3,848,940 | 48,703,198 | | Capital expenditure | 5,964,809 | 38,341 | 17,391 | 6,020,541 | | Impairment losses recognized in profit or loss | 237,547 | 735 | 4,114 | 242,396 | [3.4 Revenue](index=9&type=section&id=3.4%20Revenue) The Group's revenue primarily derives from gold sales, with mainland China being the main operating region, and most revenue recognized at a point in time [3.4.1 Revenue Analysis for H1 2025](index=9&type=section&id=3.4.1%20Revenue%20Analysis%20for%20H1%202025) Total revenue for H1 2025 was RMB 6,972,841 thousands, with gold sales accounting for the largest proportion, and mainland China contributing most of the revenue Revenue Composition for H1 2025 (RMB thousands) | Category | Amount | | :--- | :--- | | Revenue from contracts with customers | 7,179,623 | | Less: Government surcharges | (206,782) | | Total | 6,972,841 | | Sales of gold | 6,500,058 | | Sales of copper | 221,892 | | Sales of silver | 81,374 | | Revenue from Mainland China | 6,107,415 | | Overseas revenue | 1,072,208 | | Revenue recognized at a point in time | 7,142,941 | [3.4.2 Revenue Analysis for H1 2024](index=10&type=section&id=3.4.2%20Revenue%20Analysis%20for%20H1%202024) Total revenue for H1 2024 was RMB 4,627,203 thousands, with gold sales also being the primary revenue source, and mainland China as the main market Revenue Composition for H1 2024 (RMB thousands) | Category | Amount | | :--- | :--- | | Revenue from contracts with customers | 4,763,553 | | Less: Government surcharges | (136,350) | | Total | 4,627,203 | | Sales of gold | 4,299,037 | | Sales of copper | 149,620 | | Sales of silver | 67,264 | | Revenue from Mainland China | 4,557,731 | | Overseas revenue | 205,822 | | Revenue recognized at a point in time | 4,704,440 | [3.5 Profit Before Tax](index=10&type=section&id=3.5%20Profit%20Before%20Tax) The Group's profit before tax is derived after deducting cost of inventories sold, various impairment losses, and exchange gains/losses, with a significant increase in impairment of property, plant and equipment in H1 2025 Summary of Profit Before Tax Deductions (RMB thousands) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Cost of inventories sold | 3,922,605 | 2,650,560 | | Impairment provision for inventories | – | 12,958 | | Impairment of trade receivables | 6,637 | 10,097 | | Impairment of loans receivable | 10,906 | 1,361 | | Impairment of other intangible assets | 12,405 | – | | Impairment of property, plant and equipment | 710,617 | 217,980 | | Exchange (gains)/losses | (117,892) | 34,882 | [3.6 Income Tax Expense](index=11&type=section&id=3.6%20Income%20Tax%20Expense) The Group's income tax expense primarily arises from mainland China, Hong Kong, and overseas regions, with applicable tax rates determined by local regulations, and some subsidiaries enjoying preferential tax rates - Mainland China enterprise income tax is provided at a rate of **25%**, with high-tech enterprises and subsidiaries in the Western Development region enjoying a preferential rate of **15%**[19](index=19&type=chunk) - Hong Kong profits tax is accrued at **16.5%**, with entities qualifying for the two-tiered profits tax regime taxed at **8.25%** for the first HKD 2,000,000[19](index=19&type=chunk) Income Tax Expense Details (RMB thousands) | Category | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Current – Mainland China | 340,192 | 231,200 | | Current – Hong Kong and overseas regions | 151,645 | 9,983 | | Deferred tax | (19,661) | (14,524) | | Income tax expense for the period | 472,176 | 226,659 | [3.7 Dividends](index=11&type=section&id=3.7%20Dividends) No interim dividend is proposed for the current period, while the 2024 final ordinary share dividend of RMB 0.05 per share was approved for distribution on June 2, 2025 - No interim dividend is proposed for the current period[21](index=21&type=chunk) - The 2024 final ordinary share dividend of **RMB 0.05 per share** (before tax), totaling approximately **RMB 177,121,000**, was approved for distribution on June 2, 2025[21](index=21&type=chunk) [3.8 Earnings Per Share Attributable to Ordinary Equity Holders of the Parent](index=12&type=section&id=3.8%20Earnings%20Per%20Share%20Attributable%20to%20Ordinary%20Equity%20Holders%20of%20the%20Parent) In H1 2025, basic and diluted earnings per share attributable to ordinary equity holders of the parent were RMB 0.38, a significant increase from the prior year, with no dilutive effect Summary of Earnings Per Share Calculation | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit attributable to ordinary equity holders of the parent (RMB thousands) | 1,316,682 | 412,379 | | Weighted average number of ordinary shares in issue (shares) | 3,478,194,000 | 3,320,437,000 | | Basic and diluted earnings per share (RMB yuan) | 0.38 | 0.12 | - Diluted earnings per share for the current period and H1 2024 were equal to basic earnings per share, with no dilutive effect[23](index=23&type=chunk) [3.9 Property, Plant and Equipment and Other Intangible Assets](index=12&type=section&id=3.9%20Property,%20Plant%20and%20Equipment%20and%20Other%20Intangible%20Assets) In H1 2025, the Group's original cost of property, plant and equipment and intangible assets increased, and total impairment losses of RMB 723,023,000 were recognized due to strategic adjustments and changes in operating plans Acquisition of Property, Plant and Equipment and Other Intangible Assets (RMB thousands) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Original cost of property, plant and equipment acquired | 1,016,586 | 839,691 | | Original cost of other intangible assets acquired | 282,858 | 110,707 | - Net book value of disposed property, plant and equipment totaled **RMB 2,496,000**, with a total net loss of **RMB 1,092,000**[25](index=25&type=chunk) - Due to strategic adjustments of mines and changes in operating plans, impairment losses totaling **RMB 723,023,000** were recognized for property, plant and equipment and other intangible assets of one mine in the gold mining segment and one smelter in the copper mining segment[26](index=26&type=chunk) [3.10 Trade and Bills Receivables](index=12&type=section&id=3.10%20Trade%20and%20Bills%20Receivables) As of June 30, 2025, total trade and bills receivables significantly increased, primarily concentrated within one year Summary of Trade and Bills Receivables (RMB thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade receivables | 573,776 | 177,284 | | Bills receivables | 34,009 | 16,569 | | Impairment allowance | (22,625) | (17,879) | | Total | 585,160 | 175,974 | Aging Analysis of Trade and Bills Receivables (RMB thousands) | Aging | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 1 year | 560,522 | 166,283 | | 1 to 2 years | 18,299 | 4,816 | | 2 to 3 years | 4,378 | 3,103 | | Over 3 years | 1,961 | 1,772 | | Total | 585,160 | 175,974 | [3.11 Trade and Bills Payables](index=13&type=section&id=3.11%20Trade%20and%20Bills%20Payables) As of June 30, 2025, total trade and bills payables decreased, primarily concentrated within one year Summary of Trade and Bills Payables (RMB thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade payables | 579,932 | 649,280 | | Bills payables | 179,360 | 176,438 | | Total | 759,292 | 825,718 | Aging Analysis of Trade and Bills Payables (RMB thousands) | Aging | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 1 year | 716,386 | 782,261 | | 1 to 2 years | 16,840 | 18,256 | | 2 to 3 years | 7,909 | 5,337 | | Over 3 years | 18,157 | 19,864 | | Total | 759,292 | 825,718 | [3.12 Share Capital](index=14&type=section&id=3.12%20Share%20Capital) As of June 30, 2025, the company's share capital increased due to the issuance of new H shares through placing, with net proceeds of approximately RMB 1,818,286 thousands Share Capital Composition (RMB thousands) | Category | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Domestic shares (660,837,607 shares) | 660,838 | 660,838 | | H shares (2,881,555,597 shares) | 2,881,555 | 2,741,555 | | Total | 3,542,393 | 3,402,393 | - On March 24, 2025, the company issued **140,000,000 new H shares** at **HKD 14.16 per share**, with net proceeds of approximately **HKD 1,970,337,000** (equivalent to **RMB 1,818,286,000**)[30](index=30&type=chunk) [3.13 Business Combinations](index=14&type=section&id=3.13%20Business%20Combinations) On January 7, 2025, the Group acquired 100% equity of Shandong Zeqing, which primarily invests in the Jinyi Gold Mine, as part of its strategy to expand business and enhance profitability, recognizing an investment gain of RMB 49,812,000 - On January 7, 2025, the Group acquired **100% equity** of Shandong Zeqing from other shareholders[31](index=31&type=chunk) - Shandong Zeqing's primary investment is an **85% equity interest** in Yantai Jinyi Mining Co., Ltd., which is a gold mine[32](index=32&type=chunk) - The acquisition consideration was paid in cash, with **RMB 398,468,000** paid on January 20, 2025[31](index=31&type=chunk) - The difference between the fair value and carrying amount of the Group's equity investment in the associate held prior to the acquisition date was recognized as an investment gain of approximately **RMB 49,812,000**[33](index=33&type=chunk) - Since the acquisition, Shandong Zeqing's contribution to consolidated profit for the six months ended June 30, 2025, was a loss of **RMB 9,548,000**[34](index=34&type=chunk) IV. [Business Review](index=17&type=section&id=IV.%20Business%20Review) This section reviews the Group's business performance, market environment, and strategic achievements during the reporting period [4.1 Macro Market Environment](index=17&type=section&id=4.1%20Macro%20Market%20Environment) In H1 2025, gold prices surged, reaching historical highs, with both London spot gold and Shanghai Gold Exchange AU9999 experiencing significant increases, supported by various factors - In H1 2025, gold prices rose strongly, reaching a high of **USD 3,500.10 per ounce**[42](index=42&type=chunk) Gold Price Performance | Indicator | End of June 2025 | H1 2025 Average | H1 2024 Average | | :--- | :--- | :--- | :--- | | London spot gold closing price (USD/ounce) | 3,302.96 | 3,077.0 | 2,205.98 | | Shanghai Gold Exchange AU9999 closing price (RMB yuan/gram) | 764.15 | 721.79 | 520.93 | - The average London spot gold price in H1 increased by **39.48%** year-on-year, and the weighted average Shanghai Gold Exchange AU9999 price in H1 increased by **38.56%** year-on-year[42](index=42&type=chunk) [4.2 Group Operating Strategy and Achievements](index=17&type=section&id=4.2%20Group%20Operating%20Strategy%20and%20Achievements) Amid high gold prices and industry consolidation opportunities, the Group focused on its core business, achieving breakthroughs in safety production, project construction, investment and M&A, and capital operations, leading to significant growth in market value and share price - The company's market value repeatedly hit new highs, with a cumulative increase of over **80%**, and the share price reached a maximum of **HKD 22.2 per share**, outperforming the industry market[43](index=43&type=chunk) [4.2.1 Strengthening Production and Operations](index=17&type=section&id=4.2.1%20Strengthening%20Production%20and%20Operations) The Group, guided by "optimized production, increased output, and enhanced efficiency," optimized resource allocation and accelerated capacity release, leading to significant growth in mined gold output and total profit Gold Output and Total Profit | Indicator | H1 2025 | | :--- | :--- | | Mined gold output | 10,235.63 kg (approx. 329,082.51 oz) | | Total profit | approx. RMB 2.249 billion | [4.2.2 Focusing on Project Implementation](index=18&type=section&id=4.2.2%20Focusing%20on%20Project%20Implementation) The Ruihai project accelerated infrastructure construction, with the beneficiation system successfully commissioned, and key projects like the Xiadian Gold Mine deep exploration progressing simultaneously, supporting capacity release - The Ruihai project's **12,000 tons/day** beneficiation system successfully underwent a one-time wet commissioning, initially possessing industrial production capacity[44](index=44&type=chunk) - Key projects for capacity enhancement at backbone mines, such as the deep exploration of Xiadian Gold Mine, are progressing simultaneously[44](index=44&type=chunk) [4.2.3 Deepening Exploration and Development](index=18&type=section&id=4.2.3%20Deepening%20Exploration%20and%20Development) The Group established a specialized exploration fund exceeding RMB 100 million, focusing on key metallogenic belts, adding 25 tons of gold metal, and successfully bidding for several key mining rights to expand resource reserves - Established a specialized exploration fund exceeding **RMB 100 million**, adding **25 tons** of gold metal through exploration[44](index=44&type=chunk) - Successfully bid for several key mining rights, opening up vast space for expanding resource reserves[44](index=44&type=chunk) [4.2.4 Refining Operations Management](index=18&type=section&id=4.2.4%20Refining%20Operations%20Management) The Group strengthened operational control, implemented "one enterprise, one topic" research projects, newly recognized 4 provincial innovative small and medium-sized enterprises, won 25 China Gold Association Science and Technology Innovation Awards, and successfully completed a 140 million share placement to secure funding - Implemented 'one enterprise, one topic,' with a batch of scientific research projects leading to innovative achievements, and newly recognized **4 provincial innovative small and medium-sized enterprises**[45](index=45&type=chunk) - Won **25 China Gold Association Science and Technology Innovation Awards**[45](index=45&type=chunk) - Successfully completed the placement of **140 million shares**, providing solid financial support for business expansion[45](index=45&type=chunk) [4.2.5 Strictly Adhering to Compliance Bottom Line](index=18&type=section&id=4.2.5%20Strictly%20Adhering%20to%20Compliance%20Bottom%20Line) In H1, the Group invested RMB 88 million in safety and environmental protection, passed audit-style safety inspections and environmental supervision with high standards, enhancing compliance awareness and management levels - In H1, completed special investment of **RMB 88 million** in safety and environmental protection[45](index=45&type=chunk) - Passed audit-style safety inspections and environmental supervision with high standards, enhancing compliance awareness and management levels[45](index=45&type=chunk) V. [Financial and Performance Analysis](index=19&type=section&id=V.%20Financial%20and%20Performance%20Analysis) This section provides a detailed analysis of the Group's financial performance and key operational metrics, including revenue, net profit, costs, and asset-liability structure [5.1 Revenue Analysis](index=19&type=section&id=5.1%20Revenue%20Analysis) In H1 2025, the Group's revenue increased by **50.69%** year-on-year to **RMB 6,972,841 thousands**, primarily due to higher gold sales prices and increased sales volume Revenue Comparison (RMB thousands) | Period | Amount | | :--- | :--- | | H1 2025 | 6,972,841 | | H1 2024 | 4,627,203 | | YoY Growth | 50.69% | - The main reasons for the increase in revenue were higher gold sales prices and increased sales volume by the Group[46](index=46&type=chunk) [5.2 Net Profit Analysis](index=19&type=section&id=5.2%20Net%20Profit%20Analysis) In H1 2025, the Group's net profit increased by **144.58%** year-on-year to **RMB 1,776,694 thousands**, primarily due to a substantial increase in gross profit from sales Net Profit Comparison (RMB thousands) | Period | Amount | | :--- | :--- | | H1 2025 | 1,776,694 | | H1 2024 | 726,420 | | YoY Growth | 144.58% | - The main reason for the increase in net profit was a substantial increase in the Group's gross profit from sales[47](index=47&type=chunk) [5.3 Comprehensive Cost Per Gram of Gold](index=19&type=section&id=5.3%20Comprehensive%20Cost%20Per%20Gram%20of%20Gold) In H1 2025, the comprehensive cost per gram of gold for the Group's domestic gold production enterprises increased by **2.96%** to **RMB 216.20 per gram**, mainly due to increased depreciation Comprehensive Cost Per Gram of Gold Comparison (RMB yuan/gram) | Period | Amount | | :--- | :--- | | H1 2025 | 216.20 | | H1 2024 | 209.99 | | YoY Increase | 2.96% | - The main reason for the increase in domestic comprehensive cost per gram of gold was increased depreciation[48](index=48&type=chunk) [5.4 Cost of Sales](index=19&type=section&id=5.4%20Cost%20of%20Sales) In H1 2025, the Group's cost of sales increased by **47.99%** year-on-year to **RMB 3,922,605 thousands**, primarily due to increased gold sales volume Cost of Sales Comparison (RMB thousands) | Period | Amount | | :--- | :--- | | H1 2025 | 3,922,605 | | H1 2024 | 2,650,560 | | YoY Growth | 47.99% | - The main reason for the increase in cost of sales was increased gold sales volume by the Group[49](index=49&type=chunk) [5.5 Gross Profit and Gross Profit Margin](index=19&type=section&id=5.5%20Gross%20Profit%20and%20Gross%20Profit%20Margin) In H1 2025, the Group's gross profit increased by **54.31%** year-on-year to **RMB 3,050,236 thousands**, and the gross profit margin rose to **43.74%**, primarily due to higher gold sales prices and increased sales volume Gross Profit and Gross Profit Margin Comparison | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Gross profit (RMB thousands) | 3,050,236 | 1,976,643 | | Gross profit margin | 43.74% | 42.72% | | YoY Gross Profit Growth | 54.31% | | - The main reason for the increase in gross profit was higher gold sales prices and increased sales volume by the Group[50](index=50&type=chunk) [5.6 Other Income and Gains](index=20&type=section&id=5.6%20Other%20Income%20and%20Gains) In H1 2025, the Group's other income and gains increased by **195.36%** year-on-year to **RMB 1,133,655 thousands**, primarily due to increased fair value changes in financial instruments Other Income and Gains Comparison (RMB thousands) | Period | Amount | | :--- | :--- | | H1 2025 | 1,133,655 | | H1 2024 | 383,824 | | YoY Growth | 195.36% | - The main reason for this increase was increased fair value changes in financial instruments[51](index=51&type=chunk) [5.7 Selling and Distribution Expenses](index=20&type=section&id=5.7%20Selling%20and%20Distribution%20Expenses) In H1 2025, the Group's selling and distribution expenses increased by **59.16%** year-on-year to **RMB 25,615 thousands**, primarily due to increased gold processing and transaction fees Selling and Distribution Expenses Comparison (RMB thousands) | Period | Amount | | :--- | :--- | | H1 2025 | 25,615 | | H1 2024 | 16,094 | | YoY Growth | 59.16% | - The main reason for this increase was increased gold processing and transaction fees by the Group[52](index=52&type=chunk) [5.8 Administrative Expenses and Other Operating Expenses](index=20&type=section&id=5.8%20Administrative%20Expenses%20and%20Other%20Operating%20Expenses) In H1 2025, the Group's administrative expenses and other operating expenses increased by **47.52%** year-on-year to **RMB 1,668,035 thousands**, primarily due to the impairment of property, plant and equipment recognized during the period Administrative Expenses and Other Operating Expenses Comparison (RMB thousands) | Period | Amount | | :--- | :--- | | H1 2025 | 1,668,035 | | H1 2024 | 1,130,721 | | YoY Growth | 47.52% | - The main reason for this increase was the impairment of property, plant and equipment recognized by the Group during the period[53](index=53&type=chunk) [5.9 Finance Costs](index=20&type=section&id=5.9%20Finance%20Costs) In H1 2025, the Group's finance costs decreased by **4.36%** year-on-year to **RMB 252,687 thousands**, primarily due to a decrease in the weighted average financing interest rate Finance Costs Comparison (RMB thousands) | Period | Amount | | :--- | :--- | | H1 2025 | 252,687 | | H1 2024 | 264,207 | | YoY Decrease | 4.36% | - This decrease was mainly due to a decrease in the Group's weighted average financing interest rate[54](index=54&type=chunk) [5.10 Liquidity and Capital Resources](index=20&type=section&id=5.10%20Liquidity%20and%20Capital%20Resources) The Group's working capital primarily comes from operating cash flow and borrowings; as of June 30, 2025, cash and cash equivalents significantly increased by **60.18%** to **RMB 3,251,368 thousands**, mainly for repaying upcoming debts - The Group's working capital and capital resources are primarily derived from operating cash flows and borrowings[55](index=55&type=chunk) Cash and Cash Equivalents Comparison (RMB thousands) | Date | Amount | | :--- | :--- | | June 30, 2025 | 3,251,368 | | December 31, 2024 | 2,029,825 | | Increase | 60.18% | - The increase in cash and cash equivalents was mainly due to reserved cash for repaying upcoming debts[55](index=55&type=chunk) - The Group can convert RMB into other currencies through banks authorized to conduct foreign currency business[57](index=57&type=chunk) [5.11 Borrowings](index=21&type=section&id=5.11%20Borrowings) As of June 30, 2025, the Group's total outstanding bank loans, other borrowings, and gold lease financing amounted to **RMB 13,388,122 thousands**, with most repayable within one year; all borrowings are denominated in RMB, and **64.08%** are at fixed interest rates Total Outstanding Borrowings and Maturity (RMB thousands) | Maturity | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total | 13,388,122 | 12,984,719 | | Repayable within 1 year | 9,457,042 | 7,573,647 | | Repayable within 2 to 5 years | 1,678,275 | 3,361,037 | | Repayable over 5 years | 2,252,805 | 2,050,035 | - All borrowings are denominated in RMB[59](index=59&type=chunk) - **64.08%** of the Group's interest-bearing bank borrowings and other borrowings are at fixed interest rates[59](index=59&type=chunk) [5.12 Income Tax](index=22&type=section&id=5.12%20Income%20Tax) In H1 2025, the Group's effective income tax rate was approximately **21.00%**, a decrease compared to the same period last year Effective Income Tax Rate Comparison | Period | Rate | | :--- | :--- | | H1 2025 | 21.00% | | H1 2024 | 23.78% | [5.13 Asset and Liability Structure](index=22&type=section&id=5.13%20Asset%20and%20Liability%20Structure) As of June 30, 2025, the Group's total assets, net assets, and total liabilities all increased, while the gearing ratio decreased, indicating a trend towards a more stable financial structure [5.13.1 Total Assets](index=22&type=section&id=5.13.1%20Total%20Assets) As of June 30, 2025, the Group's total assets increased by **8.78%** to **RMB 58,271,637 thousands**, with non-current assets accounting for **70.83%** Total Assets Comparison (RMB thousands) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total assets | 58,271,637 | 53,567,945 | | Non-current assets | 41,276,095 | 39,676,995 | | Current assets | 16,995,542 | 13,890,950 | - Total assets increased by approximately **8.78%**, with non-current assets accounting for approximately **70.83%** of total assets[61](index=61&type=chunk) [5.13.2 Net Assets](index=22&type=section&id=5.13.2%20Net%20Assets) As of June 30, 2025, the Group's net assets increased by **9.51%** to **RMB 27,588,237 thousands** Net Assets Comparison (RMB thousands) | Date | Amount | | :--- | :--- | | June 30, 2025 | 27,588,237 | | December 31, 2024 | 25,192,291 | | Increase | 9.51% | [5.13.3 Total Liabilities](index=22&type=section&id=5.13.3%20Total%20Liabilities) As of June 30, 2025, the Group's total liabilities increased by **8.13%** to **RMB 30,683,400 thousands**, and the gearing ratio decreased to **41.18%** Total Liabilities and Gearing Ratio Comparison | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total liabilities (RMB thousands) | 30,683,400 | 28,375,654 | | Gearing ratio | 41.18% | 43.39% | [5.14 Contingent Liabilities](index=22&type=section&id=5.14%20Contingent%20Liabilities) As of June 30, 2025, there were no changes in the Group's contingent liabilities compared to December 31, 2024 - As of June 30, 2025, there were no changes in the Group's contingent liabilities compared to December 31, 2024[64](index=64&type=chunk) [5.15 Market Risks](index=22&type=section&id=5.15%20Market%20Risks) The Group faces market risks from fluctuations in gold and other commodity values, interest rates, and foreign currency exchange rates, which are managed through various means, but no interest rate swaps or foreign exchange hedging were conducted during this period - The Group is exposed to market risks from fluctuations in gold and other commodity values, interest rates, and foreign currency exchange rates[65](index=65&type=chunk) [5.15.1 Interest Rate Risk](index=23&type=section&id=5.15.1%20Interest%20Rate%20Risk) The Group manages interest rate risk by holding a portfolio of fixed and floating rate short-term deposits and borrowings, with no interest rate swaps used during this period - The Group manages interest rate risk by holding a portfolio of fixed and floating rate short-term deposits, and simultaneously holding fixed and floating rate bank borrowings[66](index=66&type=chunk) - The Group did not use any interest rate swaps to hedge its interest rate risk during this period[67](index=67&type=chunk) [5.15.2 Foreign Exchange Risk](index=23&type=section&id=5.15.2%20Foreign%20Exchange%20Risk) Most of the Group's transactions are denominated in RMB, and fluctuations in the RMB to USD exchange rate may affect gold prices and operating results, with no foreign exchange hedging conducted during this period - Most of the Group's transactions are denominated in RMB[68](index=68&type=chunk) - Fluctuations in the RMB to USD exchange rate may affect international and local gold prices, thereby impacting the Group's operating results[68](index=68&type=chunk) - During this period, the Group did not engage in any hedging activities due to exchange rate fluctuations[69](index=69&type=chunk) [5.15.3 Gold Price and Other Commodity Value Risk](index=23&type=section&id=5.15.3%20Gold%20Price%20and%20Other%20Commodity%20Value%20Risk) The Group's price risk is primarily related to fluctuations in gold market prices, which are hedged through AU(T+D) contracts and gold futures contracts, with reasonable fluctuations having no significant impact on profit and equity - The Group's price risk is primarily related to fluctuations in gold market prices[70](index=70&type=chunk) - During this period, the Group engaged in AU(T+D) contract transactions on the Shanghai Gold Exchange and entered into gold futures contracts to hedge against gold price fluctuations[70](index=70&type=chunk) - A reasonable **10%** fluctuation in commodity prices would not have a significant impact on the Group's profit and equity during this period[71](index=71&type=chunk) [5.16 Pledges](index=23&type=section&id=5.16%20Pledges) As of June 30, 2025, the Group's pledged deposits amounted to **RMB 596,334 thousands**, serving as guarantees or collateral for bank loans and bills payable Pledged Deposits Comparison (RMB thousands) | Date | Amount | | :--- | :--- | | June 30, 2025 | 596,334 | | December 31, 2024 | 625,805 | - Pledged deposits serve as environmental governance guarantees, futures trading margins, AU(T+D) contract margins, or collateral for bank loans and bills payable[72](index=72&type=chunk) VI. [Business Outlook](index=24&type=section&id=VI.%20Business%20Outlook) This section outlines the Group's strategic objectives and key initiatives for the second half of the year, focusing on innovation, capacity growth, resource expansion, and risk management [6.1 Overall Objectives](index=24&type=section&id=6.1%20Overall%20Objectives) In the second half, the Group will target annual operating goals, comprehensively plan for innovation-driven and capacity growth, continuously strengthen external development and exploration for increased reserves, firmly adhere to development bottom lines, and deeply implement "Four Focuses" to achieve a high-quality year-end - In the second half, the Group will target annual operating goals, comprehensively plan for innovation-driven and capacity growth, and continuously strengthen external development and exploration for increased reserves[73](index=73&type=chunk) - Deeply implement the 'Four Focuses' to achieve a high-quality year-end[73](index=73&type=chunk) [6.2 Focusing on Production Increase and Capacity Expansion](index=24&type=section&id=6.2%20Focusing%20on%20Production%20Increase%20and%20Capacity%20Expansion) The Group will continuously increase production and expand capacity through technical renovation projects and optimized operating procedures, intensify production exploration, expand resource reserves, and optimize asset structure to strengthen its core business - Continuously increase production and expand capacity by implementing technical renovation projects and optimizing operating procedures[73](index=73&type=chunk) - Intensify production exploration, promoting 'edge-finding, deep-probing, and blind-spot-attacking' in key mines like Xiadian Gold Mine to expand resource reserves[73](index=73&type=chunk) - Implement 'streamlining and strengthening' actions, optimizing asset structure to strengthen the core business[73](index=73&type=chunk) [6.3 Focusing on Project Construction](index=24&type=section&id=6.3%20Focusing%20on%20Project%20Construction) The Group will establish a "daily dispatch, weekly report, monthly assessment" mechanism, prioritize the Ruihai Mining project infrastructure, and enhance the efficiency of the Abuja Gold Mine beneficiation method to increase the contribution of overseas segments - Establish a 'daily dispatch, weekly report, monthly assessment' mechanism to ensure all projects are implemented as planned[74](index=74&type=chunk) - Prioritize the Ruihai Mining project, ensuring its infrastructure meets progress requirements[74](index=74&type=chunk) - Enhance the efficiency of the Abuja Gold Mine beneficiation method to increase the contribution of overseas segments[74](index=74&type=chunk) [6.4 Focusing on Quality Improvement and Efficiency Enhancement](index=24&type=section&id=6.4%20Focusing%20on%20Quality%20Improvement%20and%20Efficiency%20Enhancement) The Group will promote full-process, comprehensive, and all-staff cost control, achieve cost reduction and efficiency improvement targets in four major areas, and accelerate the resolution of major issues and key scientific research projects to transform technological achievements into productivity - Promote full-process, comprehensive, and all-staff cost control, achieving cost reduction and efficiency improvement targets in the four major areas of 'engineering, projects, electricity consumption, and material procurement'[74](index=74&type=chunk) - Accelerate the resolution of **20 major annual issues** and **14 key scientific research projects**, transforming technological achievements into productivity[74](index=74&type=chunk) [6.5 Focusing on Bottom-Line Work](index=24&type=section&id=6.5%20Focusing%20on%20Bottom-Line%20Work) The Group will continue to practice ESG principles, conduct special rectification actions for safety and environmental hazards, upgrade emergency response capabilities, and strengthen multi-dimensional supervision in discipline inspection, finance, and audit to strictly adhere to laws, regulations, and regulatory requirements - Continue to practice ESG principles, conduct special rectification actions for safety and environmental hazards, and upgrade emergency response capabilities[75](index=75&type=chunk) - Strengthen multi-dimensional supervision in discipline inspection, finance, and audit to strictly adhere to laws, regulations, and regulatory requirements, achieving stable development[75](index=75&type=chunk) VII. [Other Information](index=25&type=section&id=VII.%20Other%20Information) This section provides additional information, including shareholder holdings, public float, securities transactions, employee details, significant events, and corporate governance matters [7.1 Shareholder Holdings and Changes in Equity Structure](index=25&type=section&id=7.1%20Shareholder%20Holdings%20and%20Changes%20in%20Equity%20Structure) As of June 30, 2025, the company had a total of 1,212 shareholders, comprising 1 domestic share shareholder and 1,211 H share shareholders [7.1.1 Number of Shareholders](index=25&type=section&id=7.1.1%20Number%20of%20Shareholders) As of June 30, 2025, the company had a total of 1,212 shareholders Number of Shareholders | Category | Number of Shareholders | | :--- | :--- | | Domestic shares | 1 | | Overseas listed foreign shares – H shares | 1,211 | | Total number of shareholders | 1,212 | [7.2 Sufficient Public Float](index=25&type=section&id=7.2%20Sufficient%20Public%20Float) The company confirms that it maintained a sufficient public float of its shares throughout the period and up to the date of this announcement - The company confirms that it maintained a sufficient public float of its shares throughout the period and up to the date of this announcement[77](index=77&type=chunk) [7.3 Purchase, Sale or Redemption of the Company's Listed Securities](index=25&type=section&id=7.3%20Purchase,%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) During the period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities, and no treasury shares were held at period-end - During the period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[78](index=78&type=chunk) - At the end of the period, the company did not hold any treasury shares[78](index=78&type=chunk) [7.4 Convertible Securities, Share Options, Warrants or Similar Rights](index=25&type=section&id=7.4%20Convertible%20Securities,%20Share%20Options,%20Warrants%20or%20Similar%20Rights) The company did not issue any convertible securities, share options, warrants, or similar rights during the period, and the Group has no share option scheme - The company did not issue any convertible securities, share options, warrants, or similar rights during this period[79](index=79&type=chunk) - As of the date of this announcement, the Group has no share option scheme[79](index=79&type=chunk) [7.5 Employees](index=26&type=section&id=7.5%20Employees) As of June 30, 2025, the company had 6,990 employees, offering competitive compensation packages, retirement benefits, medical benefits, housing provident funds, and learning and training opportunities - As of June 30, 2025, the company had **6,990 employees**[80](index=80&type=chunk) - The Group determines employee remuneration based on performance, experience, and industry practice, and provides retirement benefit plans, medical benefit plans, housing provident fund plans, and other benefits[80](index=80&type=chunk) [7.6 Significant Events](index=26&type=section&id=7.6%20Significant%20Events) During the period, the company held several general meetings, approving resolutions such as re-election of directors and supervisors, remuneration schemes, guarantees for subsidiaries, and issuance of perpetual medium-term notes; it also issued ultra-short-term financing bonds and medium-term notes, and completed H-share placement and capital increase in Shandong Ruijin [7.6.1 Convening the First Extraordinary General Meeting in 2025](index=26&type=section&id=7.6.1%20Convening%20the%20First%20Extraordinary%20General%20Meeting%20in%202025) On February 26, 2025, the company held its first extraordinary general meeting, approving resolutions including the re-election of directors and shareholder representative supervisors for the eighth board, remuneration schemes, guarantees for subsidiaries, and the issuance of perpetual medium-term notes not exceeding RMB 6 billion - Reviewed and approved the re-election of Mr. Jiang Guipeng, Mr. Duan Lei, Mr. Wang Ligang, and Mr. Wang Peiwu as executive directors[81](index=81&type=chunk) - Reviewed and approved providing guarantees for subsidiaries with a debt-to-asset ratio exceeding **70%**[83](index=83&type=chunk) - Reviewed and approved the proposal to issue perpetual medium-term notes not exceeding **RMB 6 billion** in China[82](index=82&type=chunk) [7.6.2 Convening the 2024 Annual General Meeting](index=28&type=section&id=7.6.2%20Convening%20the%202024%20Annual%20General%20Meeting) On June 2, 2025, the company held its 2024 Annual General Meeting, approving resolutions including the 2024 profit distribution plan (a dividend of RMB 0.05 per share), general mandates to allot, issue, and repurchase shares, and amendments to the Articles of Association - Approved the 2024 profit distribution plan, which proposed a final dividend of **RMB 0.05 per share** (before tax) to all shareholders[86](index=86&type=chunk) - Granted a general mandate to the Board to allot, issue, and/or deal with shares not exceeding **20%** of the total number of H shares and existing domestic shares of the company as of the date of passing the resolution[86](index=86&type=chunk) - Granted a general mandate to the Board to repurchase shares not exceeding **10%** of the total number of H shares of the company as of the date of passing the resolution[86](index=86&type=chunk) [7.6.3 Convening the 2024 Domestic Share Class Meeting and H Share Class Meeting](index=28&type=section&id=7.6.3%20Convening%20the%202024%20Domestic%20Share%20Class%20Meeting%20and%20H%20Share%20Class%20Meeting) On June 2, 2025, the company held its Domestic Share Class Meeting and H Share Class Meeting, respectively approving resolutions such as granting a general mandate to the Board to repurchase H shares and amending the Articles of Association - Granted a general mandate to the Board to repurchase shares not exceeding **10%** of the total number of H shares of the company as of the date of passing the resolution[87](index=87&type=chunk) - Proposed amendments to Article 3.5 and Article 3.6 of the Articles of Association[87](index=87&type=chunk) [7.6.4 Issuance of Ultra-Short-Term Financing Bonds](index=29&type=section&id=7.6.4%20Issuance%20of%20Ultra-Short-Term%20Financing%20Bonds) The company issued two tranches of ultra-short-term financing bonds in January and February 2025, totaling **RMB 3 billion**, used to repay interest-bearing debts Ultra-Short-Term Financing Bonds Issuance Details | Tranche | Issue Date | Face Value (RMB) | Term | Annual Interest Rate | Purpose | | :--- | :--- | :--- | :--- | :--- | :--- | | First Tranche | January 20, 2025 | 1 billion | 270 days | 1.91% | Repay interest-bearing debts | | Second Tranche | February 25, 2025 | 2 billion | 269 days | 2.05% | Repay interest-bearing debts | [7.6.5 Issuance of Medium-Term Notes](index=29&type=section&id=7.6.5%20Issuance%20of%20Medium-Term%20Notes) On June 11, 2025, the company issued its first tranche of 2025 technology innovation bonds, with a face value of **RMB 1 billion**, a 3-year term, and an annual interest rate of **1.86%**, used to repay interest-bearing debts Medium-Term Notes Issuance Details | Tranche | Issue Date | Face Value (RMB) | Term | Annual Interest Rate | Purpose | | :--- | :--- | :--- | :--- | :--- | :--- | | First Tranche Technology Innovation Bonds | June 11, 2025 | 1 billion | 3 years | 1.86% | Repay interest-bearing debts | [7.6.6 Capital Increase in Shandong Ruijin](index=30&type=section&id=7.6.6%20Capital%20Increase%20in%20Shandong%20Ruijin) On March 21, 2025, the company and Zijin Investment entered into a capital increase agreement, investing a total of approximately **RMB 689.07 million** in Shandong Ruijin, with the company contributing approximately **RMB 482.35 million**, maintaining its **70%** equity stake after the capital increase; this is a connected transaction but exempt from circular and independent shareholder approval - The company and Zijin Investment will contribute a total of approximately **RMB 689.07 million** to Shandong Ruijin according to their respective shareholding percentages, with the company contributing approximately **RMB 482.35 million**[90](index=90&type=chunk) - After the capital increase, the company and Zijin Investment will continue to hold **70%** and **30%** equity interests in Shandong Ruijin, respectively[90](index=90&type=chunk) - This transaction constitutes a connected transaction, but due to the applicable percentage ratios being less than **5%**, it is exempt from circular and independent shareholder approval requirements[91](index=91&type=chunk) [7.6.7 Completion of Placing of New H Shares under General Mandate](index=31&type=section&id=7.6.7%20Completion%20of%20Placing%20of%20New%20H%20Shares%20under%20General%20Mandate) On March 31, 2025, the company completed the placing of **140,000,000 new H shares**, with net proceeds of approximately **HKD 1,970.3 million**, to be used for supplementing working capital and repaying bank loans - The company issued **140,000,000 new H shares** to no less than six placees at a placing price of **HKD 14.16 per share**[93](index=93&type=chunk) - The placing was completed on March 31, 2025, with net proceeds of approximately **HKD 1,970.3 million**[94](index=94&type=chunk) - The net proceeds from the placing will be used to supplement the company's working capital and repay bank loans[94](index=94&type=chunk) [7.7 Post-Balance Sheet Events](index=31&type=section&id=7.7%20Post-Balance%20Sheet%20Events) Subsequent to the reporting period, the company continued to issue ultra-short-term financing bonds and medium-term notes to repay interest-bearing debts, and proposed amendments to its Articles of Association and Rules of Procedure for General Meetings to comply with the latest regulations [7.7.1 Issuance of Ultra-Short-Term Financing Bonds](index=31&type=section&id=7.7.1%20Issuance%20of%20Ultra-Short-Term%20Financing%20Bonds) On July 25, 2025, the company issued its third tranche of 2025 technology innovation bonds, with a face value of **RMB 1 billion**, a 183-day term, and an annual interest rate of **1.58%**, used to repay interest-bearing debts Post-Balance Sheet Ultra-Short-Term Financing Bonds Issuance Details | Tranche | Issue Date | Face Value (RMB) | Term | Annual Interest Rate | Purpose | | :--- | :--- | :--- | :--- | :--- | :--- | | Third Tranche Technology Innovation Bonds | July 25, 2025 | 1 billion | 183 days | 1.58% | Repay interest-bearing debts | [7.7.2 Issuance of Medium-Term Notes](index=31&type=section&id=7.7.2%20Issuance%20of%20Medium-Term%20Notes) On August 7, 2025, the company issued its fourth tranche of 2025 technology innovation bonds, with a face value of **RMB 1 billion**, a 3-year term, and an annual interest rate of **1.8%**, used to repay interest-bearing debts Post-Balance Sheet Medium-Term Notes Issuance Details | Tranche | Issue Date | Face Value (RMB) | Term | Annual Interest Rate | Purpose | | :--- | :--- | :--- | :--- | :--- | :--- | | Fourth Tranche Technology Innovation Bonds | August 7, 2025 | 1 billion | 3 years | 1.8% | Repay interest-bearing debts | [7.7.3 Proposed Amendments to the Articles of Association and Rules of Procedure for General Meetings](index=32&type=section&id=7.7.3%20Proposed%20Amendments%20to%20the%20Articles%20of%20Association%20and%20Rules%20of%20Procedure%20for%20General%20Meetings) The Board approved proposed amendments to the Articles of Association and Rules of Procedure for General Meetings, primarily to remove content related to supervisors and the supervisory board, to comply with the latest regulatory requirements - Proposed amendments to the Articles of Association and Rules of Procedure for General Meetings to comply with the latest provisions of the 'Company Law of the People's Republic of China' and other relevant laws and regulations[97](index=97&type=chunk) - The main content includes the removal of provisions related to the company's supervisors and supervisory board[97](index=97&type=chunk) - The proposed amendments will be submitted to the upcoming Second Extraordinary General Meeting in 2025 for consideration[98](index=98&type=chunk) [7.8 Compliance with the Corporate Governance Code](index=32&type=section&id=7.8%20Compliance%20with%20the%20Corporate%20Governance%20Code) The company complied with the Corporate Governance Code in H1 2025, with a deviation regarding independent non-executive directors serving over nine years; the Board believes their long tenure enhances independence through deep business understanding - The company has complied with the 'Corporate Governance Code' set out in Appendix C1 of the Listing Rules for the period from January 1, 2025, to June 30, 2025, except for a deviation from Code Provision B.2.4(b)[99](index=99&type=chunk) - All four independent non-executive directors have served on the Board for more than nine years, and the company needs to appoint a new independent non-executive director[100](index=100&type=chunk) - The Board believes that the long tenure of the existing independent non-executive directors has not undermined their independence, but rather enables them to provide impartial opinions and tailored advice due to their deep understanding of the business[100](index=100&type=chunk) [7.9 Compliance with the Model Code for Securities Transactions by Directors of Listed Issuers](index=33&type=section&id=7.9%20Compliance%20with%20the%20Model%20Code%20for%20Securities%20Transactions%20by%20Directors%20of%20Listed%20Issuers) The company adopted the Model Code as the standard for securities transactions by its directors and supervisors, and all directors and supervisors fully complied with the code during the period - The company has adopted the 'Model Code' set out in Appendix C3 of the Listing Rules as the standard for securities transactions by its directors and supervisors during this period[101](index=101&type=chunk) - All directors and supervisors of the company have fully complied with the required standards of the Model Code during this period[101](index=101&type=chunk) [7.10 Audit Committee](index=34&type=section&id=7.10%20Audit%20Committee) The Audit Committee, composed of three independent non-executive directors, is responsible for internal control and financial reporting matters, and has reviewed this interim report, deeming it compliant with applicable accounting standards and legal requirements - The Audit Committee members include three independent non-executive directors: Ms. Chen Jinrong (Chairperson), Mr. Wei Junhao, and Mr. Cai Sicong[102](index=102&type=chunk) - The Audit Committee's primary responsibilities include internal control and financial reporting matters, and reviewing the accounting principles, standards, and methods adopted by the company with management[102](index=102&type=chunk) - The Audit Committee has reviewed the company's unaudited interim report and interim results announcement for the six months ended June 30, 2025, and considers them to be prepared in accordance with applicable accounting standards and legal requirements, with appropriate disclosures made[102](index=102&type=chunk) [7.11 Board Members](index=34&type=section&id=7.11%20Board%20Members) As of the date of this announcement, the Board members include executive directors Mr. Jiang Guipeng, Mr. Duan Lei, Mr. Wang Ligang, and Mr. Wang Peiwu; non-executive directors Mr. Long Yi, Mr. Li Guanghui, and Mr. Luan Wenjing; and independent non-executive directors Ms. Chen Jinrong, Mr. Cai Sicong, Mr. Wei Junhao, and Mr. Shen Shifu - As of the date of this announcement, the Board members include executive directors Mr. Jiang Guipeng, Mr. Duan Lei, Mr. Wang Ligang, and Mr. Wang Peiwu[103](index=103&type=chunk) - Non-executive directors include Mr. Long Yi, Mr. Li Guanghui, and Mr. Luan Wenjing[103](index=103&type=chunk) - Independent non-executive directors include Ms. Chen Jinrong, Mr. Cai Sicong, Mr. Wei Junhao, and Mr. Shen Shifu[103](index=103&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公 告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何 責任。 Chifeng Jilong Gold Mining Co., Ltd. 赤峰吉隆黃金礦業股份有限公司 （H股股份代號：6693） （於中華人民共和國註冊成立的股份有限公司） 截至2025年6月30日止六個月的 未經審計中期業績公告 本集團財務摘要 截至2025年6月30日止6個月，本集團實現營業收入人民幣52.72億元，同比增 長25.64%（上年同期：人民幣41.96億元）。 截至2025年6月30日止6個月，本集團歸屬於母公司股東的淨利潤為人民幣 11.07億元，同比增長55.79%（上年同期：人民幣7.10億元）。 於2025年6月30日，本集團總資產為人民幣231.68億元，較年初增長13.97% （年初：人民幣203.29億元）。 於2025年6月30日，本集團歸屬於母公司股東的淨資產為人民幣116.06億元， 較年初增長46.61%（年初：人民幣79.17億元）。 1 本公司董事會欣然宣 ...

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，概不就因本公告的全部或任何部份內容而產生或因依賴該等 內容而引致的任何損失承擔任何責任。 截至二零二五年六月三十日止六個月的 中期業績公告 宣派中期股息及暫停辦理股份過戶登記手續 財務摘要 中期業績 賽晶科技集團有限公司（「本公司」，連同其附屬公司，「本集團」）董事（「董事」）會（「董事會」）欣然公佈 本集團截至二零二五年六月三十日止六個月的未經審核中期業績，連同二零二四年同期的比較數字 如下： 1 • 收入增加約35.5%至約人民幣888.3百萬元。 • 毛利减少約2.3%至約人民幣229.3百萬元。 • 毛利率由約35.8%减少至約25.8%。 • 母公司擁有人應佔溢利為約人民幣93.8百萬元。 • 每股盈利為約人民幣5.85分（基本）及約人民幣5.85分（攤薄）。 中期簡明綜合損益及其他全面收益表 截至二零二五年六月三十日止六個月 | | | 二零二五年 | 二零二四年 | | --- | --- | --- | --- | | | 附註 | 人民幣千元 | 人民幣千元 | | | ...

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，概不就因本公告的全部或任何部份內容而產生或因依賴該等 內容而引致的任何損失承擔任何責任。 截至二零二五年六月三十日止六個月的 中期業績公告 宣派中期股息及暫停辦理股份過戶登記手續 財務摘要 中期業績 賽晶科技集團有限公司（「本公司」，連同其附屬公司，「本集團」）董事（「董事」）會（「董事會」）欣然公佈 本集團截至二零二五年六月三十日止六個月的未經審核中期業績，連同二零二四年同期的比較數字 如下： 1 • 收入增加約35.5%至約人民幣888.3百萬元。 • 毛利减少約2.3%至約人民幣229.3百萬元。 • 毛利率由約35.8%减少至約25.8%。 • 母公司擁有人應佔溢利為約人民幣93.8百萬元。 • 每股盈利為約人民幣5.85分（基本）及約人民幣5.85分（攤薄）。 中期簡明綜合損益及其他全面收益表 截至二零二五年六月三十日止六個月 | | | 二零二五年 | 二零二四年 | | --- | --- | --- | --- | | | 附註 | 人民幣千元 | 人民幣千元 | | | ...

[Report Statement and GEM Characteristics](index=1&type=section&id=Report%20Statement%20and%20GEM%20Characteristics) [GEM Characteristics](index=1&type=section&id=GEM%20Characteristics) This announcement presents KOS International Holdings Limited's interim results for the six months ended June 30, 2025, highlighting GEM as a listing platform for SMEs with higher investment risks requiring investor caution - The GEM market is positioned as a listing platform for small and medium-sized companies, but it carries higher investment risks[1](index=1&type=chunk) [Disclaimer](index=1&type=section&id=Disclaimer) Hong Kong Exchanges and Clearing Limited and the Stock Exchange are not responsible for this announcement's content and accept no liability for any loss - HKEX and the Stock Exchange are not responsible for the announcement's content and bear no liability for any loss[2](index=2&type=chunk) - The company's directors confirm the accuracy and completeness of the announcement's information, its freedom from misleading or fraudulent content, and accept full responsibility[3](index=3&type=chunk) [Financial Performance Overview](index=2&type=section&id=Financial%20Performance%20Overview) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the company achieved HKD 136,290 thousand in revenue, a 46.5% increase, and turned a loss into a profit of HKD 2,326 thousand, with basic earnings per share of HKD 0.29 cents Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change (HKD Thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 136,290 | 93,037 | 43,253 | 46.5% | | Other income | 873 | 623 | 250 | 40.1% | | Staff costs | (121,271) | (80,511) | (40,760) | 50.6% | | Other expenses and losses | (12,435) | (15,579) | 3,144 | -20.2% | | Finance costs | (418) | (96) | (322) | 335.4% | | Profit (Loss) before tax | 3,295 | (2,555) | 5,850 | N/A | | Income tax (expense) credit | (969) | 89 | (1,058) | N/A | | Profit (Loss) for the period | 2,326 | (2,466) | 4,792 | N/A | | Basic and diluted earnings (loss) per share (HK Cents) | 0.29 | (0.31) | 0.60 | N/A | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's net assets increased to HKD 60,754 thousand, a 4.45% rise from December 31, 2024, with net current assets remaining robust at HKD 52,577 thousand despite a slight decrease in the current ratio Condensed Consolidated Statement of Financial Position (As of June 30) | Indicator | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change (HKD Thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Non-current assets | 13,234 | 15,148 | (1,914) | -12.6% | | Current assets | 76,923 | 68,554 | 8,369 | 12.2% | | Current liabilities | 24,346 | 18,836 | 5,510 | 29.3% | | Net current assets | 52,577 | 49,718 | 2,859 | 5.8% | | Non-current liabilities | 5,057 | 6,703 | (1,646) | -24.6% | | Net assets | 60,754 | 58,163 | 2,591 | 4.45% | [Condensed Consolidated Statement of Changes in Equity](index=5&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, the company's total equity increased from HKD 58,163 thousand to HKD 60,754 thousand, primarily driven by a profit for the period of HKD 2,326 thousand and other comprehensive income of HKD 265 thousand Condensed Consolidated Statement of Changes in Equity (For the six months ended June 30) | Indicator | 2025 (HKD Thousand) | 2024 (HKD Thousand) | | :--- | :--- | :--- | | Total equity at beginning of period | 58,163 | 61,229 | | Profit (Loss) for the period | 2,326 | (2,466) | | Other comprehensive income (expense) for the period | 265 | (227) | | Total equity at end of period | 60,754 | 58,536 | [Condensed Consolidated Statement of Cash Flows](index=6&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash outflow from operating activities was HKD 8,186 thousand, net cash outflow from investing activities was HKD 162 thousand, and net cash inflow from financing activities was HKD 5,413 thousand, resulting in a net decrease of HKD 2,935 thousand in cash and cash equivalents Condensed Consolidated Statement of Cash Flows (For the six months ended June 30) | Indicator | 2025 (HKD Thousand) | 2024 (HKD Thousand) | | :--- | :--- | :--- | | Net cash used in operating activities | (8,186) | (7,994) | | Net cash from (used in) investing activities | (162) | 109 | | Net cash from (used in) financing activities | 5,413 | (3,217) | | Net decrease in cash and cash equivalents | (2,935) | (11,102) | | Cash and cash equivalents at end of period | 21,893 | 23,421 | [Notes to the Financial Statements](index=7&type=section&id=Notes%20to%20the%20Financial%20Statements) [1. General Information](index=7&type=section&id=1.%20General%20Information) KOS International Holdings Limited, incorporated in the Cayman Islands and listed on GEM since October 12, 2018, primarily provides recruitment, secondment, and payroll services across Hong Kong, Macau, Mainland China, and Singapore - The company was incorporated in the Cayman Islands and listed on GEM of the Stock Exchange on **October 12, 2018**[10](index=10&type=chunk) - Principal activities include providing recruitment and/or secondment and payroll services in Hong Kong, Macau, Mainland China, and Singapore[11](index=11&type=chunk) [2. Basis of Preparation and Principal Accounting Policies](index=7&type=section&id=2.%20Basis%20of%20Preparation%20and%20Principal%20Accounting%20Policies) The condensed consolidated financial statements are prepared on a historical cost basis, adhering to HKAS 34 and GEM Listing Rules Chapter 18, with consistent accounting policies from the prior year and no significant impact from new or revised standards - Financial statements are prepared on a historical cost basis and in accordance with HKAS 34 and GEM Listing Rule Chapter 18[14](index=14&type=chunk) - Adopted accounting policies are consistent with the previous year, with no significant impact from new or revised standards[14](index=14&type=chunk) [3. Revenue Classification and Segment Information](index=8&type=section&id=3.%20Revenue%20Classification%20and%20Segment%20Information) For the six months ended June 30, 2025, total revenue was HKD 136,290 thousand, with secondment and payroll services revenue significantly increasing by 76.5% to HKD 99,332 thousand, while recruitment services revenue slightly increased by 0.5% to HKD 36,958 thousand, and Hong Kong operations contributed 91.3% of total revenue Revenue Classification (For the six months ended June 30) | Service Type | Region | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change (HKD Thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Recruitment Services | Hong Kong | 27,646 | 26,352 | 1,294 | 4.9% | | | Mainland China | 8,021 | 8,457 | (436) | -5.2% | | | Singapore | 1,291 | 1,954 | (663) | -33.9% | | **Total Recruitment Services** | | **36,958** | **36,763** | **195** | **0.5%** | | Secondment and Payroll Services | Hong Kong | 96,840 | 54,803 | 42,037 | 76.7% | | | Macau | 1,882 | 1,471 | 411 | 27.9% | | | Mainland China | 610 | – | 610 | N/A | | **Total Secondment and Payroll Services** | | **99,332** | **56,274** | **43,058** | **76.5%** | | **Total** | | **136,290** | **93,037** | **43,253** | **46.5%** | - Hong Kong operations contributed **91.3%** of the Group's total revenue (2024: 87.2%)[18](index=18&type=chunk) Revenue from Major Customers (For the six months ended June 30) | Customer | 2025 (HKD Thousand) | 2024 (HKD Thousand) | | :--- | :--- | :--- | | Customer A | 19,234 | 10,837 | | Customer B | 16,749 | – | [4. Finance Costs](index=9&type=section&id=4.%20Finance%20Costs) For the six months ended June 30, 2025, finance costs significantly increased to HKD 418 thousand, a 335.4% rise from HKD 96 thousand in the prior period, primarily due to interest on lease liabilities and new bank borrowings Finance Costs (For the six months ended June 30) | Item | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change (HKD Thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Interest on lease liabilities | 289 | 85 | 204 | 240.0% | | Interest on bank borrowings | 114 | – | 114 | N/A | | Interest on provision for reinstatement costs | 15 | 11 | 4 | 36.4% | | **Total** | **418** | **96** | **322** | **335.4%** | [5. Income Tax Expense (Credit)](index=9&type=section&id=5.%20Income%20Tax%20Expense%20(Credit)) For the six months ended June 30, 2025, income tax expense was HKD 969 thousand, compared to a credit of HKD 89 thousand in the prior period, mainly due to increased taxable profit and an over-provision credit last year, with Hong Kong profits tax at 16.5% and 8.25% for the first HKD 2 million of profit for qualifying entities Income Tax Expense (Credit) (For the six months ended June 30) | Item | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change (HKD Thousand) | | :--- | :--- | :--- | :--- | | Hong Kong profits tax | 969 | 360 | 609 | | Singapore corporate income tax | – | 17 | (17) | | Over-provision in prior years | – | (466) | 466 | | **Total** | **969** | **(89)** | **1,058** | - Hong Kong profits tax is calculated at **16.5%**, with the first **HKD 2 million** of profit for qualifying entities taxed at **8.25%**[21](index=21&type=chunk)[22](index=22&type=chunk) - Macau and Mainland China subsidiaries made no income tax provision due to no taxable profit or qualifying for small and micro-enterprise preferential policies[22](index=22&type=chunk)[23](index=23&type=chunk)[24](index=24&type=chunk) [6. Earnings (Loss) Per Share](index=10&type=section&id=6.%20Earnings%20(Loss)%20Per%20Share) For the six months ended June 30, 2025, basic earnings per share were HKD 0.29 cents, compared to a loss per share of HKD 0.31 cents in the prior period, primarily due to the profit for the period turning positive, with no diluted earnings presented as no potential ordinary shares were outstanding Earnings (Loss) Per Share (For the six months ended June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Profit (Loss) for the period (HKD Thousand) | 2,326 | (2,466) | | Weighted average number of ordinary shares (Thousand Shares) | 800,000 | 800,000 | | Basic earnings (loss) per share (HK Cents) | 0.29 | (0.31) | - No potential ordinary shares were outstanding during the current or prior period, thus no diluted earnings (loss) per share is presented[25](index=25&type=chunk) [7. Dividends](index=10&type=section&id=7.%20Dividends) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025, consistent with the prior period - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 (2024: nil)[26](index=26&type=chunk) [8. Movements in Property, Plant and Equipment and Right-of-Use Assets](index=10&type=section&id=8.%20Movements%20in%20Property%2C%20Plant%20and%20Equipment%20and%20Right-of-Use%20Assets) For the six months ended June 30, 2025, the Group purchased approximately HKD 169 thousand in property, plant and equipment, and entered into new lease agreements for office properties in Singapore and Shanghai, recognizing corresponding right-of-use assets and lease liabilities - For the six months ended June 30, 2025, the Group purchased property, plant and equipment with a total cost of approximately **HKD 169 thousand**[27](index=27&type=chunk) - A new lease agreement for the Singapore office was entered into, recognizing approximately **HKD 741 thousand** in right-of-use assets and **HKD 733 thousand** in lease liabilities[28](index=28&type=chunk) - A new lease agreement for the Shanghai office was entered into, recognizing approximately **HKD 465 thousand** in right-of-use assets and **HKD 463 thousand** in lease liabilities[28](index=28&type=chunk) [9. Trade and Other Receivables](index=11&type=section&id=9.%20Trade%20and%20Other%20Receivables) As of June 30, 2025, total trade and other receivables amounted to HKD 53,583 thousand, an increase of 28.1% from December 31, 2024, with the largest portion of trade receivables, HKD 36,884 thousand, due within 30 days Trade and Other Receivables (As of June 30) | Item | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change (HKD Thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Trade receivables | 50,637 | 40,116 | 10,521 | 26.2% | | Less: Provision for expected credit losses | (1,086) | (1,284) | 198 | -15.4% | | Other receivables | 4,032 | 3,099 | 933 | 30.1% | | **Total trade and other receivables** | **53,583** | **41,831** | **11,752** | **28.1%** | - The Group grants credit terms of up to **60 days** to its customers[29](index=29&type=chunk) Aging Analysis of Trade Receivables (As of June 30) | Aging | 2025 (HKD Thousand) | 2024 (HKD Thousand) | | :--- | :--- | :--- | | Within 30 days | 36,884 | 29,589 | | 31 to 60 days | 8,525 | 4,316 | | 61 to 90 days | 1,867 | 1,574 | | 91 to 180 days | 2,275 | 2,914 | | Over 180 days | – | 439 | | **Total** | **49,551** | **38,832** | [10. Financial Assets at Fair Value Through Profit or Loss](index=12&type=section&id=10.%20Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) As of June 30, 2025, financial assets at fair value through profit or loss increased to HKD 465 thousand from HKD 419 thousand as of December 31, 2024, primarily comprising listed securities Financial Assets at Fair Value Through Profit or Loss (As of June 30) | Item | 2025 (HKD Thousand) | 2024 (HKD Thousand) | | :--- | :--- | :--- | | Listed securities | 465 | 419 | - The fair value of listed securities is based on bid prices quoted in active markets in Hong Kong[33](index=33&type=chunk) [11. Other Payables and Accruals and Contract Liabilities](index=12&type=section&id=11.%20Other%20Payables%20and%20Accruals%20and%20Contract%20Liabilities) As of June 30, 2025, total other payables and accruals decreased by 20.5% to HKD 11,481 thousand from December 31, 2024, while contract liabilities remained stable at HKD 193 thousand Other Payables and Accruals (As of June 30) | Item | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change (HKD Thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Other payables | 1,795 | 2,467 | (672) | -27.2% | | Accrued expenses | 669 | 1,117 | (448) | -40.1% | | Accrued payroll expenses | 9,017 | 10,862 | (1,845) | -17.0% | | **Total** | **11,481** | **14,446** | **(2,965)** | **-20.5%** | Contract Liabilities (As of June 30) | Item | 2025 (HKD Thousand) | 2024 (HKD Thousand) | | :--- | :--- | :--- | | Secondment and payroll services | 193 | 193 | [12. Bank Borrowings](index=12&type=section&id=12.%20Bank%20Borrowings) As of June 30, 2025, the Group incurred new secured bank borrowings of HKD 8,000 thousand, bearing interest at HIBOR or cost of funds plus 1.7% to 3%, with an effective annual interest rate of 6.1% Bank Borrowings (As of June 30) | Item | 2025 (HKD Thousand) | 2024 (HKD Thousand) | | :--- | :--- | :--- | | Bank borrowings, secured | 8,000 | – | - Secured bank borrowings bear interest at HIBOR or cost of funds plus **1.7% to 3%** per annum, with an effective annual interest rate of **6.1%**[34](index=34&type=chunk) [13. Contingent Liabilities](index=12&type=section&id=13.%20Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities, consistent with the situation as of December 31, 2024 - As of June 30, 2025, the Group had no significant contingent liabilities[35](index=35&type=chunk) [14. Fair Value Measurement of Financial Instruments](index=13&type=section&id=14.%20Fair%20Value%20Measurement%20of%20Financial%20Instruments) The Group measures certain financial instruments at fair value, including Level 1 listed equity securities at fair value through profit or loss and Level 3 unlisted equity investments at fair value through other comprehensive income, with the latter valued using the market approach Financial Assets Measured at Fair Value on a Recurring Basis (As of June 30) | Financial Assets | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Fair Value Hierarchy | Valuation Technique and Key Inputs | | :--- | :--- | :--- | :--- | :--- | | Listed equity securities classified as equity instruments at fair value through profit or loss | 465 | 419 | Level 1 | Valued based on quotes available from the Stock Exchange | | Unlisted equity investments classified as equity instruments at fair value through other comprehensive income | 1,174 | 1,174 | Level 3 | Market approach, using comparable multiples of price-to-sales ratio and illiquidity discount | - For the six months ended June 30, 2025, and the year ended December 31, 2024, there were no transfers between Level 1 and Level 2, nor any transfers into or out of Level 3 fair value measurements[38](index=38&type=chunk) [15. Related Party Transactions](index=14&type=section&id=15.%20Related%20Party%20Transactions) For the six months ended June 30, 2025, total remuneration for key management personnel was HKD 3,336 thousand, a decrease from HKD 3,722 thousand in the prior period Remuneration of Key Management Personnel (For the six months ended June 30) | Item | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change (HKD Thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Short-term benefits | 3,300 | 3,686 | (386) | -10.5% | | Post-employment benefits | 36 | 36 | – | 0.0% | | **Total** | **3,336** | **3,722** | **(386)** | **-10.4%** | [Management Discussion and Analysis](index=15&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review and Outlook](index=15&type=section&id=Business%20Review%20and%20Outlook) Despite challenging market conditions and an uncertain economic outlook in the first half of 2025, the Group successfully turned a loss into a profit with a significant 46.5% increase in total revenue, driven by a focus on payroll and secondment services, with future plans including expanding into the Greater Bay Area and Southeast Asian markets, enhancing operational efficiency, and talent development - The Group is a leading human resources service provider in Hong Kong, offering recruitment, secondment, and payroll services, with offices in Hong Kong, Macau, Shenzhen, Guangzhou, Shanghai, and Singapore[42](index=42&type=chunk) - In the first half of 2025, the Group successfully turned a loss into a profit, recording a net profit of approximately **HKD 2,326 thousand**, compared to a net loss of approximately **HKD 2,466 thousand** in the same period last year[43](index=43&type=chunk) - The Group's total revenue grew significantly, primarily driven by the strong performance of secondment and payroll services, while traditional recruitment services in Hong Kong faced pressure from weak market demand and increased competition[43](index=43&type=chunk)[44](index=44&type=chunk) - Future outlook includes: adhering to the Greater Bay Area development plan, increasing business in sectors like technology, consumer, and real estate; enhancing the quality of existing teams; and improving public awareness and brand recognition[55](index=55&type=chunk)[56](index=56&type=chunk) - The Group will focus resources on sectors with strong recovery potential, continuously recruit, train, and retain top recruitment talent, and enhance productivity and profitability through stringent team composition, geographical deployment, and performance monitoring[57](index=57&type=chunk)[59](index=59&type=chunk) [Business Review](index=15&type=section&id=Business%20Review) In the first half of 2025, despite market volatility and an uncertain economic outlook leading to a cautious recruitment environment, the Group achieved a significant 46.5% increase in total revenue and successfully turned a loss into a profit by focusing on secondment and payroll services - In the first half of 2025, the Group's total revenue significantly increased by approximately **HKD 43,253 thousand** or **46.5%** to **HKD 136,290 thousand**[47](index=47&type=chunk) - Hong Kong recruitment services revenue increased by **4.9%**, secondment and payroll services revenue significantly increased by **76.5%**, while Singapore recruitment services revenue decreased by **33.9%**[47](index=47&type=chunk) - The Group continuously invests in experienced recruitment personnel and industry expert teams, and implements measures to enhance operational efficiency, including streamlining internal processes, leveraging technology, and data-driven decision-making[45](index=45&type=chunk)[46](index=46&type=chunk) [Revenue from Hong Kong Operations](index=16&type=section&id=Revenue%20from%20Hong%20Kong%20Operations) Despite an unfavorable economic environment in Hong Kong affecting recruitment service demand, secondment and payroll services became a key growth driver, with revenue significantly increasing by 76.7%, reflecting the company's ability to adapt to changing client needs, while recruitment services revenue slightly increased by 4.9% but faced challenges from candidates' reluctance to change jobs and extended recruitment processes - Hong Kong secondment and payroll services revenue significantly increased by **HKD 42,037 thousand** or **76.7%** from **HKD 54,803 thousand** to **HKD 96,840 thousand**, primarily due to an increase in client numbers[50](index=50&type=chunk) - Hong Kong recruitment services revenue slightly increased by **HKD 1,294 thousand** or **4.9%** to **HKD 27,646 thousand**, but faced challenges from market caution, candidates' reluctance to change jobs, and extended recruitment timelines[49](index=49&type=chunk) - The Group supports clients in navigating economic uncertainties by offering value-added services such as talent mapping and workforce planning[49](index=49&type=chunk) [Revenue from Mainland China Operations](index=17&type=section&id=Revenue%20from%20Mainland%20China%20Operations) Mainland China operations faced complex challenges, with recruitment revenue decreasing by 5.2% to HKD 8,021 thousand; however, the Group, through its new Shanghai office and existing Shenzhen and Guangzhou offices, is committed to strengthening client relationships, enhancing service quality, and prioritizing talent development and quality operations, maintaining confidence in future growth potential - Mainland China recruitment revenue decreased by **HKD 436 thousand** or **5.2%** from **HKD 8,457 thousand** to **HKD 8,021 thousand**[52](index=52&type=chunk) - The Group established a new office in Shanghai and continues to provide services in Shenzhen and Guangzhou, committed to strengthening client relationships and enhancing service quality[51](index=51&type=chunk) - The Group is confident in the growth potential of its Mainland China operations, focusing on diversified development, client-centric solutions, and geographical expansion strategies[53](index=53&type=chunk) [Revenue from Singapore Operations](index=18&type=section&id=Revenue%20from%20Singapore%20Operations) Singapore recruitment business revenue decreased by 33.9% to HKD 1,291 thousand, but the Group remains committed to providing excellent recruitment services, leveraging expertise to identify top talent, and views this as part of its strategic expansion into Southeast Asia - Singapore recruitment business revenue decreased by **HKD 663 thousand** or **33.9%** from **HKD 1,954 thousand** to **HKD 1,291 thousand**[54](index=54&type=chunk) - Despite the revenue decline, Singapore operations demonstrated resilience, and the Group is committed to providing excellent recruitment services, viewing it as part of its strategic expansion into Southeast Asia[54](index=54&type=chunk) [Outlook](index=18&type=section&id=Outlook) The Group remains optimistic about the long-term growth prospects of the HR industry in Hong Kong, Mainland China, and Southeast Asia, focusing resources on sectors with strong recovery potential, continuously investing in talent development, and enhancing productivity and profitability through operational optimization, while exploring new market opportunities and potential investments - The Group will focus resources on sectors with strong recovery potential and continuously recruit, train, and retain top recruitment talent[57](index=57&type=chunk) - It will focus on enhancing productivity and profitability through stringent team composition, geographical deployment, and performance monitoring measures[57](index=57&type=chunk)[59](index=59&type=chunk) - The Group will continue to evaluate opportunities for geographical expansion and service diversification, and closely monitor potential investment opportunities that offer good returns and/or generate synergies with its core business[57](index=57&type=chunk)[59](index=59&type=chunk) [Financial Review](index=20&type=section&id=Financial%20Review) The Group's revenue for the first half of 2025 significantly increased by 46.5% to HKD 136,290 thousand, primarily driven by a strong 76.5% growth in secondment and payroll services, successfully turning a loss into a net profit of HKD 2,326 thousand, with staff costs increasing due to business expansion but other expenses decreasing, and the Group maintaining robust liquidity with a gearing ratio of 27.4% - The Group's revenue increased by **46.5%** from **HKD 93,037 thousand** to **HKD 136,290 thousand**, primarily due to increased revenue from secondment and payroll services[60](index=60&type=chunk) - Profit for the period and total comprehensive income amounted to **HKD 2,326 thousand**, successfully reversing the loss incurred in the same period last year[70](index=70&type=chunk) - As of June 30, 2025, the current ratio was approximately **3.2 times**, and the gearing ratio was **27.4%**, with directors believing the Group has sufficient liquidity[72](index=72&type=chunk)[73](index=73&type=chunk) [Revenue](index=20&type=section&id=Revenue) The Group's total revenue significantly increased by 46.5% to HKD 136,290 thousand, primarily driven by a 76.5% growth in secondment and payroll services revenue, while recruitment services revenue slightly increased by 0.5%, with Hong Kong recruitment services growing by 4.9%, but Mainland China and Singapore recruitment services decreasing by 5.2% and 33.9% respectively - Total revenue increased by **HKD 43,253 thousand** or **46.5%** from **HKD 93,037 thousand** to **HKD 136,290 thousand**[60](index=60&type=chunk) - Secondment and payroll services revenue significantly increased by **HKD 43,058 thousand** or **76.5%** to **HKD 99,332 thousand**, primarily due to the expansion of the Hong Kong secondment team and implementation of new strategies[63](index=63&type=chunk) - Recruitment services revenue slightly increased by **HKD 195 thousand** or **0.5%** to **HKD 36,958 thousand**, with Hong Kong recruitment services growing by **4.9%**, while Mainland China and Singapore recruitment services decreased by **5.2%** and **33.9%** respectively[61](index=61&type=chunk) [Other Income](index=21&type=section&id=Other%20Income) Other income increased by 40.1% to HKD 873 thousand, primarily due to increased revenue from visa application services and seminar and training services - Other income increased by **HKD 250 thousand** or **40.1%** from **HKD 623 thousand** to **HKD 873 thousand**[64](index=64&type=chunk) - The increase primarily stemmed from visa application services and seminar and training services, generating approximately **HKD 621 thousand** in revenue[64](index=64&type=chunk) [Staff Costs](index=21&type=section&id=Staff%20Costs) Staff costs significantly increased by 50.6% to HKD 121,271 thousand, primarily due to a substantial increase in seconded employees from 671 to 2,650, aligning with the growth in secondment and payroll services revenue, with seconded employee costs accounting for 74.0% of total staff costs - Staff costs increased by **HKD 40,760 thousand** or **50.6%** from **HKD 80,511 thousand** to **HKD 121,271 thousand**[65](index=65&type=chunk) - The increase in staff costs was primarily due to a significant rise in the number of seconded employees, from **671** as of June 30, 2024, to **2,650** as of June 30, 2025[65](index=65&type=chunk) - Seconded employee costs amounted to **HKD 89,696 thousand**, representing **74.0%** of total staff costs, while in-house staff costs were **HKD 31,575 thousand**, accounting for **26.0%**[66](index=66&type=chunk) [Other Expenses and Losses](index=21&type=section&id=Other%20Expenses%20and%20Losses) Other expenses and losses decreased by 20.2% to HKD 12,435 thousand, primarily including rent and rates, depreciation, marketing and advertising expenses, and insurance expenses - Other expenses and losses decreased by **HKD 3,144 thousand** or **20.2%** from **HKD 15,579 thousand** to **HKD 12,435 thousand**[67](index=67&type=chunk) [Finance Costs](index=22&type=section&id=Finance%20Costs) Finance costs significantly increased to HKD 418 thousand, primarily comprising interest on lease liabilities (HKD 289 thousand) and interest on new bank borrowings (HKD 114 thousand) - Finance costs primarily refer to interest on lease liabilities of **HKD 289 thousand** and interest on bank borrowings of **HKD 114 thousand**[68](index=68&type=chunk) [Income Tax (Expense) Credit](index=22&type=section&id=Income%20Tax%20(Expense)%20Credit) Income tax expense shifted from a credit of HKD 89 thousand in the prior period to an expense of HKD 969 thousand, an increase of HKD 1,058 thousand, primarily due to increased taxable profit from operating subsidiaries and an over-provision credit last year - Income tax expense increased by **HKD 1,058 thousand** from a credit of **HKD 89 thousand** for the six months ended June 30, 2024, to an expense of **HKD 969 thousand** for the six months ended June 30, 2025[69](index=69&type=chunk) - The increase was primarily due to higher estimated taxable profits from operating subsidiaries and the income tax credit from prior years in 2024[69](index=69&type=chunk) [Profit for the Period and Total Comprehensive Income (Expense)](index=22&type=section&id=Profit%20for%20the%20Period%20and%20Total%20Comprehensive%20Income%20(Expense)) The Group recorded a net profit of HKD 2,326 thousand and total comprehensive income of HKD 2,591 thousand for the period, successfully reversing the net loss of HKD 2,466 thousand and total comprehensive expense of HKD 2,693 thousand in the same period last year, primarily due to significant growth in secondment and payroll services revenue - The Group recorded a net profit of **HKD 2,326 thousand** and total comprehensive income of **HKD 2,591 thousand**, compared to a net loss of **HKD 2,466 thousand** and total comprehensive expense of **HKD 2,693 thousand** in the same period last year[70](index=70&type=chunk) - The net profit was primarily attributable to increased revenue from secondment and payroll services, benefiting from effective business development strategies and client expansion[70](index=70&type=chunk) [Dividends](index=22&type=section&id=Dividends) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025, consistent with the prior period - The Directors do not recommend the payment of an interim dividend for the six months ended June 30, 2025 (2024: nil)[71](index=71&type=chunk) [Liquidity, Financial Resources and Gearing Ratio](index=23&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Gearing%20Ratio) As of June 30, 2025, the Group had HKD 2,400 thousand in pledged bank deposits and HKD 21,893 thousand in bank balances and cash, with a current ratio of 3.2 times and a gearing ratio of 27.4%, and directors deeming liquidity sufficient - As of June 30, 2025, the Group had pledged bank deposits of **HKD 2,400 thousand** and bank balances and cash of approximately **HKD 21,893 thousand**[72](index=72&type=chunk) - The current ratio was approximately **3.2 times** (December 31, 2024: approximately 3.6 times), and the gearing ratio was **27.4%** (December 31, 2024: 17.6%)[72](index=72&type=chunk)[73](index=73&type=chunk) - The Directors believe the Group has sufficient liquidity to meet its funding requirements[73](index=73&type=chunk) [Foreign Exchange Risk](index=23&type=section&id=Foreign%20Exchange%20Risk) Most of the Group's revenue-generating operations are denominated in Hong Kong Dollars, so foreign exchange rate fluctuation risk is not significant, and no hedging or other arrangements have been made - Most of the Group's revenue-generating operations are denominated in Hong Kong Dollars, thus foreign exchange rate fluctuation risk is not significant, and no hedging or other arrangements have been made[74](index=74&type=chunk) [Share Capital Structure](index=23&type=section&id=Share%20Capital%20Structure) For the six months ended June 30, 2025, there was no change in the company's share capital structure, with a total of 800,000,000 ordinary shares issued, each with a par value of HKD 0.01 - For the six months ended June 30, 2025, there was no change in the company's share capital structure[75](index=75&type=chunk) - The total number of ordinary shares issued was **800,000,000**, with a par value of **HKD 0.01** per share[75](index=75&type=chunk) [Treasury Policy](index=23&type=section&id=Treasury%20Policy) The Directors will continue to follow a prudent policy in managing cash balances and maintaining a strong and healthy liquidity position to capitalize on future growth opportunities - The Directors will adhere to a prudent policy in managing cash balances, maintaining a strong and healthy liquidity position to capitalize on future growth opportunities[76](index=76&type=chunk) [Other Information](index=24&type=section&id=Other%20Information) [Material Investments and Future Plans for Material Investments or Capital Assets](index=24&type=section&id=Material%20Investments%20and%20Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) As of June 30, 2025, the Group held no material investments and had no plans for any material investments or additions of other capital assets - As of June 30, 2025, the Group held no material investments and had no plans for any material investments or additions of other capital assets[77](index=77&type=chunk) [Material Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures](index=24&type=section&id=Material%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%2C%20Associates%20and%20Joint%20Ventures) For the six months ended June 30, 2025, the Group had no material acquisitions or disposals of subsidiaries, associates, or joint ventures - For the six months ended June 30, 2025, the Group had no material acquisitions or disposals of subsidiaries, associates, or joint ventures[78](index=78&type=chunk) [Charge on the Group's Assets](index=24&type=section&id=Charge%20on%20the%20Group's%20Assets) As of June 30, 2025, bank deposits of HKD 2,400 thousand were pledged as security for the Group's bank facilities - As of June 30, 2025, bank deposits of **HKD 2,400 thousand** were pledged as security for the Group's bank facilities[79](index=79&type=chunk) [Contingent Liabilities](index=24&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities - As of June 30, 2025, the Group had no significant contingent liabilities[80](index=80&type=chunk) [Events After the Reporting Period](index=24&type=section&id=Events%20After%20the%20Reporting%20Period) As of the date of this announcement, no significant events affecting the Company or the Group have occurred after June 30, 2025 - As of the date of this announcement, no significant events affecting the Company or the Group have occurred after June 30, 2025[81](index=81&type=chunk) [Employees and Remuneration Policy](index=24&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had 130 in-house employees and 2,650 seconded employees, with staff costs of approximately HKD 121,271 thousand, and remuneration is determined based on performance, qualifications, experience, and industry practice, with commissions and discretionary bonuses offered to attract and retain talent - As of June 30, 2025, the Group had **130** in-house employees and **2,650** seconded employees[82](index=82&type=chunk) - Staff costs (including directors' emoluments) amounted to approximately **HKD 121,271 thousand**[82](index=82&type=chunk) - Remuneration is determined based on performance, qualifications, experience, and industry practice, with commissions and discretionary bonuses offered to attract and retain talent[82](index=82&type=chunk) [Directors' and Major Shareholders' Interests](index=25&type=section&id=Directors'%20and%20Major%20Shareholders'%20Interests) [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures of the Company or any Associated Corporation](index=25&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests%20and%20Short%20Positions%20in%20Shares%2C%20Underlying%20Shares%20and%20Debentures%20of%20the%20Company%20or%20any%20Associated%20Corporation) As of June 30, 2025, Mr. Chan Ka Kin, Mr. Chan Ka On, and Mr. Chan Ka Shing each held long positions in 600,000,000 shares of the Company, representing 75% of the issued share capital, through controlled corporations and concert party arrangements Directors' Long Positions in Shares of the Company (As of June 30) | Name of Director | Capacity/Nature of Interest | Number of Shares Held | Approximate Percentage of Issued Share Capital | | :--- | :--- | :--- | :--- | | Mr. Chan Ka Kin | Interest in controlled corporation and concert party | 600,000,000 | 75% | | Mr. Chan Ka On | Interest in controlled corporation and concert party | 600,000,000 | 75% | | Mr. Chan Ka Shing | Interest in controlled corporation and concert party | 600,000,000 | 75% | - Of the **600,000,000 shares**, **450,000,000** shares are registered in the name of KJE Limited, and **150,000,000** shares are registered in the name of Caiden Holdings Limited[84](index=84&type=chunk) - Mr. Chan Ka Kin, Mr. Chan Ka On, Mr. Chan Ka Shing, and Mr. Chow Ka Wai entered into a deed of concert party arrangement on **January 18, 2018**[84](index=84&type=chunk) [Major Shareholders' Interests and Short Positions in Shares, Debentures and Underlying Shares of the Company](index=26&type=section&id=Major%20Shareholders'%20Interests%20and%20Short%20Positions%20in%20Shares%2C%20Debentures%20and%20Underlying%20Shares%20of%20the%20Company) As of June 30, 2025, KJE Limited, Caiden Holdings Limited, and Mr. Chow Ka Wai each held long positions in 600,000,000 shares of the Company, representing 75% of the issued share capital, consistent with the directors' disclosure Major Shareholders' Long Positions in Shares of the Company (As of June 30) | Name/Designation of Major Shareholder | Capacity/Nature of Interest | Number of Shares Held | Approximate Percentage of Issued Share Capital | | :--- | :--- | :--- | :--- | | KJE Limited | Beneficial owner and concert party | 600,000,000 | 75% | | Caiden Holdings Limited | Beneficial owner and concert party | 600,000,000 | 75% | | Mr. Chow Ka Wai | Interest in controlled corporation and concert party | 600,000,000 | 75% | - KJE Limited is approximately **33.33%** owned by Mr. Chan Ka Kin, Mr. Chan Ka On, and Mr. Chan Ka Shing respectively, while Caiden Holdings Limited is wholly owned by Mr. Chow Ka Wai[86](index=86&type=chunk) [Share Option Scheme](index=27&type=section&id=Share%20Option%20Scheme) The Company adopted a share option scheme on September 13, 2018, to reward participants, valid for ten years, with the maximum number of shares to be issued upon exercise of options not exceeding 10% of the total issued shares at the time of adoption, and as of June 30, 2025, no share options were granted, exercised, cancelled, or lapsed - The Company adopted a share option scheme on **September 13, 2018**, valid for **ten years**, aiming to reward or incentivize selected participants[88](index=88&type=chunk)[89](index=89&type=chunk) - The maximum number of shares to be issued upon exercise of options shall not exceed **10%** of the total issued shares on the date of adoption of the scheme[90](index=90&type=chunk) - As of June 30, 2025, no share options under the scheme were granted, exercised, cancelled, or lapsed, and there were no outstanding share options[90](index=90&type=chunk) [Corporate Governance and Other Matters](index=28&type=section&id=Corporate%20Governance%20and%20Other%20Matters) [Directors' Rights to Acquire Shares or Debentures](index=28&type=section&id=Directors'%20Rights%20to%20Acquire%20Shares%20or%20Debentures) For the six months ended June 30, 2025, neither the Company, its subsidiaries, nor any associated corporations entered into any arrangements enabling directors (including their spouses and minor children) to acquire benefits by acquiring shares, underlying shares, or debentures of the Company or any associated corporation, and as of the date of this announcement, no share options have been granted to directors - For the six months ended June 30, 2025, the Company did not enter into any arrangements enabling directors to profit from acquiring shares or debentures[91](index=91&type=chunk) - As of the date of this announcement, the Company has not granted any share options to directors[91](index=91&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=28&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[92](index=92&type=chunk) [Competing Interests](index=28&type=section&id=Competing%20Interests) For the six months ended June 30, 2025, none of the directors, controlling shareholders, or their close associates held any interests in businesses that compete or are likely to compete with the Group's business - For the six months ended June 30, 2025, none of the directors, controlling shareholders, or their close associates held any interests in businesses that compete or are likely to compete with the Group's business[93](index=93&type=chunk) [Corporate Governance Practices](index=28&type=section&id=Corporate%20Governance%20Practices) The Company has complied with the code provisions of the Corporate Governance Code as set out in Appendix C1 Part 2 of the GEM Listing Rules for the six months ended June 30, 2025 - The Company complied with the code provisions of the Corporate Governance Code in Appendix C1 Part 2 of the GEM Listing Rules for the six months ended June 30, 2025[94](index=94&type=chunk) [Directors' Securities Transactions](index=28&type=section&id=Directors'%20Securities%20Transactions) The Company adopted the required standard of dealings as set out in Rules 5.48 to 5.67 of the GEM Listing Rules for directors' securities transactions, and all directors confirmed compliance during the reporting period - The Company adopted the required standard of dealings as set out in Rules 5.48 to 5.67 of the GEM Listing Rules for directors' securities transactions[95](index=95&type=chunk) - All directors confirmed compliance with this standard for the six months ended June 30, 2025[95](index=95&type=chunk) [Audit Committee](index=28&type=section&id=Audit%20Committee) The Board's Audit Committee comprises three independent non-executive directors, with Mr. Poon Kai Kin as chairman, and the committee reviewed the unaudited condensed consolidated financial statements for the six months ended June 30, 2025, providing advice and recommendations - The Audit Committee comprises three independent non-executive directors, with Mr. Poon Kai Kin as chairman[96](index=96&type=chunk) - The committee's primary responsibilities include recommending the appointment and removal of external auditors, reviewing and overseeing financial statements, and supervising internal control procedures and risk management systems[97](index=97&type=chunk) - The Audit Committee reviewed the unaudited condensed consolidated financial statements for the six months ended June 30, 2025[97](index=97&type=chunk) [By Order of the Board](index=29&type=section&id=By%20Order%20of%20the%20Board) This announcement was issued by Mr. Chan Ka Kin, Chairman of the Board, on August 22, 2025, and the Board comprises four executive directors and three independent non-executive directors - This announcement was issued by Mr. Chan Ka Kin, Chairman of the Board, on **August 22, 2025**[98](index=98&type=chunk)[99](index=99&type=chunk) - The Board comprises four executive directors (Chan Ka Kin, Chan Ka On, Chan Ka Shing, Yeung Shek Shek) and three independent non-executive directors (Poon Kai Kin, Lau Kin Shing, Cheung Wang Ki)[99](index=99&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）對本公告的內容 概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 ORIENTAL UNIVERSITY CITY HOLDINGS (H.K.) LIMITED 東 方 大 學 城 控 股（ 香 港 ）有 限 公 司 （ 於 香 港 註 冊 成 立 的 有 限 公 司 ） （股份代號：8067） 年末業績公告 截至二零二五年六月三十日止年度 聯交所GEM（「GEM」）的特色 GEM乃為較於聯交所上市的其他公司帶有更高投資風險的中小型公司提供上市的 市場。有意投資者應了解投資該等公司的潛在風險，並應僅於經過審慎周詳考慮後 方作出投資決定。 由於GEM上市公司普遍為中小型公司，在GEM買賣的證券可能會較於聯交所主 板買賣的證券承受較大的市場波動風險，同時亦無法保證在GEM買賣的證券會有 一個高流通量的市場。 本公告乃遵照GEM證券上市規則（「GEM上市規則」）的規定提供有關東方大學城控 股（香港）有限公司（「本公司」）的資料，本公司董事（「董事」）願共同及 ...