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 會就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。 （股份代號：0576） （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） 2025年中期業績公告 浙 江 滬 杭 甬 高 速 公 路 股 份 有 限 公 司（「本公司」）董 事（「董 事」）公 佈 本 公 司 及 其 附 屬 公 司（統 稱「本集團」）根 據 下 文 簡 明 合 併 財 務 報 表 附 註1所述之 呈報基準編製的截至2025年6月30日 止6個 月（「本期間」）未 經 審 計 合 併 經 營 業 績。 本期間內，本集團收益與2024年同期相比增長3.8%，為人民幣86億8,546萬元； 歸屬於本公司擁有人溢利為人民幣27億8,748萬 元，同 比 增 長4.0%；基 本 每股盈利為人民幣46.51分，同比增長4.0%，攤薄每股盈利為人民幣46.51分， 同比增長5.6%。 本 公 司 董 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 依 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 China Golden Classic Group Limited 中國金典集團有限公司 （於開曼群島註冊成立之有限公司） （股份代號：8281） 截至二零二五年六月三十日止六個月之 中期業績公告 香 港 聯 合 交 易 所 有 限 公 司（「聯 交 所」）GEM的特色 GEM的 定 位，乃 為 相 比 起 其 他 在 聯 交 所 上 市 的 公 司 帶 有 較 高 投 資 風 險 的 中 小 型 公 司 提 供 一 個 上 市 的 市 場。有 意 投 資 的 人 士 應 了 解 投 資 於 該 等 公 司 的 潛 在 風 險，並 應 經 過 審 慎 周 詳 的 考 慮 後 方 作 出 投 資 決 定。 由於在GEM上 市 的 公 司 普 遍 為 中 小 型 公 司，在GEM買賣的證 ...

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。 FAMOUS TECH INTERNATIONAL HOLDINGS LIMITED 名科國際控股有限公司 （於開曼群島註冊成立及於百慕達存續之有限公司） （股份代號：8100） 二零二五年中期業績公告 名科國際控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈，本公司及其 附屬公司截至二零二五年六月三十日止六個月之未經審核業績。本公告載列本公司二 零二五年中期報告全文，乃符合香港聯合交易所有限公司（「聯交所」）GEM證券上市規 則（「 GEM上市規則」）有關中期業績初步公告附載之資料之相關規定。本公司之二零 二五年中期報告將於二零二五年八月二十八日在聯交所網站www.hkexnews.hk及本公司 網站www.famoustech.com.hk可供閱覽。 代表董事會 名科國際控股有限公司 主席兼執行董事 黃靖淳 香港，二零二五年八月二十二日 於本公告日期，董事會成員包括兩名執行董事，即黃 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Bloks Group Limited 布魯可集團有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：0325） 截 至2025年6月30日止六個月的中期業績公告 布魯可集團有限公司董事會欣然宣佈本公司及其附屬公司截至2025年6月30日 止 六 個 月 的 未 經 審 計 綜 合 中 期 業 績，連 同2024年 同 期 的 比 較 數 字。以 下 中 期 業 績乃按照《國 際 財 務 報 告 會 計 準 則》編 製，並 已 由 審 計 委 員 會 審 閱。 | 中期財務摘要 | | | | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...

[Supplementary Announcement Overview](index=1&type=section&id=Supplementary%20Announcement%20Overview) This announcement supplements Beijing Dixintong Commercial Co., Ltd.'s 2024 annual report with detailed information on H-share subscription proceeds, ensuring complete shareholder and investor information [Purpose and Background of the Announcement](index=1&type=section&id=Purpose%20and%20Background%20of%20the%20Announcement) This announcement provides additional details on the use of H-share subscription proceeds, supplementing the company's 2024 annual report - This announcement is a supplement to Beijing Dixintong Commercial Co., Ltd.'s 2024 annual report, aiming to provide additional information on the use of proceeds from H-share subscriptions[2](index=2&type=chunk)[3](index=3&type=chunk)[4](index=4&type=chunk) [H-share Subscription and Proceeds](index=1&type=section&id=H-share%20Subscription%20and%20Proceeds) This section details the H-share subscription, including its basic terms, net proceeds, planned utilization, and actual deployment [Basic Information on the Subscription](index=1&type=section&id=Basic%20Information%20on%20the%20Subscription) The company entered into agreements on September 1, 2023, to issue **154,000,000** new H-shares in three tranches at **HK$1.70** per share - On September 1, 2023, the company entered into subscription agreements with YBN Investments Limited and Unicorn Link Group Limited[4](index=4&type=chunk) H-share Subscription Key Information | Indicator | Content | | :--- | :--- | | Subscribers | YBN Investments Limited and Unicorn Link Group Limited | | Subscription Price | HK$1.70 per H-share | | Total Subscription Shares | 154,000,000 shares | | Subscription Tranches | Three tranches | [Net Proceeds and Planned Use](index=1&type=section&id=Net%20Proceeds%20and%20Planned%20Use) The subscription yielded net proceeds of approximately **HK$260.75 million**, designated for general working capital and bank loan repayment within one year H-share Subscription Proceeds | Indicator | Amount (million HKD) | | :--- | :--- | | Total Proceeds | 261.80 | | Related Fees and Expenses | 1.05 | | Net Proceeds | 260.75 | - The net proceeds are planned for the Group's general working capital, including repayment of bank loans related to general operations, and are expected to be utilized within one year after the completion of all three tranches of the subscription[5](index=5&type=chunk) [Actual Use of Proceeds](index=2&type=section&id=Actual%20Use%20of%20Proceeds) As of December 31, 2024, the entire net proceeds of **HK$260.75 million** have been fully utilized for general working capital and bank loan repayment as planned Use of Net Proceeds as of December 31, 2024 | Item | Unutilized Net Proceeds as of January 1, 2024 (million HKD) | Net Proceeds Utilized During the Year Ended December 31, 2024 (million HKD) | Unutilized Net Proceeds as of December 31, 2024 (million HKD) | | :--- | :--- | :--- | :--- | | General working capital (including repayment of bank loans related to general operations) | 260.75 | 260.75 | 0 | - As of December 31, 2024, the net proceeds raised from the subscription have been fully utilized according to the planned use of proceeds described in the circular[5](index=5&type=chunk) [Board of Directors and Other Information](index=2&type=section&id=Board%20of%20Directors%20and%20Other%20Information) This section outlines the composition of the Board of Directors and includes a standard disclaimer regarding the announcement's content [Composition of the Board of Directors](index=2&type=section&id=Composition%20of%20the%20Board%20of%20Directors) As of the announcement date, the company's board comprises 9 members, including executive, non-executive, and independent non-executive directors - As of the announcement date, the board of directors includes Ms. Xu Jili, Ms. Xu Liping, Mr. Liu Donghai (Executive Directors), Mr. Xie Hui, Mr. Jia Zhaojie, Ms. Pan Anran (Non-executive Directors), and Mr. Lu Tingjie, Mr. Lu Pingbo, Mr. Cai Zhenhui (Independent Non-executive Directors)[8](index=8&type=chunk) [Disclaimer](index=1&type=section&id=Disclaimer) Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited disclaim responsibility for this announcement's content, accuracy, or completeness - Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited are not responsible for the contents of this announcement, do not guarantee its accuracy or completeness, and accept no liability for any related loss[1](index=1&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何 部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。 V & V TECHNOLOGY HOLDINGS LIMITED 時騰科技控股有限公司 （於開曼群島註冊成立的有限公司 ） （股份代號：8113） (1) 截至2025年6月30日止六個月之中期業績公告 (2) 董事辭任 (3) 董事委員會組成變動 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交 所上市的公司帶有較高投資風險。有意投資的人士應了解投資於該等公司的潛在 風險，並應經過審慎周詳的考慮後方作出投資決定。 由於GEM上市公司普遍為中小型公司，在GEM買賣的證券可能會較於聯交所主 板買賣的證券承受較大的市場波動風險，同時無法保證在GEM買賣的證券會有高 流通量的市場。 本公告的資料乃遵照聯交所GEM證券上市規則（「 GEM上市規則 」）而刊載，旨在 提供有關時騰科技控股有限公司（「 本公司 」）的資料。本公司的董事（「 董 ...

[Summary](index=1&type=section&id=%E6%91%98%E8%A6%81) The group's revenue decreased by **16.8%** to **HKD 2.48 billion**, while profit attributable to owners of the company surged by **393.9%** | Metric | Six Months Ended June 30, 2025 (HKD thousands) | Six Months Ended June 30, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 2,483,216 | 2,986,005 | -16.8% | | Profit attributable to owners of the company | 63,421 | 12,842 | +393.9% | | Basic earnings per share (HK cents) | 0.65 | 0.13 | +400.0% | | Interim dividend | Not recommended | Not recommended | - | [Condensed Consolidated Financial Statements](index=2&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) [Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%94%B6%E7%9B%8A%E8%A1%A8) The group's revenue for the six months ended June 30, 2025, was approximately **HKD 2.48 billion**, with profit attributable to owners of the company surging by **393.9%** to **HKD 63.42 million** | Metric | Six Months Ended June 30, 2025 (HKD thousands) | Six Months Ended June 30, 2024 (HKD thousands) | | :--- | :--- | :--- | | Revenue | 2,483,216 | 2,986,005 | | Cost of sales | (2,119,826) | (2,361,167) | | Gross profit | 363,390 | 624,838 | | Other income and gains, net | 74,305 | 70,575 | | Selling and distribution expenses | (25,252) | (32,246) | | General and administrative expenses | (309,410) | (655,541) | | Net gain on disposal of a subsidiary | – | 146,420 | | Other operating income/(expenses), net | 14,630 | (16,205) | | Finance costs | (25,413) | (75,001) | | Profit before tax | 92,250 | 56,976 | | Income tax expense | (8,665) | (20,680) | | Profit for the period | 83,585 | 36,296 | | Profit attributable to owners of the company | 63,421 | 12,842 | | Non-controlling interests | 20,164 | 23,454 | | Basic earnings per share (HK cents) | 0.65 | 0.13 | | Diluted earnings per share (HK cents) | 0.65 | 0.13 | [Condensed Consolidated Statement of Comprehensive Income](index=4&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) Total comprehensive income significantly improved to **HKD 151.62 million** from a negative **HKD 100.10 million**, primarily due to favorable exchange differences | Metric | Six Months Ended June 30, 2025 (HKD thousands) | Six Months Ended June 30, 2024 (HKD thousands) | | :--- | :--- | :--- | | Profit for the period | 83,585 | 36,296 | | Property revaluation loss | (4,708) | (3,871) | | Exchange differences on translation of overseas operations | 71,964 | (189,640) | | Release of exchange fluctuation reserve upon disposal of a subsidiary | – | 58,671 | | Other comprehensive income/(expense) for the period (after tax) | 68,037 | (136,392) | | Total comprehensive income/(expense) for the period | 151,622 | (100,096) | | Attributable to owners of the company | 115,673 | (107,868) | | Non-controlling interests | 35,949 | 7,772 | [Condensed Consolidated Statement of Financial Position](index=5&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, total assets slightly decreased, but net current assets and total equity increased, reflecting continuous financial improvement | Metric | As of June 30, 2025 (HKD thousands) | As of December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Total non-current assets | 2,702,798 | 2,716,395 | | Total current assets | 4,448,538 | 4,437,841 | | Total current liabilities | 3,486,820 | 3,660,518 | | Net current assets | 961,718 | 777,323 | | Total non-current liabilities | 609,369 | 588,875 | | Net assets | 3,055,147 | 2,904,843 | | Total equity | 3,055,147 | 2,904,843 | [Notes to the Condensed Consolidated Interim Financial Statements](index=8&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) [Company Information](index=8&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) The company, registered in the Cayman Islands, primarily engages in investment holding, with subsidiaries manufacturing various consumer electronics and home products - The company is registered in the Cayman Islands, primarily engaged in investment holding[12](index=12&type=chunk) - Subsidiaries' main businesses include manufacturing and selling mobile phone casings and precision components, smart appliance casings, home and sports products, and network communication equipment[12](index=12&type=chunk) [Basis of Presentation](index=8&type=section&id=%E5%91%88%E5%88%97%E5%9F%BA%E6%BA%96) Interim financial statements comply with HKEX Listing Rules Appendix D2 and HKAS 34 "Interim Financial Reporting" - The interim financial statements comply with Appendix D2 of the HKEX Listing Rules and HKAS 34[13](index=13&type=chunk) [Accounting Policies](index=8&type=section&id=%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96) Accounting policies are consistent with annual consolidated financial statements, with new HKFRSs having no impact on these interim financial statements - Accounting policies are consistent with the annual consolidated financial statements[14](index=14&type=chunk) - Initial adoption of HKAS 21 (Amendment) "Lack of Exchangeability" has no impact on these interim financial statements[14](index=14&type=chunk)[15](index=15&type=chunk) [Operating Segment Information](index=9&type=section&id=%E7%B6%93%E7%87%9F%E5%88%86%E9%A1%9E%E8%B3%87%E6%96%99) The group operates two reportable segments: consumer electronics structural components and home & sports products, with performance assessed based on adjusted profit before tax [Segment Business](index=9&type=section&id=%E5%88%86%E9%A1%9E%E6%A5%AD%E5%8B%99) The group's two segments are consumer electronics structural components (e.g., phone casings, network equipment) and home & sports products (e.g., household durables, sports goods) - Consumer electronics structural components segment covers mobile phone casings, precision components, smart appliance panels, network communication equipment, and other consumer electronics[17](index=17&type=chunk) - Home and sports products segment includes household durables, home tools, and sports products[17](index=17&type=chunk) [Revenue and Results Analysis](index=10&type=section&id=%E6%94%B6%E5%85%A5%E5%8F%8A%E6%A5%AD%E7%B8%BE%E5%88%86%E6%9E%90) Consumer electronics structural components revenue decreased, while home & sports products revenue increased, with overall segment performance impacted by depreciation and amortization | Segment | Six Months Ended June 30, 2025 (HKD thousands) | Six Months Ended June 30, 2024 (HKD thousands) | | :--- | :--- | :--- | | **Segment Revenue:** | | | | Consumer electronics structural components | 1,902,809 | 2,478,496 | | Home and sports products | 580,407 | 507,509 | | **Segment Results:** | | | | Consumer electronics structural components | 7,422 | 63,390 | | Home and sports products | 51,618 | 56,756 | | Consolidated segment results | 59,040 | 120,146 | [Assets and Liabilities Analysis](index=11&type=section&id=%E8%B3%87%E7%94%A2%E5%8F%8A%E8%B2%A0%E5%82%B5%E5%88%86%E6%9E%90) As of June 30, 2025, consumer electronics structural components saw decreased assets and liabilities, while home & sports products experienced slight asset growth and liability reduction | Segment | As of June 30, 2025 (HKD thousands) | As of December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | **Segment Assets:** | | | | Consumer electronics structural components | 4,372,703 | 4,453,580 | | Home and sports products | 1,600,159 | 1,573,611 | | Consolidated total assets | 7,151,336 | 7,154,236 | | **Segment Liabilities:** | | | | Consumer electronics structural components | 2,495,922 | 2,750,254 | | Home and sports products | 351,953 | 377,509 | | Consolidated total liabilities | 4,096,189 | 4,249,393 | [Geographical Information](index=12&type=section&id=%E5%9C%B0%E5%8D%80%E8%B3%87%E6%96%99) The group's revenue primarily originates from China, with smaller contributions from Asia Pacific (excluding China) and the United States | Region | Six Months Ended June 30, 2025 (HKD thousands) | Six Months Ended June 30, 2024 (HKD thousands) | | :--- | :--- | :--- | | China | 1,765,475 | 2,317,515 | | Asia Pacific (excluding China) | 258,260 | 253,473 | | United States | 5,795 | 6,028 | | Other | 453,686 | 408,989 | | Consolidated total revenue | 2,483,216 | 2,986,005 | [Major Customer Information](index=12&type=section&id=%E4%B8%BB%E8%A6%81%E5%AE%A2%E6%88%B6%E8%B3%87%E6%96%99) Customer A was a major customer in 2024 but not in 2025, while Customer B's revenue contribution increased, mainly from consumer electronics structural components | Customer | Six Months Ended June 30, 2025 (HKD thousands) | Six Months Ended June 30, 2024 (HKD thousands) | | :--- | :--- | :--- | | Customer A | Not applicable | 381,029 | | Customer B | 357,927 | 304,210 | | Total | 357,927 | 685,239 | - Customer A is no longer a major customer in 2025, while Customer B's revenue contribution increased[22](index=22&type=chunk) [Profit Before Tax](index=13&type=section&id=%E9%99%A4%E7%A8%85%E5%89%8D%E6%BA%A2%E5%88%A9) Profit before tax is influenced by depreciation, R&D costs, salaries, and net exchange differences, with significant decreases in depreciation and R&D costs | Item | Six Months Ended June 30, 2025 (HKD thousands) | Six Months Ended June 30, 2024 (HKD thousands) | | :--- | :--- | :--- | | Depreciation of property, plant and equipment | 123,407 | 319,192 | | Depreciation of right-of-use assets | 7,586 | 7,776 | | Amortisation of intangible assets | 380 | 389 | | Research and development costs | 120,473 | 372,080 | | Salaries and wages | 561,299 | 666,761 | | Net exchange differences | (26,630) | 11,541 | | Interest income | (7,337) | (15,175) | [Income Tax](index=14&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85) Income tax expense primarily from Hong Kong and other regions, benefiting from high-tech enterprise preferential rates, with a significant reduction in total tax expenses - Hong Kong profits tax rate is **16.5%**, with some subsidiaries (e.g., Tongda Precision Technology) subject to a two-tiered tax rate of **8.25%** for the first **HKD 2 million**[24](index=24&type=chunk) - Mainland China enterprise income tax rate is **25%**, with certain subsidiaries eligible for a preferential tax rate of **15%** as high-tech enterprises[24](index=24&type=chunk) | Item | Six Months Ended June 30, 2025 (HKD thousands) | Six Months Ended June 30, 2024 (HKD thousands) | | :--- | :--- | :--- | | Current – Hong Kong | 323 | 3,287 | | Current – Other regions | 10,017 | 20,377 | | Deferred | (1,675) | (2,984) | | Total tax expense for the period | 8,665 | 20,680 | [Disposal of a Subsidiary](index=15&type=section&id=%E5%87%BA%E5%94%AE%E9%99%84%E5%B1%AC%E5%85%AC%E5%8F%B8) The group disposed of its precision business on April 3, 2024, for **HKD 2.015 billion**, recording a net gain of **HKD 146.4 million** and generating **HKD 1.615 billion** net cash inflow - The group completed the disposal of its precision micro-components business on April 3, 2024, for a total consideration of **HKD 2.015 billion**[26](index=26&type=chunk) | Item | Amount (HKD thousands) | | :--- | :--- | | Consideration received | 1,904,250 | | Net assets disposed of | (1,608,783) | | Release of exchange fluctuation reserve | (58,671) | | Gain on disposal of a subsidiary | 347,546 | | Transaction costs directly attributable to the disposal | (53,037) | | Income tax expense | (148,089) | | Net gain on disposal of a subsidiary | 146,420 | | Item | As of June 30, 2024 (HKD thousands) | | :--- | :--- | | Net cash and cash equivalents inflow from disposal of a subsidiary (after tax) | 1,614,526 | [Business Combination](index=17&type=section&id=%E6%A5%AD%E5%8B%99%E5%90%88%E4%BD%B5) The company acquired Credence Technology Limited for **HKD 60 million** to expand and create synergies, with the target committing to an EBITDA of at least **HKD 12 million** for FY2024 - The group acquired Credence Technology Limited for **HKD 60 million** on January 3, 2024[32](index=32&type=chunk)[33](index=33&type=chunk) - The acquisition aims to expand and create synergies with the existing appliance business[33](index=33&type=chunk) - The target company committed to an EBITDA of not less than **HKD 12 million** for the financial year ended December 31, 2024[33](index=33&type=chunk) | Item | Fair Value (HKD thousands) | | :--- | :--- | | Net identifiable assets acquired | 60,000 | | Total consideration paid in cash | 60,000 | | Net cash outflow arising from the acquisition | (51,695) | - The target company and its subsidiaries contributed **HKD 161 million** in revenue and **HKD 3.01 million** in profit to the group from the acquisition date to June 30, 2024[35](index=35&type=chunk) [Dividends](index=18&type=section&id=%E8%82%A1%E6%81%AF) The Board does not recommend paying any interim dividend for the six months ended June 30, 2025 - The Board of Directors does not recommend the payment of any interim dividend[36](index=36&type=chunk) [Earnings Per Share](index=19&type=section&id=%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9) Basic and diluted earnings per share attributable to owners of the company were **HKD 0.65 cents**, a significant increase, with both being identical due to no potential dilutive ordinary shares | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Profit for basic and diluted earnings per share (HKD thousands) | 63,421 | 12,842 | | Weighted average number of ordinary shares (thousands) | 9,735,607 | 9,735,607 | | Basic and diluted earnings per share (HK cents) | 0.65 | 0.13 | - For the six months ended June 30, 2025, basic and diluted earnings per share were identical, with no adjustments made[38](index=38&type=chunk) [Property, Plant and Equipment and Intangible Assets](index=19&type=section&id=%E7%89%A9%E6%A5%AD%E3%80%81%E5%BB%A0%E6%88%BF%E5%8F%8A%E8%A8%AD%E5%82%99%E4%BB%A5%E5%8F%8A%E7%84%A1%E5%BD%A2%E8%B3%87%E7%94%A2) The group added **HKD 88.25 million** in PPE, disposed of **HKD 6.11 million** in assets, and recorded a **HKD 4.71 million** revaluation deficit, with no write-down for consumer electronics assets - During the period, **HKD 88.25 million** was added to property, plant and equipment, and items with a net book value of **HKD 6.11 million** were disposed of[39](index=39&type=chunk) - Revaluation of Hong Kong leased buildings and related right-of-use assets resulted in a deficit of **HKD 4.71 million**, leading to a reduction in deferred tax liabilities of **HKD 0.781 million**[40](index=40&type=chunk) - After assessment, the carrying amount of assets in the consumer electronics structural components segment did not require write-down to their estimated recoverable amount[42](index=42&type=chunk) - Cash flow forecasts used a compound annual growth rate for revenue between **1.5% and 5.2%** over the next five years, with a pre-tax discount rate between **13.6% and 16.3%**[43](index=43&type=chunk) [Inventories](index=21&type=section&id=%E5%AD%98%E8%B2%A8) As of June 30, 2025, total inventories decreased to **HKD 655.29 million** from **HKD 713.83 million**, mainly due to reductions in work-in-progress and finished goods | Item | As of June 30, 2025 (HKD thousands) | As of December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Raw materials | 161,284 | 157,212 | | Work-in-progress | 159,334 | 180,300 | | Finished goods | 334,681 | 376,327 | | Total inventories | 655,299 | 713,839 | [Trade and Bills Receivables](index=21&type=section&id=%E6%87%89%E6%94%B6%E8%B2%BF%E6%98%93%E8%B3%AC%E6%AC%BE%E5%8F%8A%E7%A5%A8%E6%93%9A) As of June 30, 2025, total trade and bills receivables were **HKD 2.092 billion**, slightly lower than **HKD 2.119 billion**, with credit terms of 1-3 months and strict monitoring | Item | As of June 30, 2025 (HKD thousands) | As of December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Trade receivables | 1,411,801 | 1,515,435 | | Impairment allowance | (23,220) | (25,378) | | Bills receivables | 703,587 | 628,474 | | Total trade and bills receivables | 2,092,168 | 2,118,531 | - The group generally offers credit terms of **1 to 3 months** and maintains strict monitoring over outstanding receivables[45](index=45&type=chunk) | Ageing | As of June 30, 2025 (HKD thousands) | As of December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Within 3 months | 1,613,812 | 1,976,360 | | 4 to 6 months | 361,855 | 138,970 | | 7 to 9 months | 119,539 | 5,499 | | 10 to 12 months | 4,274 | 2,775 | | Over 1 year | 15,908 | 20,305 | | Total | 2,115,388 | 2,143,909 | | Impairment allowance | (23,220) | (25,378) | | Net | 2,092,168 | 2,118,531 | [Financial Assets at Fair Value Through Profit or Loss](index=22&type=section&id=%E6%8C%89%E5%85%AC%E5%85%81%E5%83%B9%E5%80%BC%E8%A8%88%E5%85%A5%E6%90%8D%E7%9B%8A%E4%B9%8B%E9%87%91%E8%9E%8D%E8%B3%87%E7%94%A2) Financial assets at fair value through profit or loss, including structured bank deposits and fund investments, have fair value changes recognized in "Other income and gains, net" - Financial assets at fair value through profit or loss refer to bank structured deposits and fund investments[47](index=47&type=chunk) - Changes in their fair value are recognized in "Other income and gains, net" in the condensed consolidated statement of profit or loss[47](index=47&type=chunk) [Trade and Bills Payables](index=23&type=section&id=%E6%87%89%E4%BB%98%E8%B2%BF%E6%98%93%E8%B3%AC%E6%AC%BE%E5%8F%8A%E7%A5%A8%E6%93%9A) As of June 30, 2025, total trade and bills payables decreased to **HKD 2.295 billion** from **HKD 2.525 billion**, with non-interest bearing trade payables settled within 60-90 days | Item | As of June 30, 2025 (HKD thousands) | As of December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Trade payables | 1,264,981 | 1,527,152 | | Bills payables | 1,029,775 | 997,934 | | Total trade and bills payables | 2,294,756 | 2,525,086 | - Trade payables are non-interest bearing and generally settled within **60 to 90 days**[48](index=48&type=chunk) | Ageing | As of June 30, 2025 (HKD thousands) | As of December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Within 3 months | 1,691,085 | 1,821,013 | | 4 to 6 months | 560,006 | 656,634 | | 7 to 9 months | 16,334 | 18,873 | | 10 to 12 months | 4,427 | 3,645 | | Over 1 year | 22,904 | 24,921 | | Total | 2,294,756 | 2,525,086 | [Management Discussion and Analysis](index=24&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) [Financial Review](index=24&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) Total revenue decreased by **16.8%** due to the precision components business disposal, but profit attributable to owners surged by **395.3%**, driven by reduced finance costs, R&D, and depreciation [Revenue](index=24&type=section&id=%E6%94%B6%E5%85%A5) Revenue decreased by **16.8%** to **HKD 2.483 billion** due to the precision components business disposal; excluding this, revenue only slightly decreased by **0.5%** | Metric | Six Months Ended June 30, 2025 (HKD millions) | Six Months Ended June 30, 2024 (HKD millions) | Change (%) | | :--- | :--- | :--- | :--- | | Total revenue | 2,483.2 | 2,986.0 | -16.8% | - Revenue decrease primarily due to the disposal of the precision components business, with its revenue no longer consolidated from April 3, 2024[50](index=50&type=chunk) - Excluding the contribution from the disposed business, revenue for the period only slightly decreased by **0.5%** compared to the adjusted revenue of the prior period[50](index=50&type=chunk) [Gross Profit and Gross Profit Margin](index=24&type=section&id=%E6%AF%9B%E5%88%A9%E5%8F%8A%E6%AF%9B%E5%88%A9%E7%8E%87) Gross profit decreased by **41.8%** to **HKD 363.4 million**, with margin declining by **6.3 percentage points** to **14.6%**, due to market competition and precision business disposal, partially offset by lower depreciation | Metric | Six Months Ended June 30, 2025 (HKD millions) | Six Months Ended June 30, 2024 (HKD millions) | Change (%) | | :--- | :--- | :--- | :--- | | Gross profit | 363.4 | 624.8 | -41.8% | | Gross profit margin | 14.6% | 20.9% | -6.3 percentage points | - Decrease in gross profit and gross profit margin primarily due to intense market competition and the disposal of the high-margin precision components business[51](index=51&type=chunk) - Significant reduction in depreciation expenses during the period, resulting from fixed asset impairment at the end of 2024, partially offset the decrease in gross profit and gross profit margin[51](index=51&type=chunk) [Other Income and Gains, Net](index=25&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5%E5%8F%8A%E6%94%B6%E7%9B%8A%E6%B7%A8%E9%A1%8D) Other income and gains, net, increased by **5.2%** to **HKD 74.3 million**, mainly from increased rental income after precision business disposal, partially offset by lower interest income | Metric | Six Months Ended June 30, 2025 (HKD millions) | Six Months Ended June 30, 2024 (HKD millions) | Change (%) | | :--- | :--- | :--- | :--- | | Other income and gains, net | 74.3 | 70.6 | +5.2% | - Increase primarily due to increased rental income after the disposal of the precision components business[52](index=52&type=chunk) - Part of the increase was offset by a decrease in interest income earned during the period compared to the prior period[52](index=52&type=chunk) [Selling and Distribution Expenses](index=25&type=section&id=%E9%8A%B7%E5%94%AE%E5%8F%8A%E5%88%86%E9%8A%B7%E9%96%8B%E6%94%AF) Selling and distribution expenses decreased by **21.4%** to **HKD 25.3 million**, consistent with revenue decline, maintaining a stable proportion of revenue | Metric | Six Months Ended June 30, 2025 (HKD millions) | Six Months Ended June 30, 2024 (HKD millions) | Change (%) | | :--- | :--- | :--- | :--- | | Selling and distribution expenses | 25.3 | 32.2 | -21.4% | | Percentage of revenue | 1.0% | 1.1% | -0.1 percentage points | - The decrease is consistent with the reduction in the group's turnover[53](index=53&type=chunk) [General and Administrative Expenses](index=25&type=section&id=%E4%B8%80%E8%88%AC%E5%8F%8A%E8%A1%8C%E6%94%BF%E9%96%8B%E6%94%AF) General and administrative expenses significantly decreased by **52.8%** to **HKD 309.4 million**, mainly due to reduced R&D expenses post-disposal and lower bank charges from early loan repayment | Metric | Six Months Ended June 30, 2025 (HKD millions) | Six Months Ended June 30, 2024 (HKD millions) | Change (%) | | :--- | :--- | :--- | :--- | | General and administrative expenses | 309.4 | 655.5 | -52.8% | | Percentage of revenue | 12.5% | 22.0% | -9.5 percentage points | - Decrease primarily due to reduced R&D expenses during the period, as related R&D expenses are no longer incurred after the disposal of the precision components business[54](index=54&type=chunk) - Early repayment of a significant portion of long-term bank loans led to a substantial reduction in bank charges[54](index=54&type=chunk) [Other Operating Income/(Expenses), Net](index=26&type=section&id=%E5%85%B6%E4%BB%96%E7%B6%93%E7%87%9F%E6%94%B6%E5%85%A5%E2%95%84%EF%BC%88%E9%96%8B%E6%94%AF%EF%BC%89%E6%B7%A8%E9%A1%8D) The group recorded net other operating income of **HKD 14.6 million**, compared to net expenses of **HKD 16.2 million** last year, primarily due to **HKD 26.6 million** in exchange gains | Metric | Six Months Ended June 30, 2025 (HKD millions) | Six Months Ended June 30, 2024 (HKD millions) | | :--- | :--- | :--- | | Other operating income/(expenses), net | 14.6 (income) | (16.2) (expenses) | | Exchange gains/(losses) | 26.6 (gains) | (11.5) (losses) | - Primarily due to recording exchange gains of **HKD 26.6 million** during the period, compared to exchange losses of **HKD 11.5 million** in the prior period[55](index=55&type=chunk) [Finance Costs](index=26&type=section&id=%E8%B2%A1%E5%8B%99%E8%B2%BB%E7%94%A8) Finance costs significantly decreased by **66.1%** to **HKD 25.4 million**, mainly due to the group's early repayment of substantial long-term bank loans in 2024 | Metric | Six Months Ended June 30, 2025 (HKD millions) | Six Months Ended June 30, 2024 (HKD millions) | Change (%) | | :--- | :--- | :--- | :--- | | Finance costs | 25.4 | 75.0 | -66.1% | - The decrease is primarily due to the group's early repayment of a significant portion of long-term bank loans in 2024[56](index=56&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=26&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E3%80%81%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90%E5%8F%8A%E8%B3%87%E6%9C%AC%E7%B5%90%E6%A7%8B) Liquidity primarily from cash, operating cash flow, and interest-bearing borrowings; as of June 30, 2025, cash and equivalents slightly increased, total assets stable, and net current assets and equity grew - The group primarily generates working capital from cash on hand, net cash generated from operating activities, and interest-bearing bank and other borrowings[57](index=57&type=chunk) | Metric | As of June 30, 2025 (HKD millions) | As of December 31, 2024 (HKD millions) | | :--- | :--- | :--- | | Cash and cash equivalents | 1,629.3 | 1,615.7 | | Of which pledged | 264.1 | 249.5 | | Total assets | 7,151.3 | 7,154.2 | | Net current assets | 961.7 | 777.3 | | Equity | 3,055.1 | 2,904.8 | - **76.9%** of cash and bank balances are denominated in RMB, **11.5%** in USD, and **11.6%** in other currencies[58](index=58&type=chunk) [Capital Expenditure](index=27&type=section&id=%E8%B3%87%E6%9C%AC%E6%94%AF%E5%87%BA) Total capital expenditure for the period was **HKD 88.3 million**, primarily for PPE acquisition to expand the home and sports products segment | Metric | Six Months Ended June 30, 2025 (HKD millions) | As of December 31, 2024 (HKD millions) | | :--- | :--- | :--- | | Total capital expenditure | 88.3 | 454.0 | - Primarily used for the acquisition of property, plant and equipment to expand the home and sports products segment[59](index=59&type=chunk) [Treasury Policy](index=27&type=section&id=%E5%BA%AB%E5%8B%99%E6%94%BF%E7%AD%96) The group monitors foreign exchange and interest rate risks, considering hedging when necessary, given sales in RMB/USD and purchases in RMB - The group will continue to monitor overall foreign exchange risk and interest rate risk, considering hedging these risks when necessary[60](index=60&type=chunk) - Sales are primarily denominated in RMB and USD, while purchases are primarily transacted in RMB[60](index=60&type=chunk) [Pledge of Group Assets](index=27&type=section&id=%E9%9B%86%E5%9C%98%E8%B3%87%E7%94%A2%E6%8A%B5%E6%8A%BC) The group pledged bank deposits, leased buildings, right-of-use assets, and Tongda Creative Living shares as collateral for bank financing - Pledged bank deposits of **HKD 264.1 million** (December 31, 2024: HKD 249.5 million)[61](index=61&type=chunk) - Pledged leased buildings and related right-of-use assets in Hong Kong and Mainland China with a carrying value of approximately **HKD 646.9 million** (December 31, 2024: HKD 569.7 million)[61](index=61&type=chunk) - Pledged **17.2 million** issued shares of Tongda Creative Living[61](index=61&type=chunk) [Human Resources](index=27&type=section&id=%E4%BA%BA%E5%8A%9B%E8%B3%87%E6%BA%90) As of June 30, 2025, the group had approximately **9,000** employees, with total salaries and wages of **HKD 561.3 million**, offering diverse compensation, benefits, and training | Metric | As of June 30, 2025 | As of June 30, 2024 | | :--- | :--- | :--- | | Number of permanent employees | Approximately 9,000 | Approximately 10,000 | | Total salaries and wages (HKD millions) | 561.3 | 666.8 | - The group determines remuneration based on employee performance, experience, and industry practice, providing MPF schemes, pension schemes, medical insurance, training courses, and share awards/discretionary bonuses[62](index=62&type=chunk) [Significant Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures](index=28&type=section&id=%E9%99%84%E5%B1%AC%E5%85%AC%E5%8F%B8%E3%80%81%E8%81%AF%E7%87%9F%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%90%88%E7%87%9F%E4%BC%81%E6%A5%AD%E7%9A%84%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E4%BA%8B%E9%A0%85%E5%8F%8A%E5%87%BA%E5%94%AE%E4%BA%8B%E9%A0%85) The group completed the disposal of its precision components business and the acquisition of Credence Technology Limited, with no other significant M&A activities - Completed the disposal of the precision micro-components business on April 3, 2024, for a consideration of **HKD 2.015 billion**[63](index=63&type=chunk) - Completed the acquisition of all issued shares of Credence Technology Limited for **HKD 60 million** on January 3, 2024[64](index=64&type=chunk) - No other significant acquisitions or disposals of subsidiaries, associates, or joint ventures occurred during the period[65](index=65&type=chunk) [Gearing Ratio and Borrowings](index=28&type=section&id=%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5%E6%AF%94%E7%8E%87%E5%8F%8A%E8%B2%A0%E5%82%B5) The group's gearing ratio is not applicable; as of June 30, 2025, total bank and other borrowings were **HKD 1.11 billion**, with **HKD 661 million** repayable within one year at **1.8% to 7.0%** interest - The group's gearing ratio is not applicable[66](index=66&type=chunk) | Metric | As of June 30, 2025 (HKD millions) | As of December 31, 2024 (HKD millions) | | :--- | :--- | :--- | | Interest-bearing bank and other borrowings (current portion) | 661.3 | 548.0 | | Interest-bearing bank borrowings (non-current portion) | 448.8 | 432.4 | | Total borrowings | 1,110.1 | 980.4 | - Bank borrowings bear interest at annual rates ranging from **1.8% to 7.0%**[66](index=66&type=chunk) [Business Review](index=29&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) [Overall Business Performance](index=29&type=section&id=%E6%95%B4%E9%AB%94%E6%A5%AD%E5%8B%99%E8%A1%A8%E7%8F%BE) As a precision structural components supplier, the group's revenue decreased by **16.8%** due to business disposal, but profit attributable to owners surged by **395.3%**, driven by reduced finance, R&D, and depreciation costs - The group's revenue was approximately **HKD 2.483 billion**, a year-on-year decrease of **16.8%**, or a slight decrease of **0.5%** if excluding the revenue contribution from the disposed precision components business[67](index=67&type=chunk) - Profit attributable to owners of the company was **HKD 63.4 million**, a year-on-year increase of approximately **395.3%**[67](index=67&type=chunk) - The increase in profit was primarily due to substantial reductions in finance costs and bank charges, a significant decrease in R&D costs, and a substantial reduction in depreciation expenses resulting from fixed asset impairment[67](index=67&type=chunk)[68](index=68&type=chunk) - The one-off net gain of approximately **HKD 146.4 million** from the disposal of the precision components business in the prior period partially offset the increase in profit for the current period[68](index=68&type=chunk) [Business Segments](index=30&type=section&id=%E6%A5%AD%E5%8B%99%E5%88%86%E9%83%A8) The group's business is divided into consumer electronics structural components and home & sports products segments, each showing distinct growth trends and strategic adjustments [Consumer Electronics Structural Components](index=31&type=section&id=%E6%B6%88%E8%B2%BB%E9%A1%9E%E9%9B%BB%E5%AD%90%E7%94%A2%E5%93%81%E7%B5%90%E6%A7%8B%E4%BB%B6) This segment's sales were approximately **HKD 1.903 billion**, down **23.2%**, due to business disposal and smartphone market decline; the group is optimizing its layout and opened a new Vietnam factory for network communication equipment - This segment's sales amounted to approximately **HKD 1.903 billion**, accounting for approximately **76.6%** of total revenue, a year-on-year decrease of **23.2%**[71](index=71&type=chunk) - Excluding the contribution from the disposed precision components business, this segment's revenue decreased by **4.3%** year-on-year[71](index=71&type=chunk) - Smartphone market shipments declined by **0.6%**, with economic uncertainty suppressing consumers' willingness to upgrade phones[71](index=71&type=chunk) - The group is actively integrating and optimizing its existing business layout and has commenced production at a new network communication equipment factory in Vietnam[71](index=71&type=chunk)[72](index=72&type=chunk) [Home and Sports Products](index=32&type=section&id=%E5%AE%B6%E5%B1%85%E5%8F%8A%E9%AB%94%E8%82%B2%E7%94%A2%E5%93%81) This segment's sales were approximately **HKD 580 million**, up **14.4%**, driven by broadened customer base, deepened core relationships, and enhanced efficiency from a new Malaysian Industry 4.0 factory - This segment's sales amounted to approximately **HKD 580 million**, a year-on-year increase of **14.4%**, accounting for approximately **23.4%** of total revenue[73](index=73&type=chunk) - Primarily produces household durables, home tools, sports products, and healthcare products for well-known European and American brands[73](index=73&type=chunk) - Actively broadening its customer base, deepening relationships with core customers, and advancing its international production base layout, with the new Malaysian factory having commenced production[73](index=73&type=chunk) [Total Revenue by Product Category](index=32&type=section&id=%E6%8C%89%E7%94%A2%E5%93%81%E9%A1%9E%E5%88%A5%E8%A8%88%E7%AE%97%E4%B9%8B%E7%B8%BD%E6%94%B6%E5%85%A5%E7%99%BE%E5%88%86%E6%AF%94) The proportion of consumer electronics structural components in total revenue decreased, while home and sports products increased | Product Category | 2025 | 2024 | | :--- | :--- | :--- | | Consumer electronics structural components | 76.6% | 83.0% | | Home and sports products | 23.4% | 17.0% | [Outlook](index=32&type=section&id=%E5%B1%95%E6%9C%9B) [Smartphone Market](index=33&type=section&id=%E6%99%BA%E8%83%BD%E6%89%8B%E6%A9%9F%E5%B8%82%E5%A0%B4) The group expects the smartphone market to benefit from generative AI and new materials, leveraging partnerships and technology to seize growth opportunities - Generative AI is rapidly becoming a core driver for enhancing phone value[76](index=76&type=chunk) - The group has established long-term partnerships with major global phone brands and actively participates in the development of next-generation smartphone casings and accessories[76](index=76&type=chunk) - Actively exploring new materials and advanced processes, such as glass fiber phone casings, to meet market demand for a balance of strength and weight[76](index=76&type=chunk) [Home and Sports Products Segment](index=33&type=section&id=%E5%AE%B6%E5%B1%85%E5%8F%8A%E9%AB%94%E8%82%B2%E7%94%A8%E5%93%81%E5%88%86%E9%83%A8) The home and sports products segment sees rapid growth from "product design + smart manufacturing," "plastics + hardware" integration, and stable US tariff policies, with Malaysian and Vietnamese factories boosting growth - This segment benefits from its "product design + smart manufacturing" system and "plastics + hardware" integrated development, demonstrating strong competitiveness in sports outdoor equipment, home living products, and healthcare products[77](index=77&type=chunk) - Key drivers include consumption upgrades, the advancement of smart manufacturing in China, and stable US tariff policies towards Southeast Asia[77](index=77&type=chunk) - Malaysian and Vietnamese factories will help customers more accurately forecast order demand, expected to further drive business growth[77](index=77&type=chunk) [Future Strategies](index=34&type=section&id=%E6%9C%AA%E4%BE%86%E7%AD%96%E7%95%A5) The group will achieve long-term sustainable growth by optimizing management, enhancing quality and efficiency, deepening customer cooperation, and expanding potential areas with innovative technologies - Continuously optimize internal management, enhance product quality, and improve production efficiency to effectively maintain market share and increase capacity utilization[78](index=78&type=chunk) - Closely monitor market changes, deepen cooperation with core customers, and further expand potential business areas with innovative technologies and leading processes[78](index=78&type=chunk) - Drive long-term sustainable growth and unlock asset value through efficient customer interaction, precise resource allocation, and continuously optimized manufacturing processes[78](index=78&type=chunk) [Supplementary Information](index=34&type=section&id=%E8%A3%9C%E5%85%85%E8%B3%87%E6%96%99) [Interim Dividend](index=34&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board does not recommend paying any interim dividend for the period - The Board of Directors does not recommend the payment of any interim dividend for the period (2024: nil)[80](index=80&type=chunk) [Purchase, Sale or Redemption of the Company's Securities](index=34&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%AD%89%E5%88%B8) Neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the period - Neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the period[81](index=81&type=chunk) [Share Option and Share Award Schemes](index=35&type=section&id=%E8%B3%BC%E8%82%A1%E6%AC%8A%E5%8F%8A%20%E8%82%A1%E4%BB%BD%E7%8D%8E%E5%8B%B5%E8%A8%88%E5%88%83) The group uses share option and award schemes to attract talent; the 2013 option scheme expired, a new one adopted, some awarded shares lapsed, and Tongda Creative Living established a restricted A-share incentive plan [Share Option Scheme](index=35&type=section&id=%E8%B3%BC%E8%82%A1%E6%AC%8A%E8%A8%88%E5%88%83) The 2013 share option scheme expired, and a new one was adopted to attract talent and promote business success, with grants not exceeding **10%** of issued share capital - The 2013 share option scheme expired on June 24, 2023, and no further share options will be granted thereunder[82](index=82&type=chunk) - The company adopted a new share option scheme to attract and retain talent and promote the overall success of the group's business[82](index=82&type=chunk) - The total number of shares that may be granted under the new share option scheme shall not exceed **10%** of the company's issued share capital (excluding treasury shares) as of the approval date[83](index=83&type=chunk) - Granting of share options to directors, chief executives, or substantial shareholders requires approval from independent non-executive directors, and further grants exceeding **0.1%** require approval from shareholders in a general meeting[83](index=83&type=chunk)[84](index=84&type=chunk) - No share options were granted under the new share option scheme during the period and up to the date of this report[85](index=85&type=chunk) [Share Award Scheme Established by the Company](index=36&type=section&id=%E7%94%B1%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%89%80%E8%A8%AD%E7%AB%8B%E4%B9%8B%E8%82%A1%E4%BB%BD%E7%8D%8E%E5%8B%B5%E8%A8%88%E5%88%83) The company adopted a share award scheme to foster "risk-sharing, benefit-sharing" with management and retain talent; **29.05 million** awarded shares lapsed due to unfulfilled vesting conditions - The share award scheme aims to establish a "risk-sharing, benefit-sharing" mechanism with middle and senior management and to attract and retain core talent for the group[88](index=88&type=chunk) - The total number of shares awarded under the share award scheme shall not exceed **10%** of the company's total issued shares as of the adoption date of the scheme[89](index=89&type=chunk) - A total of **29.05 million** awarded shares lapsed during the period due to unfulfilled vesting conditions[89](index=89&type=chunk) - No awarded shares were granted under the share award scheme for the six months ended June 30, 2025, and 2024[90](index=90&type=chunk) [Share Award Scheme Established by a Subsidiary](index=38&type=section&id=%E7%94%B1%E4%B8%80%E9%96%93%E9%99%84%E5%B1%AC%E5%85%AC%E5%8F%B8%E6%89%80%E8%A8%AD%E7%AB%8B%E4%B9%8B%E8%82%A1%E4%BB%BD%E7%8D%8E%E5%8B%B5%E8%A8%88%E5%88%83) Tongda Creative Living established a restricted A-share incentive plan for long-term management incentives; **1.8676 million** restricted A-shares were granted, with **307,000** reserved for December 2024 - Tongda Creative Living established a restricted A-share incentive plan to provide long-term incentives for middle and senior management[91](index=91&type=chunk) - The total number of shares granted under the incentive plan does not exceed **10%** of Tongda Creative Living's total issued shares[91](index=91&type=chunk) - **1.8676 million** restricted A-shares were granted to 76 participants on January 4, 2024, at a grant price of **HKD 14.31** per share[91](index=91&type=chunk) - An additional **307,000** restricted A-shares were reserved for grant to 17 participants in December 2024, at a grant price of **RMB 11.65** per share[92](index=92&type=chunk) [Corporate Governance Code](index=39&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%88%99) The company complied with all applicable Corporate Governance Code provisions, with combined Chairman and CEO roles providing strong and consistent leadership - The company complied with all applicable code provisions of the Corporate Governance Code during the period[95](index=95&type=chunk) - The roles of Chairman and Chief Executive Officer are combined and held by Mr. Wang Yanan, which the Board believes provides strong and consistent leadership[95](index=95&type=chunk) [Audit Committee](index=39&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%91%A1%E6%9C%83) The Audit Committee, comprising three independent and one non-executive director, advises on accounting, monitors auditor independence, and reviews risk management and internal controls - The Audit Committee comprises three independent non-executive directors and one non-executive director, with Mr. Ding Lianghui serving as Chairman[96](index=96&type=chunk) - The committee is responsible for providing accounting and financial advice, monitoring the independence of external auditors, and reviewing and monitoring the group's risk management and internal control systems[96](index=96&type=chunk) - The Audit Committee and the company's auditors have reviewed the group's unaudited interim results for the period[96](index=96&type=chunk) [Model Code for Securities Transactions](index=39&type=section&id=%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E4%B9%8B%E6%A8%99%E6%BA%96%E5%AE%88%E5%88%99) The company adopted the Model Code for Securities Transactions, and all directors confirmed full compliance during the period - The company has adopted the Model Code for Securities Transactions as set out in Appendix C3 of the Listing Rules[97](index=97&type=chunk) - All directors have confirmed full compliance with the standards set out in the Model Code throughout the period[97](index=97&type=chunk) [Events After the Reporting Period](index=40&type=section&id=%E6%9C%9F%E6%9C%AB%E5%BE%8C%E4%BA%8B%E9%A0%85) - No significant post-reporting period events affecting the company or its subsidiaries require disclosure[98](index=98&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=40&type=section&id=%E5%88%8A%E7%99%BC%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E5%85%AC%E4%BD%88%E5%8F%8A%E4%B8%AD%E6%9C%9F%E5%A0%B1%E5%91%8A) - This announcement will be published on the HKEX and the company's website[99](index=99&type=chunk) - The full interim report will be available on the HKEX and the company's website at the appropriate time[99](index=99&type=chunk) [Acknowledgement](index=40&type=section&id=%E8%87%B4%E8%AC%9D) - The Chairman thanks all employees, management, customers, and suppliers for their support, anticipating the group's modern and advanced development[100](index=100&type=chunk)

[Financial Summary](index=1&type=section&id=Financial%20Summary) [Company Information and Announcement](index=1&type=section&id=Company%20Information%20and%20Announcement) China Shunke Long Holdings Limited announced its unaudited condensed consolidated interim results for the six months ended June 30, 2025, which were reviewed by the Company's audit committee - China Shunke Long Holdings Limited (Stock Code: 974) announced its unaudited condensed consolidated interim results for the six months ended June 30, 2025[2](index=2&type=chunk) - The unaudited consolidated results have been reviewed by the Company's audit committee[2](index=2&type=chunk) [Key Financial Highlights](index=1&type=section&id=Key%20Financial%20Highlights) For the six months ended June 30, 2025, the Company's revenue decreased by 20.2% to RMB 245,947 thousand, gross profit decreased by 25.7% to RMB 28,809 thousand, but loss for the period significantly narrowed by 82.5% to RMB 3,285 thousand; total assets and total liabilities also decreased by 10.2% and 12.2% respectively Financial Highlights for the Six Months Ended June 30 | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 245,947 | 308,164 | -20.2% | | Gross Profit | 28,809 | 38,783 | -25.7% | | Loss for the period | (3,285) | (18,747) | -82.5% | | **As at period-end** | | | | | Total Assets | 273,622 | 304,700 | -10.2% | | Total Liabilities | 195,226 | 222,342 | -12.2% | [Condensed Consolidated Financial Statements](index=2&type=section&id=Condensed%20Consolidated%20Financial%20Statements) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the Company's revenue was RMB 245,947 thousand, gross profit RMB 28,809 thousand, loss for the period significantly narrowed to RMB 3,285 thousand, and basic and diluted loss per share was RMB 0.01 Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 245,947 | 308,164 | | Cost of inventories sold | (217,138) | (269,381) | | Gross Profit | 28,809 | 38,783 | | Other operating income | 14,014 | 8,589 | | Selling and distribution costs | (36,482) | (56,311) | | Administrative expenses | (8,043) | (6,891) | | Finance costs | (2,242) | (2,264) | | Loss before tax | (3,243) | (18,677) | | Income tax expense | (42) | (70) | | Loss for the period | (3,285) | (18,747) | | Loss for the period attributable to owners of the Company | (3,200) | (18,596) | | Loss per share - basic and diluted (RMB) | (0.01) | (0.06) | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As at June 30, 2025, the Company's total non-current assets were RMB 83,912 thousand, total current assets RMB 190,810 thousand, and total current liabilities RMB 173,495 thousand; net assets decreased to RMB 78,396 thousand, mainly due to reduced retained earnings and exchange differences Condensed Consolidated Statement of Financial Position (As at June 30, 2025) | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | **Non-current Assets** | | | | Property, plant and equipment | 23,625 | 23,452 | | Right-of-use assets | 45,645 | 54,785 | | Investment properties | 8,207 | 8,370 | | Deferred tax assets | 1,127 | 1,127 | | **Current Assets** | | | | Inventories | 62,459 | 77,535 | | Trade and bills receivables | 36,844 | 35,088 | | Deposits paid, prepayments and other receivables | 64,682 | 77,229 | | Cash and cash equivalents | 25,523 | 21,152 | | **Current Liabilities** | | | | Trade payables | 50,709 | 66,591 | | Other payables | 25,423 | 21,503 | | Bank borrowings | 62,000 | 62,000 | | **Net Assets** | 78,396 | 82,358 | | **Total Equity** | 78,396 | 82,358 | [Condensed Consolidated Statement of Changes in Equity](index=5&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, total equity attributable to owners of the Company decreased from RMB 81,346 thousand at the beginning of the period to RMB 77,469 thousand, mainly due to a loss for the period of RMB 3,200 thousand and exchange differences of RMB 677 thousand arising from translation of financial statements Condensed Consolidated Statement of Changes in Equity (For the six months ended June 30) | Indicator | January 1, 2025 (RMB thousands) | Loss for the period (RMB thousands) | Exchange differences (RMB thousands) | June 30, 2025 (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | | Total equity attributable to owners of the Company | 81,346 | (3,200) | (677) | 77,469 | | Non-controlling interests | 1,012 | (85) | – | 927 | | **Total Equity** | **82,358** | **(3,285)** | **(677)** | **78,396** | - Statutory reserve, in accordance with the PRC Company Law, requires 10% of annual statutory after-tax net profit (after offsetting any prior year losses) to be allocated until it reaches 50% of the registered capital[8](index=8&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash generated from operating activities was RMB 22,544 thousand, net cash used in investing activities RMB 3,613 thousand, and net cash used in financing activities RMB 13,912 thousand, resulting in a net increase in cash and cash equivalents of RMB 5,019 thousand Condensed Consolidated Statement of Cash Flows (For the six months ended June 30) | Activity Type | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Net cash from (used in) operating activities | 22,544 | (3,855) | | Net cash used in investing activities | (3,613) | (4,349) | | Net cash used in financing activities | (13,912) | (15,633) | | Net increase in cash and cash equivalents | 5,019 | (23,837) | | Cash and cash equivalents at January 1 | 21,152 | 48,683 | | Effect of foreign exchange rate changes | (648) | 272 | | Cash and cash equivalents at June 30 | 25,523 | 25,118 | [Notes to the Condensed Consolidated Interim Financial Statements](index=7&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Statements) [General Information and Basis of Preparation](index=7&type=section&id=General%20Information%20and%20Basis%20of%20Preparation) China Shunke Long Holdings Limited is incorporated in the Cayman Islands, primarily operating supermarket chain stores in Guangdong Province, China, maintaining both retail and wholesale distribution channels; its shares are listed on the Main Board of the Hong Kong Stock Exchange, with Supply and Marketing Grand Bazaar Group as the controlling shareholder - The Company was incorporated in the Cayman Islands, and its shares were listed on the Main Board of The Stock Exchange of Hong Kong on September 10, 2015[10](index=10&type=chunk) - The Group operates supermarket chain stores, primarily in Guangdong Province, China, maintaining both retail and wholesale distribution channels[11](index=11&type=chunk) - The Company's controlling shareholder is Supply and Marketing Grand Bazaar Group (whose shares are listed on the Shenzhen Stock Exchange), and the ultimate controlling party is the All-China Federation of Supply and Marketing Cooperatives[11](index=11&type=chunk) [Accounting Policies](index=7&type=section&id=Accounting%20Policies) The condensed consolidated financial statements are prepared on a historical cost basis, with accounting policies consistent with those used for the 2024 annual consolidated financial statements; amendments to IFRS accounting standards were first applied in this interim period but did not have a significant impact on financial performance and position - The condensed consolidated financial statements are prepared on a historical cost basis and in accordance with International Accounting Standard 34 and the applicable disclosure requirements of Appendix D2 to the Listing Rules[12](index=12&type=chunk)[13](index=13&type=chunk) - Amendments to IFRS accounting standards (HKAS 21 Amendment: Lack of Exchangeability) were first applied in this interim period but did not have a significant impact on the Group's financial performance and position[14](index=14&type=chunk) [Operating Segment Information](index=8&type=section&id=Operating%20Segment%20Information) The Group has two reportable segments: retail store operations and wholesale distribution; for the six months ended June 30, 2025, retail store operations revenue was RMB 188,366 thousand and wholesale distribution revenue was RMB 57,581 thousand, with both segments reporting losses; all revenue and non-current assets primarily originate from China - The Group has two reportable segments: retail store operations (selling fresh food, groceries, and household items) and wholesale distribution (selling fast-moving consumer goods and groceries)[15](index=15&type=chunk)[17](index=17&type=chunk) Segment Revenue and Results (For the six months ended June 30) | Segment | 2025 Revenue (RMB thousands) | 2025 Loss (RMB thousands) | 2024 Revenue (RMB thousands) | 2024 Loss/Profit (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | | Retail store operations | 188,366 | (115) | 231,307 | (16,839) | | Wholesale distribution | 57,581 | (2,568) | 76,857 | 25 | | **Total** | **245,947** | **(2,683)** | **308,164** | **(16,814)** | - The Group's revenue from external customers and non-current assets are entirely from China (domicile)[19](index=19&type=chunk)[20](index=20&type=chunk) [Revenue and Other Operating Income](index=10&type=section&id=Revenue%20and%20Other%20Operating%20Income) For the six months ended June 30, 2025, the Group's revenue primarily came from goods sales, with retail store operations contributing RMB 184,134 thousand and wholesale distribution RMB 57,581 thousand; other operating income significantly increased by 63.2% year-on-year to RMB 14,014 thousand, mainly due to increased gains from early lease terminations Revenue Analysis (For the six months ended June 30) | Revenue Source | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | General retail sales under retail store operations | 178,602 | 218,036 | | Bulk sales under retail store operations | 5,532 | 2,770 | | Integrated wholesale under wholesale distribution | 57,581 | 76,857 | | Commission income from franchise sales under retail store operations | 532 | 6,292 | | Rental income from subleasing certain retail areas under retail store operations | 3,700 | 4,209 | | **Total Revenue** | **245,947** | **308,164** | Other Operating Income Analysis (For the six months ended June 30) | Income Source | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Gain from early termination of leases | 3,111 | 183 | | Gain on disposal of property, plant and equipment | 29 | 89 | | Government grants | 110 | 8 | | Interest income from bank deposits | 42 | 130 | | Promotion income from suppliers | 5,012 | 5,299 | | Net rental income from investment properties | 1,458 | 1,371 | | Others | 4,252 | 1,509 | | **Total** | **14,014** | **8,589** | - The net gain from early termination of leases in the first half of 2025 was **RMB 3,111 thousand**, a significant increase from **RMB 183 thousand** in the same period of 2024[25](index=25&type=chunk) [Loss Before Tax](index=11&type=section&id=Loss%20Before%20Tax) For the six months ended June 30, 2025, loss before tax was RMB 3,243 thousand, a significant narrowing from RMB 18,677 thousand in the prior year; major expenses included employee benefit expenses of RMB 22,175 thousand and depreciation of right-of-use assets of RMB 8,843 thousand Items Deducted from Loss Before Tax (For the six months ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Depreciation of property, plant and equipment | 3,511 | 3,571 | | Depreciation of investment properties | 163 | 163 | | Depreciation of right-of-use assets | 8,843 | 14,303 | | Total employee benefit expenses | 22,175 | 29,846 | | Total finance costs | 2,242 | 2,264 | [Income Tax Expense](index=12&type=section&id=Income%20Tax%20Expense) For the six months ended June 30, 2025, income tax expense was RMB 42 thousand, a decrease from the prior year; PRC subsidiaries are subject to a 25% corporate income tax rate, with preferential rates for small low-profit enterprises, while Hong Kong and Macau subsidiaries incurred no taxable profits and thus no income tax - For the six months ended June 30, 2025, income tax expense was **RMB 42 thousand**, a decrease from **RMB 70 thousand** in the same period of 2024[29](index=29&type=chunk) - PRC subsidiaries are subject to a tax rate of **25%**, but small low-profit enterprises may enjoy preferential tax rates of **5% or 10%**[29](index=29&type=chunk)[30](index=30&type=chunk) - The Group did not incur taxable profits in the Cayman Islands, British Virgin Islands, Hong Kong, and Macau, thus no related income tax was payable[29](index=29&type=chunk)[30](index=30&type=chunk) [Dividends](index=12&type=section&id=Dividends) For the six months ended June 30, 2025, the Company neither paid nor proposed any interim dividends, and no dividends have been proposed since the end of the reporting period - No dividends were paid or proposed for the six months ended June 30, 2025 (six months ended June 30, 2024: nil), and no dividends have been proposed since the end of the reporting period (2024: nil)[31](index=31&type=chunk) [Loss Per Share](index=13&type=section&id=Loss%20Per%20Share) For the six months ended June 30, 2025, basic and diluted loss per share attributable to owners of the Company was RMB 0.01, a significant narrowing from RMB 0.06 in the prior year; diluted loss per share was the same as basic loss per share due to the absence of potential dilutive ordinary shares Loss Per Share Calculation (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Loss for the period attributable to owners of the Company | (3,200) | (18,596) | | Weighted average number of ordinary shares used for basic and diluted loss per share calculation | 290,457,000 | 290,457,000 | | Loss per share - basic and diluted (RMB) | (0.01) | (0.06) | - As there were no outstanding potential dilutive ordinary shares for both periods, the diluted loss per share was the same as the basic loss per share[32](index=32&type=chunk) [Capital Expenditure](index=13&type=section&id=Capital%20Expenditure) For the six months ended June 30, 2025, the Group added RMB 4,079 thousand in property, plant and equipment; at period-end, the carrying value of property, plant and equipment was RMB 23,625 thousand, and investment properties RMB 8,207 thousand; some buildings and investment properties were pledged to banks for financing Changes in Property, Plant and Equipment and Investment Properties (For the six months ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Carrying value of property, plant and equipment at beginning of period | 23,452 | 28,095 | | Additions | 4,079 | 4,916 | | Disposals | (395) | (348) | | Depreciation/Amortisation | (3,511) | (3,571) | | Carrying value of property, plant and equipment at end of period | 23,625 | 29,092 | | Carrying value of investment properties at beginning of period | 8,370 | 8,697 | | Depreciation/Amortisation of investment properties | (163) | (163) | | Carrying value of investment properties at end of period | 8,207 | 8,534 | - As at June 30, 2025, buildings with a carrying value of **RMB 10,334 thousand** and investment properties with a carrying value of **RMB 8,207 thousand** were pledged to banks[34](index=34&type=chunk) [Leases](index=14&type=section&id=Leases) As at June 30, 2025, total right-of-use assets were RMB 45,645 thousand and total lease liabilities RMB 40,642 thousand; new right-of-use assets of RMB 4,424 thousand were added, and depreciation of right-of-use assets of RMB 8,843 thousand and lease liability interest expense of RMB 1,181 thousand were recognized; total lease cash outflow was RMB 13,298 thousand Right-of-Use Assets (As at period-end) | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Other leased properties held for own use | 25,821 | 34,525 | | Ownership interests in leased land | 19,824 | 20,260 | | **Total** | **45,645** | **54,785** | Lease Liabilities (As at period-end) | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Current | 18,911 | 24,303 | | Non-current | 21,731 | 31,527 | | **Total** | **40,642** | **55,830** | Lease-Related Amounts Recognized in Profit or Loss (For the six months ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Depreciation of right-of-use assets | 8,843 | 14,303 | | Interest expense on lease liabilities | 1,181 | 1,702 | | Gain from early termination of leases | 3,111 | 183 | | Short-term lease expenses | 337 | 460 | - For the six months ended June 30, 2025, total lease cash outflow was **RMB 13,298 thousand**[41](index=41&type=chunk) [Trade and Bills Receivables](index=16&type=section&id=Trade%20and%20Bills%20Receivables) As at June 30, 2025, total trade and bills receivables were RMB 36,844 thousand, a slight increase from RMB 35,088 thousand at the end of 2024; the average credit period is 0 to 180 days, with receivables within 30 days accounting for the highest proportion Trade and Bills Receivables (As at period-end) | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade receivables | 39,020 | 38,111 | | Less: Impairment allowance for trade receivables | (2,201) | (3,069) | | Net trade receivables | 36,819 | 35,042 | | Bills receivables | 25 | 46 | | **Total** | **36,844** | **35,088** | - The average credit period granted to customers or tenants is generally **0 to 180 days** from the invoice date[42](index=42&type=chunk) Ageing Analysis of Trade Receivables (As at period-end) | Ageing | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 30 days | 15,378 | 13,172 | | 31 to 60 days | 6,924 | 6,742 | | 61 to 180 days | 10,549 | 7,607 | | 181 to 365 days | 299 | 3,120 | | Over 1 year to 2 years | 3,635 | 4,326 | | Over 2 years | 34 | 75 | | **Total** | **36,819** | **35,042** | [Trade Payables](index=17&type=section&id=Trade%20Payables) As at June 30, 2025, total trade payables were RMB 50,709 thousand, a decrease from RMB 66,591 thousand at the end of 2024; the Group generally obtains credit periods of 0 to 360 days from its suppliers - The Group generally obtains credit periods of **0 to 360 days** from its suppliers[43](index=43&type=chunk) Ageing Analysis of Trade Payables (As at period-end) | Ageing | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Current to 30 days | 16,740 | 29,472 | | 31 to 60 days | 9,100 | 11,643 | | 61 to 180 days | 10,667 | 12,481 | | 181 to 365 days | 7,593 | 4,901 | | Over 1 year to 2 years | 1,829 | 2,357 | | Over 2 years | 4,780 | 5,737 | | **Total** | **50,709** | **66,591** | [Amounts Due from Related Companies](index=17&type=section&id=Amounts%20Due%20from%20Related%20Companies) As at June 30, 2025, amounts due from related companies were trade-related, unsecured, interest-free, and repayable on demand; the carrying value includes accumulated impairment losses of RMB 440 thousand - Amounts due from related companies are trade-related, unsecured, interest-free, and repayable on demand[45](index=45&type=chunk) - The carrying value includes accumulated impairment losses of **RMB 440 thousand**[45](index=45&type=chunk) [Bank Borrowings](index=17&type=section&id=Bank%20Borrowings) As at June 30, 2025, the Group had RMB 62,000 thousand in secured bank borrowings, bearing fixed annual interest rates of 3.35% to 3.45%, all repayable within one year; these borrowings are secured by certain buildings, right-of-use assets, and investment properties Bank Borrowings (As at period-end) | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Secured bank borrowings classified as current liabilities | 62,000 | 62,000 | | Due within one year | 62,000 | 62,000 | - Bank borrowings bear fixed annual interest rates of **3.35% to 3.45%** (December 31, 2024: 3.45% to 3.6%)[47](index=47&type=chunk) - The Group's interest-bearing bank borrowings are secured by certain buildings, right-of-use assets, and investment properties[48](index=48&type=chunk)[49](index=49&type=chunk) [Share Capital](index=18&type=section&id=Share%20Capital) As at June 30, 2025, the Company's authorized share capital was 2,000,000,000 ordinary shares of HKD 0.01 each, with 290,457,000 issued and fully paid ordinary shares of HKD 0.01 each, having a carrying value of RMB 2,387 thousand Share Capital (As at period-end) | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Authorized share capital (2,000,000,000 shares of HKD 0.01 each) | 15,826 | 15,826 | | Issued and fully paid share capital (290,457,000 shares of HKD 0.01 each) | 2,387 | 2,387 | [Operating Lease Arrangements](index=18&type=section&id=Operating%20Lease%20Arrangements) The Group, as lessor, subleases internal areas of its retail stores and leases out investment properties for terms ranging from 1 to 10 years; as at June 30, 2025, irrevocable operating lease payments receivable within one year amounted to RMB 8,966 thousand - The Group subleases certain internal areas of its retail stores and leases out its investment properties, with negotiated lease terms ranging from **1 to 10 years**[49](index=49&type=chunk) Future Operating Lease Payments Receivable (As at period-end) | Period | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within one year | 8,966 | 9,397 | [Major Non-Cash Transactions](index=19&type=section&id=Major%20Non-Cash%20Transactions) For the six months ended June 30, 2025, the Group had a non-cash increase in right-of-use assets and lease liabilities of RMB 4,424 thousand due to retail store lease arrangements; concurrently, non-cash decreases of RMB 4,721 thousand in right-of-use assets and RMB 7,832 thousand in lease liabilities resulted from early lease terminations - Due to retail store lease arrangements, there was a non-cash increase in right-of-use assets and lease liabilities of **RMB 4,424 thousand**[50](index=50&type=chunk) - Due to early lease terminations, there was a non-cash decrease in right-of-use assets of **RMB 4,721 thousand** and a non-cash decrease in lease liabilities of **RMB 7,832 thousand**[50](index=50&type=chunk) [Related Party Transactions](index=19&type=section&id=Related%20Party%20Transactions) For the six months ended June 30, 2025, the Group had purchases of goods from related companies amounting to RMB 265 thousand, and no sales of goods; total key management personnel compensation was RMB 1,449 thousand Related Party Transactions (For the six months ended June 30) | Related Party Relationship | Nature of Transaction | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | :--- | | Related companies | Sales of goods | – | 4 | | Related companies | Purchases of goods | 265 | 17 | Key Management Personnel Compensation (For the six months ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Salaries, allowances and benefits in kind | 1,320 | 1,305 | | Contributions to retirement benefit schemes | 129 | 97 | | **Total** | **1,449** | **1,402** | - The consideration for sales and purchase transactions was based on past transaction prices, market prices, and discount rates, with a credit period of within **90 days**[53](index=53&type=chunk) [Management Discussion and Analysis](index=20&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=20&type=section&id=Business%20Review) The Group operates as a supermarket chain in Guangdong Province, China, encompassing retail store operations, integrated wholesale, and franchise operations; as at June 30, 2025, the number of retail stores decreased to 39, and franchised retail stores to 939, while integrated wholesale focuses on attracting more distributors - The Group operates as a supermarket chain, primarily in Guangdong Province, China, maintaining both retail and wholesale distribution channels[54](index=54&type=chunk) [Retail Stores](index=20&type=section&id=Retail%20Stores) As at June 30, 2025, the Group's total number of retail stores decreased from 51 at the beginning of the year to 39, mainly due to closing or converting inefficient stores; 38 are in Guangdong Province, China, and 1 in Macau, China Retail Store Count Changes | Period/Year | December 31, 2024 | June 30, 2025 | | :--- | :--- | :--- | | Beginning of period/year | 61 | 51 | | Additions | 6 | 0 | | Reductions | (16) | (12) | | End of period/year | 51 | 39 | Retail Store Geographical Distribution (June 30, 2025) | Location | Number of Retail Stores | | :--- | :--- | | Foshan | 32 | | Zhaoqing | 4 | | Zhuhai | 1 | | Shenzhen | 1 | | Total Guangdong Province | 38 | | Macau | 1 | | **Total** | **39** | [Integrated Wholesale](index=21&type=section&id=Integrated%20Wholesale) As at June 30, 2025, the Group retained exclusive distribution rights for 16 brands in Foshan and Zhaoqing, with an increased focus on attracting more distributors rather than retailers as customers - The Group retains exclusive distribution rights for **16 brands** in Foshan and Zhaoqing[56](index=56&type=chunk) - The Group is focusing more on attracting distributors rather than retailers as customers[56](index=56&type=chunk) [Franchise Operations](index=21&type=section&id=Franchise%20Operations) The Group operates a franchise program, and as at June 30, 2025, the number of franchised retail stores decreased from 1,181 at the beginning of the year to 939 - The Group operates a franchise program, and revenue from selling goods to franchisees constitutes part of its wholesale distribution revenue[57](index=57&type=chunk) Franchised Retail Store Count Changes | Period/Year | December 31, 2024 | June 30, 2025 | | :--- | :--- | :--- | | Beginning of period/year | 1,008 | 1,181 | | Additions | 173 | 3 | | Reductions | 0 | 245 | | End of period/year | 1,181 | 939 | [Recent Developments and Outlook](index=21&type=section&id=Recent%20Developments%20and%20Outlook) In the first half of 2025, Shunke Long continued its "one store, one policy" strategy, significantly narrowing losses by optimizing the supply chain, closing inefficient stores, and expanding new customers; the second half will focus on "stabilizing existing business, expanding new business, and improving quality" strategies, optimizing supply chain management, innovating procurement models, enhancing gross profit margins, and accelerating diversified growth drivers and new business formats, including launching large-scale school food delivery projects and transitioning to an integrated brand trading model - In the first half of 2025, Shunke Long continued to implement its "one store, one policy" strategy, achieving positive progress in profit improvement initiatives and significantly narrowing its losses[58](index=58&type=chunk) - The supermarket segment significantly improved operational efficiency through supply chain and cost structure optimization; the brand agency business adjusted its distribution layout and expanded its operating model; the group purchasing segment achieved strong growth; and the headquarters segment maintained stable operations through cost control and improved management efficiency[59](index=59&type=chunk) - In the second half of the year, the Company will continue to focus on the "stabilizing existing business, expanding new business, and improving quality" strategy, further optimizing supply chain management, innovating procurement models, enhancing gross profit margins, and strengthening operational guidance for adjusted stores[60](index=60&type=chunk) - The group purchasing segment will continue to expand its institutional and corporate customer base and actively prepare for the launch of large-scale school food delivery projects; the brand agency business will accelerate its transformation towards an integrated brand trading model[60](index=60&type=chunk) [Financial Review](index=22&type=section&id=Financial%20Review) Revenue for the period decreased by 20.2% year-on-year to RMB 246.0 million, with gross profit margin decreasing by 0.9% to 11.7%; other operating income grew by 63.2%, selling and distribution costs significantly decreased by 35.2%, administrative expenses increased by 16.7%, finance costs slightly decreased by 1.0%, and income tax expense decreased; ultimately, net loss attributable to owners of the Company significantly narrowed by 82.8% to RMB 3.2 million [Revenue](index=22&type=section&id=Revenue) Revenue for the period was approximately RMB 246.0 million, a year-on-year decrease of 20.2%, mainly due to the optimization and closure or conversion of inefficient retail stores and a reasonable reduction in the scale of distribution agency brands - Revenue for the period was approximately **RMB 246.0 million**, a **20.2% decrease** compared to the same period in 2024[62](index=62&type=chunk) - Revenue from retail store business was approximately **RMB 188.4 million**, a **18.6% decrease** year-on-year; revenue from wholesale distribution business was approximately **RMB 57.6 million**, a **25.1% decrease** year-on-year[62](index=62&type=chunk) [Gross Profit Margin](index=22&type=section&id=Gross%20Profit%20Margin) Gross profit margin for the period was 11.7%, a decrease of 0.9% from 12.6% in the same period of 2024 - Gross profit margin for the period was **11.7%**, a **0.9% decrease** from **12.6%** in the same period of 2024[63](index=63&type=chunk) [Other Operating Income](index=23&type=section&id=Other%20Operating%20Income) Other operating income for the period was approximately RMB 14.0 million, a year-on-year increase of 63.2%, mainly due to increased gains from early termination of lease contracts and increased income from converted franchised retail stores - Other operating income for the period was approximately **RMB 14.0 million**, a **63.2% increase** compared to the same period in 2024[64](index=64&type=chunk) - The increase was mainly due to increased gains from early termination of lease contracts and increased income from converted franchised retail stores[64](index=64&type=chunk) [Selling and Distribution Costs](index=23&type=section&id=Selling%20and%20Distribution%20Costs) Selling and distribution costs for the period were approximately RMB 36.5 million, a year-on-year decrease of 35.2%, mainly due to significant reductions in labor and lease costs from optimizing and closing inefficient retail stores, and active cost control by management - Selling and distribution costs for the period were approximately **RMB 36.5 million**, a **35.2% decrease** compared to the same period in 2024[65](index=65&type=chunk) - The decrease was mainly due to significant reductions in labor costs and lease costs from optimizing and closing or converting inefficient retail stores, as well as reasonable control over vehicle delivery fees, utilities, and advertising and promotion expenses[65](index=65&type=chunk) [Administrative Expenses](index=23&type=section&id=Administrative%20Expenses) Administrative expenses for the period were approximately RMB 8.0 million, a year-on-year increase of 16.7%, mainly due to reduced lease concessions for retail stores and forfeiture of some early lease termination deposits for optimized and closed retail stores - Administrative expenses for the period were approximately **RMB 8.0 million**, a **16.7% increase** compared to the same period in 2024[66](index=66&type=chunk) - The increase was mainly due to reduced lease concessions for retail stores and forfeiture of some early lease termination deposits for optimized and closed retail stores[66](index=66&type=chunk) [Finance Costs](index=23&type=section&id=Finance%20Costs) Finance costs for the period were approximately RMB 2.2 million, a slight year-on-year decrease of 1.0%, mainly due to a decrease in unrecognized finance expenses on lease liabilities - Finance costs for the period were approximately **RMB 2.2 million**, a **1.0% decrease** compared to the same period in 2024[67](index=67&type=chunk) - The decrease was mainly due to a year-on-year decrease in unrecognized finance expenses on lease liabilities[67](index=67&type=chunk) [Income Tax Expense](index=23&type=section&id=Income%20Tax%20Expense) Income tax expense for the period was approximately RMB 42 thousand, a decrease of RMB 28 thousand year-on-year, mainly due to a subsidiary's supplementary corporate income tax payment in the prior year - Income tax expense for the period was approximately **RMB 42 thousand**, a **RMB 28 thousand decrease** compared to the same period in 2024[68](index=68&type=chunk) - The decrease was due to a subsidiary being determined not to be a small low-profit enterprise and making a supplementary corporate income tax payment in the same period of 2024[68](index=68&type=chunk) [Net Loss](index=24&type=section&id=Net%20Loss) Net loss attributable to owners of the Company for the period was approximately RMB 3.2 million, a year-on-year reduction of 82.8%, mainly due to a significant decrease in selling and distribution costs and an increase in other operating income - Net loss attributable to owners of the Company for the period was approximately **RMB 3.2 million**, an **82.8% reduction** compared to the same period in 2024[69](index=69&type=chunk) - The decrease in net loss was mainly due to a significant reduction in selling and distribution costs and an increase in other operating income[69](index=69&type=chunk) [Total Comprehensive Expense](index=24&type=section&id=Total%20Comprehensive%20Expense) Total comprehensive expense attributable to owners of the Group for the period was approximately RMB 3.9 million, a year-on-year decrease of 78.8%, consistent with the reduction in net loss - Total comprehensive expense attributable to owners of the Group for the period was approximately **RMB 3.9 million**, a **78.8% decrease** compared to the same period in 2024[70](index=70&type=chunk) - The decrease was mainly due to a significant reduction in selling and distribution costs and an increase in other operating income[70](index=70&type=chunk) [Capital Expenditure](index=24&type=section&id=Capital%20Expenditure) The Group's capital expenditure requirements primarily involve additions to property, plant and equipment for new retail stores and renovation of existing ones; expenditure for the period was approximately RMB 4.1 million - The Group's capital expenditure requirements primarily involve additions to property, plant and equipment for new retail stores and renovation of existing retail stores[71](index=71&type=chunk) - The Group's expenditure on property, plant and equipment for the period was approximately **RMB 4.1 million**[71](index=71&type=chunk) [Use of Proceeds](index=24&type=section&id=Use%20of%20Proceeds) The net proceeds from the global offering were approximately RMB 155.0 million, with an amended allocation plan to adapt to market changes; as at June 30, 2025, most of the proceeds have been utilized, with the remaining RMB 6.9 million primarily for renovating existing retail stores, expected to be fully utilized by December 31, 2026 - The net proceeds from the global offering were approximately **HKD 188.6 million** (approximately **RMB 155.0 million**), with an amended allocation plan to adapt to the slowdown in China's economic growth and the retail market outlook[72](index=72&type=chunk)[73](index=73&type=chunk) Use and Allocation of Net Proceeds | Use | Original Allocation (RMB millions) | Revised Allocation (RMB millions) | Actual Utilized as at June 30, 2025 (RMB millions) | Remaining as at June 30, 2025 (RMB millions) | | :--- | :--- | :--- | :--- | :--- | | Opening new retail stores | 116.9 | 74.4 | 74.4 | – | | Renovating existing retail stores | – | 27.1 | 20.2 | 6.9 | | Repaying bank borrowings | – | 27.9 | 27.9 | – | | Upgrading information systems | 11.2 | 11.2 | 11.2 | – | | Renovating and expanding distribution centers | 13.3 | 0.8 | 0.8 | – | | General working capital | 13.6 | 13.6 | 13.6 | – | | **Total** | **155.0** | **155.0** | **148.1** | **6.9** | - The Board expects the unutilized balance to be used as disclosed in the Company's announcement dated June 19, 2024, and is expected to be fully utilized by **December 31, 2026**[74](index=74&type=chunk) [Liquidity and Financial Resources](index=25&type=section&id=Liquidity%20and%20Financial%20Resources) As at June 30, 2025, the Group had cash and cash equivalents of approximately RMB 25.5 million, net current assets of approximately RMB 16.2 million, and net assets of approximately RMB 78.4 million; unutilized bank facilities amounted to RMB 28.0 million; total trade and other receivables decreased by 9.6%, mainly due to reduced prepayments for goods and recovery of some long-term deposits - As at June 30, 2025, the Group had cash and cash equivalents of approximately **RMB 25.5 million** (December 31, 2024: RMB 21.2 million)[75](index=75&type=chunk) - Net current assets were approximately **RMB 16.2 million** (December 31, 2024: RMB 20.4 million), and net assets were approximately **RMB 78.4 million** (December 31, 2024: RMB 82.4 million)[75](index=75&type=chunk) - Total trade and bills receivables and deposits paid, prepayments and other receivables decreased by **9.6%**, mainly due to reduced prepayments for goods to brand manufacturers and the recovery of some long-term deposits[76](index=76&type=chunk) [Material Investments](index=25&type=section&id=Material%20Investments) The Group held no material investments during the period - The Group held no material investments during the period[77](index=77&type=chunk) [Material Acquisitions and Disposals](index=25&type=section&id=Material%20Acquisitions%20and%20Disposals) The Group did not undertake any material acquisitions or disposals of subsidiaries or associates during the period - The Group did not undertake any material acquisitions or disposals of subsidiaries or associates during the period[78](index=78&type=chunk) [Indebtedness and Pledges of Assets](index=26&type=section&id=Indebtedness%20and%20Pledges%20of%20Assets) As at June 30, 2025, the Group had RMB 62.0 million in bank borrowings, all repayable within one year, secured by certain buildings, right-of-use assets, and investment properties - As at June 30, 2025, the Group had bank borrowings of **RMB 62.0 million**, all repayable within one year[79](index=79&type=chunk) - These loans bear fixed annual interest rates of **3.35%-3.45%**[79](index=79&type=chunk) - Pledged assets include buildings with a carrying value of approximately **RMB 10.3 million**, right-of-use assets of approximately **RMB 18.1 million**, and investment properties of approximately **RMB 8.2 million**[84](index=84&type=chunk) [Gearing Ratio](index=26&type=section&id=Gearing%20Ratio) As at June 30, 2025, the Group's gearing ratio (total borrowings divided by total equity) was approximately 79.1%, an increase from 75.3% as at December 31, 2024 - As at June 30, 2025, the Group's gearing ratio was approximately **79.1%** (December 31, 2024: 75.3%)[80](index=80&type=chunk) [Foreign Exchange Risk](index=26&type=section&id=Foreign%20Exchange%20Risk) Most of the Group's assets, liabilities, and cash flows are denominated in RMB, and management believes that exchange rate fluctuations between RMB and foreign currencies will not have a significant impact on financial position and performance; no hedging activities are intended for the current period or the near future - Most of the Group's assets, liabilities, and cash flows are denominated in RMB, and management believes that exchange rate fluctuations will not have a significant impact[81](index=81&type=chunk) - No hedging activities are intended for the current period or the near future[81](index=81&type=chunk) [Contingent Liabilities](index=26&type=section&id=Contingent%20Liabilities) As at June 30, 2025, the Group had not provided any guarantees to any third parties and had no material contingent liabilities - As at June 30, 2025, the Group had not provided any guarantees to any third parties and had no material contingent liabilities[82](index=82&type=chunk) [Employees](index=26&type=section&id=Employees) As at June 30, 2025, the Group had a total of 578 employees; the Company offers competitive salaries and internal training, maintains good employee relations, and has not experienced any significant labor disputes - As at June 30, 2025, the Group had a total of **578 employees**[83](index=83&type=chunk) - Employee salaries are maintained at a competitive level, with internal training and bonuses provided[83](index=83&type=chunk) - No significant impact on operations due to labor disputes occurred during the period, nor were there any significant difficulties in recruiting senior staff[83](index=83&type=chunk) [Other Information](index=27&type=section&id=Other%20Information) [Interim Dividend](index=27&type=section&id=Interim%20Dividend) The Board has resolved not to declare any interim dividend for the period - The Board has resolved not to declare any interim dividend for the period[85](index=85&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=27&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the period - During the period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[86](index=86&type=chunk) [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures](index=27&type=section&id=Directors%27%20and%20Chief%20Executive%27s%20Interests%20and%20Short%20Positions%20in%20Shares%2C%20Underlying%20Shares%20and%20Debentures) As at June 30, 2025, Ms. Wang Hui and Ms. Du Jing held 50,000 and 99,100 ordinary shares of Supply and Marketing Grand Bazaar Group Co., Ltd. respectively, each representing less than 0.01% of the total issued shares; no other directors or chief executives had disclosable interests or short positions Directors' Long Positions in Ordinary Shares of Associated Corporations (June 30, 2025) | Director's Name | Name of Associated Corporation | Capacity/Nature of Interest | Number of Shares Held | Approximate Percentage of Total Issued Shares of Associated Corporation | | :--- | :--- | :--- | :--- | :--- | | Ms. Wang Hui | Supply and Marketing Grand Bazaar Group Co., Ltd. | Beneficial owner | 50,000 | 0.00% | | Ms. Du Jing | Supply and Marketing Grand Bazaar Group Co., Ltd. | Beneficial owner | 99,100 | 0.00% | - Save as disclosed above, no other directors and chief executives had any interests or short positions required to be recorded in the register or otherwise notified to the Company and the Stock Exchange[88](index=88&type=chunk) [Substantial Shareholders' Interests and Short Positions in Shares and Underlying Shares](index=28&type=section&id=Substantial%20Shareholders%27%20Interests%20and%20Short%20Positions%20in%20Shares%20and%20Underlying%20Shares) As at June 30, 2025, the All-China Federation of Supply and Marketing Cooperatives and its multi-level controlled corporations (including Supply and Marketing Grand Bazaar International Holdings Limited) collectively held 204,558,317 shares of the Company, representing 70.42% of the total issued shares; additionally, Infini Capital Management held 27,600,000 shares, representing 9.50% Substantial Shareholders' Long Positions in Shares (June 30, 2025) | Name of Substantial Shareholder | Capacity | Number of Shares (Long Position) | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | | All-China Federation of Supply and Marketing Cooperatives | Interest of controlled corporation | 204,558,317 | 70.42% | | Beijing Zhonghe Nongxin Enterprise Management Consulting Co., Ltd. | Interest of controlled corporation | 204,558,317 | 70.42% | | China Supply and Marketing Group Co., Ltd. | Interest of controlled corporation | 204,558,317 | 70.42% | | China Supply and Marketing Commercial Circulation Group Co., Ltd. | Interest of controlled corporation | 204,558,317 | 70.42% | | Zhonghe Lian Investment Co., Ltd. | Interest of controlled corporation | 204,558,317 | 70.42% | | New Cooperation Commercial Chain Group Co., Ltd. | Interest of controlled corporation | 204,558,317 | 70.42% | | Supply and Marketing Grand Bazaar Group Co., Ltd. | Interest of controlled corporation | 204,558,317 | 70.42% | | Hainan Supply and Marketing Grand Bazaar Holdings Co., Ltd. | Interest of controlled corporation | 204,558,317 | 70.42% | | Hainan Supply and Marketing Grand Bazaar Supply Chain Network Technology Co., Ltd. | Interest of controlled corporation | 204,558,317 | 70.42% | | Green Industry (Hong Kong) Co., Ltd. | Interest of controlled corporation | 204,558,317 | 70.42% | | Supply and Marketing Grand Bazaar International Holdings Limited | Beneficial owner | 204,558,317 | 70.42% | | Infini Capital Management | Beneficial owner | 27,600,000 | 9.50% | - The All-China Federation of Supply and Marketing Cooperatives indirectly holds **70.42%** of the Company's shares through multi-level equity control, ultimately holding interests in Supply and Marketing Grand Bazaar International Holdings Limited[94](index=94&type=chunk) [Share Option Scheme](index=29&type=section&id=Share%20Option%20Scheme) The Company's share option scheme was approved on August 19, 2015, to incentivize management and employees; as at the date of this interim report, the maximum number of shares subject to options that may be granted is 28,647,700 shares (approximately 9.86% of issued shares); no options were granted during the period - The share option scheme was approved on **August 19, 2015**, to incentivize management and employees[92](index=92&type=chunk) - The maximum number of shares subject to options that may be granted is **28,647,700 shares** (approximately **9.86%** of issued shares)[92](index=92&type=chunk) - No share options were granted before the end of the period[92](index=92&type=chunk) [Directors' Securities Transactions](index=29&type=section&id=Directors%27%20Securities%20Transactions) The Company has adopted the Model Code as the standard for directors' securities transactions; all directors confirmed compliance with the required standards of the Model Code throughout the period - The Company has adopted the Model Code as its own code of conduct for directors' securities transactions[93](index=93&type=chunk) - All directors confirmed compliance with the required standards set out in the Model Code throughout the period[93](index=93&type=chunk) [Sufficiency of Public Float](index=30&type=section&id=Sufficiency%20of%20Public%20Float) The Directors confirm that the Company has maintained the public float as required by the Listing Rules throughout the period and up to the date of this interim report - The Directors confirm that the Company has maintained the public float as required by the Listing Rules throughout the period and up to the date of this interim report[95](index=95&type=chunk) [Corporate Governance Practices](index=30&type=section&id=Corporate%20Governance%20Practices) The Company has complied with all code provisions of the Corporate Governance Code in Appendix C1 of the Listing Rules during the period, including appointing a Deputy CEO, revising the Nomination Committee's terms of reference to promote board diversity, appointing Nomination Committee members, successfully holding the AGM, and changes in company secretary and principal place of business in Hong Kong - The Company has complied with all code provisions of the Corporate Governance Code throughout the period[96](index=96&type=chunk) [Senior Management Personnel Arrangements](index=30&type=section&id=Senior%20Management%20Personnel%20Arrangements) The Company appointed Mr. Bai Tao as Deputy Chief Executive Officer on April 25, 2025, to enhance the management structure, strengthen daily operational management, and improve strategic execution capabilities - On **April 25, 2025**, the Company appointed Mr. Bai Tao as Deputy Chief Executive Officer[97](index=97&type=chunk) - Mr. Bai's extensive experience in the retail industry helps to improve the management structure, strengthen daily operational management, and enhance strategic execution capabilities[97](index=97&type=chunk) [Amendments to the Terms of Reference of the Nomination Committee](index=30&type=section&id=Amendments%20to%20the%20Terms%20of%20Reference%20of%20the%20Nomination%20Committee) On May 23, 2025, the Company revised the Nomination Committee's terms of reference to clarify its composition, operation, and responsibilities, including requiring at least one director of a different gender, aiming to promote board diversity and improve corporate governance structure - On **May 23, 2025**, the Company revised the terms of reference of the Nomination Committee, further clarifying its composition, operation, and responsibilities[98](index=98&type=chunk) - The revisions include requiring the committee to have at least one director of a different gender, aiming to promote board diversity and improve the corporate governance structure[98](index=98&type=chunk) [Appointment of Members to the Nomination Committee](index=30&type=section&id=Appointment%20of%20Members%20to%20the%20Nomination%20Committee) On May 28, 2025, the Company appointed Ms. Wang Hui, Executive Director and Chief Executive Officer, and Mr. Zheng Xueqi, Independent Non-executive Director, as members of the Nomination Committee to ensure gender diversity and strengthen board governance capabilities - On **May 28, 2025**, the Company appointed Ms. Wang Hui, Executive Director and Chief Executive Officer, and Mr. Zheng Xueqi, Independent Non-executive Director, as members of the Nomination Committee[99](index=99&type=chunk) - This aims to ensure gender diversity within the committee and further strengthen board governance capabilities[99](index=99&type=chunk) [Annual General Meeting and Protection of Shareholders' Rights](index=31&type=section&id=Annual%20General%20Meeting%20and%20Protection%20of%20Shareholders%27%20Rights) The Company held its Annual General Meeting on June 6, 2025, where all proposed resolutions were passed with 100% affirmative votes, demonstrating the Company's commitment to safeguarding shareholders' participation in decision-making and maintaining transparency - The Company held its Annual General Meeting on **June 6, 2025**, with all incumbent directors attending in person or electronically, and votes scrutinized by an independent third party[100](index=100&type=chunk) - All proposed resolutions were passed with **100% affirmative votes**, fully demonstrating the Company's commitment to safeguarding shareholders' participation in decision-making and maintaining transparency[100](index=100&type=chunk) [Change of Company Secretary](index=31&type=section&id=Change%20of%20Company%20Secretary) Mr. Qiu Minghao resigned as Company Secretary on June 30, 2025; Ms. Pang Hui, President of Anfu Zhixin Management Limited, was appointed as Company Secretary, authorized representative, and agent for service of process on June 30, 2025, to ensure continuity and professionalism of the company secretarial function - Mr. Qiu Minghao resigned as Company Secretary on **June 30, 2025**[101](index=101&type=chunk) - On **June 5, 2025**, the Company signed a listed company secretarial service agreement with Anfu Zhixin Management Limited, and on **June 30, 2025**, appointed Ms. Pang Hui, President of Anfu Zhixin, as Company Secretary, authorized representative, and agent for service of process[101](index=101&type=chunk) [Change of Principal Place of Business in Hong Kong](index=31&type=section&id=Change%20of%20Principal%20Place%20of%20Business%20in%20Hong%20Kong) The Company's principal place of business in Hong Kong has changed to Room 1602, 16/F, Yan Wing Commercial Building, 9 Irving Street, Causeway Bay, Hong Kong, effective June 30, 2025 - The Company's principal place of business in Hong Kong has changed to **Room 1602, 16/F, Yan Wing Commercial Building, 9 Irving Street, Causeway Bay, Hong Kong**, effective **June 30, 2025**[102](index=102&type=chunk) [Continuing Commitments](index=31&type=section&id=Continuing%20Commitments) The Company will continue to improve its corporate governance structure, promote diversified development, enhance transparency, and increase decision-making efficiency to ensure stable operations and create long-term value for shareholders - The Company will continue to improve its corporate governance structure, promote diversified development, enhance transparency, and increase decision-making efficiency to ensure stable operations and create long-term value for shareholders[103](index=103&type=chunk) [Events After the Reporting Period](index=31&type=section&id=Events%20After%20the%20Reporting%20Period) The Board is not aware of any disclosable material events occurring after June 30, 2025, and up to the date of this interim report - The Board is not aware of any disclosable material events occurring after **June 30, 2025**, and up to the date of this interim report[104](index=104&type=chunk) [Audit Committee](index=32&type=section&id=Audit%20Committee) The Company has established an Audit Committee, primarily responsible for providing independent opinions to the Board on financial reporting processes, internal controls, and the effectiveness of risk management systems; the condensed consolidated financial statements for this period, though unaudited, have been reviewed by the Audit Committee; all committee members are independent non-executive directors, with Mr. Zheng Xueqi serving as Chairman - The Company has established an Audit Committee in compliance with the Listing Rules and the Corporate Governance Code[105](index=105&type=chunk) - The primary responsibility of the Audit Committee is to provide independent opinions to the Board on the Group's financial reporting processes, internal control procedures, and the effectiveness of its risk management systems[105](index=105&type=chunk) - The Group's condensed consolidated financial statements for the six months ended June 30, 2025, although unaudited, have been reviewed by the Audit Committee[105](index=105&type=chunk) - The Audit Committee members include Mr. Zheng Xueqi (Chairman), Mr. Gao Jingyuan, and Mr. Wu Kai, all of whom are independent non-executive directors[106](index=106&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。 GREENTOWN CHINA HOLDINGS LIMITED 截 至2025年6月30日止六個月中期業績公告 摘 要 綠城中國控股有限公司（「綠 城」、「綠城中國」或「本公司」）董事會（「董事會」）欣 然 公佈本公司及其附屬公司（合 稱「本集團」）截 至2025年6月30日止六個月（「本報告 期」、「本 期」或「2025年上半年」）按照國際財務報告準則編製的未經審核簡明綜 合 中 期 業 績，並 呈 列2024年 同 期 的 比 較 數 字。有 關 中 期 業 績 已 經 本 公 司 審 核 委 員 會（「審核委員會」）審 閱 並 獲 董 事 會 批 准。以 下 財 務 資 料 是 節 錄 自 本 集 團 將 刊 發 的2025年 中 期 報 告 所 載 列 的 未 經 審 核 簡 明 綜 合 財 務 資 料。 截 至2025年6月30日止六個 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何 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。 WING LEE PROPERTY INVESTMENTS LIMITED 中期業績 永利地產發展有限公司（「本公司」）之董事局（「董事局」）欣然呈列本公司及其附屬 公司（統稱「本集團」）截至二零二五年六月三十日止六個月之未經審核簡明綜合業 績及截至二零二四年六月三十日止同期之比較數字。 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 | | | 截至六月三十日止六個月 | | | --- | --- | --- | --- | | | | 二零二五年 | 二零二四年 | | | | 千港元 | 千港元 | | | 附註 | （未經審核） | （未經審核） | | 收益 | 3 | 11,453 | 13,383 | | 直接經營開支 | | (970) | (516) | | | | 10,483 | 12,867 | | 其他收入 | | 804 | 1,310 | | 投資物業公平值 ...