[Supplementary Announcement Overview](index=1&type=section&id=%E8%A1%A5%E5%85%85%E5%85%AC%E5%91%8A%E6%A6%82%E8%BF%B0) This section provides an overview of the supplementary announcement, detailing its purpose and the context of the property, plant, and equipment impairment provision [Purpose and Background of the Announcement](index=1&type=section&id=%E5%85%AC%E5%91%8A%E7%9B%AE%E7%9A%84%E4%B8%8E%E8%83%8C%E6%99%AF) This announcement supplements the 2024 annual report, providing additional details on the RMB 107.932 million impairment provision for property, plant, and equipment - This document is a supplementary announcement to the annual report for the year ended December 31, 2024[2](index=2&type=chunk) - The announcement aims to provide additional information on the impairment provision for property, plant, and equipment[3](index=3&type=chunk) FY2024 Impairment Provision for Property, Plant, and Equipment | Metric | Amount (RMB) | | :--- | :--- | | Impairment Provision for Property, Plant, and Equipment (2024) | 107,932,000 | [Details of Impairment Provision for Property, Plant, and Equipment](index=2&type=section&id=%E7%89%A9%E4%B8%9A%E3%80%81%E5%8E%82%E6%88%BF%E5%8F%8A%E8%AE%BE%E5%A4%87%E5%87%8F%E5%80%BC%E6%8B%A8%E5%A4%87%E8%AF%A6%E6%83%85) This section details the impairment provision for property, plant, and equipment, including the reasons for impairment, valuation methods, and independent appraiser information [Analysis of Impairment Reasons](index=2&type=section&id=%E5%87%8F%E5%80%BC%E5%8E%9F%E5%9B%A0%E5%88%86%E6%9E%90) The impairment of the Group's photovoltaic module production equipment is primarily due to rapid changes in the PV industry in 2024, leading to technological obsolescence, decreased market demand, and production plan adjustments - The operating losses and temporary idle status of the subject assets are mainly due to rapid and significant changes in the photovoltaic industry market conditions and technology in 2024[4](index=4&type=chunk) [Technological Obsolescence](index=2&type=section&id=%E6%8A%80%E6%9C%AF%E8%BF%87%E6%97%B6) The subject assets, designed for older solar modules, are technically obsolete as they cannot be upgraded to produce current mainstream high-efficiency N-type modules due to fundamental differences in manufacturing processes - The subject assets are production lines specifically designed for older, outdated solar modules[7](index=7&type=chunk) - In 2024, industry market preference rapidly shifted towards more efficient, larger N-type modules[7](index=7&type=chunk) - Due to fundamental differences in manufacturing processes and equipment specifications, the subject assets cannot be upgraded to produce N-type modules, rendering them technically obsolete[7](index=7&type=chunk) [Decreased Market Demand](index=2&type=section&id=%E5%B8%82%E5%9C%BA%E9%9C%80%E6%B1%82%E4%B8%8B%E9%99%8D) Market shift to N-type modules caused a sharp decline in demand and prices for smaller, outdated modules produced by the subject assets, making their continued operation economically unfeasible - The market shift to N-type modules led to a sharp and significant decline in market demand and selling prices for the smaller, outdated modules produced by the subject assets[7](index=7&type=chunk) - The continued operation of these production lines is no longer economically viable[7](index=7&type=chunk) [Changes in Production Plan](index=2&type=section&id=%E7%94%9F%E4%BA%A7%E8%AE%A1%E5%88%92%E5%8F%98%E6%9B%B4) The Group revised its production plan to focus resources on N-type module production, resulting in the shutdown and temporary idling of obsolete production lines, which triggered the impairment assessment - The Group has revised its production plan to concentrate resources on N-type module production equipment[7](index=7&type=chunk) - Obsolete production lines have been shut down, leading to temporary idling of equipment and triggering an impairment assessment[7](index=7&type=chunk) [Independent Valuer and Valuation Methodology](index=2&type=section&id=%E7%8B%AC%E7%AB%8B%E4%BC%B0%E5%80%BC%E5%B8%88%E5%8F%8A%E4%BC%B0%E5%80%BC%E6%96%B9%E6%B3%95) The impairment assessment for the subject assets used the fair value less costs of disposal method, based on a market approach valuation performed by an independent Chinese qualified valuer, Jinxin Asset Appraisal Firm - The impairment assessment for the subject assets adopted the fair value less costs of disposal method[8](index=8&type=chunk)[11](index=11&type=chunk) - Fair value was assessed using the market approach[8](index=8&type=chunk) [Independent Valuer's Identity and Qualifications](index=2&type=section&id=%E7%8B%AC%E7%AB%8B%E4%BC%B0%E5%80%BC%E5%B8%88%E8%BA%AB%E4%BB%BD%E4%B8%8E%E8%B5%84%E8%B4%A8) The valuation of photovoltaic module production equipment was conducted by Jinxin Asset Appraisal Firm (General Partnership), a Chinese qualified valuer whose registered asset appraisers confirmed independence from the Company and its associates - The valuation was conducted by Jinxin Asset Appraisal Firm (General Partnership)[6](index=6&type=chunk) - The valuer is a Chinese qualified valuer, with the report prepared and signed by registered asset appraisers[6](index=6&type=chunk) - The valuer confirmed independence from the Company and its associates, holding no interests[6](index=6&type=chunk) [Valuation Input Data, Basis, and Assumptions](index=3&type=section&id=%E4%BC%B0%E5%80%BC%E8%BE%93%E5%85%A5%E6%95%B0%E6%8D%AE%E3%80%81%E5%9F%BA%E5%87%86%E5%8F%8A%E5%81%87%E8%AE%BE) Valuation inputs primarily included quotes and recent transaction prices for similar used PV production equipment in China, adjusted by a 30% to 34% premium to reflect differences, resulting in a recoverable amount between 0.5% and 20% of original cost - Primary input data included quotes and recent transaction prices for identical or similar used photovoltaic production equipment in China, obtained from second-hand equipment dealers[10](index=10&type=chunk) - The valuation was performed based on the assets' condition and status as of the valuation date, December 31, 2024[10](index=10&type=chunk) - Adjustments were made to the quotes (premium rates typically ranging from **30% to 34%**) to account for differences between reference assets and subject assets[10](index=10&type=chunk) Recoverable Amount as Percentage of Original Cost for Subject Assets | Metric | Percentage Range | | :--- | :--- | | Recoverable Amount as Percentage of Original Cost | 0.5% to 20% | [Reasons for Adopting Market Approach](index=4&type=section&id=%E9%87%87%E7%94%A8%E5%B8%82%E5%9C%BA%E6%B3%95%E4%B9%8B%E7%90%86%E7%94%B1) The market approach was adopted because the subject assets no longer constitute a cash-generating unit, are not expected to generate future operating cash inflows, and their primary economic benefit is their sale or scrap value - The subject assets no longer constitute a cash-generating unit and are not expected to generate any operating cash inflows in the future[14](index=14&type=chunk) - The primary economic benefit derivable from the assets is their sale or scrap value[14](index=14&type=chunk) - The market approach provides the most direct and reliable estimate of fair value less costs of disposal for the assets in their current condition by referencing observable transaction prices of similar assets[14](index=14&type=chunk) [Board of Directors Information](index=4&type=section&id=%E8%91%A3%E4%BA%8B%E4%BC%9A%E4%BF%A1%E6%81%AF) This section provides information regarding the Board of Directors, including the announcement's effect and a list of current board members [Effectiveness of Announcement and Board Members](index=4&type=section&id=%E5%85%AC%E5%91%8A%E6%95%88%E5%8A%9B%E4%B8%8E%E8%91%A3%E4%BA%8B%E4%BC%9A%E6%88%90%E5%91%98) This supplementary information should be read in conjunction with the annual report and does not affect other information contained therein, concluding with a list of the Company's current Board of Directors - The supplementary information should be read in conjunction with the annual report and does not affect other information contained therein[12](index=12&type=chunk) - The announcement lists the executive directors (Mr. Tan Xin, Mr. Wang Junze) and independent non-executive directors (Dr. Wang Yongquan, Ms. Zhong Weiheng, Ms. Tan Ying)[13](index=13&type=chunk)

（於開曼群島註冊成立的有限公司） （股份代號：1908） 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 的 中 期 業 績 公 告 財 務 摘 要 香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 的 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。 C&D INTERNATIONAL INVESTMENT GROUP LIMITED 建發國際投資集團有限公司 – 1 – ‧ 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月，本 集 團 連 同 其 合 營 公 司 及 聯 營 公 司 實 現 歸 屬 本 公 司 股 東 權 益 的 累 計 合 同 銷 售 金 額 約 人 民 幣533.5億 元，歸 屬 本 公 司 股 東 權 益 的 累 計 合 同 銷 售 總 建 築 面 積 約 200. ...

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 作 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。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3898） 二零二五年中期業績公告 株 洲 中 車 時 代 電 氣 股 份 有 限 公 司（「本公司」）董 事 會（「董事會」）欣 然 公 佈 本 公 司 及 其 附 屬 公 司（「本集團」）截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 的 未 經 審 計 業 績。本 公 告 列 載 本 公 司 二 零 二 五 年 中 期 報 告 的 主 要 部 分，並 符 合 香 港 聯 合 交 易 所 有 限 公 司（「聯交所」）證 券 上 市 規 則 中 有 關 中 期 業 績 初 步 公 告 附 載 的 資 料 之 要 求。本 公 司 二 零 二 五 年 中 期 報 告 將 於 二 零 二 五 年 九 月 三 十 日 或 之 前 發 佈，並 可 於 其 時 在 聯 交 所網站ht ...

[Company Overview](index=5&type=section&id=Company%20Overview) This section outlines the company's registration, core business activities, and financial statement preparation basis [General Information](index=5&type=section&id=General%20Information) Registered in Cayman Islands, listed on HKEX, the company focuses on packaging and property leasing, presenting financial statements in HKD - The company is registered in the Cayman Islands, with shares listed on the Main Board of the Stock Exchange of Hong Kong, and Mr. Cai Xiaoming as the ultimate controlling party[6](index=6&type=chunk) - The Group's principal activities include printing cigarette packaging, manufacturing paper packaging materials, printing packaging and decorative printed products, printing technology research and development, wholesale and import/export of packaging products, and investment property leasing[7](index=7&type=chunk) - The company's functional currency is RMB, and the condensed consolidated financial statements are presented in HKD[7](index=7&type=chunk) [Basis of Preparation and Principal Accounting Policies](index=5&type=section&id=Basis%20of%20Preparation%20and%20Principal%20Accounting%20Policies) Financial statements are prepared under HKAS 34 and Listing Rules on a historical cost basis; new accounting standards have no material impact - The condensed consolidated financial statements are prepared in compliance with Hong Kong Accounting Standard 34 'Interim Financial Reporting' and the applicable disclosure requirements of Appendix 16 to the Listing Rules of the Stock Exchange[8](index=8&type=chunk) - The financial statements are prepared on a historical cost basis and adopt the revised Hong Kong Financial Reporting Standards effective January 1, 2025, including amendments to Hong Kong Accounting Standard 21 'Lack of Exchangeability'[9](index=9&type=chunk)[10](index=10&type=chunk) - The application of the new and revised standards has no material impact on the financial position and performance for the current and prior periods[10](index=10&type=chunk) - The Board is assessing the potential impact of future adoption of new/revised Hong Kong Financial Reporting Standards but cannot yet reasonably estimate their effect on the Group's results and financial position[11](index=11&type=chunk) [Condensed Consolidated Financial Statements](index=1&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents the Group's condensed consolidated statements of comprehensive income and financial position for the reporting period [Condensed Consolidated Statement of Comprehensive Income](index=1&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group reported HK$307.9 million in revenue from continuing operations and a significant profit decrease to HK$2.95 million Condensed Consolidated Statement of Comprehensive Income Summary (For the six months ended June 30) | Metric | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | **Continuing Operations:** | | | | Revenue | 307,944 | 318,598 | | Cost of sales | (249,028) | (239,550) | | Gross profit | 58,916 | 79,048 | | Other income | 11,606 | 9,539 | | Other gains and losses, net | (23,268) | 1,511 | | Selling and distribution expenses | (3,744) | (5,775) | | Administrative expenses | (30,371) | (39,378) | | Finance costs | (2,611) | (1,980) | | Profit before tax | 10,528 | 42,965 | | Taxation | (7,578) | (11,278) | | **Profit for the period from continuing operations** | **2,950** | **31,687** | | **Loss for the period from discontinued operations** | **–** | **(4,108)** | | **Profit for the period** | **2,950** | **27,579** | | **Profit for the period attributable to owners of the Company** | **2,950** | **28,811** | | **Total comprehensive income for the period** | **44,392** | **(17,620)** | - Profit for the period significantly decreased, primarily due to an impairment loss of approximately **HK$29,851 thousand** on an interest in an associate classified as held for sale[25](index=25&type=chunk)[41](index=41&type=chunk)[74](index=74&type=chunk) [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets increased due to investment properties, while net current assets and cash significantly decreased Condensed Consolidated Statement of Financial Position Summary (As of June 30) | Metric | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | **Non-current Assets:** | | | | Property, plant and equipment | 617,546 | 634,802 | | Investment properties | 637,645 | 231,607 | | Goodwill | 616,846 | 595,585 | | **Total non-current assets** | **1,929,156** | **1,531,522** | | **Current Assets:** | | | | Inventories | 53,785 | 29,921 | | Trade receivables | 197,992 | 211,236 | | Bank balances and cash | 78,073 | 570,949 | | Assets classified as held for sale | 148,977 | 175,360 | | **Total current assets** | **671,538** | **1,152,003** | | **Current Liabilities:** | | | | Trade payables | 147,757 | 189,097 | | Bank borrowings | 147,920 | 207,213 | | **Total current liabilities** | **398,079** | **496,574** | | **Net current assets** | **273,459** | **655,429** | | **Net assets** | **2,151,099** | **2,138,065** | | **Total equity** | **2,151,099** | **2,138,065** | - Net current assets decreased primarily due to the payment for the acquisition of Admiralty Tower during the review period, resulting in a reduction in net cash[63](index=63&type=chunk) - The gearing ratio significantly decreased from **19.8%** as of December 31, 2024, to **0.7%** as of June 30, 2025[64](index=64&type=chunk) [Operating Performance Analysis](index=1&type=section&id=Operating%20Performance%20Analysis) This section analyzes the Group's revenue, gross profit, expenses, and profit attributable to owners for the reporting period [Revenue](index=7&type=section&id=Revenue) The Group's revenue from continuing operations decreased by 3.4% to HK$307.9 million, mainly due to lower bidding prices and reduced sales orders Revenue Analysis (For the six months ended June 30) | Business Type | 2025 (HK$'000) | 2024 (HK$'000) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | **Continuing Operations:** | | | | | Sales of goods (Printing and manufacturing of paper packaging) | 280,124 | 301,621 | -7.1% | | Investment property rental income | 27,820 | 16,977 | +63.8% | | **Total revenue from continuing operations** | **307,944** | **318,598** | **-3.4%** | | **Discontinued Operations:** | | | | | Sales of goods (RFID products) | – | 23,504 | -100% | | **Total revenue** | **307,944** | **342,102** | **-9.99%** | - Total revenue from continuing operations decreased primarily due to lower bidding prices, reduced sales orders from key customers for printing and manufacturing paper packaging and related materials, and an approximate **0.2%** depreciation of the RMB against HKD[51](index=51&type=chunk) [Gross Profit](index=1&type=section&id=Gross%20Profit) Gross profit for the period was approximately HK$58.9 million, with the gross profit margin decreasing to 19.1% from 24.8% due to lower bidding prices Gross Profit Analysis (For the six months ended June 30) | Metric | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | Gross profit | 58,916 | 79,048 | | Gross profit margin | 19.1% | 24.8% | - The decrease in gross profit margin was primarily due to lower bidding prices[53](index=53&type=chunk) [Other Income, Gains and Losses, Net](index=1&type=section&id=Other%20Income%2C%20Gains%20and%20Losses%2C%20Net) Other income remained stable at HK$11.6 million, but other gains and losses from continuing operations turned into a net loss of HK$23.3 million Other Income, Gains and Losses, Net (For the six months ended June 30) | Metric | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | Other income | 11,606 | 9,539 | | Other gains and losses, net (continuing operations) | (23,268) | 1,511 | | Other gains and losses, net (discontinued operations) | – | (188) | | **Total** | **(23,268)** | **1,323** | - Other net gains from continuing operations turned into a net loss of **HK$23,300 thousand**, primarily due to an impairment loss of approximately **HK$29,900 thousand** on assets classified as held for sale[55](index=55&type=chunk) [Selling and Distribution Expenses](index=1&type=section&id=Selling%20and%20Distribution%20Expenses) Selling and distribution expenses decreased by HK$2.1 million to HK$3.7 million, mainly due to reduced delivery, entertainment, and commission costs Selling and Distribution Expenses (For the six months ended June 30) | Metric | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | Selling and distribution expenses | 3,744 | 5,775 | | **Y-o-Y Change** | **-35.2%** | | - The decrease in selling and distribution expenses was primarily due to reduced delivery, entertainment, and commission costs[56](index=56&type=chunk) [Administrative Expenses](index=1&type=section&id=Administrative%20Expenses) Administrative expenses decreased by 22.8% to HK$30.4 million, mainly due to reductions in salaries, benefits, entertainment, and professional fees Administrative Expenses (For the six months ended June 30) | Metric | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | Administrative expenses | 30,371 | 39,378 | | **Y-o-Y Change** | **-22.8%** | | - The decrease in administrative expenses was primarily due to reductions in salaries and other benefits, termination contract benefits, entertainment, repairs and maintenance, and legal and professional service fees[57](index=57&type=chunk) [Finance Costs](index=1&type=section&id=Finance%20Costs) Finance costs for the period were HK$2.6 million, comparable to HK$2.0 million in the prior corresponding period Finance Costs (For the six months ended June 30) | Metric | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | Finance costs (continuing operations) | 2,611 | 1,980 | | Finance costs (discontinued operations) | – | 302 | | **Total** | **2,611** | **2,282** | [Taxation](index=1&type=section&id=Taxation) Tax expense decreased by 32.8% to HK$7.6 million, mainly due to under-provision for China corporate income tax in 2024 Tax Expense (For the six months ended June 30) | Metric | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | Income tax expense from continuing operations | 7,578 | 11,278 | | Income tax credit from discontinued operations | – | (80) | | **Total income tax expense for the period** | **7,578** | **11,198** | - The decrease in taxation was primarily due to an under-provision for China corporate income tax in 2024[59](index=59&type=chunk) - China corporate income tax is calculated at applicable rates ranging from **15% to 25%**, with certain high-tech enterprises eligible for a reduced tax rate of **15%**[23](index=23&type=chunk) [Profit Attributable to Owners of the Company](index=2&type=section&id=Profit%20Attributable%20to%20Owners%20of%20the%20Company) Profit attributable to owners of the Company significantly decreased to HK$2.9 million, mainly due to an impairment provision of HK$29.9 million Profit Attributable to Owners of the Company (For the six months ended June 30) | Metric | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | Profit for the period attributable to owners of the Company (continuing operations) | 2,950 | 31,687 | | Loss for the period attributable to owners of the Company (discontinued operations) | – | (2,876) | | **Total profit for the period attributable to owners of the Company** | **2,950** | **28,811** | - The decrease in profit was primarily due to an impairment provision of approximately **HK$29,900 thousand** for assets classified as held for sale[60](index=60&type=chunk) [Earnings Per Share](index=2&type=section&id=Earnings%20Per%20Share) Basic earnings per share significantly decreased to HK$0.002, down from HK$0.018 in the prior period, with diluted EPS being the same Basic Earnings Per Share (For the six months ended June 30) | Metric | 2025 (HK$) | 2024 (HK$) | | :--- | :--- | :--- | | Basic earnings per share (continuing operations) | 0.002 | 0.020 | | Basic earnings per share (discontinued operations) | – | (0.002) | | **Total basic earnings per share** | **0.002** | **0.018** | - The weighted average number of ordinary shares in issue was **1,567,885 thousand** shares, consistent with the prior period[33](index=33&type=chunk) - Diluted earnings per share is the same as basic earnings per share due to the absence of potential ordinary shares[33](index=33&type=chunk) [Segment Results](index=9&type=section&id=Segment%20Results) This section details the performance of the Group's operating segments, including printing and manufacturing, and investment property leasing [Segment Overview](index=9&type=section&id=Segment%20Overview) The Group operates two reportable segments: printing and manufacturing of paper packaging, and investment property leasing, with RFID product sales discontinued - The Group's operating and reportable segments are currently: (i) printing and manufacturing of paper packaging and related materials; and (ii) investment property leasing[18](index=18&type=chunk) - For the period ended June 30, 2025, sales of RFID products are no longer identified as an operating and reportable segment by the chief operating decision maker[17](index=17&type=chunk) Segment Revenue and Results (For the six months ended June 30) | Segment | 2025 Revenue (HK$'000) | 2025 Results (HK$'000) | 2024 Revenue (HK$'000) | 2024 Results (HK$'000) | | :--- | :--- | :--- | :--- | :--- | | Printing and manufacturing of paper packaging and related materials | 280,124 | 45,578 | 301,621 | 68,812 | | Investment property leasing | 27,820 | 9,594 | 16,977 | 4,461 | | Sales of RFID products (discontinued) | – | – | 23,504 | (1,930) | | **Total segments** | **307,944** | **55,172** | **342,102** | **71,343** | [Printing and Manufacturing of Paper Packaging and Related Materials](index=9&type=section&id=Printing%20and%20Manufacturing%20of%20Paper%20Packaging%20and%20Related%20Materials) This segment's revenue decreased by 7.1% to HK$280.1 million due to lower bidding prices and reduced sales orders, prompting cost control and market expansion efforts Printing and Manufacturing of Paper Packaging and Related Materials Segment Results (For the six months ended June 30) | Metric | 2025 (HK$'000) | 2024 (HK$'000) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Segment revenue | 280,124 | 301,621 | -7.1% | | Segment results | 45,578 | 68,812 | -33.8% | - The decrease in revenue was primarily due to lower bidding prices and reduced sales orders from key customers[45](index=45&type=chunk) - The Group has increased its participation in tenders, actively sought new market opportunities, and allocated additional resources to new product research and development to expand into other packaging markets and increase future revenue[45](index=45&type=chunk) - The Group has centralized resources and production at Bengbu Jinhuangshan Gravure Printing Co., Ltd. for centralized management and production, which is expected to improve cost control and production efficiency[46](index=46&type=chunk) [Investment Property Leasing](index=9&type=section&id=Investment%20Property%20Leasing) Investment property leasing revenue significantly increased by 63.5% to HK$27.8 million, primarily due to an increase in leased investment property area Investment Property Leasing Segment Results (For the six months ended June 30) | Metric | 2025 (HK$'000) | 2024 (HK$'000) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Segment revenue | 27,820 | 16,977 | +63.8% | | Segment results | 9,594 | 4,461 | +115.0% | - The increase in rental income was primarily due to an increase in the leased area of investment properties[47](index=47&type=chunk) [Discontinued Operations](index=10&type=section&id=Discontinued%20Operations) The Group discontinued its RFID product sales business, which recorded HK$23.5 million in revenue and a HK$1.93 million loss in the first half of 2024 Discontinued Operations Results (For the six months ended June 30) | Metric | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | Segment revenue (sales of RFID products) | – | 23,504 | | Segment results (sales of RFID products) | – | (1,930) | | Loss for the period from discontinued operations | – | (4,108) | - The Group discontinued its RFID product sales business after completing the disposal of a subsidiary[17](index=17&type=chunk) [Financial Position and Liquidity](index=3&type=section&id=Financial%20Position%20and%20Liquidity) This section examines the Group's balance sheet items, liquidity, capital structure, commitments, and asset pledges [Key Balance Sheet Items](index=3&type=section&id=Key%20Balance%20Sheet%20Items) As of June 30, 2025, total non-current assets increased to HK$1,929.2 million, while total current assets and liabilities decreased Key Balance Sheet Items (As of June 30) | Metric | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | Total non-current assets | 1,929,156 | 1,531,522 | | Total current assets | 671,538 | 1,152,003 | | Total current liabilities | 398,079 | 496,574 | | Trade receivables | 197,992 | 211,236 | | Trade payables | 147,757 | 189,097 | - Trade receivables have credit terms of **60 to 90 days**, with **HK$166,564 thousand** of receivables aged **0 to 90 days** as of June 30, 2025[34](index=34&type=chunk)[35](index=35&type=chunk) - Trade payables have credit terms ranging from **30 to 180 days**, with **HK$60,373 thousand** of payables aged **0 to 30 days** as of June 30, 2025[36](index=36&type=chunk) [Liquidity and Capital Structure](index=23&type=section&id=Liquidity%20and%20Capital%20Structure) Net current assets significantly decreased to HK$273.5 million, and bank balances and cash dropped due to the Admiralty Tower acquisition payment Liquidity Metrics (As of June 30) | Metric | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | Net current assets | 273,500 | 655,400 | | Bank balances and cash | 78,100 | 570,900 | | Bank borrowings | 147,900 | 207,200 | | Net cash | 15,700 | 424,200 | | Gearing ratio | 0.7% | 19.8% | - The decrease in net current assets was primarily due to the payment for the acquisition of an **86.67%** undivided share of Admiralty Tower during the review period[63](index=63&type=chunk) - The Group's revenue is primarily denominated in RMB, while costs and expenses are mainly denominated in HKD and RMB, with no financial instruments used for hedging during the review period[68](index=68&type=chunk) - The Group did not undertake any equity fundraising activities during the review period[69](index=69&type=chunk) [Capital Commitments and Contingent Liabilities](index=24&type=section&id=Capital%20Commitments%20and%20Contingent%20Liabilities) Capital commitments decreased to HK$5.4 million, mainly due to payments for new plant construction, and the Group had no significant contingent liabilities Capital Commitments (As of June 30) | Metric | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | Capital commitments contracted but not provided for | 5,400 | 9,600 | - The decrease in capital commitments was primarily due to most of the committed payments for new plant construction being settled before June 30, 2025[65](index=65&type=chunk) - As of June 30, 2024, and June 30, 2025, the Group had no significant contingent liabilities[67](index=67&type=chunk) [Pledge of Assets](index=25&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, HK$85.5 million in bank deposits were pledged, and bank borrowings were secured by property, plant, equipment, investment properties, and corporate guarantees Pledge of Assets (As of June 30) | Type of Pledged Asset | 2025 Carrying Amount (HK$'000) | 2024 Carrying Amount (HK$'000) | | :--- | :--- | :--- | | Pledged bank deposits | 85,500 | 60,500 | | Pledged property, plant and equipment | 159,600 | 163,500 | | Pledged investment properties | 35,400 | 36,200 | - Bank borrowing facilities granted to the Group are secured by corporate guarantees issued by the Company[70](index=70&type=chunk) [Significant Transactions and Events](index=17&type=section&id=Significant%20Transactions%20and%20Events) This section covers the Group's discontinued operations, assets held for sale, significant investments, and post-reporting period events [Discontinued Operations and Assets Held for Sale](index=17&type=section&id=Discontinued%20Operations%20and%20Assets%20Held%20for%20Sale) The Group completed the disposal of Jiangsu Lianheng Wuyu's 70% equity and is selling Changde Jinpeng's 31% equity, resulting in an impairment loss - The company completed the disposal of a **70%** equity interest in Jiangsu Lianheng Wuyu on July 1, 2024, for a consideration of **RMB51,100,000** (approximately **HK$56,018,000**)[38](index=38&type=chunk) - The Group completed the disposal of a **31%** equity interest in Changde Jinpeng on August 15, 2025, for a consideration of **RMB142,500,000** (approximately **HK$152,800,000**)[40](index=40&type=chunk)[73](index=73&type=chunk) Assets Classified as Held for Sale (As of June 30) | Asset Type | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | Interest in an associate (Changde Jinpeng) | 148,977 | 175,360 | - An impairment loss of **HK$29,851 thousand** on the interest in an associate classified as held for sale was recognized in 'Other gains and losses, net' in the condensed consolidated statement of comprehensive income[41](index=41&type=chunk)[74](index=74&type=chunk) [Significant Investments](index=25&type=section&id=Significant%20Investments) Excluding the disposal of Changde Jinpeng, the Group held no significant investments exceeding 5% of total assets and has no plans for new major investments - Excluding the disposal of Changde Jinpeng Printing Co., Ltd., the Group held no significant investments representing **5%** or more of the Company's total assets as of June 30, 2025, and June 30, 2024[71](index=71&type=chunk) - As of the date of this announcement, the Board has not authorized any other significant investments or plans to increase capital assets[71](index=71&type=chunk) [Post-Reporting Period Events](index=27&type=section&id=Post-Reporting%20Period%20Events) No significant events affecting the Group have occurred since June 30, 2025, up to the date of this announcement - No significant events affecting the Group have occurred since June 30, 2025, up to the date of this announcement[76](index=76&type=chunk) [Dividend Policy](index=15&type=section&id=Dividend%20Policy) This section outlines the Board's recommendation regarding interim dividends and details the final dividend declared and paid for the previous year [Dividends](index=15&type=section&id=Dividends) The Board does not recommend an interim dividend for the review period, while a final dividend of HK$0.02 per share for 2024 was declared and paid Dividends Declared and Paid (For the six months ended June 30) | Dividend Type | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | 2024 Interim dividend | – | 31,358 | | 2024 Final dividend | 31,358 | – | | **Total** | **31,358** | **31,358** | - The Directors of the Company do not recommend the payment of an interim dividend for the interim period[31](index=31&type=chunk)[78](index=78&type=chunk) - A final dividend of **HK$0.02 per share** for the year ended December 31, 2024, totaling approximately **HK$31,358,000**, was declared and paid during the six months ended June 30, 2025[30](index=30&type=chunk) [Corporate Governance and Human Resources](index=27&type=section&id=Corporate%20Governance%20and%20Human%20Resources) This section details the company's adherence to corporate governance codes, human resource management, and the composition of its Audit Committee [Corporate Governance](index=27&type=section&id=Corporate%20Governance) The company generally complies with the Corporate Governance Code, with specific exceptions regarding independent non-executive director tenure and CEO role separation - The Company has adopted and generally complied with the Corporate Governance Code set out in Part 2 of Appendix C1 to the Listing Rules, except for code provisions B.2.4(b) and C.2.1[79](index=79&type=chunk) - To address the issue of independent non-executive directors serving for more than nine years, the Company appointed Dr. Wan Xiaoxia as an independent non-executive director effective March 10, 2025[80](index=80&type=chunk) - The roles of Chairman and Chief Executive Officer are not yet separated, with the CEO's functions collectively performed by all executive directors; the Board will continue to review and appoint a CEO when appropriate and necessary[81](index=81&type=chunk) - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's securities during the review period[82](index=82&type=chunk) [Human Resources](index=27&type=section&id=Human%20Resources) As of June 30, 2025, the Group employed 8 full-time staff in Hong Kong and 393 in China, with remuneration based on market conditions and qualifications Human Resources Distribution (As of June 30) | Region | Number of Full-time Employees | | :--- | :--- | | Hong Kong | 8 | | China | 393 | | **Total** | **401** | - The Group's remuneration packages are generally determined with reference to market conditions and individual qualifications, operating a defined contribution retirement benefit scheme for Hong Kong employees and contributing to provident funds, endowment insurance, medical insurance, unemployment insurance, and work injury insurance for PRC employees[77](index=77&type=chunk) [Audit Committee](index=28&type=section&id=Audit%20Committee) The Audit Committee, comprising four independent non-executive directors and one non-executive director, reviewed accounting principles, internal controls, and financial reports - The Audit Committee has reviewed the accounting principles and practices adopted by the Group and discussed internal controls, risk management, and financial reporting matters[83](index=83&type=chunk) - The Audit Committee comprises four independent non-executive directors (Mr. Lui Tin Nang, Mr. Lam Ying Hung, Mr. Siu Man Ho, and Dr. Wan Xiaoxia) and one non-executive director (Ms. Li Li)[83](index=83&type=chunk) [Management Outlook](index=21&type=section&id=Management%20Outlook) This section outlines the Group's strategies for future development, including market expansion, cost control, investment property optimization, and exploring new business opportunities [Prospects](index=21&type=section&id=Prospects) The Group plans to enhance its packaging and investment property businesses through market expansion, cost control, property renovation, and strategic acquisitions to diversify revenue - The Group will continue to increase its participation in tenders, actively expand into other packaging markets, and mitigate pressure from falling bidding prices through cost control, efficiency improvements, and resource integration[48](index=48&type=chunk) - The Group actively seeks to renovate existing investment properties to maximize rental income while also pursuing strategic acquisitions of new investment properties to expand its portfolio[48](index=48&type=chunk) - The acquisition of an **86.67%** undivided share of Admiralty Tower was completed by the end of June 2025, expected to generate rental income for the Group by 2027[48](index=48&type=chunk) - The Group's corporate mission is to continue exploring avenues to improve financial performance, broaden revenue streams, and pursue possibilities for new investments, disposals of subsidiaries or associates, or diversification into other profitable businesses[49](index=49&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）對本公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任 何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 China Treasures New Materials Group Ltd. 中寶新材集團有限公 司 （於開曼群島註冊成立的有限公司） （股份代號：2439） 有關截至2024年12月31日止年度之年度報告的補充公告 茲提述中寶新材集團有限公司（「本公司」，連同其附屬公司，統稱「本集團」）截至2024年 12月31日止年度（「2024財年」）之年度報告（「2024年年報」）。除非本公告另有定義，本公 告所用詞彙與2024年年報所界定者具有相同涵義。 除2024年年報中提供的資料外，本公司謹此根據上市規則第17章補充有關購股權計劃的 進一步資料，詳情如下： (H) 購股權的應付金額及要約期間 合資格人士可於要約日期起計28日內接納授出購股權的要約，惟不可在購股權計劃 有效期屆滿後接納授出購股權。本公司於有關合資格人士須接納購股權要約之日（即 不遲於要約日期後28日的日期（「接納日期」）） ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 的 全 部 或 任 何 部 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。 C&D Property Management Group Co., Ltd 建發物業管理集團有限公司 （於英屬處女群島註冊成立的有限公司） （股份代號：2156） 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 中 期 業 績 公 告 摘 要 – 1 – 1. 本集團本期收入約為人民幣1,822.9百萬元，較上年同期約人民幣1,602.4 百 萬 元 增 長 約13.8%。 2. 本 集 團 本 期 毛 利 約 為 人 民 幣458.7百 萬 元，較 上 年 同 期 約 人 民 幣403.2 百 萬 元 增 加 約13.8%。本 期 毛 利 率 約 為25.2%，較 上 年 同 期 毛 利 率 約 為 ...

截至2025年6月30日止六個月 中期業績公告 精技集團有限公司*（「本公司」）董事會（「董事會」）謹此宣佈本公司及其附屬公 司（以下統稱「本集團」）截至2025年6月30日止六個月之中期業績及未經審核中 期簡明綜合財務報表，連同截至2024年6月30日止六個月之比較數字。 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，並明確表示概不對因本公告全部或任何部份內容而產生或因 倚賴該等內容而引致之任何損失承擔任何責任。 Kinergy Corporation Ltd. 精技集團有限公司 * （於新加坡註冊成立的有限公司） （股份代號：3302） | | 截至以下日期止六個月 | | | | | --- | --- | --- | --- | --- | | | 2025年 | 2024年 | | 變動 | | | 6月30日 | 6月30日 | 變動 | 百分比 | | | （未經審核） | （未經審核） | | | | | （千新加坡元） | （千新加坡元） | （千新加坡元） | | | 收益 | 50,280 | 51,523 | (1,243 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 賽迪顧問股份有限公司 CCID CONSULTING COMPANY LIMITED* （於中華人民共和國註冊成立之股份有限公司） （股份代號：02176） www.ccidconsulting.com 截至二零二五年六月三十日止六個月中期業績公告 賽迪顧問股份有限公司（「本公司」）之董事會（「董事會」）欣然宣佈本公司及其附屬公司 於截至二零二五年六月三十日止六個月之未經審核中期業績。本公告列載本公司二零二 五年中期報告全文，並符合上市規則中有關中期業績初步公告附載的資料之要求。本公 司將於適當時候向H股股東寄發二零二五年中期報告，屆時亦可在聯交所網頁和本公司 網站www.ccidconsulting.com「投資者關係」頁內閱覽。 承董事會命 賽迪顧問股份有限公司 董事長 沈文女士 中國北京，二零二五年八月二十二日 於本公告日期，董事會成員包括兩名執行董事沈文女士及付長文先生；及三名獨立非執 行董事胡 ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司（「聯 交 所」）對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承 擔 任 何 責 任。 截至二零二五年六月三十日止六個月的 未經審核中期業績公佈 浩 森 金 融 科 技 集 團 有 限 公 司（「本 公 司」）董 事（「董 事」）會（「董 事 會」）欣 然 宣 佈 本 公 司 及 其 附 屬 公 司（統 稱「本 集 團」）截 至 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，連 同 二 零 二 四 年 同 期 的 比 較 數 據 如 下： 未經審核簡明綜合全面收入表 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 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...

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。 Design Capital Limited 設計都會有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （未 經 審 核）（未 經 審 核） 附 註 千新加坡元 千新加坡元 （股 份 代 號：1545） 截 至2025年6月30日止六個月 中期業績公告 | 財務撮要 | | | | | --- | --- | --- | --- | | | 截至以下日期止六個月 | | | | | 2025年 | 2024年 | | | | 6月30日 | 6月30日 | 變 動 | | | 千新加坡元 | 千新加坡元 | % | | 收 益 | 23,202 | 31,459 | -26.2% | | 毛 利 | 7,332 | 9,180 | -20.1% | | 期 內（虧 損）╱溢 利 | (2,263) | 239 | N ...