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。 （在中華人民共和國註冊成立的股份有限公司） （證券代號：00386） 2025年半年度業績公告 中國石油化工股份有限公司（「中國石化」或「本公司」）董事會謹此宣佈中國石 化及其附屬公司截至2025年6月30日止六個月之未經審計業績。本公告列載中 國石化2025年半年度報告全文，並符合香港聯合交易所有限公司證券上市規則 中有關中期業績初步公告附載資料之要求。中國石化2025年半年度報告全文 同時刊載於香港聯合交易所有限公司網站( www.hkexnews.hk )及中國石化網站 ( www.sinopec.com/listco /)。 發佈業績公告 本業績公告的中英文版本可在中國石化網站(www.sinopec.com/listco /)及香港聯合 交易所有限公司網站(www.hkexnews.hk)查閱。在對中英文版本理解上發生歧義 時，以中文為準。 承董事會命 中國石油化工股份有限公司 黃文生 副總裁、 ...

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 佈 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 本公佈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。 Wing Fung Group Asia Limited 榮豐集團亞洲有限公司 榮豐集團亞洲有限公司（「本公司」，連同其附屬公司統稱為「本集團」）董事（「董事」） 會（「董事會」）謹 此 公 佈 本 集 團 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。本公佈列載本公司二零二五年中期報告（「二零二五年中期報告」）全文， 並符合聯交所GEM證 券 上 市 規 則（「GEM上市規則」）中 有 關 中 期 業 績 初 步 公 告 附 載 的 資 料 的 相 關 規 定。本 公 司 二 零 二 五 年 中 期 報 告 印 刷 本 將 於 二 零 二 五 年 八 月 寄 發 予 選 擇 收 取 印 刷 本 的 本 公 司 股 東。本 公 司 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 Kingland Group Holdings Limited 景聯集團控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1751） 截至二零二五年六月三十日止六個月 之中期業績公告 財務摘要 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月，本 集 團 的 經 營 業 績 如 下： – 1 – • 收益約為31.7百 萬 港 元（二 零 二 四 年：約60.2百 萬 港 元），較 去 年 同 期 減 少 約47.3%； • 淨虧損約為4.6百 萬 港 元，而 去 年 同 期 為 純 利 約9.8百 萬 港 元； • 根據普通股加權平均數計算的每股基本及攤薄虧損約為1.92港 仙（二 零 二 四 年：每 股 盈 利 約4.05港 仙）； • 董 事 不 建 議 就 截 至 二 零 二 五 年 六 月 三 十 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。 Futong Technology Development Holdings Limited 富 通 科 技 發 展 控 股 有 限 公 司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：465） 未經審核中期業績公佈 截至二零二五年六月三十日止六個月期間 富通科技發展控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈截至 二零二五年六月三十日止六個月期間（「本期間」）本公司及其附屬公司（統稱「本集 團」）的未經審核簡明綜合財務業績。此等簡明綜合中期財務資料並未經審核，但已 由本公司核數師及審核委員會審閱。 – 1 – | | | 二零二五年 | 二零二四年 | | --- | --- | --- | --- | | | 附註 | 六月三十日 人民幣千元 | 十二月三十一日 人民幣千元 | | | | （未經審核） | （經審核） | | 資產及負債 | | ...

香港聯合交易所有限公司（「聯交所」）GEM之特色 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上市的公司通常為中小型公司，在GEM買賣的證券可能會較於聯交所主板買賣之證券承受較大的市場波 動風險，同時無法保證在GEM買賣的證券會有高流通量的市場。 香港交易及結算所有限公司及聯交所對本報告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確 表示概不就因本報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。 本報告乃遵照聯交所GEM證券上市規則（「GEM上市規則」）的規定而提供有關靖洋集團控股有限公司（「本公司」）及 其附屬公司（統稱「本集團」）的資料。本公司之董事（「董事」）願共同及個別就本報告負全責，並在作出一切合理查 詢後確認，就彼等所深知及確信，本報告所載資料在各重大方面均屬準確完備，且並無誤導或欺詐成分；亦無遺 漏其他事項，以致本報告所載任何陳述或本報告產生誤導。 本報告以環保紙印刷 目錄 公司資料 3 管理層討論及分 ...

Report Introduction [Disclaimer](index=1&type=section&id=%E5%85%8D%E8%B2%AC%E8%81%B2%E6%98%8E) The Hong Kong Stock Exchange and HKEX are not responsible for the content of this announcement, make no statement as to its accuracy or completeness, and expressly disclaim liability for any losses arising from its content - The Hong Kong Stock Exchange and HKEX are not responsible for the content of this announcement, nor do they make any statement as to its accuracy or completeness[1](index=1&type=chunk) - They expressly disclaim any liability for any loss arising from or in reliance upon the whole or any part of the contents of this announcement[1](index=1&type=chunk) [Company and GEM Listing Characteristics](index=1&type=section&id=%E5%85%AC%E5%8F%B8%E5%8F%8AGEM%E4%B8%8A%E5%B8%82%E7%89%B9%E8%89%B2) Genes Tech Group Holdings Limited (stock code: 8257) announced its interim results for the six months ended June 30, 2025, noting its Cayman Islands incorporation and GEM listing for SMEs carries higher investment risks - Genes Tech Group Holdings Limited (stock code: **8257**) published its interim results announcement for the six months ended June 30, 2025[2](index=2&type=chunk) - The company is incorporated in the Cayman Islands and listed on GEM of The Stock Exchange of Hong Kong Limited (the "Stock Exchange")[2](index=2&type=chunk) - GEM is positioned as a listing platform for small and medium-sized enterprises, and such companies carry higher investment risks, so investors should understand the potential risks and make prudent decisions[2](index=2&type=chunk) Financial Statements [Condensed Consolidated Interim Statement of Comprehensive Income](index=2&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E4%B8%AD%E6%9C%9F%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, revenue increased by **9.4%** to **NT$585.31 million**, gross profit rose by **28.98%** to **NT$201.97 million**, and profit attributable to owners surged by **25.84%** to **NT$48.70 million**, with basic earnings per share at **NT$4.87 cents** Condensed Consolidated Interim Statement of Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (NT$ thousand) | 2024 (NT$ thousand) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 585,306 | 535,007 | 9.40% | | Cost of sales | (383,332) | (378,421) | 1.30% | | Gross profit | 201,974 | 156,586 | 28.98% | | Other income | 2 | 2,863 | -99.93% | | Other (losses) / gains, net | (28,470) | 9,985 | -385.06% | | Selling and distribution expenses | (16,655) | (25,537) | -34.78% | | General and administrative expenses | (77,587) | (71,008) | 9.26% | | Finance income | 694 | 638 | 8.78% | | Finance costs | (8,200) | (9,835) | -16.63% | | Profit before income tax | 71,758 | 63,692 | 12.66% | | Income tax expense | (23,059) | (24,989) | -7.72% | | Profit for the period attributable to owners of the Company | 48,699 | 38,703 | 25.84% | | Exchange differences | 19,539 | (7,403) | -364.00% | | Total comprehensive income for the period attributable to owners of the Company | 68,238 | 31,300 | 118.02% | | Basic and diluted earnings per share (NT$ cents) | 4.87 | 3.87 | 25.84% | [Condensed Consolidated Interim Statement of Financial Position](index=3&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%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, total assets were **NT$2,444.50 million**, a slight decrease from December 31, 2024, with total equity increasing to **NT$888.72 million** and total liabilities rising to **NT$1,667.45 million** Condensed Consolidated Interim Statement of Financial Position (As of June 30) | Indicator | June 30, 2025 (NT$ thousand) | December 31, 2024 (NT$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | **ASSETS** | | | | | Non-current assets | 461,126 | 452,141 | 1.99% | | Current assets | 1,992,363 | 2,095,038 | -4.90% | | **TOTAL ASSETS** | **2,444,504** | **2,556,164** | **-4.37%** | | **EQUITY** | | | | | Share capital | 38,815 | 38,815 | 0.00% | | Reserves | 849,900 | 781,662 | 8.73% | | **TOTAL EQUITY** | **888,715** | **820,477** | **8.32%** | | **LIABILITIES** | | | | | Non-current liabilities | 127,031 | 138,648 | -8.38% | | Current liabilities | 1,540,418 | 1,485,379 | 3.71% | | **TOTAL LIABILITIES** | **1,667,449** | **1,624,027** | **2.67%** | | **TOTAL EQUITY AND LIABILITIES** | **2,556,164** | **2,444,504** | **4.57%** | [Condensed Consolidated Interim Statement of Changes in Equity](index=5&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E4%B8%AD%E6%9C%9F%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) For the six months ended June 30, 2025, total equity increased from approximately **NT$820.48 million** to approximately **NT$888.72 million**, primarily due to **NT$48.70 million** in profit for the period and **NT$19.54 million** in other comprehensive income (exchange differences) Condensed Consolidated Interim Statement of Changes in Equity (For the six months ended June 30) | Indicator | June 30, 2025 (NT$ thousand) | January 1, 2025 (NT$ thousand) | Change (NT$ thousand) | | :--- | :--- | :--- | :--- | | Share capital | 38,815 | 38,815 | 0 | | Share premium | 146,571 | 146,571 | 0 | | Statutory reserve | 184,971 | 169,644 | 15,327 | | Other reserves | 182,226 | 182,226 | 0 | | Exchange reserve | (3,786) | (23,325) | 19,539 | | Retained earnings | 339,918 | 306,546 | 33,372 | | **TOTAL EQUITY** | **888,715** | **820,477** | **68,238** | - Profit for the period was **NT$48,699 thousand**, and other comprehensive income (exchange differences) was **NT$19,539 thousand**[8](index=8&type=chunk) [Condensed Consolidated Interim Statement of Cash Flows](index=6&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E4%B8%AD%E6%9C%9F%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For the six months ended June 30, 2025, net cash from operating activities was **NT$53.05 million**, net cash used in investing activities was **NT$3.36 million**, and net cash used in financing activities was **NT$57.94 million**, with cash and cash equivalents at period-end totaling **NT$205.58 million** Condensed Consolidated Interim Statement of Cash Flows (For the six months ended June 30) | Indicator | 2025 (NT$ thousand) | 2024 (NT$ thousand) | Change (NT$ thousand) | | :--- | :--- | :--- | :--- | | Net cash from operating activities | 53,050 | (11,602) | 64,652 | | Net cash used in investing activities | (3,359) | (1,470) | -1,889 | | Net cash used in financing activities | (57,944) | (11,182) | -46,762 | | Net decrease in cash and cash equivalents | (8,253) | (24,254) | 16,001 | | Cash and cash equivalents at beginning of period | 194,292 | 150,739 | 43,553 | | Effect of foreign exchange rate changes | 19,538 | (7,401) | 26,939 | | Cash and cash equivalents at end of period | 205,577 | 119,084 | 86,493 | Notes to the Financial Statements [General Information](index=7&type=section&id=%E4%B8%80%E8%88%AC%E8%B3%87%E6%96%99) The company is an investment holding company primarily providing turnkey solutions and trading semiconductor manufacturing equipment and parts, registered in the Cayman Islands with main operations in Taiwan, listed on HKEX GEM, and reports in NT$ thousands - The Company is an investment holding company, and its subsidiaries are principally engaged in the provision of turnkey solutions and trading of parts and used semiconductor manufacturing equipment[11](index=11&type=chunk) - The Company's ultimate parent company and ultimate controlling party is Chia Chien Development Limited, and the ultimate controlling individual is Mr. Yang Ming-Hsiang[11](index=11&type=chunk) - The principal place of business of the Group is located in Hsinchu County, Zhubei City, Taiwan, and it is listed on GEM of The Stock Exchange of Hong Kong Limited[11](index=11&type=chunk)[12](index=12&type=chunk) [Company Profile](index=7&type=section&id=%E5%85%AC%E5%8F%B8%E6%A6%82%E6%B3%81) Genes Tech Group Holdings Limited is an investment holding company whose subsidiaries provide turnkey solutions and trade parts and used semiconductor manufacturing equipment, registered in the Cayman Islands with primary operations in Taiwan and listed on HKEX GEM - The Company is an investment holding company, and its subsidiaries are principally engaged in the provision of turnkey solutions and trading of parts and used semiconductor manufacturing equipment[11](index=11&type=chunk) - The Company was incorporated in the Cayman Islands with its registered office at Cricket Square[11](index=11&type=chunk) - The principal place of business of the Group is located at No. 80, Baotai 3rd Road, Zhubei City, Hsinchu County, Taiwan[11](index=11&type=chunk) [Principal Subsidiaries](index=7&type=section&id=%E4%B8%BB%E8%A6%81%E9%99%84%E5%B1%AC%E5%85%AC%E5%8F%B8) The company holds several direct and indirect wholly-owned subsidiaries, including Genes Tech (Hong Kong), Jili International, Jiafeng, Genes Tech (Taiwan), Chongjun Technology, Shanghai Jinghuan Technology, and GENES TECH U.S.A. INC., covering investment holding, turnkey solutions, trading of parts and used semiconductor equipment, and heating tape manufacturing across Hong Kong, Anguilla, Taiwan, China, and the USA Overview of Principal Subsidiaries | Subsidiary Name | Place and Date of Incorporation | Principal Business and Place of Operation | | :--- | :--- | :--- | | Genes Tech (Hong Kong) Co., Ltd. | Hong Kong, April 13, 2018 | Investment holding, Hong Kong | | Jili International Limited | Hong Kong, March 26, 2018 | Investment holding, Hong Kong | | Jiafeng Limited | Anguilla, April 28, 2016 | Investment holding, Anguilla | | Genes Tech Co., Ltd. | Taiwan, December 28, 2009 | Provision of turnkey solutions and trading of parts and used semiconductor manufacturing equipment, Taiwan | | Chongjun Technology Co., Ltd. | Taiwan, July 27, 2009 | Manufacturing and sale of heating tapes, Taiwan | | Shanghai Jinghuan Technology Co., Ltd. | China, May 12, 2020 | Provision of turnkey solutions and trading of parts and used semiconductor manufacturing equipment, China | | GENES TECH U.S.A. INC. | Arizona, November 11, 2024 | Provision of semiconductor turnkey solutions | - All listed subsidiaries are **100%** beneficially owned by the Company[13](index=13&type=chunk)[14](index=14&type=chunk) [Basis of Preparation](index=8&type=section&id=%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) The condensed consolidated interim financial information is prepared in accordance with HKAS 34 and GEM Listing Rules, to be read with the 2024 annual financial statements, with the company assessing new standards and income tax accrued at the expected annual effective rate - The condensed consolidated interim financial information has been prepared in accordance with Hong Kong Accounting Standard **34** "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants and the applicable disclosure provisions of the GEM Listing Rules[15](index=15&type=chunk) - The Group is assessing the impact of new standards, amendments to standards, and interpretations that have been issued but are not yet effective and have not been early adopted in prior accounting periods, on the Group's results and financial position[15](index=15&type=chunk) - Income tax for the six-month period is accrued using the tax rate that would be applicable to the expected total annual profit or loss[16](index=16&type=chunk) [Significant Accounting Policies](index=9&type=section&id=%E9%87%8D%E5%A4%A7%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96) Significant accounting policies used for interim financial information are consistent with the 2024 annual consolidated financial statements, with no material impact from new standard amendments effective January 1, 2025 - The significant accounting policies adopted in the preparation of these unaudited condensed consolidated interim financial information are consistent with those followed in the preparation of the Group's consolidated financial statements for the year ended December 31, 2024[17](index=17&type=chunk) - The Group has adopted and applied the amendments to standards and interpretations effective for accounting periods beginning on January 1, 2025, including amendments to HKFRS 7, HKFRS 5, HKAS 16, HKAS 1, and HKFRS 17[17](index=17&type=chunk)[18](index=18&type=chunk) - The adoption of these amendments to standards and interpretations has had no material impact on the Group's consolidated results and financial position[17](index=17&type=chunk) [Estimates](index=9&type=section&id=%E4%BC%B0%E8%A8%88) Preparation of condensed consolidated interim financial information involves management judgments, estimates, and assumptions regarding accounting policies and reported amounts, with actual results potentially differing, and key judgments and uncertainties remain similar to the 2024 annual financial statements - The preparation of the condensed consolidated interim financial information requires management to make judgments, estimates, and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income, and expenses[19](index=19&type=chunk) - Actual results may differ from these estimates[19](index=19&type=chunk) - The significant judgments made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those applied to the consolidated financial statements for the year ended December 31, 2024[19](index=19&type=chunk) [Financial Risk Management](index=9&type=section&id=%E8%B2%A1%E5%8B%99%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86) The Group faces market (foreign exchange, interest rate), credit, and liquidity risks, with no changes in risk management since December 31, 2024, and monitors capital using a gearing ratio of **38.77%** as of June 30, 2025, an improvement from **48.45%** - The Group's operations are exposed to various financial risks: market risk (including foreign exchange risk and cash flow and fair value interest rate risk), credit risk, and liquidity risk[20](index=20&type=chunk) - There have been no changes in the risk management arrangements and policies since December 31, 2024[21](index=21&type=chunk) - The Group monitors capital on the basis of the gearing ratio, which is calculated as net debt divided by total equity, and as of June 30, 2025, the Group's gearing ratio was approximately **38.77%** (December 31, 2024: approximately **48.45%**)[23](index=23&type=chunk) [Financial Risk Factors](index=9&type=section&id=%E8%B2%A1%E5%8B%99%E9%A2%A8%E9%9A%AA%E5%9B%A0%E7%B4%A0) The Group's operations are exposed to market risks (foreign exchange, cash flow, and fair value interest rate risks), credit risk, and liquidity risk, with no changes in risk management arrangements or policies since December 31, 2024 - The Group's operations are exposed to market risk (including foreign exchange risk and cash flow and fair value interest rate risk), credit risk, and liquidity risk[20](index=20&type=chunk) - The condensed consolidated interim financial information does not include all financial risk management information and disclosures required in the annual financial statements and should be read in conjunction with the Group's annual financial statements as of December 31, 2024[20](index=20&type=chunk) - There have been no changes in the risk management arrangements and policies since December 31, 2024[21](index=21&type=chunk) [Capital Management](index=10&type=section&id=%E8%B3%87%E6%9C%AC%E7%AE%A1%E7%90%86) The Group's primary capital management objectives are ensuring going concern, maintaining sound capital ratios, and maximizing shareholder value, monitoring capital with a gearing ratio of approximately **38.77%** as of June 30, 2025, down from **48.45%** - The Group's primary objectives of capital management are to ensure the Group's ability to continue as a going concern and to maintain a sound capital ratio to support its business operations and maximize shareholder value[22](index=22&type=chunk) - The Group monitors capital on the basis of the gearing ratio, which is calculated as net debt divided by total equity[23](index=23&type=chunk) - As of June 30, 2025, the Group's gearing ratio was approximately **38.77%** (December 31, 2024: approximately **48.45%**)[23](index=23&type=chunk) [Fair Value Estimation](index=10&type=section&id=%E5%85%AC%E5%B9%B3%E5%80%BC%E4%BC%B0%E8%A8%88) The carrying amounts of the Group's current financial assets and liabilities approximate their fair values due to short maturities, and non-current deposits, lease liabilities, and bank borrowings also have carrying amounts similar to their fair values estimated using discounted cash flows - The carrying amounts of the Group's current financial assets and current financial liabilities approximate their fair values due to their short maturities[24](index=24&type=chunk) - The carrying amounts of non-current deposits, lease liabilities, and bank borrowings approximate their fair values, which are estimated based on discounted cash flows[24](index=24&type=chunk) [Offsetting Financial Assets and Liabilities](index=10&type=section&id=%E6%8A%B5%E9%8A%B7%E9%87%91%E8%9E%8D%E8%B3%87%E7%94%A2%E5%8F%8A%E9%87%91%E8%9E%8D%E8%B2%A0%E5%82%B5) The Group has no financial assets or liabilities subject to offsetting, enforceable master netting arrangements, or similar agreements - The Group has no financial assets and financial liabilities subject to offsetting, enforceable master netting arrangements, and similar agreements[25](index=25&type=chunk) [Revenue and Segment Information](index=11&type=section&id=%E6%94%B6%E5%85%A5%E5%8F%8A%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group treats providing turnkey solutions and trading parts and used semiconductor manufacturing equipment as a single operating segment, with total revenue of **NT$585.31 million** for the six months ended June 30, 2025, primarily from Taiwan and the USA, and **Customer A** contributing **67.88%** of total revenue - The Group regards the aggregate revenue and operating results generated from the provision of turnkey solutions and trading of parts and used semiconductor manufacturing equipment as a single operating segment[26](index=26&type=chunk) Revenue Streams (For the six months ended June 30) | Revenue Category | 2025 (NT$ thousand) | 2024 (NT$ thousand) | Proportion of Total Revenue (2025) | | :--- | :--- | :--- | :--- | | Provision of turnkey solutions | 113,690 | 226,597 | 19.42% | | Trading of parts and used semiconductor manufacturing equipment | 471,616 | 308,410 | 80.58% | | **Total Revenue** | **585,306** | **535,007** | **100.00%** | Geographical Segment Revenue (For the six months ended June 30) | Region | 2025 (NT$ thousand) | 2024 (NT$ thousand) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Taiwan | 290,847 | 195,244 | 48.97% | | United States | 226,407 | 126,809 | 78.54% | | China | 60,526 | 85,243 | -28.99% | | Singapore | 6,502 | 74,427 | -91.26% | | Japan | 777 | 52,393 | -98.52% | | Germany | 247 | 354 | -30.23% | | South Korea | - | 537 | -100.00% | | **Total** | **585,306** | **535,007** | **9.40%** | [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) As of June 30, 2025, **Customer A** contributed **NT$397.32 million**, representing **67.88%** of the Group's total revenue, a **77.52%** increase from the prior year, with **Customer B** also contributing over **10%** Major Customer Revenue Contribution (For the six months ended June 30) | Customer | 2025 (NT$ thousand) | 2024 (NT$ thousand) | 2025 Proportion of Total Revenue | | :--- | :--- | :--- | :--- | | Customer A | 397,317 | 223,819 | 67.88% | | Customer B | 70,557 | * | 12.05% | | Customer C | * | 58,105 | * | - Revenue from **Customer A** increased by **77.52%** from **NT$223,819 thousand** in 2024 to **NT$397,317 thousand** in 2025[31](index=31&type=chunk) - In 2025, **Customer B** contributed over **10%** of the Group's total revenue, while in 2024, **Customer C** contributed over **10%**[31](index=31&type=chunk) [Expenses by Nature](index=12&type=section&id=%E6%8C%89%E6%80%A7%E8%B3%AA%E5%8A%83%E5%88%86%E7%9A%84%E9%96%8B%E6%94%AF) For the six months ended June 30, 2025, the Group's total expenses were **NT$477.57 million**, a slight increase from the prior period, with employee benefit expenses rising by **14.02%** to **NT$144.29 million**, while travel expenses significantly decreased by **50.46%** Expenses by Nature (For the six months ended June 30) | Expense Category | 2025 (NT$ thousand) | 2024 (NT$ thousand) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Auditor's remuneration — audit services | 5,964 | 6,013 | -0.81% | | Auditor's remuneration — non-audit services | - | 120 | -100.00% | | Cost of materials used | 240,693 | 254,768 | -5.52% | | Amortisation of intangible assets | 4,652 | 6,282 | -25.95% | | Depreciation of property, plant and equipment | 8,149 | 8,557 | -4.77% | | Depreciation of right-of-use assets | 8,867 | 6,186 | 43.33% | | Research expenses | 611 | 672 | -9.08% | | Net provision for warranty | 7,810 | 3,762 | 107.60% | | Commission | 2,895 | 6,953 | -58.37% | | Employee benefit expenses | 144,289 | 126,550 | 14.02% | | Professional fees | 3,635 | 5,731 | -36.58% | | Short-term lease related expenses | 2,134 | 1,935 | 10.28% | | Transportation expenses | 5,078 | 5,302 | -4.22% | | Travel expenses | 5,997 | 12,106 | -50.46% | | Insurance expenses | 13,763 | 13,024 | 5.67% | | Entertainment expenses | 3,917 | 2,375 | 65.77% | | Utilities expenses | 2,167 | 1,865 | 16.19% | | Others | 16,953 | 12,765 | 32.82% | | **Total** | **477,574** | **474,966** | **0.55%** | [Income Tax Expense](index=13&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) For the six months ended June 30, 2025, income tax expense was **NT$23.06 million**, a decrease from **NT$24.99 million** in the prior period, with the estimated average annual tax rate remaining at approximately **23.6%** Income Tax Expense (For the six months ended June 30) | Indicator | 2025 (NT$ thousand) | 2024 (NT$ thousand) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Income tax expense | 23,059 | 24,989 | -7.72% | | Estimated average annual tax rate | 23.6% | 23.6% | 0.00% | - Income tax is recognized based on management's estimate of the weighted average annual income tax rate expected for the entire financial year[33](index=33&type=chunk) [Earnings Per Share](index=13&type=section&id=%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9) For the six months ended June 30, 2025, basic earnings per share increased by **25.84%** to **NT$4.87 cents** from **NT$3.87 cents** in the prior period, with diluted earnings per share being the same due to no potential dilutive ordinary shares Earnings Per Share (For the six months ended June 30) | Indicator | 2025 | 2024 | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Profit attributable to owners of the Company (NT$ thousand) | 48,699 | 38,703 | 25.84% | | Weighted average number of ordinary shares outstanding (thousand shares) | 1,000,000 | 1,000,000 | 0.00% | | Basic earnings per share (NT$ cents) | 4.87 | 3.87 | 25.84% | - Diluted earnings per share is the same as basic earnings per share as there were no potential dilutive ordinary shares during these periods[36](index=36&type=chunk) [Basic Earnings Per Share](index=13&type=section&id=%E5%9F%BA%E6%9C%AC%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9) Basic earnings per share for the six months ended June 30, 2025, was **NT$4.87 cents**, calculated based on profit attributable to owners of **NT$48.70 million** and a weighted average of **1,000,000,000** shares outstanding - Basic earnings per share is calculated based on the profit for the period attributable to owners of the Company of approximately **NT$48,699,000** (2024: approximately **NT$38,703,000**)[34](index=34&type=chunk) - The weighted average number of ordinary shares outstanding during the period was **1,000,000,000** shares (2024: **1,000,000,000** shares)[34](index=34&type=chunk) - Basic earnings per share was **NT$4.87 cents** (2024: **NT$3.87 cents**)[35](index=35&type=chunk) [Diluted Earnings Per Share](index=13&type=section&id=%E6%94%A4%E8%96%84%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9) Diluted earnings per share is identical to basic earnings per share for the six months ended June 30, 2025, as there were no potential dilutive ordinary shares during the period - As there were no potential dilutive ordinary shares during these periods, diluted earnings per share is the same as basic earnings per share[36](index=36&type=chunk) [Property, Plant and Equipment and Intangible Assets](index=14&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) For the six months ended June 30, 2025, the Group acquired leasehold improvements of approximately **NT$450 thousand** and office equipment of approximately **NT$453 thousand**, with new intangible assets of approximately **NT$289 thousand**, and no construction in progress expenses - For the six months ended June 30, 2025, the Group acquired leasehold improvements at a cost of approximately **NT$450,000** (2024: **NT$129,000**)[38](index=38&type=chunk) - Office equipment of approximately **NT$453,000** was acquired (2024: approximately **NT$1,140,000**)[38](index=38&type=chunk) - New intangible assets of approximately **NT$289,000** were added (2024: approximately **NT$590,000**)[38](index=38&type=chunk) [Trade Receivables](index=14&type=section&id=%E8%B2%A3%E6%98%93%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) As of June 30, 2025, net trade receivables decreased to **NT$190.74 million** from **NT$208.58 million** on December 31, 2024, with credit terms of **30 to 90 days** and an impairment loss provision of **NT$5.01 million** Trade Receivables Analysis (As of June 30) | Indicator | June 30, 2025 (NT$ thousand) | December 31, 2024 (NT$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Trade receivables | 195,746 | 213,590 | -8.36% | | Less: Impairment provision | (5,011) | (5,011) | 0.00% | | **Net** | **190,735** | **208,579** | **-8.65%** | - The Group normally grants credit periods ranging from **30 to 90 days** (December 31, 2024: **30 to 90 days**) to its major customers[39](index=39&type=chunk) - As of June 30, 2025, an impairment loss provision of **NT$5,011,000** was made (December 31, 2024: **NT$5,011,000**)[42](index=42&type=chunk) [Trade Receivables Analysis](index=14&type=section&id=%E8%B2%A3%E6%98%93%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85%E5%88%86%E6%9E%90) As of June 30, 2025, gross trade receivables totaled **NT$195.75 million**, with an impairment provision of **NT$5.01 million**, resulting in a net of **NT$190.74 million**, and the Group grants **30 to 90-day** credit terms to major customers, applying a simplified approach for expected credit losses Trade Receivables Analysis (As of June 30) | Indicator | June 30, 2025 (NT$ thousand) | December 31, 2024 (NT$ thousand) | | :--- | :--- | :--- | | Trade receivables | 195,746 | 213,590 | | Less: Impairment provision | (5,011) | (5,011) | | **Net** | **190,735** | **208,579** | - The Group normally grants credit periods ranging from **30 to 90 days** (December 31, 2024: **30 to 90 days**) to its major customers[39](index=39&type=chunk) - The Group applies the simplified approach under HKFRS 9 to measure expected credit losses, which requires the use of a lifetime expected loss allowance for all trade receivables[40](index=40&type=chunk) [Ageing Analysis](index=14&type=section&id=%E8%B3%AC%E9%BD%A1%E5%88%86%E6%9E%90) As of June 30, 2025, trade receivables aged **0 to 30 days** constituted the largest portion at **NT$129.81 million**, while receivables over **1 year** increased to **NT$17.16 million**, with management deeming no additional impairment necessary due to no significant change in credit quality Ageing Analysis of Trade Receivables (As of June 30) | Ageing | June 30, 2025 (NT$ thousand) | December 31, 2024 (NT$ thousand) | | :--- | :--- | :--- | | 0 to 30 days | 129,812 | 151,404 | | 31 to 90 days | 26,726 | 26,879 | | 91 to 180 days | 13,779 | 6,276 | | 181 to 365 days | 3,257 | 17,092 | | Over 1 year | 17,161 | 6,928 | | **Total** | **190,735** | **208,579** | - Management, based on past credit history and considering current and forward-looking information, believes that no impairment provision is necessary for these balances due to no significant change in credit quality[42](index=42&type=chunk) [Trade and Other Payables](index=15&type=section&id=%E8%B2%A3%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85) As of June 30, 2025, total trade and other payables decreased by **24.15%** to **NT$225.60 million** from **NT$297.68 million** on December 31, 2024, primarily due to a **35.11%** reduction in trade payables to **NT$127.66 million** Trade and Other Payables (As of June 30) | Category | June 30, 2025 (NT$ thousand) | December 31, 2024 (NT$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Trade payables | 127,659 | 196,740 | -35.11% | | Other payables | 923 | 983 | -6.10% | | Accrued expenses | 82,217 | 82,284 | -0.08% | | Warranty provision | 14,798 | 17,671 | -16.26% | | **Total** | **225,597** | **297,678** | **-24.15%** | [Trade Payables Analysis](index=15&type=section&id=%E8%B2%A3%E6%98%93%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85%E5%88%86%E6%9E%90) As of June 30, 2025, trade payables were **NT$127.66 million**, a **35.11%** decrease from **NT$196.74 million** on December 31, 2024 Trade Payables (As of June 30) | Category | June 30, 2025 (NT$ thousand) | December 31, 2024 (NT$ thousand) | | :--- | :--- | :--- | | Trade payables | 127,659 | 196,740 | [Ageing Analysis](index=15&type=section&id=%E8%B3%AC%E9%BD%A1%E5%88%86%E6%9E%90) As of June 30, 2025, trade payables due on demand or within one month significantly decreased to **NT$64.01 million** from **NT$112.15 million** on December 31, 2024, while payables over one year slightly increased Ageing Analysis of Trade Payables (As of June 30) | Ageing | June 30, 2025 (NT$ thousand) | December 31, 2024 (NT$ thousand) | | :--- | :--- | :--- | | On demand or less than one month | 64,014 | 112,154 | | One month to three months | 46,637 | 73,245 | | Three months to one year | 14,945 | 9,763 | | Over one year | 2,063 | 1,578 | | **Total** | **127,659** | **196,740** | [Bank Borrowings](index=16&type=section&id=%E9%8A%80%E8%A1%8C%E5%80%9F%E6%AC%BE) As of June 30, 2025, total bank borrowings decreased by **7.04%** to **NT$550.10 million** from **NT$591.79 million** on December 31, 2024, comprising **NT$330.12 million** in secured and **NT$219.98 million** in unsecured borrowings, with unutilized facilities of approximately **NT$405.00 million** Total Bank Borrowings (As of June 30) | Category | June 30, 2025 (NT$ thousand) | December 31, 2024 (NT$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Total secured borrowings | 330,122 | 335,364 | -1.56% | | Total unsecured borrowings | 219,981 | 256,421 | -14.21% | | **Total Borrowings** | **550,103** | **591,785** | **-7.04%** | - The Group's unutilized borrowing facilities amounted to approximately **NT$405,000,000** (December 31, 2024: approximately **NT$380,045,000**)[47](index=47&type=chunk) - As of June 30, 2025, bank interest rates ranged from **2.275%** to **3.525%** per annum (December 31, 2024: **2.275%** to **6.320%** per annum)[46](index=46&type=chunk) [Total Borrowings](index=16&type=section&id=%E5%80%9F%E6%AC%BE%E7%B8%BD%E9%A1%8D) As of June 30, 2025, the Group's total bank borrowings were **NT$550.10 million**, with **NT$450.71 million** current and **NT$99.39 million** non-current, including **NT$330.12 million** secured and **NT$219.98 million** unsecured Total Bank Borrowings (As of June 30) | Category | Current (NT$ thousand) | Non-current (NT$ thousand) | Total (NT$ thousand) | | :--- | :--- | :--- | :--- | | Secured bank borrowings | 262,000 | - | 262,000 | | Secured long-term bank borrowings | 10,480 | 57,642 | 68,122 | | **Total secured borrowings** | **272,480** | **57,642** | **330,122** | | Unsecured bank borrowings | 140,000 | - | 140,000 | | Unsecured long-term bank borrowings | 38,232 | 41,749 | 79,981 | | **Total unsecured borrowings** | **178,232** | **41,749** | **219,981** | | **Total Borrowings** | **450,712** | **99,391** | **550,103** | [Repayment Schedule](index=17&type=section&id=%E9%82%84%E6%AC%BE%E6%9C%9F) As of June 30, 2025, the Group's bank borrowings include **NT$450.71 million** due within one year, **NT$45.96 million** due between one and two years, **NT$37.71 million** due between two and five years, and **NT$15.72 million** due after five years Bank Borrowings Repayment Schedule (As of June 30) | Repayment Period | June 30, 2025 (NT$ thousand) | December 31, 2024 (NT$ thousand) | | :--- | :--- | :--- | | Within one year | 450,712 | 468,025 | | More than one year but not more than two years | 45,958 | 48,763 | | More than two years but not more than five years | 37,713 | 54,036 | | After five years | 15,720 | 20,961 | | **Total** | **550,103** | **591,785** | [Details of Secured and Unsecured Borrowings](index=17&type=section&id=%E6%8A%B5%E6%8A%BC%E5%8F%8A%E7%84%A1%E6%8A%B5%E6%8A%BC%E5%80%9F%E6%AC%BE%E8%A9%B3%E6%83%85) Secured short-term bank borrowings are collateralized by the Group's land and buildings at floating rates, while secured long-term borrowings are also collateralized by land and buildings, repaid in installments at floating rates, and unsecured short-term borrowings are four term loans at bank deposit rates plus a spread, with unsecured long-term borrowings being two installment loans at floating rates - Secured short-term bank borrowings consist of two loans, collateralized by the Group's land and buildings, and are repayable on their maturity dates[45](index=45&type=chunk) - Secured long-term bank borrowings consist of two loans, collateralized by the Group's land and buildings, bearing interest at a floating rate of one-year postal savings deposit rate plus **0.74%** per annum[45](index=45&type=chunk) - Unsecured short-term bank borrowings consist of four term loans totaling **NT$140,000,000**, bearing interest at the bank's one-month deposit rate plus a specific spread[48](index=48&type=chunk) - Unsecured long-term bank borrowings consist of two loans, bearing interest at a floating rate of one-year postal savings deposit rate plus **1.84%** and **0.068%** per annum, respectively, and are repayable in installments[48](index=48&type=chunk) [Share Capital](index=18&type=section&id=%E8%82%A1%E6%9C%AC) As of June 30, 2025, the company's authorized share capital was **2,000,000,000** shares of **HK$0.01** each, totaling **NT$77.63 million**, with **1,000,000,000** issued and fully paid shares totaling **NT$38.82 million**, unchanged from December 31, 2024 Share Capital Structure (As of June 30) | Category | Number of Shares | Share Capital (NT$ thousand) | | :--- | :--- | :--- | | Authorized share capital | 2,000,000,000 | 77,630 | | Issued and fully paid share capital | 1,000,000,000 | 38,815 | - The ordinary shares of **HK$0.01** par value each in the Company's share capital remained unchanged as of December 31, 2024, January 1, 2025, and June 30, 2025[49](index=49&type=chunk) [Dividends](index=18&type=section&id=%E8%82%A1%E6%81%AF) The Board does not recommend an interim dividend for the six months ended June 30, 2025, consistent with the prior period - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 (for the six months ended June 30, 2024: nil)[50](index=50&type=chunk) [Commitments](index=18&type=section&id=%E6%89%BF%E6%93%94) The Group leases properties and office equipment under irrevocable short-term lease agreements, with total future minimum lease payments of **NT$1.07 million** due within one year as of June 30, 2025 - The Group leases properties and office equipment under irrevocable short-term lease agreements, which do not include renewal options[51](index=51&type=chunk) Irrevocable Short-Term Lease Commitments (As of June 30) | Period | June 30, 2025 (NT$ thousand) | December 31, 2024 (NT$ thousand) | | :--- | :--- | :--- | | Within one year | 1,073 | 410 | [Related Party Transactions](index=19&type=section&id=%E9%97%9C%E8%81%AF%E6%96%B9%E4%BA%A4%E6%98%93) Related parties include those with control or significant influence over financial and operating decisions, and during the period, the Group engaged in key management personnel compensation transactions totaling **NT$13.92 million**, a slight decrease from the prior period, which are not considered disclosable connected transactions under GEM Listing Rules - Related parties are those persons who have the ability to control or exercise significant influence over the financial and operating decisions of another party, and persons under common control are also considered related[53](index=53&type=chunk) Key Management Personnel Compensation (For the six months ended June 30) | Compensation Category | 2025 (NT$ thousand) | 2024 (NT$ thousand) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Short-term employee benefits — salaries, allowances and benefits in kind | 13,750 | 14,927 | -7.89% | | Post-employment benefits — defined contribution retirement plans | 172 | 176 | -2.27% | | **Total** | **13,922** | **15,103** | **-7.70%** | - To the best knowledge of the Directors, none of these related party transactions constituted connected transactions subject to disclosure under the GEM Listing Rules[54](index=54&type=chunk) Management Discussion and Analysis [Market Overview](index=20&type=section&id=%E5%B8%82%E5%A0%B4%E6%A6%82%E8%A7%80) The global semiconductor market continued to grow in H1 2025, driven by AI, automotive electronics, new energy, and IoT, with SIA reporting a **19.8%** increase in May 2025 sales to **US$59 billion**, and IDC/Gartner indicating stable smartphone/PC shipments and strong EV sales - In the first half of 2025, the global semiconductor market continued its growth trend, driven by new technologies such as AI, with increasing penetration rates of new technologies and products in automotive electronics, new energy, IoT, big data, and artificial intelligence[56](index=56&type=chunk) - According to the latest report from the Semiconductor Industry Association (SIA), global semiconductor sales reached **US$59 billion** in May 2025, an increase of **19.8%** from **US$49.2 billion** in May 2024, marking **19** consecutive months of year-on-year growth[56](index=56&type=chunk) - International Data Corporation (IDC) reported that global smartphone shipments reached **295.2 million** units in the second quarter of 2025, a year-on-year increase of **1%**, marking eight consecutive quarters of growth[57](index=57&type=chunk) - Gartner's preliminary statistics show that global personal computer (PC) shipments exceeded **63 million** units in the second quarter of 2025, a year-on-year increase of **4.4%**[57](index=57&type=chunk) - Data from RhoMotion research firm indicates that global sales of electric and plug-in hybrid vehicles increased to **1.8 million** units in June 2025, a year-on-year increase of **24%**[57](index=57&type=chunk) [Business Review](index=21&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) As a Taiwan-based turnkey solution provider and exporter of semiconductor manufacturing equipment and parts, the Group achieved solid performance in H1 2025, with total revenue up **9.40%** to **NT$585.31 million**, total comprehensive income attributable to owners surging **118.02%** to **NT$68.24 million**, and basic EPS increasing **25.84%** to **NT$4.87 cents** - The Group is a Taiwan-based turnkey solution provider and exporter of parts and used semiconductor manufacturing equipment[58](index=58&type=chunk) - For the six months ended June 30, 2025, the Group's total revenue reached approximately **NT$585.31 million** (for the six months ended June 30, 2024: approximately **NT$535.01 million**), representing a year-on-year increase of **9.40%**[58](index=58&type=chunk) - Total comprehensive income for the period attributable to owners of the Company was approximately **NT$68.24 million** (for the six months ended June 30, 2024: approximately **NT$31.30 million**), representing a significant year-on-year increase of **118.02%**[58](index=58&type=chunk) - Basic earnings per share was approximately **NT$4.87 cents** (for the six months ended June 30, 2024: approximately **NT$3.87 cents**), representing a year-on-year increase of **25.84%**[58](index=58&type=chunk) [Overall Performance](index=21&type=section&id=%E6%95%B4%E9%AB%94%E6%A5%AD%E7%B8%BE) The Group's total revenue for H1 2025 reached **NT$585.31 million**, a **9.40%** year-on-year increase, with total comprehensive income attributable to owners at **NT$68.24 million**, up **118.02%**, and basic earnings per share at **NT$4.87 cents**, up **25.84%** Overall Performance Overview (For the six months ended June 30) | Indicator | 2025 (NT$ million) | 2024 (NT$ million) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Total Revenue | 585.31 | 535.01 | 9.40% | | Total comprehensive income for the period attributable to owners of the Company | 68.24 | 31.30 | 118.02% | | Basic earnings per share (NT$ cents) | 4.87 | 3.87 | 25.84% | [Turnkey Solutions](index=21&type=section&id=%E7%B5%B1%E5%8C%85%E8%A7%A3%E6%B1%BA%E6%96%B9%E6%A1%88) The Group provides turnkey solutions for parts and used semiconductor manufacturing equipment, including hot furnace tubes and developing devices, generating approximately **NT$113.69 million** in revenue for the six months ended June 30, 2025, representing **19.42%** of total revenue, a decrease from the prior period - The parts and used semiconductor manufacturing equipment provided by the Group include hot furnace tubes, developing devices, etc., used in the front-end manufacturing process of semiconductors and wafer processing[59](index=59&type=chunk) - For the six months ended June 30, 2025, the Group's revenue from turnkey solutions was approximately **NT$113.69 million** (for the corresponding period in 2024: approximately **NT$226.60 million**)[59](index=59&type=chunk) - Revenue from turnkey solutions accounted for approximately **19.42%** of the Group's total revenue (for the corresponding period in 2024: approximately **42.35%**)[59](index=59&type=chunk) [Trading of Parts and Used Semiconductor Manufacturing Equipment](index=21&type=section&id=%E9%9B%B6%E4%BB%B6%E5%8F%8A%E4%BA%8C%E6%89%8B%E5%8D%8A%E5%B0%8E%E9%AB%94%E8%A3%BD%E9%80%A0%E8%A8%AD%E5%82%99%E8%B2%A3%E6%98%93) During the review period, revenue from trading parts and used semiconductor manufacturing equipment was approximately **NT$471.62 million**, accounting for approximately **80.58%** of the Group's total revenue, a significant increase from **NT$308.41 million** in the prior period - During the review period, the Group's revenue from trading of parts and used semiconductor manufacturing equipment was approximately **NT$471.62 million** (for the corresponding period in 2024: approximately **NT$308.41 million**)[60](index=60&type=chunk) - Trading of parts and used semiconductor manufacturing equipment accounted for approximately **80.58%** of the Group's total revenue (for the corresponding period in 2024: approximately **57.65%**)[60](index=60&type=chunk) [Financial Review](index=22&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) For the six months ended June 30, 2025, the Group's total revenue was **NT$585.31 million**, driven by significant growth in trading used semiconductor parts, with US and Taiwan operations revenue increasing by **78.54%** and **48.97%** respectively, gross profit rising **28.98%** to **NT$201.97 million**, and total comprehensive income attributable to owners growing **118.02%** - For the six months ended June 30, 2025, the Group's total revenue was approximately **NT$585.31 million** (for the corresponding period in 2024: approximately **NT$535.01 million**)[61](index=61&type=chunk) - Revenue from US operations significantly increased by **78.54%** compared to the previous year, accounting for approximately **38.68%** of the Group's total revenue[62](index=62&type=chunk) - Revenue from Taiwan operations increased by **48.97%** compared to the previous year, accounting for approximately **49.69%** of the Group's total revenue[62](index=62&type=chunk) - The Group's gross profit increased by **28.98%** year-on-year to approximately **NT$201.97 million** (for the corresponding period in 2024: approximately **NT$156.59 million**), while the overall gross profit margin increased by **5.24** percentage points to approximately **34.51%** (for the corresponding period in 2024: approximately **29.27%**)[62](index=62&type=chunk) - Total comprehensive income for the period attributable to owners of the Company was approximately **NT$68.24 million** (for the corresponding period in 2024: approximately **NT$31.30 million**), representing a significant year-on-year increase of **118.02%**[63](index=63&type=chunk) - Basic earnings per share was approximately **NT$4.87** (for the corresponding period in 2024: approximately **NT$3.87**), representing a year-on-year increase of **25.84%**[63](index=63&type=chunk) [Revenue and Gross Profit](index=22&type=section&id=%E6%94%B6%E5%85%A5%E5%8F%8A%E6%AF%9B%E5%88%A9) The Group's total revenue was **NT$585.31 million**, with **NT$471.62 million** from trading used semiconductor parts, leading to a **28.98%** increase in gross profit to **NT$201.97 million** and a **5.24** percentage point rise in gross profit margin to **34.51%**, supported by **78.54%** and **48.97%** revenue growth in US and Taiwan operations respectively Revenue and Gross Profit Overview (For the six months ended June 30) | Indicator | 2025 (NT$ million) | 2024 (NT$ million) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Total Revenue | 585.31 | 535.01 | 9.40% | | Turnkey solutions revenue | 113.69 | 226.60 | -49.83% | | Trading of used semiconductor parts revenue | 471.62 | 308.41 | 52.92% | | Gross profit | 201.97 | 156.59 | 28.98% | | Gross profit margin | 34.51% | 29.27% | 5.24 percentage points | - Revenue from US operations significantly increased by **78.54%**, accounting for approximately **38.68%** of the Group's total revenue[62](index=62&type=chunk) - Revenue from Taiwan operations increased by **48.97%**, accounting for approximately **49.69%** of the Group's total revenue[62](index=62&type=chunk) [Profitability](index=22&type=section&id=%E7%9B%88%E5%88%A9%E8%83%BD%E5%8A%9B) Total comprehensive income attributable to owners was **NT$68.24 million**, a substantial **118.02%** year-on-year increase, with basic earnings per share growing by **25.84%** to **NT$4.87 cents** Profitability Overview (For the six months ended June 30) | Indicator | 2025 (NT$ million) | 2024 (NT$ million) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Total comprehensive income for the period attributable to owners of the Company | 68.24 | 31.30 | 118.02% | | Basic earnings per share (NT$ cents) | 4.87 | 3.87 | 25.84% | [Future Outlook](index=23&type=section&id=%E6%9C%AA%E4%BE%86%E5%B1%95%E6%9C%9B) Rapid global AI development is transforming the semiconductor industry, with WSTS forecasting **11.2%** market growth to **US$700.9 billion** in 2025, Gartner projecting **US$114.9 billion** for AI semiconductors, and Taiwan's semiconductor output expected to grow **19.1%**, while AI PCs, servers, and automotive semiconductors show strong potential despite smartphone market pressures - With the rapid development of global AI technology, the semiconductor industry is entering a historic turning point in its development[64](index=64&type=chunk) - The World Semiconductor Trade Statistics (WSTS) forecasts that global semiconductor market sales will grow by **11.2%** to **US$700.9 billion** in 2025[65](index=65&type=chunk) - Gartner estimates that the AI semiconductor market size will reach **US$114.9 billion** in 2025[65](index=65&type=chunk) - The Industrial Technology Research Institute (ITRI) International Institute of Industry Economics forecasts that Taiwan's semiconductor industry output value will grow by **19.1%** to **NT$6.33 trillion** in 2025, reaching a new historical high[65](index=65&type=chunk) - The Institute for Information Industry (MIC) forecasts that the popularization of AI PCs and the commercial replacement cycle will drive PC market growth in 2025, with server shipments expected to grow by **5.5%**[66](index=66&type=chunk) - PwC Taiwan estimates that the automotive semiconductor market will grow at an average annual rate of **10%**, with the semiconductor value per vehicle increasing from **US$800** in 2023 to **US$1,350** in 2030[67](index=67&type=chunk) [Liquidity and Capital Resources](index=24&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B3%87%E6%9C%AC%E8%B3%87%E6%BA%90) The Group primarily met liquidity needs through internal resources and bank borrowings, with total borrowings of approximately **NT$550.10 million** and a gearing ratio of approximately **38.77%** as of June 30, 2025, an improvement from **48.45%** - For the six months ended June 30, 2025, the Group primarily met its liquidity requirements through a combination of internal resources and bank borrowings[69](index=69&type=chunk) - As of June 30, 2025, the Group's total borrowings amounted to approximately **NT$550.10 million** (December 31, 2024: approximately **NT$591.79 million**)[69](index=69&type=chunk) - As of June 30, 2025, the Group's gearing ratio was approximately **38.77%** (December 31, 2024: approximately **48.45%**)[69](index=69&type=chunk) [Pledge of Assets](index=24&type=section&id=%E8%B3%87%E7%94%A2%E6%8A%B5%E6%8A%BC) As of June 30, 2025, the Group pledged certain land and buildings with a carrying value of approximately **NT$251.49 million** to secure long-term and short-term bank borrowings, a slight decrease from December 31, 2024 - As of June 30, 2025, the Group pledged certain land and buildings to secure the Group's long-term and short-term bank borrowings[70](index=70&type=chunk) - The carrying value of the pledged assets was approximately **NT$251.49 million** (December 31, 2024: approximately **NT$253.74 million**)[70](index=70&type=chunk) [Exchange Rate Fluctuations and Hedging Risks](index=25&type=section&id=%E5%BD%99%E7%8E%87%E6%B3%A2%E5%8B%95%E5%8F%8A%E6%9C%89%E9%97%9C%E5%B0%8D%E6%B2%96%E7%9A%84%E9%A2%A8%E9%9A%AA) The Group's operations are mainly in Taiwan, with most transactions settled in NTD and USD, and the Board will monitor exchange rate fluctuations and take appropriate measures, having engaged in no derivative or hedging activities for foreign exchange risk during the review period - The operating activities of the Group's subsidiaries are mainly conducted in Taiwan, and most transactions are settled in New Taiwan Dollars and US Dollars[71](index=71&type=chunk) - The Group will closely monitor fluctuations in currency exchange rates and take appropriate measures when necessary[71](index=71&type=chunk) - During the review period, the Group did not engage in any derivative activities or enter into any hedging activities for foreign exchange risk[71](index=71&type=chunk) [Capital Commitments and Contingent Liabilities](index=25&type=section&id=%E8%B3%87%E6%9C%AC%E6%89%BF%E6%93%94%E5%8F%8A%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5) As of June 30, 2025, the Group had no significant capital commitments or contingent liabilities, consistent with December 31, 2024 - As of June 30, 2025, the Group had no significant capital commitments (December 31, 2024: nil) and no significant contingent liabilities (December 31, 2024: nil)[72](index=72&type=chunk) [Significant Investments, Acquisitions, and Disposals of Subsidiaries and Capital Assets](index=25&type=section&id=%E9%99%84%E5%B1%AC%E5%85%AC%E5%8F%B8%E5%8F%8A%E8%B3%87%E6%9C%AC%E8%B3%87%E7%94%A2%E7%9A%84%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E3%80%81%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E5%8F%8A%E5%87%BA%E5%94%AE) The Group made no significant investments, acquisitions, or disposals of subsidiaries and capital assets during the period - The Group had no significant investments in and disposals of subsidiaries and capital assets during the period[73](index=73&type=chunk) [Human Resources](index=25&type=section&id=%E4%BA%BA%E5%8A%9B%E8%B3%87%E6%BA%90) As of June 30, 2025, the Group employed approximately **264** full-time and contract employees primarily in Taiwan and China, with annual salary reviews for competitiveness and benefits including pensions, insurance, education, subsidies, and training - As of June 30, 2025, the Group employed approximately **264** employees[74](index=74&type=chunk) - All employees of the Group are full-time and contract employees located in Taiwan and the People's Republic of China ("China")[74](index=74&type=chunk) - Employee remuneration is reviewed annually to maintain competitive levels, and the Group also provides other benefits to employees, including but not limited to pensions, insurance, education, subsidies, and training courses[74](index=74&type=chunk) [Dividends](index=25&type=section&id=%E8%82%A1%E6%81%AF) The Board does not recommend an interim dividend for the six months ended June 30, 2025, consistent with the prior period - The Board does not recommend the payment of a dividend for the six months ended June 30, 2025 (for the six months ended June 30, 2024: nil)[75](index=75&type=chunk) Corporate Governance and Other Information [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares, or Debentures of the Company and its Associated Corporations](index=26&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E4%B8%BB%E8%A6%81%E8%A1%8C%E6%94%BF%E4%BA%BA%E5%93%A1%E6%96%BC%E6%9C%AC%E5%85%AC%E5%8F%B8%E5%8F%8A%E7%9B%B8%E8%81%AF%E6%B3%95%E5%9C%98%E8%82%A1%E4%BB%BD%E3%80%81%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E6%88%96%E5%82%B5%E6%AC%8A%E8%AD%89%E4%B8%AD%E7%9A%84%E6%AC%8A%E7%9B%8A%E5%8F%8A%E6%B7%A1%E5%80%89) As of June 30, 2025, Mr. Yang Ming-Hsiang and Ms. Wei Hung-Li each held a **70.21%** long position in the company's shares, including beneficial ownership and interests as parties acting in concert, while Mr. Chiang Ting-Kuo held **0.25%** due to spousal interest, with no other disclosable interests or short positions Directors' and Chief Executive's Long Positions in Shares (As of June 30) | Director's Name | Capacity/Nature of Interest | Number of Shares Held | Approximate Percentage of Total Shares | | :--- | :--- | :--- | :--- | | Mr. Yang Ming-Hsiang | Beneficial owner | 37,975,000 | 3.80% | | | Interest of a party acting in concert | 664,075,000 | 66.41% | | | **Total** | **702,050,000** | **70.21%** | | Ms. Wei Hung-Li | Beneficial owner | 29,125,000 | 2.91% | | | Interest of a party acting in concert | 672,925,000 | 67.30% | | | **Total** | **702,050,000** | **70.21%** | | Mr. Chiang Ting-Kuo | Interest of spouse | 2,450,000 | 0.25% | - Save as disclosed above, as of June 30, 2025, none of the Directors or chief executive of the Company had any interests or short positions in the shares, underlying shares, or debentures of the Company or any of its associated corporations that were required to be notified to the Company and the Stock Exchange[78](index=78&type=chunk) [Substantial Shareholders' Interests in Shares, Underlying Shares, or Debentures of the Company](index=27&type=section&id=%E4%B8%BB%E8%A6%81%E8%82%A1%E6%9D%B1%E6%96%BC%E6%9C%AC%E5%85%AC%E5%8F%B8%E7%9A%84%E8%82%A1%E4%BB%BD%E3%80%81%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E6%88%96%E5%82%B5%E6%AC%8A%E8%AD%89%E4%B8%AD%E7%9A%84%E6%AC%8A%E7%9B%8A) As of June 30, 2025, Chia Chien Development Limited, Ever Wealth Holdings Limited, Planeta Investments Limited, Tai Yi Investment Co., Ltd., Mr. Fan Chiang-Sheng, and Mr. Lin Yen-Po were substantial shareholders, with Tai Yi, Mr. Fan, and Mr. Lin each deemed to hold approximately **70.21%** of shares due to a concert party agreement Substantial Shareholders' Long Positions in Shares (As of June 30) | Name of Substantial Shareholder | Capacity/Nature of Interest | Number of Shares Held | Approximate Percentage of Total Shares | | :--- | :--- | :--- | :--- | | Chia Chien Development Limited | Beneficial interest | 374,625,000 | 37.46% | | Ever Wealth Holdings Limited | Beneficial interest | 81,150,000 | 8.11% | | Planeta Investments Limited | Beneficial interest | 63,750,000 | 6.38% | | Tai Yi Investment Co., Ltd. | Beneficial interest | 111,300,000 | 11.13% | | | Interest of a party acting in concert | 590,750,000 | 59.08% | | | **Total** | **702,050,000** | **70.21%** | | Mr. Fan Chiang-Sheng | Beneficial owner | 2,925,000 | 0.30% | | | Interest of a party acting in concert | 699,125,000 | 69.91% | | | **Total** | **702,050,000** | **70.21%** | | Mr. Lin Yen-Po | Beneficial owner | 1,200,000 | 0.12% | | | Interest of a party acting in concert | 700,850,000 | 70.09% | | | **Total** | **702,050,000** | **70.21%** | - Mr. Yang Ming-Hsiang, Tai Yi Investment Co., Ltd., Ms. Wei Hung-Li, Mr. Lin Yen-Po, and Mr. Fan Chiang-Sheng are a group of controlling shareholders who have agreed to certain arrangements regarding their shareholdings under a concert party agreement[79](index=79&type=chunk)[83](index=83&type=chunk) [Share Option Scheme and Rights to Subscribe](index=30&type=section&id=%E8%B3%BC%E8%82%A1%E6%AC%8A%E8%A8%88%E5%8A%83%E5%8F%8A%E8%AA%8D%E8%B3%BC%E6%AC%8A%E5%88%A9) The company adopted a share option scheme on June 20, 2017, but as of June 30, 2025, and the announcement date, no options have been granted, exercised, lapsed, or cancelled, and no outstanding options exist, nor do directors or chief executives hold any rights to subscribe for shares - The Share Option Scheme was adopted and approved by the then shareholders of the Company on June 20, 2017[93](index=93&type=chunk) - As of June 30, 2025, and up to the date of this interim results announcement, no share options have been granted, exercised, lapsed, or cancelled under the Share Option Scheme[93](index=93&type=chunk) - As of June 30, 2025, and up to the date of this interim results announcement, there were no outstanding share options under the Share Option Scheme[93](index=93&type=chunk) - Save as disclosed above, as of June 30, 2025, and up to the date of this announcement, none of the Directors and chief executive of the Company and their respective close associates had any interests in, or had been granted or exercised any rights to subscribe for, shares or related shares of the Company and/or its associated corporations[84](index=84&type=chunk) [Purchase, Sale, or Redemption of the Company's Listed Securities](index=32&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%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) From January 1, 2025, to June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed shares - From January 1, 2025, to June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed shares[94](index=94&type=chunk) [Directors' Interests in Competing Businesses](index=30&type=section&id=%E8%91%A3%E4%BA%8B%E6%96%BC%E7%AB%B6%E7%88%AD%E6%A5%AD%E5%8B%99%E4%B9%8B%E6%AC%8A%E7%9B%8A) From the listing date to the announcement date, no director, controlling shareholder, or their close associates held direct or indirect interests as a director or shareholder in any business competing or potentially competing with the Group, or having other conflicts of interest - From the Listing Date up to the date of this announcement, none of the Directors, controlling shareholders, or any of their respective close associates were directors or shareholders of any business, other than the Group's business, that directly or indirectly competes or may compete with the Group's business or has other conflicts of interest with the Group[86](index=86&type=chunk) [Directors' Interests in Transactions, Arrangements, or Material Contracts](index=30&type=section&id=%E8%91%A3%E4%BA%8B%E6%96%BC%E4%BA%A4%E6%98%93%E3%80%81%E5%AE%89%E6%8E%92%E6%88%96%E9%87%8D%E5%A4%A7%E5%90%88%E7%B4%84%E4%B9%8B%E6%AC%8A%E7%9B%8A) From January 1, 2025, to June 30, 2025, neither the company nor any associated company entered into any transaction, arrangement, or material contract in which a director or an entity connected with a director had a direct or indirect material interest - Neither the Company nor any associated company entered into any transaction, arrangement, or material contract in which a Director of the Company or an entity connected with a Director had a direct or indirect material interest at any time during the period from January 1, 2025, to June 30, 2025[87](index=87&type=chunk) [Directors' Securities Transactions / Model Code for Securities Transactions](index=30&type=section&id=%E8%91%A3%E4%BA%8B%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E2%88%95%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%89%87) The company adopted the Model Code for Securities Transactions by Directors of Listed Issuers and confirmed directors' compliance from January 1, 2025, to June 30, 2025, also establishing written guidelines for employees with price-sensitive information, with no non-compliance found - The Company has adopted the required standard of dealings set out in Rules **5.48** to **5.67** of the GEM Listing Rules for securities transactions by Directors[88](index=88&type=chunk) - The Directors have confirmed that they have complied with the required standard of dealings from January 1, 2025, to June 30, 2025[88](index=88&type=chunk) - The Company has also established written guidelines for securities transactions by employees who may possess unpublished price-sensitive information of the Company, and no instances of non-compliance with the employee written guidelines have been found[89](index=89&type=chunk) [Compliance with Corporate Governance Code](index=31&type=section&id=%E9%81%B5%E5%AE%88%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%88%99) The Group adopted the principles and code provisions of the Corporate Governance Code, with no material deviations except for Code Provision C.2.1 (separation of Chairman and CEO roles), which the Board believes ensures consistent leadership and has sufficient checks and balances - The Group has adopted the principles and code provisions set out in the Corporate Governance Code (the "CG Code") contained in Appendix C1 to the GEM Listing Rules[90](index=90&type=chunk) - Save for the deviation from Code Provision C.2.1 of the CG Code, which stipulates that the roles of chairman and chief executive should be separate and not performed by the same individual, the Group has not materially deviated from the CG Code[90](index=90&type=chunk) - The Board believes that the dual role of Chairman and Chief Executive Officer by the same individual helps ensure consistent leadership within the Group and that sufficient checks and balances are in place[90](index=90&type=chunk) [Audit Committee and Review of Financial Statements](index=31&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83%E5%8F%8A%E5%AF%A9%E9%96%B1%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) The Audit Committee, established on June 20, 2017, comprising Mr. Cheng Chun Sing (Chairman), Mr. Kan Shing Chok, and Mr. Ho Pak Chuen (all independent non-executive directors), reviewed the Group's unaudited condensed consolidated interim results for the six months ended June 30, 2025, and is satisfied with its compliance with accounting standards and regulations - The Board established the Audit Committee of the Company on June 20, 2017, with written terms of reference in compliance with the GEM Listing Rules[91](index=91&type=chunk) - The members of the Audit Committee include Mr. Cheng Chun Sing (Chairman of the Audit Committee), Mr. Kan Shing Chok, and Mr. Ho Pak Chuen, all of whom are independent non-executive Directors[91](index=91&type=chunk) - The Audit Committee has reviewed the Group's unaudited condensed consolidated interim results, interim report, the accounting principles and practices adopted by the Group, and other financial reporting matters for the six months ended June 30, 2025, in conjunction with management[92](index=92&type=chunk) [By Order of the Board](index=32&type=section&id=%E6%89%BF%E8%91%A3%E4%BA%8B%E6%9C%83%E5%91%BD) This announcement is issued by the Board on August 21, 2025, by Mr. Yang

[Financial Summary](index=1&type=section&id=Financial%20Summary) The company reported a net loss attributable to owners and a loss per share, driven by significant declines in revenue and gross profit. [Key Financial Data](index=1&type=section&id=Key%20Financial%20Data) Revenue decreased 21.8% year-on-year, gross profit dropped 65.1%, resulting in a net loss of RMB 342 million and a loss per share of RMB 23.43 cents. | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 4,375,873 | 5,594,124 | (21.8) | | Gross Profit | 215,551 | 618,508 | (65.1) | | (Loss)/Profit Before Income Tax | (352,966) | 99,263 | (455.6) | | (Loss)/Profit Attributable to Owners of the Company | (342,053) | 88,506 | (486.5) | | Basic and Diluted (Loss)/Earnings Per Share (RMB cents per share) | (23.43) | 5.83 | (501.9) | - For the six months ended June 30, 2025, revenue from fruit and other food sales was **RMB 4,308.3 million**, accounting for approximately **98.5%** of total revenue[3](index=3&type=chunk) - For the six months ended June 30, 2025, total revenue from product sales to franchise stores was **RMB 3,076.9 million**, accounting for approximately **70.3%** of total revenue[3](index=3&type=chunk) [Operating Summary](index=2&type=section&id=Operating%20Summary) Total stores decreased by 27.2% to 4,386, and retail sales declined, while membership grew and private label brands expanded. Total Number of Stores as of June 30 | Store Type | 2025 | 2024 | | :--- | :--- | :--- | | Franchise Stores | 4,375 | 6,011 | | Self-operated Stores | 11 | 14 | | **Total** | **4,386** | **6,025** | Key Operating Data for the Six Months Ended June 30 | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Total Retail Sales (RMB '000) | 5,710,837 | 6,748,479 | | Overseas Direct Sales (RMB '000) | 113,341 | 141,027 | | Number of Members ('000) | 93,041 | 84,741 | | Number of Private Label Brands | 51 | 42 | [Performance Review](index=3&type=section&id=Performance%20Review) The company's performance review covers market trends, strategic adjustments, and operational highlights amidst a challenging economic environment. [Market Overview](index=3&type=section&id=Market%20Overview) Fresh fruit CPI rose 2.7% in H1 2025, indicating health value recognition, as the market shifted towards value and service, prompting retail and supply chain transformation. - In H1 2025, the national fresh fruit Consumer Price Index (CPI) increased by **2.7%** year-on-year compared to the same period in 2024, significantly higher than the **0.1%** decrease in the overall CPI during the same period[8](index=8&type=chunk) - In H1 2025, domestic fruit exports reached **USD 3.76 billion**, a year-on-year increase of approximately **6.2%** compared to the same period in 2024, while fruit imports were approximately **USD 10.74 billion**, a year-on-year decrease of approximately **5.3%**[9](index=9&type=chunk) [Company Strategy and Operations Review](index=4&type=section&id=Company%20Strategy%20and%20Operations%20Review) The company pursued its "high-quality and high-value-for-money" strategy, focusing on promotions, product optimization, and supply chain expansion, despite a revenue decline and net loss. - The company deepened its "high-quality and high-value-for-money fruit expert and leader" strategy, enhancing customer traffic and purchase frequency through promotional activities like "Good Fruit Gratitude" and "Daily Surprises"[10](index=10&type=chunk) - The Group's revenue decreased by approximately **21.8%** from **RMB 5,594.1 million** for the six months ended June 30, 2024, to **RMB 4,375.9 million** for the six months ended June 30, 2025[11](index=11&type=chunk) - The Group's gross profit decreased by approximately **65.1%** from **RMB 618.5 million** for the six months ended June 30, 2024, to **RMB 215.6 million** for the six months ended June 30, 2025[11](index=11&type=chunk) - For the six months ended June 30, 2025, the Group recorded a net loss attributable to owners of the company of **RMB 342.1 million**, compared to a profit of **RMB 88.5 million** in the same period of 2024[11](index=11&type=chunk) [Business Overview](index=5&type=section&id=Business%20Overview) This section provides a detailed overview of the company's retail and 2B business segments, including strategic initiatives, operational performance, and brand building efforts. [Retail Business Group](index=5&type=section&id=Retail%20Business%20Group) The retail business group optimized its offline network, upgraded operations, and expanded online channels, reducing store count but enhancing brand recognition and sales. [Offline Store Network Development](index=5&type=section&id=Offline%20Store%20Network%20Development) The offline store network reduced by 1,639 stores to 4,386 across 170+ cities in China by June 30, 2025, due to proactive optimization. Total Number of Franchise and Self-operated Stores as of June 30 | Store Type | 2025 | % | 2024 | % | | :--- | :--- | :--- | :--- | :--- | | Franchise stores managed by the Group | 3,570 | 81.4 | 4,707 | 78.1 | | Other franchise stores | 805 | 18.3 | 1,304 | 21.7 | | Subtotal (Franchise stores) | 4,375 | 99.7 | 6,011 | 99.8 | | Self-operated stores | 11 | 0.3 | 14 | 0.2 | | **Total** | **4,386** | **100.0** | **6,025** | **100.0** | - As of June 30, 2025, the Group's retail stores decreased by **1,639**, or approximately **27.0%**, from **6,025** as of June 30, 2024, to **4,386**[14](index=14&type=chunk) [Operational Strategy and Brand Building](index=6&type=section&id=Operational%20Strategy%20and%20Brand%20Building) The company upgraded store facades, expanded internationally, created themed stores, and optimized product offerings to enhance brand experience and drive sales. - As of June 30, 2025, the company has successfully established a regional market presence by opening **seven stores** in Indonesia[17](index=17&type=chunk) - Successfully launched eight "seasonal products with extreme value-for-money" such as Pa Pa Citrus, blueberries, and Feizixiao lychees, leading to an approximate **95.0%** year-on-year increase in store traffic and approximately **63.8%** year-on-year increase in total sales compared to the same period in 2024[18](index=18&type=chunk) [Online Channels and Membership System](index=7&type=section&id=Online%20Channels%20and%20Membership%20System) Online orders comprised 24.7% of total, with Meituan as a key contributor, and social commerce sales grew, despite a 32.9% decrease in paid members. - Orders placed through self-operated APP and mini-programs, Meituan, and Ele.me online channels accounted for approximately **24.7%** of the Group's total orders, with consumers placing orders through Meituan accounting for approximately **52.9%**[19](index=19&type=chunk) - For the six months ended June 30, 2025, sales from WeChat community group buying exceeded **RMB 58.0 million**, a year-on-year increase of approximately **12.9%** compared to the same period in 2024[19](index=19&type=chunk) - For the six months ended June 30, 2025, the total number of customers who purchased the Group's fruits and fruit products through Douyin live stream channels was approximately **1.87 million**, a year-on-year increase of approximately **64.47%** compared to the same period in 2024, with total retail sales of **RMB 53.49 million**, a year-on-year increase of approximately **29.32%**[20](index=20&type=chunk) - Gift sales as a percentage of Pagoda store retail sales increased from **12.8%** for the six months ended June 30, 2024, to approximately **14.8%** for the six months ended June 30, 2025[21](index=21&type=chunk) - As of June 30, 2025, the number of paid members decreased to approximately **719,000**, a year-on-year decrease of approximately **32.9%** compared to the same period in 2024[22](index=22&type=chunk) [2B Business Group](index=8&type=section&id=2B%20Business%20Group) H1 2025 saw 2B direct sales decrease by 1.7% to RMB 700.5 million, while domestic 2B sales grew 2.7%, and Shenzhen Banguo Technology achieved RMB 1.15 billion in GMV. - The Group's sales revenue from direct sales of fruits and other food decreased by approximately **1.7%** from **RMB 712.8 million** for the six months ended June 30, 2024, to **RMB 700.5 million** for the six months ended June 30, 2025[23](index=23&type=chunk) - Overseas direct sales of fruits decreased by approximately **19.6%** year-on-year compared to the same period in 2024, while total sales to domestic 2B customers increased by approximately **2.7%** year-on-year[23](index=23&type=chunk) - For the six months ended June 30, 2025, Shenzhen Banguo Technology Co., Ltd. achieved a Gross Merchandise Volume (GMV) of approximately **RMB 1.15 billion** and established **seven central warehouses** and **428 city warehouses**[23](index=23&type=chunk) [Category Brand Building](index=9&type=section&id=Category%20Brand%20Building) The company pursued a "high-quality and high-value-for-money" strategy, building differentiated fruit brands, with signature and A-grade fruits comprising 64.5% of retail sales and 51 private labels launched. - For the six months ended June 30, 2025, total sales of signature and A-grade fruits accounted for approximately **64.5%** of Pagoda store retail sales[25](index=25&type=chunk) - As of June 30, 2025, the company has successfully launched a total of **51 signature fruit private label brands**, and the total retail sales of these signature fruit private label brands accounted for approximately **14.9%** of Pagoda store retail sales for the six months ended June 30, 2025[25](index=25&type=chunk) [Other Business Updates and Outlook](index=9&type=section&id=Other%20Business%20Updates%20and%20Outlook) This section details the company's digital system upgrades and outlines its strategic vision for future growth across retail, 2B, and category brand development. [Digital System Upgrade](index=9&type=section&id=Digital%20System%20Upgrade) H1 2025 saw the company upgrade its gift card mini-program, establishing digital gifting capabilities and introducing a "worry-free gift after-sales card" to enhance customer experience. - In H1 2025, the company upgraded its gift card mini-program, establishing digital gifting capabilities and launching a "worry-free gift after-sales card"[27](index=27&type=chunk) [Strategic Outlook](index=10&type=section&id=Strategic%20Outlook) The company views H1 as a strategic transformation, continuing its "high-quality and high-value-for-money" strategy, focusing on retail optimization, 2B expansion, and category brand building. - In retail business, the company will iterate selection standards, strengthen freshness management, enhance quality control, and upgrade its scientific pricing system using accumulated data[28](index=28&type=chunk) - In 2B business, the company will continue to expand more categories and domestic and international channels, develop new fruit gift boxes, strengthen supply chain procurement capabilities, and firmly execute the "global sourcing, global selling" strategy[29](index=29&type=chunk) - In category brand building, the company will deepen cooperation with suppliers, introduce advanced agricultural technologies and seeds, jointly build competitive category brands, and focus on product differentiation and food safety[29](index=29&type=chunk) [Financial Performance Analysis](index=11&type=section&id=Financial%20Performance%20Analysis) This section provides a detailed analysis of the company's financial results, including income statement, revenue breakdown, cost and expense analysis, and non-HKFRS measures. [Consolidated Income Statement Overview](index=11&type=section&id=Consolidated%20Income%20Statement%20Overview) Revenue decreased 21.8% to RMB 4,375.9 million, gross profit fell 65.1% to RMB 215.6 million, resulting in an operating loss and a net loss of RMB 353.3 million for the period. Condensed Consolidated Interim Statement of Profit or Loss (For the six months ended June 30) | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Revenue | 4,375,873 | 5,594,124 | | Cost of Sales | (4,160,322) | (4,975,616) | | Gross Profit | 215,551 | 618,508 | | Operating (Loss)/Profit | (319,856) | 127,920 | | (Loss)/Profit Before Income Tax | (352,966) | 99,263 | | (Loss)/Profit for the Period | (353,251) | 83,955 | | (Loss)/Profit Attributable to Owners of the Company | (342,053) | 88,506 | | Basic and Diluted (Loss)/Earnings Per Share (RMB cents per share) | (23.43) | 5.83 | [Revenue Analysis](index=12&type=section&id=Revenue%20Analysis) Total revenue decreased 21.8% year-on-year, primarily due to declining fruit and food sales, reduced franchise store revenue, and lower overseas direct sales, partially offset by domestic 2B growth. [Revenue by Operating Segment](index=12&type=section&id=Revenue%20by%20Operating%20Segment) Total revenue decreased 21.8% to RMB 4,375.9 million, with fruit and food sales comprising 98.5%, while royalty, franchise, membership, and other income streams all declined. Revenue by Operating Segment for the Six Months Ended June 30 | Operating Segment | 2025 (RMB '000) | % | 2024 (RMB '000) | % | | :--- | :--- | :--- | :--- | :--- | | Fruit and other food sales | 4,308,322 | 98.5 | 5,435,726 | 97.2 | | Royalty and franchise income | 8,575 | 0.2 | 67,157 | 1.2 | | Membership fee income | 21,687 | 0.5 | 38,353 | 0.7 | | Others | 37,289 | 0.8 | 52,888 | 0.9 | | **Total** | **4,375,873** | **100.0** | **5,594,124** | **100.0** | - The Group's total revenue decreased by approximately **21.8%** from **RMB 5,594.1 million** for the six months ended June 30, 2024, to **RMB 4,375.9 million** for the six months ended June 30, 2025[34](index=34&type=chunk) [Revenue from Fruit and Other Food Sales by Distribution Channel](index=13&type=section&id=Revenue%20from%20Fruit%20and%20Other%20Food%20Sales%20by%20Distribution%20Channel) Fruit and food sales revenue decreased, mainly due to a 23.3% drop in franchise store income to RMB 3,076.9 million, alongside declines in direct sales and online channel revenue. Revenue from Fruit and Other Food Sales by Distribution Channel for the Six Months Ended June 30 | Distribution Channel | 2025 (RMB '000) | % | 2024 (RMB '000) | % | | :--- | :--- | :--- | :--- | :--- | | Franchise stores | 3,076,920 | 71.4 | 4,011,787 | 73.8 | | Self-operated stores | 14,772 | 0.3 | 21,218 | 0.4 | | Regional agents | 479,212 | 11.1 | 627,807 | 11.5 | | Direct sales | 700,473 | 16.3 | 712,778 | 13.1 | | Online channels | 36,945 | 0.9 | 62,136 | 1.2 | | **Total** | **4,308,322** | **100.0** | **5,435,726** | **100.0** | - The decrease in revenue from franchise stores was primarily due to weak domestic consumption and a reduction in the number of franchise stores[37](index=37&type=chunk) - The decrease in direct sales revenue was mainly due to a reduction in the Group's 2B business in overseas markets, as export restrictions were imposed on certain domestic fruits in overseas markets[37](index=37&type=chunk) [Revenue by Geographical Market](index=32&type=section&id=Revenue%20by%20Geographical%20Market) Mainland China revenue decreased 21.9% to RMB 4,262.5 million, Indonesia's revenue fell 40.7%, Singapore's grew 33.5%, and Hong Kong and other countries' revenue declined 23.6%. Revenue by Geographical Market for the Six Months Ended June 30 | Region | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Mainland China | 4,262,532 | 5,453,097 | | Indonesia | 40,817 | 68,815 | | Singapore | 40,567 | 30,372 | | Hong Kong and other countries | 31,957 | 41,840 | | **Total** | **4,375,873** | **5,594,124** | [Cost and Expense Analysis](index=13&type=section&id=Cost%20and%20Expense%20Analysis) Sales cost decreased 16.4%, but gross profit fell 65.1% to a 4.9% margin due to product optimization, while other income declined and management expenses rose from share-based payments and severance. [Cost of Sales and Gross Profit](index=13&type=section&id=Cost%20of%20Sales%20and%20Gross%20Profit) Cost of sales decreased 16.4% to RMB 4,160.3 million, while gross profit fell 65.1% to RMB 215.6 million, and gross margin dropped to 4.9% due to product optimization. - Cost of sales decreased by approximately **16.4%** from **RMB 4,975.6 million** for the six months ended June 30, 2024, to **RMB 4,160.3 million** for the six months ended June 30, 2025[38](index=38&type=chunk) - The Group's gross profit decreased by approximately **65.1%** from **RMB 618.5 million** for the six months ended June 30, 2024, to **RMB 215.6 million** for the six months ended June 30, 2025[39](index=39&type=chunk) - The Group's gross profit margin decreased from **11.1%** for the six months ended June 30, 2024, to **4.9%** for the six months ended June 30, 2025[39](index=39&type=chunk) [Other Income and Gains](index=14&type=section&id=Other%20Income%20and%20Gains) Other income decreased 36.4% to RMB 17.4 million due to reduced government subsidies, and net other gains were RMB 7.0 million, impacted by joint venture investment losses. - The Group's other income decreased by approximately **36.4%** from **RMB 27.4 million** for the six months ended June 30, 2024, to **RMB 17.4 million** for the six months ended June 30, 2025, primarily due to a decrease in government grants[40](index=40&type=chunk) - The Group recorded net other gains of **RMB 7.0 million** for the six months ended June 30, 2025, mainly due to losses from the dilution of investment in Nanjing Golden Manor Agricultural Products Co., Ltd., a joint venture[41](index=41&type=chunk) [Selling and Administrative Expenses](index=15&type=section&id=Selling%20and%20Administrative%20Expenses) Selling expenses decreased 13.3% to RMB 257.2 million due to reduced personnel, while administrative expenses rose 28.2% to RMB 216.2 million, driven by share-based payments and severance costs. - The Group's selling expenses decreased by approximately **13.3%** from **RMB 296.6 million** for the six months ended June 30, 2024, to **RMB 257.2 million** for the six months ended June 30, 2025, primarily due to a reduction in sales personnel[42](index=42&type=chunk) - The Group's administrative expenses increased by approximately **28.2%** from **RMB 168.7 million** for the six months ended June 30, 2024, to **RMB 216.2 million** for the six months ended June 30, 2025[43](index=43&type=chunk) - The increase in administrative expenses was mainly due to **RMB 17.7 million** in share-based payment expenses from the share award scheme and **RMB 24.0 million** in severance compensation from large-scale layoffs[43](index=43&type=chunk) [Impairment Losses on Financial Assets and R&D Expenses](index=15&type=section&id=Impairment%20Losses%20on%20Financial%20Assets%20and%20R%26D%20Expenses) Net impairment losses on financial assets increased to RMB 39.9 million due to franchise store closures, while R&D expenses decreased 29.9% to RMB 46.5 million from reduced personnel. - Net impairment losses on financial assets increased from **RMB 8.9 million** in the same period of 2024 to **RMB 39.9 million** in the same period of 2025, primarily due to extended aging caused by the closure of franchise stores[44](index=44&type=chunk) - The Group's R&D expenses decreased by approximately **29.9%** from **RMB 66.3 million** for the six months ended June 30, 2024, to **RMB 46.5 million** for the six months ended June 30, 2025, primarily due to a reduction in R&D personnel[45](index=45&type=chunk) [Finance Costs and Share of Profits/Losses of Associates](index=16&type=section&id=Finance%20Costs%20and%20Share%20of%20Profits%2FLosses%20of%20Associates) Finance income decreased 57.1% to RMB 12.0 million, finance costs decreased 6.4% to RMB 49.2 million, and share of profits from associates and joint ventures turned profitable at RMB 4.1 million. - Finance income decreased by approximately **57.1%** from **RMB 27.9 million** for the six months ended June 30, 2024, to **RMB 12.0 million** for the six months ended June 30, 2025, primarily due to a decrease in interest income from bank deposits[46](index=46&type=chunk) - Finance costs decreased by approximately **6.4%** from **RMB 52.5 million** for the six months ended June 30, 2024, to **RMB 49.2 million** for the six months ended June 30, 2025, primarily due to a decrease in bank borrowings[46](index=46&type=chunk) - The Group recorded a net share of profits from associates and joint ventures of **RMB 4.1 million** for the six months ended June 30, 2025, compared to a net loss of **RMB 4.0 million** in the same period of 2024[47](index=47&type=chunk) [Profit/Loss Before Tax and for the Period](index=16&type=section&id=Profit%2FLoss%20Before%20Tax%20and%20for%20the%20Period) Profit before tax turned to a RMB 353.0 million loss, driven by product optimization, lower gross margin, and reduced franchise stores, resulting in a RMB 353.3 million net loss for the period. - The Group recorded a loss before income tax of **RMB 353.0 million** for the six months ended June 30, 2025, compared to a profit of **RMB 99.3 million** in the same period of 2024[48](index=48&type=chunk) - Income tax expense decreased by approximately **98.1%** from **RMB 15.3 million** for the six months ended June 30, 2024, to **RMB 0.3 million** for the six months ended June 30, 2025[49](index=49&type=chunk) - For the six months ended June 30, 2025, the Group recorded a net loss of approximately **RMB 353.3 million**, compared to a net profit of approximately **RMB 84.0 million** in the same period of 2024, with a net loss margin of **8.1%**[50](index=50&type=chunk) [Non-HKFRS Measures](index=17&type=section&id=Non-HKFRS%20Measures) The company presents adjusted net loss of RMB 295.2 million and an adjusted net loss margin of 6.7% (non-HKFRS measures), reflecting the exclusion of non-recurring items. Reconciliation of (Loss)/Profit for the Period and Net (Loss)/Profit Margin to Adjusted Net (Loss)/Profit and Adjusted Net (Loss)/Profit Margin | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | (Loss)/Profit for the period (as reported under HKFRS) | (353,251) | 83,955 | | Add: Share-based payment expenses | 17,688 | 4,959 | | Add: Severance compensation expenses related to layoffs or headcount adjustments | 24,002 | 2,718 | | Add: Loss/(gain) from dilution of investment in associates and joint ventures | 16,407 | (3,658) | | Adjusted net (loss)/profit for the period (Non-HKFRS measure) | (295,154) | 87,974 | | Net (loss)/profit margin (as reported under HKFRS) | (8.1%) | 1.5% | | Adjusted net (loss)/profit margin (Non-HKFRS measure) | (6.7%) | 1.6% | [Liquidity and Capital Resources](index=18&type=section&id=Liquidity%20and%20Capital%20Resources) This section details the company's capital structure, cash position, use of global offering proceeds, debt, pledged assets, and cash flow analysis. [Capital Structure and Cash Position](index=18&type=section&id=Capital%20Structure%20and%20Cash%20Position) Net assets decreased to RMB 2,465.2 million, with cash and bank balances of RMB 2,316.5 million, including RMB 1,954.9 million in unrestricted cash, facing manageable interest rate and foreign exchange risks. - As of June 30, 2025, the Group's net assets were **RMB 2,465.2 million**, compared to **RMB 2,810.3 million** as of December 31, 2024[55](index=55&type=chunk) - As of June 30, 2025, the Group's cash and bank balances were **RMB 2,316.5 million**, which included unrestricted cash and cash equivalents of **RMB 1,954.9 million**[56](index=56&type=chunk) [Use of Proceeds from Global Offering](index=19&type=section&id=Use%20of%20Proceeds%20from%20Global%20Offering) Net proceeds from the global offering were HKD 474.0 million, with HKD 236.6 million utilized for IT system upgrades, bank loan repayment, and general working capital as of June 30, 2025. Use of Net Proceeds from Global Offering as of June 30, 2025 | Intended Use | Adjusted Allocation of Net Proceeds (HKD Million) | Percentage of Total Net Proceeds (%) | Net Proceeds Utilized as of December 31, 2024 (HKD Million) | Balance of Net Proceeds Utilized for the Six Months Ended June 30, 2025 (HKD Million) | Balance of Unutilized Net Proceeds as of June 30, 2025 (HKD Million) | Expected Timeline | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Improve and upgrade operational and supply chain systems | 23.3 | 4.9 | 11.4 | 11.9 | Zero | – | | Upgrade and improve core backbone information technology systems and infrastructure | 169.5 | 35.8 | 92.4 | 68.2 | 8.9 | Before December 31, 2026 | | Repay part of interest-bearing bank borrowings | 91.5 | 19.3 | 91.5 | Zero | Zero | – | | Use as working capital and for other general corporate purposes | 189.7 | 40.0 | 23.3 | 156.5 | 9.9 | Before December 31, 2025 | | **Total** | **474.0** | **100.0** | **218.6** | **236.6** | **18.8** | | [Debt and Pledged Assets](index=20&type=section&id=Debt%20and%20Pledged%20Assets) The company had RMB 267.4 million in non-current and RMB 2,282.9 million in current bank borrowings, with gearing rising to 103.5% due to reduced equity, and pledged assets as collateral. - As of June 30, 2025, the Group had total non-current bank borrowings of **RMB 267.4 million** and current bank borrowings of **RMB 2,282.9 million**[60](index=60&type=chunk) - The Group's gearing ratio increased from **89.3%** as of December 31, 2024, to **103.5%** as of June 30, 2025, primarily due to a decrease in total equity[60](index=60&type=chunk) - As of June 30, 2025, the Group pledged right-of-use assets of **RMB 45.5 million** and buildings classified as property, plant and equipment of **RMB 21.4 million** for its bank borrowings[61](index=61&type=chunk) [Cash Flow Analysis](index=20&type=section&id=Cash%20Flow%20Analysis) Net cash used in operating activities was RMB 123.2 million, a shift from prior year's inflow, mainly due to decreased trade payables and increased receivables, while net cash from investing was RMB 191.4 million. - For the six months ended June 30, 2025, net cash used in operating activities was **RMB 123.2 million**, compared to net cash generated from operating activities of **RMB 277.7 million** for the six months ended June 30, 2024[62](index=62&type=chunk) - For the six months ended June 30, 2025, net cash generated from investing activities was **RMB 191.4 million**, compared to net cash used in investing activities of **RMB 1,002.7 million** for the six months ended June 30, 2024[62](index=62&type=chunk) - For the six months ended June 30, 2025, net cash used in financing activities was **RMB 8.3 million**, compared to net cash generated from financing activities of **RMB 905.8 million** for the six months ended June 30, 2024[63](index=63&type=chunk) [Financial Assets, Capital, and Investment Management](index=21&type=section&id=Financial%20Assets%2C%20Capital%2C%20and%20Investment%20Management) This section covers the company's investment portfolio, capital expenditures, contingent liabilities, and significant investment activities. [Investment Portfolio](index=21&type=section&id=Investment%20Portfolio) The company invests in low-risk wealth management products, primarily structured deposits, holding RMB 487.7 million in structured deposits and other fair value financial assets. - As of June 30, 2025, the Group held structured deposits (classified as financial assets at fair value through profit or loss) of **RMB 487.7 million**[64](index=64&type=chunk) - As of June 30, 2025, the Group held other financial assets at fair value through profit or loss of **RMB 50.0 million**[64](index=64&type=chunk) - As of June 30, 2025, the Group held financial assets at fair value through other comprehensive income of **RMB 37.5 million**[64](index=64&type=chunk) [Capital Expenditure](index=21&type=section&id=Capital%20Expenditure) Capital expenditure for H1 2025 was RMB 27.1 million, primarily for payments related to the new office building construction in Shenzhen. - For the six months ended June 30, 2025, the Group's capital expenditure was **RMB 27.1 million**, primarily for payments related to the new office building under construction in Yantian District, Shenzhen, China[66](index=66&type=chunk) [Contingent Liabilities and Guarantees](index=22&type=section&id=Contingent%20Liabilities%20and%20Guarantees) As of June 30, 2025, the company had no contingent liabilities, guarantees, or significant litigation. - As of June 30, 2025, the Group had no contingent liabilities, guarantees, or any material litigation against the Group[67](index=67&type=chunk) [Material Investments, Acquisitions, and Disposals](index=22&type=section&id=Material%20Investments%2C%20Acquisitions%2C%20and%20Disposals) In H1 2025, the company subscribed to short-term, principal-protected structured deposits from CITIC Bank (RMB 500 million) and Bank of Beijing (RMB 350 million), with no other material investments or disposals. - In H1 2025, the company subscribed to CITIC Bank structured deposit products with a total principal amount of **RMB 500 million**[69](index=69&type=chunk) - In H1 2025, the company subscribed to Bank of Beijing structured deposit products with a total principal amount of **RMB 350 million**[70](index=70&type=chunk) - Save as disclosed, in H1 2025, the company had no material investments, acquisitions, or disposals of subsidiaries, associates, and joint ventures[71](index=71&type=chunk) [Operational Efficiency and Human Resources](index=23&type=section&id=Operational%20Efficiency%20and%20Human%20Resources) This section analyzes the company's turnover ratios, employee information, and relationships with major suppliers and customers. [Turnover Ratios](index=23&type=section&id=Turnover%20Ratios) Average inventory turnover days increased to 12.3, trade receivables to 35.8 due to lower revenue, and trade payables to 21.5 due to extended settlement policies. - Average inventory turnover days slightly increased from **10.9 days** for the six months ended June 30, 2024, to **12.3 days** for the six months ended June 30, 2025[73](index=73&type=chunk) - Average trade receivables turnover days slightly increased from **34.2 days** for the six months ended June 30, 2024, to **35.8 days** for the six months ended June 30, 2025, primarily due to a decrease of approximately **21.8%** in the company's total revenue[73](index=73&type=chunk) - Average trade payables turnover days increased from **14.1 days** for the six months ended June 30, 2024, to **21.5 days** for the six months ended June 30, 2025, primarily due to the company extending its settlement policy since Q4 2024[73](index=73&type=chunk) [Employees and Benefits](index=24&type=section&id=Employees%20and%20Benefits) As of June 30, 2025, the company had 2,156 employees, with RMB 338.2 million in employee benefit expenses (7.7% of total revenue), focusing on talent development and incentive schemes. - As of June 30, 2025, the Group had **2,156 employees**[74](index=74&type=chunk) - In H1 2025, the Group incurred total employee benefit expenses of **RMB 338.2 million**, accounting for approximately **7.7%** of the Group's total revenue for the same period[74](index=74&type=chunk) [Major Suppliers and Customers](index=24&type=section&id=Major%20Suppliers%20and%20Customers) Purchases from the largest supplier were 5.3% of total procurement, with top five at 20.4%, while the largest customer contributed 1.5% of revenue, with top five (all franchisees) at 6.6%. - For the six months ended June 30, 2025, purchases from the Group's largest supplier accounted for approximately **5.3%** of the Group's total procurement costs for the same period, with the top five suppliers collectively accounting for **20.4%**[75](index=75&type=chunk) - For the six months ended June 30, 2025, revenue contributed by the Group's largest customer accounted for approximately **1.5%** of the Group's total revenue for the same period, with the top five customers collectively accounting for **6.6%**, all of whom were the Group's franchisees[75](index=75&type=chunk) [Notes to Financial Statements](index=25&type=section&id=Notes%20to%20Financial%20Statements) This section provides detailed notes to the condensed consolidated interim financial statements, including income statement, comprehensive income statement, statement of financial position, general information, accounting policies, segment information, expense details, income tax, earnings per share, dividends, trade receivables, and trade payables. [Condensed Consolidated Interim Statement of Profit or Loss](index=25&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Profit%20or%20Loss) This chapter presents the unaudited consolidated income statement for H1 2025, detailing revenue, costs, profits/losses, finance items, tax, and earnings per share. Condensed Consolidated Interim Statement of Profit or Loss (For the six months ended June 30) | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Revenue | 4,375,873 | 5,594,124 | | Cost of Sales | (4,160,322) | (4,975,616) | | Gross Profit | 215,551 | 618,508 | | Other income | 17,423 | 27,415 | | Net other gains | 6,993 | 22,517 | | Selling expenses | (257,161) | (296,617) | | Administrative expenses | (216,248) | (168,696) | | Net impairment loss allowance on financial assets | (39,920) | (8,884) | | Research and development expenses | (46,494) | (66,323) | | Operating (Loss)/Profit | (319,856) | 127,920 | | Finance income | 11,973 | 27,888 | | Finance costs | (49,152) | (52,531) | | Net finance costs | (37,179) | (24,643) | | Share of profits/(losses) of associates and joint ventures | 4,069 | (4,014) | | (Loss)/Profit Before Income Tax | (352,966) | 99,263 | | Income tax expense | (285) | (15,308) | | (Loss)/Profit for the Period | (353,251) | 83,955 | | (Loss)/Profit Attributable to Owners of the Company | (342,053) | 88,506 | | Non-controlling interests | (11,198) | (4,551) | | Basic and Diluted (Loss)/Earnings Per Share (RMB cents per share) | (23.43) | 5.83 | [Condensed Consolidated Interim Statement of Comprehensive Income](index=26&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Comprehensive%20Income) This chapter presents the unaudited consolidated statement of comprehensive income for H1 2025, showing a RMB 353.3 million loss for the period, with other comprehensive income primarily from fair value changes of financial assets. Condensed Consolidated Interim Statement of Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | (Loss)/Profit for the Period | (353,251) | 83,955 | | Other comprehensive income (net of tax) | 555 | 3,760 | | Total comprehensive (loss)/income for the Period | (352,696) | 87,715 | | Total comprehensive (loss)/income attributable to owners of the Company | (341,498) | 92,266 | | Non-controlling interests | (11,198) | (4,551) | [Condensed Consolidated Interim Statement of Financial Position](index=27&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Financial%20Position) This chapter presents the unaudited consolidated statement of financial position as of June 30, 2025, detailing assets, liabilities, and equity, with total assets of RMB 7,284.2 million, total liabilities of RMB 4,819.0 million, and net assets of RMB 2,465.2 million. Condensed Consolidated Interim Statement of Financial Position (As of June 30, 2025) | Indicator | 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | **Assets** | | | | Non-current assets | 2,201,439 | 2,323,108 | | Current assets | 5,082,726 | 5,496,480 | | **Total Assets** | **7,284,165** | **7,819,588** | | **Liabilities** | | | | Non-current liabilities | 726,233 | 650,050 | | Current liabilities | 4,092,730 | 4,359,240 | | **Total Liabilities** | **4,818,963** | **5,009,290** | | **Net Assets** | **2,465,202** | **2,810,298** | | **Equity** | | | | Capital and reserves attributable to owners of the Company | 2,373,670 | 2,707,568 | | Non-controlling interests | 91,532 | 102,730 | | **Total Equity** | **2,465,202** | **2,810,298** | [General Information and Basis of Preparation](index=29&type=section&id=General%20Information%20and%20Basis%20of%20Preparation) The company, incorporated in China in 2001 and listed on HKEX in 2023, operates a franchise retail network and fruit trading, with interim financial information prepared under HKAS 34. - The Company's shares have been listed on the Main Board of The Stock Exchange of Hong Kong Limited since **January 16, 2023**[82](index=82&type=chunk) - The Company and its subsidiaries are principally engaged in operating a franchise retail network and fruit trading[82](index=82&type=chunk) - The condensed consolidated interim financial information for the six months ended June 30, 2025, has been prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting"[83](index=83&type=chunk) [Accounting Policies](index=29&type=section&id=Accounting%20Policies) Accounting policies align with the 2024 annual report, adopting new standards like HKAS 21 and HKFRS 1 amendments, while management assesses the impact of other un-effective standards. - The accounting policies applied are consistent with those applied in the preparation of the Group's financial statements for the year ended December 31, 2024, except for income tax estimates and the adoption of new and revised standards, amendments to standards, and interpretations[84](index=84&type=chunk) - New and revised standards adopted by the Group include amendments to HKAS 21 and HKFRS 1 "Lack of Exchangeability"[84](index=84&type=chunk) - Management is assessing the financial impact of adopting the revised standards that are not yet effective[86](index=86&type=chunk) [Revenue and Segment Information](index=30&type=section&id=Revenue%20and%20Segment%20Information) Operating segments (Franchise, Trading, Others) are assessed by key decision-makers, with segment results excluding fair value gains/losses, auditor's remuneration, legal fees, income tax, and finance income/costs. - The chief operating decision-maker assesses the Group's performance in the following reportable operating segments: operating franchise and self-operated retail networks ("Franchise"), sales of fruits and other food - fruit trading ("Trading"), and others[88](index=88&type=chunk)[89](index=89&type=chunk) - Segment results measurement excludes the impact of fair value gains and losses on structured deposits, auditor's remuneration, legal and professional fees, income tax expense, interest income from bank deposits, and interest expense on borrowings[88](index=88&type=chunk) Contract Revenue and Segment Results by Operating Segment for the Six Months Ended June 30, 2025 | Segment | Contract Revenue (RMB '000) | Less: Inter-segment Revenue (RMB '000) | Revenue from External Customers (RMB '000) | Segment Results (RMB '000) | | :--- | :--- | :--- | :--- | :--- | | Franchise | 3,807,687 | – | 3,807,687 | (275,551) | | Trading | 724,421 | (168,370) | 556,051 | 10,688 | | Others | 24,956 | (12,821) | 12,135 | (12,810) | | **Total** | **4,557,064** | **(181,191)** | **4,375,873** | **(277,673)** | [Expense Details](index=33&type=section&id=Expense%20Details) Reporting period expenses include RMB 3,991.1 million for cost of inventories sold, RMB 338.2 million for employee benefits, RMB 66.8 million for depreciation and amortization, and other operational costs. Expense Details for the Six Months Ended June 30 | Expense Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Cost of inventories sold | 3,991,077 | 4,780,592 | | Employee benefit expenses (including directors' emoluments) | 338,244 | 331,252 | | Depreciation of property, plant and equipment | 30,155 | 25,633 | | Depreciation of right-of-use assets | 29,418 | 33,992 | | Amortisation of intangible assets | 7,186 | 8,948 | | Auditor's remuneration | 2,300 | 2,300 | | Legal and professional fees | 54,231 | 54,735 | | Transportation expenses | 77,561 | 97,914 | | Marketing and promotion expenses | 37,050 | 51,988 | | Office supplies | 3,155 | 3,735 | | Labor costs | 50,181 | 42,711 | | Short-term lease related expenses | 15,038 | 15,738 | | Travel and entertainment expenses | 5,796 | 7,750 | | Entertainment expenses | 2,019 | 4,790 | | Utilities expenses | 7,089 | 7,046 | | Other tax expenses | 7,067 | 10,700 | | Others | 22,658 | 27,428 | | **Total** | **4,680,225** | **5,507,252** | [Income Tax Expense](index=33&type=section&id=Income%20Tax%20Expense) Income tax expense was RMB 0.3 million, comprising current income tax of RMB 4.4 million and deferred tax of (RMB 4.1 million), recognized based on expected annual profit. Income Tax Expense for the Six Months Ended June 30 | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Current income tax | 4,362 | 16,305 | | Deferred tax | (4,077) | (997) | | **Income Tax Expense** | **285** | **15,308** | [Earnings Per Share](index=34&type=section&id=Earnings%20Per%20Share) Basic and diluted loss per share was RMB 23.43 cents, calculated from loss attributable to owners and weighted average shares, with diluted matching basic due to unfulfilled share award conditions. Basic (Loss)/Earnings Per Share for the Six Months Ended June 30 | Indicator | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | (Loss)/Profit attributable to owners of the Company (RMB '000) | (342,053) | 88,506 | | Weighted average number of shares outstanding ('000 shares) | 1,459,919 | 1,519,412 | | Basic (Loss)/Earnings Per Share (expressed in RMB cents) | (23.43) | 5.83 | - Diluted loss per share for the six months ended June 30, 2025, was the same as basic loss per share because the conditions for share awards had not yet been met[99](index=99&type=chunk) [Dividends](index=34&type=section&id=Dividends) A final dividend of RMB 0.0065 per share for 2024 was approved and recognized, while the Board does not recommend an interim dividend for the period ended June 30, 2025. - A final dividend of **RMB 0.0065** per ordinary share (equivalent to a total of approximately **RMB 10,006,000**) for the year ended December 31, 2024, was approved by the Company's shareholders and recognized in the condensed consolidated interim statement of financial position as of June 30, 2025[100](index=100&type=chunk) - The Board does not recommend the payment of an interim dividend for the period ended June 30, 2025[101](index=101&type=chunk) [Trade Receivables](index=35&type=section&id=Trade%20Receivables) As of June 30, 2025, total trade receivables were RMB 856.4 million (net RMB 773.0 million after allowance), with regular review of repayment progress and aging within a 90-day credit period. Total and Net Trade Receivables as of June 30, 2025 | Indicator | 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Total trade receivables | 856,350 | 1,034,749 | | Less: Loss allowance | (83,320) | (69,468) | | **Net Trade Receivables** | **773,030** | **965,281** | Aging Analysis of Trade Receivables as of June 30, 2025 | Aging | 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | 1 to 90 days | 553,115 | 653,062 | | 91 to 180 days | 189,573 | 285,007 | | 181 to 365 days | 41,603 | 36,101 | | Over one year | 72,059 | 60,579 | | **Total** | **856,350** | **1,034,749** | [Trade Payables](index=35&type=section&id=Trade%20Payables) As of June 30, 2025, total trade payables were RMB 466.3 million, with carrying amounts approximating fair values and denominated in RMB. Aging Analysis of Trade Payables as of June 30, 2025 | Aging | 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | 1 to 30 days | 433,047 | 474,711 | | 31 to 60 days | 18,155 | 20,879 | | 61 to 90 days | 1,841 | 6,859 | | Over 90 days | 13,251 | 25,421 | | **Total** | **466,294** | **527,870** | [Other Information](index=36&type=section&id=Other%20Information) This section provides additional information on interim dividends, corporate governance, securities trading, share repurchases, public float, post-reporting period events, audit committee review, and publication details. [Interim Dividend](index=36&type=section&id=Interim%20Dividend) The Board has resolved not to declare an interim dividend for the six months ended June 30, 2025. - The Board has resolved not to declare an interim dividend for the six months ended June 30, 2025[104](index=104&type=chunk) [Corporate Governance Practices](index=36&type=section&id=Corporate%20Governance%20Practices) The company maintains high corporate governance standards, adopting and complying with all applicable code provisions of the HKEX Listing Rules' Corporate Governance Code during the reporting period. - The Company has adopted the Corporate Governance Code set out in Appendix C1 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and has complied with all applicable code provisions for the six months ended June 30, 2025[105](index=105&type=chunk) [Standard Code for Securities Transactions](index=36&type=section&id=Standard%20Code%20for%20Securities%20Transactions) The company adopted the "Standard Code for Securities Transactions by Directors of Listed Issuers" (Listing Rules Appendix C3), confirming compliance by all directors and supervisors, with no employee breaches found. - The Company has adopted the "Standard Code for Securities Transactions by Directors of Listed Issuers" as set out in Appendix C3 to the Listing Rules and confirmed that all Directors and Supervisors have complied with the required standards set out in the Standard Code for the six months ended June 30, 2025[106](index=106&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=36&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) For H1 2025, neither the company nor its subsidiaries purchased, sold, or redeemed any of its listed securities, and no treasury shares were held. - For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[107](index=107&type=chunk) [Public Float](index=36&type=section&id=Public%20Float) The company maintained a sufficient public float as required by Listing Rules for H1 2025 and up to the announcement date, with at least 25% of issued share capital held by the public. - For the six months ended June 30, 2025, and up to the date of this announcement, the Company has maintained a sufficient public float as required by the Listing Rules[108](index=108&type=chunk) [Events After the Reporting Period](index=36&type=section&id=Events%20After%20the%20Reporting%20Period) As of the date of this announcement, no significant events affecting the Group have occurred after June 30, 2025. - As of the date of this announcement, no significant events affecting the Group have occurred after June 30, 2025[109](index=109&type=chunk) [Audit Committee](index=37&type=section&id=Audit%20Committee) The Audit Committee, comprising two independent non-executive directors and one non-executive director, reviewed the Group's unaudited condensed consolidated interim financial information for H1 2025. - The Audit Committee, together with the Company's senior management, has reviewed the Group's unaudited condensed consolidated interim financial information for the six months ended June 30, 2025[110](index=110&type=chunk) [Scope of Work of PricewaterhouseCoopers](index=37&type=section&id=Scope%20of%20Work%20of%20PricewaterhouseCoopers) The unaudited condensed consolidated interim financial information was reviewed by PricewaterhouseCoopers in accordance with HKSAE 2410 issued by the HKICPA. - The condensed consolidated interim financial information is unaudited but has been reviewed by the Group's auditor, PricewaterhouseCoopers, in accordance with Hong Kong Standard on Review Engagements 2410 issued by the Hong Kong Institute of Certified Public Accountants[111](index=111&type=chunk) [Publication of 2025 Interim Results and 2025 Interim Report](index=37&type=section&id=Publication%20of%202025%20Interim%20Results%20and%202025%20Interim%20Report) This interim results announcement has been published on the company's website and the HKEX website, with the interim report to be dispatched and published as required. - This interim results announcement has been published on the Company's website (www.pagoda.com.cn) and the HKEX website (www.hkexnews.hk)[112](index=112&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。 OneConnect Financial Technology Co., Ltd. 壹賬通金融科技有限公司 （於開曼群島註冊成立的有限公司） （股份代號：6638） （紐交所股份代碼：OCFT） 截至2025年6月30日止六個月的 中期業績公告 壹賬通金融科技有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然公佈本公 司及其附屬公司以及其他綜合實體（統稱「本集團」）截至2025年6月30日止六個月 （「報告期」）的未經審核中期綜合業績，連同2024年同期的比較數字。 於本公告中，「我們」指本公司，倘文義另有所指，指本集團。 財務表現摘要 1 • 截至2025年6月30日止六個月的持續經營業務1收入從2024年同期的人民幣 1,415.8百萬元減少43.4%至人民幣801.2百萬元。 • 截至2025年6月30日止六個月的持續經營業務毛利率為26.1%，而2024年同 期則為37.1%。 • 截至 ...

ROBOSENSE TECHNOLOGY CO., LTD （於開曼群島註冊成立的有限公司） 速騰聚創科技有限公司 （股份代號：2498） 截至2025年6月30日止六個月的中期業績公告 董事會欣然公佈本集團截至2025年6月30日止六個月的未經審核合併中期業績，連同2024年相 應期間的比較數字。本集團截至2025年6月30日止六個月的中期簡明合併財務報表（「中期財務 資料」）已由本公司根據國際會計準則第34號「中期財務報告」編製。中期財務資料未經審核，惟 已由本公司獨立核數師羅兵咸永道會計師事務所根據國際審計與鑒證準則理事會頒佈的國際 審閱委聘準則第2410號「由實體的獨立核數師執行中期財務資料審閱」進行審閱。中期財務資 料亦已由本公司審核委員會審閱。該等中期業績乃摘錄自中期財務資料。 運營亮點及近期發展 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發 表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承 擔任何責任。 1 • 截至2025年6月30日止第二季度，本集團的激光雷達產品、用於ADAS應用的激光雷達產 ...

[Unaudited Interim Results for the Six Months Ended June 30, 2025](index=1&type=section&id=Unaudited%20Interim%20Results) This section presents the unaudited interim financial results, detailed notes, management's analysis, and corporate governance information for the six months ended June 30, 2025 [Condensed Consolidated Financial Statements](index=1&type=section&id=Condensed%20Consolidated%20Financial%20Statements) The Group's financial performance for the six months ended June 30, 2025, significantly deteriorated, reporting a loss of HK$63,263 thousand, primarily due to a substantial increase in fair value losses on investment properties [Condensed Consolidated Statement of Profit or Loss](index=1&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) This statement details the Group's revenues, expenses, and net loss for the period, highlighting the impact of fair value changes on investment properties Condensed Consolidated Statement of Profit or Loss Key Data (For the Six Months Ended June 30) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 23,370 | 24,213 | (843) | -3.48% | | Other income | 2,612 | 6,503 | (3,891) | -59.83% | | Other gains (losses) | 686 | (4) | 690 | - | | Finance costs | (13,368) | (17,668) | 4,300 | -24.34% | | Loss from fair value changes of investment properties | (60,047) | (12,790) | (47,257) | 369.48% | | Loss before tax | (64,605) | (15,748) | (48,857) | 310.26% | | Loss for the period | (63,263) | (17,037) | (46,226) | 271.32% | | Basic loss per share (HK cents) | (5.10) | (1.37) | (3.73) | 272.26% | - The loss for the period significantly increased by **271.32%**, primarily due to a surge in fair value losses on investment properties from **HK$12,790 thousand** in 2024 to **HK$60,047 thousand** in 2025[3](index=3&type=chunk) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This statement presents the Group's total comprehensive expenses, primarily driven by the expanded loss for the period Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Key Data (For the Six Months Ended June 30) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Loss for the period | (63,263) | (17,037) | (46,226) | 271.32% | | Fair value changes of equity instruments at fair value through other comprehensive income | (2,730) | (2,760) | 30 | -1.09% | | Total comprehensive expense for the period | (65,993) | (19,797) | (46,196) | 233.35% | - Total comprehensive expense for the period significantly increased by **233.35%**, mainly impacted by the expanded loss for the period[5](index=5&type=chunk) [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This statement provides a snapshot of the Group's assets, liabilities, and equity, indicating a decline in total assets and equity, alongside increased liquidity pressure Condensed Consolidated Statement of Financial Position Key Data (As at June 30) | Indicator | 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Total non-current assets | 2,257,466 | 2,296,689 | (39,223) | -1.71% | | Investment properties | 2,229,660 | 2,266,120 | (36,460) | -1.61% | | Total current assets | 115,350 | 134,403 | (19,053) | -14.18% | | Cash and cash equivalents | 49,047 | 68,355 | (19,308) | -28.25% | | Total current liabilities | 207,757 | 133,148 | 74,609 | 56.04% | | Bank borrowings (current) | 180,000 | 100,000 | 80,000 | 80.00% | | Net current (liabilities) assets | (92,407) | 1,255 | (93,662) | -7463.11% | | Total equity | 1,676,076 | 1,742,069 | (65,993) | -3.79% | | Total non-current liabilities | 488,983 | 555,875 | (66,892) | -12.03% | | Other borrowings (non-current) | 350,000 | 415,000 | (65,000) | -15.66% | - Net current assets turned into net current liabilities of **HK$92,407 thousand** as of June 30, 2025, from net current assets of **HK$1,255 thousand** as of December 31, 2024, primarily due to an **80%** increase in current bank borrowings to **HK$180,000 thousand**[6](index=6&type=chunk) - Both total assets and total equity decreased, reflecting a reduction in the company's value[6](index=6&type=chunk)[7](index=7&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=5&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section details the basis of preparation, accounting policies, revenue breakdown, other income, taxation, loss per share, dividend policy, and specifics of receivables and payables, addressing liquidity challenges and management's going concern assessment [Auditor's Review](index=5&type=section&id=Auditor's%20Review) The interim financial report for the six months ended June 30, 2025, was reviewed by Deloitte Touche Tohmatsu, resulting in an unmodified conclusion - The Group's interim financial report for the six months ended June 30, 2025, has been reviewed by Deloitte Touche Tohmatsu in accordance with Hong Kong Standard on Review Engagements 2410, with an unmodified review conclusion issued[8](index=8&type=chunk) [Basis of Preparation](index=5&type=section&id=Basis%20of%20Preparation) This section outlines the accounting standards and principles used for preparing the condensed consolidated financial statements, including the assessment of going concern amidst liquidity challenges - The condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" and the applicable disclosure requirements of Appendix D2 to the Listing Rules[9](index=9&type=chunk) - For the six months ended June 30, 2025, the Group incurred an operating loss of **HK$63,263,000** and negative operating cash flow of **HK$936,000**, with current liabilities exceeding current assets by **HK$92,407,000**, mainly due to **HK$180,000,000** in bank borrowings repayable within twelve months[10](index=10&type=chunk) - Management expects rental income from the completed renovation of "The Link" (formerly "Concord Plaza") and has **HK$250,000,000** in unused financing facilities from its intermediate holding company, leading the Board to believe the Group has sufficient resources to continue as a going concern[11](index=11&type=chunk) [Significant Accounting Policies](index=5&type=section&id=Significant%20Accounting%20Policies) The condensed consolidated financial statements are primarily prepared on a historical cost basis, with certain properties and financial instruments measured at fair value - The condensed consolidated financial statements are primarily prepared on a historical cost basis, except for certain properties and financial instruments measured at fair value[12](index=12&type=chunk) - Revisions to Hong Kong Financial Reporting Standards issued by the Hong Kong Institute of Certified Public Accountants were first adopted in this interim period but had no significant impact on the financial position or performance[13](index=13&type=chunk) [Revenue and Segment Information](index=6&type=section&id=Revenue%20and%20Segment%20Information) The Group's revenue primarily derives from property leasing and management in Hong Kong, with no separate segment analysis presented Revenue Composition (For the Six Months Ended June 30) | Revenue Source | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Fixed rental income from investment properties | 19,932 | 20,504 | (572) | -2.79% | | Property management fees | 2,613 | 2,509 | 104 | 4.14% | | Dividend income from equity instruments at fair value through other comprehensive income | 825 | 1,200 | (375) | -31.25% | | **Total Revenue** | **23,370** | **24,213** | **(843)** | **-3.48%** | - The Group's revenue primarily comes from property leasing and property management, which executive directors consider as a single operating segment, thus no segment analysis is performed[15](index=15&type=chunk) - Revenue is derived solely from Hong Kong, and non-current assets are mainly located in Hong Kong[15](index=15&type=chunk) [Other Income](index=7&type=section&id=Other%20Income) Other income significantly decreased due to the absence of loan interest income and reductions in bank interest and management service fees Other Income Composition (For the Six Months Ended June 30) | Income Source | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Bank interest income | 1,267 | 2,398 | (1,131) | -47.16% | | Loan interest income | – | 2,236 | (2,236) | -100.00% | | Interest income from other receivables | 137 | 149 | (12) | -8.05% | | Management service fee income from intermediate holding company | 380 | 610 | (230) | -37.70% | | Management service fee income from fellow subsidiaries | 221 | 210 | 11 | 5.24% | | Others | 607 | 900 | (293) | -32.56% | | **Total Other Income** | **2,612** | **6,503** | **(3,891)** | **-59.83%** | - Total other income significantly decreased by **59.83%**, mainly due to the absence of loan interest income and reductions in bank interest income and management service fee income from the intermediate holding company[16](index=16&type=chunk) [Other Gains (Losses)](index=7&type=section&id=Other%20Gains%20(Losses)) The Group recorded a net exchange gain for the period, a reversal from the prior year's loss Net Exchange Gains (Losses) (For the Six Months Ended June 30) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (HK$ thousand) | | :--- | :--- | :--- | :--- | | Net exchange gains (losses) | 686 | (4) | 690 | - A net exchange gain of **HK$686 thousand** was recorded for the current period, compared to a loss of **HK$4 thousand** in the prior period[17](index=17&type=chunk) [Income Tax (Credit) Expense](index=8&type=section&id=Income%20Tax%20(Credit)%20Expense) The Group's income tax shifted from an expense to a credit, primarily due to an increase in deferred tax credit Income Tax (Credit) Expense (For the Six Months Ended June 30) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (HK$ thousand) | | :--- | :--- | :--- | :--- | | Hong Kong income tax | 550 | 2,040 | (1,490) | | Over-provision in prior years - Hong Kong income tax | – | (18) | 18 | | Deferred tax | (1,892) | (733) | (1,159) | | **Income tax (credit) expense for the period** | **(1,342)** | **1,289** | **(2,631)** | - Income tax for the period shifted from an expense of **HK$1,289 thousand** last year to a credit of **HK$1,342 thousand**, mainly due to an increase in deferred tax credit[18](index=18&type=chunk) [Loss for the Period](index=8&type=section&id=Loss%20for%20the%20Period) This section details the components contributing to the loss for the period, including increased direct operating expenses for investment properties Loss for the Period Items Deducted (For the Six Months Ended June 30) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Depreciation of property, plant and equipment | 33 | 48 | | Direct operating expenses for investment properties that generated rental income | 8,284 | 4,540 | | Direct operating expenses for investment properties that did not generate rental income | 2,837 | 2,201 | - Direct operating expenses for investment properties that generated rental income significantly increased year-on-year, from **HK$4,540 thousand** to **HK$8,284 thousand**[18](index=18&type=chunk) [Loss Per Share](index=9&type=section&id=Loss%20Per%20Share) Basic loss per share significantly increased, reflecting a deterioration in the Group's profitability Loss Per Share Calculation (For the Six Months Ended June 30) | Indicator | 2025 (HK$ thousand/share) | 2024 (HK$ thousand/share) | | :--- | :--- | :--- | | Loss for the period attributable to owners of the Company | (63,263) | (17,037) | | Number of ordinary shares (thousand shares) | 1,240,669 | 1,240,669 | | **Basic Loss Per Share (HK cents)** | **(5.10)** | **(1.37)** | - Basic loss per share increased from **1.37 HK cents** in 2024 to **5.10 HK cents** in 2025, reflecting a deterioration in profitability[20](index=20&type=chunk) - Diluted loss per share is not presented as there are no potential ordinary shares outstanding[21](index=21&type=chunk) [Dividends](index=9&type=section&id=Dividends) The Board resolved not to declare any interim dividend for the period ended June 30, 2025 - The Board resolved not to declare any interim dividend for the six months ended June 30, 2025 (2024: nil)[22](index=22&type=chunk) [Trade and Other Receivables, Prepayments and Deposits](index=9&type=section&id=Trade%20and%20Other%20Receivables,%20Prepayments%20and%20Deposits) Total trade and other receivables, prepayments, and deposits increased, primarily driven by a rise in trade receivables Trade and Other Receivables, Prepayments and Deposits (As at June 30) | Item | 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Trade receivables | 4,946 | 3,777 | 1,169 | 30.95% | | Other receivables | 9,130 | 6,557 | 2,573 | 39.24% | | Prepayments and deposits | 2,254 | 2,360 | (106) | -4.49% | | **Total** | **16,330** | **12,694** | **3,636** | **28.64%** | - Total trade and other receivables increased by **28.64%**, with trade receivables (rental receivables) increasing by **30.95%**, and receivables aged 61-90 days rising from zero to **HK$1,066 thousand**[23](index=23&type=chunk)[25](index=25&type=chunk) [Payables and Accrued Expenses](index=10&type=section&id=Payables%20and%20Accrued%20Expenses) Total payables and accrued expenses decreased, mainly due to a significant reduction in other payables Payables and Accrued Expenses (As at June 30) | Item | 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Trade payables | 702 | 371 | 331 | 89.22% | | Other payables | 6,459 | 13,922 | (7,463) | -53.61% | | Tenant deposits | 15,670 | 14,396 | 1,274 | 8.85% | | Accrued operating expenses | 3,474 | 3,463 | 11 | 0.32% | | **Total** | **26,305** | **32,152** | **(5,847)** | **-18.19%** | - Total payables and accrued expenses decreased by **18.19%**, primarily due to a significant **53.61%** reduction in other payables[26](index=26&type=chunk) - Trade payables increased by **89.22%** year-on-year[26](index=26&type=chunk) [Management Discussion and Analysis](index=11&type=section&id=Management%20Discussion%20and%20Analysis) Management reviews the financial results and business operations, attributing the expanded loss to fair value changes in investment properties, while expressing optimism for future liquidity through new mall operations and funding support [Financial Results](index=11&type=section&id=Financial%20Results) The Group's revenue slightly decreased, and the loss for the period significantly increased, primarily due to fair value losses on investment properties - For the six months ended June 30, 2025, the Group's revenue was **HK$23,370,000**, a decrease of approximately **3%** year-on-year[27](index=27&type=chunk) - The loss for the period was **HK$63,263,000**, a significant increase from **HK$17,037,000** in the prior period, mainly due to a net decrease in fair value of investment properties from **HK$12,790,000** to **HK$60,047,000**[27](index=27&type=chunk) [Business Review](index=11&type=section&id=Business%20Review) The Group primarily operates in property investment, leasing, and management in Hong Kong, with a new shopping mall expected to commence operations in the second half of 2025 - The Group primarily engages in property investment, property leasing, and property management businesses in Hong Kong[28](index=28&type=chunk) - Commercial properties at Grand Crystal Centre maintained an average occupancy rate of approximately **90%**, showing satisfactory rental income performance[28](index=28&type=chunk) - Renovation of the shopping mall "The Link" (formerly "Concord Plaza") has been completed, with active tenant recruitment underway, and operations are expected to commence in the second half of 2025[28](index=28&type=chunk) [Financial Review](index=12&type=section&id=Financial%20Review) This section provides an overview of the Group's assets, liabilities, liquidity, and funding, highlighting changes in financial position and debt ratios [Group's Assets and Pledges](index=12&type=section&id=Group's%20Assets%20and%20Pledges) Total assets and net assets decreased, while bank borrowings significantly increased Assets and Pledges Key Data | Indicator | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Total assets | 2,372,816 | 2,431,092 | (58,276) | -2.40% | | Net assets | 1,676,076 | 1,742,069 | (65,993) | -3.79% | | Carrying value of pledged investment properties | 1,269,000 | 1,294,000 | (25,000) | -1.93% | | Bank borrowings | 180,000 | 100,000 | 80,000 | 80.00% | - Total assets and net assets both decreased, while bank borrowings significantly increased by **80%**[29](index=29&type=chunk) [Group's Financial Position, Liquidity and Funding](index=12&type=section&id=Group's%20Financial%20Position,%20Liquidity%20and%20Funding) Total liabilities slightly increased, cash and bank deposits decreased, and the gearing ratio rose, with available funding from the intermediate holding company Financial Position, Liquidity and Funding Key Data | Indicator | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Total liabilities | 696,740 | 689,023 | 7,717 | 1.12% | | Cash and bank deposits | 49,047 | 68,355 | (19,308) | -28.25% | | Total Liabilities to Total Assets Ratio | 29% | 28% | 1% | - | | Other borrowings (non-current) | 350,000 | 415,000 | (65,000) | -15.66% | | Bank loans (current) | 180,000 | 100,000 | 80,000 | 80.00% | | Total equity | 1,676,076 | 1,742,069 | (65,993) | -3.79% | | Gearing Ratio (Net Debt to Total Equity) | 29% | 26% | 3% | - | - Total liabilities slightly increased, cash and bank deposits decreased, and the gearing ratio rose from **26%** to **29%**[30](index=30&type=chunk) - The Group holds **HK$250,000,000** in unused financing facilities from its intermediate holding company to maintain flexible and sufficient cash flow[31](index=31&type=chunk) [Significant Lending Transactions](index=13&type=section&id=Significant%20Lending%20Transactions) The Group utilizes financial resources through loan note subscriptions and lending to enhance shareholder returns, ensuring sufficient working capital - The Group effectively utilizes financial resources through subscribing to loan notes and granting loans to enhance shareholder returns[32](index=32&type=chunk) - During the period, the Group did not grant any loans to borrowers[32](index=32&type=chunk) - The Group ensures sufficient working capital after resource allocation[33](index=33&type=chunk) [Significant Acquisitions and Disposals](index=13&type=section&id=Significant%20Acquisitions%20and%20Disposals) There were no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the reporting period - For the six months ended June 30, 2025, and up to the date of this announcement, the Group had no significant acquisitions or disposals of subsidiaries, associates, or joint ventures[34](index=34&type=chunk) [Significant Investments](index=13&type=section&id=Significant%20Investments) As of June 30, 2025, the Group held no significant investments exceeding 5% of total assets - As of June 30, 2025, the Group had no significant investments exceeding **5%** of total assets[35](index=35&type=chunk) [Contingent Liabilities](index=14&type=section&id=Contingent%20Liabilities) The Group had no significant contingent liabilities as of June 30, 2025 - The Group had no significant contingent liabilities as of June 30, 2025[36](index=36&type=chunk) [Events After Reporting Period](index=14&type=section&id=Events%20After%20Reporting%20Period) No significant events affecting the Group occurred after the reporting period and up to the date of this announcement - No significant events affecting the Group occurred after the end of the reporting period and up to the date of this announcement[37](index=37&type=chunk) [Employees](index=14&type=section&id=Employees) The Group's employee count slightly increased, with all staff employed in Hong Kong and compensated based on market rates and performance Number of Employees | Date | Number of Employees | | :--- | :--- | | June 30, 2025 | 31 | | December 31, 2024 | 30 | - The Group's employee count slightly increased, with all employees hired in Hong Kong, and remuneration packages are competitive with market rates and performance-based[38](index=38&type=chunk) - Employees in Hong Kong are provided with medical insurance and Mandatory Provident Fund contributions[39](index=39&type=chunk) [Business Outlook](index=14&type=section&id=Business%20Outlook) The Hong Kong retail property leasing market remains challenging, with the Group adopting a cautious yet opportunistic strategy focused on operational efficiency and financial discipline - The Hong Kong retail property leasing market remains challenging in 2025, with rental prices and occupancy rates under continuous pressure, despite recent year-on-year growth in sales value[40](index=40&type=chunk) - The "The Link" shopping mall is expected to open in the second half of 2025, having attracted diverse tenants, but leasing success still depends on securing key tenant commitments in a competitive environment[40](index=40&type=chunk) - Macroeconomic growth has not yet translated into substantial improvements in retail property fundamentals, and the benefits of monetary policy adjustments to the retail leasing market may be slow to materialize[40](index=40&type=chunk) - The Group will maintain a cautious yet opportunistic strategy, focusing on operational efficiency and selective capital allocation, with financial discipline as a priority[41](index=41&type=chunk) [Corporate Governance and Other Information](index=15&type=section&id=Corporate%20Governance%20and%20Other%20Information) The Board decided against an interim dividend and disclosed certain deviations from the Corporate Governance Code regarding the terms of reference for the Remuneration and Audit Committees [Interim Dividend](index=15&type=section&id=Interim%20Dividend) The Board deemed it prudent to retain funds for future business development opportunities, thus not recommending an interim dividend - The Board considers it prudent to retain an appropriate level of funds to seize future business development opportunities, thus not recommending an interim dividend for the six months ended June 30, 2025 (2024: nil)[42](index=42&type=chunk) [Compliance with Corporate Governance Code](index=15&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The Company generally complied with the Corporate Governance Code, with noted deviations concerning the scope of the Remuneration and Audit Committees' terms of reference - The Company has applied and complied with the Corporate Governance Code set out in Appendix C1 to the Listing Rules, with certain deviations[43](index=43&type=chunk) - The terms of reference for the Remuneration Committee only recommend to the Board the remuneration packages of executive directors (excluding senior management), which deviates from Code Provision E.1.2[43](index=43&type=chunk) - The terms of reference for the Audit Committee deviate from Code Provision D.3.3 in areas such as recommending rather than appointing external auditors, monitoring rather than ensuring risk management and internal controls, promoting rather than ensuring coordination between internal and external auditors, and reviewing rather than ensuring the adequacy of internal audit function resources[44](index=44&type=chunk) - The Board believes the Remuneration Committee and Audit Committee should continue to operate under their existing terms of reference, which will be reviewed at least annually[45](index=45&type=chunk) [Review by Audit Committee](index=16&type=section&id=Review%20by%20Audit%20Committee) The Audit Committee reviewed the Group's accounting principles and financial reporting, relying on the external auditor's review rather than a detailed independent audit - The Audit Committee has reviewed the accounting principles and practices adopted by the Group and discussed matters related to internal controls and financial reporting[46](index=46&type=chunk) - The Audit Committee relied on the external auditor's review conducted in accordance with Hong Kong Standard on Review Engagements 2410 and management's report, without conducting a detailed independent audit[46](index=46&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=16&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20Listed%20Securities) Neither the Company nor its subsidiaries repurchased, sold, or redeemed any of the Company's listed securities during the reporting period - Neither the Company nor any of its subsidiaries repurchased, sold, or redeemed any of the Company's listed securities during the six months ended June 30, 2025[47](index=47&type=chunk) [Board Information](index=16&type=section&id=Board%20Information) As of the announcement date, the Board comprises executive directors Mr. Li Sing Wai (Chairman), Mr. Li Shu Yin (CEO), Mr. Lo King Yau, and Mr. To Chan Sang, along with independent non-executive directors Mr. Li Chak Hung, Ms. Yeung Lai Sum, and Mr. Cheng Tsz Kin - As of the announcement date, the Board comprises executive directors Mr. Li Sing Wai (Chairman), Mr. Li Shu Yin (Chief Executive Officer), Mr. Lo King Yau, and Mr. To Chan Sang, as well as independent non-executive directors Mr. Li Chak Hung, Ms. Yeung Lai Sum, and Mr. Cheng Tsz Kin[49](index=49&type=chunk)