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。 STANDARD CHARTERED PLC 渣打集團有限公司 （於英格蘭及威爾士註冊之有限責任的公眾有限公司） （編號：966425) （股份代號：02888) 截至二〇二五年六月三十日止上半年及第二季度之業績—第一部分 渣打集團有限公司—二〇二五年上半年業績—第一部分 目錄 | 表現摘要 | 02 | | --- | --- | | 業績報表 | 04 | | 集團行政總裁回顧 | 05 | | 集團財務總監回顧 | 07 | | 財務回顧 | 10 | | 補充財務資料 | 17 | | 基本及列賬基準業績對賬 | 25 | | 其他表現指標 | 27 | | 集團風險總監回顧 | 29 | | 股東資料 | 36 | | 重要通知 | 38 | 除另有指明其他貨幣外，本文件中提述的「元」字或「$」符號概指美元，而「仙」字或「c」符號概指一百分之一美元。 表現摘要至資本回顧及其他補充資料至詞彙中的資 ...

目錄 | | | 頁 碼 | | --- | --- | --- | | 1 | 公 司 資 料 | 2 | | 2 | 財 務 摘 要 | 3 | | 3 | 主 席 報 告 書 | 4 | | 4 | 管 理 層 討 論 及 分 析 | 5 | | 5 | 董 事 會 報 告 | 1 1 | | 6 | 董 事 及 高 級 管 理 人 員 資 料 | 2 3 | | 7 | 企 業 管 治 報 告 | 2 6 | | 8 | 獨 立 核 數 師 報 告 | 4 5 | | 9 | 綜 合 損 益 及 其 他 全 面 收 益 表 | 4 8 | | 10 | 綜 合 財 務 狀 況 表 | 4 9 | | 11 | 綜 合 權 益 變 動 表 | 5 0 | | 12 | 綜 合 現 金 流 量 表 | 5 1 | | 13 | 綜 合 財 務 報 表 附 註 | 5 3 | | 14 | 五 年 財 務 摘 要 | 9 9 | 公司資料 董事會 執行董事 張慧君先生 （主席） 蔡冬艷女士 （行政總裁） 周里洋先生 獨立非執行董事 胡志剛先生 張加友先生 馬有恒先生 公司秘書 王金徹先生 審核委員會 馬有恒 ...

Performance Overview [Operating Performance and Profitability](index=8&type=section&id=Performance%20Overview-Operating%20Performance%20and%20Profitability) The company's total revenue decreased to RMB 4.35 billion, with gross profit falling to RMB 940 million and profit attributable to ordinary equity holders significantly declining to RMB 35.49 million, resulting in a basic EPS of RMB 0.011 Key Operating Results for the Six Months Ended June 30, 2025 | Metric | First Half 2025 (Thousands of RMB) | First Half 2024 (Thousands of RMB) | Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | 4,350,062 | 4,872,421 | -10.7% | | **Gross Profit** | 940,667 | 1,559,325 | -39.7% | | **Gross Margin** | 21.6% | 32.0% | -10.4pp | | **Profit Before Tax** | 50,276 | 406,890 | -87.6% | | **Profit Attributable to Ordinary Equity Holders of the Company** | 35,490 | 268,228 | -86.8% | | **Basic Earnings Per Share (RMB)** | 0.011 | 0.084 | -86.9% | Gross Profit and Gross Margin by Business Segment | Business Segment | Gross Profit First Half 2025 (Thousands of RMB) | Gross Margin First Half 2025 | Gross Margin First Half 2024 | | :--- | :--- | :--- | :--- | | Operating Lease Services | 621,196 | 27.4% | 37.1% | | Engineering Technical Services | 171,407 | 15.1% | 27.0% | | Asset Management and Other Services | 148,064 | 15.7% | 32.1% | - Profitability metrics significantly declined, with **Return on Average Equity (ROAE)** decreasing from **4.9%** in the prior year period to **0.6%**[11](index=11&type=chunk) [Balance Sheet Position](index=9&type=section&id=Performance%20Overview-Balance%20Sheet%20Position) As of June 30, 2025, the Group's total assets remained stable at RMB 36.58 billion, while total liabilities slightly increased to RMB 25.25 billion, and total equity decreased to RMB 11.33 billion Summary of Balance Sheet as of June 30, 2025 | Metric | June 30, 2025 (Thousands of RMB) | December 31, 2024 (Thousands of RMB) | Change | | :--- | :--- | :--- | :--- | | **Total Assets** | 36,581,356 | 36,434,181 | +0.4% | | **Total Liabilities** | 25,253,610 | 24,975,831 | +1.1% | | **Total Equity** | 11,327,746 | 11,458,350 | -1.1% | | **Gearing Ratio** | 69.0% | 68.6% | +0.4pp | | **Net Asset Value Per Share (RMB)** | 3.62 | 3.66 | -1.1% | Management Discussion and Analysis [Industry Environment and Company Response](index=12&type=section&id=1%E3%80%81Industry%20Environment%20and%20Company%20Response) The company adopted a dual-track strategy of domestic lean operations and aggressive overseas expansion, optimizing asset structure and reducing costs domestically while accelerating global presence through acquisitions and tiered resource allocation abroad - Domestic Market: In the first half of 2025, China's GDP grew **5.3% YoY**, but the construction sector was generally sluggish, with real estate development construction area decreasing **9.1% YoY**; however, infrastructure investment and manufacturing investment grew **4.6%** and **7.5%** respectively, supporting engineering machinery leasing[15](index=15&type=chunk) - Overseas Markets: Emerging markets like Southeast Asia, the Middle East, and Africa show strong infrastructure demand, with the construction sector and GDP in several countries where the company operates (e.g., Malaysia, Indonesia, Vietnam, Saudi Arabia) exhibiting good growth trends[17](index=17&type=chunk)[18](index=18&type=chunk)[19](index=19&type=chunk) - Company Response Strategy: Domestically, shifting from investment-driven to lean operations, optimizing asset structure, and expanding into diversified scenarios like mining and marine engineering; overseas, firmly executing the '3+3+3' strategy, consolidating Southeast Asia, deeply exploring Middle East potential, and completing the acquisition of a leading Malaysian leasing company[24](index=24&type=chunk)[25](index=25&type=chunk) - As of the first half of 2025, the Group's global service network reached **567** locations, with **63** overseas, covering **7** countries[25](index=25&type=chunk) [Income Statement Analysis](index=17&type=section&id=2%E3%80%81Income%20Statement%20Analysis) In the first half of 2025, total revenue decreased 10.7% to RMB 4.35 billion, gross margin fell to 21.6%, and profit for the period plummeted 86.8% to RMB 35.49 million, with overseas business profitability being a key highlight [Income Statement Overview](index=17&type=section&id=2.1%20Income%20Statement%20Analysis%20%28Overview%29) In the first half of 2025, revenue decreased 10.7%, profit before tax sharply declined 87.6% to RMB 50.28 million, while selling and administrative expenses and finance costs increased, though adjusted EBITDA saw only a slight 1.7% decrease Summary of Income Statement for the First Half of 2025 | Item | For the Six Months Ended June 30 (2025) (Thousands of RMB) | For the Six Months Ended June 30 (2024) (Thousands of RMB) | Change % | | :--- | :--- | :--- | :--- | | Revenue | 4,350,062 | 4,872,421 | -10.7% | | Gross Profit | 940,667 | 1,559,325 | -39.7% | | Profit Before Tax | 50,276 | 406,890 | -87.6% | | Profit for the Period | 35,490 | 268,228 | -86.8% | EBITDA (Non-HKFRS Measure) | Item | For the Six Months Ended June 30 (2025) (Thousands of RMB) | For the Six Months Ended June 30 (2024) (Thousands of RMB) | Change % | | :--- | :--- | :--- | :--- | | EBITDA | 1,968,638 | 2,003,614 | -1.7% | | Depreciation and Amortization | 1,521,215 | 1,224,653 | 24.2% | [Revenue Analysis](index=18&type=section&id=2.2%20Revenue) Total revenue decreased 10.7% to RMB 4.35 billion, driven by domestic rental declines and engineering services contraction, while operating lease services revenue grew 19.5% and overseas revenue surged 719.8% to RMB 597 million, becoming a key growth driver Revenue by Business Segment | Business Segment | First Half 2025 Revenue (Thousands of RMB) | Revenue Share | YoY Change % | | :--- | :--- | :--- | :--- | | Operating Lease Services | 2,265,244 | 52.1% | +19.5% | | Engineering Technical Services | 1,138,882 | 26.2% | -41.5% | | Asset Management and Other Services | 945,936 | 21.7% | -8.2% | | **Total** | **4,350,062** | **100.0%** | **-10.7%** | Revenue by Geographical Segment | Geographical Segment | First Half 2025 Revenue (Thousands of RMB) | Revenue Share | YoY Change % | | :--- | :--- | :--- | :--- | | Domestic Regions (including Hong Kong and Macau) | 3,752,682 | 86.3% | -21.8% | | Overseas Regions | 597,380 | 13.7% | +719.8% | | **Total** | **4,350,062** | **100.0%** | **-10.7%** | Key Product Line Operating Data | Product Line | Metric | First Half 2025 | First Half 2024 | | :--- | :--- | :--- | :--- | | Aerial Work Platforms | Equipment Under Management (Thousands of Units) | 202.6 | 204.8 | | | Utilization Rate | 64.0% | 65.6% | | New Support Systems | Equipment Under Management (Thousands of Tons) | 1,371.1 | 1,613.2 | | | Utilization Rate | 70.4% | 66.9% | | New Formwork and Scaffolding Systems | Equipment Under Management (Thousands of Tons) | 638.3 | 748.4 | | | Utilization Rate | 66.3% | 75.6% | [Gross Profit and Gross Margin Analysis](index=23&type=section&id=2.3%20Gross%20Profit%20and%20Gross%20Margin) Gross profit decreased 39.7% to RMB 941 million, with overall gross margin falling 10.4 percentage points to 21.6% due to market price fluctuations, while overseas business gross profit contribution significantly increased to 28.8% Gross Profit and Gross Margin by Business Segment | Business Segment | Gross Profit First Half 2025 (Thousands of RMB) | Gross Margin % | YoY Change in Gross Profit Amount % | | :--- | :--- | :--- | :--- | | Operating Lease Services | 621,196 | 27.4% | -11.6% | | Engineering Technical Services | 171,407 | 15.1% | -67.4% | | Asset Management and Other Services | 148,064 | 15.7% | -55.3% | | **Total Gross Profit** | **940,667** | **21.6%** | **-39.7%** | - Operating lease services gross margin decreased **9.7 percentage points** to **27.4%**, primarily impacted by utilization rates and rental price fluctuations of aerial work platforms and new formwork and scaffolding systems[45](index=45&type=chunk) - Overseas regions' gross profit surged **2,638.8% YoY** to **RMB 271 million**, significantly increasing its share of total gross profit from **0.6%** to **28.8%**[48](index=48&type=chunk) [Cost and Expense Analysis](index=25&type=section&id=2.4%20Cost%20of%20Sales%20and%20Selling%20and%20Administrative%20Expenses) In the first half of 2025, total cost of sales and selling & administrative expenses increased 4.0% to RMB 4.17 billion, driven by higher depreciation and trading costs, while staff and transportation costs were effectively controlled Cost of Sales and Selling and Administrative Expenses (by Nature) | Item | First Half 2025 (Thousands of RMB) | % of Revenue | YoY Change % | | :--- | :--- | :--- | :--- | | Depreciation and Amortization | 1,486,981 | 34.2% | +24.3% | | Staff and Subcontracting Costs | 944,183 | 21.7% | -6.9% | | Trading and Sub-lease Costs | 658,887 | 15.1% | +15.2% | | Transportation and Hoisting Fees | 304,439 | 7.0% | -32.1% | | Research and Development (R&D) Expenses | 106,442 | 2.4% | +50.1% | | **Total** | **4,167,726** | **95.8%** | **+4.0%** | - Depreciation and amortization significantly increased by **24.3%**, primarily due to the combined effect of increased equipment scale compared to the prior year period and changes in accounting policies (extending the useful life of some scaffolding)[50](index=50&type=chunk)[51](index=51&type=chunk) - Transportation and hoisting fees significantly decreased by **32.1%**, benefiting from lower asset rental volume and a logistics cost reduction management system, with logistics unit prices decreasing **4.2% YoY**[51](index=51&type=chunk) [Finance Costs Analysis](index=28&type=section&id=2.8%20Finance%20Costs) Finance costs increased 5.0% to RMB 401 million due to higher borrowing interest, but the average financing rate decreased from 3.99% to 3.69%, effectively mitigating the growth of interest expenses Interest Expense on Interest-bearing Bank and Other Borrowings | Metric | First Half 2025 | First Half 2024 | | :--- | :--- | :--- | | Average Balance (Thousands of RMB) | 21,063,794 | 18,382,079 | | Interest Expense (Thousands of RMB) | 388,992 | 367,027 | | Average Financing Rate (Annualized) | 3.69% | 3.99% | - The average financing rate decreased by **0.30 percentage points**, primarily due to central bank interest rate cuts and preferential rates obtained by the company[60](index=60&type=chunk) [Profit for the Period and Earnings Per Share](index=30&type=section&id=2.10%20Profit%20for%20the%20Period) The Group's profit for the first half of 2025 significantly decreased 86.8% to RMB 35.49 million, with domestic regions incurring a loss while overseas regions achieved a profit of RMB 113 million, and basic EPS fell to RMB 0.011 Net Profit After Tax by Geographical Segment | Geographical Segment | First Half 2025 (Thousands of RMB) | First Half 2024 (Thousands of RMB) | | :--- | :--- | :--- | | Domestic Regions (including Hong Kong and Macau) | -77,861 | 296,955 | | Overseas Regions | 113,351 | -28,727 | | **Total** | **35,490** | **268,228** | - Basic earnings per share was **RMB 0.011**, a **86.9%** decrease from **RMB 0.084** in the prior year period[64](index=64&type=chunk)[65](index=65&type=chunk) [Financial Position Analysis](index=31&type=section&id=3%E3%80%81Financial%20Position%20Analysis) As of June 30, 2025, total assets remained stable at RMB 36.58 billion, with PPE slightly decreasing, receivables increasing but with longer DSO, total liabilities rising to RMB 25.25 billion, and overseas assets significantly growing 52.8% [Asset Analysis](index=31&type=section&id=3.1%20Assets%20%28Overview%29) Total assets slightly increased 0.4% to RMB 36.58 billion, with PPE decreasing, receivables growing but with longer DSO, cash and bank balances increasing 38.1% to RMB 2.48 billion, and overseas assets significantly growing 52.8% to RMB 5.42 billion Asset Structure | Asset Item | June 30, 2025 (Thousands of RMB) | % of Total | Change from Beginning of Year % | | :--- | :--- | :--- | :--- | | Property, Plant and Equipment | 21,720,292 | 59.4% | -2.4% | | Receivables and Contract Assets | 6,810,439 | 18.6% | +2.8% | | Cash and Bank Balances | 2,476,599 | 6.8% | +38.1% | | Other Assets | 5,573,926 | 15.2% | -5.1% | | **Total Assets** | **36,581,356** | **100.0%** | **+0.4%** | - Days sales outstanding for receivables increased from **193 days** in the prior year period to **248 days**, primarily due to stable net receivables despite a decrease in revenue[78](index=78&type=chunk)[79](index=79&type=chunk) - Goodwill increased from zero to **RMB 174 million** due to the acquisition of the Malaysian company[86](index=86&type=chunk) - Total overseas assets reached **RMB 5.42 billion**, a **52.8%** increase from the beginning of the year, raising their share of total assets from **9.7%** to **14.8%**[67](index=67&type=chunk) [Liability Analysis](index=38&type=section&id=3.10%20Liabilities%20%28Overview%29) Total liabilities slightly increased 1.1% to RMB 25.25 billion, with interest-bearing borrowings at RMB 21.22 billion, accounting for 84.0%; debt structure optimized with unsecured borrowings increasing to 66.6%, while payables decreased 6.3% Liability Structure | Liability Item | June 30, 2025 (Thousands of RMB) | % of Total | Change from Beginning of Year % | | :--- | :--- | :--- | :--- | | Interest-bearing Bank and Other Borrowings | 21,224,692 | 84.0% | +1.5% | | Payables and Bills Payable | 2,244,433 | 8.9% | -6.3% | | Other Payables and Accrued Expenses | 1,001,932 | 4.0% | +13.0% | | **Total Liabilities** | **25,253,610** | **100.0%** | **+1.1%** | - The proportion of unsecured interest-bearing bank and other borrowings increased from **61.6%** at the beginning of the year to **66.6%**, with a corresponding decrease in the secured portion, indicating optimized financing structure[92](index=92&type=chunk) [Shareholders' Equity](index=41&type=section&id=3.17%20Shareholders%27%20Equity) As of June 30, 2025, total equity decreased 1.1% to RMB 11.33 billion, primarily due to dividend distribution and other equity changes, partially offset by profit for the period Changes in Equity | Item | Amount (Thousands of RMB) | | :--- | :--- | | As of December 31, 2024 | 11,458,350 | | Profit for the Period | 35,490 | | Dividend Distribution | -132,874 | | Other Equity Changes | -33,220 | | **As of June 30, 2025** | **11,327,746** | - The company distributed the final dividend for the year 2024 of **HKD 0.045 per share** on July 2, 2025[101](index=101&type=chunk) [Capital Management, Capital Expenditure, and Risk Management](index=42&type=section&id=4%E3%80%81Capital%20Management) The company maintains prudent capital management, despite profitability metrics deteriorating with ROAE at 0.6%, while the gearing ratio remains stable at 69.0%; net capital expenditure significantly decreased 90.3% to RMB 384 million, and risk management focuses on foreign exchange and liquidity Key Financial Ratios | Metric | First Half 2025 | First Half 2024 | | :--- | :--- | :--- | | Return on Average Equity | 0.6% | 4.9% | | Return on Average Assets | 0.2% | 1.6% | | Gearing Ratio (Period-end) | 69.0% | 68.7% | - Capital expenditure in the first half was **RMB 825 million**, a significant **81.1% YoY** decrease; net capital expenditure after deducting second-hand equipment sales was **RMB 384 million**, a **90.3% YoY** decrease[109](index=109&type=chunk) - The company hedges foreign exchange risk through derivative financial instruments and manages liquidity risk by optimizing financing structure and maintaining cash positions[111](index=111&type=chunk)[112](index=112&type=chunk) [Significant Investments and Human Resources](index=44&type=section&id=9%E3%80%81Significant%20Investments%2C%20Acquisitions%20or%20Disposals) The Group's key strategic move was acquiring an 80% stake in TH Tong Heng Machinery Sdn. Bhd. in Malaysia, deepening overseas expansion, while total employees decreased, and the 2024 equity incentive plan continued to retain core talent - In May 2025, the Group completed the acquisition of an **80%** equity stake in TH Tong Heng Machinery Sdn. Bhd. in Malaysia for approximately **MYR 171 million** (approximately **RMB 290 million**), which constitutes a discloseable transaction[116](index=116&type=chunk)[117](index=117&type=chunk)[118](index=118&type=chunk) - As of June 30, 2025, the Group's total number of employees was **4,317**, a decrease from **5,346** in the prior year period[127](index=127&type=chunk) - During the reporting period, the company did not grant new options or shares under the 2024 Share Option Scheme and Restricted Share Award Scheme, but some lapsed due to employee departures and other reasons[129](index=129&type=chunk)[131](index=131&type=chunk)[132](index=132&type=chunk) [Future Outlook](index=50&type=section&id=13%E3%80%81Future%20Outlook) For the second half of 2025, the Group will continue its dual-track strategy, focusing on lean operations, customer marketing, and asset optimization domestically, while pursuing a 'deepen existing, expand emerging' approach overseas, cautiously exploring new markets in Africa, South America, and Asia to expand its international footprint - Domestic Strategy: Focus on lean operations, enhancing asset full lifecycle value through deepened customer marketing, industry solution development, and optimized asset allocation[135](index=135&type=chunk) - Overseas Strategy: Adopt a dual-driven model of 'deepening existing countries' and 'expanding into emerging markets', implementing the '3+3+3' overseas development strategy[135](index=135&type=chunk) - New Market Expansion: The next step will focus on evaluating and deploying in regions with development potential, such as Africa, South America, and Asia[135](index=135&type=chunk) Other Significant Matters [Disclosure of Interests](index=51&type=section&id=Disclosure%20of%20Interests) The report details the shareholdings of directors, chief executives, and major shareholders as of June 30, 2025, with controlling shareholder Far East Horizon holding approximately 47.22% of total interests, and several directors holding shares via in-specie distributions or equity incentive plans - Controlling shareholder Far East Horizon Limited directly holds **1,333,247,413 shares** (**41.70%**) and indirectly holds **176,600,000 shares** (**5.52%**) through controlled corporations, totaling approximately **47.22%** of interests[145](index=145&type=chunk) - Several directors and chief executives, including Kong Fanxing, Zhan Jing, and Tang Li, hold shares or related interests in the company, with some interests derived from Far East Horizon's in-specie distribution and the company's equity incentive plan[136](index=136&type=chunk)[138](index=138&type=chunk) [Corporate Governance](index=56&type=section&id=Corporate%20Governance) The company largely complied with the Corporate Governance Code, with one deviation where the Chairman and several committee chairmen were absent from the AGM due to work commitments, and directors confirmed compliance with the standard code for securities transactions - The company deviated from Rule F.2.2 of the Corporate Governance Code, as the Chairman of the Board and several committee chairmen were unable to attend the Annual General Meeting due to other work commitments[148](index=148&type=chunk)[149](index=149&type=chunk) - The company has established an Audit Committee, which reviewed this interim report[153](index=153&type=chunk)[154](index=154&type=chunk) [Dividends and Related Party Transactions](index=58&type=section&id=Other%20Information) The Board recommended no interim dividend for the six months ended June 30, 2025, and the company entered into a three-year cooperation framework agreement with controlling shareholder Far East Horizon for mutual services, constituting continuing connected transactions - The Board recommended no interim dividend for 2025 (prior year period: **HKD 0.05 per share**)[156](index=156&type=chunk) - The company entered into a cooperation framework agreement with controlling shareholder Far East Horizon, involving the Group providing engineering technical and leasing services to Far East Horizon (annual cap **RMB 141 million**) and Far East Horizon providing consulting services to the Group (annual cap **RMB 25 million**)[158](index=158&type=chunk) Condensed Interim Consolidated Financial Statements [Independent Review Report](index=61&type=section&id=Independent%20Review%20Report) Ernst & Young, the auditor, reviewed the Group's interim financial information for the six months ended June 30, 2025, concluding that it was prepared in all material respects according to HKAS 34 - Ernst & Young issued an **unmodified review conclusion** on the interim financial information[166](index=166&type=chunk) [Principal Financial Statements](index=62&type=section&id=Principal%20Financial%20Statements) The financial statements detail the Group's operating results, financial position, and cash flows, showing decreased revenue and profit, stable asset/liability sizes with structural changes like increased overseas assets, and net cash inflows from operations despite investment and financing outflows Summary of Condensed Interim Consolidated Cash Flow Statement | Item | For the Six Months Ended June 30, 2025 (Thousands of RMB) | | :--- | :--- | | Net Cash Flows from Operating Activities | 1,780,366 | | Net Cash Flows Used in Investing Activities | (861,560) | | Net Cash Flows Used in Financing Activities | (519,592) | | **Net Increase in Cash and Cash Equivalents** | **399,214** | | **Cash and Cash Equivalents at End of Period** | **2,176,580** | [Summary of Notes to the Financial Statements](index=70&type=section&id=Notes%20to%20the%20Financial%20Statements) The notes provide detailed explanations for key financial statement items, including business combinations (TH Tong Heng Machinery acquisition and goodwill), segment reporting (overseas growth), financial instruments (receivables, borrowings, derivatives), and related party transactions - Note 32 discloses that the acquisition of TH Tong Heng Machinery Sdn. Bhd. generated **RMB 174 million** in goodwill and recognized a contingent consideration financial liability of **RMB 73.94 million**[283](index=283&type=chunk)[285](index=285&type=chunk) - Note 4 discloses that total overseas assets reached **RMB 5.42 billion**, accounting for **14.82%** of total assets, a significant increase from **9.74%** at the beginning of the year[190](index=190&type=chunk) - Note 26 discloses that the Group's total interest-bearing bank and other borrowings amounted to **RMB 21.22 billion**, of which **RMB 6.77 billion** (**31.9%**) were secured borrowings[259](index=259&type=chunk)[92](index=92&type=chunk) - Notes 19 and 21 disclose that the expected credit loss provision rates for trade receivables and contract assets were **14.06%** and **9.17%** respectively[240](index=240&type=chunk)[248](index=248&type=chunk)

Contents 目錄 | Financial Highlights and Five-Year Summary | 財務摘要及五年概要 | 2 | | --- | --- | --- | | EC Healthcare at a Glance | 醫思健康一覽 | 6 | | Geographical Coverage | 地域覆蓋 | 7 | | One-Stop, Multi-Brand Ecosystem | 一站式多品牌生態系統 | 8 | | Chairman's Statement | 主席報告 | 9 | | Biography of Directors and Senior Management | 董事及高級管理人員簡歷 | 11 | | Management Discussion and Analysis | 管理層討論及分析 | 19 | | Sustainability Approach | 可持續發展方針 | 41 | | Co-Owners | 持股管理人 | 44 | | Investor Relations Report | 投資者關係報告 | 52 | | Corporat ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任何損失承擔任何責任。 Budweiser Brewing Company APAC Limited 百威亞太控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1876） 截至2025年6月30日止六個月的 未經審核中期業績 及 2025年第二季度財務資料 百威亞太控股有限公司（「百威亞太」或「本公司」，連同其附屬公司為「本集團」） 的董事會（「董事會」）宣佈本公告隨附本集團截至2025年6月30日止六個月的未經 審核業績。 董事會謹此提醒股東及潛在投資者，截至2025年6月30日止六個月的未經審核業 績乃根據本集團內部紀錄及管理賬目所編製，已經獨立核數師審閱但未經審核。 股東及潛在投資者買賣本公司證券時不應過份依賴未經審核業績並須謹慎行事。 承董事會命 百威亞太控股有限公司 聯席公司秘書 朱隽清 香港，2025年7月31日 於本公告日期，本公司董事會包括聯席主席兼執行董事程衍俊先生、聯席主席兼非執行董事 鄧明瀟先生、 ...

香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交所上市的公司帶有較高投資風險。有意投 資者應了解投資於此類公司的潛在風險，並應經審慎周詳考慮後方作出投資決定。 由於GEM上市的公司普遍為中小型公司，在GEM買賣的證券可能會承受較於聯交所主板買賣的證券為高的市場波動風險， 同時亦無法保證在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 對因本報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。 本報告遵照聯交所GEM證券上市規則（「GEM上市規則」）的規定提供有關醫匯集團有限公司（「本公司」，連同附屬公司統稱「本 集團」）的資料。本公司各董事（「董事」）對本報告所載資料共同及個別承擔全部責任。董事在作出一切合理查詢後確認，就彼 等深知及確信，本報告所載資料在各重大方面均屬準確及完整，且無誤導或欺詐成分，亦無遺漏其他事項，致使本報告或當 中任何陳述有所誤導。 本報告將由刊登日期起計至少一連七天刊載於聯交所網站www.hk ...

[Chairman's Statement](index=5&type=section&id=Chairman%27s%20Statement) This fiscal year, the company faced severe challenges, with consolidated revenue decreasing to **HKD 110 million**, gross profit significantly shrinking, and loss attributable to owners expanding to **HKD 56.68 million**, while actively pursuing a 'Film IP + AI Technology' dual-driven strategy to enhance efficiency and explore IP value Key Financial Indicators | Indicator | FY2025 (HKD Thousands) | FY2024 (HKD Thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Consolidated Revenue | 110,344 | 117,836 | -6.4% | | Gross Profit | 11,123 | 56,599 | -80.4% | | Loss Attributable to Owners of the Company | 56,682 | 21,449 | +164.3% | - The decline in gross profit and expansion of loss were primarily due to: - **Decreased channel business and film licensing revenue**: Attributed to concessions provided during platform operator contract renewals and fewer films delivered after phased contract completion - **Underperforming new content releases**: Some films and musicals released during the year did not meet expectations, resulting in losses - **Asset impairment**: Impairment provisions were made for property, plant, equipment, and right-of-use assets related to the Group's cinema business - **Property revaluation losses**: Increased revaluation losses on investment properties due to market trends[10](index=10&type=chunk) - The company established a "**Film and Audiovisual Production IP + AI Technology**" dual-driven strategy, aiming to create a new entertainment ecosystem, with AI technology applied across various stages, including script development, virtual shooting, and post-production, to enhance efficiency, reduce costs, and re-explore the potential of classic IPs[38](index=38&type=chunk)[42](index=42&type=chunk)[48](index=48&type=chunk) Financial Position (As of March 31, 2025) | Financial Item (As of March 31, 2025) | Amount (HKD Thousands) | | :--- | :--- | | Available Bank Facilities | 33,200 | | Total Bank and Other Borrowings | 127,654 | | Shareholders' Funds | 249,421 | | Gearing Ratio | 51% | [Directors' and Senior Management's Profile](index=13&type=section&id=Directors%27%20and%20Senior%20Management%27s%20Profile) This section details the backgrounds of the company's executive directors, independent non-executive directors, and senior management, highlighting the core leadership's extensive experience and the diverse expertise of independent non-executive directors in providing governance guidance - The core executive team includes: - **Mr. Li Kwok Hing**: Group founder, Chairman, and major shareholder, responsible for corporate strategy and development - **Mr. Li Tang Yuk**: Chief Executive Officer, son of the Chairman, responsible for the Group's daily operations - **Dr. Dong Ming**: Chief Operating Officer, with over 25 years of experience in investment banking, asset management, and corporate management[57](index=57&type=chunk)[58](index=58&type=chunk)[59](index=59&type=chunk) - Senior management member **Mr. Chan Lun Ho** serves as Company Secretary and Financial Controller, responsible for all Group financial and accounting matters, possessing over **30 years** of auditing and accounting experience[76](index=76&type=chunk) [Corporate Governance Report](index=18&type=section&id=Corporate%20Governance%20Report) This report confirms the company's compliance with the Corporate Governance Code during the fiscal year, detailing the board's structure, diversity policy, and the composition and work of its audit, remuneration, and nomination committees, ensuring checks and balances and transparent communication with shareholders - The company confirms compliance with the Corporate Governance Code under the Listing Rules for the fiscal year ended March 31, 2025[79](index=79&type=chunk) Board Composition (As of March 31, 2025) | Board Member Type (As of March 31, 2025) | Number | | :--- | :--- | | Executive Directors | 3 | | Independent Non-Executive Directors | 6 | | **Total** | **9** | | Male Directors | 8 | | Female Directors | 1 | - The Board has three committees to fulfill its responsibilities: - **Audit Committee**: Composed of three independent non-executive directors, responsible for reviewing financial statements, internal controls, and risk management systems - **Remuneration Committee**: Composed of three independent non-executive directors, responsible for formulating remuneration policies for directors and senior management - **Nomination Committee**: Composed of two executive directors and three independent non-executive directors, responsible for reviewing the Board's structure and nominating director candidates[109](index=109&type=chunk)[115](index=115&type=chunk)[121](index=121&type=chunk) - For FY2025, audit service fees paid to PricewaterhouseCoopers amounted to approximately **HKD 1.868 million**, with non-audit service fees of **HKD 20 thousand**[133](index=133&type=chunk) [Report of the Directors](index=31&type=section&id=Report%20of%20the%20Directors) This report outlines the company's FY2025 business activities, financial performance, and share capital changes, including the adoption of a new share option scheme, disclosure of directors' and major shareholders' equity interests, and confirmation of moderate supplier/customer concentration and sufficient public float - The Board does not recommend the payment of any dividend for the fiscal year ended March 31, 2025[178](index=178&type=chunk) - The company adopted a new share option scheme ("**2024 Share Option Scheme**") on September 27, 2024, to incentivize eligible participants, including employees, related entity participants, and service providers, who contribute to the Group[196](index=196&type=chunk)[197](index=197&type=chunk) Directors' Shareholding (As of March 31, 2025) | Director's Shareholding (As of March 31, 2025) | Number of Shares Held (Long Position) | Percentage of Issued Share Capital | | :--- | :--- | :--- | | Mr. Li Kwok Hing (Aggregate of personal, family, and corporate interests) | 3,349,248,800 | 56.54% | | Mr. Li Tang Yuk (Personal interest) | 1,940,000 | 0.03% | | Dr. Dong Ming (Personal interest) | 5,000,000 | 0.08% | FY2025 Major Supplier and Customer Concentration | FY2025 Major Supplier and Customer Concentration | Percentage | | :--- | :--- | | Purchases from Largest Single Supplier | 10% | | Total Purchases from Top Five Suppliers | 29% | | Sales to Largest Single Customer | 12% | | Total Sales to Top Five Customers | 30% | - The company confirms that as of the report date, at least **25%** of its issued shares are held by the public, complying with Listing Rules requirements[293](index=293&type=chunk) [Independent Auditor's Report](index=57&type=section&id=Independent%20Auditor%27s%20Report) PricewaterhouseCoopers issued an unmodified opinion on the consolidated financial statements for the year ended March 31, 2025, highlighting two key audit matters: impairment assessments of film and program rights and films in progress, and equipment and right-of-use assets for the Tianjin cinema business, both involving significant management judgment - PricewaterhouseCoopers issued an unmodified opinion, stating that the consolidated financial statements present a true and fair view of the Group's financial position[309](index=309&type=chunk) - The report identified two key audit matters: - **Impairment of film and program rights and films in progress**: Due to lower-than-expected box office performance for some films, management assessed film rights for impairment, recognizing an impairment of **HKD 6.206 million** - **Impairment of equipment and right-of-use assets for Tianjin cinema business**: Given the Tianjin cinema's continuous losses and failure to meet budgets in recent years, management assessed its related assets for impairment, recognizing a total impairment of **HKD 13.184 million**[319](index=319&type=chunk)[328](index=328&type=chunk)[351](index=351&type=chunk) [Consolidated Financial Statements](index=69&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Income Statement](index=70&type=section&id=Consolidated%20Income%20Statement) This fiscal year, consolidated revenue slightly decreased to **HKD 110 million**, while a significant increase in cost of sales to **HKD 99.22 million** sharply reduced gross profit to **HKD 11.12 million**, ultimately expanding loss attributable to owners to **HKD 56.68 million** and basic loss per share to **HKD 0.96 cents** Consolidated Income Statement Summary | Item (HKD Thousands) | FY2025 | FY2024 | | :--- | :--- | :--- | | Revenue | 110,344 | 117,836 | | Cost of Sales | (99,221) | (61,237) | | **Gross Profit** | **11,123** | **56,599** | | Operating Loss | (51,392) | (17,110) | | **Loss for the Year** | **(59,758)** | **(23,435)** | | **Loss Attributable to Owners of the Company** | **(56,682)** | **(21,449)** | | Basic and Diluted Loss Per Share (HK cents) | (0.96) | (0.36) | [Consolidated Statement of Comprehensive Income](index=71&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income) Building on a loss for the year of **HKD 59.76 million**, total comprehensive loss for this fiscal year significantly increased to **HKD 61.67 million** (compared to **HKD 25.18 million** last year), primarily due to other comprehensive losses from building revaluation Consolidated Statement of Comprehensive Income Summary | Item (HKD Thousands) | FY2025 | FY2024 | | :--- | :--- | :--- | | Loss for the Year | (59,758) | (23,435) | | Other Comprehensive Loss for the Year | (1,914) | (1,748) | | **Total Comprehensive Loss for the Year** | **(61,672)** | **(25,183)** | [Consolidated Balance Sheet](index=72&type=section&id=Consolidated%20Balance%20Sheet) As of March 31, 2025, total assets decreased to **HKD 588.18 million** from **HKD 661.14 million** last year, primarily due to reduced carrying values of non-current assets like property, plant, equipment, investment properties, and film rights, while total liabilities remained stable at **HKD 334.80 million**, and total equity declined to **HKD 253.38 million** due to losses Consolidated Balance Sheet Summary | Item (HKD Thousands) | As of March 31, 2025 | As of March 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **588,178** | **661,142** | | Non-current Assets | 489,663 | 559,481 | | Current Assets | 98,515 | 101,661 | | **Total Liabilities** | **334,799** | **346,091** | | Non-current Liabilities | 197,034 | 202,060 | | Current Liabilities | 137,765 | 144,031 | | **Total Equity** | **253,379** | **315,051** | [Consolidated Statement of Changes in Equity](index=74&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Equity) This fiscal year, total equity decreased from **HKD 315.05 million** at the beginning of the year to **HKD 253.38 million** at year-end, a reduction of **HKD 61.67 million**, primarily due to the total comprehensive loss for the year, including **HKD 56.68 million** in net loss attributable to owners and other comprehensive losses - Shareholders' funds decreased from **HKD 309 million** to **HKD 249 million**, primarily due to a net loss of **HKD 56.68 million** and other comprehensive losses of **HKD 2.44 million** recorded during the year[394](index=394&type=chunk)[395](index=395&type=chunk) [Consolidated Cash Flow Statement](index=76&type=section&id=Consolidated%20Cash%20Flow%20Statement) This fiscal year, the Group generated a net cash inflow of **HKD 45.38 million** from operating activities, a significant improvement from last year's **HKD 22.36 million**, resulting in a net increase in cash and cash equivalents of **HKD 15.53 million** at year-end, with a closing balance of **HKD 23.43 million**, despite net cash outflows from investing and financing activities Consolidated Cash Flow Statement Summary | Item (HKD Thousands) | FY2025 | FY2024 | | :--- | :--- | :--- | | Net Cash Generated from Operating Activities | 45,377 | 22,355 | | Net Cash Used in Investing Activities | (19,239) | (25,032) | | Net Cash Used in Financing Activities | (10,605) | (14,400) | | **Net Increase/(Decrease) in Cash and Cash Equivalents** | **15,533** | **(17,077)** | | Cash and Cash Equivalents at Year-End | 23,431 | 8,181 | [Notes to the Consolidated Financial Statements](index=78&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) These notes provide detailed explanations of the company's accounting policies, key estimates, and financial data, focusing on business segment performance, financial risk management strategies for liquidity, credit, and market risks, and impairment tests and fair value assessments for significant assets like film rights, investment properties, and fixed assets [Note 3: Financial Risk Management](index=122&type=section&id=Note%203%3A%20Financial%20Risk%20Management) This note details the Group's primary financial risks, including market, credit, and liquidity risks, managed through diversified investments, credit approvals, and sufficient credit facilities, with the gearing ratio increasing to **51.2%** at year-end from **40.9%** last year - The Group's gearing ratio (calculated as total bank and other borrowings divided by total equity) increased from **40.9%** in FY2024 to **51.2%** in FY2025[728](index=728&type=chunk) [Note 5: Revenue and Segment Information](index=140&type=section&id=Note%205%3A%20Revenue%20and%20Segment%20Information) This fiscal year, the Group's revenue primarily came from five business segments, with film exhibition and licensing contributing the most revenue at **HKD 30.38 million** but also the largest loss at **HKD 20.76 million**, while only processing services achieved profitability FY2025 Segment Performance (HKD Thousands) | Item | Revenue | (Loss)/Profit | | :--- | :--- | :--- | | Channel Operations | 23,558 | (5,800) | | Film Exhibition and Film Rights Licensing and Sub-licensing | 30,382 | (20,759) | | Cinema Business | 21,408 | (13,342) | | Concerts and Event Organization | 29,069 | (7,285) | | Consumer Product Manufacturing and Sales Processing Services | 5,927 | 441 | | Property Investment | – | (12,000) | [Note 12: Property, Plant and Equipment](index=161&type=section&id=Note%2012%3A%20Property%2C%20Plant%20and%20Equipment) Due to the Tianjin cinema's persistent losses and underperformance, the Group recognized an impairment loss of **HKD 4.034 million** on its related property, plant, and equipment this fiscal year, alongside a revaluation loss of **HKD 1.961 million** on buildings held at fair value - Due to the underperformance of the Tianjin cinema business, the Group recognized an impairment provision of **HKD 4.034 million** for its property, plant, and equipment[852](index=852&type=chunk) [Note 14: Investment Properties](index=172&type=section&id=Note%2014%3A%20Investment%20Properties) The Group's investment property portfolio recorded a fair value revaluation loss of **HKD 16.765 million** this fiscal year, reducing its total carrying value from **HKD 194 million** at the beginning of the year to **HKD 177 million** at year-end, while generating **HKD 6.57 million** in rental income Investment Property Fair Value Changes (HKD Thousands) | Item | FY2025 | | :--- | :--- | | Fair Value at Beginning of Year | 193,901 | | Fair Value Loss on Revaluation | (16,765) | | Exchange Differences | (178) | | **Fair Value at End of Year** | **176,958** | [Note 15: Film and Program Rights, Films in Progress and Deposits for Film and Program Rights](index=177&type=section&id=Note%2015%3A%20Film%20and%20Program%20Rights%2C%20Films%20in%20Progress%20and%20Deposits%20for%20Film%20and%20Program%20Rights) The net carrying value of film and program rights significantly decreased from **HKD 97.88 million** at the beginning of the year to **HKD 66.77 million** at year-end, primarily due to **HKD 36.12 million** in amortization expenses and **HKD 6.21 million** in impairment provisions, reflecting underperforming expected revenue from some films Film and Program Rights Changes (HKD Thousands) | Item | FY2025 | | :--- | :--- | | Net Carrying Amount at Beginning of Year | 97,883 | | Additions | 10,225 | | Amortization | (36,115) | | Impairment | (6,206) | | **Net Carrying Amount at End of Year** | **66,768** | [Five Year Financial Summary](index=227&type=section&id=Five%20Year%20Financial%20Summary) This summary presents key financial data for the Group's past five fiscal years (2021-2025), showing continuous losses attributable to owners ranging from **HKD 39.23 million** to **HKD 58.25 million**, alongside a consistent downward trend in total assets and total equity Five Year Financial Summary Table | Item (HKD Thousands) | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | Loss Attributable to Owners of the Company | (56,682) | (21,449) | (48,915) | (39,232) | (58,249) | | Total Assets | 588,178 | 661,142 | 688,100 | 757,196 | 780,897 | | Total Liabilities | (334,799) | (346,091) | (348,394) | (388,318) | (397,140) | | Total Equity | 253,379 | 315,051 | 339,706 | 368,878 | 383,757 | [Schedule of Principal Investment Properties](index=228&type=section&id=Schedule%20of%20Principal%20Investment%20Properties) This schedule lists the Group's principal investment properties, including commercial, industrial, and residential types located in Hong Kong and mainland China (Guangzhou, Xiamen), with the Group holding **100%** interest in most properties and **70%** in one commercial property in Xiamen - The Group's principal investment properties include commercial, industrial, and residential units located in Hong Kong, as well as commercial and residential units in Guangzhou and Xiamen, mainland China[1076](index=1076&type=chunk)[1078](index=1078&type=chunk)

CHARACTERISTICS OF GEM OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE "STOCK EXCHANGE") GEM has been positioned as a market designed to accommodate small and mid-sized companies to which a higher investment risk may be attached than other companies listed on the Stock Exchange. Prospective investors should be aware of the potential risks of investing in such companies and should make the decision to invest only after due and careful consideration. Given that the companies listed on GEM are generally small ...

WONDERFUL SKY FINANCIAL GROUP HOLDINGS LIMITED (Incorporated in the Cayman Islands with limited liability) Stock Code: 01260 2025 ANNUAL REPORT 年度報告 皓天財經集團控股有限公司 （於開曼群島註冊成立之有限公司） 股份代號：01260 ANNUAL 2025 2025 REPORT 年度 報告 | 財務摘要 | 2 | | --- | --- | | 公司資料 | 4 | | 主席報告 | 6 | | 本公司董事之履歷 | 13 | | 董事會報告 | 16 | | 企業管治報告 | 27 | | 環境、社會及管治報告 | 34 | | 獨立核數師報告 | 39 | | 綜合損益及其他全面收入表 | 45 | | 綜合財務狀況表 | 47 | | 綜合權益變動表 | 49 | | 綜合現金流量表 | 52 | | 綜合財務報表附註 | 55 | 財務摘要 | | 二零二一年 | 二零二二年 | 二零二三年 | 二零二四年 | 二零二五年 | | --- | --- | ...

浩柏國際（開曼）有限公司 2 2024/25 年報 3 公司資料 4 致股東函件 6 管理層討論與分析 12 企業管治報告 27 環境、社會及管治報告 56 董事履歷 58 董事會報告 72 獨立核數師報告 78 綜合損益及其他全面收益表 79 綜合財務狀況表 81 綜合權益變動表 82 綜合現金流量表 83 綜合財務報表附註 164 財務概要 2024/25 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交所上市的公司帶有較高投資風險。有意投 資者應了解投資於該等公司的潛在風險，並應經過審慎周詳考慮後方作出投資決定。 由於GEM上市公司普遍為中小型公司，於GEM買賣的證券可能會較於聯交所主板買賣的證券承受較大的市場波動風險， 同時無法保證於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。 本報告的資料乃遵照聯交所GEM證券上市規則（「GEM上市規則」）而刊載， ...