Executive Compensation - The company reported a total compensation of RMB 565,000 for the CEO in the fiscal year 2024, which includes a salary of RMB 400,000 and other benefits[5] - In the fiscal year 2023, the CEO's total compensation was RMB 416,000, with no additional benefits reported[5] - The company is committed to transparency regarding executive compensation as per the listing rules[3] Leadership Changes - The company has appointed Mr. Zhou Zhiwei as CEO on August 1, 2023, and he will resign on December 1, 2024[4] Financial Reporting - The financial reports for the fiscal years 2023 and 2024 have been published, detailing the company's performance and future outlook[3] - The board of directors has confirmed that all other information in the annual reports remains unchanged[5] - The company is focused on maintaining compliance with regulatory requirements in its financial disclosures[3] - The fiscal year 2023 ended on December 31, 2023, and the fiscal year 2024 will end on December 31, 2024[3] - The company emphasizes the importance of accurate and complete financial reporting to stakeholders[1] Governance Structure - The board consists of both executive and non-executive directors, ensuring a diverse governance structure[6]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 JF SmartInvest Holdings Ltd 九方智投控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9636） 完成更改每手買賣單位及 有關2024年年度報告 的補充公告 完成更改每手買賣單位 茲提述九方智投控股有限公司（「本公司」）日期為2025年11月17日的公告，內容 有關建議將本公司普通股（「股份」）於香港聯合交易所有限公司（「聯交所」）買賣 之每手買賣單位由500股股份更改為100股股份（「更改每手買賣單位」）。本公司董 事（「董事」）會（「董事會」）謹此宣佈，更改每手買賣單位已於2025年12月8日（星 期一）生效。 有關2024年年度報告的補充公告 2024年股份激勵計劃 茲亦提述本公司日期為2024年9月27日的公告，內容有關採納2024年股份激勵計 劃。根據2024年股份激勵計劃的條款，受限制股份單位參與者毋須就接納據此授 出的獎勵支付任何款項。 1 2023年 ...

目錄 本中期報告以環保紙張印刷 2 公司資料 3 財務摘要 4 主席報告 6 管理層討論及分析 13 綜合損益表 14 綜合全面收益表 15 綜合財務狀況表 17 綜合權益變動表 18 綜合現金流量表 19 中期財務報表附註 27 企業管治及其他資料 公司資料 董事局 執行董事 李遠康先生 （主席） 李堃綸先生 （集團行政總裁） 李易舫女士 非執行董事 鄭仲勳先生 黃志堅先生 李遠康先生 郭兆文先生 董事委員會 審核委員會 蘇智文先生 （主席） 黃志堅先生 蔡嘉祐女士* 薪酬委員會 鄧文慈先生 （主席） 李遠康先生 蘇智文先生 提名委員會 獨立非執行董事 鄧文慈先生 蘇智文先生 蔡嘉祐女士* 授權代表 李遠康先生 （主席） 鄧文慈先生 蘇智文先生 蔡嘉祐女士* 公司秘書 郭兆文先生 法律顧問 有關香港法律 程彥棋律師樓 公司網址 www.tsuiwah.com * 於2025年6月28日獲委任 獨立核數師 畢馬威會計師事務所 執業會計師 於香港法例第588章會計及財務匯報局條例下的 註冊公眾利益實體核數師 主要往來銀行 渣打銀行（香港）有限公司 華僑銀行（香港）有限公司 恒生銀行有限公司 上市資料 註冊辦事處 ...

Financial Performance - The group's revenue for the six months ended September 30, 2025, was HKD 1,925.5 million, a 125.9% increase from HKD 852.5 million in the same period last year, primarily due to the completion of new projects in mainland China generating sales revenue of HKD 1,125.8 million[11]. - The group recorded a basic loss attributable to shareholders of HKD 478.6 million, a slight increase of HKD 4.3 million compared to a loss of HKD 474.3 million in the same period last year[11]. - Revenue for the six months ended September 30, 2025, was HKD 1,925.5 million, a significant increase of 126.5% compared to HKD 852.5 million in the same period of 2024[87]. - Gross profit for the same period was HKD 364.3 million, up 21.7% from HKD 299.4 million year-on-year[87]. - The company reported a loss before tax of HKD 454.5 million, a slight improvement from a loss of HKD 490.3 million in the previous year[87]. - Total comprehensive loss for the period was HKD 307.8 million, compared to HKD 220.1 million in the same period last year[88]. - The group's attributable loss for the period was HKD 478.6 million, compared to a loss of HKD 474.3 million in the previous year, indicating a slight increase in losses[106]. - The company reported a basic and diluted loss per share of HKD 32.2, compared to HKD 31.9 in the previous year[87]. - The company reported a total comprehensive loss of HKD (266.8) million for the period, reflecting the impact of market conditions on financial performance[93]. Assets and Liabilities - The total assets of the group as of September 30, 2025, were HKD 43,264.0 million, compared to HKD 43,029.2 million as of March 31, 2024[8]. - The group’s total liabilities increased to HKD 18,290.1 million from HKD 17,097.1 million as of March 31, 2024[8]. - As of September 30, 2025, the company's non-current liabilities totaled HKD 11,360.6 million, a decrease from HKD 13,090.3 million as of March 31, 2025, representing a reduction of approximately 13.2%[91]. - The company's total equity attributable to owners was HKD 22,210.9 million as of September 30, 2025, down from HKD 22,475.9 million as of March 31, 2025, indicating a decline of about 1.2%[91]. - The company's total assets were reported at HKD 24,973.9 million as of September 30, 2025, compared to HKD 25,279.9 million as of March 31, 2025, reflecting a decrease of approximately 1.2%[91]. - The net debt as of September 30, 2025, was HKD 10,721.8 million, compared to HKD 10,141.3 million as of March 31, 2025[42]. - The capital debt ratio as of September 30, 2025, was 48.3%, an increase from 45.1% as of March 31, 2025[45]. Property Development and Sales - The flagship project, Discovery Bay, continues to advance the "Discovery Bay 2.0 Blueprint," which will add over 1.3 million square feet of gross floor area and provide over 1,400 residential units[14]. - The luxury residential project Linhai Mountain City in Tai Po continues to see robust local demand, with significant interest from mainland and overseas buyers[16]. - The total number of units for the residential project Yu Jing Wan Yi Ti is 196, with all units sold, generating sales revenue of HKD 34 million during the period[17]. - For the residential project Yu Jing Wan Yi Feng, 11 out of 21 garden houses have been sold, resulting in sales revenue of HKD 49 million[17]. - The residential project Tai Po Lin Hai Shan Cheng has 262 units, with 139 sold, contributing sales revenue of HKD 815 million during the period[17]. - The total cumulative sales revenue for the Hangzhou low-density residential project Ou Xian Li is approximately RMB 216 million, with all units sold starting occupancy in April 2024[20]. - The Shanghai low-density residential project Xing Yun Jian has cumulative sales revenue of approximately RMB 1,238 million, with all sold units delivered by August 2025[20]. - The property development segment generated revenue of HKD 1,273.5 million, compared to HKD 187.1 million in the previous year, indicating a growth of about 581.5%[104]. Investment and Financial Management - The average financing cost for the period was 3.5%, down from 5.7% in the same period last year[47]. - The company engaged in significant investment activities, with net cash outflow from investment activities amounting to HKD (70.7) million, compared to HKD (59.6) million in the previous year[98]. - The company reported a foreign exchange gain of HKD 87.4 million from joint ventures during the period, contributing positively to other comprehensive income[93]. - The company recognized a total comprehensive loss of HKD (266.8) million for the period, reflecting the impact of market conditions on financial performance[93]. - The company has provided an unsecured and interest-free loan of HKD 4,440.3 million to the Dazhongli Group for development expenses, holding a 50% interest in the group[76]. - The group has also provided a loan of HKD 2,040.9 million to the joint venture company, Jiafeng, for residential property development, with HKD 69.1 million allocated for operating capital[73]. Operational Developments - The group plans to upgrade the Discovery Bay Golf Club and the waterfront clubhouse, with major construction expected to commence in Q4 2025[15]. - The group has successfully hosted several large-scale events, including the largest beach music festival in Hong Kong, enhancing community engagement and vibrancy[15]. - The group plans to introduce new electric buses and has initiated a pilot for autonomous buses, expected to be operational by Q1 2026[25]. - The group has implemented strict cost control measures and streamlined operations to enhance resilience and operational efficiency in response to market changes[35]. Shareholder Information - The largest shareholder, CCM Trust (Cayman) Limited, holds 715,617,969 shares, representing 48.17% of the issued share capital[61]. - The total number of share options available for issuance under the 2021 plan is 148,530,180 shares, accounting for 10% of the company's issued share capital as of November 19, 2025[56]. - The company has not granted or exercised any share options under the 2011 plan during the period, with 220,000 options lapsing[58]. - The company has a total of 1,485,301,803 shares issued as of the mid-term report date[57].

Project Management - As of September 30, 2025, the Group had six major projects on hand, each with an awarded contract sum of HK$10.0 million or above[11] - During the six months ended September 30, 2025, the Group successfully completed two major projects, each with an awarded contract sum of HK$10.0 million or above[11] - The Group was awarded two sizeable contracts during the same period, with an aggregate contract sum exceeding HK$1 billion[12] - The Group aims to diversify its customer base and enhance its reputation by ensuring timely project completion with high quality and implementing cost-effective measures[12] Financial Performance - The Group's revenue increased by approximately HK$67.7 million or approximately 11.7%, from approximately HK$580.3 million for the six months ended 30 September 2024 to approximately HK$648.0 million for the six months ended 30 September 2025[20][24] - Revenue from building construction services increased by approximately HK$198.0 million or approximately 44.4%, from approximately HK$446.3 million to approximately HK$644.3 million during the same period[21][25] - Revenue from RMAA works services significantly decreased by approximately HK$130.3 million or approximately 97.2%, from approximately HK$134.0 million to approximately HK$3.7 million[22][26] - The gross profit increased by approximately HK$6.2 million or approximately 36.7%, from approximately HK$16.9 million to approximately HK$23.1 million, with a gross profit margin increase from approximately 2.9% to approximately 3.6%[28][31] - The gross profit from building construction services increased by approximately HK$7.6 million or approximately 49.7%, with a gross profit margin increase from approximately 3.4% to approximately 3.6%[29][32] - The gross profit from RMAA works services decreased by approximately HK$1.4 million or approximately 87.5%, but the gross profit margin increased from approximately 1.2% to approximately 5.4%[33][36] - The Group's net profit increased by approximately HK$1.3 million or 26.0%, from approximately HK$5.0 million for the six months ended 30 September 2024 to approximately HK$6.3 million for the six months ended 30 September 2025[41] - The net profit margin improved to approximately 1.0% for the six months ended 30 September 2025, up from 0.9% in the previous period, representing an increase of 0.1 percentage point[41] Costs and Expenses - The cost of sales increased by approximately HK$61.5 million or approximately 10.9%, from approximately HK$563.4 million to approximately HK$624.9 million[27][30] - Other income, other gains and losses decreased by approximately HK$4.6 million or approximately 60.5%, from approximately HK$7.6 million to approximately HK$3.0 million[34][37] - Administrative expenses remained stable at approximately HK$18.7 million for both periods[35][38] - Finance costs decreased by approximately HK$45,000 or approximately 16.8%, from approximately HK$268,000 to approximately HK$223,000[39] Taxation and Compliance - The income tax expense rose by approximately HK$0.2 million or 33.3%, from approximately HK$0.6 million for the six months ended 30 September 2024 to approximately HK$0.8 million for the six months ended 30 September 2025[43] - The effective tax rate increased to approximately 11.5% for the six months ended 30 September 2025, compared to 10.0% for the same period in 2024[43] - The Group has complied with all applicable code provisions of the Corporate Governance Code during the six months ended September 30, 2025[69] - The group has complied with all relevant laws and regulations that significantly impact its business and operations during the reporting period[79] Shareholder Information - The shares of the Company were listed on the Main Board of The Stock Exchange of Hong Kong Limited on February 27, 2019[10] - The group has resolved not to declare any interim dividend for the six months ended September 30, 2025, consistent with the previous year[80] - The company adopted a share option plan on January 21, 2019, with 80,000,000 options available for grant, representing 10% of the issued shares as of April 1, 2025, and September 30, 2025[84] - As of September 30, 2025, no share options have been granted, exercised, or expired under the share option plan[84] - The share award plan was adopted on July 31, 2020, involving existing shares only, with no new shares to be issued[85] - As of September 30, 2025, 6,796,000 shares were held by the trustee under the share award plan, representing approximately 0.8% of the issued shares[86] - No shares have been granted to eligible participants under the share award plan since its adoption[86] Assets and Liabilities - Total assets as of September 30, 2025, were HK$887,318,000, an increase from HK$785,329,000 as of March 31, 2025[127] - Current assets increased to HK$610,211,000 from HK$505,137,000, reflecting a growth of 20.8%[127] - Current liabilities rose to HK$375,110,000, up from HK$260,715,000, indicating a 43.7% increase[127] - The Group's total trade payables rose to HK$131,620,000 as of September 30, 2025, from HK$76,820,000 as of March 31, 2025[178] - Retention payables increased to HK$81,072,000 as of September 30, 2025, compared to HK$71,713,000 as of March 31, 2025[178] Cash Flow and Financing - The company reported a decrease in cash generated from operations, which fell to HK$83,439 from HK$86,947 year-over-year[133] - Net cash from operating activities for the six months ended September 30, 2025, was HK$83,175, a decrease of 0.7% from HK$86,787 in 2024[133] - New bank borrowings raised amounted to HK$13,000, significantly higher than HK$5,000 in the previous year[134] - The Group fully drew a banking facility of HK$3,000,000 during the interim period, which was used to finance the acquisition of land and buildings[182] Management and Governance - The board of directors consists of seven members, including three executive directors, one non-executive director, and three independent non-executive directors[75] - Mr. KY Tsang ceased to be a member of the nomination committee, and Ms. Chan Lok Man was appointed as a member effective June 27, 2025[112] - The condensed consolidated financial statements for the six months ended September 30, 2025, were reviewed by the audit committee of the Board[113] - Deloitte Touche Tohmatsu conducted the review of the condensed consolidated financial statements[125] Related Party Transactions - Significant related party transactions were disclosed in note 15 of the condensed consolidated financial statements, but none constituted connected transactions[104] - No connected transactions were entered into by the Group during the six months ended September 30, 2025[103] Employee Information - Key management personnel compensation for the six months ended September 30, 2025, totaled HK$2,599,000, an increase from HK$2,494,000 in the same period of 2024[192] - Employee benefit expenses (excluding directors' remuneration) for the six months ended September 30, 2025, were HK$42,131,000, down from HK$45,485,000 in 2024, a decrease of 7.3%[158]

Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 29,010,000, a decrease of 22.4% compared to HKD 37,412,000 in the same period of 2024[3] - Gross profit increased to HKD 9,263,000, up 2.0% from HKD 9,079,000 year-on-year[3] - The net loss for the period was HKD 2,469,000, an improvement of 42.5% compared to a net loss of HKD 4,302,000 in the previous year[4] - Basic and diluted loss per share improved to HKD 0.15 from HKD 0.27 year-on-year[3] - Total revenue for the six months ended September 30, 2025, was HKD 29,010,000, a decrease of 22.4% compared to HKD 37,412,000 for the same period in 2024[22] - The company's loss attributable to owners for the six months ended September 30, 2025, was HKD 2,469,000, compared to a loss of HKD 4,302,000 in the same period of 2024, representing a 42.6% improvement[29] - Basic loss per share for the six months ended September 30, 2025, was HKD 0.15, compared to HKD 0.27 for the same period in 2024, indicating a reduction in losses[29] - Net loss for the period was approximately HKD 2,500,000, reduced from HKD 4,300,000 in the same period last year[55] Assets and Liabilities - Total assets decreased to HKD 70,946,000 from HKD 73,519,000 as of March 31, 2025[5] - Cash and cash equivalents decreased to HKD 13,744,000 from HKD 19,947,000[5] - The company reported a decrease in trade receivables to HKD 8,814,000 from HKD 6,343,000[5] - Total liabilities as of September 30, 2025, amounted to HKD 32,894,000, an increase from HKD 32,395,000 as of March 31, 2025[21] - Non-current assets in China decreased to HKD 18,886,000 as of September 30, 2025, from HKD 20,600,000 as of March 31, 2025[22] - Trade payables amounted to HKD 7.03 million as of September 30, 2025, compared to HKD 7.39 million as of March 31, 2025, indicating a decrease of approximately 4.8%[40] Cash Flow - Operating cash flow for the period was a net outflow of HKD 171,000, compared to an inflow of HKD 9,379,000 in the previous year[8] - The cash and cash equivalents at the end of the reporting period decreased to HKD 13,744,000 from HKD 46,480,000 at the beginning of the period, representing a decline of 70.5%[9] - The net cash used in investing activities was HKD 5,150,000, compared to HKD 31,000 in the prior period, indicating a significant increase in investment outflows[9] - The net cash used in financing activities was HKD 950,000, an increase from HKD 416,000 in the previous period, reflecting higher financing costs[9] Revenue Breakdown - Revenue from the manufacturing and trading of printed and packaging products was HKD 20,486,000, down 17.8% from HKD 24,930,000 in the previous year[16] - Revenue from the circuit board business was approximately HKD 8,500,000, down 32.0% from HKD 12,500,000 in the previous year[52] - Revenue from the printing business was approximately HKD 20,500,000, a decrease of 17.7% from HKD 24,900,000 in the same period last year[52] Investments and Acquisitions - The company’s investment activities included an investment of HKD 5,476,000 in an associate, indicating a strategic focus on expanding its investment portfolio[9] - Noricap Fund agreed to acquire Full Smart Inc Limited for approximately $3.7 million, representing about HKD 28.74 million, with a 1.72% equity interest in the target company[34] - The group completed the acquisition of approximately 15.12% equity interest in Beijing Weihang Yining Health Management Group Co., Ltd. for RMB 28.5 million, equivalent to about HKD 30.5 million[36] - The goodwill recognized in the investment in the associate is approximately RMB 3.7 million, equivalent to about HKD 4.06 million[36] - The company provided a loan of approximately HKD 19,800,000 to Noricap Fund for investment purposes[53] Operational Performance - The company identified major customers contributing to 10% or more of total revenue, with significant reliance on key clients for revenue generation[20] - The company’s operational segments include manufacturing and trading of printed and packaging products, which are critical to its revenue generation strategy[15] - The demand for the circuit board business segment is expected to remain under pressure due to geopolitical tensions and inflationary pressures[72] - The printing business segment has seen a rebound in sales compared to Q1 2025, but demand remains under pressure due to macroeconomic uncertainties[73] - The group continues to implement cost control measures and expand its customer base in response to market challenges[72][73] Compliance and Governance - The company has adopted new and revised Hong Kong Financial Reporting Standards, which did not have a significant impact on the financial statements for the current and prior periods[13] - The company did not declare any interim dividend for the six months ended September 30, 2025, consistent with the previous year[28] - The board does not recommend declaring an interim dividend for the period[69] - All directors confirmed compliance with the standard code of conduct for securities trading during the reporting period[87] Shareholder Information - Major shareholders include Spring Global Enterprises Limited with 17.36% and Wu Wencan with 26.10% of the issued share capital[84] - Spring Global Enterprises Limited is wholly owned by Wu Wencan, who holds a total of 420,988,000 shares, representing approximately 26.0% of the company's issued shares as of September 30, 2025[90] - The total number of issued shares for the company is 1,613,287,570 as of September 30, 2025[90]

高鑫零售有限公司 （於香港註冊成立的有限公司） 股份代號：6808 最受顧客喜愛、信賴，員工引以為榮的零售商 成為三公里全客群首選的「菜籃子」，滿足家庭與年輕客群需求 中期報告 2025 目錄 | 公司資料 | 2 | | --- | --- | | 中期業績摘要 | 3 | | 管理層討論與分析 | 4 | | 企業管治及其他資料 | 17 | | 審閱報告 | 40 | | 簡明綜合損益及其他全面收益表 | 42 | | 簡明綜合財務狀況表 | 43 | | 簡明綜合權益變動表 | 45 | | 簡明綜合現金流量表 | 47 | | 簡明綜合財務資料附註 | 50 | 1 高鑫零售有限公司 二零二五年中期報告 公司資料 董事 執行董事 李衛平 （首席執行官）（於二零二五年十二月一日 獲委任） 沈輝 （首席執行官）（於二零二五年十二月一日辭任） 非執行董事 華裕能 （主席） 王冠男 梅夢雪 獨立非執行董事 張挹芬 陳尚偉 葉禮德 審核委員會 香港銅鑼灣 希慎道33號 利園一期 19樓1928室 陳尚偉 （主席） 張挹芬 葉禮德 梅夢雪 薪酬委員會 張挹芬 （主席） 葉禮德 陳尚偉 華裕能 提名委員會 葉禮德 ...

香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM的定位，乃為相比起其他在聯交所上市的公司帶有較高投資風險的公司提供一個 上市的市場。有意投資者應了解投資於該等公司的潛在風險，並應經過審慎周詳的考慮 後方作出投資決定。GEM的較高風險及其他特色表示GEM較適合專業及其他資深投資 者。 由於GEM上市公司新興的性質使然，在GEM買賣的證券可能會較於聯交所主板買賣的 證券承受較大的市場波動風險，同時無法保證在GEM買賣的證券會有高流通量的市場。 香港交易及結算所有限公司及聯交所對本報告之內容概不負責，對其準確性或完整性亦 無發表聲明，並明確表示概不會就本報告全部或任何部份內容而產生或因依賴該等內容 而引致的任何損失承擔任何責任。 本報告乃遵照聯交所GEM證券上市規則（「GEM上市規則」）之規定提供有關駿東（控股）有 限公司（「本公司」）之資料。本公司董事（「董事」）願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，就彼等所深知及確信，本報告所載資料在各 重要方面均屬準確完備，並無誤導或欺詐成分，且並無遺漏其他事項，足以令本報告所 載任何陳述或本報告產生誤導。 1 二零二五年中期報告 ...

Financial Performance - The company's revenue decreased from approximately MOP 105.8 million for the year ended December 31, 2023, to about MOP 8.8 million for the year ended December 31, 2024, representing a decline of approximately 91.7%[11]. - The significant revenue drop was primarily due to a reduction in the number of large projects compared to the previous year[12]. - The company recorded a net loss of approximately MOP 48.9 million for the year ending December 31, 2024, compared to a loss of MOP 27.8 million for the year ending December 31, 2023[24]. - The total revenue for the year ending December 31, 2024, was approximately MOP 8.8 million, a decrease of about 91.7% from MOP 105.8 million for the year ending December 31, 2023[24]. - The gross loss for the year ending December 31, 2024, was approximately MOP 4.8 million, with a gross loss margin of about 54%, compared to a gross loss of MOP 5.3 million and a margin of 5% for the previous year[27]. - The company reported a net loss of approximately 48.9 million Macanese Patacas for the year ending December 31, 2024, an increase of about 21.1 million Macanese Patacas compared to a loss of approximately 27.8 million Macanese Patacas for the year ending December 31, 2023[35]. - The total bank borrowings and overdrafts amounted to approximately 57.6 million Macanese Patacas as of December 31, 2024, down from approximately 62.7 million Macanese Patacas as of December 31, 2023[37]. - The debt-to-equity ratio was approximately -90.0% as of December 31, 2024, an improvement from approximately -394.6% as of December 31, 2023[38]. - The company has not made timely payments on certain bank borrowings, triggering cross-default on other loans, requiring immediate repayment[103]. - The group recorded a net loss of approximately MOP 48,923,000 for the year ending December 31, 2024[103]. Strategic Initiatives - The company is actively exploring and initiating new projects in Hong Kong as part of its strategy to diversify its business and tap into new market opportunities[12]. - The management believes that expanding geographic focus and project portfolio will help mitigate the impact of recent challenges and improve overall financial health[12]. - The company aims to restore financial stability and prepare for sustainable growth by seizing emerging opportunities to drive revenue and profitability[12]. - The company is actively seeking to diversify its business portfolio and has signed a non-binding memorandum of understanding with a partner in China to explore new market opportunities[16]. - The company aims to generate sufficient operating cash flow to reduce debt and support financial needs by expanding its business into China and diversifying into anti-counterfeiting technology[19]. - The company plans to change its name to "Zhongke Weidian (Group) Limited" to improve its corporate image and future growth prospects, pending shareholder and regulatory approval[23]. Corporate Governance - The company is committed to maintaining high standards of corporate governance, having adopted the Corporate Governance Code as per the listing rules, although it deviated from certain provisions during the reporting period[61]. - Following the resignation of certain directors, the company failed to meet the requirement of having at least three independent non-executive directors on its board[63]. - The board of directors consists of experienced individuals with a balanced composition, ensuring effective governance and strategic planning[67]. - The board believes that the participation of independent non-executive directors provides independent judgment on strategy and performance, safeguarding shareholder interests[67]. - The company has established a remuneration committee to review and recommend compensation policies for directors and senior management[92]. - The audit committee consists of five independent non-executive directors, including the chairman, who reviewed the financial reporting matters and internal controls[88]. - The board has established three committees: the audit committee, the remuneration committee, and the nomination committee, with defined terms of reference[87]. - The company has confirmed compliance with the standard code of conduct for securities trading by all directors for the year ending December 31, 2024[64]. Human Resources - The total employee cost for the year ending December 31, 2024, was approximately 14.5 million Macanese Patacas, a decrease from approximately 27.3 million Macanese Patacas for the year ending December 31, 2023, primarily due to a reduction in the number of employees[54]. - The total number of employees as of December 31, 2024, was 20, with 13 males and 7 females[169]. - The employee turnover rate for males was 60% in Macau, 55% in Hong Kong, and 30% in China, while for females it was 40%, 45%, and 70% respectively[169]. - The group maintains a training policy that is inclusive, with 71% of female employees and 80% of male employees receiving training in 2024[176]. - The group has not encountered any work-related accidents or diseases resulting in lost workdays reported for the year ending December 31, 2024[174]. Environmental, Social, and Governance (ESG) Practices - The group emphasizes sustainable operations and has implemented environmental policies to manage the impact of its construction activities[126]. - The group has developed effective internal control systems for managing ESG issues, ensuring compliance with ESG reporting guidelines[133]. - The group has a zero-tolerance policy towards corruption, bribery, and extortion, committing to high ethical standards in its operations[134]. - The total greenhouse gas emissions for the year ending December 31, 2024, were approximately 11.66 tons, with a per-employee emission of 0.26 tons, representing a reduction of 24.15 tons per employee compared to the previous year[149]. - The company has established policies to manage paper, toner cartridge, gasoline, electricity, and water consumption in compliance with environmental regulations[144]. - The group has implemented preventive measures to monitor and reduce water consumption at construction sites[159]. - The group has not identified any significant non-compliance issues that could impact the environment during the reporting year[154]. - The group has policies in place to prevent child labor and forced labor within its operations[188]. - The group actively encourages employee participation in community service, enhancing corporate value and social awareness[184]. Financial Management - The company has adopted a prudent treasury management policy to ensure sufficient liquidity for operational needs and to maintain reasonable financing costs[39]. - The company has arranged appropriate insurance to protect directors and senior management against legal actions related to company affairs[72]. - The board has taken measures to improve the group's liquidity and financial condition, including negotiations for loan extensions and collection of receivables[104]. - The company will continue to take proactive measures to resolve its liquidity issues and will announce any significant developments as required by listing rules[109]. - The group aims to expand its business into China and diversify into anti-counterfeiting technology to generate sufficient operating cash flow to reduce debt[106].

（於開曼群島註冊成立的有限公司） 股份代號 :8136 2025/26 中期報告 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM乃為較其他於聯交所上市的中小型公司帶有較高投資風險的公司提供一個上市的 市場。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 的證券承受較高的市場波動風險，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，並明確表示概不對因本報告全部或任何部份內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 本報告乃遵照香港聯合交易所有限公司GEM證券上市規則（「GEM上市規則」）的規定 提供有關英馬斯集團控股有限公司（「本公司」，連同其附屬公司統稱「本集團」或「我 們」）的資料，本公司各董事（「董事」）願就本報告共同及個別承擔全部責任。董事經作 出一切合理查詢後確認，就彼等所深知及確信，本報告所載資料於各重大方面均屬準確 及完整，並無誤導或欺詐成分，且並無遺漏任何其他事 ...