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 —第二部分 渣打集團有限公司 －二〇二五年上半年業績 －第二部分 目錄 | 風險回顧 | 02 | | --- | --- | | 資本回顧 | 50 | | 董事責任聲明 | 56 | | 致渣打集團有限公司的獨立審閱報告 | 57 | | 財務報表 | 59 | | 財務報表附註 | 65 | | 其他補充資料 | 108 | | 股東資料 | 118 | | 重要通知 | 120 | | 詞彙 | 122 | 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料未經審閱。 除文義另有所指 ...

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 ...

ANNUAL REPORT 2025 年報 ANNUA L REPO RT 2025 年 報 CONTENTS 目錄 | Corporate Information | 公司資料 | 2 | | --- | --- | --- | | Chairman's Statement | 主席報告 | 4 | | Directors' and Senior Management's Profile | 董事及高層管理人員之簡介 | 12 | | Corporate Governance Report | 企業管治報告 | 17 | | Report of the Directors | 董事會報告 | 30 | | Independent Auditor's Report | 獨立核數師報告 | 56 | | Consolidated Income Statement | 綜合收益表 | 69 | | Consolidated Statement of Comprehensive Income | 綜合全面收益表 | 70 | | Consolidated Balance Sheet | 綜合資產負債表 | 71 | ...

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 | | --- | --- | ...