Core Viewpoint - China State Construction (中建富通) reported a significant decline in revenue and an increase in net loss for the first half of 2025, primarily due to the sale of an unprofitable multimedia business and a weak global collectibles market [1] Financial Performance - Revenue for the first half of 2025 was approximately HKD 258 million, representing a year-on-year decrease of 19.4% [1] - The net loss amounted to approximately HKD 210 million, which is a year-on-year increase of 26.5% [1] - Earnings per share reflected a loss of HKD 0.132 [1] Reasons for Performance - The decline in revenue was attributed to the sale of the unprofitable multimedia business in June 2024 [1] - The ongoing weakness in the global collectibles market also contributed to the revenue drop [1] - The increase in net loss was primarily due to an impairment loss of approximately HKD 99.4 million related to assets classified as held for sale [1]

Core Insights - China State Construction International Holdings Limited (中建富通) reported a mid-year performance for 2025, showing a revenue of approximately HKD 258 million, a year-on-year decrease of 19.4% [1] - The company experienced a net loss of around HKD 210 million, which represents a year-on-year increase of 26.5% [1] - The loss per share was reported at HKD 0.132 [1] Revenue Analysis - The decline in revenue is attributed to the sale of an unprofitable multimedia business in June 2024 and the ongoing weakness in the global luxury collectibles market [1] Loss Breakdown - The net loss was significantly impacted by an impairment loss of approximately HKD 99.4 million related to assets classified as held for sale [1]