律齐文化二零二五年中期报告

Contents目錄 Management Discussion and Analysis2Condensed Consolidated Statement of Profit or Loss andOther Comprehensive Income11Condensed Consolidated Statement of Financial Position13Condensed Consolidated Statement of Cash Flows15Condensed Consolidated Statement of Changes in Equity17Notes to the Condensed Consolidated Financial Statements19Other Disclosures43Corporate Information51 Management Discussion and Analysis BUSINESS REVIEW The first half of 2025 continued to be shaped by a complexmacroeconomic environment in Hong Kong. While the local economymaintained its gradual post-pandemic recovery, growth momentumremained moderate amid persistent global uncertainties, fluctuatinginterest rates, and ongoing geopolitical tensions. Hong Kong’semployment market stayed broadly stable, but key consumer-facingsectors, such as retail and food and beverage, remained restraineddue to shifts in spending patterns and continued strength of the localcurrency. Despite these challenges, corporate confidence showedsigns of improvement, and digital transformation trends acceleratedacross multiple industries. Against this backdrop, the Groupdemonstrated resilience and agility, focusing on strategic growth in itscore advertising operations and capitalising on emerging opportunitiesin both Hong Kong and Mainland China. Advertising Business 12.6 Beginning in 2024, we expanded our service scope to MainlandChina. The expansion includes integrated advertising packages thatleverage key local channels such as Douyin, providing clients withcomprehensive, large-scale promotion plans. Leveraging our expertise,we help clients effectively engage their target audiences and achievetheir marketing objectives within the fast-evolving digital landscape.Additionally, by capitalising on our shareholder’s network, we haveentered into a continuing business promotion cooperation agreementwith Kingkey Group Holdings Limited (“Kingkey”) to manage andorganise promotional events in designated shopping malls. For furtherdetails, please refer to the announcement dated 15 April 2025 andthe circular dated 11 July 2025 of the Company. As a result of theseinitiatives, we recorded approximately HK$12.6 million in revenuederived from China market during the first half of 2025, marking apromising start of our development in China market. 9.213.8(i)(ii) While we recorded promising growth in Mainland China, revenuefrom Hong Kong declined to approximately HK$9.2 million in1H2025 (1H2024: HK$13.8 million). This decrease was primarilydriven by (i) ongoing uncertainties in the Hong Kong marketenvironment, particularly the shifting consumption patterns locally,and (ii) a strategic shift in management focus and resources towardaccelerating growth in the China market. Management Discussion and Analysis管理層討論與分析 Other Business Segments IP The Group’s activities in medical and health products, e-commerce,and IP development and design services remained largely inactiveduring 1H2025. These segments recorded nil revenue contributions,mainly reflecting the historical issues arising from the former executivedirector’s departure. Management efforts during the period primarilyfocused on reviewing past operations, retrieving past data, andrecovering outstanding investments rather than pursuing new businessdevelopment in these areas. Having said that, the Group successfullydisposed its investment in associate company in May 2025. Theproceeds from this disposal could strengthened the Group’s workingcapital position, providing additional financial flexibility to supportongoing operations and growth initiatives. Despite the ongoing challenges affecting non-core businesses and themacroeconomic volatility, the Group achieved remarkable revenuegrowth by deepening its focus on core advertising activities andaccelerating its strategic expansion into the Mainland China market.This performance demonstrates the Group’s fundamental resilienceand adaptability. The Group will continue to drive operationalexcellence, strengthen its competitive positioning, and pursueopportunities for sustainable growth through digital innovation andgeographical diversification. PROSPECT Looking ahead to the second half of 2025 and beyond, the Groupremains cautiously optimistic about its prospects, grounded in itsstrengthened advertising business foundation and geographicalexpansion across Hong Kong and Mainland China. The broadermacroeconomic landscape continues to pose uncertainties, includingfluctuating global economic conditions and geopolitical issues. Management Discussion and Analysis The Group will continue to expand its footprint in the MainlandChina advertising market, capitalising on the substantial growthopportunities that the region presents. Supported by nationalpolicies of the PRC such as the “14th Five-Year Plan” and the DigitalEconomy Development Plan, which emphasise the accelerateddigital transformation of industries and the growth of new digitalconsumption models, China’s dig