雅仕维2025 中期业绩报告

成為享譽世界的華資戶外廣告傳媒集團 為客戶提供最佳的戶外廣告方案，以贏取最高廣告效益與投資回報率To provide optimal Out-Of-Home (OOH) advertising solutions withhighest Return-On-Investment (ROI) and effectiveness積極推動行業發展，提高行業專業認可To promote professional excellence in outdoor advertising media培養和諧、高效、優秀的團隊To nurture our workforce into a harmonious, efficient and effective team履行社會責任，關愛社會群體To be a community conscious enterprise 誠信 : 對人秉承誠實和信譽Integrity: Being honest and truthful towards people卓越 : 對事應盡善盡美，不斷超越Excellence: Continuous improvement and the pursuit of excellence仁愛 : 對社會持以仁愛之心，回饋弱勢社群Benevolence: Taking social responsibilities and caring for the community 目錄CONTENTS Corporate Information2Management Discussion and Analysis4Condensed Consolidated Balance Sheet14Condensed Consolidated Statement of Comprehensive Income16Condensed Consolidated Statement of Changes in Equity18Condensed Consolidated Statement of Cash Flows20Notes to the Condensed Consolidated Interim Financial Information21Other Information56 公司資料 管理層討論及分析簡明合併資產負債表簡明合併綜合收益表簡明合併權益變動表簡明合併現金流量表簡明合併中期財務資料附註其他資料 公司資料CORPORATE INFORMATION BOARD OF DIRECTORS 董事會 執行董事 Executive Directors Lam Tak Hing, VincentJP(Chairman and Chief Executive Officer)Kwan Tat Cheong Independent Non-executive Directors Ma Andrew Chiu CheungMa Ho FaiGBS JPMak Ka Ling COMPANY SECRETARY Ip Pui Sum AUTHORISED REPRESENTATIVES Lam Tak Hing, VincentJPIp Pui Sum 審計委員會 AUDIT COMMITTEE Ma Andrew Chiu Cheung (Chairman)Ma Ho FaiGBS JPMak Ka Ling 提名委員會 NOMINATION COMMITTEE Lam Tak Hing, VincentJP(Chairman)Ma Ho FaiGBS JPMak Ka Ling REMUNERATION COMMITTEE 薪酬委員會 Ma Ho FaiGBS JP(Chairman)Lam Tak Hing, VincentJPMa Andrew Chiu CheungMak Ka Ling 公司資料CORPORATE INFORMATION 核數師 AUDITOR PricewaterhouseCoopersCertified Public Accountants andRegistered Public Interest Entity Auditor 法律顧問 LEGAL ADVISER Mason Ching & Associates2403, 24/F., World-Wide House19 Des Voeux Road CentralHong Kong 19242403 主要往來銀行 PRINCIPAL BANKERS The Bank of East Asia, LimitedThe Hongkong and Shanghai Banking Corporation LimitedUnited Overseas Bank LimitedStandard Chartered Bank (Hong Kong) LimitedBank of Dongguan Co. Ltd. 註冊辦事處 REGISTERED OFFICE Maples Corporate Services LimitedP.O. Box 309, Ugland HouseGrand Cayman, KY1-1104Cayman Islands Maples Corporate Services LimitedP.O. Box 309, Ugland HouseGrand Cayman, KY1-1104Cayman Islands PRINCIPAL PLACE OF BUSINESS IN HONG KONG 香港主要營業地點 16 16/F.,Kornhill Plaza – Office Tower1 Kornhill RoadQuarry Bay, Hong Kong 香港證券登記處 HONG KONG SHARE REGISTRAR 183171712–1716 Computershare Hong Kong Investor Services LimitedShops 1712–1716, 17/F.Hopewell Centre183 Queen’s Road EastWanchai, Hong Kong WEBSITE 網站 http://www.asiaray.com http://www.asiaray.com STOCK CODE 股份代號 1993 1993 管理層討論及分析MANAGEMENT DISCUSSION AND ANALYSIS 業務回顧 BUSINESS REVIEW 202520258 Despite the global uncertainties fueled by escalatingtrade tensions and geopolitical conflicts, the economieso f M a i n l a n d C h i n a a n d H o n g K o n g a c h i e v e d s t e a d yrecovery in the first half of 2025. Seizing the opportunitypresented by the modest rebound in domestic demand,Asiaray Media Group Limited (the “Company”, togetherwith its subsidiaries, the “Group”) continued to advanceits comprehensive strategy to optimize its media networkand enhance operational efficiency. This strategy includedthe selective divestment of unprofitable resources, thecontinuous optimization of current assets, and the strategicre-acquisition of media resources with growth potential onmore favorable terms. Furthermore, the Group has been alsosecuring new projects with promising futures, as illustratedby the exclusive concession rights for the media resourcesat Hong Kong Eastern Harbour Crossing granted in August2025. 2025630422.02024630581.0115.227.3%2024630164.928.4%201.52024630320.114.67.6 The strategy drove financial improvement for the six monthsended 30 June 2025 (the “Period”). Despite the declinein media resources levels and the delayed contributionfrom regained assets, the Group recorded revenue ofRMB422.0 million for the Period (six months ended 30 June2024: RMB581.0 million), leveraging its unique expertisein space management and immersive scenarios to createinnovative, value-driven advertising solutions. Notably, theexit of non-profitable media resources is near completion,paving the way for stabilized revenue moving forward. TheGroup recorded gross profit of RMB115.2 million, with thegross profit margin remaining relatively stable at 27.3% (sixmonths ended 30 June 2024: RMB164.9 million and 28.4%).EBITDA amounted to RMB201.5 million (six months ended30 June 2024: RMB320.1 million). The Group achieved aturnaround in profit for the Period, with profit of RMB14.6million for the Period compared with a loss of RMB7.6 millionfor the corresponding period of last year. As of 30 June 2025, the Group was in a healthy financialposition with cash and cash equivalents (including restrictedcash) amounting to RMB200.2 million (31