保发集团二零二五年中期报告

Contents Corporate Information3Management Discussion and Analysis6Other Information28Report on Review of Condensed Consolidated Financial Statements39Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income41Condensed Consolidated Statement of Financial Position43Condensed Consolidated Statement of Changes in Equity45Condensed Consolidated Statement of Cash Flows47Notes to the Condensed Consolidated Financial Statements48 Corporate Information Executive Directors Mr. Kan Kin Kwong(Chairman and Chief Executive Officer)Ms. Shek Mei ChunMr. Chung Chi Keung Independent Non-executive Directors Dr. Ng Wang Pun DennisMs. Ng Sin KiuMr. Wong Wai Keung Frederick Audit Committee Mr. Wong Wai Keung Frederick(Chairman)Dr. Ng Wang Pun DennisMs. Ng Sin Kiu Remuneration Committee Ms. Ng Sin Kiu(Chairman)Mr. Chung Chi KeungMr. Wong Wai Keung Frederick Nomination Committee Mr. Kan Kin Kwong(Chairman)Dr. Ng Wang Pun DennisMs. Ng Sin Kiu Risk Management Committee Mr. Kan Kin Kwong(Chairman)Ms. Shek Mei ChunMs. Ng Sin Kiu Corporate Information Company Secretary Ms. Tang Kam Man Auditor 191001–1010 Moore CPA Limited (Registered Public Interest Entity Auditor)1001–1010, North TowerWorld Finance Centre, Harbour City19 Canton Road,Tsim Sha Tsui, KowloonHong Kong Legal Advisers 2206–19 As to Hong Kong LawLoeb & Loeb LLP2206–19 Jardine House1 Connaught PlaceCentralHong Kong As to Cayman Islands LawConyers Dill & Pearman29/F., One Exchange Square8 Connaught PlaceCentralHong Kong Conyers Dill & Pearman829 Principal Banks 1 Bank of China (Hong Kong)No 1 Garden RoadCentralHong Kong 253–261 The Bank of East Asia, LimitedEasey Commercial Building253–261 Hennessy RoadHong Kong Corporate Information Principal Share Registrar and Transfer Office inthe Cayman Islands Conyers Trust Company (Cayman) LimitedCricket Square, Hutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands Conyers Trust Company (Cayman) LimitedCricket Square, Hutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands Hong Kong Branch Share Registrar 338233330104 Union Registrars LimitedSuites 3301-04, 33/F.Two Chinachem Exchange Square338 King’s RoadNorth PointHong Kong Registered Office Cricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands Cricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands Principal Place of Business in Hong Kong andHeadquarters 126 26/F, YHC TowerNo. 1 Sheung Yuet RoadKowloon BayHong Kong Company’s Website www.hkperjew.com.hk www.hkperjew.com.hk Stock Code 3326 3326 Management Discussion and Analysis Business outlook and prospects The principal businesses of the Group are (a) designing,manufacturing and sales of high-end fine jewellery (primarilymounted with diamonds) as well as metal refining and purifyingprocess for jewellery (the “Jewellery Business”); (b) investmentin, and development, and sales of properties for the Group’sintegrated and comprehensive industry park located at 1st RingRoad South Extension Foshan, Guangdong Province, People’sRepublic of China (the “PRC”) (the “Property Business”) asan integrated and comprehensive industry park (the “PerfectGroup Jewellery Industry Park”); and (c) sales of electricitygenerated from the photovoltaic power generation system andprovision of energy storage service (the “Photovoltaic PowerGeneration and Energy Storage Business”). (a)(b)(c) The Jewellery Business During the six months ended 30 June 2025, the JewelleryBusiness continued to be hit by the weakened globalmacroeconomic environment and heightened geopoliticaltensions, declining economic growth expectation, record highgold prices, and the high tariff on exports imposed by theUS administration which weakened the customer sentimentsignificantly. The Group has already downsized its operation inthe PRC as the market showed no sign of significant recoverysince 2024. Despite a highly uncertain and challenging marketenvironment for the Jewellery Business, the Group wascommitted to participate actively in various shows, fairs andexhibitions held in both Hong Kong and overseas. In addition,our sales team was devoted to visiting overseas customersand soliciting more sales orders from existing and potentialcustomers. 20256302024 On the other hand, Guangdong Huijinying Jewellery CompanyLimited* (), an indirect non-whollyowned subsidiary of the Company, is principally engaged inmetal refining and purifying processes through its licensedenvironmental protection centre. Given the metal refining andpurifying processes are part of the jewellery manufacturingprocess and the products and economic characteristics are similarto the Jewellery Business segment, the segment of metal refiningand purifying processes for jewellery has been incorporated intothe Jewellery Business segment. Management Discussion and Analysis Outlook for the Jewellery Business It is expected that the Jewellery Business will continue to beaffected by the