激成投资二零二五年中期报告

– –– – 108 – 1617 – 168-2002902 www.keckseng.com.hk 11,018,0000.03287,330,0000.257 0.030.05 772,600,0004.5% 118,300,000250,400,000156,200,000 11,000,00087,300,000 2.8%90%1,92014.9%1.9% 42,800,00045,500,000 96%85%94% 31,900,00041,000,000 70.61% 719,200,000758,400,00010,500,00020,500,000148,600,000156,200,000 5.3% 41.26% 10,000,0006%9,500,0004,600,00011%4,100,000 44.3%45.1%47.2%378.8401.6 7.52%1,07021%26% TripAdvisor 64.12% 67.3%78.1%85.5%190.3177.7 24.99% 73.5%72.7%164.2152.0 2.5% 202547053.5% 100% 85.3%81.8%14,30811,137 0.5%3.0%1.25%3%4.1%4.2% WTripAdvisor W100% 66.7%61.7%385.3362.9 100% 47.6%80.9%88.6%378.1337.1 0.5%0.1%25%35%6.7%6.9% 25% 68.4%71.1%182.9184.5 16,100,00029,400,00018,100,00028,100,0005,600,000 4,000,0001,400,000 1,335,500,0001,523,700,00085,000,00085,000,00033.5%33.0% 2,238,400,0002,120,700,000 8,252,0008,252,000 13.36 1,788 2025221 i)3.5 Hunter Roberts Hunter Roberts ii)3.5 C1 C.2.1 C.2.1 C3 1617 13.51B(1) 352XV (1)(2)Kansas Holdings Limited101,437,36096,646,960KS Ocean Inc.(3)180,000United Asia Enterprises Inc720,000(4)29,776,951(91.60%Kansas Holdings Limited2,633,8238.10%(5)75,01075.01%Kansas Holdings Limited8,0428.04%(6)8,965,00055.00%Kansas Holdings Limited4,198,88025.76%(7)AKAA Project Management International Limited(8)49,430,00070.61%7,245,00010.35%(9)1999,00099.9%11,0000.10%(10)3,50135.01%Kansas Holdings Limited8048.04%(11)(12)7,926,250(25.00%Kansas Holdings Limited7,926,24925.00%15,852,50150.00%(13)6,000,000(25.00%Kansas HoldingsLimited6,000,00025.00%12,000,00050.00%(14)7,650,00085.00%KSC Enterprises Ltd.1,350,00015.00% 352 336 KS Ocean Inc.12Pad Inc.1Lapford Limited1Kansas Holdings Limited1Kansas Holdings Limited21 (1)KS Ocean Inc.Pad Inc.Lapford LimitedKansas Holdings Limited96,646,960(2)KS Ocean Inc.Kansas Holdings Limited101,437,360 336 20483434 2410 34 108 – – – 1 34 2 34 241019 622436 662(3)63 406(2)407(2)(3) 2 21– 3 (i)(ii)(iii) 3 (a) (b) 5 6 (a)(b)(c)20%20%(d)25%25% 6 (e)21%21%10.62%10.69%30%30%(f)(Tokumei-Kumiai)21.36%21.36%(g)12%12%8%8%(h)26.5%26.5%5% 7 11,018,00087,330,000340,200,000 8 (a) 31,900,00041,000,000 (b)158,963,00019,338,000 (i)A2I Holdings S.A.R.L.8.10%8.10%A2I Holdings S.A.R.L.Essendi S.A.Accorlnvest Group S.A.6.52%6.52% 10 030 12 6,794,00010,046,000 12 (b) (i)64,366,00064,366,000 (ii)2,174,058,0002,056,344,000 1,215,415,0001,281,287,0001,130,415,0001,196,287,000 (c)6,794,00010,046,000 14 36,197,00034,890,00067,869,00077,397,00067,869,00034,890,00013,283,000 (c) 9FVOCI 16 Chateau Ottawa Hotel Inc.(Sheraton Ottawa Hotel)43,200,000246,685,000 156,237,000 17 (a) (i)13 (ii) 13 (iii) 17 (b) 19 Kansas Holdings LimitedKansasKSC Enterprises LimitedKSC 28%Kansas30%KSCKansasKansasKSCKansas 19 (i) (ii) (iii)8,585,0009,805,0002,822,0002,720,000607,000592,000 35,442,00040,476,00011,648,00011,228,000Kansas1,584,0001,543,000Kansas Kansas14Kansas (iv)639,000134,000 –69,00075,000–570,00059,000 14A 20 (a)8,252,0008,252,000(b)(c)