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Contents目錄 CorporateInformation2ManagementDiscussionandAnalysis3CorporateGovernanceandOtherInformation18CondensedConsolidatedStatementofProfitorLoss28CondensedConsolidatedStatementofProfitorLossandOtherComprehensiveIncome29CondensedConsolidatedStatementofFinancialPosition30CondensedConsolidatedStatementofChangesinEquity32CondensedConsolidatedStatementofCashFlows33NotestotheCondensedFinancialStatements34InformationforInvestors52 CorporateInformation公司資料 執行董事 EXECUTIVEDIRECTORS Mr.LinDailian(Chairman)Ms.Wu JingjingMr.LiuZhiweiMs.BianSulan 獨立非執行董事 INDEPENDENTNON-EXECUTIVEDIRECTORS Mr.WuChiKingMr.LiHuiwuMs.ZhangXiulin 公司秘書 COMPANYSECRETARYMs.TamMeiChu 註冊辦事處 REGISTEREDOFFICE Windward3,RegattaOfficePark,POBox1350,GrandCayman,KY1-1108,CaymanIslands Windward3,RegattaOfficePark,POBox1350,GrandCayman,KY1-1108,CaymanIslands 香港辦事處 HONGKONGOFFICE 33195 Flat5,19/F,Tower3,ChinaHongKongCity,33CantonRoad,TsimShaTsui,Kowloon,HongKong 內地辦事處 MAINLANDOFFICE No.15NorthGuangcongCommercialStreetFirstIndustrialZoneZhuliaoTown,BaiyunDistrictGuangzhouGuangdongProvincePRC 15 主要往來銀行 PRINCIPALBANKERS StandardCharteredBank(HongKong)LimitedTheHongkongandShanghaiBankingCorporationLimitedNanyangCommercialBankLimited ManagementDiscussionandAnalysis管理層討論及分析 業務回顧 BUSINESSOVERVIEW 264,700,000188,200,000 During the six months ended 30 June 2025 (the“Period”), the global economicenvironment is facing complex and multiple uncertainties. In addition, China’seconomic transformation has slowed down than expected, with the property crisis,local debt problems and lack of consumer confidence weighing on China’seconomic growth. As a result, the revenue from continuing operations of theGroup slightly decreased from approximately HK$264.7 million for the six monthsended 30 June 2024 to approximately HK$188.2 million for the six months ended30 June 2025. 63,400,000 At the same time, Russia-Ukraine war and the situation in the Middle East has beenaffected the European market in the past few years. During the Period, the revenueof EMS segment was decreased by approximately HK$63.4 million was mainly dueto the decrease in the business of European and the US market. The decrease ofthe revenue from the US market was mainly due to the uncertainties of the US-China trade war during the Period. 20302060 In terms of the new energy economy, the government regards energy storage as akey supporting technology to achieve the“dual carbon”goals (carbon peak before2030 and carbon neutrality before 2060) and build a new power system. Driven bythe policies of the government, the Group has changed its name to China EnergyStorage Technology Development Co., Ltd. in 2023 and commenced the energystorage business in 2023. 331,300,000312,100,000 As at 30 June 2025, the Group had bank and cash balances from continuingoperations totaling approximately HK$331.3 million (as at 31 December 2024:HK$312.1 million) with efforts made to maintain a healthy financial position. 營運回顧 ReviewofOperations TheEMSandDistributionofCommunicationProducts 2 5 . 6 %184,000,000247,400,000 TherevenuefromEMSbusinessdecreasedby25.6%toHK$184.0million(2024:HK$247.4million). In EMS segment, there are two main groups of products, namely communicationand non-communications products whereas non-communication products mainlyincluded appliances and appliances control products and multimedia products. The decrease in the revenue of EMS segment is considered to be the impact of themarket turmoil triggered by the US tariff. During 2024, the Distribution segment was discontinued due to continuingdecreasing demand of the business line telephone system product in NorthAmerica. The common practice of work from home or choosing hybrid work modelor online meeting via internet become more popular which lessen the use ofcommunication product in office. Thus, we plan to close down the subsidiary inthe Distribution Segment during the year. ManagementDiscussionandAnalysis管理層討論及分析 RESESP RealEstateSupplyChainServices and Energy Storage Products (the“RES”and“ESP”) 11.2%4,300,0004,800,000 TherevenueofRealEstateSupplyChainServicesbusinessdecreasedby11.2%toHK$4.3million(2024:HK$4.8million). TherevenueofRealEstateSupplyChainServicesbusinesswas remained relativelystable during the period ended 30 June 2025. SecuritiesandOtherAssetsInvestmentandOthers 12,200,000 TheSecuritiesandOtherAssetsInvestmentandOthersbusinesscontributedsegmentrevenueofapproximatelyHK$nil(2024:HK$12.2million)forthesixmonthsended30June2025. MoneyLendingBusiness —BeSmart Finance Limited163(i)(ii)(iii)(iv) ThemoneylendingoperationsoftheGrouparemanagedthroughourwholly-ownedsubsidiary—BeSmartFinanceLimitedwithmoneylenderslicensesissuedundertheMoneyLendersOrdnance(Chapter163oftheLawsofHongKong).TheGroup’smoneylendingbusinessisbroadlyclassifiedintofourloancategories,including:(i)propertymortgageloans;(ii)othersecuredloans;(iii)guaranteedloans;and(iv)unsecuredloans.Duringthesixmonthsended30June2025 and2024,theGroup’s