世大控股2025 中期业绩报告

CHARACTERISTICS OF GEM OFTHE STOCK EXCHANGE OF HONGKONG LIMITED (THE “STOCKEXCHANGE”) GEM GEM has been positioned as a market designed toaccommodate small and mid-sized companies towhich a higher investment risk may be attachedthan other companies listed on the Stock Exchange.Prospective investors should be aware of thepotential risks of investing in such companies andshould make the decision to invest only after dueand careful consideration. GEM Given that companies listed on GEM are generallysmall and mid-sized companies, there is a risk thatsecurities traded on GEM may be more susceptibleto high market volatility than securities traded onthe Main Board and no assurance is given that therewill be a liquid market in the securities traded onGEM. GEMGEMGEM Hong Kong Exchanges and Clearing Limited andthe Stock Exchange take no responsibility for thecontents of this report, make no representationas to its accuracy or completeness and expresslydisclaim any liability whatsoever for any losshowsoever arising from or in reliance upon thewhole or any part of the contents of this report. GEM This report, for which the directors of GreatWorld Company Holdings Ltd (the “Company”)c o l l e c t i v e l ya n d i n d i v i d u a l l y a c c e p t f u l lresponsibility, includes particulars given incompliance with the Rules Governing the Listingof Securities on GEM of the Stock Exchange forthe purpose of giving information with regardto the Company. The directors of the Company,having made all reasonable enquiries, confirmthat to the best of their knowledge and belief theinformation contained in this report is accurateand complete in all material respects and notmisleading or deceptive, and there are no othermatters the omission of which would make anystatement herein or this report misleading. HIGHLIGHTS G r e a tW o r l d C o m p a n y H o l d i n g s L t d( t h e“Company”) is a company incorporated in theCayman Islands as an exempted company withlimited liability and its shares are listed on GEMof The Stock Exchange of Hong Kong Limited.The Company and its subsidiaries (the “Group”)are principally engaged in the businesses of (i)intelligent advertising, (ii) agricultural, forestryand consumer products, (iii) supply-chain and (iv)property. For the six months ended 30 September2025, there were no significant changes in thenature of the Group’s principal activities. GEM(i)(ii)(iii)(iv) MANAGEMENT DISCUSSION ANDANALYSIS MARKET OVERVIEW Intelligent Advertising The digital advertising market in China continuedto face considerable headwinds in the first halfof 2025. Soft consumer spending, economicuncertainty and the prolonged real estate slumpcontinued to suppress marketing budgets,particularly among property-related advertisers.While AI-driven precise marketing and big-dataapplications remain the dominant trend, overallindustry growth stayed muted and uneven. Agricultural, Forestry and Consumer ProductsBusiness Chinese agricultural producers continued to facestructural difficulties in the first half of 2025.Arable land constraints, soil degradation, labourshortages and more frequent extreme weatherevents continued to restrict output growth andthreaten food-security objectives. Governmentinitiatives to enhance agricultural modernisationand food security remain firmly in place, butimplementation challenges persist, especially forsmaller producers. Supply-chain Business Global supply chains in 2025 remained disruptedby the ongoing Red Sea crisis, geopoliticaltensions,Panama Canal restrictions andfluctuating commodity prices. Property Business China’s real estate market remained sluggishfrom April to September 2025, with several keyindicators showing negative growth, includingthe investment in real estate development,new housing construction area and sales area.Although the sales volume of new housing insome first-tier cities rebounded slightly month-on-month in September, overall market confidenceremained weak, and sales volume and pricescontinued to decline, indicating that the marketwas in a period of sustained adjustment and arecovery would take longer. BUSINESS REVIEW Intelligent Advertising Shenzhen Zhixunpai Information TechnologyCompany Ltd. continued to encounter significantchallenges from the prolonged contraction in realestate advertising expenditure. Many property-related clients either sharply reduced budgetsor ceased operations altogether. The Groupcontinued to pivot its proprietary Big Data andAI technology platforms toward new verticalsincluding short-video platforms, social-mediae-commerce, cross-border digital marketing andAI-supported investment decision tools. For the six months ended 30 September2025, revenue generated from the provisionof intelligent advertising services amounted toapproximately HK$14,818,000. 14,818,000 Agricultural, Forestry and Consumer ProductsBusiness Demand for the Group’s agricultural and forestryproducts remained very weak during the period.The Group is c