环联连讯二零二五年中期报告

545666787980828385 Cricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands Conyers Trust Company (Cayman) LimitedCricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands www.pangaea.com.hk 1617 1819902–6 01473 HPC20%AIoT31.7%Gartner(BC)7%BloombergWiFi85G HPC800G1.6THPCBCPCBWiFi8— AI— Mile Green CoLimitedHPCAIoT(RWA) 99.4%99.6% 1,016.71,048.5(AI) 9.9%9.6% 3.03.50.50.40.20.10.2 22.120.71.46.7%0.90.6 56.048.27.816.1%(i)2.2(ii)3.4(iii)1.5(iv)1.2 10.715.210.515.0262.6181.4 2.82.4 15.414.6(a)(b)(c)(d)(e)(f)(g) 75.664.1181.4296.5 191.9180.4181.4296.510.5116.1 100%47.6%-3.7%10.540.448.48.1 0.50.2 (i)116.3116.2(ii)19.519.2(iii)37.697.3(iv)1,189.71,563.7 5% 0.180199,000,0000.01199,000,0001,990,0000.217 35.835.30.17785.0%30.0AI15.0%AI5.330.0 131122 88.1 40.45G (a) XV352C3 1.650,000,000Generous Horizon LimitedGenerous Team Limited22,000,000Generous Horizon LimitedXVGenerous Horizon Limited 2. XV352 (b) XV23336 2.Lam Esther W.XV 3.Mile Green Co LimitedMass Gravity LimitedMass Gravity LimitedNam Holdings Limited50%NamHoldings LimitedMile Green Co LimitedMass Gravity Limited90%10% XV23336 100,000,00010%10%30% 121% 120.1%5 21(10)1.00 (i)(ii) 0.6078,464,0000.0178,464,00017,700,00038,464,00030%30%40%40,000,000612182425%25%25%25% 28,568,00020,631,112100,000,0008.53% 1.2.343.I30%30%40%4.II612182425%25%25%25%5.6.7. 23,875,00022.1 (%)2.20(%)77.93–78.04(%)77.93–78.04(%)1.29–1.389.94–100.6 79,368,88871,432,00079,368,888794,00042,066,000 79,368,8886.77% 22,000,000 C1C.2.1 C.2.1 231813.51B(1) 1 Conyers Trust Company (Cayman) LimitedCricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman, KY1-1111, CaymanIslands1819902–906 Generous Horizon LimitedGenerous Team Limited 2.1 34D22.2 2.2 21 3 (a) 3 (b) 10% 4 4 6 7 — 8 —1.0 9 a. 15,448,00014,583,0001,025,197,000993,000,000 b. 10 11 11 11 11 11 5%975,000962,000 13 14 15 50.23%54.3%15.3%21.4% 15 113366 16 17 0.18199,000,000550,0001,194,000,00022,000,000 27,000,0006,012,0005,000,000 18 a (i) b 19