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1、CONTENTSAt HKBN,were not just a telecom company.Were a catalyst for change in Hong Kong.As one of Hong Kongs leading telecom and technology innovators,HKBN is redefining possibilities for individuals and businesses alike.Our advanced solutions are transforming lives and reshaping competition.For hou
2、seholds,we enhance everyday life with our award-winning broadband and mobile services.Our expanding ecosystem offers everything from OTT entertainment and smart home solutions to healthcare and insurance,empowering people to work,learn,and explore seamlessly.As for businesses,we lay the digital foun
3、dation for growth and innovation.Our comprehensive end-to-end solutions from mission-critical connectivity and cutting-edge cybersecurity to tailored digital transformation and AI-powered automation provide businesses and organisations with the tools to streamline operations,boost productivity,and s
4、park innovation.Join us as we shape the future!EMPOWERING LIVESRESHAPING BUSINESSESINSPIRING INNOVATIONSCONTENTS2Key Financial and Operational Summary 4Management Discussion and Analysis 8Key Awards and Recognitions 10A Look at 1H202527Review Report 28Unaudited Consolidated Income Statement29Unaudit
5、ed Consolidated Statement of Comprehensive Income30Unaudited Consolidated Statement of Financial Position32Unaudited Consolidated Statement of Changes in Equity34Unaudited Condensed Consolidated Cash Flow Statement35Notes to the Unaudited Interim Financial Report 55Other Information 65Corporate Info
6、rmation Unless otherwise stated,all monetary figures from this report are in Hong Kong dollars.This report is published in both English and Chinese.Where the English and the Chinese texts conflict,the English text shall prevail.HKBN Ltd.Interim Report 20252Key Financial and Operational SummaryTable
7、1:Financial highlightsFor the six months ended 28 February29 FebruaryChange20252024YoYKey financials($000)Revenue5,734,2695,809,091-1%Enterprise Solutions2,549,5342,310,418+10%Enterprise Solutions related products892,191951,692-6%Residential Solutions1,165,5681,181,509-1%Handsets and other products1
8、,126,9761,365,472-17%Profit for the period107,5601,534100%EBITDA 1,21,206,1221,151,172+5%Adjusted Free Cash Flow 1,3126,186124,248+2%Reconciliation of EBITDA&Adjusted Free Cash Flow 1,2,3 Profit for the period107,5601,534100%Amortisation of customer acquisition and retention costs142,259135,127+5%Am
9、ortisation of intangible assets177,859185,771-4%Depreciation411,210423,891-3%Finance costs366,024400,712-9%Income tax charge5,5066,254-12%Interest income(4,296)(5,832)-26%Loss on disposal of a subsidiary3,715-100%EBITDA1,206,1221,151,172+5%Capital expenditure(238,513)(204,240)+17%Changes in working
10、capital(100,391)(16,929)100%Customer acquisition and retention costs(130,493)(139,556)-6%Income tax paid(162,603)(212,551)-23%Lease payment in relation to right-of-use assets(91,603)(91,504)+0%Net interest paid(356,333)(362,144)-2%Adjusted Free Cash Flow126,186124,248+2%3HKBN Ltd.Interim Report 2025
11、Key Financial and Operational SummaryTable 2:Operational highlightsFor the six months ended 28 February31 August29 FebruaryChange202520242024YoYEnterprise business Commercial building coverage8,1838,1638,120+1%Subscriptions(000)Broadband109110110-1%Voice347357373-7%Enterprise customers 4(000)979897
12、Residential business Residential homes passed(000)2,6142,5962,579+1%Subscriptions(000)Broadband900907903-0%Voice314343367-14%Residential ARPU 5$186$182$181+3%Mobile business Subscriptions(000)197217234-16%Residential customers(000)901932956-6%Total full-time permanent staff3,7413,8634,159-10%Notes:(
13、1)EBITDA and AFF are not measures of performance under Hong Kong Financial Reporting Standards(“HKFRSs”).These measures do not represent,and should not be used as substitutes for,net income or cash flows from operations as determined in accordance with HKFRSs.These measures are not necessarily an in
14、dication of whether cash flow will be sufficient to fund our cash requirements.In addition,our definitions of these measures may not be comparable to other similarly titled measures used by other companies.(2)EBITDA means profit for the period plus finance costs,income tax charge,depreciation,amorti
15、sation of intangible assets(net of direct cost incurred in corresponding period),amortisation of customer acquisition and retention costs,loss on disposal of a subsidiary less interest income.(3)AFF means EBITDA less capital expenditure,customer acquisition and retention costs,net interest paid,inco
16、me tax paid,lease payments in relation to right-of-use assets and changes in working capital.Working capital includes other non-current assets,inventories,trade receivables,other receivables,deposits and prepayments,contract assets,amounts due from/to joint ventures,trade payables(including amount u
17、tilised for supply chain financing),contract liabilities,and deposits received.(4)Enterprise customers means total number of enterprise customers excluding IDD,product resell and mobile customers.(5)ARPU means average revenue per user per month.Calculated by dividing the revenue generated in the rel
18、evant period from services subscribed by residential broadband subscribers,which include broadband services and any bundled voice,IP-TV and/or other entertainment services(excluding revenue from IDD and mobile services),by the number of average residential broadband subscriptions and further dividin
19、g by the number of months in the relevant period.Average residential broadband subscriptions are calculated by dividing the sum of such subscriptions at the beginning of the period and the end of the period by two.Our use and computation of residential ARPU may differ from the industry definition of
20、 ARPU due to our tracking of revenue generated from all services subscribed by residential broadband subscribers.We believe this gives us a better tool for observing the performance of our business as we track our residential ARPU on a bundled rather than standalone basis.HKBN Ltd.Interim Report 202
21、54Management Discussion and AnalysisBusiness ReviewAmid sustained macroeconomic uncertainty and tempered customer spending,the Groups overall revenue for the six months ended 28 February 2025 experienced a modest 1%decline to$5,734 million.This resilience reflects broader market conditions rather th
22、an structural challenges.We have continued capitalising on our robust telecommunications infrastructure and executing our strategic roadmap with discipline.Importantly,we are witnessing a favourable shift in momentum driven by steady demand for our high-margin solutions,improved operational efficien
23、cies,and partnerships in next-generation technologies such as Artificial Intelligence(“AI”).Against industry-wide headwinds,our Enterprise Solutions business thrived with revenue growth of 6%to$3,442 million.The total number of enterprise customers decreased slightly by 1%to 97,000,reflecting intens
24、e market competition and economic pressures which have led to some business closures.Nevertheless,the overall business continued to strengthen,recording a 10%increase in enterprise services revenue excluding enterprise-related product revenue.This growth underscores the strength of our core services
25、 and system integration(“SI”)capabilities.Fuelled by robust demand for digital transformation,our SI business delivered strong revenue growth of 10%.Backed by one of the regions largest teams of IT experts,we continued to provide bespoke SI solutions,including the integration of AI and automation ca
26、pabilities to address a broader range of complex,industry-specific challenges.We have solidified our competitive position by strategically combining our high-performance GigaFast Fixed Telecommunications Network Services(“FTNS”)with an expanded suite of advanced enterprise solutions.This powerful in
27、tegration enabled us to deliver comprehensive digital transformation capabilities,encompassing robust cybersecurity protection,cloud computing services,as well as,world-class data backup and migration solutions.HKBN Care+,our all-in-one IT-as-a-service solution,continued to gain traction by tackling
28、 key challenges for resource-constrained enterprises.It offers a predictable subscription pricing model that eliminates the uncertainty of variable IT expenses.Designed to empower SMEs and organisations without in-house IT teams,HKBN Care+provides on-demand access to our deep technical expertise acr
29、oss the entire IT stack,from device troubleshooting and network optimisation to endpoint security.During the interim period,we made significant progress in supporting our customers cross-border operations.For mainland Chinese companies,especially from the Greater Bay Area(“GBA”),we provided the netw
30、ork and IT solutions necessary for their ventures into Hong Kong.At the same time,we helped global enterprises navigate the challenges of operating in mainland China.Notably,we observed accelerated growth in serving the GBA market,where our position as a technology enabler with deep regional experti
31、se is driving strong adoption of our cross-border solutions.Our Residential Solutions business demonstrated resilience with a slight revenue decline of 1%to$1,166 million.During the six months ended 28 February 2025,the total number of residential customers decreased by 3%to 901,000,driven by fierce
32、 market competition and our continued strategy to prioritise long-term profitability through elevating the customer base to a broader array of higher-end services,experiences,and offerings.For example,we strengthened partnerships to enhance our Infinite-play offerings,collaborating with INDICAID,Eve
33、rcare,and AXA Hong Kong and Macau.While deepening our consumer engagement in healthcare and travel insurance,our breakthrough offerings maintained a strong focus on delivering disruptive value,innovation and convenience for customers.5HKBN Ltd.Interim Report 2025Management Discussion and AnalysisOur
34、 service revenue exhibited resilience as we executed our Infinite-play strategy,expanding our value-added services to foster deeper,more engaging customer relationships.This strategy has proven especially effective in strengthening our entertainment ecosystem,with partnerships with premium content p
35、roviders including Netflix,Disney+,myTV SUPER,iQIYI,and newly added Max driving higher engagement.This contributed to a 3%increase in residential ARPU,reaching$186.Additionally,our Global SIM service experienced robust growth,fuelled by consumers increasing appetite for high-value,high-quality roami
36、ng services.This surge in demand reflects renewed travel activity and customers preference for seamless connectivity abroad.Network costs and costs of sales decreased by 2%to$3,720 million in line with the decrease in revenue.Other operating expenses decreased by 4%to$1,541 million,mainly attributed
37、 to a decline in staff costs of$63 million due to digitalisation and operational improvements,a decrease in depreciation of$12 million and other cost-saving initiatives.Finance costs decreased by 9%to$366 million.This reduction was primarily driven by a$32 million decrease in interest and finance ch
38、arges on bank loans,attributed to the decline in HIBOR.Additionally,there was a$2 million increase in fair value gain on interest-rate swaps,further contributing to the overall decrease in finance costs.Income tax decreased by 12%to$6 million,primarily due to the benefit from recognising deferred ta
39、x assets arising from unused tax losses of the Groups subsidiary.As a result of the aforementioned factors,profit attributable to equity shareholders increased from$1.5 million to$108 million.EBITDA increased by 5%to$1,206 million,due to strong operational performance and strategic initiatives targe
40、ted at driving growth.Adjusted free cash flow(“AFF”)increased by 2%to$126 million,mainly due to a higher EBITDA of$55 million,a decrease in net interest paid by$6 million,a decrease in customer acquisition and retention cost of$9 million,and a decrease in income tax paid of$50 million.These gains we
41、re partly offset by higher capital expenditure of$34 million and an increase in working capital outflow of$84 million.OutlookThe past six months have presented a challenging environment,with cautious customer spending and shifting market conditions shaping our operational landscape.Intensified compe
42、tition,global trade uncertainties,and constrained budgets among clients have pressured profitability and tested industry adaptability.In response,weve continued prioritising operational efficiency yielding measurable gains which have strengthened our cost structure and enhanced our ability to adjust
43、 to market shifts.Amid these challenges,the AI revolution is igniting a wave of adoption that will drive demand for advanced solutions across our customer base.To address this,weve formed partnerships with specialised leaders in AI cloud and data centre compute,bolstering our enterprise offerings to
44、 meet these emerging needs.Our GigaFast broadband solutions,ranging from 2Gbps to 25Gbps,remain a critical asset,providing the capacity required for AI applications and a broad spectrum of ICT solutions and services for our Residential and Enterprise Solutions customers.HKBN Ltd.Interim Report 20256
45、Management Discussion and AnalysisOur broadband and FTNS services are high-margin cornerstones of HKBNs business,making customer retention a top priority in an era where connectivity underpins nearly every digital interaction.We believe that by strategically encouraging customers to adopt a broader
46、ecosystem of our services and solutions such as enterprise-grade cybersecurity,AI-powered network monitoring and data centre services,or value-added residential offerings like managed Wi-Fi,mobile services and OTT entertainment we can deepen their reliance on our platform.This approach strengthens l
47、ong-term customer loyalty by embedding HKBN more fully into each customers daily life or business operations.Looking ahead,several factors present potential upside.Expected interest rate reductions could lower our financing costs,an advantage reinforced by our recent refinancing of$6.75 billion*in d
48、ebt with a consortium of banks.This facility includes provisions for reduced interest rates tied to achieving sustainability performance targets,aligning financial benefits with our environmental commitments.Additionally,Hong Kong is experiencing an influx of mainland Chinese companies,particularly
49、in retail and food&beverage,establishing operations here.Many require support in connectivity,IT,SI,and digital transformation areas where HKBNES is well-positioned to serve.For these firms,Hong Kong often serves as a gateway to international markets,expanding our addressable opportunities.To capita
50、lise on this and other opportunities,we established the HKBN InnoTech Ecosystem Alliance(“HKBN iTEA”)in January 2025,a powerhouse coalition that unites our fragmented ICT and innovation sectors.This initiative supports businesses navigating technological complexity,assists mainland Chinese companies
51、 in setting up locally,and facilitates global firms access to mainland China markets.Its a dual-purpose engine that will help us drive growth locally and regionally,particularly across the GBA.Liquidity and Capital ResourcesAs at 28 February 2025,the Group had total cash and cash equivalents of$1,07
52、8 million(31 August 2024:$1,217 million)and gross debt of$11,406 million(31 August 2024:$11,528 million),which led to a net debt position of$10,328 million(31 August 2024:$10,311 million).Lease liabilities of$426 million(31 August 2024:$494 million)were included as debt as at 28 February 2025 in acc
53、ordance with the term of the Groups various loan facilities.The Groups gearing ratio,which was expressed as a ratio of the gross debt over total equity,was 4.7x as at 28 February 2025(31 August 2024:4.5x).The Groups net debt to EBITDA ratio,as computed in accordance with the term of the Groups vario
54、us loan facilities,was approximately 4.8x as at 28 February 2025(31 August 2024:4.9x).The average finance cost calculated as the interest and coupon charges over the average borrowing balance was 7.1%(31 August 2024:7.2%).The average weighted maturity of the Groups borrowings was 0.9 years as at 28
55、February 2025(31 August 2024:1.4 years).Cash and cash equivalents consisted of cash at bank and in hand.There was no pledged bank deposit as at 28 February 2025 and 31 August 2024.As at 28 February 2025,the Group had an undrawn revolving credit facility of$8,102 million(31 August 2024:$1,349 million
56、),of which$5,250 million being the available facility and$1,500 million being the incremental facility,to refinance the existing bank loans,which were completed on 18 March 2025 and 17 April 2025,respectively.Under the liquidity and capital resources condition as at 28 February 2025,the Group can fu
57、nd its capital expenditures and working capital requirements for the year with internal resources and the available banking facilities.*$5.25 billion refinanced with$1.50 billion raised through greenshoe option executed in light of oversubscription.7HKBN Ltd.Interim Report 2025Management Discussion
58、and AnalysisHedgingThe Groups policy is to partially hedge the interest rate risk arising from the variable interest rates of the debt instruments and facilities by entering into interest-rate swaps.The Group Chief Executive Officer and Chief Financial Officer are primarily responsible for overseein
59、g the hedging activities.Under their guidance,the Groups finance team is responsible for planning,executing and monitoring the hedging activities.The Group would not enter into hedging arrangements for speculative purposes.The Group entered into an interest-rate swap arrangement in the principal amo
60、unt of$5,250 million with an international financial institution for a term of 2.5 years from 1 June 2023 to 24 November 2025.Benefiting from the hedging arrangement,the Group fixed the HIBOR interest rate exposure at 3.95%per annum.The interest-rate swap arrangement is recognised initially at fair
61、value and remeasured at the end of each reporting period.Neither of the financial instruments qualify for hedge accounting under HKFRS 9,Financial instruments,and therefore,it is accounted for as held for trading and measured at fair value through profit or loss.Charge on Group AssetsAs at 28 Februa
62、ry 2025,the Group pledged assets to secure the other borrowings of$24 million(31 August 2024:$37 million).Contingent LiabilitiesAs at 28 February 2025,the Group had total contingent liabilities of$295 million(31 August 2024:$297 million)in respect of bank guarantees provided to suppliers and custome
63、rs and utility vendors in lieu of payment of utility deposits.The decrease of$2 million was mainly due to a decrease in performance guarantee issued to the Groups suppliers and customers.Exchange RatesAll the Groups monetary assets and liabilities are primarily denominated in either Hong Kong dollar
64、s(“HKD”)or United States dollars(“USD”).Given the exchange rate of HKD to the USD has remained close to the current pegged rate of HKD7.80=USD1.00 since 1983,management does not expect significant foreign exchange gains or losses between the two currencies.The Group is also exposed to a certain amou
65、nt of foreign exchange risk based on fluctuations between HKD and Renminbi arising from its operations.In order to limit this foreign currency risk exposure,the Group ensures that the net exposure is kept to an acceptable level of buying or selling foreign currencies at spot rates where necessary.Si
66、gnificant Investments,Acquisitions and DisposalsThe Group did not make any significant investments,acquisitions or disposals in relation to its subsidiaries and associated companies during the six months ended 28 February 2025.Staff RemunerationAs at 28 February 2025,the Group had 3,741 permanent fu
67、ll-time staff(31 August 2024:3,863 staff).The Group provides remuneration packages consisting of basic salary,bonus and other benefits.Bonus payments are discretionary and dependent on both the Groups and individual performances.The Group also provides comprehensive medical insurance coverage,compet
68、itive retirement benefits schemes,and staff training programmes.8Key Awards and RecognitionsHKBN Ltd.Interim Report 2025Top Regional Channel Partner of the YearAlibaba CloudBest Fixed Network Operator(Silver Award)CAHK STAR AwardDuring the reporting period,HKBN was honoured to receive several presti
69、gious awards and recognitions,underscoring our notable achievements.Hong Kong Awards for Environmental Excellence Servicing and Trading (Silver Award)FY24 Best Deal of the Year Secure NetworkingCisco Greater Bay Area9HKBN Ltd.Interim Report 2025Key Awards and Recognitions01 Gold Medal Awards 2024 Ou
70、tstanding Broadband Services ProviderHK01Best Data Monetization AwardData&AI Literacy AssociationHKBN Ltd.Interim Report 202510A Look at 1H2025Customers FirstAt the heart of everything we do is a steadfast commitment to customer satisfaction.As a leader in ICT,we empower enterprises across Hong Kong
71、,mainland China,and beyond with innovative technology solutions,robust partnerships,and a deep understanding of the challenges businesses encounter in their journeys to compete,grow,and succeed.For residential customers,our Infinite-play strategy continues to evolve,redefining value by offering a ri
72、cher mix of services,choices,and options that households truly desire.Information2 Software PartnershipAt a critical time when IT demands are surging,HKBNES is enhancing our software distribution capabilities with a strategic partnership that saw us become Information2 Softwares first general distri
73、butor in Hong Kong.This collaboration strengthens HKBNESs pre-and post-sales capabilities,providing businesses,institutions,and distributors with a comprehensive suite of tools to navigate increasing IT complexity and compliance needs.As operational environments evolve,companies are increasingly ado
74、pting multi-cloud strategies to avoid vendor lock-in and enhance resilience.Information2 Softwares portfolio spanning database backup,replication,migration,and security addresses these challenges head-on,helping businesses break down data silos and drive digital transformation.“Leveraging our outsta
75、nding technological capabilities and deep industry experience,Information2 Software is a leader in delivering diverse,multi-level data protection and management solutions for overseas government agencies,financial services,telecommunications,energy,and automotive sectors.We are excited to collaborat
76、e with HKBNES,which will further bring diversified data management solutions to an extensive range of enterprise customers.”Justin HuCEO and General Manager of Information2 SoftwareCyberZafeCybersecurity has transitioned from an afterthought to a frontline imperative particularly for SMEs,where the
77、stakes have never been higher.HKBNES is elevating security with CyberZafe,an enterprise-grade network security solution tailored for SMEs.Unlike generic,one-size-fits-all approaches,CyberZafe assesses each organisations specific vulnerabilities,providing precise,actionable insights to fortify defenc
78、es.Developed in collaboration with cybersecurity leaders like Check Point Software,Palo Alto Networks,Qi An Xin Technology,and Integrity Technology,our proprietary solution offers a robust 11HKBN Ltd.Interim Report 2025A Look at 1H2025suite of services including security consultancy,phishing awarene
79、ss training,vulnerability assessments,penetration testing,managed firewalls,endpoint security,and email security supporting businesses from proactive threat prevention to swift incident response.“HKBN is committed to providing enterprise-level and tailored response solutions,including network health
80、 checks,incident response guidance,and trend analysis empowering organisations across all industries to establish a strong foundation for network security,even amidst a shortage of IT professionals.”Wilson TangChief Information Security OfficerEmbracing AI OpportunitiesAI has transcended the realm o
81、f science fiction its increasingly shaping the next wave of commercial innovations.As the demand for advanced computing power grows,HKBNES is positioning itself at the forefront to deliver scalable,world-class solutions that unlock new opportunities,helping enterprises harness their digital potentia
82、l.Whether optimising workflows,training AI models,or driving data-driven decision-making,were focused on equipping businesses with the technological resources and tools they need to stay agile and ready for the future.Suanova TechnologyHKBNES has partnered with Suanova Technology,becoming Hong Kongs
83、 first distributor of its advanced computing power services.This collaboration leverages METAXs formidable GPU strength to meet our enterprise clients needs,supercharging their AI applications and workflows.The timing couldnt be better.Market intelligence firm,International Data Corporation(IDC)1,fo
84、recasts global AI investment soaring to USD749 billion by 2028,tripling from USD227 billion in 2025,as businesses race to integrate AI into their core operations.Suanova,a trailblazer in compute services,operates two Intelligent Computing Centres in Shanghai and Hong Kong,delivering an impressive 1,
85、000 PetaFLOPs of capacity for tasks ranging from training large language models to processing complex AI workloads.1 IDC Unveils 2025 FutureScapes:Worldwide IT Industry Predictions.Source:https:/ Ltd.Interim Report 202512A Look at 1H2025With Suanovas Fengshou series,powered by METAX GPUs,HKBNES prov
86、ides agile,self-managing computing platforms tailored to each enterprises specific demands.This partnership not only enhances technology capabilities,but also cements HKBNES as a vital bridge in Hong Kongs evolution into an AI-powered hub.“Our goal is to deliver professional,autonomous,and innovativ
87、e services for enterprises in mainland China,the Greater Bay Area,and Hong Kong,fostering growth and facilitating smart transformations for a shared future.Our collaboration with HKBNES will significantly shorten the distance for enterprises to access AI computing resources,making cutting-edge techn
88、ology services readily available.We expect this partnership to set a new standard across the industry,driving many more enterprises to expedite their digitalisation journeys,and unlock limitless possibilities.”Gu MengPresident of Suanova TechnologyFutong TechnologyHKBNES has partnered with Futong Te
89、chnology,a leading mainland Chinese innovator,to become its first Hong Kong distributor of the“Private AI Cloud-in-a-Box”.This solution brings sophisticated AI tools within reach of local businesses at a time when AI-Generated Content(“AIGC”)is gaining momentum worldwide.Through our collaboration,HK
90、BNES introduces Futong Clouds“Supool Large Model All-in-One Server”as a Model-as-a-Service offering,combining hardware,software,and ongoing support into a single package that accelerates AI model deployment for enterprises.Built on container and Kubernetes technologies,the system boosts resource eff
91、iciency by 75%,optimising compute power while simplifying tasks like resource scheduling and model inference.By reducing technical overhead,this solution allows businesses to focus on innovation rather than infrastructure management.“We are eager to work with HKBNES,as this collaboration represents
92、a pivotal step for Futong Technology in helping clients across many more industries advance into the AIGC space.By merging our leading technological strengths with HKBNs local expertise,we aim to deliver safer,more efficient,and compliant AI solutions for the Hong Kong market,empowering enterprises
93、to innovate and grow in the digital economy.”Chen JianChairman of Futong Technology13HKBN Ltd.Interim Report 2025A Look at 1H2025Global SwitchHKBNES has joined forces with Global Switch,a leading data centre operator,to deliver resilient,next-generation data management solutions.This partnership com
94、bines HKBNESs top-tier fibre network and seamless managed services with Global Switchs state-of-the-art facility in Hong Kong,addressing the rising demand for high-performance computing and efficient data storage as AI reshapes industries.Located in Tseung Kwan O Industrial Estate,Global Switch Hong
95、 Kong is one of the citys largest carrier-neutral data centres,covering 70,545 square meters with a 100 MVA power backbone.It is the first in Hong Kong to deploy direct-to-chip liquid cooling,an energy-efficient innovation that increases compute density within the same footprint.Given AIs substantia
96、l energy consumption,optimising power use is critical for maximising computational gains.Designed for excellent scalability,the facility excels at managing energy-hungry workloads like AI model training,high-performance computing,and large-scale server operations.“Last year,we showcased the latest i
97、n liquid cooling technology at our Hong Kong data centre,and are continuing to see strong demand from customers seeking efficient and sustainable AI and high-performance computing deployments.We are pleased to partner with HKBNES,providing access to our highly flexible,market-leading infrastructure
98、for the regions most innovative businesses,and supporting the growth of the local AI industry.”Eric LiuManaging Director,Global Switch Hong KongHKBN Ltd.Interim Report 202514Our President and Group COO,Dr.Denis Yip,outlines the vision behind the Alliance.Real-World ImpactConsider a company seeking t
99、o expand into mainland China.Through HKBN iTEA,it can access reliable network infrastructure for connectivity,scalable cloud solutions for operations,AI tools for data-driven decision-making,and cybersecurity expertise to safeguard its digital footprint all while benefiting from the alliances local
100、market insights to navigate regional obstacles.In todays landscape,staying ahead requires more than keeping up it often demands collaborative action to transform challenges into opportunities.Thats why we launched the HKBN InnoTech Ecosystem Alliance(“HKBN iTEA”)in January 2025:to create a dynamic p
101、latform that unites leading technology providers,deep industry expertise,and high-value resources.The rationale behind HKBN iTEA is as straightforward as its visionary.Businesses today need more than isolated solutions,they require cohesive ecosystems that deliver speed,scale,and synergy.What sets H
102、KBN iTEA apart is its ability to integrate the diverse strengths of its members across a broad spectrum of technology domains into a seamless ecosystem.This collaborative edge ensures that businesses can access solutions that address their needs holistically,cutting through the complexities and inef
103、ficiencies of dealing with multiple vendors.HKBN InnoTech Ecosystem AllianceHong Kongs digital future takes flight as government and ICT leaders unite to launch HKBN iTEA.“Businesses and our tech industry are facing significant challenges rapid digital shifts,rising cybersecurity threats,and the com
104、plexities of markets like Hong Kong,mainland China,and beyond.HKBN iTEA addresses these head-on by partnering with leading innovators to create a vibrant ecosystem.This collaboration can help businesses navigate the future of AI,security,compute power,and connectivity turning untapped potential into
105、 sustainable success.”Dr.Denis YipPresident and Group Chief Operating Officer15HKBN Ltd.Interim Report 2025Expertise Super-ConnectorHKBN iTEA excels through its practical approach to foster an alliance that connects expertise.For instance,an AI specialist might collaborate with a digital strategy fi
106、rm to develop tailored solutions for local SMEs,while HKBN ensures secure and seamless integration.This cross-pollination of specialisations builds an expertise pipeline that keeps businesses ahead of trends and challenges.Why HKBN Had to Lead This ChargeAs a trusted name in Hong Kongs tech landscap
107、e,we recognised that businesses had been struggling to keep pace with rapid changes.With our deep expertise and capabilities,HKBN is uniquely positioned to bridge this gap.For the business community,HKBN iTEA serves as a lifeline.In a world filled with uncertainty technological,economic,and beyond H
108、KBN iTEA offers clarity and support.Whether expanding into new markets,building a digital backbone,or staying ahead of competitors,HKBN iTEA signifies progress for Hong Kong,where industries are no longer just adapting but shaping the future.Join the AllianceThe launch of HKBN iTEA marks a turning p
109、oint.Its a rallying cry for our industry to shed its reactive approach,seize the reins of innovation,and empower the business community amid sweeping digital shifts.By joining HKBN iTEA,companies can gain access to a powerhouse ecosystem designed to drive success.Founding members of the Alliance at
110、the landmark signing ceremony.Hub MagnetismGBA with its manufacturing prowess and innovation hubs like Shenzhen offers an ideal front door through Hong Kong.Global firms can tap into the GBAs resources via a single entry point,leveraging HKBNs data centres and connectivity to establish and scale the
111、ir operations faster.HKBN iTEA presents Hong Kong not just as open for business but as a launchpad for the future.Gateway AmplificationHong Kongs competitive strength lies in its dual role as a global financial hub and a gateway to mainland China.HKBN iTEA harnesses this advantage,allowing a mainlan
112、d tech firm looking to enter the ASEAN market to connect with partners,gain market intelligence,and scale with confidence,all supported by HKBNs robust infrastructure.Likewise,a global player can use HKBN iTEA to access mainland Chinas vast market via Hong Kong,facilitating expansion that is both de
113、-risked and accelerated.Bridging MarketsHKBN iTEA stands on two strategic advantages:HKBN Ltd.Interim Report 202516Our packaged offerings make health check-ups easy and convenient.At the core of our Residential Solutionss Infinite-play strategy lies a bold,simple question:how can we further elevate
114、the customer experience?This driving force fuels our relentless commitment to creating value that truly connects with consumers.Infinite-play is much more than a product or service lineup its a promise to empower people to live richer,more vibrant lives.This year,we expanded Infinite-play with an ar
115、ray of groundbreaking new offerings across healthcare,entertainment,mobile connectivity,and travel essentials,reinforcing our commitment to being a customer-first brand.Expanded Healthcare EcosystemBuilding on Infinite-plays healthcare debut last year,were transforming accessibility with two bold in
116、novations:INDICAID and Evercare.HKBN teamed up with INDICAID,a trusted leader in at-home health testing,to launch Hong Kongs first Monthly At-Home Testing Package.This subscription service empowers customers with self-testing kits for key health areas respiratory,gastrointestinal,reproductive,and mo
117、re.Starting at just$48/month,customers can choose any two tests from INDICAIDs range,with free delivery.For an extra$20/month,they can add a cancer screening package featuring tests for cervical,stomach,and colorectal cancer risks,supporting early detection and family wellness.Complementing this,our
118、 partnership with Evercare introduces affordable home care solutions for Hong Kongs fast-paced households.With busy schedules often leaving little time to care for elderly or mobility-impaired loved ones,Evercare offers flexible solutions like wound care,medical escorts,and home care support startin
119、g at$399/month.Empowering Consumer LifestylesOur home care support packages bring expert care to each customers doorstep.Entertainment to the MaxIn the world of entertainment,content reigns supreme and HKBN is dedicated to bringing the best to our customers.This year,we partnered with Max,integratin
120、g its world-class OTT platform into our Infinite-play options.With this addition,HKBN has become Hong Kongs only carrier offering five major OTT platforms Max,myTV SUPER,Netflix,Disney+,and iQIYI satisfying every entertainment craving.Renowned for its award-winning originals,blockbuster films,and ex
121、clusive content,Max offers a wealth of premium content for every HKBN customer.With Max,HKBN delivers on our promise to bring customers theworlds best OTT content.17HKBN Ltd.Interim Report 2025Travel Insurance,Made SmarterFor travellers,our all-new HKBN SmartTraveller Plus,launched with AXA Hong Kon
122、g and Macau,is a tailored travel insurance solution.Frequent flyers and families often face the challenge of rigid insurance plans that dont quite fit their needs especially with children or trips to mainland China.Our single-journey plan covers all children1 under the same policy with their parents
123、 at no extra cost and has no upper age limit,making it ideal for multi-generational travel.The annual plan bundles parents and children together,reducing costs and hassles for families who travel frequently.Additionally,with optional mainland China coverage and a hospital deposit guarantee for annua
124、l policyholders,our solution addresses a real pain point ensuring access to care abroad without upfront cash in emergencies.1 Children must be between 30 days and under 18 years old,named in the same policy schedule as their parent(s),and travelling together with their parent(s)for the entire trip;t
125、he benefit limits on medical expenses and personal accidents for them are lower under this coverage,however,there is an option to upgrade if desired.Smarter,Faster ConnectivityAt home,our GigaFast broadband is setting a new benchmark for high-speed internet.Offering bandwidth options from 2Gbps to a
126、 market-leading 25Gbps,GigaFast meets the needs of modern households whether supporting remote work,enabling butter-smooth 4K streaming,or ensuring lag-free online gaming.Beyond raw speed,our service provides the capacity to handle multiple devices simultaneously,coupled with ultra-low latency and e
127、xceptional reliability.This rollout is a key step in HKBNs strategy to future-proof home connectivity,providing customers with a network that supports their needs today and into the future.“At HKBN,our focus in Residential Solutions is on delivering what customers truly need.Healthcare,entertainment
128、,and connectivity arent just offerings theyre answers to real-life demands.Step by step,year on year,weve listened,learned,and built solutions that genuinely make a real difference.”Elinor ShiuChief Executive Officer Residential SolutionsHKBN has also strengthened our partnership with TP-Link to ele
129、vate the GigaFast experience,introducing an upgraded“Priority Plus”home Wi-Fi solution.Built on TP-Links Aginet cloud platform,this solution is optimised for GigaFasts speeds,integrating advanced Aginet routers and real-time cloud management.By combining GigaFasts bandwidth with TP-Links smart Wi-Fi
130、 technology,“Priority Plus”delivers a uniquely user-friendly,high-performance network experience that keeps households connected and,almost like magic,automatically detects and resolves issues before theyre even noticed.HKBN Ltd.Interim Report 202518A Look at 1H2025Residential Solutions FY25 Kickoff
131、 MeetingEvery new fiscal year presents a critical opportunity to recalibrate our focus for greater impact.This year,we gathered over 1,000 Residential Solutions team members for our FY25 strategy rollout emphasising core priorities,market offerings,and our Infinite-play approach to drive deeper cust
132、omer engagement.The event mobilised our RS teams with bold growth targets and execution momentum for the year ahead.Enterprise Solutions FY25 Kickoff MeetingWith AI and other emerging technologies unlocking a floodgate of possibilities,2025 will be a defining year for the business sectors transforma
133、tion.Over 500 Enterprise Solutions team members converged as leadership unveiled our FY25 strategic roadmap,anchored by a full spectrum of GigaFast-powered solutions and world-class partnerships.With FY25 goals set,our ES teams are poised to turn this vision into measurable market successes.Our Peop
134、leAt HKBN,our people dont just power our success we push the boundaries of what can be achieved.Every day,we count on our teams for their bold creativity,relentless drive,and collaborative spirit.Thats why were committed to making HKBN the best in our industry at attracting and nurturing the brighte
135、st and most diverse talent.Employee Engagement&WellnessA dynamic,energised workforce drives our ability to lead in a fast-changing industry.At HKBN,we understand that our success hinges on treating our people with equity and respect.Through generous benefits and a culture that values every individua
136、l,our teams are empowered to thrive both personally and professionally.New Employee Roundtable DiscussionsCreating a workplace where every voice matters is crucial.This year,we introduced roundtable discussions for new hires during their onboarding process in Guangzhou.These structured conversations
137、 allow our Human Resources team to:Identifyimmediateopportunitiestoenhancetheemployee experienceAddresspotentialchallengesbeforetheybecomeobstaclesDemonstratefromdayonethatwevalueandactonemployee input Your VoiceThis year,we continued to utilise“Your Voice”,a dedicated digital platform that empowers
138、 our employees to share their feedback,concerns,and ideas in real-time.By championing open communication,this powerful tool not only provides our employees with a direct line to express their thoughts but also enables our leadership to listen,identify emerging trends,and act on employee insights.Thi
139、s initiative strengthens engagement across all levels and has the potential to drive improvements across our workplace and operations.19HKBN Ltd.Interim Report 2025A Look at 1H2025Lunar New Year Lion DanceWith thunderous drums and vibrant lion dances,we welcomed the Lunar New Year with spectacular f
140、estivities across our Hong Kong and Guangzhou offices.These lively celebrations brought good luck to every floor,boosting morale and setting a positive tone for our teams to aim even higher in the year ahead.Spreading Lunar New Year cheer.Year-end CelebrationsWe concluded an extraordinary year with
141、celebration dinners for over 1,800 Hong Kong teammates,and 1,700 Guangzhou colleagues.These vibrant events filled with team bonding,delightful food,and festive cheer provided the perfect energy boost as we charged into an exciting new year.Our teams kick off the celebrations with the ultimate year-e
142、nd staff gathering.Christmas Bazaar&Lunar New Year MarketTo ease the holiday hustle for our team,we hosted Christmas and Lunar New Year workplace markets.These festive pop-ups offered unbeatable discounts,grab-and-go gift bundles,and hands-on DIY dcor stations turning shopping into a celebration.Its
143、 our way of standing by our employees,adding joy and support during the busy festive season.Brushstrokes of fortune!Keeping traditions going with handwritten Lunar New Year blessings.HKBN Ltd.Interim Report 202520A Look at 1H2025Future Planning&DevelopmentWe empower our teams with strategic career d
144、evelopment tools to thrive in an evolving workplace.Our latest programme brought together 127 employees(51 from Hong Kong and 76 from mainland China),offering clear pathways for growth amid technological and market shifts.Participants gained practical insights,aligning personal aspirations with our
145、operational goals,thus bridging individual potential with business priorities.TrainingIn an industry that never stands still,up-to-date knowledge and sharper skills are essential.For all staff,we provide annual refresher training on critical areas such as customer engagement and ethics.For new joine
146、rs,we mandate immersive training that integrates our culture and policies with hands-on skills,covering everything from IT fundamentals to information security ensuring theyre ready to execute from day one.During the reporting period,we provided a total of 28,793 hours of training.Diversity&Inclusio
147、nAt HKBN,diversity and inclusion are not mere checkboxes they are catalysts for innovation.We value our people for their unique strengths and perspectives,which drive our ability to develop solutions that create meaningful impact for all stakeholders.As part of our commitment to gender diversity,wer
148、e proud to maintain strong female representation in technical roles,achieving 25.83%by the end of the reporting period.EmpowHER2BThis year,HKBN joined EmpowerHER2B Inclusive Workstyle Drive,an external programme dedicated to transforming career re-entry opportunities for working mothers and returnin
149、g professionals.Through powerful mentor pairings with HKBN leaders whove navigated similar journeys,participants can gain:Real-worldinsightsthroughimmersivejob-shadowing experiencesCareer-readyconfidencewithtailoredinterviewpreparationAsupportivecommunitythatunderstandsthechallenges of workforce re-
150、entryLearning&DevelopmentAt HKBN,were committed to cultivating a culture that equips our people with the skills and expertise to excel in a fast-evolving industry.From essential job-specific skills and leadership development to tailored programmes for high-potential individuals,we ensure every emplo
151、yee has the tools needed to succeed.HKBN AcademyIn a constantly shifting world,HKBN Academy provides our teams with a robust collection of online learning resources covering everything from specialised job skills to practical tips for personal and team efficiency.These resources are designed for fle
152、xibility,broken into short,focused segments that fit into busy schedules.Whether mastering a new tool,refining a process,or acquiring new skills,our employees can engage anytime keeping their skills sharp and relevant.Future leaders in training!Our“Be a Pioneer”programme is nurturing HKBNs next wave
153、 of managers.Kicking off our Pioneer Development Programme with a team cooking challenge fostering collaboration while putting planning and execution skills to the test!21HKBN Ltd.Interim Report 2025A Look at 1H2025Enhancing Our BusinessAt HKBN,progress isnt about incremental adjustments its about m
154、aking improvements across every facet of our business.From greener operations to stronger cybersecurity and exceptional customer journeys,were building a company that delivers lasting value for all stakeholders.Delivering Better Network ExperiencesTo cement our lead in performance,reliability,and re
155、ach,we continued to invest substantially in our network technology infrastructure.Weve also implemented rigorous monitoring and clear escalation procedures to ensure our service platforms remain reliable and responsive.Network PerformanceOur Network Operation Centre(“NOC”)operates 24/7 to monitor an
156、d maintain optimal network performance.Utilising advanced network monitoring tools and automation technology,our NOC conducts health checks to ensure network reliability and expedite issue resolution.Our NOC continuously tracks WAN link utilisation while dynamically adjusting routing and capacity in
157、 real-time,ensuring smoother broadband service delivery.To prevent potential outages,our Network Service team collaborates with world-class partners to perform regular assessments across all service platforms and infrastructure components.This rigorous approach maintains system integrity,with protoc
158、ols for equipment replacement whenever anomalies are detected.Network CoverageOver the past several years,weve steadily expanded our residential and enterprise network coverage.A key priority has been supporting mobile network operators 5G base stations by providing state-of-the-art fibre services t
159、hat leverage our superior network capacity.Weve also focused on newly developed residential and commercial buildings to ensure fibre service is available upon occupancy.As part of our infrastructure strategy,were accelerating network deployment across Hong Kongs rural areas,focusing first on village
160、s near our existing fibre coverage.During the reporting period,our fibre network extended to an additional 20,114 homes,including 1,214 in rural locations.To Special HERThis year,we marked International Womens Day with our“To Special HER”campaign,a dynamic initiative created to honour and empower ou
161、r female colleagues.The programme featured“About HER”,an engaging quiz sparking dialogue on gender representation,and“HER Power”,featuring kickboxing and Pilates sessions focused on womens wellness.Beyond celebration,our initiative recognised womens invaluable contributions while promoting both prof
162、essional growth and personal well-being through educational engagement and physical empowerment.Punching above their weight!Our female warriors are building confidence one roundhouse kick at a time.Downward dog,upward mobility!Our Pilates classes keep teams balanced in body,mind and spirit.Diversity
163、&Inclusion RecognitionThis year,we proudly received an Inclusion&Diversity Companion Award from the Dialogue in the Dark(HK)Foundation,recognising HKBNs impactful work in fostering inclusiveness.Moving forward,we remain committed to breaking barriers,championing equity,and creating more opportunitie
164、s for all members of our communities.HKBN Ltd.Interim Report 202522A Look at 1H2025Residential SolutionsWhen customers need assistance,they deserve fast,easy,and effective service.Our customers can seek help through various channels,including our customer service hotline,online platforms,email,and s
165、ocial media.We utilise online chatbots to provide instant responses to general enquiries and offer self-service tools for customer convenience.During the reporting period,we achieved an average answer rate of 82%across our enquiry channels(hotline,online,and email).Speed applies not only to our inte
166、rnet services but also to installation and maintenance.With adequate manpower,we ensure that customers can schedule installation appointments within three calendar days.During the reporting period,the average lead time from receiving a customer request to completing the installation was 1.14 days,wi
167、th 99%of maintenance appointments arranged within two calendar days.Enterprise SolutionsIn addition to our customer service hotline and online platforms,our dedicated managers and account-serving relationship executives are assigned to serve each Enterprise Solutions customer.Enterprise customers ca
168、n reach us through various channels,including customer service hotline,online platforms,email,and more.During the reporting period,we achieved an average answer rate of 92%for our customer service hotline.As of the end of 1H FY2025,our fibre network now reaches approximately 2,614,060 residential ho
169、mes and 8,183 commercial buildings and facilities in Hong Kong.Network Improvements and UpgradesMaintaining a world-class network requires superior hardware and software.Recognising this,we continue to invest in multi-platform upgrades and expansions to ensure reliability,operability,and scalability
170、.During the reporting period,we undertook the following network enhancement initiatives:Continuedinvestmentinhardwareandsoftwareupgrades across multiple platforms to ensure operational reliability,seamless scalability,and optimal performanceUpgradedourend-of-supportNokiaGPONtothelatest platform for
171、higher service reliabilityEnhancedourservicedistributionnetworkto100GE,with 400GE readiness,optimising bandwidth efficiency and minimising congestion to elevate user experiencesExcellence in Every Customer InteractionEach customer touchpoint shapes our brand perception.With a focused effort to enhan
172、ce the customer journey,were committed to improving our self-service support.Across Residential Solutions and Enterprise Solutions,we continuously roll out upgrades to enhance customer engagement.By harnessing digital breakthroughs,we streamline the customer experience,making interactions with HKBN
173、smoother and smarter.Residential SolutionsEnterprise SolutionsAvailability of Core Network100%Availability of Core Network100%Availability of Access Network99.9947%Availability of Access Network99.99985%23HKBN Ltd.Interim Report 2025A Look at 1H2025including Hong Kongs Trade Descriptions Ordinance.A
174、ll customer-facing materials undergo thorough review and approval by our legal and senior management before use.We invest heavily in training our frontline teams,equipping them with the latest best practices in sales,marketing,and ethics.New sales employees undergo mandatory training on the Personal
175、 Data(Privacy)Ordinance,Trade Descriptions Ordinance,and Code of Practices on Marketing Calls.Regular refreshers and quality enhancement programmes help maintain a uniform standard of excellence across all our customer-facing teams.Data PrivacyWe prioritise the protection of our customers data.As cy
176、ber threats become more sophisticated,weve continued to strengthen our security measures,integrating industry-leading data protection across our operations to uphold trust with our stakeholders.Strengthening our Information Security CapabilitiesEmpowering employees with robust security awareness is
177、essential to safeguarding our operations from cyberattacks.All new frontline employees undergo mandatory training on the Personal Data(Privacy)Ordinance,reinforcing the importance of adherence to our internal policies,procedures,and compliance guidelines.Our Information Security team regularly engag
178、es all employees with resources,including emails on smartphone vulnerabilities,security best practices,and news articles on recent cyberattacks.During the reporting period,we further strengthened our defences by conducting surprise phishing assessments to enhance our vigilance against external threa
179、ts.Our commitment extends beyond our workforce.We promote a culture of security by sharing awareness training with contractors and suppliers.Additionally,we organised free cybersecurity workshops for social profit organisations(SPOs)and delivered volunteer-led sessions to educate youths and the elde
180、rly strengthening resilience across our broader community.Listening to CustomersAs a leading industry player,we built our success on listening to our customers and improving through their feedback.The following highlights the ways we gather practical feedback for our Residential Solutions and Enterp
181、rise Solutions businesses.Residential SolutionsAfter each interaction with our customer service team,customers are invited to rate their satisfaction on a score of 1 to 6.If a score of 2 or below is given,our team leaders will reach out to understand and improve the experience.During the reporting p
182、eriod,the average satisfaction score across our customer service channels,comprising our customer service hotline,online platform,and email,was 5.82 out of 6.Additionally,we conduct satisfaction surveys with new customers and follow-up surveys the day after installations or maintenance.During the re
183、porting period,our new broadband customers rated their satisfaction at 4.66 out of 6,while installation and maintenance services received a score of 5.71 out of 6.Customers visiting our HKBN retail locations rated their in-store experience 5.2 out of 6.For scores of 3 or below,our team will follow u
184、p with the customer.Besides surveys,weve implemented quality enhancement programmes,such as mystery shopper and promoter booth assessments,to evaluate the performance of our direct sales teams.During the reporting period,our mystery shopper assessment and promoter booth assessment scores were respec
185、tively at 76.9 and 92.4 out of 100.Enterprise SolutionsTo better understand customer expectations,we conduct monthly surveys to gather feedback on our products and services.During the reporting period,the average satisfaction score received was 4.9 out of 6.After customer service calls,we invite cus
186、tomers to rate their experience.During the reporting period,we received an average call satisfaction score of 5.5 out of 6.Selling ResponsiblyWere committed to fairness,transparency,and compliance in all sales and marketing activities.Strict policies and procedures ensure that our marketing material
187、s adhere to the relevant laws and regulations,HKBN Ltd.Interim Report 202524A Look at 1H2025Smarter Fleet ManagementOur Network Operations team is developing a next-generation field management application for mileage tracking and fleet optimisation.This tool will sync with our Operations Incident Ma
188、p,enabling AI-driven insights to streamline vehicle deployment,reduce fuel consumption,and lower carbon emissions increasing operational efficiency without compromising service-level agreement performance.A field trial is planned for the second half of FY25.Greener WorkplaceTo create a leaner,greene
189、r workplace,weve rolled out strategic initiatives to enhance office efficiency.In February 2025,we revamped our Shanghai office and Guangzhou warehouse,targeting a 30%reduction in their annual electricity consumption.Following renovations in our Hong Kong office,we donated excess furniture to local
190、communities and launched a“Take Home”programme,encouraging employees to give second-hand items a new life.These efforts optimise resources,minimise waste,and divert usable materials from landfills,reinforcing our sustainability goals.Climate ActionBuilding a sustainable future is a defining challeng
191、e of our time.Thankfully,were pursuing smarter ways to minimise our environmental impact,and,whenever feasible,partner with our employees,customers,business partners,and communities to make a collective difference.Sustainability-Linked LoanDuring the interim period,HKBN secured a landmark$6.75 billi
192、on Sustainability-Linked Loan with a consortium of 11 leading international,regional and local banks.This innovative facility features a greenshoe option for future expansion,and ties interest rate savings to achieving environmental and cybersecurity KPIs.The KPIs include reducing Scope 1,2,and 3 em
193、issions,aligned with Science-Based Targets initiative validation,and improving cybersecurity by lowering phishing assessment failure rates.Meeting these targets triggers lower borrowing costs through an interest rate incentive adjustment mechanism,driving our Groups financial agility and ESG excelle
194、nce.Aurabeat Pilot ProjectThis year,we teamed up with Aurabeat,a cutting-edge solution provider,to pilot a transformative technology aimed at increasing energy efficiency in our existing chiller systems.Slated as a Proof of Concept by the end of Q2 2025,successful results will lead to a phased rollo
195、ut across our office premises and data centres further advancing our sustainability performance.25HKBN Ltd.Interim Report 2025A Look at 1H2025Community EmpowermentAs a leader in technology and telecommunications,HKBN is committed to narrowing the digital divide in our communities.Were breaking down
196、barriers through digital literacy initiatives,cyber wellness education,and accessible connectivity solutions because everyone deserves equal opportunity in our digital world.Digital Inclusion and Community CareIn January 2025,our volunteer team returned to Caritas Community Centre Ngau Tau Kok to ce
197、lebrate the Lunar New Year with joy and purpose.We connected with elderly participants through a session of crafting panda-shaped tangyuan(sweet glutinous rice balls),then hosted a cybersecurity workshop to share practical online safety tips.Giving Uniforms a Second LifeTo minimise waste,we diverted
198、 600 outdated padded coat uniforms from landfills by donating them to local communities.By transforming unused uniforms into practical warmth for those in need,this initiative not only prevents textile waste but also creates meaningful social value.Biodiversity Training:Nature Conservation in Busine
199、ssIn February 2025,we hosted WWF-Hong Kong for an inspiring session with our team and suppliers that reshaped our perspective on nature conservation in business.This experience highlighted Hong Kongs biodiversity,encouraging participants to integrate conservation principles into daily operations,and
200、 creating environmental value through everyday business decisions.HKBN Ltd.Interim Report 202526A Look at 1H2025“We recognise that SPOs face challenges with staffing and resource constraints,which is why we recommend a phased approach to digitalisation.A practical starting point is financial systems
201、,as most organisational data is ultimately tied to finance.Additionally,in this era of rapid development in artificial intelligence,HKBN can provide a range of best-fit solutions to make AI accessible and affordable for the social welfare sector.By integrating these technologies into their operation
202、s,SPOs can significantly enhance efficiency,and streamline data management,allowing them to focus on expanding and improving their services for the communities.”Jackal ChauSenior Vice President Solutions and Service Delivery,Enterprise SolutionsSuppliers&PartnersAt HKBN,we believe business sustainab
203、ility starts with strong supply chain management.By building enduring,trust-driven relationships with global and local partners,and prioritising long-term collaboration,were driving smarter,fairer practices that aim to enhance our supply chains efficiency and resilience.Supply Chain:Latest Enhanceme
204、ntsAs a responsible business committed to supply chain sustainability,we took concrete steps during the reporting period to enhance our supplier engagements.We revised our ESG questionnaire to encompass critical climate risk areas,such as carbon footprint tracking and decarbonisation strategies.Sinc
205、e November 2024,our Procurement team has mandated all tender bidders to complete an ESG initiative questionnaire.Building on this foundation,we introduced a carbon footprint tracking questionnaire in February 2025 for our selected high emission suppliers,enabling more comprehensive climate risk asse
206、ssments.This enhancement evaluates three critical areas:carbon footprint disclosure,decarbonisation roadmaps,and low-carbon product offerings allowing us to make informed decisions for a more sustainable supply chain.SPO Digital Transformation SurveyRecognising that many nonprofits struggle with tec
207、hnological changes,our HKBN SPO IT Club partnered with The Social Investment Consultancy to assess the digital readiness of ten Hong Kong SPOs.The findings revealed some significant challenges:80%rated their digitalisation at 60%or below,with only one IT staff member supporting every 200 employees.A
208、dditionally,80%reported insufficient funding for digital initiatives.These insights will shape HKBN SPO IT Clubs support strategy,focusing on:Tailoringourfreeconsultationservicestoaddressspecific pain pointsDevelopingtargeteddigitalsolutionsforcommonchallengesMakingAItoolsmoreaccessiblefortheSPOsect
209、orBy aligning our offerings with these real needs,we can better assist SPOs in modernising their operations and focusing resources on their core missions.Review Report27HKBN Ltd.Interim Report 2025Review report to the board of directors of HKBN Ltd.(Incorporated in the Cayman Islands with limited li
210、ability)IntroductionWe have reviewed the interim financial report set out on pages 28 to 54 which comprises the consolidated statement of financial position of HKBN Ltd.(the“Company”)as of 28 February 2025 and the related consolidated income statement,consolidated statement of comprehensive income,c
211、onsolidated statement of changes in equity and condensed consolidated cash flow statement for the six months period then ended and explanatory notes.The Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited require the preparation of an interim financial report to be i
212、n compliance with the relevant provisions thereof and Hong Kong Accounting Standard 34,Interim financial reporting,issued by the Hong Kong Institute of Certified Public Accountants.The directors are responsible for the preparation and presentation of the interim financial report in accordance with H
213、ong Kong Accounting Standard 34.Our responsibility is to form a conclusion,based on our review,on the interim financial report and to report our conclusion solely to you,as a body,in accordance with our agreed terms of engagement,and for no other purpose.We do not assume responsibility towards or ac
214、cept liability to any other person for the contents of this report.Scope of reviewWe conducted our review in accordance with Hong Kong Standard on Review Engagements 2410,Review of interim financial information performed by the independent auditor of the entity,issued by the Hong Kong Institute of C
215、ertified Public Accountants.A review of the interim financial report consists of making enquiries,primarily of persons responsible for financial and accounting matters,and applying analytical and other review procedures.A review is substantially less in scope than an audit conducted in accordance wi
216、th Hong Kong Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit.Accordingly we do not express an audit opinion.ConclusionBased on our review,nothing has come to our attention that ca
217、uses us to believe that the interim financial report as at 28 February 2025 is not prepared,in all material respects,in accordance with Hong Kong Accounting Standard 34,Interim financial reporting.KPMGCertified Public Accountants8th Floor,Princes Building10 Chater RoadCentral,Hong Kong25 April 2025C
218、onsolidated Income StatementHKBN Ltd.Interim Report 202528For the six months ended 28 February 2025 unaudited(Expressed in Hong Kong dollars)Six months ended28 February 202529 February 2024Note$000$000 Revenue35,734,2695,809,091Other net income/(loss)4(a)5,801(393)Network costs and costs of sales(3,
219、719,688)(3,794,321)Other operating expenses4(b)(1,541,292)(1,605,712)Finance costs4(d)(366,024)(400,712)Share of losses of joint ventures(165)Profit before taxation4113,0667,788Income tax expense5(5,506)(6,254)Profit for the period attributable to equity shareholders of the Company107,5601,534 Earni
220、ngs per share6Basic8.2 cents0.1 cents Diluted7.3 cents0.1 cents The notes on pages 35 to 54 form part of this interim financial report.Details of dividend payable to equity shareholders of the Company are set out in note 13(b).For the six months ended 28 February 2025 unaudited(Expressed in Hong Kon
221、g dollars)Consolidated Statement of Comprehensive Income29HKBN Ltd.Interim Report 2025Six months ended28 February 202529 February 2024$000$000 Profit for the period107,5601,534Other comprehensive income for the period Item that may be reclassified subsequently to profit or loss:Exchange differences
222、on translation of financial statements of subsidiaries outside Hong Kong,with nil tax effect(11,716)4,739Share of other comprehensive income of associates106 Other comprehensive income for the period(11,716)4,845 Total comprehensive income for the period attributable to equity shareholders of the Co
223、mpany95,8446,379 The notes on pages 35 to 54 form part of this interim financial report.Consolidated Statement of Financial PositionAt 28 February 2025 unaudited(Expressed in Hong Kong dollars)HKBN Ltd.Interim Report 202530At28 February 2025At31 August 2024Note$000$000 Non-current assetsGoodwill7,81
224、6,5077,816,507Intangible assets2,168,7172,367,621Property,plant and equipment73,098,9703,132,945Right-of-use assets8560,009628,457Customer acquisition and retention costs453,188464,954Deferred tax assets153,392137,853Other non-current assets58,92856,023 14,309,71114,604,360 Current assetsInventories
225、110,029106,197Trade receivables91,049,478969,297Other receivables,deposits and prepayments9532,246516,316Contract assets291,794255,073Amounts due from joint ventures209183Cash and cash equivalents101,077,9691,217,406 3,061,7253,064,472 Current liabilitiesTrade payables111,113,887945,879Other payable
226、s and accrued charges current portion11996,650950,361Contract liabilities current portion523,718606,612Deposits received99,68699,178Amounts due to joint ventures17,30614,877Bank and other borrowings125,452,877272,601Lease liabilities current portion134,233145,580Tax payable71,757159,662Other current
227、 liabilities3,66110,588Financial liabilities at fair value through profit or loss5,12629,990 8,418,9013,235,328 Net current liabilities(5,357,176)(170,856)Total assets less current liabilities8,952,53514,433,504 At 28 February 2025 unaudited(Expressed in Hong Kong dollars)Consolidated Statement of F
228、inancial Position31HKBN Ltd.Interim Report 2025At28 February 2025At31 August 2024Note$000$000 Non-current liabilitiesContract liabilities long-term portion169,900177,301Deferred tax liabilities539,590593,204Lease liabilities long-term portion291,981348,542Provision for reinstatement costs54,03155,19
229、1Bank and other borrowings125,490,94710,705,002 6,546,44911,879,240 NET ASSETS2,406,0862,554,264 CAPITAL AND RESERVES13Share capital132132Reserves2,405,9542,554,132 TOTAL EQUITY2,406,0862,554,264 The notes on pages 35 to 54 form part of this interim financial report.Consolidated Statement of Changes
230、 in EquityFor the six months ended 28 February 2025 unaudited(Expressed in Hong Kong dollars)HKBN Ltd.Interim Report 202532Attributable to equity shareholders of the Company Share capitalVendor Loan Notes(note 14)Capital reserveOther reserveRetained profits/(Accumulated loss)Exchange reserveTotalNot
231、e$000$000$000$000$000$000$000 Balance at 1 September 20231322,349,20440,803596,42096,428(31,905)3,051,082 Changes in equity for the six months ended 29 February 2024:Profit for the period1,5341,534Exchange differences on translation of financial statements of subsidiaries outside Hong Kong,with nil
232、tax effect4,7394,739Share of other comprehensive income of associates106106 Total comprehensive income1,5344,8456,379 Dividend approved to equity shareholders of the Company in respect of the previous year(262,320)(262,320)Distribution to holders of Vendor Loan Notes(33,464)(33,464)Balance at 29 Feb
233、ruary 20241322,349,20440,803596,420(197,822)(27,060)2,761,677 Balance at 1 March 20241322,349,20440,803596,420(197,822)(27,060)2,761,677 Changes in equity for the six months ended 31 August 2024:Profit for the period8,7438,743Exchange differences on translation of financial statements of subsidiarie
234、s outside Hong Kong,with nil tax effect5,6835,683 Total comprehensive income8,7435,68314,426 Dividend declared to equity shareholders of the Company in respect of the current year(196,740)(196,740)Distribution to holders of Vendor Loan Notes(25,099)(25,099)Balance at 31 August 20241322,349,20440,803
235、596,420(410,918)(21,377)2,554,264 For the six months ended 28 February 2025 unaudited(Expressed in Hong Kong dollars)Consolidated Statement of Changes in Equity33HKBN Ltd.Interim Report 2025Attributable to equity shareholders of the Company Share capitalVendor Loan Notes(note 14)Capital reserveOther
236、 reserveAccumulated lossExchange reserveTotalNote$000$000$000$000$000$000$000 Balance at 1 September 20241322,349,20440,803596,420(410,918)(21,377)2,554,264 Changes in equity for the six months ended 28 February 2025:Profit for the period107,560107,560Exchange differences on translation of financial
237、 statements of subsidiaries outside Hong Kong,with nil tax effect(11,716)(11,716)Total comprehensive income107,560(11,716)95,844 Dividend approved to equity shareholders of the Company in respect of the previous year(216,414)(216,414)Distribution to holders of Vendor Loan Notes(27,608)(27,608)Balanc
238、e at 28 February 20251322,349,20440,803596,420(547,380)(33,093)2,406,086 The notes on pages 35 to 54 form part of this interim financial report.Condensed Consolidated Cash Flow StatementFor the six months ended 28 February 2025 unaudited(Expressed in Hong Kong dollars)HKBN Ltd.Interim Report 202534S
239、ix months ended28 February 202529 February 2024$000$000 Operating activitiesCash generated from operations1,015,8631,006,841Tax paid:Hong Kong Profits Tax paid(156,930)(207,768)Tax paid outside Hong Kong(5,673)(4,783)Net cash generated from operating activities853,260794,290 Investing activitiesPaym
240、ent for the purchase of property,plant and equipment(238,513)(195,923)Proceeds from sale of property,plant and equipment1,376219Net cash outflow in respect of deemed disposal of subsidiary(312)Interest received4,2965,832 Net cash used in investing activities(232,841)(190,184)Financing activitiesCapi
241、tal element of lease rentals paid(79,343)(79,959)Interest element of lease rentals paid(12,260)(11,545)Proceeds from bank loans206,860216,527Proceeds from other borrowings6,536Repayment of bank loans(247,074)(253,809)Repayment of other borrowings(19,789)(15,519)Repayment of other financial liabiliti
242、es(7,021)(7,021)Interest paid on bank and other borrowings and interest-rate swap(360,629)(367,976)Dividend paid to equity shareholders of the Company(216,414)(262,320)Distribution to holders of Vendor Loan Notes(27,608)(33,464)Net cash used in financing activities(756,742)(815,086)Net decrease in c
243、ash and cash equivalents(136,323)(210,980)Cash and cash equivalents at the beginning of the period1,217,4061,016,769Effect of foreign exchange rate changes(3,114)(1,346)Cash and cash equivalents at the end of the period1,077,969804,443 The notes on pages 35 to 54 form part of this interim financial
244、report.(Expressed in Hong Kong dollars unless otherwise indicated)Notes to the Unaudited Interim Financial Report35HKBN Ltd.Interim Report 20251 Basis of preparationThis interim financial report of HKBN Ltd.(the“Company”)and its subsidiaries(together the“Group”)has been prepared in accordance with t
245、he applicable disclosure provisions of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited,including compliance with Hong Kong Accounting Standard(“HKAS”)34,Interim financial reporting,issued by the Hong Kong Institute of Certified Public Accountants(“HKICPA”).It
246、 was authorised for issue on 25 April 2025.The interim financial report has been prepared in accordance with the same accounting policies adopted in the annual financial statements of the Group for the year ended 31 August 2024,except for the accounting policy changes that are expected to be reflect
247、ed in the 2025 annual financial statements.Details of any changes in accounting policies are set out in note 2.The preparation of an interim financial report in conformity with HKAS 34 requires management to make judgements,estimates and assumptions that affect the application of policies and report
248、ed amounts of assets and liabilities,income and expenses on a year to date basis.Actual results may differ from these estimates.This interim financial report contains condensed consolidated financial statements and selected explanatory notes.The notes include an explanation of events and transaction
249、s that are significant to an understanding of the changes in financial position and performance of the Group since the annual financial statements for the year ended 31 August 2024.The condensed consolidated interim financial statements and notes thereon do not include all of the information require
250、d for full set of financial statements prepared in accordance with Hong Kong Financial Reporting Standards(“HKFRSs”).The interim financial report is unaudited,but has been reviewed by KPMG in accordance with Hong Kong Standard on Review Engagements 2410,Review of interim financial information perfor
251、med by the independent auditor of the entity,issued by the HKICPA.KPMGs independent review report to the Board of Directors is included on page 27.Going concern assumptionAs at 28 February 2025,the current liabilities of the Group exceeded their current assets by approximately$5,357 million.Included
252、 in the current liabilities were(i)current portion of bank loan of$5,235 million that was originally due on 24 November 2025 and the Group completed the refinancing of this bank loan on 18 March 2025;(ii)current portion of contract liabilities of$524 million recognised under Hong Kong Financial Repo
253、rting Standard(“HKFRS”)15 which will be gradually reduced through performance obligations being satisfied over the contract terms and(iii)current portion of lease liabilities of$134 million recognised under HKFRS 16 relating to leases with a lease term of more than 12 months and with a corresponding
254、 asset recorded in the non-current assets as right-of-use assets.Management of the Group anticipates the net cash inflows from their operations,together with the ability to draw down from available bank loan facilities,would be sufficient to enable the Group to meet their liabilities as and when the
255、y fall due.Accordingly,this unaudited condensed consolidated interim financial information has been prepared on a going concern basis.Notes to the Unaudited Interim Financial Report(Expressed in Hong Kong dollars unless otherwise indicated)HKBN Ltd.Interim Report 2025362 Changes in accounting polici
256、esThe Group has applied the following amendments to HKFRSs issued by the HKICPA to these financial statements for the current accounting period:AmendmentstoHKAS1,Presentation of financial statements Classification of liabilities as current or non-current(“2020 amendments”)and amendments to HKAS 1,Pr
257、esentation of financial statements Non-current liabilities with covenants(“2022 amendments”)AmendmentstoHKFRS16,Leases Lease liability in a sale and leasebackAmendmentstoHKAS7,Statement of cash flows and HKFRS 7,Financial instruments:Disclosures Supplier finance arrangementsThe Group has not applied
258、 any new standard or interpretation that is not yet effective for the current accounting period.Impacts of the adoption of the amendments to HKFRSs are discussed below:Amendments to HKAS 1,Presentation of financial statements(the 2020 and 2022 amendments,collectively the“HKAS 1 amendments”)The HKAS
259、1 amendments impact the classification of a liability as current or non-current,and have been applied retrospectively as a package.The 2020 amendments primarily clarify the classification of a liability that can be settled in its own equity instruments.If the terms of a liability could,at the option
260、 of the counterparty,result in its settlement by the transfer of the entitys own equity instruments and that conversion option is accounted for separately from the liability as an equity instrument,these terms do not affect the classification of the liability as current or non-current.Otherwise,the
261、transfer of equity instruments would constitute settlement of the liability and impact classification.The 2022 amendments specify that conditions with which an entity must comply after the reporting date do not affect the classification of a liability as current or non-current.However,the entity is
262、required to disclose information about non-current liabilities subject to such conditions.The amendments have no effect on the Groups financial statements.(Expressed in Hong Kong dollars unless otherwise indicated)Notes to the Unaudited Interim Financial Report37HKBN Ltd.Interim Report 20252 Changes
263、 in accounting policies(Continued)Amendments to HKFRS 16,Leases Lease liability in a sale and leasebackThe amendments clarify how an entity accounts for a sale and leaseback after the date of the transaction.The amendments require the seller-lessee to apply the general requirements for subsequent ac
264、counting of the lease liability in such a way that it does not recognise any gain or loss relating to the right of use it retains.A seller-lessee is required to apply the amendments retrospectively to sale and leaseback transactions entered into after the date of initial application.The amendments h
265、ave no impact on these financial statements as the Group applied the same accounting requirements for its sale and leaseback transactions.Amendments to HKAS 7,Statement of cash flows and HKFRS 7,Financial instruments:disclosures Supplier finance arrangementsThe amendments introduce new disclosure re
266、quirements to enhance transparency of supplier finance arrangements and their effects on an entitys liabilities,cash flows and exposure to liquidity risk.Since those disclosures are not required for any interim period presented within the annual reporting period in which the amendments are initially
267、 applied,the Group has not made additional disclosures in this interim financial report.3 Revenue and segment reportingThe principal activities of the Group are(i)provision of fixed telecommunications network services,international telecommunications services and mobile services to residential and e
268、nterprise customers in Hong Kong,(ii)system integration services,(iii)product sales and(iv)marketing and distribution of computer hardware and software,telecommunication products,office automation products and the provision of related services.(a)Disaggregation of revenueRevenue represents revenue f
269、rom(i)fixed telecommunications network services,international telecommunications services and mobile services to residential and enterprise customers in Hong Kong,(ii)system integration services,(iii)product sales and(iv)marketing and distribution of computer hardware and software,telecommunication
270、products,office automation products and the provision of related services.Notes to the Unaudited Interim Financial Report(Expressed in Hong Kong dollars unless otherwise indicated)HKBN Ltd.Interim Report 2025383 Revenue and segment reporting(continued)(a)Disaggregation of revenue(continued)Disaggreg
271、ation of revenue from contracts with customers by major categories is as follows:Six months ended28 February 202529 February 2024$000$000 Disaggregated by major products or service lines:Fixed telecommunications network services2,321,0222,296,180International telecommunications services590,071427,43
272、7Other services155,168179,252 Fees from provision of telecommunications services3,066,2612,902,869Product revenue2,019,1672,317,164Technology solution and consultancy services648,841589,058 Revenue from contracts with customers within the scope of HKFRS 155,734,2695,809,091 Six months ended28 Februa
273、ry 202529 February 2024$000$000 Disaggregated by major categories:Residential Solutions revenue1,165,5681,181,509Enterprise Solutions revenue2,549,5342,310,418Enterprise Solutions related product revenue892,191951,692Handset and other product revenue1,126,9761,365,472 5,734,2695,809,091 Disaggregate
274、d by geographical location of customers:Hong Kong5,213,6245,267,918Mainland China277,202296,010Other territories243,443245,163 5,734,2695,809,091 During the periods ended 28 February 2025 and 29 February 2024,product revenue is recognised at a point in time and revenue from the provision of telecomm
275、unications services is substantially recognised over time.One customer of the Group contributed 19.0%of the Groups total revenue for the six months ended 28 February 2025(six months ended 29 February 2024:22.5%).Disaggregation of revenue from contracts with customers by the timing of revenue recogni
276、tion is disclosed in note 3(b).(Expressed in Hong Kong dollars unless otherwise indicated)Notes to the Unaudited Interim Financial Report39HKBN Ltd.Interim Report 20253 Revenue and segment reporting(continued)(b)Segment reportingOperating segments,and the amounts of each segment item reported in the
277、 interim financial report,are identified from the financial information provided regularly to the Groups most senior executive management for the purposes of allocating resources to,and assessing the performance of,the Groups various lines of business and geographical locations.Individually material
278、 operating segments are not aggregated for financial reporting purposes unless the segments have similar economic characteristics and are similar in respect of the nature of products and services,the nature of production processes,the type or class of customers,the methods used to distribute the pro
279、ducts or provide the services,and the nature of the regulatory environment.Operating segments which are not individually material may be aggregated if they share a majority of these criteria.The Groups most senior executive management reviews the Groups internal reporting for the purposes of assessi
280、ng the performance and allocates the resources of the Group by geographical location.In a manner consistent with the way in which information is reported internally to the Groups most senior executive management for the purposes of resources allocation and performance assessment,the Group has presen
281、ted the following two reportable segments.No operating segments have been aggregated to form the following reportable segments.(i)Telecom and technology solutions(Hong Kong)Include provision of fixed telecommunications network services,international telecommunications services,mobile services to res
282、idential and enterprise customers and technology-related services in Hong Kong.(ii)Telecom and technology solutions(non-Hong Kong)Include the provision of telecommunications and technology solutions and consultancy services in mainland China and Macao.(iii)Segment results,assets and liabilitiesThe G
283、roups senior executive management monitors the results performance attributable to each reportable segment on the following basis:The segment revenue of the Group is based on geographical location of customers.Income and expenses are allocated to the reportable segments with reference to revenue gen
284、erated by those segments and expenses incurred by those segments or which otherwise arisen from the depreciation or amortisation of assets attributable to those segments.The inter-segment transactions are conducted on normal commercial terms and are priced with reference to prevailing market prices
285、and in the ordinary course of business.The performance measure used for reporting segment profit is earnings before finance costs,interest income,income tax,depreciation,amortisation of intangible assets(net of direct cost incurred)and amortisation of customer acquisition and retention costs.Notes t
286、o the Unaudited Interim Financial Report(Expressed in Hong Kong dollars unless otherwise indicated)HKBN Ltd.Interim Report 2025403 Revenue and segment reporting(continued)(b)Segment reporting(continued)(iii)Segment results,assets and liabilities(continued)In addition to receiving segment information
287、 concerning the reportable segment profit,management is provided with segment information concerning inter-segment sales,interest income and expense from cash balances and borrowings managed directly by the segments,depreciation,amortisation,capital expenditures and income tax.Inter-segment sales ar
288、e priced with reference to prices charged to external parties for similar orders.Segment assets and liabilities of the Group are not reported to the Groups chief operating decision makers regularly.As a result,reportable assets and liabilities have not been presented in the financial statements.Disa
289、ggregation of revenue from contracts with customers by timing of revenue recognition,as well as information regarding the Groups reportable segments as provided to the Groups most senior executive management for the purposes of resource allocation and assessment of segment performance for the period
290、 is set out below.Telecom and technologysolutions(Hong Kong)Telecom and technologysolutions(non-Hong Kong)TotalFor the six months ended28 February 202529 February 202428 February 202529 February 202428 February 202529 February 2024$000$000$000$000$000$000 Reportable segment revenue5,229,5615,295,394
291、639,487690,0445,869,0485,985,438Inter-segment revenue(15,937)(27,476)(118,842)(148,871)(134,779)(176,347)Revenue from external customers5,213,6245,267,918520,645541,1735,734,2695,809,091Disaggregated by timing of revenue recognitionPoint in time1,604,1981,870,080414,969447,0842,019,1672,317,164Over
292、time3,609,4263,397,838105,67694,0893,715,1023,491,927 Revenue from external customers5,213,6245,267,918520,645541,1735,734,2695,809,091 Reportable segment profit1,169,2231,118,20836,89929,2491,206,1221,147,457 The performance measure used for reporting segment profit is earnings before finance costs
293、,interest income,income tax,depreciation,amortisation of intangibles assets(net of direct cost incurred)and amortisation of customer acquisition and retention costs.(Expressed in Hong Kong dollars unless otherwise indicated)Notes to the Unaudited Interim Financial Report41HKBN Ltd.Interim Report 202
294、53 Revenue and segment reporting(continued)(b)Segment reporting(continued)(iv)Reconciliations between segment profit derived from Groups external customers and consolidated profit before taxation for the periodSix months ended28 February 202529 February 2024$000$000 Reportable segment profit derived
295、 from Groups external customers1,206,1221,147,457Finance costs(366,024)(400,712)Interest income4,2965,832Depreciation(411,210)(423,891)Amortisation of intangible assets(177,859)(185,771)Amortisation of customer acquisition and retention costs(142,259)(135,127)Consolidated profit before taxation113,0
296、667,788 4 Profit before taxationProfit before taxation is arrived at after(crediting)/charging:Six months ended28 February 202529 February 2024$000$000 (a)Other net(income)/lossInterest income(4,296)(5,832)Net foreign exchange loss2,7884,269Gain on disposal of property,plant and equipment,net(887)(1
297、13)Gain on disposal of right-of-use assets,net(77)Loss on disposal of subsidiary3,715Other income(3,329)(1,646)(5,801)393 Notes to the Unaudited Interim Financial Report(Expressed in Hong Kong dollars unless otherwise indicated)HKBN Ltd.Interim Report 2025424 Profit before taxation(continued)Six mon
298、ths ended28 February 202529 February 2024$000$000 (b)Other operating expensesAdvertising and marketing expenses16,13212,812Depreciation Property,plant and equipment331,200339,958 Right-of-use assets79,93683,590Recognition of loss allowance on trade receivables and contract assets27,61841,830Staff co
299、sts(note 4(c)491,095554,067Amortisation of intangible assets177,859185,771Amortisation of customer acquisition and retention costs142,259135,127Others275,193252,557 Office rental and utilities30,71324,996 Site expenses43,65546,377 Bank handling charges17,66118,945 Maintenance32,31946,945 Subscriptio
300、n and license fees51,15755,089 Legal and professional fees41,05813,810 Printing,telecommunication and logistics expenses18,09218,547 Others40,53827,848 1,541,2921,605,712#Certain comparative figures have been reclassified to conform to the current years presentation.(Expressed in Hong Kong dollars u
301、nless otherwise indicated)Notes to the Unaudited Interim Financial Report43HKBN Ltd.Interim Report 20254 Profit before taxation(continued)Six months ended28 February 202529 February 2024$000$000 (c)Staff costsSalaries,wages and other benefits670,893749,770Contributions to defined contribution retire
302、ment plan56,84551,821 727,738801,591Less:Staff costs capitalised as property,plant and equipment(40,896)(23,951)Staff costs capitalised in customer acquisition and retention costs(89,797)(96,921)Staff costs included in network costs and cost of sales(105,950)(126,652)491,095554,067 Staff costs inclu
303、de all compensation and benefits paid to and accrued for all individuals employed by the Group,including directors.Six months ended28 February 202529 February 2024$000$000 (d)Finance costsInterest and finance charges on bank loans382,501414,628Interest on other borrowings5151,358Fair value gain on t
304、he interest-rate swap(29,347)(27,098)Interest on lease liabilities12,26011,545Interest on other liabilities95279 366,024400,712 (e)Other itemsAmortisation of intangible assets198,899206,811Depreciation:Property,plant and equipment331,200339,958 Right-of-use assets80,01083,933Rental charges on teleco
305、mmunications facilities and computer equipment249,526234,241Expenses relating to short-term leases and leases of low-value assets3,9656,320Recognition of loss allowance on trade receivables and contract assets27,61841,830Cost of inventories1,938,4332,295,926Inventory written down4,060 Notes to the U
306、naudited Interim Financial Report(Expressed in Hong Kong dollars unless otherwise indicated)HKBN Ltd.Interim Report 2025445 Income tax expenseSix months ended28 February 202529 February 2024$000$000 Current tax Hong Kong Profits Tax(69,500)(95,715)Current tax Outside Hong Kong(5,205)(5,029)Deferred
307、tax69,19994,490 (5,506)(6,254)The provision for Hong Kong Profits Tax is calculated by applying the estimated annual effective tax rate of 16.5%to the six months ended 28 February 2025(six months ended 29 February 2024:16.5%),except for one subsidiary of the Group which is a qualifying corporation u
308、nder the two-tiered Profits Tax rate regime.For this subsidiary,the first$2 million of assessable profits are taxed at 8.25%and the remaining assessable profits are taxed at 16.5%.The provision for Hong Kong Profits Tax for this subsidiary was calculated at the same basis in 2024.Taxation for subsid
309、iaries outside Hong Kong is similarly calculated using the annual effective rates of taxation that are expected to be applicable in the relevant countries.6 Earnings per share(a)Basic earnings per shareThe calculation of basic earnings per share is based on the profit attributable to ordinary equity
310、 shareholders of the Company of$107,560,000(six months ended 29 February 2024:$1,534,000)and the weighted average number of ordinary shares in issue calculated as follows:Year ended28 February 202529 February 2024000000 Issued ordinary shares at 1 September1,311,5991,311,599Less:unvested shares held
311、 for the Co-Ownership Plan II RSUs(760)(760)Weighted average number of ordinary shares in issue during the year1,310,8391,310,839 (Expressed in Hong Kong dollars unless otherwise indicated)Notes to the Unaudited Interim Financial Report45HKBN Ltd.Interim Report 20256 Earnings per share(continued)(b)
312、Diluted earnings per shareDuring the period ended 28 February 2025,the calculation of diluted earnings per share is based on the profit attributable to ordinary equity shareholders of the Company of$107,560,000(six months ended 29 February 2024:$1,534,000)and the weighted average number of ordinary
313、shares in issue less shares held for the Co-Ownership Plan II after adjusting for the dilutive effect of the Companys Co-Ownership Plan II and the Vendor Loan Notes,calculated as follows:Six months ended28 February 202529 February 2024000000 Weighted average number of ordinary shares less shares hel
314、d for the Co-Ownership Plan II1,310,8391,310,839Add:effect of Vendor Loan Notes167,322167,322 Weighted average number of ordinary shares(diluted)1,478,1611,478,161 7 Property,plant and equipmentAt 28 February 2025At 31 August 2024$000$000 Opening net book value3,132,9453,418,992Exchange adjustments(
315、318)312Additions298,046391,003Disposals(net carrying amount)(503)(615)Depreciation charges for the period/year(331,200)(676,389)Disposal of subsidiaries(358)Closing net book value3,098,9703,132,945 Notes to the Unaudited Interim Financial Report(Expressed in Hong Kong dollars unless otherwise indica
316、ted)HKBN Ltd.Interim Report 2025468 Right-of-use assetsAt 28 February 2025At 31 August 2024$000$000 Opening net book value628,457689,568Exchange adjustments(281)314Additions12,418116,705Modification(76)(10,703)Disposals(net carrying amount)(499)(2,988)Depreciation charges for the period/year(80,010)
317、(164,439)Closing net book value560,009628,457 During the six months ended 28 February 2025,the Group entered into a number of lease agreements for use of shop and office of$12,418,000(six months ended 29 February 2024:$8,207,000).9 Trade receivables and other receivables,deposits and prepaymentsAs o
318、f the end of the reporting period,the ageing analysis of trade receivables,based on the invoice date and net of loss allowance,is as follows:At 28 February 2025At 31 August 2024$000$000 Within 30 days414,841404,81631 to 60 days267,894263,95161 to 90 days127,242109,524Over 90 days239,501191,006 Trade
319、 receivables,net of loss allowance1,049,478969,297Other receivables,deposits and prepayments532,246516,316 1,581,7241,485,613 The majority of the Groups trade receivables are due within 30 to 90 days from the date of billing.Subscribers with receivable that are more than 3 months overdue are request
320、ed to settle all outstanding balances before further credit is granted.All of the other receivables,deposits and prepayments are expected to be recovered or recognised as expense within one year.(Expressed in Hong Kong dollars unless otherwise indicated)Notes to the Unaudited Interim Financial Repor
321、t47HKBN Ltd.Interim Report 202510 Cash and cash equivalentsCash and cash equivalents in the consolidated statement of financial position and condensed consolidated cash flow statement comprise:At 28 February 2025At 31 August 2024$000$000 Cash and cash equivalents in the consolidated cash flow statem
322、ent1,077,9691,217,406 11 Trade payables,other payables and accrued chargesAs of the end of the reporting period,the ageing analysis of trade payables,based on the invoice date,is as follows:At 28 February 2025At 31 August 2024$000$000 Within 30 days812,025449,92831 to 60 days117,559140,92461 to 90 d
323、ays65,161122,060Over 90 days119,142232,967 1,113,887945,879 Trade payables1,113,887945,879Other payables and accrued charges Current portion996,650950,361 2,110,5371,896,240 12 Bank and other borrowings(a)The analysis of the carrying amount of bank and other borrowings is as follows:At 28 February 2
324、025At 31 August 2024$000$000 Bank borrowings unsecured10,920,28610,940,812Other borrowings secured23,53836,791 10,943,82410,977,603Amounts due within one year included in current liabilities(5,452,877)(272,601)5,490,94710,705,002 Notes to the Unaudited Interim Financial Report(Expressed in Hong Kong
325、 dollars unless otherwise indicated)HKBN Ltd.Interim Report 20254812 Bank and other borrowings(continued)(b)As at 28 February 2025,the bank and other borrowings were repayable as follows:At 28 February 2025At 31 August 2024$000$000 Bank borrowings(unsecured)Within 1 year on demand5,442,174247,074Aft
326、er 1 year but within 2 years5,478,11210,693,738 10,920,28610,940,812 Other borrowings(secured)Within 1 year on demand10,70325,527After 1 year but within 2 years7,6406,503After 2 years but within 5 years5,1954,761 23,53836,791 Bank and other borrowings10,943,82410,977,603Amounts due within one year i
327、ncluded in current liabilities(5,452,877)(272,601)5,490,94710,705,002 (i)On 13 November 2020,the Group entered into term loan facility of$5,500,000,000 in aggregate with various banks.The Group has drawn down a bank loan with a principal amount of$5,000,000,000 and$500,000,000 at HIBOR plus a margin
328、 of 1.50%per annum payable monthly on 23 November 2020 and 22 February 2021 respectively.The loan was unsecured and covered by a cross guarantee arrangement issued by the Company,Metropolitan Light Company Limited(“MLCL”),Hong Kong Broadband Network Group Limited(“HKBNGL”),Hong Kong Broadband Networ
329、k Limited(“HKBN”),HKBN Enterprise Solutions Development Limited(“HKBNESDL”),HKBN Enterprise Solutions Cayman Corporation(“HKBNESCC”),HKBN Enterprise Solutions HK Limited(“HKBNESHKL”)and COL Limited,and repayable in full upon maturity on 24 November 2025.The loan interest rate was renewed to HIBOR pl
330、us a margin of 2.20%per annum from 31 December 2024.The outstanding amount of this term loan facility principal was$5,250,000,000 at 28 February 2025.The Group completed the refinancing of this loan on 18 March 2025.On 17 April 2025,the Group drawn down the Incremental Facility of this bank loan in
331、an amount of$1,500,000,000 for the prepayment of the bank loan refer to(ii)below.(ii)On 31 March 2021,the Group entered into a term loan facility of$5,500,000,000 in aggregate with various international banks.The Group has drawn down a bank loan with principal amount of$5,000,000,000 and$500,000,000
332、 at HIBOR plus a margin 1.50%per annum payable monthly on 9 April 2021 and 24 May 2021 respectively.The loan was unsecured and covered by a cross guarantee arrangement issued by the Company,MLCL,HKBNGL,HKBN,HKBNESDL,HKBNESCC,HKBNESHKL and Col Limited,and repayable in full upon maturity on 9 April 20
333、26.The loan interest rate was renewed to HIBOR plus a margin of 2.20%per annum from 31 December 2024.The outstanding amount of this term loan facility principal was$5,500,000,000 at 28 February 2025.(Expressed in Hong Kong dollars unless otherwise indicated)Notes to the Unaudited Interim Financial Report49HKBN Ltd.Interim Report 202512 Bank and other borrowings(continued)(b)As at 28 February 2025,
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