股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年9月30日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 誼礫控股有限公司 | | | 呈交日期: | 2025年10月3日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00076 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 432,844,073 | | | | 432,844,073 | | 增加 / 減少 (-) | | | | | 0 | | ...

ELATE HOLDINGS LIMITED 誼礫控股有限公司 (Incorporated in Hong Kong with limited liability) （於香港註冊成立之有限公司） (Stock code 股份代號：076) N O T I F I C AT I O N L E T T E R 通 知 信 函 Dear non-registered shareholder(s), Elate Holdings Limited (the "Company") – Notice of Publication of 2025 Interim Report (the "Current Corporate Communication") As a non-registered shareholder, if you wish to receive corporate communications from the Company pursuant to the Listing Rules, you should liaise with your bank(s), broker(s), custodian( ...

ELATE HOLDINGS LIMITED 誼礫控股有限公司 (Incorporated in Hong Kong with limited liability) （於香港註冊成立之有限公司） (Stock code 股份代號：076) N O T I F I C AT I O N L E T T E R 通 知 信 函 Dear registered shareholder(s), Elate Holdings Limited (the "Company") – Notice of Publication of 2025 Interim Report (the "Current Corporate Communication") The Current Corporate Communication of the Company have been published in English and Chinese languages and are available on the website of the Company at www.elate.hk and the HKEXnews websit ...

誼礫控股有限公司 誼礫控股有限公司 佟ᶻᶡ唝 : 76 佟ᶻᶡ唝 : 76 2025 中期報告 目錄 PB 誼礫控股有限公司 • 中期報告二零二五年 誼礫控股有限公司 • 中期報告二零二五年 2 誼礫控股有限公司（「本公司」）之董事會（「董事會」）欣然提呈，本公司及其附屬公司（「本集 團」）截至二零二五年六月三十日止六個月之未經審核簡明綜合中期業績連同上一期間之比較數 字如下： 簡明綜合損益表 截至二零二五年六月三十日止六個月 | | | 截至以下日期止六個月 | | | --- | --- | --- | --- | | | | 二零二五年 | 二零二四年 | | | | 六月三十日 | 六月三十日 | | | | 未經審核 | 未經審核 | | | 附註 | 千美元 | 千美元 | | 收益 | 3 | 63,109 | 65,821 | | 銷售成本 | | (53,201) | (59,721) | | 毛利 | | 9,908 | 6,100 | | 其他收入 | 4 | 111 | 2,331 | | 一般及行政開支 | | (5,610) | (6,856) | | 金融資產減值虧損撥回 | | ...

II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00076 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 432,844,073 | | | | 432,844,073 | | 增加 / 減少 (-) | | | | | 0 | | | | 本月底結存 | | | 432,844,073 | | 0 | | 432,844,073 | 第 2 頁 共 10 頁 v 1.1.1 FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年8月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 誼礫控股有限公司 | | | 呈交 ...

Group 1 - The core viewpoint of the article highlights that Yili Holdings (00076.HK) reported a revenue of approximately $63.1 million for the six months ending June 30, 2025, representing a year-on-year decrease of 4.1% [1] - The company recorded a net loss attributable to shareholders of approximately $15.1 million, compared to a net profit of approximately $27.7 million in the same period last year [1] - The loss per share was reported at 3.97 cents [1] Group 2 - The company's business segments include (i) global sales of graphite products; (ii) manufacturing and sales of electronic products in the UK; (iii) design and manufacturing services; and (iv) development of third-generation internet-related businesses [1] - Graphite, which is widely used in aerospace, steel, automotive, electric vehicles, batteries, and lubricants, is a key product for the company [1] - The company's customer base includes steel companies in China and globally, lithium-ion battery companies, refractory material companies, and other clients with a demand for graphite products [1]

Group 1 - The company, Yili Holdings (00076), reported a revenue of $63.109 million for the six months ending June 30, 2025, representing a year-on-year decrease of 4.12% [1] - The company experienced a loss attributable to shareholders of $15.108 million, marking a shift from profit to loss compared to the previous year [1] - The loss per share was reported at 3.97 cents [1]

Group 1 - The company reported a revenue of $63.109 million for the six months ending June 30, 2025, representing a year-on-year decrease of 4.12% [1] - The company experienced a loss attributable to shareholders of $15.108 million, marking a shift from profit to loss compared to the previous year [1] - The loss per share was reported at 3.97 cents [1]

[Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E8%A1%A8) This section provides an overview of the company's financial performance, showing a shift from profit to loss primarily due to fair value losses on financial assets [Overview of Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E8%A1%A8%E6%A6%82%E8%A7%88) The company recorded a net loss for the six months ended June 30, 2025, primarily due to unrealized losses on financial assets at fair value through profit or loss Condensed Consolidated Statement of Profit or Loss | Indicator | June 30, 2025 (US$ thousand) | June 30, 2024 (US$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 63,109 | 65,821 | -4.1% | | Cost of sales | (53,201) | (59,721) | -10.9% | | Gross profit | 9,908 | 6,100 | +62.4% | | (Loss)/profit from operations | (13,509) | 28,618 | Shift from profit to loss | | (Loss)/profit for the period and attributable to owners | (15,108) | 27,717 | Shift from profit to loss | | Basic (loss)/earnings per share (US cents) | (3.97) | 7.64 | Shift from profit to loss | - The net loss was mainly due to the recognition of a net unrealized loss of approximately **US$19,100 thousand** on financial assets at fair value through profit or loss[5](index=5&type=chunk) - Excluding this loss, the company would have recorded a profit of approximately **US$4,000 thousand** for the period[5](index=5&type=chunk)[36](index=36&type=chunk) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E5%85%A5%E8%A1%A8) This section presents the company's net loss for the period and positive foreign currency translation differences, resulting in a total comprehensive loss [Overview of Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E5%85%A5%E8%A1%A8%E6%A6%82%E8%A7%88) For the six months ended June 30, 2025, the company reported a net loss of US$15,108 thousand, with positive foreign currency translation differences leading to a total comprehensive loss of US$10,572 thousand Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Indicator | June 30, 2025 (US$ thousand) | June 30, 2024 (US$ thousand) | | :--- | :--- | :--- | | (Loss)/profit for the period | (15,108) | 27,717 | | Exchange differences on translation of foreign operations | 4,536 | (283) | | Other comprehensive income for the period | 4,536 | (192) | | Total comprehensive income for the period and attributable to owners | (10,572) | 27,525 | - In H1 2025, foreign currency translation generated a gain of **US$4,536 thousand**, compared to a loss of **US$283 thousand** in the prior period[7](index=7&type=chunk) [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) This section details the company's assets, liabilities, and equity, showing a decrease in total assets and net assets, mainly due to a reduction in non-current financial assets [Overview of Condensed Consolidated Statement of Financial Position](index=4&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8%E6%A6%82%E8%A7%88) As of June 30, 2025, total assets and net assets decreased, primarily due to a significant reduction in non-current financial assets at fair value through profit or loss Condensed Consolidated Statement of Financial Position | Indicator | June 30, 2025 (US$ thousand) | December 31, 2024 (US$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Total non-current assets | 47,575 | 65,831 | -27.7% | | Total current assets | 396,885 | 386,297 | +2.7% | | Total current liabilities | 22,099 | 21,142 | +4.5% | | Net current assets | 374,786 | 365,155 | +2.6% | | Net assets | 421,797 | 430,410 | -2.0% | - Non-current financial assets at fair value through profit or loss decreased by approximately **44.0%** from **US$43,431 thousand** to **US$24,296 thousand**[8](index=8&type=chunk)[11](index=11&type=chunk) - Inventories increased by **44.8%** from **US$22,279 thousand** to **US$32,263 thousand**[8](index=8&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=6&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) This section illustrates the changes in the company's total equity, primarily driven by the total comprehensive loss for the period, partially offset by new share issuance [Overview of Condensed Consolidated Statement of Changes in Equity](index=6&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8%E6%A6%82%E8%A7%88) Total equity decreased from US$430,410 thousand to US$421,797 thousand, mainly due to the total comprehensive loss, partially offset by shares issued from convertible bond conversion Condensed Consolidated Statement of Changes in Equity | Indicator | January 1, 2025 (US$ thousand) | June 30, 2025 (US$ thousand) | Change (US$ thousand) | | :--- | :--- | :--- | :--- | | Total equity | 430,410 | 421,797 | (8,613) | - Total comprehensive income for the period was a **loss of US$10,572 thousand**[10](index=10&type=chunk) - Share capital increased by **US$1,959 thousand** due to shares issued upon convertible bond conversion[10](index=10&type=chunk) [Notes to the Unaudited Interim Condensed Consolidated Financial Statements](index=7&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) This section provides detailed explanations and disclosures supporting the interim condensed consolidated financial statements [1. Basis of Preparation](index=7&type=section&id=1.%20%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) The interim financial statements are prepared in accordance with HKAS 34 and applicable disclosure requirements of the Listing Rules - The statements are prepared in accordance with **HKAS 34 "Interim Financial Reporting"** and **Appendix D2 of the Listing Rules**[11](index=11&type=chunk) [2. Changes in Significant Accounting Policies](index=7&type=section&id=2.%20%E4%B8%BB%E8%A6%81%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96%E8%AE%8A%E5%8B%95) The financial statements adopted amendments to HKAS 21 and HKFRS 1 effective January 1, 2025, with no significant impact on accounting policies - Adopted amendments to **HKAS 21** and **HKFRS 1 "Lack of Exchangeability"** effective January 1, 2025[13](index=13&type=chunk) - The adoption of these amended HKFRSs had **no significant impact** on the Group's accounting policies[13](index=13&type=chunk) [3. Revenue and Segment Information](index=8&type=section&id=3.%20%E6%94%B6%E7%9B%8A%E5%8F%8A%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) Revenue primarily from graphite and electronic product manufacturing and sales, with total revenue decreasing by 4.1% year-on-year, driven by a significant drop in graphite product revenue and growth in electronic products - Revenue is derived from the **production and sale of graphite products**, **manufacturing and sale of electronic products**, and **design of electronic products**[14](index=14&type=chunk) Segment Revenue and Results | Segment | June 30, 2025 Revenue (US$ thousand) | June 30, 2024 Revenue (US$ thousand) | Revenue Change (%) | June 30, 2025 Results (US$ thousand) | June 30, 2024 Results (US$ thousand) | Results Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Graphite products | 12,069 | 21,618 | -44.2% | 844 | 314 | +168.8% | | Electronic products | 51,040 | 44,160 | +15.6% | 6,683 | 3,861 | +73.1% | | Design and manufacturing | – | 43 | -100% | – | (299) | Shift from loss to profit | | **Total** | **63,109** | **65,821** | **-4.1%** | **7,527** | **3,876** | **+94.2%** | - Operating activities resulted in a **loss of US$13,509 thousand** in H1 2025, compared to a **profit of US$28,618 thousand** in the prior period[14](index=14&type=chunk)[15](index=15&type=chunk) [4. Other Income](index=9&type=section&id=4.%20%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5) Other income significantly decreased in H1 2025 due to reduced rental and miscellaneous income, and the first-time recognition of realized cryptocurrency losses Other Income Details | Item | June 30, 2025 (US$ thousand) | June 30, 2024 (US$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Bank interest income | 3 | 66 | -95.5% | | Rental income | 55 | 1,358 | -95.9% | | Realized loss on cryptocurrency | (2) | – | New loss | | Miscellaneous income | 55 | 907 | -93.9% | | **Total** | **111** | **2,331** | **-95.2%** | - Significant decreases in **rental income** and **miscellaneous income** were the primary reasons for the overall decline in other income[16](index=16&type=chunk) [5. (Loss)/Profit from Operations](index=9&type=section&id=5.%20%E7%B6%93%E7%87%9F%E6%B4%BB%E5%8B%95%EF%BC%88%E虧%E6%90%8D%EF%BC%89%E2%88%95%E6%BA%A2%E5%88%A9) Operating activities shifted from profit to loss in H1 2025, mainly influenced by changes in depreciation expenses Depreciation Expenses | Item | June 30, 2025 (US$ thousand) | June 30, 2024 (US$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Depreciation of owned property, plant and equipment and investment properties | 716 | 1,873 | -61.8% | | Depreciation of right-of-use assets | 192 | 191 | +0.5% | - **No interest on amounts due from joint ventures** in H1 2025, compared to **US$85 thousand** in the prior period[17](index=17&type=chunk) [6. Income Tax Expense](index=9&type=section&id=6.%20%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) Income tax expense increased by 78.6% year-on-year in H1 2025, calculated based on Hong Kong's two-tiered profits tax system and applicable overseas rates Income Tax Expense | Indicator | June 30, 2025 (US$ thousand) | June 30, 2024 (US$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Income tax expense | 1,591 | 891 | +78.6% | - Hong Kong profits tax is levied at **16.5%**, with qualifying subsidiaries taxed at **8.25%** for the first **HK$2,000,000** and **16.5%** thereafter; overseas subsidiaries are taxed at local applicable rates[18](index=18&type=chunk)[19](index=19&type=chunk) [7. (Loss)/Earnings Per Share](index=10&type=section&id=7.%20%E6%AF%8F%E8%82%A1%EF%BC%88%E虧%E6%90%8D%EF%BC%89%E2%88%95%E7%9B%88%E5%88%A9) Basic and diluted (loss)/earnings per share shifted from a profit of 7.64 US cents to a loss of 3.97 US cents in H1 2025 (Loss)/Earnings Per Share | Indicator | June 30, 2025 (US cents) | June 30, 2024 (US cents) | | :--- | :--- | :--- | | Basic and diluted (loss)/earnings per share | (3.97) | 7.64 | - Calculated based on **(loss)/profit attributable to owners** divided by the **weighted average number of ordinary shares** outstanding[20](index=20&type=chunk)[22](index=22&type=chunk) - Basic and diluted (loss)/earnings per share are the **same** as there were no potential dilutive ordinary shares outstanding during the reporting period[22](index=22&type=chunk) [8. Property, Plant and Equipment](index=10&type=section&id=8.%20%E7%89%A9%E6%A5%AD%E3%80%81%E5%BB%A0%E6%88%BF%E5%8F%8A%E8%A8%AD%E5%82%99) The company's purchases of property, plant and equipment significantly increased in H1 2025 compared to the prior period Purchases of Property, Plant and Equipment | Item | June 30, 2025 (US$ thousand) | June 30, 2024 (US$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Purchases of property, plant and equipment | 432 | 243 | +77.8% | - Total property, plant and equipment increased from **US$12,952 thousand** as of December 31, 2024, to **US$13,888 thousand** as of June 30, 2025[8](index=8&type=chunk)[23](index=23&type=chunk) [9. Trade Receivables](index=10&type=section&id=9.%20%E6%87%89%E6%94%B6%E8%B2%BF%E6%98%93%E8%B3%AC%E6%AC%BE) Total trade receivables slightly decreased as of June 30, 2025, but the aging structure deteriorated significantly, with a substantial increase in receivables over 90 days Aging Analysis of Trade Receivables | Aging | June 30, 2025 (US$ thousand) | December 31, 2024 (US$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | 0-30 days | 12,798 | 315,720 | -95.9% | | 31-60 days | 9,827 | 12,142 | -19.0% | | 61-90 days | 6,765 | 2,446 | +176.6% | | Over 90 days | 312,520 | 17,040 | +1733.5% | | **Total** | **341,910** | **347,348** | **-1.6%** | - Trade receivables over **90 days** surged from **US$17,040 thousand** to **US$312,520 thousand**, indicating a significant increase in collection risk[24](index=24&type=chunk) [10. Other Receivables, Deposits and Prepayments](index=11&type=section&id=10.%20%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E8%B2%A1%E6%AC%BE%E3%80%81%E6%8C%89%E9%87%91%E5%8F%8A%E9%A0%90%E4%BB%98%E6%AC%BE%E9%A0%85) Total other receivables, deposits, and prepayments significantly increased as of June 30, 2025, primarily driven by other deposits and prepayments Analysis of Other Receivables, Deposits and Prepayments | Item | June 30, 2025 (US$ thousand) | December 31, 2024 (US$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Other deposits and prepayments | 6,807 | 679 | +902.5% | | Other receivables | 1,484 | 1,484 | 0% | | **Total** | **8,291** | **2,163** | **+283.3%** | - **Other deposits and prepayments** increased by nearly **9 times**, being the main driver of the total increase in this category[25](index=25&type=chunk) [11. Financial Assets at Fair Value Through Profit or Loss](index=11&type=section&id=11.%20%E6%8C%89%E5%85%AC%E5%B9%B3%E5%80%BC%E8%A8%88%E5%85%A5%E6%90%8D%E7%9B%8A%E4%B9%8B%E9%87%91%E8%9E%8D%E8%B3%87%E7%94%A2) Total financial assets at fair value through profit or loss significantly decreased as of June 30, 2025, mainly due to a reduction in US OTC Pink Sheet market shares Financial Assets Details | Item | June 30, 2025 (US$ thousand) | December 31, 2024 (US$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current assets - US OTC Pink Sheet market shares | 24,296 | 43,431 | -44.0% | | Current assets - Hong Kong listed shares | 244 | 244 | 0% | | **Total** | **24,540** | **43,675** | **-43.9%** | - The Group is exposed to **price risk** from its investments in these equity securities[25](index=25&type=chunk) [12. Trade Payables](index=11&type=section&id=12.%20%E6%87%89%E4%BB%98%E8%B2%BF%E6%98%93%E8%B3%AC%E6%AC%BE) Total trade payables decreased year-on-year as of June 30, 2025, with a notable reduction in payables aged 31-90 days Aging Analysis of Trade Payables | Aging | June 30, 2025 (US$ thousand) | December 31, 2024 (US$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | 0-30 days | 6,111 | 5,568 | +9.8% | | 31-60 days | 1,843 | 3,511 | -47.5% | | 61-90 days | 649 | 1,893 | -65.7% | | Over 90 days | 676 | 438 | +54.3% | | **Total** | **9,279** | **11,410** | **-18.6%** | - Overall trade payables decreased, particularly **mid-term aged liabilities**[26](index=26&type=chunk) [13. Other Payables and Accruals](index=12&type=section&id=13.%20%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E8%B2%A1%E6%AC%BE%E5%8F%8A%E6%87%89%E8%A8%88%E8%B2%BB%E7%94%A8) Total other payables and accruals significantly increased as of June 30, 2025, primarily driven by other taxes payable and accruals Analysis of Other Payables and Accruals | Item | June 30, 2025 (US$ thousand) | December 31, 2024 (US$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Other payables | 4,323 | 3,809 | +13.5% | | Accruals | 2,015 | 1,099 | +83.3% | | Other taxes payable | 4,221 | 1,716 | +145.9% | | **Total** | **10,559** | **6,624** | **+59.4%** | - Significant increases in **other taxes payable** and **accruals** led to a substantial rise in the total amount[27](index=27&type=chunk) [14. Dividends](index=12&type=section&id=14.%20%E8%82%A1%E6%81%AF) The Board decided not to declare any interim dividend for the six months ended June 30, 2025, consistent with the prior period - **No interim dividend** declared for H1 2025[28](index=28&type=chunk)[65](index=65&type=chunk) [15. Share Capital](index=12&type=section&id=15.%20%E8%82%A1%E6%9C%AC) As of June 30, 2025, the company's share capital increased due to the conversion of convertible bonds, leading to a corresponding increase in issued ordinary shares Share Capital Movement | Indicator | June 30, 2025 (US$ thousand) | December 31, 2024 (US$ thousand) | Change (US$ thousand) | | :--- | :--- | :--- | :--- | | Share capital | 610,464 | 608,505 | +1,959 | - **50,950,000 ordinary shares** were issued through convertible bond conversion, increasing share capital by **US$1,959 thousand**[29](index=29&type=chunk)[66](index=66&type=chunk) - Total **417,994,073 ordinary shares** were issued as of June 30, 2025[29](index=29&type=chunk)[66](index=66&type=chunk) [16. Fair Value Measurement of Financial Instruments](index=12&type=section&id=16.%20%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E4%B9%8B%E5%85%AC%E5%B9%B3%E5%80%BC%E8%A8%88%E9%87%8F) Fair value measurements of the company's financial instruments are primarily based on Level 1 inputs (quoted prices in active markets), with no transfers between fair value hierarchies during the period Fair Value Hierarchy | Level | June 30, 2025 (US$ thousand) | December 31, 2024 (US$ thousand) | | :--- | :--- | :--- | | Level 1 (Quoted prices in active markets) | 24,540 | 43,675 | | Level 2 (Observable input data) | – | – | | Level 3 (Unobservable input data) | – | – | | **Total** | **24,540** | **43,675** | - The fair value of financial assets is determined primarily by **quoted prices in active markets (Level 1)**[30](index=30&type=chunk)[32](index=32&type=chunk)[35](index=35&type=chunk) - There were **no transfers** between fair value hierarchies during the period[32](index=32&type=chunk) [17. Related Party Transactions](index=13&type=section&id=17.%20%E9%97%9C%E9%80%A3%E4%BA%BA%E5%A3%AB%E4%BA%A4%E6%98%93) The Group did not enter into any other significant related party transactions during the reporting period, except as otherwise disclosed - Except as otherwise disclosed, the Group had **no other significant related party transactions** during the reporting period[33](index=33&type=chunk) [18. Approval of Unaudited Interim Condensed Consolidated Financial Statements](index=13&type=section&id=18.%20%E6%89%B9%E5%87%86%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) The Board of Directors approved the unaudited interim condensed consolidated financial statements on August 29, 2025 - The unaudited interim condensed consolidated financial statements were approved by the **Board of Directors on August 29, 2025**[34](index=34&type=chunk) [Management Discussion and Analysis of Financial Condition and Operating Results](index=14&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E5%B0%8D%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E5%8F%8A%E7%B6%93%E7%87%9F%E6%A5%AD%E7%B8%BE%E4%B9%8B%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) This section provides management's perspective on the company's financial performance and position, including revenue trends, profitability, and strategic initiatives [Overall Financial Performance](index=14&type=section&id=%E6%95%B4%E9%AB%94%E8%B2%A1%E5%8B%99%E8%A1%A8%E7%8F%BE) This section discusses the company's financial condition and operating results for the six months ended June 30, 2025, including revenue decline, shift from profit to loss, and decrease in net assets - Revenue decreased by **4.1%** year-on-year to **US$63.1 million**, with a net loss attributable to owners of **US$15.1 million** (vs. net profit of **US$27.7 million** in prior period), mainly due to **US$19.1 million** unrealized loss on financial assets at fair value through profit or loss[36](index=36&type=chunk) - Total assets approximately **US$444.5 million** and net assets approximately **US$421.8 million** as of June 30, 2025, both decreased from the end of 2024[36](index=36&type=chunk) [Business Review](index=14&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) The company's business encompasses graphite product sales, electronic product manufacturing, and design services, with active expansion into Web3-related businesses, including a "light-asset" model for graphite and new Web3 collaborations - Business segments include **global sales of graphite products**, **UK manufacturing and sale of electronic products**, **design and manufacturing services**, and **development of Web3-related businesses**[37](index=37&type=chunk) - The company plans to operate its graphite product business with a **"light-asset" model**, having sold Madagascar production lines and some graphite ore inventory to ensure stable supply and cost savings[38](index=38&type=chunk)[39](index=39&type=chunk) - Actively seeking opportunities combining **AI and cryptocurrency**, with subsidiaries signing cooperation agreements with Goldpay Limited, Macau Lotus TV Media, Macau Network Media Development (Aomei APP), and Madagascar Graphite Limited to explore utility token issuance, Web3 program sponsorship, commodity trading platforms, and cryptocurrency exchange services[37](index=37&type=chunk)[40](index=40&type=chunk)[41](index=41&type=chunk)[42](index=42&type=chunk) [Impact of Inflation and Climate Change on Business Operations](index=16&type=section&id=%E9%80%9A%E8%84%B9%E5%8F%8A%E6%B0%A3%E5%80%99%E8%AE%8A%E5%8C%96%E5%B0%8D%E6%A5%AD%E5%8B%99%E7%B6%93%E7%87%9F%E9%80%A0%E6%88%90%E4%B9%8B%E5%BD%B1%E9%9F%BF) Global trade conflicts and supply chain uncertainties affected order demand and delivery times for graphite and electronic products, increasing working capital needs, while climate change had no significant impact - Escalating tariff wars and trade barriers created global trade uncertainty, impacting customer order demand and supply chains, particularly for **graphite products** and **Axiom's electronic products**[43](index=43&type=chunk) - Global supply chain issues and extended supplier lead times increased **working capital requirements** due to higher inventory[43](index=43&type=chunk) - The company implemented **energy-saving and emission reduction measures** and severe weather work arrangements, with no significant climate-related issues during the reporting period[43](index=43&type=chunk) [Operating Results](index=16&type=section&id=%E7%B6%93%E7%87%9F%E6%A5%AD%E7%B8%BE) Total turnover decreased by 4.1% in H1 2025. Graphite business turnover significantly dropped by 44.2% due to trade tensions, but average selling price and gross margin improved. Electronic product manufacturing services saw a 15.6% increase in turnover and higher profit - H1 2025 turnover was approximately **US$63.1 million**, a **4.1% decrease** year-on-year[44](index=44&type=chunk) - Graphite business turnover was approximately **US$12.1 million**, a **44.2% decrease** year-on-year, mainly due to global trade tariff wars, China's export restrictions on graphite-related products, and decreased market demand for small-sized graphite products; despite lower sales volume and revenue, **weighted average selling price** and **gross margin** were higher than the prior period[44](index=44&type=chunk) - Electronic product manufacturing services turnover was approximately **US$51.0 million**, a **15.6% increase** year-on-year; profit increased from **US$3.9 million** to **US$6.7 million**, reflecting strong sales revenue and repricing with key customers[45](index=45&type=chunk) [Outlook](index=17&type=section&id=%E5%B1%95%E6%9C%9B) The company anticipates uneven global economic growth and ongoing trade conflicts. It will continue to adjust its graphite business to a "light-asset" model and develop a trading platform, while expanding Web3 initiatives and investing in electronic manufacturing services - Expects **uneven global economic growth**, **ongoing trade conflicts**, and **rising tariffs** potentially disrupting supply chains and increasing costs[46](index=46&type=chunk) - The graphite business will actively transition to a **"light-asset" model**, reduce cost of sales, explore the small graphite sheet market, and plan to develop a **graphite trading platform** for enhanced trading experience and synergy[46](index=46&type=chunk) - The Web3 business continues strategic positioning in the Web3 domain, with multiple cooperation agreements signed, leveraging **AI and blockchain technologies**, expected to lay the foundation for future growth and revenue generation[47](index=47&type=chunk) - Axiom performed well with a **positive material purchase spread**, favorably impacted by a stronger GBP against USD; will continue to invest in **capital equipment and latest technologies** to improve output, capacity, and service portfolio, and continue to distribute dividends to the parent company[47](index=47&type=chunk) [Liquidity and Financial Resources](index=17&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90) As of June 30, 2025, cash and bank balances slightly decreased, but net current assets increased. The company has no bank borrowings and a low gearing ratio, indicating good liquidity and financial health Cash and Bank Balances | Indicator | June 30, 2025 (US$ thousand) | December 31, 2024 (US$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Cash and bank balances | 12,100 | 12,600 | -4.0% | - Net current assets were approximately **US$374.8 million** as of June 30, 2025, an increase from **US$365.2 million** as of December 31, 2024[48](index=48&type=chunk) - As of June 30, 2025, the Group had no bank borrowings, and its gearing ratio (lease liabilities divided by total equity) was **0.05%**, lower than **0.07%** as of December 31, 2024, indicating low financial leverage[48](index=48&type=chunk) [Use of Proceeds from Convertible Bonds](index=18&type=section&id=%E5%8F%AF%E6%8F%9B%E8%82%A1%E5%82%B5%E5%88%B8%E6%89%80%E5%BE%97%E6%AC%BE%E9%A0%85%E7%94%A8%E9%80%94) The company disclosed the use and changes in intended use of proceeds from 2018 and 2024 convertible bonds. Unutilized 2018 proceeds will fund Web3 mineral trading platform working capital. Unutilized 2024 proceeds, originally for AI business, are now reallocated to R&D, marketing, and working capital for graphite and various commodity trading platforms - **2018 convertible bonds** received approximately **US$13,091.6 thousand**, utilized approximately **US$11,555.6 thousand**, with unutilized net proceeds of approximately **US$1,536 thousand**; use changed to working capital for **Web3 mineral products (including graphite) trading platform**, expected to be utilized by December 31, 2028[49](index=49&type=chunk)[51](index=51&type=chunk)[52](index=52&type=chunk) - **2024 convertible bonds** received net proceeds of **HK$21,000 thousand** (approximately **US$2,120 thousand**), unutilized; original intended use for exploring Web3 combined with AI and cultural industry new business directions, but no consensus reached, and GoMeta Limited will no longer develop AI-related businesses[53](index=53&type=chunk)[54](index=54&type=chunk) - **2024 convertible bonds** use changed to **R&D of graphite and various commodity trading platforms (HK$9,000 thousand)**, **marketing and brand building (HK$5,500 thousand)**, and **working capital (HK$6,500 thousand)**, expected to be utilized by December 31, 2027[54](index=54&type=chunk)[55](index=55&type=chunk) [Indebtedness](index=20&type=section&id=%E5%82%B5%E5%8B%99) As of June 30, 2025, and the announcement date, the company had no bank borrowings, bank financing commitments, related party loans, or bank overdrafts, with no significant adverse changes in indebtedness - The company has no **bank borrowings** or **bank financing commitments**, nor any loans from **related parties**[56](index=56&type=chunk) - There were no **significant adverse changes** in the Group's indebtedness as of June 30, 2025, and up to the announcement date[57](index=57&type=chunk) [Contingent Liabilities and Pledge of Assets](index=20&type=section&id=%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5%E5%8F%8A%E8%B3%87%E7%94%A2%E6%8A%B5%E6%8A%BC) As of June 30, 2025, the company had no significant contingent liabilities and had not pledged any assets - The Group had no **significant contingent liabilities** and no **assets pledged**[58](index=58&type=chunk) [Capital Commitments](index=20&type=section&id=%E8%B3%87%E6%9C%AC%E6%89%BF%E6%93%94) As of June 30, 2025, the company had no capital commitments related to the purchase of fixed assets, consistent with the prior period - The Group had no **capital commitments** related to the purchase of fixed assets[59](index=59&type=chunk) [Material Investments Held](index=20&type=section&id=%E6%8C%81%E6%9C%89%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87) As of June 30, 2025, the company did not hold any material investments - The Group held no **material investments**[60](index=60&type=chunk) [Material Acquisitions and Disposals](index=20&type=section&id=%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E5%8F%8A%E5%87%BA%E5%94%AE%E4%BA%8B%E9%A0%85) During the six months ended June 30, 2025, the company did not undertake any material acquisitions or disposals of subsidiaries, associates, or joint ventures - There were no **material acquisitions or disposals** of subsidiaries, associates, or joint ventures during the period[61](index=61&type=chunk) [Capital Structure](index=20&type=section&id=%E8%B3%87%E6%9C%AC%E6%9E%B6%E6%A7%8B) The company's capital structure remained unchanged during the six months ended June 30, 2025, primarily consisting of ordinary shares and other reserves - There were no **changes in the company's capital structure** during the six months ended June 30, 2025[62](index=62&type=chunk) - Capital comprises **ordinary shares** and **other reserves**[62](index=62&type=chunk) [Employees and Remuneration Policy](index=21&type=section&id=%E5%83%B1%E5%93%A1%E5%8F%8A%E8%96%AA%E9%85%AC%E6%94%BF%E7%AD%96) As of June 30, 2025, the company employed 338 staff globally with good employee relations. Remuneration is based on merit, qualifications, and competence, determined by the Remuneration Committee, and no share option scheme is in place - As of June 30, 2025, the Group employed **338 staff** in Hong Kong, UK, and Macau (2024: 325 staff)[63](index=63&type=chunk) - The remuneration policy is determined by the **Remuneration Committee** based on employee merit, qualifications, and competence; directors' remuneration is also determined by the Remuneration Committee[63](index=63&type=chunk) - The company has **no share option scheme** in place[63](index=63&type=chunk) [Foreign Exchange Risk](index=21&type=section&id=%E5%A4%96%E5%8C%AF%E9%A2%A8%E9%9A%AA) The company faces foreign exchange fluctuation risks from revenues and costs denominated in HKD, USD, RMB, and GBP, managing this risk through close monitoring without a formal hedging policy - Revenue and costs denominated in **HKD, USD, RMB, and GBP** expose the company to exchange rate fluctuation risks[64](index=64&type=chunk) - Currently, there is **no foreign exchange hedging policy**; risks are managed by close monitoring to maintain an acceptable net exposure, with hedging considered if necessary[64](index=64&type=chunk) [Interim Dividend](index=21&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board decided not to declare any interim dividend for the six months ended June 30, 2025, consistent with the prior period - **No interim dividend** declared for H1 2025[65](index=65&type=chunk) [Share Capital](index=21&type=section&id=%E8%82%A1%E6%9C%AC) As of June 30, 2025, the company's issued share capital was US$610,464,921, with 417,994,073 ordinary shares issued, primarily due to convertible bond conversions - As of June 30, 2025, issued share capital was **US$610,464,921**, with **417,994,073 ordinary shares** issued[66](index=66&type=chunk) - **50,950,000 ordinary shares** were issued during the six months ended June 30, 2025, through the exercise of convertible bonds[66](index=66&type=chunk) [Material Uncertainties](index=21&type=section&id=%E9%87%8D%E5%A4%A7%E4%B8%8D%E6%98%8E%E6%9C%97%E4%BA%8B%E4%BB%B6) The company found no material uncertainties or conditions that could cast significant doubt on its ability to continue as a going concern - There are no **material uncertainties or conditions** that may cast significant doubt on the company's ability to continue as a going concern[67](index=67&type=chunk) [Legal Proceedings](index=21&type=section&id=%E6%B3%95%E5%BE%8B%E8%A8%B4%E8%A8%9F) The company is unaware of any pending or threatened legal proceedings that, if unsuccessful, could significantly adversely affect its business and operations - The Group is **unaware of any pending or threatened legal proceedings** that could materially adversely affect its business and operations if unsuccessful[68](index=68&type=chunk) [Material Events After Reporting Period](index=21&type=section&id=%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E4%B9%8B%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A0%85) After the reporting period, the company entered into a HK$24,339,000 zero-coupon six-year convertible bond subscription agreement with Mr. Zhang Yi for Web3 business development and changed its auditor - On July 17, 2025, a **HK$24,339,000 zero-coupon six-year convertible bond subscription agreement** was signed with Mr. Zhang Yi, with proceeds for **Web3-related business development**[69](index=69&type=chunk) - On August 4, 2025, the auditor was changed from BDO Limited to Evergreen (Hong Kong) CPA Limited due to **disagreement on audit fees**[70](index=70&type=chunk) [Additional Information](index=22&type=section&id=%E9%A1%8D%E5%A4%96%E8%B3%87%E6%96%99) This section provides additional information on corporate governance, securities transactions, share interests, audit committee review, and interim results publication - The company complies with the **Corporate Governance Code**, but the Chairman and CEO roles are combined, which the Board believes has sufficient safeguards[72](index=72&type=chunk) - All directors complied with the **Model Code for Securities Transactions by Directors** during the reporting period[73](index=73&type=chunk) - Neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the period[74](index=74&type=chunk) - As of June 30, 2025, directors and chief executives had **no disclosable interests or short positions** in the company's or its associated corporations' shares; major shareholders also had **no disclosable interests, short positions, or shares available for lending**[75](index=75&type=chunk)[76](index=76&type=chunk) - The **Audit Committee reviewed the interim results**, discussing accounting principles, internal controls, and financial reporting with management[77](index=77&type=chunk) - The interim report will be **dispatched to shareholders** and published on the HKEX and company websites[78](index=78&type=chunk)

Group 1 - The company, Yili Holdings (00076), expects to report a loss attributable to shareholders of approximately 15 million USD for the six-month period ending June 30, 2025, compared to a profit of about 27.7 million USD for the same period in 2024 [1] - The anticipated loss is primarily due to the recognition of unrealized losses on financial assets measured at fair value, amounting to approximately 26.8 million USD [1]