YUSEI(00096)发布公告，罗嘉伟先生(罗先生)已递交辞呈，辞去本公司独立非执行董事职位、审核委员 会主席、薪酬委员会及提名委员会成员职务，自2025年11月15日起生效。辞职塬因是罗先生决定将更多 时间投入其他商业事务。 ...

Core Points - YUSEI (00096) announced that Mr. Lo Ka Wai has submitted his resignation as an independent non-executive director, effective from November 15, 2025 [1] - Mr. Lo's resignation is due to his decision to allocate more time to other business affairs [1] Summary by Category - **Company Leadership Changes** - Mr. Lo Ka Wai resigns from his position as independent non-executive director and chairman of the audit committee [1] - He will also step down from the remuneration committee and nomination committee [1] - **Reason for Resignation** - The resignation is attributed to Mr. Lo's intention to focus on other business commitments [1]

Group 1 - YUSEI (00096.HK) announced that Luo Jiawei has submitted his resignation as an independent non-executive director, effective from November 15, 2025 [1] - Luo Jiawei also stepped down from his positions as chairman of the audit committee, and as a member of the remuneration committee and nomination committee [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何部分內容而 產生或因倚賴該等內容而引致之任何損失承擔任何責任。 YUSEI HOLDINGS LIMITED 友成控股有限公司* （於開曼群島註冊成立之有限公司） （股份代號：96） 獨立非執行董事辭職 及未能遵守上市規則 友成控股有限公司（「本公司」）董事會（「董事會」）特此宣布，羅嘉偉先生（「羅先 生」）已遞交辭呈，辭去本公司獨立非執行董事職位、審核委員會主席、薪酬委員會及提 名委員會成員職務，自二零二五年十一月十五日起生效。辭職原因是羅先生決定將更多時 間投入其他商業事務。 羅先生已確認其與董事會並無異議，且其辭職並無其他事項需要提請本公司股東及香港聯 合交易所有限公司（「聯交所」）注意。 羅先生辭職後，董事會僅由兩名獨立非執行董事組成。因此，本公司無法滿足以下規定： (i) 聯合交易所證券上市規則（「上市規則」）第3.10(1)條規定，董事會須至少有三名獨 立非執行董事；及(ii) 上市規則第3.21條規定，本公司的審計委員會須至少有三名成員， 其中又至少要有 ...

致：香港交易及結算所有限公司 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 | | | 公司名稱: 友成控股有限公司 呈交日期: 2025年11月3日 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) | 00096 | 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 | | | | 636,549,600 | | 0 | | 636,549,600 | | 增加 / 減少 (-) | | | | | | | | | | 本月底結存 | | | | 636,549,600 | | 0 | | 636,549,600 | 第 2 頁 共 10 頁 v 1.1.1 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股 ...

Market Overview - A-shares opened higher but experienced fluctuations, with the Shanghai Composite Index and North China 50 slightly in the green, while the Shenzhen Component, ChiNext, and Sci-Tech 50 indices turned negative [1] - The number of declining stocks outnumbered advancing stocks, with trading volume remaining stable [1] Sector Performance - The photovoltaic, non-ferrous metals, cultivated diamonds, and coal sectors showed significant gains, while communication equipment, semiconductors, consumer electronics, and industrial software sectors faced declines [1] Photovoltaic Sector - The photovoltaic concept stocks surged, with the photovoltaic equipment sector leading the gains, rising nearly 7% at one point, and midday trading volume exceeding the previous day's total [3] - Longi Green Energy hit the daily limit and reached a new high for the year, closing with an 8.11% increase [3] - Other notable performers included Ainuoju and Yijing Photovoltaic, both achieving strong gains of over 10% [3] Non-Ferrous Metals Sector - The non-ferrous metals sector continued to strengthen, with the sector index reaching a historical high [6] - Antai Technology and Chuangjiang New Materials both hit the daily limit, with Antai's stock price reaching a 10-year high [6] - Positive factors such as product price increases and rising downstream demand have led to several companies in the sector issuing profit forecasts, with five out of six companies expecting net profit growth of over 100% year-on-year for the first three quarters of 2025 [9] Profit Forecasts - Chuangjiang New Materials projected a net profit of 350 million to 380 million yuan for the first three quarters of 2025, representing a year-on-year increase of 2057.62% to 2242.56% [10] - Other companies like Northern Rare Earth and Yuyuan New Materials also forecasted significant profit growth, with increases of 272.54% to 287.34% and 101% to 127% respectively [10] - The non-ferrous metals industry is expected to maintain high growth in the first half of 2025, supported by favorable policies and market conditions [10] Policy and Market Dynamics - The photovoltaic industry is a key focus for "anti-involution" governance, with multiple policies introduced to improve pricing mechanisms and combat illegal practices [5] - The average price increase for the four main materials in the photovoltaic supply chain reached nearly 35% in Q3, marking the best quarterly performance in three years [5] - Analysts suggest that the photovoltaic sector is at a turning point, with improving fundamentals and potential for recovery [5]

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: | 友成控股有限公司 | | | | | | 呈交日期: | 2025年10月2日 | | | | | | I. 法定/註冊股本變動 | | | | | | | 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) | 00096 | 說明 | 普通股 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | 上月底結存 | | | 1,500,000,000 | HKD | | 0.01 | HKD | 15,000,000 | | 增加 / 減少 (-) | | | | | ...

更改總辦事處及在中國的主要營業地點 友成控股有限公司﹝『本公司』﹞董事會﹝『董事會』﹞宣佈本公司之總辦事處及在中國 的主要營業地點之地址已更改為中國浙江省杭州市蕭山區長龍路238號友成科技大廈A座。 承董事會命 友成控股有限公司* 主席 許勇 香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何部分內容而 產生或因倚賴該等內容而引致之任何損失承擔任何責任。 YUSEI HOLDINGS LIMITED 友成控股有限公司* （於開曼群島註冊成立之有限公司） （股份代號：96） 於本公佈刊發日期，執行董事為許勇先生、島林學步先生及許笑迎女士；非執行董事為増 田勝年先生及増田敏光先生；獨立非執行董事為羅嘉偉先生、范曉屏先生及高林久記先 生。 * 僅供識別 中國，二零二五年九月二十五日 ...

[Company Information](index=3&type=section&id=Company%20Information) This chapter outlines the company's registration details, principal places of business, Hong Kong business address, corporate governance structure, statutory representatives, share registrar, stock code, auditor, and principal bankers - The company is registered in the Cayman Islands, with its principal place of business in Hangzhou, Zhejiang, China, and its Hong Kong business address in Tsuen Wan, New Territories[5](index=5&type=chunk) - The stock code is **96**, and the auditor is Shinewing (HK) CPA Limited[6](index=6&type=chunk) - Principal bankers include Industrial and Commercial Bank of China, Agricultural Bank of China, Shanghai Pudong Development Bank, and MUFG Bank[6](index=6&type=chunk) [Management Discussion and Analysis](index=4&type=section&id=Management%20Discussion%20and%20Analysis) This chapter details the Group's business operations, financial performance, resource allocation, employee policies, risk management, and future development strategies during the reporting period [Business Review](index=4&type=section&id=Business%20Review) The Group's core business involves the design, development, manufacturing of precision injection molds and plastic components, along with assembly and reprocessing services, primarily for domestic automotive clients - The principal business involves the design, development, and manufacturing of precision injection molds, production of plastic components, and provision of assembly and reprocessing services in China, primarily for renowned domestic automotive and auto parts manufacturers[7](index=7&type=chunk) - For the six months ended June 30, 2025, sales revenue was approximately **RMB1,008,873,000**, and profit attributable to company shareholders was approximately **RMB28,375,000**[7](index=7&type=chunk) - Research and development expenses incurred during the reporting period amounted to approximately **RMB44,783,000**[7](index=7&type=chunk) - Two overseas subsidiaries have been established in Mexico and Serbia with production lines, aiming to become a global automotive parts supplier[7](index=7&type=chunk) - Operational optimization continues with mold R&D as the core, strengthening technological advantages, enhancing automated production, improving processes, increasing efficiency, and considering establishing factories closer to key customers for cost advantages[7](index=7&type=chunk) [Financial Review](index=5&type=section&id=Financial%20Review) During the reporting period, the Group's sales revenue increased by 6.0%, gross profit by 10.7%, and gross margin to 13.9%, while selling and administrative expenses rose, finance costs slightly decreased, and profit attributable to shareholders marginally increased Key Financial Indicators Comparison (For the six months ended June 30, 2025 vs. 2024) | Indicator | 2025 (RMB'000) | 2024 (RMB'000) | Year-on-year Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Sales Revenue | 1,008,873 | 951,936 | +56,937 | +6.0% | | Gross Profit | 140,550 | 126,924 | +13,626 | +10.7% | | Selling Expenses | 65,045 | 55,389 | +9,656 | +17.4% | | Administrative Expenses | 50,103 | 41,216 | +8,887 | +21.5% | | Finance Costs | 17,560 | 17,896 | -336 | -1.9% | | Profit Attributable to Company Shareholders | 28,375 | 27,731 | +644 | +2.3% | - Gross profit margin increased from **13.3%** in the prior period to **13.9%**, primarily due to increased revenue and changes in product sales mix[10](index=10&type=chunk) - The increase in selling expenses was mainly due to higher transportation and packaging costs associated with increased revenue[11](index=11&type=chunk) - The decrease in finance costs was primarily due to the net effect of an increase in the average balance of bank and other borrowings (to meet business development needs) and a reduction in average borrowing rates[13](index=13&type=chunk) [Financial Resources and Liquidity](index=6&type=section&id=Financial%20Resources%20and%20Liquidity) As of June 30, 2025, the Group's equity, non-current assets, and non-current liabilities increased, while current assets and current liabilities decreased, leading to an increase in both net asset value per share and gearing ratio Financial Position Comparison (As of June 30, 2025 vs. December 31, 2024) | Indicator | 2025 (RMB'000) | 2024 (RMB'000) | Change | | :--- | :--- | :--- | :--- | | Equity | 996,461 | 968,079 | +28,382 | | Current Assets | 1,580,792 | 1,670,900 | -90,108 | | Net Non-current Assets | 1,347,201 | 1,333,953 | +13,248 | | Current Liabilities | 1,672,232 | 1,814,014 | -141,782 | | Non-current Liabilities | 259,300 | 222,760 | +36,540 | | Net Asset Value Per Share | 1.57 RMB | 1.52 RMB | +0.05 RMB | | Gearing Ratio | 28.6% | 24.9% | +3.7% | - Bank balances and cash decreased from **RMB188,892,000** to **RMB109,346,000**[15](index=15&type=chunk) - Pledged bank balances increased from **RMB55,108,000** to **RMB82,122,000**[15](index=15&type=chunk) - Trade receivables, bills receivable, deposits, and prepayments decreased from **RMB940,731,000** to **RMB901,704,000**[15](index=15&type=chunk) [Segment Information](index=6&type=section&id=Segment%20Information) The Group operates as a single operating segment, primarily engaged in the manufacturing and trading of molds and plastic mold components, with all business activities conducted within China - The Group operates as a single operating segment, with its principal business being the manufacturing and trading of molds and plastic mold components[16](index=16&type=chunk) - All business operations are located and conducted in China[16](index=16&type=chunk) [Employees and Remuneration Policy](index=6&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group employed approximately 3,200 staff with total remuneration costs of around RMB150 million, guided by market rates, employee performance, qualifications, and experience, alongside retirement benefit plans - Employee headcount: Approximately **3,200** employees as of June 30, 2025 (2024: approximately 3,243 employees)[17](index=17&type=chunk) - Total staff remuneration costs (including directors' emoluments) amounted to approximately **RMB150,000,000**[17](index=17&type=chunk) - Remuneration policy is determined by reference to market rates, employee performance, qualifications, and experience, with provident fund or similar schemes provided as retirement benefits[17](index=17&type=chunk) [Group Asset Pledges](index=7&type=section&id=Group%20Asset%20Pledges) As of June 30, 2025, certain of the Group's right-of-use assets, property, plant and equipment, and interests in an associate were pledged as collateral for bank and other borrowings - Right-of-use assets (carrying amount of approximately **RMB69,000,000**) and property, plant and equipment (carrying amount of approximately **RMB150,000,000**) were pledged as collateral for bank borrowings[18](index=18&type=chunk) - Property, plant and equipment (carrying amount of approximately **RMB7,000,000**) were pledged as collateral for other borrowings under sale and leaseback arrangements[18](index=18&type=chunk) - Interests in an associate (carrying amount of approximately **RMB50,000,000**) were pledged for the remaining other borrowings (carrying amount of approximately **RMB50,000,000**)[18](index=18&type=chunk) [Exchange Rate Risk](index=7&type=section&id=Exchange%20Rate%20Risk) The Group's operations involve RMB, USD, and JPY, exposing it to exchange rate fluctuations primarily from trade receivables, bank balances, and trade payables denominated in USD and JPY, with no current hedging policy but ongoing board consideration - Source of exchange rate risk: The Group conducts business in RMB, USD, and JPY, facing exchange rate fluctuation risks[19](index=19&type=chunk) - Primary impact: Trade receivables, bank balances, and trade payables denominated in USD and JPY[19](index=19&type=chunk) - Hedging policy: Currently, there is no foreign currency hedging policy, but the Board monitors and considers hedging when necessary[19](index=19&type=chunk) [Significant Acquisitions and Disposals of Subsidiaries](index=7&type=section&id=Significant%20Acquisitions%20and%20Disposals%20of%20Subsidiaries) For the six months ended June 30, 2025, the Group did not undertake any significant investments, acquisitions, or disposals of subsidiaries - No significant investments, acquisitions, or disposals of subsidiaries occurred during the reporting period[20](index=20&type=chunk) [Contingent Liabilities / Capital Commitments](index=7&type=section&id=Contingent%20Liabilities%20%2F%20Capital%20Commitments) As of June 30, 2025, the Group had no significant contingent liabilities or capital commitments - No significant contingent liabilities or capital commitments existed at the end of the reporting period[21](index=21&type=chunk) [Outlook](index=8&type=section&id=Outlook) Management will continue to execute the Group's strategy by leveraging mold expertise to enhance product quality, expand the customer base, strengthen its position in the high-end mold market, and provide one-stop services, while also pursuing global expansion and intelligent manufacturing initiatives - Strategic objectives: Enhance product quality, broaden the customer base, strengthen leadership in the high-end mold market, provide one-stop services from mold development to injection molding, aluminum plating, and assembly, striving to become a globally competitive automotive parts supplier[22](index=22&type=chunk) - Competitive advantages: Stringent product quality requirements (especially for automotive parts), emphasis on production efficiency, active participation in supplier product manufacturing processes, and continuous investment in automation equipment to improve efficiency and reduce labor costs[22](index=22&type=chunk) - International exchange and talent acquisition: Strengthen communication with European, American, and Japanese customers, dispatch technical personnel for training in Japan, and recruit senior sales and technical personnel from Europe, America, and Japan[23](index=23&type=chunk) - Intelligent manufacturing: Introduce high-level software talent, independently develop ERP, MES, and other information systems, combined with automation upgrades, to achieve digitalization and visualization of product development, production, inventory, and delivery processes[23](index=23&type=chunk) - Market expansion: Continuously improve sales channels, expand the customer base, carefully select new customers, and persistently expand international business[24](index=24&type=chunk) - Global footprint: Based in the three major automotive manufacturing markets of Europe, Asia, and America, continuously invest in the business development of Mexico Yocheng and Serbia Yocheng, planning for the construction of Mexico Yocheng's Phase II factory and promoting capacity expansion in Serbia[24](index=24&type=chunk) [Proposed Dividend](index=9&type=section&id=Proposed%20Dividend) The Board of Directors recommends not to declare an interim dividend for the six months ended June 30, 2025 - The Board recommends no interim dividend for the six months ended June 30, 2025 (2024: nil)[25](index=25&type=chunk) [Directors' and Major Shareholders' Interests](index=10&type=section&id=Directors'%20and%20Major%20Shareholders'%20Interests) This chapter discloses the interests and/or short positions of the company's directors, chief executive, and major shareholders in the shares, underlying shares, or debentures of the Company and its associated corporations, including personal, family, and corporate interests [Directors' and Chief Executive's Interests in Shares, Underlying Shares or Debentures of the Company and its Associated Corporations](index=10&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests%20in%20Shares%2C%20Underlying%20Shares%20or%20Debentures%20of%20the%20Company%20and%20its%20Associated%20Corporations) This section discloses the share interests of the company's directors and chief executive in the Company and its associated corporations, with Mr. Masuda Katsutoshi and Mr. Masuda Toshimitsu holding 36.65% through Conpri Limited, Mr. Xu Yong holding 16.04%, and Mr. Shimabayashi Gakuhou holding 1.24% Directors' Interests in Shares of the Company (As of June 30, 2025) | Name of Director | Capacity | Number of Shares (Long Position) | Approximate Percentage of Interest | | :--- | :--- | :--- | :--- | | Mr. Masuda Katsutoshi | Corporate Interest (through Conpri) | 233,316,864 | 36.65% | | Mr. Masuda Toshimitsu | Corporate Interest (through Conpri) | 233,316,864 | 36.65% | | Mr. Xu Yong | Personal Interest | 102,086,400 | 16.04% | | Mr. Shimabayashi Gakuhou | Personal Interest | 7,900,800 | 1.24% | | Mr. Fan Xiaoping | Personal Interest | 57,024 | 0.01% | - The interests of Mr. Masuda Katsutoshi and Mr. Masuda Toshimitsu are primarily held through Conpri Limited, which owns **36.65%** of the Company's issued share capital[26](index=26&type=chunk)[27](index=27&type=chunk) [Major Shareholders' and Other Persons' Interests in Shares, Underlying Shares or Debentures of the Company and its Associated Corporations](index=12&type=section&id=Major%20Shareholders'%20and%20Other%20Persons'%20Interests%20in%20Shares%2C%20Underlying%20Shares%20or%20Debentures%20of%20the%20Company%20and%20its%20Associated%20Corporations) This section discloses the share interests of major shareholders other than directors and the chief executive, with Conpri holding 36.65%, Superview International Investment Limited holding 17.42%, and Ding Hongguang holding 9.44% Major Shareholders' Interests in Shares of the Company (As of June 30, 2025) | Name of Shareholder | Capacity | Number of Shares (Long Position) | Approximate Percentage of Interest | | :--- | :--- | :--- | :--- | | Conpri | Beneficial Interest | 233,316,864 | 36.65% | | Superview International Investment Limited | Beneficial Owner | 110,880,000 | 17.42% | | Ding Hongguang | Beneficial Owner | 60,104,640 | 9.44% | - Superview International Investment Limited is wholly owned by Mr. Xu Yue, the elder brother of Mr. Xu Yong, an executive director of the Company[28](index=28&type=chunk) [Corporate Governance and Other Information](index=13&type=section&id=Corporate%20Governance%20and%20Other%20Information) This chapter covers the company's information regarding directors' share acquisition rights, securities trading code of conduct, audit committee operations, listed securities transactions, directors' interests in competing businesses, and corporate governance practices [Directors' Rights to Acquire Shares](index=13&type=section&id=Directors'%20Rights%20to%20Acquire%20Shares) As of June 30, 2025, neither the Company nor its subsidiaries granted or exercised any rights to acquire shares or debentures of the Company or any other body corporate to any director or their associates - During the reporting period, the Company neither granted nor exercised any rights for directors and their associates to purchase shares or debentures of the Company[29](index=29&type=chunk) [Code of Conduct Regarding Securities Transactions by Directors](index=13&type=section&id=Code%20of%20Conduct%20Regarding%20Securities%20Transactions%20by%20Directors) For the six months ended June 30, 2025, the Company adopted a code of conduct for directors' securities transactions no less exacting than Appendix 10 of the Listing Rules, confirming no breaches by directors - The Company has adopted a code of conduct for directors' securities transactions that complies with the Listing Rules[30](index=30&type=chunk) - Directors did not breach this code during the reporting period[30](index=30&type=chunk) [Audit Committee](index=13&type=section&id=Audit%20Committee) The Audit Committee, comprising three independent non-executive directors, reviews draft annual, interim, and quarterly reports, advises on financial reporting and internal control procedures, and has approved the current condensed consolidated financial statements - The Audit Committee comprises three independent non-executive directors: Mr. Law Ka Wai (Chairman), Mr. Fan Xiaoping, and Mr. Takabayashi Hisanori[31](index=31&type=chunk) - Key responsibilities include reviewing draft financial reports and providing advice, as well as reviewing and monitoring the Group's financial reporting and internal control procedures[31](index=31&type=chunk) - The Committee has reviewed and approved the condensed consolidated financial statements for the six months ended June 30, 2025[31](index=31&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=13&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20Listed%20Securities) For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - During the reporting period, neither the Company nor its subsidiaries engaged in any purchase, sale, or redemption of listed shares[32](index=32&type=chunk) [Directors' Interests in Competing Businesses](index=14&type=section&id=Directors'%20Interests%20in%20Competing%20Businesses) This section discloses the business activities of Conpri Limited and its associate, Yocheng Kiko Co., Ltd. Japan, noting that despite similarities, no competition exists due to distinct target markets and operational locations, reinforced by a non-competition deed - Conpri Limited holds **36.65%** equity in the Company, with its interests owned by Mr. Masuda, Mr. Masuda Toshimitsu, and the employee organization of Yocheng Kiko Co., Ltd. Japan[33](index=33&type=chunk) - Yocheng Kiko Co., Ltd. Japan primarily engages in the design, manufacturing, and sale of injection molds, and small-scale production of plastic components in Japan, mainly for automotive and air conditioning parts[33](index=33&type=chunk) - The Board believes that Yocheng Kiko Co., Ltd. Japan's business is independent and geographically distinct from the Group's operations (which are primarily in Mainland China, Taiwan, Hong Kong, and Macau), thus not constituting competition[33](index=33&type=chunk) - To avoid future competition, Yocheng Kiko Co., Ltd. Japan and its subsidiaries have entered into a non-competition deed with the Company, undertaking not to engage in activities similar or competitive to the Group's business and to refer relevant business opportunities[34](index=34&type=chunk)[36](index=36&type=chunk) [Corporate Governance](index=16&type=section&id=Corporate%20Governance) The Group complied with the Corporate Governance Code provisions in Appendix 14 of the Listing Rules during the reporting period, with a deviation from provision A.1.8 regarding directors' liability insurance, justified by the simple business, directors' understanding, and management's focus on risk control and compliance - The Group has complied with the relevant provisions of the Corporate Governance Code set out in Appendix 14 of the Listing Rules[37](index=37&type=chunk) - A deviation from Code Provision A.1.8 occurred, as no appropriate insurance arrangements were made for potential legal actions against directors[37](index=37&type=chunk) - Reasons for deviation: Simple business operations, directors' ease of understanding the business with sufficient energy and knowledge for decision-making, and management's focus on risk control and strict adherence to Listing Rules[37](index=37&type=chunk) [Condensed Consolidated Financial Statements](index=17&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This chapter presents the Group's unaudited condensed consolidated financial statements for the six months ended June 30, 2025, including the statements of profit or loss, profit or loss and other comprehensive income, financial position, changes in equity, and cash flows, providing a comprehensive overview of financial performance and position [Condensed Consolidated Statement of Profit or Loss (Unaudited)](index=17&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20(Unaudited)) For the six months ended June 30, 2025, the Group reported revenue of RMB1,008,873 thousand, gross profit of RMB140,550 thousand, profit for the period of RMB28,852 thousand, and basic and diluted earnings per share of RMB0.0446 Key Data from Condensed Consolidated Statement of Profit or Loss (For the six months ended June 30, 2025) | Indicator | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Revenue | 1,008,873 | 951,936 | | Cost of Sales | (868,323) | (825,012) | | Gross Profit | 140,550 | 126,924 | | Other Income | 26,923 | 20,683 | | Selling Expenses | (65,045) | (55,389) | | Administrative Expenses | (50,103) | (41,216) | | Finance Costs | (17,560) | (17,896) | | Share of Results of an Associate | 209 | 258 | | Profit Before Tax | 34,974 | 33,364 | | Taxation | (6,122) | (5,109) | | Profit for the Period | 28,852 | 28,255 | | Basic and Diluted Earnings Per Share | RMB0.0446 | RMB0.0435 | [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (Unaudited)](index=18&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income%20(Unaudited)) For the six months ended June 30, 2025, the Group's profit for the period was RMB28,852 thousand, with negative other comprehensive income due to exchange differences on translating financial statements of overseas operations, resulting in total comprehensive income for the period of RMB28,382 thousand Key Data from Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30, 2025) | Indicator | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Profit for the Period | 28,852 | 28,255 | | Exchange differences arising on translating financial statements of overseas operations | (470) | 158 | | Total Comprehensive Income for the Period | 28,382 | 28,413 | | Profit Attributable to Company Shareholders | 28,375 | 27,731 | | Total Comprehensive Income Attributable to Company Shareholders | 27,905 | 27,889 | [Condensed Consolidated Statement of Financial Position](index=19&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets less current liabilities amounted to RMB1,255,761 thousand, with total equity of RMB996,461 thousand, where property, plant and equipment constituted the largest portion of non-current assets, and inventories and trade receivables were significant components of current assets Key Data from Condensed Consolidated Statement of Financial Position (As of June 30, 2025) | Indicator | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Property, Plant and Equipment | 1,083,599 | 1,066,227 | | Right-of-use Assets | 186,167 | 188,162 | | Total Non-current Assets | 1,347,201 | 1,333,953 | | Inventories | 486,846 | 480,840 | | Trade and Other Receivables, Deposits and Prepayments | 901,704 | 940,731 | | Bank Balances, Deposits and Cash | 109,346 | 188,892 | | Total Current Assets | 1,580,792 | 1,670,900 | | Trade and Other Payables and Accrued Expenses | 1,081,200 | 1,280,644 | | Bank and Other Borrowings - Due within One Year | 583,324 | 531,993 | | Total Current Liabilities | 1,672,232 | 1,814,014 | | Net Current Assets | (91,440) | (143,114) | | Total Assets Less Current Liabilities | 1,255,761 | 1,190,839 | | Total Share Capital and Reserves | 981,722 | 953,817 | | Non-controlling Interests | 14,739 | 14,262 | | Total Equity | 996,461 | 968,079 | [Condensed Consolidated Statement of Changes in Equity](index=20&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, the Company's share capital and reserves increased from RMB953,817 thousand to RMB981,722 thousand, primarily due to increased profit for the period, despite a reduction in exchange reserves from overseas operations' exchange differences Key Data from Condensed Consolidated Statement of Changes in Equity (For the six months ended June 30, 2025) | Indicator | 2025 (RMB'000) | 2025 (RMB'000) | | :--- | :--- | :--- | | Share Capital | 5,801 | 5,801 | | Share Premium | 123,375 | 123,375 | | Exchange Reserve | (13,671) | (14,141) | | Retained Profits | 713,422 | 741,797 | | Subtotal of Equity Attributable to Company Shareholders | 953,817 | 981,722 | | Non-controlling Interests | 14,262 | 14,739 | | Total | 968,079 | 996,461 | - Profit for the period attributable to company shareholders was **RMB28,375 thousand**[43](index=43&type=chunk) - Exchange differences arising on translating financial statements of overseas operations amounted to negative **RMB470 thousand**[43](index=43&type=chunk) [Condensed Consolidated Statement of Cash Flows (Unaudited)](index=21&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows%20(Unaudited)) For the six months ended June 30, 2025, the Group reported net cash outflow from operating activities of RMB68,310 thousand, net cash outflow from investing activities of RMB99,107 thousand, and net cash inflow from financing activities of RMB87,871 thousand, resulting in a net decrease in cash and cash equivalents of RMB79,546 thousand Key Data from Condensed Consolidated Statement of Cash Flows (For the six months ended June 30, 2025) | Indicator | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Net Cash Inflow / (Outflow) from Operating Activities | (68,310) | (122,998) | | Net Cash Inflow / (Outflow) from Investing Activities | (99,107) | (149,333) | | Net Cash Inflow / (Outflow) from Financing Activities | 87,871 | 272,972 | | Net Increase / (Decrease) in Cash and Cash Equivalents | (79,546) | 641 | | Cash and Cash Equivalents at End of Period | 109,346 | 58,879 | - Bank balances, deposits, and cash at the end of the period were **RMB109,346 thousand**, a decrease from **RMB188,892 thousand** at the beginning of the period[45](index=45&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=22&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This chapter provides detailed notes to the condensed consolidated financial statements, explaining the basis of presentation, accounting policies, application of new and revised standards, definitions of income and expenses, taxation policies, earnings per share calculation, and the composition and aging analysis of trade and other receivables and payables [Basis of Presentation](index=22&type=section&id=Basis%20of%20Presentation) The Company is incorporated in the Cayman Islands and listed on the Main Board of the Stock Exchange, with this interim financial report prepared in accordance with HKAS 34 and Listing Rules disclosure requirements, applying consistent accounting policies as the prior annual report, and new revised standards having no significant impact - The Company is incorporated in the Cayman Islands, and its shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited[46](index=46&type=chunk) - The financial report is prepared in accordance with Hong Kong Accounting Standard 34 and the disclosure requirements of the Listing Rules[46](index=46&type=chunk) - Accounting policies are consistent with the prior year's annual report, and newly adopted amendments to Hong Kong Financial Reporting Standards have had no significant impact on the financial statements[46](index=46&type=chunk) [Application of New and Revised Hong Kong Financial Reporting Standards](index=22&type=section&id=Application%20of%20New%20and%20Revised%20Hong%20Financial%20Reporting%20Standards) During this interim period, the Group first applied revised Hong Kong Financial Reporting Standards, including amendments to HKAS 21 "Lack of Exchangeability," which had no significant impact on its financial position and performance - New and revised standards, including amendments to HKAS 21 "Lack of Exchangeability," were first applied during this interim period[47](index=47&type=chunk) - These revisions had no significant impact on the Group's financial position and performance[47](index=47&type=chunk) [Revenue](index=22&type=section&id=Revenue) Revenue represents the amounts received and receivable from the sale of goods during the period, net of discounts and value-added tax - Revenue is defined as the amounts received and receivable from the sale of goods, net of discounts and value-added tax[48](index=48&type=chunk) [Other Income](index=23&type=section&id=Other%20Income) Other income primarily includes gains from the sale of raw materials and scrap, as well as government grants - Other income primarily includes gains from the sale of raw materials and scrap, and government grants[49](index=49&type=chunk) [Profit Before Tax](index=23&type=section&id=Profit%20Before%20Tax) This section discloses the composition of profit before tax, primarily deducting inventory costs, right-of-use asset depreciation, intangible asset amortization, and property, plant and equipment depreciation charged to expenses Profit Before Tax Deductions (For the six months ended June 30, 2025) | Item | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Cost of inventories charged to expenses | 823,540 | 786,591 | | Depreciation of right-of-use assets | 1,995 | 1,760 | | Amortisation of intangible assets | 2,338 | 1,975 | | Depreciation of property, plant and equipment | 81,735 | 71,785 | [Taxation](index=23&type=section&id=Taxation) This section explains the Group's income tax policies in the Cayman Islands, Hong Kong, and Mainland China, noting tax exemption in the Cayman Islands, no profit tax provision in Hong Kong, and a 25% corporate income tax rate for Chinese subsidiaries, with several enjoying a 15% preferential rate due to high-tech enterprise status, many renewed until 2027 - Companies registered in the Cayman Islands are exempt from tax, and no provision for profits tax is made in Hong Kong[51](index=51&type=chunk)[52](index=52&type=chunk) - The corporate income tax rate for Chinese subsidiaries is **25%**[53](index=53&type=chunk) - Several Chinese subsidiaries (e.g., Guangzhou Yocheng, Hangzhou Yocheng, Hubei Yocheng, Yocheng China, Yocheng Technology Research, Jilin Yocheng, Yocheng Technology, Tianjin Yocheng) enjoy a **15%** preferential tax rate due to their high-tech enterprise qualifications[54](index=54&type=chunk)[55](index=55&type=chunk)[56](index=56&type=chunk) - Some high-tech enterprise qualifications have been renewed until **2027**[54](index=54&type=chunk)[55](index=55&type=chunk)[56](index=56&type=chunk) [Earnings Per Share](index=25&type=section&id=Earnings%20Per%20Share) For the six months ended June 30, 2025, basic and diluted earnings per share attributable to ordinary equity holders of the Company were RMB0.0446, calculated based on a weighted average of 636,550 thousand ordinary shares, with basic and diluted earnings being identical due to no outstanding potential ordinary shares Earnings Per Share Calculation Data (For the six months ended June 30, 2025) | Indicator | 2025 (RMB'000 / '000 shares) | 2024 (RMB'000 / '000 shares) | | :--- | :--- | :--- | | Profit for the purpose of calculating basic and diluted earnings per share | 28,375 | 27,731 | | Weighted average number of ordinary shares | 636,550 | 636,550 | | Basic and Diluted Earnings Per Share | RMB0.0446 | RMB0.0435 | - Diluted earnings per share are identical to basic earnings per share as there are no outstanding potential ordinary shares[57](index=57&type=chunk) [Trade and Other Receivables, Deposits and Prepayments](index=26&type=section&id=Trade%20and%20Other%20Receivables%2C%20Deposits%20and%20Prepayments) As of June 30, 2025, net trade receivables amounted to RMB624,140 thousand and bills receivable to RMB179,443 thousand, with typical repayment terms of 30 to 90 days, extendable to 90 to 270 days for good customers, and the highest proportion of receivables falling within 30 days at the reporting date Composition of Trade and Other Receivables, Deposits and Prepayments (As of June 30, 2025) | Item | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Trade receivables (net) | 624,140 | 730,935 | | Bills receivable | 179,443 | 75,262 | | Prepayments to suppliers | 45,983 | 47,822 | | Prepayments | 23,147 | 24,060 | | Other receivables and deposits | 28,991 | 30,013 | | Total | 901,704 | 940,731 | - Customer repayment terms are typically **30 to 90 days**, extendable to **90 to 270 days** for customers with good relationships[58](index=58&type=chunk) - As of June 30, 2025, receivables within **30 days** amounted to **RMB218,887 thousand**, representing the highest proportion[59](index=59&type=chunk) [Trade and Other Payables and Accrued Expenses](index=27&type=section&id=Trade%20and%20Other%20Payables%20and%20Accrued%20Expenses) As of June 30, 2025, trade and bills payables amounted to RMB840,991 thousand and contract liabilities to RMB70,614 thousand, with an average purchase payment period of 30 to 120 days, and the Group maintaining financial risk management policies to ensure timely payments Composition of Trade and Other Payables and Accrued Expenses (As of June 30, 2025) | Item | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Trade and bills payables | 840,991 | 932,135 | | VAT payable | 6,485 | 6,986 | | Contract liabilities | 70,614 | 76,296 | | Interest payable | 2,996 | 3,231 | | Other payables | 70,572 | 76,170 | | Accrued staff costs | 52,448 | 56,626 | | Accrued expenses | 37,094 | 41,143 | | Total | 1,081,200 | 1,280,644 | - The average payment period for purchases is **30 to 120 days**[60](index=60&type=chunk) - As of June 30, 2025, payables within **30 days** amounted to **RMB258,655 thousand**, representing the highest proportion[60](index=60&type=chunk) [Approval of Financial Statements](index=27&type=section&id=Approval%20of%20Financial%20Statements) The Board of Directors approved and authorized the publication of the condensed consolidated financial statements on August 26, 2025, and listed the executive, non-executive, and independent non-executive directors as of the report publication date - The Board of Directors approved and authorized the publication of the condensed consolidated financial statements on **August 26, 2025**[61](index=61&type=chunk) - The list of directors as of the report publication date includes Executive Directors Mr. Xu Yong, Mr. Shimabayashi Gakuhou, Ms. Xu Xiaoying; Non-executive Directors Mr. Masuda Katsutoshi, Mr. Masuda Toshimitsu; and Independent Non-executive Directors Mr. Law Ka Wai, Mr. Fan Xiaoping, Mr. Takabayashi Hisanori[61](index=61&type=chunk)

YUSEI HOLDINGS LIMITED 友成控股有限公司* (incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） (Stock Code 股份代號 : 96) N O T I F I C AT I O N L E T T E R 通 知 信 函 Dear Non-registered holders(Note 1) , YUSEI HOLDINGS LIMITED (the "Company") – Notice of Publication of 2025 Interim Report (the "Current Corporate Communications") The Current Corporate Communications of the Company have been published in English and Chinese languages and are available on the website of The Stock Exchange of Hong Kon ...