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 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) | 00098 | 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 | | | 420,649,134 | | | | 420,649,134 | | 增加 / 減少 (-) | | | 0 | | | | | | 本月底結存 | | | 420,649,134 | | 0 | | 420,649,134 | 公司名稱: 興發鋁業控股有限公司 呈交日期: 2025年9月4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 ...

Group 1 - The core viewpoint of the article is that Xingfa Aluminum's revenue and sales have increased, but the profit attributable to shareholders has decreased significantly [1] Group 2 - For the six months ending June 30, 2025, the company's revenue increased by 11.7% to approximately RMB 9.323 billion [1] - The sales volume rose by 12.5% to approximately 407,200 tons [1] - The profit attributable to shareholders decreased by 28.4% to approximately RMB 271 million, with earnings per share at RMB 0.64 [1]

Core Viewpoint - Xingfa Aluminum (00098) reported a revenue of 9.323 billion RMB for the six months ending June 30, 2025, representing an increase of 11.66% year-on-year. However, the profit attributable to shareholders decreased by 28.41% to 271 million RMB, with basic earnings per share at 0.64 RMB [1]. Financial Performance - Revenue reached 9.323 billion RMB, marking an 11.66% increase compared to the previous year [1] - Profit attributable to shareholders was 271 million RMB, reflecting a decrease of 28.41% year-on-year [1] - Basic earnings per share stood at 0.64 RMB [1]

Group 1 - The company reported a revenue of 9.323 billion RMB for the six months ending June 30, 2025, representing an increase of 11.66% year-on-year [1] - The profit attributable to shareholders was 271 million RMB, a decrease of 28.41% compared to the previous year [1] - The basic earnings per share were 0.64 RMB [1]

[Financial Highlights](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) [Financial Highlights](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) Xingfa Aluminium Holdings Limited saw revenue and sales volume growth in H1 2025, but profit attributable to owners and EPS decreased; the board does not recommend an interim dividend Key Financial Data for H1 2025 | Item | H1 2025 (RMB million) | H1 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 9,323.2 | 8,349.8 | +11.7% | | Sales Volume (tonnes) | 407,224 | 362,049 | +12.5% | | Profit Attributable to Owners of the Company | 270.9 | 378.4 | -28.4% | | Earnings Per Share (RMB) | 0.64 | 0.90 | -28.9% | - The Board does not recommend any interim dividend for H1 2025 (H1 2024: nil)[2](index=2&type=chunk) [Performance Overview](index=2&type=section&id=%E6%A5%AD%E7%B8%BE%E6%A6%82%E8%A6%8B) [Performance Overview](index=2&type=section&id=%E6%A5%AD%E7%B8%BE%E6%A6%82%E8%A6%8B) This announcement discloses the unaudited condensed consolidated results of Xingfa Aluminium Holdings Limited and its subsidiaries for the six months ended June 30, 2025, prepared under IFRS and reviewed by the Audit Committee and Deloitte Touche Tohmatsu - The Group's unaudited condensed consolidated results for the six months ended June 30, 2025, have been reviewed by the Audit Committee and the Company's independent auditor, Deloitte Touche Tohmatsu[3](index=3&type=chunk) [Condensed Consolidated Financial Statements](index=2&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) [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) The Group's H1 2025 revenue grew 11.7% to RMB 9,323.2 million, but gross profit decreased 17.6% to RMB 617.9 million, leading to a 28.4% drop in profit attributable to owners to RMB 270.9 million Condensed Consolidated Statement of Profit or Loss (For the six months ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Revenue | 9,323,190 | 8,349,840 | | Cost of sales | (8,705,303) | (7,600,105) | | Gross profit | 617,887 | 749,735 | | Other income | 98,635 | 97,181 | | Other gains and losses | 1,275 | 16,273 | | Distribution costs | (146,652) | (178,973) | | Administrative expenses | (222,213) | (212,728) | | Impairment losses on trade and other receivables | (12,496) | (10,283) | | Finance costs | (45,091) | (51,477) | | Profit before tax | 291,345 | 409,728 | | Income tax expense | (21,340) | (31,010) | | Profit for the period | 270,005 | 378,718 | | Profit attributable to owners of the Company | 270,866 | 378,355 | | Basic earnings per share (RMB) | 0.64 | 0.90 | [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%E7%9B%8A%E8%A1%A8) The Group's H1 2025 profit for the period was RMB 270.0 million, with total other comprehensive income of RMB 293 thousand, resulting in a total comprehensive income of RMB 270.5 million, down from RMB 379.0 million in the prior period Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Profit for the period | 270,005 | 378,718 | | Exchange differences arising on translation of functional currency to presentation currency | (98,786) | 42,854 | | Exchange differences on translation of foreign operations | 99,252 | (42,561) | | Total other comprehensive income for the period | 293 | 466 | | Total comprehensive income for the period | 270,471 | 379,011 | | Total comprehensive income attributable to owners of the Company | 271,332 | 378,648 | | Total comprehensive income attributable to non-controlling interests | (861) | 363 | [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) As of June 30, 2025, the Group's total assets less current liabilities were RMB 8,250.3 million, and net assets were RMB 5,932.4 million, with a decrease in net current assets and a significant increase in trade and other payables Condensed Consolidated Statement of Financial Position (As at June 30, 2025) | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Non-current assets | 4,997,831 | 4,528,390 | | Current assets | 11,017,812 | 10,014,050 | | Current liabilities | 7,765,307 | 6,246,072 | | Net current assets | 3,252,505 | 3,767,978 | | Total assets less current liabilities | 8,250,336 | 8,296,368 | | Non-current liabilities | 2,317,916 | 2,388,908 | | Net assets | 5,932,420 | 5,907,460 | | Total equity attributable to owners of the Company | 5,923,696 | 5,897,875 | | Total equity | 5,932,420 | 5,907,460 | [Condensed Consolidated Statement of Cash Flows](index=6&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) The Group's H1 2025 net cash from operating activities remained stable at RMB 680.4 million, while net cash used in investing activities significantly increased to RMB 969.0 million, and net cash from financing activities turned into an inflow of RMB 264.9 million, resulting in a net decrease in cash and cash equivalents Condensed Consolidated Statement of Cash Flows (For the six months ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Net cash from operating activities | 680,409 | 680,595 | | Net cash used in investing activities | (969,001) | (505,189) | | Net cash from (used in) financing activities | 264,899 | (140,915) | | Net (decrease) increase in cash and cash equivalents | (23,693) | 34,491 | | Cash and cash equivalents at June 30 | 2,701,521 | 2,875,829 | [Notes to the Financial Statements](index=7&type=section&id=%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) [Basis of Preparation and Principal Accounting Policies](index=7&type=section&id=1%20%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) The condensed consolidated financial statements are prepared in accordance with IAS 34 and applicable disclosure requirements of the HKEX Listing Rules, measured at historical cost, with no significant impact from new IFRS amendments - The condensed consolidated financial statements are prepared in accordance with IAS 34 and the applicable disclosure requirements of the Listing Rules of The Stock Exchange of Hong Kong Limited[9](index=9&type=chunk) - The condensed consolidated financial statements are prepared on the historical cost basis except for certain financial instruments that are measured at fair value[10](index=10&type=chunk) - The application of the amendments to IFRSs in the current interim period has had no material impact on the Group's financial positions and performance and/or disclosures set out in these condensed consolidated financial statements[11](index=11&type=chunk) [Revenue and Segment Reporting](index=7&type=section&id=3%20%E6%94%B6%E7%9B%8A%E5%8F%8A%E5%88%86%E9%83%A8%E5%A0%B1%E5%91%8A) The Group's principal businesses are manufacturing and selling aluminum products and completed properties, managed and reported across industrial aluminum profiles, architectural aluminum profiles, and all other segments; H1 2025 aluminum profile sales revenue was RMB 9,042.3 million, with architectural profiles being the largest contributor - The principal activities of the Group are the manufacture and sale of aluminium products and sale of completed properties[12](index=12&type=chunk) - The Group has presented the following reportable segments: industrial aluminium profiles, architectural aluminium profiles and all other segments[12](index=12&type=chunk)[16](index=16&type=chunk) [Revenue Disaggregation](index=8&type=section&id=3%20(a)%20%E6%94%B6%E7%9B%8A%E7%B4%B0%E5%88%86) The Group's H1 2025 total revenue from contracts with customers was RMB 9,323.2 million, with aluminum profile sales accounting for RMB 9,042.3 million, primarily from Mainland China (excluding Hong Kong) at RMB 9,068.9 million Revenue Disaggregation (For the six months ended June 30) | Product or service line | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Sale of aluminium profiles | 9,042,335 | 8,083,355 | | Sale of aluminium plates, aluminium alloys, moulds and components | 277,459 | 266,485 | | Sale of completed properties | 3,396 | – | | **Total** | **9,323,190** | **8,349,840** | | Geographical markets | | | | Mainland China (excluding Hong Kong) | 9,068,917 | 8,061,715 | | Hong Kong | 58,178 | 46,378 | | Asia Pacific (excluding Mainland China and Hong Kong) | 191,855 | 233,665 | | Other regions | 4,240 | 8,082 | | **Total** | **9,323,190** | **8,349,840** | [Segment Results](index=9&type=section&id=3%20(b)%20%E5%88%86%E9%83%A8%E6%A5%AD%E7%B8%BE) In H1 2025, the Group's total reportable segment profit (gross profit) was RMB 617.9 million, down from RMB 749.7 million in H1 2024, with architectural aluminum profiles contributing the most but seeing its gross profit decrease from RMB 624.6 million to RMB 429.6 million Segment Gross Profit (For the six months ended June 30) | Segment | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Gross profit from industrial aluminium profiles | 45,880 | 55,782 | | Gross profit from architectural aluminium profiles | 429,638 | 624,639 | | Gross profit from all other segments | 142,369 | 69,314 | | **Total reportable segment profit (gross profit)** | **617,887** | **749,735** | [Reconciliation of Reportable Segment Profit or Loss](index=9&type=section&id=3%20(c)%20%E5%8F%AF%E5%A0%B1%E5%91%8A%E5%88%86%E9%83%A8%E6%90%8D%E7%9B%8A%E4%B9%8B%E5%B0%8D%E8%B3%AC) The Group's H1 2025 reportable segment profit was RMB 617.9 million, and after adjusting for other income, gains and losses, distribution costs, administrative expenses, impairment losses, and finance costs, consolidated profit before tax was RMB 291.3 million, down from RMB 409.7 million in the prior period Reconciliation of Reportable Segment Profit or Loss (For the six months ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Reportable segment profit from external customers of the Group | 617,887 | 749,735 | | Other income | 98,635 | 97,181 | | Other gains and losses | 1,275 | 16,273 | | Distribution costs | (146,652) | (178,973) | | Administrative expenses | (222,213) | (212,728) | | Impairment losses on trade and other receivables | (12,496) | (10,283) | | Finance costs | (45,091) | (51,477) | | **Consolidated profit before tax** | **291,345** | **409,728** | [Finance Costs](index=10&type=section&id=4%20%E8%B2%A1%E5%8B%99%E6%88%90%E6%9C%AC) The Group's H1 2025 finance costs decreased to RMB 45.1 million from RMB 51.5 million in the prior period, primarily comprising interest expenses on bank and other borrowings and discounted bills, net of capitalized interest on construction in progress Finance Costs Breakdown (For the six months ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Interest expenses on bank and other borrowings | 40,731 | 44,448 | | Interest expenses on discounted bills | 10,468 | 13,067 | | Interest on lease liabilities | 62 | 115 | | **Sub-total** | **51,261** | **57,630** | | Less: Interest expenses capitalised to construction in progress | (6,170) | (6,153) | | **Total finance costs** | **45,091** | **51,477** | [Income Tax Expense](index=10&type=section&id=5%20%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) The Group's H1 2025 income tax expense decreased to RMB 21.3 million from RMB 31.0 million in the prior period, with current tax primarily comprising PRC corporate income tax provision, dividend withholding tax, and Pillar Two income tax, and some PRC subsidiaries enjoying preferential high-tech enterprise tax rates - The Company's PRC subsidiaries are subject to PRC corporate income tax at **25%** for H1 2025, except for certain entities qualified as "High and New Technology Enterprises" enjoying a preferential tax rate of **15%**[21](index=21&type=chunk) [Tax in Condensed Consolidated Statement of Profit or Loss](index=10&type=section&id=5%20(a)%20%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E8%A1%A8%E4%B8%AD%E7%9A%84%E7%A8%85%E9%A0%85) The Group's H1 2025 current tax was RMB 35.8 million, deferred tax was RMB (14.5) million, totaling RMB 21.3 million in income tax expense, with RMB 1.3 million of Pillar Two income tax recognized for the first time in current tax Income Tax Expense Breakdown (For the six months ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Current tax | | | | Provision for PRC corporate income tax | 19,098 | 40,273 | | PRC dividend withholding tax | 12,500 | 13,500 | | Underprovision in prior years for PRC corporate income tax | 2,900 | – | | Pillar Two income tax | 1,315 | – | | **Total current tax** | **35,813** | **53,773** | | Deferred tax | | | | Origination and reversal of temporary differences | (1,973) | (9,263) | | Impact of dividend distribution | (12,500) | (13,500) | | **Total deferred tax** | **(14,473)** | **(22,763)** | | **Total income tax expense** | **21,340** | **31,010** | [Pillar Two Income Tax](index=11&type=section&id=5%20(b)%20%E7%AC%AC%E4%BA%8C%E6%94%AF%E6%9F%B1%E6%89%80%E5%BE%97%E7%A8%85) The Group is subject to global anti-base erosion rules (Pillar Two rules) and has recognized RMB 1,315,000 as expected current tax expense related to these rules for H1 2025, applying a temporary mandatory exemption for deferred tax assets and liabilities - The Group is subject to the global minimum top-up tax under the global anti-base erosion rules ("GloBE Rules" or "Pillar Two Rules")[22](index=22&type=chunk) - Top-up tax is provided in the current interim period based on the estimated adjusted covered taxes and the GloBE net income for the year, with **RMB 1,315,000** recognized as expected current tax expense related to Pillar Two rules for the six months ended June 30, 2025[22](index=22&type=chunk) - The Group has applied the temporary mandatory exemption from recognising and disclosing deferred tax assets and liabilities for the impact of Pillar Two Rules, and has accounted for it as current tax when incurred[22](index=22&type=chunk) [Profit for the Period](index=11&type=section&id=6%20%E6%9C%9F%E9%96%93%E6%BA%A2%E5%88%A9) The Group's H1 2025 profit for the period was achieved after deducting (including) depreciation expenses, total staff costs, cost of inventories sold, and R&D costs, with increases in depreciation and total staff costs, and continued growth in R&D costs Key Items Affecting Profit for the Period (For the six months ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Depreciation expenses | | | | – Investment properties | 2,979 | 2,465 | | – Property, plant and equipment | 293,480 | 243,450 | | – Right-of-use assets | 6,705 | 6,577 | | Amortisation of intangible assets | 453 | 822 | | Total staff costs | 594,928 | 555,630 | | Net exchange gains | (1,367) | (3,553) | | Interest income | (30,458) | (15,763) | | Cost of inventories sold | 8,284,362 | 7,204,869 | | Research and development costs | 420,941 | 395,236 | | Income from additional VAT input deductions | 46,261 | 54,939 | - For the six months ended June 30, 2025, certain entities were entitled to additional deduction for R&D expenses, resulting in a reduction of income tax by **RMB 34,450,000**[24](index=24&type=chunk) - H1 2025 R&D costs included **RMB 95,935,000** related to employee staff costs, an increase from **RMB 88,672,000** in H1 2024[29](index=29&type=chunk) [Dividends](index=12&type=section&id=7%20%E8%82%A1%E6%81%AF) The Company's directors do not recommend an interim dividend for the six months ended June 30, 2025, consistent with the prior period - The directors of the Company do not recommend the payment of an interim dividend for the six months ended June 30, 2025 (for the six months ended June 30, 2024: nil)[25](index=25&type=chunk) [Earnings Per Share](index=12&type=section&id=8%20%E6%AF%8F%E8%82%A1%E7%86%B1%E5%88%A9) The Group's H1 2025 basic earnings per share decreased to RMB 0.64 from RMB 0.90 in the prior period, calculated based on profit attributable to owners and the weighted average number of ordinary shares outstanding, with no diluted EPS presented Basic Earnings Per Share (For the six months ended June 30) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Profit attributable to owners of the Company (RMB '000) | 270,866 | 378,355 | | Weighted average number of ordinary shares in issue (shares) | 420,649,134 | 420,649,134 | | Basic earnings per share (RMB) | 0.64 | 0.90 | - No diluted earnings per share is presented as the Group had no dilutive potential ordinary shares during both periods[28](index=28&type=chunk) [Trade and Other Receivables](index=13&type=section&id=9%20%E4%BA%A4%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) As of June 30, 2025, the Group's total trade and other receivables increased to RMB 5,512.1 million from RMB 5,282.0 million on December 31, 2024, with receivables due within one month being the largest portion, and a credit loss allowance of RMB 1,106.7 million recognized Ageing Analysis of Trade and Other Receivables (As at June 30) | Ageing | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Within 1 month | 2,692,797 | 2,142,174 | | 1 to 3 months | 1,325,900 | 1,663,596 | | 3 to 6 months | 853,064 | 932,157 | | Over 6 months | 245,528 | 201,533 | | **Trade receivables and bills receivable (net of allowance for credit losses)** | **5,117,289** | **4,939,460** | | Other receivables (net of allowance for credit losses) | 394,826 | 342,510 | | **Financial assets measured at amortised cost** | **5,512,115** | **5,281,970** | - As at June 30, 2025, an allowance for credit losses of **RMB 1,106,712,000** (December 31, 2024: RMB 1,094,199,000) was recognised for trade receivables and bills receivable[31](index=31&type=chunk) - As at June 30, 2025, certain bills receivable with carrying amounts of **RMB 545,918,000** (December 31, 2024: RMB 273,251,000) were pledged as collateral for the Group's bills payable[33](index=33&type=chunk) [Trade and Other Payables](index=14&type=section&id=10%20%E4%BA%A4%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85) As of June 30, 2025, the Group's total trade and other payables significantly increased to RMB 6,131.9 million from RMB 5,230.3 million on December 31, 2024, with a notable rise in bills payable reflecting increased use of bills to extend settlement cycles Ageing Analysis of Trade and Other Payables (As at June 30) | Ageing | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Within 1 month | 1,234,857 | 567,917 | | 1 to 3 months | 2,396,571 | 1,906,863 | | 3 to 6 months | 1,364,444 | 1,509,035 | | Over 6 months | 338,627 | 477,802 | | **Trade payables and bills payable** | **5,334,499** | **4,461,617** | | Bills payable | 4,402,011 | 3,377,143 | | **Financial liabilities measured at amortised cost** | **6,099,192** | **5,195,134** | | **Total** | **6,131,901** | **5,230,340** | - Bills payable significantly increased from **RMB 3,377,143,000** as at December 31, 2024 to **RMB 4,402,011,000** as at June 30, 2025, reflecting the Group's increased use of bills payable, which has led to an increase in the overall settlement cycle[34](index=34&type=chunk)[69](index=69&type=chunk) [Management Discussion and Analysis](index=15&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) [Industry Review](index=15&type=section&id=%E8%A1%8C%E6%A5%AD%E5%9B%9E%E9%A1%A7) In H1 2025, China's economy showed stable growth with GDP up 5.3% and consumption contributing 52.0%; the aluminum profile industry, driven by "dual carbon" and new quality productive forces strategies, accelerated its high-end, intelligent, and green transformation, with strong demand for industrial profiles and emerging high-end demand for architectural profiles despite real estate adjustments - In H1 2025, China's GDP reached **RMB 66,053.6 billion**, growing **5.3%** year-on-year, a **0.3 percentage point** increase from H1 2024[35](index=35&type=chunk) - Consumption contributed **52.0%** to GDP; the aluminum profile industry is deeply integrated into national "dual carbon" and new quality productive forces policies, with high-end, intelligent, and green transformation becoming the industry's main theme[35](index=35&type=chunk) - Industrial aluminum profiles benefited from strong demand in new energy photovoltaics, automotive lightweighting, and aerospace, showing good development; architectural aluminum profiles were affected by real estate market adjustments, but high-end system doors and windows and green building aluminum materials showed growth potential[35](index=35&type=chunk) [Business Development and Strategic Transformation](index=16&type=section&id=%E6%A5%AD%E5%8B%99%E7%99%BC%E5%B1%95%E5%8F%8A%E6%88%B0%E7%95%A5%E8%BD%89%E5%9E%8B) Xingfa Aluminium strengthened its industry position through technological innovation and strategic transformation, holding 878 patents and participating in drafting 137 standards; the company optimized customer structure and expanded retail channels in architectural aluminum profiles, accelerated penetration into new energy and high-end equipment in industrial profiles, boosting revenue and transitioning from "architectural-led" to "dual-track" development - As at June 30, 2025, the Group held a total of **878** valid patents, including **128** invention patents, **332** utility model patents, and **414** design patents, and participated in drafting approximately **137** national and industry standards[36](index=36&type=chunk) - Architectural aluminum profile revenue increased by **11.6%** year-on-year to approximately **RMB 7,472.5 million**, with sales volume up **14.7%**; industrial aluminum profile revenue increased by **13.1%** year-on-year to approximately **RMB 1,569.9 million**, with sales volume up **8.4%**[38](index=38&type=chunk) - The Group actively adapted to market changes, deepened strategic transformation, accelerated penetration into the end-consumer market, and leveraged technological accumulation to deepen its layout in high-end application fields such as new energy vehicle structural parts and photovoltaic frames, gradually achieving a structural transformation from "architectural-led" to "dual-track" development[39](index=39&type=chunk) [Overseas Strategic Layout](index=17&type=section&id=%E6%B5%B7%E5%A4%96%E6%88%B0%E7%95%A5%E4%BD%88%E5%B1%80) The Group continues its "zero-distance strategy" by building professional overseas sales teams and localized production and sales networks to deepen global client cooperation; the 180,000-tonne capacity base in Vietnam is under construction, and the Australia project is in trial production, aiming to expand global business and enhance international competitiveness - The Group continues to advance its "zero-distance strategy" by establishing professional overseas sales teams and building localized production and sales networks to deepen cooperation with global customers[40](index=40&type=chunk) - In H1 2025, the main construction of the **180,000-tonne** capacity base in Vietnam is underway, and the Australia project has entered the trial production phase, marking the accelerated implementation of the "local production, local users, local service" strategic blueprint[40](index=40&type=chunk) - Leveraging the localized service capabilities of its overseas bases, the Group provides more efficient technical support and supply chain response to customers in Southeast Asia and Oceania, driving an increase in overseas revenue and significantly enhancing international competitiveness[40](index=40&type=chunk) [Financial Performance Analysis](index=18&type=section&id=%E8%B2%A1%E5%8B%99%E8%A1%A8%E7%8F%BE%E5%88%86%E6%9E%90) [Revenue](index=18&type=section&id=%E7%87%9F%E6%A5%AD%E9%A1%8D) The Group's H1 2025 revenue increased by 11.7% to RMB 9,323.2 million, with sales volume up 12.5% to 407,224 tonnes; both architectural and industrial aluminum profile sales grew, accounting for 80.1% and 16.8% of total revenue, respectively - The Group's revenue for H1 2025 increased by **11.7%** to **RMB 9,323.2 million**, with sales volume of **407,224 tonnes**[41](index=41&type=chunk)[48](index=48&type=chunk) - Architectural aluminum profile revenue increased by **11.6%** year-on-year to approximately **RMB 7,472.5 million**, with sales volume up **14.7%**[42](index=42&type=chunk)[48](index=48&type=chunk) - Industrial aluminum profile revenue increased by **13.1%** year-on-year to approximately **RMB 1,569.9 million**, with sales volume up **8.4%**[43](index=43&type=chunk)[48](index=48&type=chunk) Revenue Details by Segment (For the six months ended June 30) | Segment | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Architectural aluminium profiles | 7,472,452 | 6,694,894 | | Industrial aluminium profiles | 1,569,883 | 1,388,461 | | **Total sale of aluminium profiles** | **9,042,335** | **8,083,355** | | Others | 280,855 | 266,485 | | **Total** | **9,323,190** | **8,349,840** | [Gross Profit and Gross Profit Margin](index=22&type=section&id=%E6%AF%9B%E5%88%A9%E5%8F%8A%E6%AF%9B%E5%88%A9%E7%8E%87) The Group's H1 2025 gross profit decreased by 17.6% to approximately RMB 617.9 million, with overall gross profit margin falling to 6.6% (H1 2024: 9.0%), primarily due to intensified market competition, and both architectural and industrial aluminum profile margins also declined - The Group's gross profit for H1 2025 decreased by **17.6%** to approximately **RMB 617.9 million**[50](index=50&type=chunk) - The Group's overall gross profit margin for H1 2025 decreased to **6.6%** (H1 2024: **9.0%**), primarily due to intensified market competition[50](index=50&type=chunk)[52](index=52&type=chunk) Segment Gross Profit Margin (For the six months ended June 30) | Segment | 2025 | 2024 | | :--- | :--- | :--- | | Overall | 6.6% | 9.0% | | Architectural aluminium profiles | 5.7% | 9.3% | | Industrial aluminium profiles | 2.9% | 4.0% | | All other segments | 50.7% | 26.0% | [Other Income](index=22&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5) The Group's H1 2025 other income remained stable at approximately RMB 98.6 million, primarily due to increased government grants received - The Group's other income for H1 2025 remained stable at approximately **RMB 98.6 million** (H1 2024: RMB 97.2 million), with the increase primarily attributable to higher government grants received in H1 2025[53](index=53&type=chunk) [Distribution Costs](index=22&type=section&id=%E5%88%86%E9%8A%B7%E6%88%90%E6%9C%AC) The Group's H1 2025 distribution costs decreased by 18.1% to approximately RMB 146.7 million, representing 1.6% of revenue, primarily due to tighter cost control - The Group's distribution costs for H1 2025 decreased by **18.1%** to approximately **RMB 146.7 million** (H1 2024: RMB 179.0 million), representing **1.6%** of revenue (H1 2024: 2.1%)[54](index=54&type=chunk) - The decrease in distribution costs was primarily due to tighter cost control[54](index=54&type=chunk) [Administrative Expenses](index=22&type=section&id=%E8%A1%8C%E6%94%BF%E9%96%8B%E6%94%AF) The Group's H1 2025 administrative expenses increased by 4.5% to RMB 222.2 million, representing 2.4% of revenue - The Group's administrative expenses for H1 2025 increased by **4.5%** to **RMB 222.2 million** (H1 2024: RMB 212.7 million), representing **2.4%** of revenue (H1 2024: 2.5%)[55](index=55&type=chunk) [Profit Attributable to Owners of the Company and Net Profit Margin](index=23&type=section&id=%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%93%81%E6%9C%89%E4%BA%BA%E6%87%89%E4%BD%B5%E6%BA%A2%E5%88%A9%E5%8F%8A%E7%B4%94%E5%88%A9%E7%8E%87) The Group's H1 2025 profit attributable to owners decreased by 28.4% to approximately RMB 270.9 million, with net profit margin falling to 2.9% (H1 2024: 4.5%), primarily due to the decline in overall gross profit margin - The profit attributable to owners of the Company for H1 2025 decreased by **28.4%** to approximately **RMB 270.9 million** (H1 2024: RMB 378.4 million), while the net profit margin decreased to **2.9%** (H1 2024: 4.5%)[56](index=56&type=chunk) - The Board believes that the decrease in profit was primarily due to the reduction in overall gross profit margin[57](index=57&type=chunk) [Financial Position Analysis](index=23&type=section&id=%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E5%88%86%E6%9E%90) The Group's current and quick ratios decreased in H1 2025, while the gearing ratio slightly increased; inventory turnover remained stable, and both trade receivables and payables days extended, mainly due to increased use of bills receivable/payable [Current and Quick Ratios](index=23&type=section&id=%E6%B5%81%E5%8B%95%E5%8F%8A%E9%80%9F%E5%8B%95%E6%AF%94%E7%8E%87) As of June 30, 2025, the Group's current ratio was 1.42 and quick ratio was 1.15, both lower than December 31, 2024, primarily due to higher utilization of bills payable for supplier settlements and short-term bank and other borrowings Current and Quick Ratios (As at period end) | Ratio | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Current ratio | 1.42 | 1.60 | | Quick ratio | 1.15 | 1.34 | - The current ratio and quick ratio decreased as at June 30, 2025, primarily due to the higher utilisation of bills payable for settlement of suppliers' accounts and short-term bank and other borrowings in H1 2025[59](index=59&type=chunk) [Gearing Ratio](index=23&type=section&id=%E8%B2%A0%E5%82%B5%E6%AF%94%E7%8E%87) As of June 30, 2025, the Group's gearing ratio slightly increased to 21.5% (December 31, 2024: 19.8%), primarily due to an increase in overall bank and other borrowings in H1 2025 Gearing Ratio (As at period end) | Ratio | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Gearing ratio | 21.5% | 19.8% | - The gearing ratio as at June 30, 2025 slightly increased compared to December 31, 2024, primarily due to the combined effect of an increase in the overall amount of bank and other borrowings in H1 2025[62](index=62&type=chunk) [Inventory Turnover Days](index=24&type=section&id=%E5%AD%98%E8%B2%A8%E9%80%B1%E8%BD%89%E6%9C%9F) The Group's H1 2025 inventory turnover days remained stable at 39 days, consistent with the prior period Inventory Turnover Days (For the six months ended June 30) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Inventory turnover days (days) | 39 | 39 | - The Group's inventory turnover days for H1 2025 remained stable compared to H1 2024[64](index=64&type=chunk) [Trade Receivables Turnover Days](index=24&type=section&id=%E6%87%89%E6%94%B6%E8%B3%A6%E6%AC%BE%E8%A8%98%E8%B3%A6%E6%9C%9F) The Group's H1 2025 trade receivables turnover days increased to 98 days (H1 2024: 91 days), primarily due to increased use of bills receivable, extending the overall settlement cycle Trade Receivables Turnover Days (For the six months ended June 30) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Trade receivables turnover days (days) | 98 | 91 | - The trade receivables turnover days for H1 2025 increased compared to H1 2024, due to the Group's increased use of bills receivable, which has led to an extension of the overall settlement cycle[67](index=67&type=chunk) [Trade Payables Turnover Days](index=25&type=section&id=%E6%87%89%E4%BB%98%E8%B3%A6%E6%AC%BE%E8%A8%98%E8%B3%A6%E6%9C%9F) The Group's H1 2025 trade payables turnover days increased to 102 days (H1 2024: 86 days), primarily due to increased use of bills payable, extending the overall settlement cycle Trade Payables Turnover Days (For the six months ended June 30) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Trade payables turnover days (days) | 102 | 86 | - The trade payables turnover days for H1 2025 increased compared to H1 2024, due to the Group's increased use of bills payable, which has led to an increase in the overall settlement cycle[69](index=69&type=chunk) [Loans and Borrowings](index=25&type=section&id=%E8%B2%B8%E6%AC%BE%E5%8F%8A%E5%80%9F%E8%B2%B8) As of June 30, 2025, the Group's loans and borrowings were approximately RMB 3,440.1 million (December 31, 2024: RMB 2,877.4 million), with approximately RMB 499.9 million bearing fixed interest rates, and all borrowings denominated in RMB - As at June 30, 2025, the Group's loans and borrowings amounted to approximately **RMB 3,440.1 million** (December 31, 2024: RMB 2,877.4 million), of which approximately **RMB 499.9 million** bore interest at fixed rates[70](index=70&type=chunk) - As at June 30, 2025, all the Group's loans and borrowings were denominated in RMB[70](index=70&type=chunk) [Bank Facilities and Guarantees](index=25&type=section&id=%E9%8A%80%E8%A1%8C%E4%BF%A1%E8%B2%B8%E9%A1%8D%E5%BA%A6%E5%8F%8A%E6%93%94%E4%BF%9D) As of June 30, 2025, the Group's bank facilities were approximately RMB 16,211.2 million (December 31, 2024: RMB 14,231.2 million), with approximately RMB 8,365.2 million utilized, and no bank facilities were guaranteed by the Group's related parties - As at June 30, 2025, the Group's bank facilities amounted to approximately **RMB 16,211.2 million** (December 31, 2024: RMB 14,231.2 million), of which approximately **RMB 8,365.2 million** (December 31, 2024: RMB 6,420.1 million) were utilised[71](index=71&type=chunk) - No bank facilities were guaranteed by the Group's related parties[72](index=72&type=chunk) [Cash Flow Summary](index=26&type=section&id=%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E6%91%98%E8%A6%81) The Group's H1 2025 net cash from operating activities remained stable at RMB 680.4 million, while net cash used in investing activities significantly increased to RMB 969.0 million, and net cash from financing activities turned into an inflow of RMB 264.9 million, resulting in a net decrease in cash and cash equivalents Cash Flow Summary (For the six months ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Net cash from operating activities | 680,409 | 680,595 | | Payments for purchase of property, plant and equipment and land use rights | (341,358) | (530,511) | | Net (increase)/decrease in pledged deposits | (243,423) | (49,917) | | Interest paid | (51,199) | (58,400) | | Net increase in bank borrowings | 562,781 | 162,712 | | Dividends paid | (245,511) | (243,880) | - As at June 30, 2025, the Group's cash and cash equivalents were approximately **RMB 2,701.5 million** (December 31, 2024: RMB 2,726.1 million), with **8.9%** held in USD, **1.2%** in HKD, **0.5%** in AUD, and the remaining balance in RMB[76](index=76&type=chunk) [Outlook and Future Strategies](index=19&type=section&id=%E5%B1%95%E6%9C%9B%E8%88%87%E6%9C%AA%E4%BE%86%E7%AD%96%E7%95%A5) [Industry Outlook](index=19&type=section&id=%E8%A1%8C%E6%A5%AD%E5%B1%95%E6%9C%9B) In H2 2025, real estate policy effectiveness is expected to deepen, improving market activity; the aluminum profile industry faces short-term supply-demand rebalancing challenges, but expanding applications in new energy vehicle lightweighting, photovoltaic installations, and aerospace composites will continue to open growth opportunities for high-end industrial aluminum profiles - Entering H2 2025, the real estate sector is experiencing a period of deepening policy effectiveness, with market activity showing signs of steady improvement, and industry downward pressure is expected to be temporarily alleviated[44](index=44&type=chunk) - Global economic recovery and expanding application scenarios in emerging industries, such as new energy vehicle lightweighting penetration exceeding **40%**, estimated global new photovoltaic installations reaching **230 GW**, and rising demand for aerospace composite materials, continue to open growth opportunities for high-end industrial aluminum profiles[44](index=44&type=chunk) [Group's Future Strategies](index=19&type=section&id=%E9%9B%86%E5%9C%98%E6%9C%AA%E4%BE%86%E7%AD%96%E7%95%A5) The Group will focus on building a green and low-carbon product system and deepening overall business strategic synergy; in architectural aluminum profiles, it will strengthen cooperation with state-owned enterprises on green supply chains and expand ultra-low energy building solutions; in industrial aluminum profiles, it will seize the lightweighting trend in new energy equipment, focus on breakthroughs in aerospace-grade high-strength aluminum alloys, and promote global production and sales system synergy - The Group is accelerating the construction of a green and low-carbon product system and deepening overall business strategic synergy[45](index=45&type=chunk) - In the architectural aluminum profile sector, responding to opportunities from accelerated urban renewal and affordable housing construction, the Group will strengthen cooperation with central state-owned enterprises on green supply chains and expand ultra-low energy building system solutions[45](index=45&type=chunk) - In the industrial aluminum profile sector, seizing the lightweighting trend in new energy equipment, focusing on breakthroughs in aerospace-grade high-strength aluminum alloys, new energy vehicle integrated die-casting structural parts have obtained EU airworthiness certification, and photovoltaic frame products have adopted TOPCon module global technical standards[45](index=45&type=chunk) [Global Layout and Green Intelligent Upgrade](index=20&type=section&id=%E5%85%A8%E7%90%83%E5%8C%96%E4%BD%88%E5%B1%80%E8%88%87%E7%B6%A0%E8%89%B2%E6%99%BA%E8%83%BD%E5%8D%87%E7%B4%9A) The Group will seize dual opportunities from global industrial chain restructuring and new quality productive forces to accelerate global capacity layout and green intelligent upgrades; seven domestic subsidiaries reduced export product carbon footprints by 40%, while overseas expansion deepens regional synergy, with Vietnam focusing on ASEAN semiconductor and industrial materials, and Australia serving Oceania data centers and high-end equipment manufacturing, building a "global resources-local delivery" resilient supply chain - The Group will seize the dual opportunities of global industrial chain restructuring and the development of new quality productive forces to accelerate the global layout of production capacity and green intelligent upgrades[46](index=46&type=chunk) - Domestically, **7** subsidiaries have enabled a **40%** reduction in the carbon footprint of export products[46](index=46&type=chunk) - Overseas layout continues to deepen regional synergy, with the Vietnam project focusing on meeting ASEAN market demand for semiconductor heat dissipation profiles and high-end industrial materials, and the Australia project dedicated to serving data centers and high-end equipment manufacturing in Oceania[46](index=46&type=chunk) - Simultaneously building a "global resources-local delivery" resilient supply chain system to comprehensively enhance international market pricing power, supply chain risk resistance, and ESG compliance competitiveness[46](index=46&type=chunk) [Risk Management and Sustainable Development](index=20&type=section&id=%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86%E8%88%87%E5%8F%AF%E6%8C%81%E7%BA%8C%E7%99%BC%E5%B1%95) Facing dual challenges of aluminum price cyclical fluctuations and trade policy adjustments, the Group manages risks with dynamic hedging and recycled aluminum technology, adhering to its strategic development; looking ahead, it will leverage core patent-based technological barriers and global production network advantages, adapting to market demand through agile response mechanisms to drive sustainable value growth and deliver long-term stable returns to shareholders - Facing the dual challenges of cyclical aluminum price fluctuations and trade policy adjustments, the Group manages risks with a dynamic hedging mechanism combined with recycled aluminum technology iteration, adhering to its strategic development axis[47](index=47&type=chunk) - The Group will leverage its technological barriers built on core patents and global production network advantages, adapting to evolving market demands through agile response mechanisms to provide cost-effective aluminum application solutions to customers[47](index=47&type=chunk) - Driving sustainable value growth for the Group and creating long-term stable returns for shareholders[47](index=47&type=chunk) [Other Information](index=26&type=section&id=%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) [Share Capital](index=26&type=section&id=%E8%82%A1%E6%9C%AC) As of June 30, 2025, the Company had 420,649,134 ordinary shares of HKD 0.01 par value in issue; no shares were issued or repurchased in H1 2025 - As at June 30, 2025, the Company had **420,649,134** ordinary shares of **HKD 0.01** par value in issue[73](index=73&type=chunk) - No shares of the Company were issued or repurchased during H1 2025[73](index=73&type=chunk) [Treasury Policy](index=26&type=section&id=%E5%BA%AB%E5%8B%99%E6%94%BF%E7%AD%96) The Group's treasury policy aims to regularly monitor liquidity needs and comply with loan covenants, ensuring sufficient cash reserves and committed facilities from major financial institutions to meet short-term and long-term liquidity requirements, while also managing USD and HKD currency risks - The Group's treasury policy is to regularly monitor liquidity requirements and compliance with loan covenants to ensure that it maintains sufficient cash reserves and adequate committed facilities from major financial institutions to meet its short-term and long-term liquidity needs[74](index=74&type=chunk) - The Group is exposed to **USD** and **HKD** currency risks as certain inventories, trade and other receivables, trade and other payables, loans and borrowings, and bank balances are denominated in these currencies[74](index=74&type=chunk) [Events After the Reporting Period](index=27&type=section&id=%E8%87%AA%E4%BA%8C%E4%BA%94%E5%B9%B4%E4%B8%8A%E5%8D%8A%E5%B9%B4%E5%BA%95%E4%BB%A5%E4%BE%86%E4%B8%A6%E7%84%A1%E7%99%BC%E7%94%9F%E5%B0%8D%E6%9C%AC%E9%9B%86%E5%9C%98%E9%80%A0%E6%88%90%E5%BD%B1%E9%9F%BF%E7%9A%84%E9%87%8D%E5%A4%A7%E5%85%B6%E5%BE%8C%E4%BA%8B%E9%A0%85) No significant subsequent events affecting the Group have occurred since the end of H1 2025 - No significant subsequent events affecting the Group have occurred since the end of H1 2025[77](index=77&type=chunk) [Human Resources](index=27&type=section&id=%E4%BA%BA%E5%8A%9B%E8%B3%87%E6%BA%90) As of June 30, 2025, the Group employed approximately 10,527 full-time employees in China and Hong Kong; H1 2025 total employee remuneration expenses were about RMB 594.9 million, representing 6.4% of the Group's revenue; the remuneration policy is performance-based, offering discretionary bonuses and training programs - As at June 30, 2025, the Group employed a total of approximately **10,527** full-time employees in the PRC and Hong Kong[78](index=78&type=chunk) - For H1 2025, the Group's total employee remuneration expenses were approximately **RMB 594.9 million** (H1 2024: approximately RMB 555.6 million), representing approximately **6.4%** of the Group's revenue (H1 2024: 6.7%)[78](index=78&type=chunk) - The Group's remuneration policy is determined based on the performance of individual employees and directors and is reviewed annually; in addition to statutory benefits, discretionary bonuses and employee share options are offered as incentives based on individual performance appraisals, and internal and external training programs are provided as needed[78](index=78&type=chunk) [Interim Dividend](index=27&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The directors do not recommend an interim dividend for H1 2025 (H1 2024: nil) - The directors do not recommend the payment of an interim dividend for H1 2025 (H1 2024: nil)[79](index=79&type=chunk) [Corporate Governance](index=27&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB) The Board believes the Company complied with all code provisions of the Corporate Governance Code in Appendix C1 Part 2 of the Listing Rules during H1 2025, and all directors confirmed compliance with the Model Code for Securities Transactions by Directors of Listed Issuers in Appendix C3 - The Directors are of the opinion that the Company has complied with all the code provisions set out in Part 2 of Appendix C1 to the Listing Rules on Corporate Governance Code throughout H1 2025[80](index=80&type=chunk) - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 to the Listing Rules and all Directors have confirmed that they have complied with the required standards set out in the Model Code throughout H1 2025[81](index=81&type=chunk) [Review by Audit Committee](index=28&type=section&id=%E7%94%B1%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83%E5%AF%A9%E9%96%B1) The Audit Committee, comprising three independent non-executive directors and one non-executive director, with Mr. Lam Ying Hung as chairman possessing financial expertise, has met with management and external auditors to review the Group's unaudited condensed consolidated results for H1 2025 - The Audit Committee comprises Mr. Chan Mok, Mr. Ho Kwan Yiu and Mr. Lam Ying Hung, all independent non-executive Directors, and Mr. Wang Lei, a non-executive Director; Mr. Lam (who possesses professional qualifications and experience in financial matters) is the chairman of the Audit Committee[82](index=82&type=chunk) - The Audit Committee has held meetings with the management of the Company and the external auditor and has reviewed the unaudited condensed consolidated results of the Group for H1 2025[82](index=82&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=28&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) Neither the Company nor any of its subsidiaries purchased, redeemed, or sold any of the Company's listed securities in H1 2025 - Neither the Company nor any of its subsidiaries purchased, redeemed or sold any of the Company's listed securities during H1 2025[83](index=83&type=chunk) [Publication of 2025 Interim Report](index=28&type=section&id=%E6%96%BC%E8%81%AF%E4%BA%A4%E6%89%80%E5%8F%8A%E6%9C%AC%E5%85%AC%E5%8F%B8%E7%B6%B2%E7%AB%99%E5%88%8A%E8%BC%89%E4%BA%8C%E9%9B%B6%E4%BA%94%E4%BA%94%E5%B9%B4%E4%B8%AD%E6%9C%9F%E5%A0%B1%E5%91%8A) This announcement has been published on the HKEX and Company websites, and the Company's 2025 Interim Report, containing all information required by the Listing Rules, will be published on both websites in due course - This announcement will be published on the website of the Stock Exchange (www.hkexnews.hk) and the website of the Company (www.xingfa.com) respectively[84](index=84&type=chunk) - The Company's 2025 Interim Report containing all the information required by the Listing Rules will be published on the respective websites of the Stock Exchange and the Company in due course[84](index=84&type=chunk) [Board of Directors](index=29&type=section&id=%E6%96%BC%E6%9C%AC%E5%85%AC%E4%BD%88%E6%97%A5%E6%9C%9F%EF%BC%8C%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E5%A6%82%E4%B8%8B%EF%BC%9A) Lists the Company's Board of Directors as of August 27, 2025, including executive, non-executive, and independent non-executive directors - The Company's Board of Directors includes Executive Directors Mr. Wang Li (Chairman), Mr. Liao Yuqing (Chief Executive Officer), Ms. Zheng Jianhua (Chief Financial Officer), Mr. Luo Yongguan, Mr. Wang Zhihua, and Mr. Luo Jianfeng[86](index=86&type=chunk) - Non-executive Directors include Mr. Zuo Manlun and Mr. Wang Lei[86](index=86&type=chunk) - Independent Non-executive Directors include Mr. Chan Mok, Mr. Ho Kwan Yiu, Mr. Lam Ying Hung, and Mr. Wen Xianjun[86](index=86&type=chunk)

XINGFA ALUMINIUM HOLDINGS LIMITED 興 發 鋁 業 控 股 有 限 公 司 （於開曼群島註冊成立之有限公司） （股份代號：98） 董事會會議通告 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告之內容概不負責，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告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。 承董事會命 興發鋁業控股有限公司 主席 王立 二零二五年八月十五日 於本公告日期，本公司董事會包括以下成員： 執行董事： 王立先生 （主席） 廖玉慶先生 （行政總裁） 鄭建華女士 （財務總監） 羅用冠先生 王志華先生 羅建峰先生 非執行董事： 左滿倫先生 王磊先生 獨立非執行董事： 陳默先生 何君堯先生 林英鴻先生 文獻軍先生 興發鋁業控股有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈，本公司將於二 零二五年八月二十七日（星期三）舉行董事會會議，藉以討論及批准（其中包括）本公司及 其附屬公司截至二零二五年六月三十日六個月止之未經審核中期業績、及考慮建議派發 中期股息（如有）。 ...

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7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: 興發鋁業控股有限公司 呈交日期: 2025年8月6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) | 00098 | 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 | | | 420,649,134 | | | | 420,649,134 | | 增加 / 減少 (-) | | | 0 | | | | | | 本月底結存 | | | 420,649,134 | | 0 | | 420,649,134 | 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 | ...

Group 1 - The stock price of Xingfa Aluminum (00098.HK) closed at HKD 8.090 on June 17, reflecting a 2.02% increase from the previous trading day, with an intraday high of HKD 8.200, marking a nearly one-year high [1] - On the same day, the net capital outflow was HKD 15.88 thousand, with no significant inflow or outflow recorded [1] Group 2 - Xingfa Aluminum Holdings Limited, headquartered in Foshan, Guangdong, was established in 1984 and listed on the Hong Kong Stock Exchange on March 31, 2008 [2] - The company is a leading manufacturer of aluminum extrusions in China and has established a mixed ownership model with state-owned and private enterprises [2] - Xingfa Aluminum has participated in drafting 2 international standards, 77 national standards, and 36 industry standards, holding over 1,000 national patents for aluminum alloy profiles [2] - The company offers more than 600,000 product specifications across various sectors, including construction, electronics, machinery, rail transportation, aerospace, and marine [2] - Since 2009, Xingfa Aluminum has expanded its production bases in various provinces in China and is establishing a global presence with production facilities in Australia and Vietnam [2]

Financial Performance - In 2024, the Group achieved revenue of RMB 18,854.6 million, representing a year-on-year increase of 8.7% compared to RMB 17,352.6 million in 2023[38]. - The sales volume for the Group was 809,312 tonnes, reflecting a year-on-year increase of 6.8% from 757,480 tonnes in 2023[38]. - The net profit attributable to shareholders was RMB 826.0 million, a year-on-year increase of 2.7% compared to RMB 804.2 million in 2023[38]. - Gross profit decreased by 11.4% year-on-year to approximately RMB 1,763.7 million, while profit attributable to shareholders increased by 2.7% to approximately RMB 826 million[23]. - Revenue from construction aluminium profiles grew by 17.7% year-on-year to approximately RMB 16,621.2 million, with sales volume increasing by 8.1% to approximately 672,915 tonnes[55]. - Revenue from industrial aluminium profiles decreased by 27.6% year-on-year to approximately RMB 1,914.5 million, despite an 8.1% increase in sales volume to approximately 136,397 tonnes[57]. - The Group's gross profit margin decreased by 2.1% to 9.4% (2023: 11.5%), with the sales to production ratio slightly decreasing to 98.8% (2023: 99.5%) [80]. Market Strategy and Development - The Group adopted a prudent approach to overseas business development, enhancing research on trade policies and market dynamics to mitigate risks from trade frictions and exchange rate fluctuations[18]. - The Group is accelerating its expansion into the home decoration and overseas markets, developing lightweight and high value-added products[24]. - The Group aims to maintain market competitiveness and profitability through diversified development in the aluminium profile business[33]. - The Group is focused on expanding its production capacity and overseas deployment, with 7 domestic production bases and ongoing projects in Australia and Vietnam[66]. - The Group plans to enhance cooperation with market partners and explore opportunities in the home decoration market and public facility projects[63]. - The Group is moving towards higher quality, more resilient, and sustainable development in the aluminium profiles industry[19]. Innovation and R&D - The Group has participated in the formulation of over 100 national and industry standards and holds more than 900 valid patents, emphasizing its commitment to innovation[24]. - The Group is focusing on R&D to develop new industrial aluminium profile products to capture market opportunities[46]. - The Group's digital and automated production base in Zhejiang has commenced production, aiming to improve land use and reduce personnel costs[48]. - The Group emphasizes continuous innovation and adaptation to maintain a competitive edge in the challenging market environment[67]. Leadership and Management - The Group's leadership under the board of directors has been pivotal in navigating the challenges of the market and achieving growth[18]. - The company has a strong leadership team with diverse backgrounds in finance, marketing, and engineering, enhancing its operational capabilities[144][145][146][149][151][152]. - The management team has been recognized with various awards, indicating their expertise and contributions to the industry[151]. - The company aims to leverage its leadership's extensive experience to navigate market challenges and capitalize on opportunities[161]. Financial Health and Risk Management - The Group maintained healthy cash flow by deepening relationships with real estate developers with good cash flow conditions, reducing financial risks amid market fluctuations[19]. - The gearing ratio decreased to 19.8% (2023: 24.5%) due to a reduction in loans and borrowings as of December 31, 2024[101]. - The impairment loss on trade and other receivables decreased by RMB225.3 million to RMB67.9 million (2023: RMB293.2 million)[88]. - Finance costs remained stable at approximately RMB104.6 million for the Year (2023: RMB138.1 million) despite an increase in bank borrowings[89]. Market Conditions and Challenges - The international trade situation remains complex and volatile, prompting the Group to adopt a more cautious stance in its overseas operations[18]. - The sales area of newly built commercial housing in China decreased by 12.9% year-on-year in 2024, indicating challenges in the real estate sector[33]. - The demand for construction aluminium profiles is expected to be sustained in the long term due to supportive policies in the real estate market[27]. - The real estate market in China is showing signs of recovery, with new policies expected to further stabilize the market in 2025[34].

Core Viewpoint - The company, Zotye Automobile, is facing significant financial challenges due to overdue debts totaling approximately 1.8 billion yuan, which represents 14.58% of its latest audited net assets [1][2][4] Debt Situation - As of the announcement date, Zotye Automobile and its subsidiaries have a total overdue debt principal of 340 million yuan, with various creditors including China Construction Bank and Zhejiang Commercial Bank [4][7] - The company has acknowledged the existence of unreported overdue debts, which has led to adjustments in its financial statements, including an overstatement of debt restructuring gains by 254 million yuan in 2021 [2][9] Financial Performance - Zotye Automobile's sales data has been absent in recent reports, with only 1,112 vehicles sold in 2023, including just 42 electric vehicles [12] - The company forecasts a revenue of 450 million to 670 million yuan for 2024, with expected net losses ranging from 826 million to 1.238 billion yuan [12][13] Corporate Governance and Control - Following the departure of Huang Jihong, the company's actual controller, Zotye Automobile has entered a "no owner" status, complicating its governance structure [10] - The shares held by the controlling shareholder and its affiliates have recently been frozen due to legal issues related to a loan agreement, impacting 22.96% of the company's total shares [13][14]