Core Viewpoint - Ying Sheng Science (00209.HK) reported a decline in revenue and an increase in losses for the first half of 2025 compared to the same period last year [1] Financial Performance - The company's revenue for the first half of 2025 was HKD 148 million, representing a year-on-year decrease of 22.37% [1] - The loss attributable to shareholders for the period was HKD 38.302 million, compared to a loss of HKD 26.565 million in the same period last year [1] - The basic loss per share was HKD 0.2498 [1]

Group 1 - The company, Ying Sheng Science, reported a revenue of HKD 148 million for the six months ending June 30, 2025, representing a year-on-year decrease of 22.37% [1] - The loss attributable to the company's owners widened to HKD 38.302 million, an increase of 44.18% compared to the previous year [1] - The basic loss per share was reported at HKD 0.2498 [1]

[Condensed Consolidated Financial Statements](index=1&type=section&id=Condensed%20Consolidated%20Financial%20Statements) An overview of the Group's financial performance and position for the interim period [Condensed Consolidated Statement of Profit or Loss](index=1&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) The Group's loss for the six months ended June 30, 2025, expanded to HKD 38,349 thousand, primarily due to decreased revenue and increased gross loss | Indicator | June 30, 2025 (HKD thousands) | June 30, 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Revenue | 148,376 | 191,131 | (42,755) | -22.37% | | Cost of sales | (158,411) | (187,061) | 28,650 | -15.32% | | Gross loss/profit | (10,035) | 4,070 | (14,105) | -346.56% | | Loss before tax | (38,349) | (26,709) | (11,640) | 43.58% | | Loss for the period | (38,349) | (26,725) | (11,624) | 43.49% | | Basic and diluted loss per share | (24.98) HK cents | (21.99) HK cents | (2.99) HK cents | 13.60% | [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) Total comprehensive expense for the six months ended June 30, 2025, increased to HKD 36,271 thousand, driven by expanded loss for the period, partially offset by exchange gains from foreign operations | Indicator | June 30, 2025 (HKD thousands) | June 30, 2024 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | Loss for the period | (38,349) | (26,725) | (11,624) | | Exchange differences on translation of foreign operations | 2,078 | (6) | 2,084 | | Total comprehensive expense for the period | (36,271) | (26,731) | (9,540) | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's net current liabilities expanded to HKD 253,268 thousand, with total assets less current liabilities at negative HKD 158,374 thousand, indicating deteriorating financial health | Indicator | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Non-current assets | 94,894 | 97,423 | (2,529) | -2.59% | | Current assets | 227,606 | 255,457 | (27,851) | -10.90% | | Current liabilities | 480,874 | 475,714 | 5,160 | 1.08% | | Net current liabilities | (253,268) | (220,257) | (33,011) | 14.99% | | Total assets less current liabilities | (158,374) | (122,834) | (35,540) | 28.93% | | Net liabilities | (175,441) | (140,487) | (34,954) | 24.88% | | Capital deficiency attributable to owners of the Company | (173,779) | (139,038) | (34,741) | 25.00% | [Notes to the Condensed Consolidated Financial Statements](index=5&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) Detailed explanations and disclosures regarding the Group's financial statements [Company Information](index=5&type=section&id=Company%20Information) Ying Sheng Science Limited is a Bermuda-registered investment holding company with subsidiaries primarily engaged in toy manufacturing and agricultural product sales, with financial statements presented in HKD - The Company's principal business is investment holding, with subsidiaries primarily engaged in toy manufacturing and sales, and agricultural product cultivation and sales[7](index=7&type=chunk) - The condensed consolidated financial statements are presented in HKD, which is also the Company's functional currency[8](index=8&type=chunk) [Basis of Preparation of Condensed Consolidated Financial Statements](index=5&type=section&id=Basis%20of%20Preparation%20of%20Condensed%20Consolidated%20Financial%20Statements) The condensed consolidated financial statements are prepared under HKAS 34 and Listing Rules on a going concern basis, despite significant losses and net current liabilities, with the Board implementing measures to ensure working capital [Ability of the Group to Continue as a Going Concern](index=5&type=section&id=Ability%20of%20the%20Group%20to%20Continue%20as%20a%20Going%20Concern) The Group faces going concern challenges with a HKD 38.3 million loss and HKD 253.3 million net current liabilities, prompting the Board to extend financing, implement cost savings, and explore other funding - The Group incurred a loss attributable to owners of the Company of approximately **HKD 38,302 thousand** for the six months ended June 30, 2025[10](index=10&type=chunk) - As of June 30, 2025, the Group had net current liabilities of approximately **HKD 253,268 thousand**, net liabilities of approximately **HKD 175,441 thousand**, and a capital deficiency attributable to owners of the Company of approximately **HKD 173,779 thousand**[10](index=10&type=chunk) - The Board has implemented several measures to improve the financial position, including extending bank financing maturity dates, implementing aggressive cost-saving measures, and considering other necessary financing arrangements[11](index=11&type=chunk)[15](index=15&type=chunk) [Principal Accounting Policies](index=6&type=section&id=Principal%20Accounting%20Policies) The condensed consolidated financial statements are prepared on a historical cost basis, adopting consistent accounting policies with the 2024 annual statements, with no significant impact from new HKFRS amendments [New Accounting Standards and Changes in Accounting Policies](index=6&type=section&id=New%20Accounting%20Standards%20and%20Changes%20in%20Accounting%20Policies) Amendments to HKAS 21 regarding lack of exchangeability had no impact on the interim condensed consolidated financial information, as the Group's transaction and functional currencies are convertible - The amendments to HKAS 21 regarding lack of exchangeability had no impact on the interim condensed consolidated financial information, as the currencies in which the Group conducts transactions and its functional currencies are convertible[14](index=14&type=chunk) [Revenue and Segment Information](index=7&type=section&id=Revenue%20and%20Segment%20Information) The Group's revenue primarily derives from toy product sales, which decreased by 21.8% to HKD 148.4 million for the six months ended June 30, 2025, with no agricultural product sales - Revenue represents income generated from the sale of toy products and agricultural products during the period, with all revenue recognized upon delivery of goods to customers[16](index=16&type=chunk) - The Group presents two reportable segments: Toys (manufacturing and sales of toys) and Agricultural Products (cultivation and sales of agricultural products)[17](index=17&type=chunk)[18](index=18&type=chunk)[19](index=19&type=chunk) [Segment Revenue and Results](index=8&type=section&id=Segment%20Revenue%20and%20Results) For the six months ended June 30, 2025, toy segment revenue decreased by 21.8% to HKD 148,376 thousand, while the agricultural segment generated no revenue, leading to an expanded loss for the toy segment | Indicator | June 30, 2025 (HKD thousands) | June 30, 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | **Toy Segment** | | | | | | Revenue from external customers | 148,376 | 189,771 | (41,395) | -21.81% | | Reportable segment loss before tax | (37,819) | (18,344) | (19,475) | 106.17% | | Depreciation of property, plant and equipment | (15) | (5,540) | 5,525 | -99.73% | | Write-down of inventories, net | (161) | (2,666) | 2,505 | -93.96% | | **Agricultural Products Segment** | | | | | | Revenue from external customers | – | 1,360 | (1,360) | -100.00% | | Reportable segment loss before tax | (213) | (754) | 541 | -71.75% | [Segment Assets and Liabilities](index=9&type=section&id=Segment%20Assets%20and%20Liabilities) As of June 30, 2025, the toy segment reported total assets of HKD 316,199 thousand and liabilities of HKD 414,143 thousand; the agricultural segment had assets of HKD 4,527 thousand and liabilities of HKD 1,276 thousand | Indicator | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | **Toy Segment** | | | | | | Reportable segment assets | 316,199 | 336,812 | (20,613) | -6.12% | | Reportable segment liabilities | (414,143) | (426,334) | 12,191 | -2.86% | | **Agricultural Products Segment** | | | | | | Reportable segment assets | 4,527 | 4,325 | 202 | 4.67% | | Reportable segment liabilities | (1,276) | (1,077) | (199) | 18.48% | | **Total** | | | | | | Total assets | 322,500 | 352,880 | (30,380) | -8.61% | | Total liabilities | (497,941) | (493,367) | (4,574) | 0.93% | [Other Income, Gains and Losses](index=10&type=section&id=Other%20Income%2C%20Gains%20and%20Losses) For the six months ended June 30, 2025, net other income, gains, and losses resulted in a HKD 957 thousand loss, a significant decline from the prior year's gain, mainly due to exchange losses and reduced miscellaneous income | Indicator | June 30, 2025 (HKD thousands) | June 30, 2024 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | Net exchange (loss) gain | (1,528) | 3,933 | (5,461) | | Miscellaneous income | 82 | 1,347 | (1,265) | | Total | (957) | 6,806 | (7,763) | [Finance Costs](index=10&type=section&id=Finance%20Costs) For the six months ended June 30, 2025, finance costs slightly decreased to HKD 7,077 thousand, primarily due to lower bank loan interest, despite a notable increase in short-term loan interest | Indicator | June 30, 2025 (HKD thousands) | June 30, 2024 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | Interest on bank loans | 2,882 | 4,975 | (2,093) | | Interest on short-term loans | 2,201 | 563 | 1,638 | | Total | 7,077 | 7,568 | (491) | [Income Tax Expense](index=11&type=section&id=Income%20Tax%20Expense) For the six months ended June 30, 2025, the Group reported zero income tax expense, compared to HKD 16 thousand in the prior year, reflecting tax rates in China and Hong Kong and double taxation avoidance arrangements - For the six months ended June 30, 2025, the Group's income tax expense was **zero**, compared to HKD 16 thousand in the prior year[27](index=27&type=chunk) - The tax rate for Chinese subsidiaries is **25%**, while Hong Kong profits tax rate is **16.5%**[27](index=27&type=chunk) - China and Hong Kong have a double taxation avoidance arrangement, allowing eligible Hong Kong companies to enjoy a **5%** preferential withholding tax rate[27](index=27&type=chunk) [Loss for the Period](index=12&type=section&id=Loss%20for%20the%20Period) The loss for the period is net of various expenses, including total employee benefit expenses of HKD 74,524 thousand, inventory costs recognized as expense of HKD 198,801 thousand, and depreciation of property, plant and equipment of HKD 266 thousand | Indicator | June 30, 2025 (HKD thousands) | June 30, 2024 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | Total employee benefit expenses | 74,524 | 73,676 | 848 | | Cost of inventories recognized as expense | 198,801 | 215,898 | (17,097) | | Depreciation of property, plant and equipment | 266 | 6,161 | (5,895) | | Depreciation of right-of-use assets | 164 | 945 | (781) | [Dividends](index=12&type=section&id=Dividends) The Board of Directors resolved not to pay, declare, or recommend any dividends for the interim period ended June 30, 2025 - No dividends were paid, declared, or recommended during the interim period[30](index=30&type=chunk) [Loss Per Share](index=13&type=section&id=Loss%20Per%20Share) For the six months ended June 30, 2025, basic and diluted loss per share attributable to owners of the Company increased to HKD 24.98 cents, primarily due to expanded loss and an increase in the weighted average number of ordinary shares | Indicator | June 30, 2025 | June 30, 2024 | Change | | :--- | :--- | :--- | :--- | | Loss attributable to owners of the Company (HKD thousands) | (38,302) | (26,565) | (11,737) | | Weighted average number of ordinary shares (thousands) | 153,303 | 120,780 | 32,523 | | Basic and diluted loss per share (HK cents) | (24.98) | (21.99) | (2.99) | - Diluted loss per share is the same as basic loss per share because the conversion of convertible bonds would result in a reduction in loss per share[31](index=31&type=chunk) [Movements in Property, Plant and Equipment and Right-of-Use Assets](index=13&type=section&id=Movements%20in%20Property%2C%20Plant%20and%20Equipment%20and%20Right-of-Use%20Assets) During the interim period, the Group acquired property, plant and equipment with a total carrying amount of approximately HKD 940 thousand, a significant decrease from the prior year, with no new lease agreements or equipment sales - The total carrying amount of property, plant and equipment acquired during the interim period was approximately **HKD 940 thousand**, a significant decrease from HKD 5,397 thousand in the prior period[32](index=32&type=chunk) - No machinery and equipment were disposed of, and no new lease agreements for the use of plant were entered into during the interim period[32](index=32&type=chunk) [Trade Receivables](index=14&type=section&id=Trade%20Receivables) As of June 30, 2025, the Group's total trade receivables significantly decreased to HKD 71,953 thousand, mainly due to a reduction in receivables aged 31 to 90 days | Ageing | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | 0 to 30 days | 37,380 | 40,929 | (3,549) | | 31 to 90 days | 30,226 | 59,615 | (29,389) | | Over 90 days | 4,347 | 2,790 | 1,557 | | Total | 71,953 | 103,334 | (31,381) | - The Group primarily trades with customers on credit terms of **30 to 60 days**, and all trade receivables are expected to be recovered within one year[33](index=33&type=chunk) [Trade Payables](index=14&type=section&id=Trade%20Payables) As of June 30, 2025, the Group's total trade payables slightly increased to HKD 213,508 thousand, primarily driven by a notable increase in payables aged over 90 days | Ageing | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | 0 to 30 days | 89,592 | 103,007 | (13,415) | | 31 to 90 days | 32,296 | 50,527 | (18,231) | | Over 90 days | 91,620 | 51,090 | 40,530 | | Total | 213,508 | 204,624 | 8,884 | - Trade payables are expected to be settled within one year[34](index=34&type=chunk) [Borrowings](index=15&type=section&id=Borrowings) As of June 30, 2025, the Group's total borrowings increased to HKD 229,830 thousand, mainly due to a significant rise in unsecured short-term loans, with all borrowings classified as current | Borrowing Type | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Subtotal secured loans | 187,845 | 206,589 | (18,744) | -9.07% | | Subtotal unsecured loans | 41,985 | 10,500 | 31,485 | 299.86% | | Total | 229,830 | 217,089 | 12,741 | 5.87% | - Total bank loans of **RMB 260,000,000** were granted, of which approximately **RMB 110,211,000** has been utilized and extended to December 2, 2026[37](index=37&type=chunk) - Several new unsecured short-term loans were obtained, including **HKD 30,000 thousand** from an independent third party at a fixed annual interest rate of **12%**, and an interest-free short-term loan of **HKD 1,485 thousand**[35](index=35&type=chunk)[40](index=40&type=chunk) [Events After the Reporting Period](index=17&type=section&id=Events%20After%20the%20Reporting%20Period) On July 15, 2025, the Company obtained an interest-free loan of HKD 2,000,000 from a director, repayable on demand - On July 15, 2025, the Company obtained an interest-free loan of **HKD 2,000,000** from a director, with repayment terms on demand[39](index=39&type=chunk) [Management Discussion and Analysis](index=18&type=section&id=Management%20Discussion%20and%20Analysis) An overview of the Group's operational and financial performance, highlighting key challenges and strategic responses [Business Review](index=18&type=section&id=Business%20Review) The Group's toy business faced challenges from US tariffs and rising labor costs, leading to decreased revenue and increased gross loss, while the agricultural products segment generated no revenue for the period - The Group is primarily engaged in the manufacturing and trading of toys and the cultivation and sales of agricultural products[42](index=42&type=chunk) - The toy business faced challenges due to additional US tariffs on Chinese goods and rising labor costs in China, including minimum wage and social insurance, leading to increased product costs, reduced order volumes, and pressure on operating profit margins[42](index=42&type=chunk) - For the interim period ended June 30, 2025, the Group recorded a gross loss of approximately **HKD 10.0 million**, a decrease of approximately **HKD 14.1 million** compared to a gross profit of HKD 4.1 million in the prior year[42](index=42&type=chunk) [Toy Business](index=18&type=section&id=Toy%20Business) For the interim period ended June 30, 2025, toy segment revenue decreased by 21.8% to HKD 148.4 million, primarily due to US tariffs and rising labor costs impacting orders and profit margins - For the interim period ended June 30, 2025, revenue from the toy segment decreased by **21.8%** to **HKD 148.4 million**[44](index=44&type=chunk) - The decrease in revenue was primarily due to additional US tariffs on Chinese goods, leading to reduced purchasing orders and selling prices, coupled with rising labor costs, which impacted profit margins and gross loss[44](index=44&type=chunk) [Agricultural Products Sales Segment](index=19&type=section&id=Agricultural%20Products%20Sales%20Segment) For the interim period ended June 30, 2025, the Group generated no sales from the agricultural products segment, compared to HKD 1.3 million in the prior year - For the interim period ended June 30, 2025, the Group generated **no sales** from the agricultural products segment (June 30, 2024: HKD 1.3 million)[45](index=45&type=chunk) [Financial Review](index=19&type=section&id=Financial%20Review) As of June 30, 2025, the Group's net current liabilities expanded to HKD 253.3 million, with a current ratio of 0.47 times and total borrowings increasing to HKD 229.8 million, indicating increased financial leverage and risk | Indicator | June 30, 2025 (HKD millions) | December 31, 2024 (HKD millions) | Change (HKD millions) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Net current liabilities | 253.3 | 220.3 | 33.0 | 14.98% | | Cash and cash equivalents | 34.1 | 55.3 | (21.2) | -38.34% | | Current ratio | 0.47 times | 0.54 times | (0.07) times | -12.96% | | Total borrowings | 229.8 | 217.1 | 12.7 | 5.85% | | Capital deficiency attributable to owners of the Company | 173.8 | 139.0 | 34.8 | 25.04% | | Gearing ratio | 170% | 136.7% | 33.3% | 24.36% | - The increase in capital deficiency was primarily due to the Group incurring operating losses during the period[46](index=46&type=chunk) [Outlook](index=20&type=section&id=Outlook) To mitigate US tariff impacts, the Group is expanding its domestic market client base and automating manufacturing processes to reduce labor costs, aiming for long-term success through operational efficiency and market diversification - To mitigate the impact of US tariffs, the Group is focusing on expanding its customer base in the **China domestic market**[48](index=48&type=chunk) - The Group is committed to advancing the **automation of manufacturing processes** to reduce labor costs and enhance production efficiency[48](index=48&type=chunk) - The management team will address challenges and pursue long-term success through strategic initiatives such as improving operational efficiency, fostering innovation, and diversifying market presence[48](index=48&type=chunk) [Other Information](index=18&type=section&id=Other%20Information) Additional disclosures on corporate governance, director's securities transactions, interim dividend, and board composition [Interim Dividend](index=18&type=section&id=Interim%20Dividend) The Board of Directors resolved not to declare an interim dividend for the six months ended June 30, 2025 - The Board of Directors resolved not to declare an interim dividend for the six months ended June 30, 2025[41](index=41&type=chunk) [Corporate Governance Code](index=20&type=section&id=Corporate%20Governance%20Code) The Board confirmed the Company's compliance with the Corporate Governance Code set out in Appendix C1 of the Listing Rules for the six months ended June 30, 2025 - The Board confirmed that the Company has complied with the Corporate Governance Code set out in Appendix C1 of the Listing Rules throughout the reporting period[49](index=49&type=chunk) [Standard Code for Securities Transactions by Directors of Listed Issuers](index=20&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors%20of%20Listed%20Issuers) The Company adopted a custom code no less stringent than the Listing Rules' Appendix 10 Standard Code, with directors confirming compliance during the reporting period - The Company has adopted a custom code, and the directors confirmed compliance with both the custom code and the Standard Code throughout the reporting period[50](index=50&type=chunk) [Review of Interim Financial Statements](index=21&type=section&id=Review%20of%20Interim%20Financial%20Statements) The Audit Committee reviewed the unaudited condensed consolidated results for the six months ended June 30, 2025, confirming their preparation in accordance with applicable accounting standards and adequate disclosure - The Audit Committee has reviewed the interim financial statements and believes they have been prepared in accordance with applicable accounting standards and requirements, with adequate disclosure[51](index=51&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=21&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) During the six months ended June 30, 2025, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[52](index=52&type=chunk) [Board Composition](index=21&type=section&id=Board%20Composition) As of the announcement date, the Board comprises five executive directors, one non-executive director, and three independent non-executive directors, with Mr. Jiang Qinghui as Chairman and Mr. Weng Zudian as CEO - The Board comprises **five executive directors**, **one non-executive director**, and **three independent non-executive directors**[52](index=52&type=chunk) - Mr. Jiang Qinghui serves as Chairman, and Mr. Weng Zudian serves as Chief Executive Officer[52](index=52&type=chunk)

Core Viewpoint - The company, Ying Sheng Science (00209), is expected to report a loss of approximately HKD 38 million for the six-month period ending June 30, 2025, which is an increase from a loss of about HKD 27 million in the same period last year [1] Group 1: Financial Performance - The company's stock was deposited into Hope Securities with a market value of HKD 45.451 million, representing 41.37% of the total [1] - The anticipated loss for the current reporting period is attributed to two main factors: (i) the impact of increased tariffs from the U.S. on China, leading to a decrease in average product orders and gross profit compared to the previous year, and (ii) rising minimum wage and social insurance costs in mainland China [1]

Group 1 - The core point of the article highlights the recent performance of Zhejiang Wangsheng Shiyibao Co., Ltd. (生意宝), noting a stock price of 21.86 yuan, a decline of 2.19%, and a trading volume of 18.09 million shares with a transaction amount of 396 million yuan as of August 25, 2025 [1] - The company experienced a net outflow of main funds amounting to 68.04 million yuan, accounting for 17.18% of the transaction amount, with significant outflows from large orders and super large orders [1] - The latest quarterly report indicates that the company's total operating revenue reached 163 million yuan, reflecting a year-on-year growth of 95.07%, while the net profit attributable to shareholders was 1.61 million yuan, a decrease of 33.15% year-on-year [1] Group 2 - Zhejiang Wangsheng Shiyibao Co., Ltd. was established in 2000 and is primarily engaged in software and information technology services, with a registered capital of 252.72 million yuan [2] - The company has made investments in 40 enterprises and has participated in four bidding projects, holding 64 trademark registrations and five patents [2]

Core Viewpoint - Jiangsu Guotai (002091) has become a focal point in the capital market due to its recent announcements regarding investment strategies and increased shareholder returns [1][2]. Group 1: Investment Plans - On August 22, Jiangsu Guotai announced plans to use up to 12 billion yuan of idle funds for entrusted wealth management and up to 1.831 billion yuan for securities investments, with 330.6 million yuan already invested [1]. - The company planned to establish a subsidiary, Zhangjiagang Dingrui Investment Co., Ltd., with 1.5 billion yuan for securities investment but terminated this plan just two days later [2][4]. Group 2: Focus on Core Business and Dividends - Jiangsu Guotai emphasized that its previous securities investments were based on strategic planning and aimed at long-term holdings related to its main business, not short-term trading [4]. - The company announced a new three-year dividend plan, proposing to distribute cash dividends of at least 40% of the annual distributable profits, which is an increase from the previous minimum of 10% [5].

Core Viewpoint - Jiangsu Guotai (002091) has recently attracted attention in the capital market due to its announcement of plans to utilize idle funds for financial investments, which was later terminated in favor of increasing shareholder dividends [1][2]. Group 1: Investment Plans - On August 22, Jiangsu Guotai announced plans to use up to 12 billion yuan of idle funds for entrusted financial management and up to 1.831 billion yuan for securities investments, with 330.6 million yuan already invested [1]. - The company planned to establish a subsidiary, Zhangjiagang Dingrui Investment Co., Ltd., with 1.5 billion yuan of its own funds to engage in securities investment [1]. - However, just two days later, the company decided to terminate the plan to use 1.5 billion yuan for establishing the subsidiary, citing a focus on core business and cautious investment [2]. Group 2: Dividend Policy - Jiangsu Guotai announced an increase in its dividend policy, intending to distribute profits two to three times a year, with cash dividends not less than 40% of the distributable profits [5]. - The new dividend plan is an increase from the previous policy, which allowed for only one distribution per year with a minimum of 10% of distributable profits [5]. - As of June 30, the company reported retained earnings of 111 million yuan [5]. Group 3: Financial Performance - For the first half of 2025, Jiangsu Guotai reported revenue of 18.597 billion yuan, a year-on-year increase of 5.48%, and a net profit attributable to shareholders of 545 million yuan, up 10.85% [4]. - The company's cash and cash equivalents reached 12.57 billion yuan, with bank deposits amounting to 11.487 billion yuan [4].

Group 1 - The core point of the article highlights that Ying Sheng Science (00209) is facing an expected loss of approximately HKD 38 million for the reporting period ending June 30, 2025, which is an increase from a loss of about HKD 27 million in the same period last year [1] - The increase in losses is attributed to two main factors: (i) the impact of increased tariffs imposed by the U.S. on China, leading to a decrease in average product orders and gross profit compared to the previous year, resulting in reduced sales and gross profit contributions [1] - Additionally, the rise in minimum wage and social insurance costs in mainland China has further contributed to the company's financial challenges [1] Group 2 - On August 22, shareholders of Ying Sheng Science deposited shares into Hope Securities, with a market value of HKD 10.318 million, representing 9.95% of the total [1]

Core Viewpoint - The company, Ying Sheng Science, is facing an increased loss in the upcoming reporting period due to external economic pressures and rising operational costs [1] Financial Performance - Ying Sheng Science anticipates a loss of approximately HKD 38 million for the six months ending June 30, 2025, compared to a loss of about HKD 27 million in the same period last year [1] - The expected loss represents a significant increase in financial distress for the company [1] Factors Contributing to Loss - The widening loss is primarily attributed to two factors: 1. Increased tariffs imposed by the U.S. on Chinese goods, leading to a decrease in average product orders and gross margins compared to the previous year [1] 2. Rising minimum wage and social insurance costs in mainland China, which have further impacted profitability [1]

Core Viewpoint - Jiangsu Guotai (002091) has recently attracted market attention due to its announcement of plans to utilize up to 12 billion yuan of idle funds for entrusted wealth management and an additional 1.831 billion yuan for securities investment, which was later terminated in favor of increasing dividend payouts to investors [2][3]. Group 1: Investment Plans - On August 22, Jiangsu Guotai announced plans to invest up to 12 billion yuan of idle funds in entrusted wealth management and 1.831 billion yuan in securities investment, with 330.6 million yuan already invested [2]. - The company planned to establish a subsidiary, Zhangjiagang Dingrui Investment Co., Ltd., with 1.5 billion yuan of its own funds to engage in securities investment [2]. - However, just two days later, the company decided to terminate the plan to use 1.5 billion yuan for establishing the subsidiary, citing a focus on core business and cautious investment [3]. Group 2: Financial Performance - For the first half of 2025, Jiangsu Guotai reported revenue of 18.597 billion yuan, a year-on-year increase of 5.48%, and a net profit attributable to shareholders of 545 million yuan, up 10.85% [6]. - The company's cash balance at the end of the reporting period reached 12.57 billion yuan, with bank deposits amounting to 11.487 billion yuan [6]. Group 3: Dividend Policy - On August 24, Jiangsu Guotai's board approved a new three-year dividend plan (2025-2027), aiming to increase dividend payouts [6]. - The new plan stipulates that the company will distribute profits two to three times a year, with cash dividends not less than 40% of the annual distributable profits, which is an increase from the previous average payout rate of 10% [6][7]. - The previous plan allowed for only one profit distribution per year, with a minimum cash dividend of 10% of distributable profits and an average cash dividend amount of at least 30% of the net profit attributable to shareholders [7].