Core Points - *ST Dongyi reported a total operating revenue of 360 million yuan for the first half of 2025, a decrease of 521 million yuan compared to the same period last year, representing a year-on-year decline of 59.11% [1] - The company recorded a net profit attributable to shareholders of -51.48 million yuan as of June 30, 2025 [1] - The net cash flow from operating activities was -57.23 million yuan as of June 30, 2025 [1] Financial Ratios - As of June 30, 2025, the asset-liability ratio of *ST Dongyi was 170.34%, an increase of 3.63 percentage points from the previous quarter and an increase of 56.30 percentage points from the same period last year [3] - The latest gross profit margin was 38.05% as of June 30, 2025 [4] - The diluted earnings per share were -0.12 yuan as of June 30, 2025 [5] - The total asset turnover ratio was 0.23 times, a decrease of 0.10 times compared to the same period last year, representing a year-on-year decline of 30.04% [5] - The inventory turnover ratio was 8.24 times as of June 30, 2025 [5] Shareholder Information - The number of shareholders was 14,700, with the top ten shareholders holding 197 million shares, accounting for 46.94% of the total share capital [5] - The largest shareholder, Tianjin Dongyi Tianzheng Investment Co., Ltd., held 19.97% of the shares [5]

Group 1 - The core point of the article is that *ST Dongyi (002713.SZ) reported a significant decline in revenue and net profit for the first half of 2025, indicating financial distress [1] - The company achieved a revenue of 360.50 million yuan in the first half of 2025, which represents a 59.11% decrease compared to the same period last year [1] - The net profit attributable to the parent company's shareholders for the same period was -51.48 million yuan, indicating a loss [1] - The net cash flow from operating activities for the first half of 2025 was -57.23 million yuan, further highlighting the company's financial challenges [1]

Core Viewpoint - The company reported a decline in revenue and an increase in losses for the six months ending June 30, 2025, primarily due to a significant decrease in the fair value of investment properties [1] Financial Performance - The company achieved revenue of HKD 23.37 million, representing a year-on-year decrease of 3.5% [1] - The loss for the period was HKD 63.26 million, which is an increase of 271.33% compared to the previous year [1] - The loss per share was HKD 0.051 [1] Investment Property Valuation - The net decrease in the fair value of investment properties during the reporting period was HKD 60.05 million, compared to a higher amount of HKD 12.79 million in the same period last year [1]

Group 1 - The core viewpoint of the article is that Aizheng Real Estate (00271) reported a decline in financial performance for the six months ending June 30, 2025, with a revenue of HKD 23.37 million, representing a year-on-year decrease of 3.5% [1] - The company incurred a loss of HKD 63.263 million during the period, which is a significant increase of 271.33% compared to the previous year [1] - The loss per share was reported at HKD 0.051 [1] Group 2 - The primary reason for the decline in financial performance is attributed to a net decrease in the fair value of investment properties amounting to HKD 60.047 million, which is substantially higher than the HKD 12.79 million recorded in the same period last year [1]

[Unaudited Interim Results for the Six Months Ended June 30, 2025](index=1&type=section&id=Unaudited%20Interim%20Results) This section presents the unaudited interim financial results, detailed notes, management's analysis, and corporate governance information for the six months ended June 30, 2025 [Condensed Consolidated Financial Statements](index=1&type=section&id=Condensed%20Consolidated%20Financial%20Statements) The Group's financial performance for the six months ended June 30, 2025, significantly deteriorated, reporting a loss of HK$63,263 thousand, primarily due to a substantial increase in fair value losses on investment properties [Condensed Consolidated Statement of Profit or Loss](index=1&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) This statement details the Group's revenues, expenses, and net loss for the period, highlighting the impact of fair value changes on investment properties Condensed Consolidated Statement of Profit or Loss Key Data (For the Six Months Ended June 30) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 23,370 | 24,213 | (843) | -3.48% | | Other income | 2,612 | 6,503 | (3,891) | -59.83% | | Other gains (losses) | 686 | (4) | 690 | - | | Finance costs | (13,368) | (17,668) | 4,300 | -24.34% | | Loss from fair value changes of investment properties | (60,047) | (12,790) | (47,257) | 369.48% | | Loss before tax | (64,605) | (15,748) | (48,857) | 310.26% | | Loss for the period | (63,263) | (17,037) | (46,226) | 271.32% | | Basic loss per share (HK cents) | (5.10) | (1.37) | (3.73) | 272.26% | - The loss for the period significantly increased by **271.32%**, primarily due to a surge in fair value losses on investment properties from **HK$12,790 thousand** in 2024 to **HK$60,047 thousand** in 2025[3](index=3&type=chunk) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This statement presents the Group's total comprehensive expenses, primarily driven by the expanded loss for the period Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Key Data (For the Six Months Ended June 30) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Loss for the period | (63,263) | (17,037) | (46,226) | 271.32% | | Fair value changes of equity instruments at fair value through other comprehensive income | (2,730) | (2,760) | 30 | -1.09% | | Total comprehensive expense for the period | (65,993) | (19,797) | (46,196) | 233.35% | - Total comprehensive expense for the period significantly increased by **233.35%**, mainly impacted by the expanded loss for the period[5](index=5&type=chunk) [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This statement provides a snapshot of the Group's assets, liabilities, and equity, indicating a decline in total assets and equity, alongside increased liquidity pressure Condensed Consolidated Statement of Financial Position Key Data (As at June 30) | Indicator | 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Total non-current assets | 2,257,466 | 2,296,689 | (39,223) | -1.71% | | Investment properties | 2,229,660 | 2,266,120 | (36,460) | -1.61% | | Total current assets | 115,350 | 134,403 | (19,053) | -14.18% | | Cash and cash equivalents | 49,047 | 68,355 | (19,308) | -28.25% | | Total current liabilities | 207,757 | 133,148 | 74,609 | 56.04% | | Bank borrowings (current) | 180,000 | 100,000 | 80,000 | 80.00% | | Net current (liabilities) assets | (92,407) | 1,255 | (93,662) | -7463.11% | | Total equity | 1,676,076 | 1,742,069 | (65,993) | -3.79% | | Total non-current liabilities | 488,983 | 555,875 | (66,892) | -12.03% | | Other borrowings (non-current) | 350,000 | 415,000 | (65,000) | -15.66% | - Net current assets turned into net current liabilities of **HK$92,407 thousand** as of June 30, 2025, from net current assets of **HK$1,255 thousand** as of December 31, 2024, primarily due to an **80%** increase in current bank borrowings to **HK$180,000 thousand**[6](index=6&type=chunk) - Both total assets and total equity decreased, reflecting a reduction in the company's value[6](index=6&type=chunk)[7](index=7&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=5&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section details the basis of preparation, accounting policies, revenue breakdown, other income, taxation, loss per share, dividend policy, and specifics of receivables and payables, addressing liquidity challenges and management's going concern assessment [Auditor's Review](index=5&type=section&id=Auditor's%20Review) The interim financial report for the six months ended June 30, 2025, was reviewed by Deloitte Touche Tohmatsu, resulting in an unmodified conclusion - The Group's interim financial report for the six months ended June 30, 2025, has been reviewed by Deloitte Touche Tohmatsu in accordance with Hong Kong Standard on Review Engagements 2410, with an unmodified review conclusion issued[8](index=8&type=chunk) [Basis of Preparation](index=5&type=section&id=Basis%20of%20Preparation) This section outlines the accounting standards and principles used for preparing the condensed consolidated financial statements, including the assessment of going concern amidst liquidity challenges - The condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" and the applicable disclosure requirements of Appendix D2 to the Listing Rules[9](index=9&type=chunk) - For the six months ended June 30, 2025, the Group incurred an operating loss of **HK$63,263,000** and negative operating cash flow of **HK$936,000**, with current liabilities exceeding current assets by **HK$92,407,000**, mainly due to **HK$180,000,000** in bank borrowings repayable within twelve months[10](index=10&type=chunk) - Management expects rental income from the completed renovation of "The Link" (formerly "Concord Plaza") and has **HK$250,000,000** in unused financing facilities from its intermediate holding company, leading the Board to believe the Group has sufficient resources to continue as a going concern[11](index=11&type=chunk) [Significant Accounting Policies](index=5&type=section&id=Significant%20Accounting%20Policies) The condensed consolidated financial statements are primarily prepared on a historical cost basis, with certain properties and financial instruments measured at fair value - The condensed consolidated financial statements are primarily prepared on a historical cost basis, except for certain properties and financial instruments measured at fair value[12](index=12&type=chunk) - Revisions to Hong Kong Financial Reporting Standards issued by the Hong Kong Institute of Certified Public Accountants were first adopted in this interim period but had no significant impact on the financial position or performance[13](index=13&type=chunk) [Revenue and Segment Information](index=6&type=section&id=Revenue%20and%20Segment%20Information) The Group's revenue primarily derives from property leasing and management in Hong Kong, with no separate segment analysis presented Revenue Composition (For the Six Months Ended June 30) | Revenue Source | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Fixed rental income from investment properties | 19,932 | 20,504 | (572) | -2.79% | | Property management fees | 2,613 | 2,509 | 104 | 4.14% | | Dividend income from equity instruments at fair value through other comprehensive income | 825 | 1,200 | (375) | -31.25% | | **Total Revenue** | **23,370** | **24,213** | **(843)** | **-3.48%** | - The Group's revenue primarily comes from property leasing and property management, which executive directors consider as a single operating segment, thus no segment analysis is performed[15](index=15&type=chunk) - Revenue is derived solely from Hong Kong, and non-current assets are mainly located in Hong Kong[15](index=15&type=chunk) [Other Income](index=7&type=section&id=Other%20Income) Other income significantly decreased due to the absence of loan interest income and reductions in bank interest and management service fees Other Income Composition (For the Six Months Ended June 30) | Income Source | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Bank interest income | 1,267 | 2,398 | (1,131) | -47.16% | | Loan interest income | – | 2,236 | (2,236) | -100.00% | | Interest income from other receivables | 137 | 149 | (12) | -8.05% | | Management service fee income from intermediate holding company | 380 | 610 | (230) | -37.70% | | Management service fee income from fellow subsidiaries | 221 | 210 | 11 | 5.24% | | Others | 607 | 900 | (293) | -32.56% | | **Total Other Income** | **2,612** | **6,503** | **(3,891)** | **-59.83%** | - Total other income significantly decreased by **59.83%**, mainly due to the absence of loan interest income and reductions in bank interest income and management service fee income from the intermediate holding company[16](index=16&type=chunk) [Other Gains (Losses)](index=7&type=section&id=Other%20Gains%20(Losses)) The Group recorded a net exchange gain for the period, a reversal from the prior year's loss Net Exchange Gains (Losses) (For the Six Months Ended June 30) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (HK$ thousand) | | :--- | :--- | :--- | :--- | | Net exchange gains (losses) | 686 | (4) | 690 | - A net exchange gain of **HK$686 thousand** was recorded for the current period, compared to a loss of **HK$4 thousand** in the prior period[17](index=17&type=chunk) [Income Tax (Credit) Expense](index=8&type=section&id=Income%20Tax%20(Credit)%20Expense) The Group's income tax shifted from an expense to a credit, primarily due to an increase in deferred tax credit Income Tax (Credit) Expense (For the Six Months Ended June 30) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (HK$ thousand) | | :--- | :--- | :--- | :--- | | Hong Kong income tax | 550 | 2,040 | (1,490) | | Over-provision in prior years - Hong Kong income tax | – | (18) | 18 | | Deferred tax | (1,892) | (733) | (1,159) | | **Income tax (credit) expense for the period** | **(1,342)** | **1,289** | **(2,631)** | - Income tax for the period shifted from an expense of **HK$1,289 thousand** last year to a credit of **HK$1,342 thousand**, mainly due to an increase in deferred tax credit[18](index=18&type=chunk) [Loss for the Period](index=8&type=section&id=Loss%20for%20the%20Period) This section details the components contributing to the loss for the period, including increased direct operating expenses for investment properties Loss for the Period Items Deducted (For the Six Months Ended June 30) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Depreciation of property, plant and equipment | 33 | 48 | | Direct operating expenses for investment properties that generated rental income | 8,284 | 4,540 | | Direct operating expenses for investment properties that did not generate rental income | 2,837 | 2,201 | - Direct operating expenses for investment properties that generated rental income significantly increased year-on-year, from **HK$4,540 thousand** to **HK$8,284 thousand**[18](index=18&type=chunk) [Loss Per Share](index=9&type=section&id=Loss%20Per%20Share) Basic loss per share significantly increased, reflecting a deterioration in the Group's profitability Loss Per Share Calculation (For the Six Months Ended June 30) | Indicator | 2025 (HK$ thousand/share) | 2024 (HK$ thousand/share) | | :--- | :--- | :--- | | Loss for the period attributable to owners of the Company | (63,263) | (17,037) | | Number of ordinary shares (thousand shares) | 1,240,669 | 1,240,669 | | **Basic Loss Per Share (HK cents)** | **(5.10)** | **(1.37)** | - Basic loss per share increased from **1.37 HK cents** in 2024 to **5.10 HK cents** in 2025, reflecting a deterioration in profitability[20](index=20&type=chunk) - Diluted loss per share is not presented as there are no potential ordinary shares outstanding[21](index=21&type=chunk) [Dividends](index=9&type=section&id=Dividends) The Board resolved not to declare any interim dividend for the period ended June 30, 2025 - The Board resolved not to declare any interim dividend for the six months ended June 30, 2025 (2024: nil)[22](index=22&type=chunk) [Trade and Other Receivables, Prepayments and Deposits](index=9&type=section&id=Trade%20and%20Other%20Receivables,%20Prepayments%20and%20Deposits) Total trade and other receivables, prepayments, and deposits increased, primarily driven by a rise in trade receivables Trade and Other Receivables, Prepayments and Deposits (As at June 30) | Item | 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Trade receivables | 4,946 | 3,777 | 1,169 | 30.95% | | Other receivables | 9,130 | 6,557 | 2,573 | 39.24% | | Prepayments and deposits | 2,254 | 2,360 | (106) | -4.49% | | **Total** | **16,330** | **12,694** | **3,636** | **28.64%** | - Total trade and other receivables increased by **28.64%**, with trade receivables (rental receivables) increasing by **30.95%**, and receivables aged 61-90 days rising from zero to **HK$1,066 thousand**[23](index=23&type=chunk)[25](index=25&type=chunk) [Payables and Accrued Expenses](index=10&type=section&id=Payables%20and%20Accrued%20Expenses) Total payables and accrued expenses decreased, mainly due to a significant reduction in other payables Payables and Accrued Expenses (As at June 30) | Item | 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Trade payables | 702 | 371 | 331 | 89.22% | | Other payables | 6,459 | 13,922 | (7,463) | -53.61% | | Tenant deposits | 15,670 | 14,396 | 1,274 | 8.85% | | Accrued operating expenses | 3,474 | 3,463 | 11 | 0.32% | | **Total** | **26,305** | **32,152** | **(5,847)** | **-18.19%** | - Total payables and accrued expenses decreased by **18.19%**, primarily due to a significant **53.61%** reduction in other payables[26](index=26&type=chunk) - Trade payables increased by **89.22%** year-on-year[26](index=26&type=chunk) [Management Discussion and Analysis](index=11&type=section&id=Management%20Discussion%20and%20Analysis) Management reviews the financial results and business operations, attributing the expanded loss to fair value changes in investment properties, while expressing optimism for future liquidity through new mall operations and funding support [Financial Results](index=11&type=section&id=Financial%20Results) The Group's revenue slightly decreased, and the loss for the period significantly increased, primarily due to fair value losses on investment properties - For the six months ended June 30, 2025, the Group's revenue was **HK$23,370,000**, a decrease of approximately **3%** year-on-year[27](index=27&type=chunk) - The loss for the period was **HK$63,263,000**, a significant increase from **HK$17,037,000** in the prior period, mainly due to a net decrease in fair value of investment properties from **HK$12,790,000** to **HK$60,047,000**[27](index=27&type=chunk) [Business Review](index=11&type=section&id=Business%20Review) The Group primarily operates in property investment, leasing, and management in Hong Kong, with a new shopping mall expected to commence operations in the second half of 2025 - The Group primarily engages in property investment, property leasing, and property management businesses in Hong Kong[28](index=28&type=chunk) - Commercial properties at Grand Crystal Centre maintained an average occupancy rate of approximately **90%**, showing satisfactory rental income performance[28](index=28&type=chunk) - Renovation of the shopping mall "The Link" (formerly "Concord Plaza") has been completed, with active tenant recruitment underway, and operations are expected to commence in the second half of 2025[28](index=28&type=chunk) [Financial Review](index=12&type=section&id=Financial%20Review) This section provides an overview of the Group's assets, liabilities, liquidity, and funding, highlighting changes in financial position and debt ratios [Group's Assets and Pledges](index=12&type=section&id=Group's%20Assets%20and%20Pledges) Total assets and net assets decreased, while bank borrowings significantly increased Assets and Pledges Key Data | Indicator | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Total assets | 2,372,816 | 2,431,092 | (58,276) | -2.40% | | Net assets | 1,676,076 | 1,742,069 | (65,993) | -3.79% | | Carrying value of pledged investment properties | 1,269,000 | 1,294,000 | (25,000) | -1.93% | | Bank borrowings | 180,000 | 100,000 | 80,000 | 80.00% | - Total assets and net assets both decreased, while bank borrowings significantly increased by **80%**[29](index=29&type=chunk) [Group's Financial Position, Liquidity and Funding](index=12&type=section&id=Group's%20Financial%20Position,%20Liquidity%20and%20Funding) Total liabilities slightly increased, cash and bank deposits decreased, and the gearing ratio rose, with available funding from the intermediate holding company Financial Position, Liquidity and Funding Key Data | Indicator | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Total liabilities | 696,740 | 689,023 | 7,717 | 1.12% | | Cash and bank deposits | 49,047 | 68,355 | (19,308) | -28.25% | | Total Liabilities to Total Assets Ratio | 29% | 28% | 1% | - | | Other borrowings (non-current) | 350,000 | 415,000 | (65,000) | -15.66% | | Bank loans (current) | 180,000 | 100,000 | 80,000 | 80.00% | | Total equity | 1,676,076 | 1,742,069 | (65,993) | -3.79% | | Gearing Ratio (Net Debt to Total Equity) | 29% | 26% | 3% | - | - Total liabilities slightly increased, cash and bank deposits decreased, and the gearing ratio rose from **26%** to **29%**[30](index=30&type=chunk) - The Group holds **HK$250,000,000** in unused financing facilities from its intermediate holding company to maintain flexible and sufficient cash flow[31](index=31&type=chunk) [Significant Lending Transactions](index=13&type=section&id=Significant%20Lending%20Transactions) The Group utilizes financial resources through loan note subscriptions and lending to enhance shareholder returns, ensuring sufficient working capital - The Group effectively utilizes financial resources through subscribing to loan notes and granting loans to enhance shareholder returns[32](index=32&type=chunk) - During the period, the Group did not grant any loans to borrowers[32](index=32&type=chunk) - The Group ensures sufficient working capital after resource allocation[33](index=33&type=chunk) [Significant Acquisitions and Disposals](index=13&type=section&id=Significant%20Acquisitions%20and%20Disposals) There were no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the reporting period - For the six months ended June 30, 2025, and up to the date of this announcement, the Group had no significant acquisitions or disposals of subsidiaries, associates, or joint ventures[34](index=34&type=chunk) [Significant Investments](index=13&type=section&id=Significant%20Investments) As of June 30, 2025, the Group held no significant investments exceeding 5% of total assets - As of June 30, 2025, the Group had no significant investments exceeding **5%** of total assets[35](index=35&type=chunk) [Contingent Liabilities](index=14&type=section&id=Contingent%20Liabilities) The Group had no significant contingent liabilities as of June 30, 2025 - The Group had no significant contingent liabilities as of June 30, 2025[36](index=36&type=chunk) [Events After Reporting Period](index=14&type=section&id=Events%20After%20Reporting%20Period) No significant events affecting the Group occurred after the reporting period and up to the date of this announcement - No significant events affecting the Group occurred after the end of the reporting period and up to the date of this announcement[37](index=37&type=chunk) [Employees](index=14&type=section&id=Employees) The Group's employee count slightly increased, with all staff employed in Hong Kong and compensated based on market rates and performance Number of Employees | Date | Number of Employees | | :--- | :--- | | June 30, 2025 | 31 | | December 31, 2024 | 30 | - The Group's employee count slightly increased, with all employees hired in Hong Kong, and remuneration packages are competitive with market rates and performance-based[38](index=38&type=chunk) - Employees in Hong Kong are provided with medical insurance and Mandatory Provident Fund contributions[39](index=39&type=chunk) [Business Outlook](index=14&type=section&id=Business%20Outlook) The Hong Kong retail property leasing market remains challenging, with the Group adopting a cautious yet opportunistic strategy focused on operational efficiency and financial discipline - The Hong Kong retail property leasing market remains challenging in 2025, with rental prices and occupancy rates under continuous pressure, despite recent year-on-year growth in sales value[40](index=40&type=chunk) - The "The Link" shopping mall is expected to open in the second half of 2025, having attracted diverse tenants, but leasing success still depends on securing key tenant commitments in a competitive environment[40](index=40&type=chunk) - Macroeconomic growth has not yet translated into substantial improvements in retail property fundamentals, and the benefits of monetary policy adjustments to the retail leasing market may be slow to materialize[40](index=40&type=chunk) - The Group will maintain a cautious yet opportunistic strategy, focusing on operational efficiency and selective capital allocation, with financial discipline as a priority[41](index=41&type=chunk) [Corporate Governance and Other Information](index=15&type=section&id=Corporate%20Governance%20and%20Other%20Information) The Board decided against an interim dividend and disclosed certain deviations from the Corporate Governance Code regarding the terms of reference for the Remuneration and Audit Committees [Interim Dividend](index=15&type=section&id=Interim%20Dividend) The Board deemed it prudent to retain funds for future business development opportunities, thus not recommending an interim dividend - The Board considers it prudent to retain an appropriate level of funds to seize future business development opportunities, thus not recommending an interim dividend for the six months ended June 30, 2025 (2024: nil)[42](index=42&type=chunk) [Compliance with Corporate Governance Code](index=15&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The Company generally complied with the Corporate Governance Code, with noted deviations concerning the scope of the Remuneration and Audit Committees' terms of reference - The Company has applied and complied with the Corporate Governance Code set out in Appendix C1 to the Listing Rules, with certain deviations[43](index=43&type=chunk) - The terms of reference for the Remuneration Committee only recommend to the Board the remuneration packages of executive directors (excluding senior management), which deviates from Code Provision E.1.2[43](index=43&type=chunk) - The terms of reference for the Audit Committee deviate from Code Provision D.3.3 in areas such as recommending rather than appointing external auditors, monitoring rather than ensuring risk management and internal controls, promoting rather than ensuring coordination between internal and external auditors, and reviewing rather than ensuring the adequacy of internal audit function resources[44](index=44&type=chunk) - The Board believes the Remuneration Committee and Audit Committee should continue to operate under their existing terms of reference, which will be reviewed at least annually[45](index=45&type=chunk) [Review by Audit Committee](index=16&type=section&id=Review%20by%20Audit%20Committee) The Audit Committee reviewed the Group's accounting principles and financial reporting, relying on the external auditor's review rather than a detailed independent audit - The Audit Committee has reviewed the accounting principles and practices adopted by the Group and discussed matters related to internal controls and financial reporting[46](index=46&type=chunk) - The Audit Committee relied on the external auditor's review conducted in accordance with Hong Kong Standard on Review Engagements 2410 and management's report, without conducting a detailed independent audit[46](index=46&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=16&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20Listed%20Securities) Neither the Company nor its subsidiaries repurchased, sold, or redeemed any of the Company's listed securities during the reporting period - Neither the Company nor any of its subsidiaries repurchased, sold, or redeemed any of the Company's listed securities during the six months ended June 30, 2025[47](index=47&type=chunk) [Board Information](index=16&type=section&id=Board%20Information) As of the announcement date, the Board comprises executive directors Mr. Li Sing Wai (Chairman), Mr. Li Shu Yin (CEO), Mr. Lo King Yau, and Mr. To Chan Sang, along with independent non-executive directors Mr. Li Chak Hung, Ms. Yeung Lai Sum, and Mr. Cheng Tsz Kin - As of the announcement date, the Board comprises executive directors Mr. Li Sing Wai (Chairman), Mr. Li Shu Yin (Chief Executive Officer), Mr. Lo King Yau, and Mr. To Chan Sang, as well as independent non-executive directors Mr. Li Chak Hung, Ms. Yeung Lai Sum, and Mr. Cheng Tsz Kin[49](index=49&type=chunk)

（於香港註冊成立之有限公司) （股份代號：271） （「本公司」） 委員會應按需要時舉行會議。 3 出席會議 4 委員會決議案 提名委員會職權範圍 1 成員 2 會議次數 一項經委員會全體成員簽署的書面決議案，應視為有效及有作用，猶如該決議案是 在一次妥為召開及舉行的委員會會議上通過一樣，而有關決議案可由一式多份，每 份由一名或多於一名委員會成員簽署的文件組成。 - 1 - 委員會將在董事會授權下賦予以下職責及授權： 6 提名政策及程序 董事會應根據本公司業務而具備適當所需技巧、經驗及多樣的觀點與角度，並應確 保各董事能按其角色及董事會職責向本公司投入足夠時間並作出貢獻。董事會中執 行董事與非執行董事（包括獨立非執行董事）的組合應該保持均衡，以使董事會上 有強大的獨立元素，能夠有效地作出獨立判斷。為確保董事會組成人員的變動不會 帶來不適當的干擾，本公司應設有正式、經審慎考慮並具透明度的董事甄選、委任 及重新委任程序，並設定有秩序的董事繼任計劃（如認為有需要），包括定期檢討 此類計劃。委任新董事（作為新增董事或填補所出現的臨時空缺）或重新委任任何 董事乃經委員會推薦候選人後由董事會作出決定。 - 2 - (a) ...

Core Viewpoint - The company, Muyuan Foods, reported significant growth in its financial performance for the first half of 2025, with substantial increases in revenue and net profit, indicating strong operational efficiency and market demand for its products [1][2]. Financial Performance - The company achieved operating revenue of 764.63 billion yuan, a year-on-year increase of 34.46% [2]. - Net profit attributable to shareholders reached 105.3 billion yuan, reflecting a remarkable growth of 1169.77% compared to the previous year [1][2]. - Basic earnings per share were 1.96 yuan, up 1206.67% year-on-year [1][2]. - The net cash flow from operating activities was 17.35 billion yuan, an increase of 12.13% [2]. - The weighted average return on equity rose to 13.79%, up 12.49 percentage points from the previous year [2]. Production and Sales - In the first half of 2025, the company sold 46.91 million pigs, including 38.39 million market pigs [2]. - The company slaughtered 11.41 million pigs, a year-on-year increase of 110.87% [2]. - The total sales of fresh and frozen pork products reached 127.36 thousand tons [2]. Cost Management and Future Plans - The company reported a decrease in pig farming costs, with the complete cost in June 2025 being below 12.1 yuan/kg [3]. - The company aims to achieve an average cost target of 12 yuan/kg for the year through technological innovation and refined management [3]. - Muyuan Foods is expanding its international presence, having established a subsidiary in Vietnam and submitted an application for H-share listing in Hong Kong [3]. Dividend and Share Buyback - The company announced a mid-term dividend plan, proposing a cash dividend of 9.32 yuan per 10 shares, totaling approximately 5 billion yuan, which represents 47.50% of the net profit attributable to shareholders [3][4]. - In the first half of 2025, the company repurchased shares amounting to 1.11 billion yuan, with total cash dividends and share buybacks reaching 6.11 billion yuan, accounting for 58.04% of the net profit [4]. Market Capitalization - As of August 20, 2025, the company's stock price was 47.5 yuan per share, resulting in a total market capitalization of 259.5 billion yuan [4].

Group 1: Financial Performance Highlights - Muyuan Foods reported a revenue of 76.463 billion yuan for the first half of 2025, a year-on-year increase of 34.46%, and a net profit of 10.53 billion yuan, up 1169.77% [1] - Suotong Development achieved a revenue of approximately 8.31 billion yuan, a 28.28% increase year-on-year, with a net profit of approximately 523 million yuan, reflecting a growth of 1568.52% [1] - Hanma Technology reported a revenue of approximately 2.85 billion yuan, a 50.03% increase year-on-year, and a net profit of approximately 27.73 million yuan, turning from loss to profit [5] - Weicai Technology's revenue reached approximately 634 million yuan, up 47.53% year-on-year, with a net profit of approximately 101 million yuan, an increase of 831.03% [5] - Baiyun Airport reported a revenue of approximately 3.73 billion yuan, a 7.68% increase year-on-year, and a net profit of approximately 750 million yuan, up 71.32% [6] Group 2: Corporate Actions - Heng Rui Pharmaceutical plans to repurchase shares with a total investment of between 1 billion to 2 billion yuan, with a maximum repurchase price of 90.85 yuan per share [2] - Tianwei Foods is planning to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its international strategy and optimize its capital structure [3] - Juran Smart Home elected Wang Ning as the chairman of the board and appointed him as CEO, effective immediately [11]

Core Viewpoint - The company Muyuan Foods (牧原股份) reported significant growth in its financial performance for the first half of 2025, with substantial increases in revenue and net profit, indicating strong operational efficiency and market demand for its products [2][4]. Financial Performance - The company achieved operating revenue of 764.63 billion yuan, a year-on-year increase of 34.46% [3]. - Net profit attributable to shareholders reached 10.53 billion yuan, reflecting a remarkable growth of 1169.77% compared to the same period last year [3]. - Basic earnings per share were 1.96 yuan, up 1206.67% year-on-year [3]. - The net cash flow from operating activities was 17.35 billion yuan, an increase of 12.13% [3]. - The weighted average return on equity rose to 13.79%, up 12.49 percentage points from the previous year [3]. Production and Sales - In the first half of 2025, the company sold 46.91 million pigs, including 38.39 million market pigs and 8.29 million piglets [2][4]. - The company slaughtered 11.41 million pigs, a year-on-year increase of 110.87% [2]. - The total sales of fresh and frozen pork products reached 127.36 thousand tons [2]. Cost Management and Future Plans - The company reported a decrease in pig farming costs, with the complete cost in June 2025 being below 12.1 yuan/kg [4]. - Plans to achieve an average cost target of 12 yuan/kg for the year through technological innovation and refined management practices were outlined [4]. - Muyuan Foods is expanding its international presence, having established a subsidiary in Vietnam and submitted an application for H-share listing in Hong Kong [4]. Dividend and Share Buyback - The company announced a mid-term dividend plan, proposing a cash dividend of 9.32 yuan per 10 shares, totaling approximately 5 billion yuan, which represents 47.50% of the net profit attributable to shareholders for the first half of 2025 [4][5]. - The total amount for cash dividends and share buybacks in the first half of 2025 was 6.11 billion yuan, accounting for 58.04% of the net profit [5]. Market Position - As of August 20, 2025, the company's stock price was 47.5 yuan per share, with a total market capitalization of 259.5 billion yuan [6].

公司半年报显示，牧原股份上半年实现营业收入764.63亿元，同比增长34.46%；实现归属于母公司净利 润105.3亿元，同比增长1169.77%；经营现金流173.51亿元，同比增长12.13%；基本每股收益1.96元/ 股，同比增长1206.67%。 8月20日晚，牧原股份（002714）发布2025年半年度业绩报告。上半年，牧原股份营收同比增长 34.46%，归母净利润同比增长1169.77%。公司拟向全体股东每10股派发现金红利9.32元（含税），合计 分红总额50.02亿元（含税）。 归母净利润同比增长1169.77% 仔猪销售的大幅增长，体现了公司"产业互联、联农助农"战略的成功实施。屠宰肉食业务快速发展，产 业链价值持续释放。截至报告期末，屠宰肉食业务已在全国20个省级行政区设立70余个服务站，全国化 布局初具规模。 公司表示，通过"自养自宰"的业务模式，实现了从饲料加工到终端销售的全产业链覆盖，不仅确保了食 品安全的全程可控，更重要的是能够最大化单头生猪的价值创造。 （文章来源：中国证券报） 核心业务方面，上半年，牧原股份实现生猪销售4691.0万头。其中，商品猪3839.4万头，仔猪829. ...