Core Viewpoint - China Software International (00354) has shown a significant increase in stock price and has reported strong financial performance, indicating robust growth in the software and IT services sector [1]. Financial Performance - As of the mid-year report for 2025, the total revenue of China Software International reached 8.507 billion RMB, with a net profit of 316 million RMB [1]. - The profit attributable to shareholders for the fiscal year 2025 increased by 10.44% year-on-year, amounting to 315.6 million RMB, with basic earnings per share of 0.1264 RMB [1]. Market Position and Growth - The company has achieved a compound annual growth rate (CAGR) of 28.7% in revenue since its listing in 2003 [1]. - China Software International employs approximately 70,000 staff and operates in 47 countries and regions, ranking 73rd in Gartner's global IT services market share [1]. Stock Performance - On August 26, the stock price of China Software International rose by 5.08%, reaching 6.83 RMB per share, with a trading volume of 243 million RMB [1].

消息面上，中国软件国际发布中期业绩，集团收入人民币85.07亿元，同比增长7.3%；股东应占溢利 3.16亿元，同比增长10.4%。报告期内，公司全场景AI业务蓬勃发展，实现收入人民币6.56亿元，同比 激增130%，成为驱动公司业绩增长的核心引擎。公司基石业务也稳中向好，为公司整体业绩回升奠定 了坚实的基础。 此外，8月25日，鸿蒙智行在成都举行的智界及问界秋季新品发布会上发布了多款新车型。值得注意的 是，随着搭载鸿蒙系统的更多鸿蒙智行汽车品类上市，智能汽车正在成为流量新入口。在智界及问界秋 季新品发布会上，华为常务董事、终端BG董事长余承东宣布搭载HarmonyOS5的终端设备数量突破1200 万台。而这距离今年7月30日，余承东透露鸿蒙5终端数量突破千万台，仅不足一个月。 中软国际(00354)绩后涨超6%，截至发稿，涨4.92%，报6.82港元，成交额3.77亿港元。 ...

每经AI快讯，8月25日，中国软件国际(00354.HK)在港交所发布中期业绩报告，上半年收入约85.07亿 元，同比增长7.3%；净利润3.16亿元，同比增长10.4%。 （文章来源：每日经济新闻） ...

2025年上半年，公司坚定不移地推进全场景AI战略，持续聚焦"1+3"核心赛道，以云智能及算力为底 座，协同鸿蒙AIoT与数字孪生、智能体与模型工场服务、 ERP咨询实施及数字化转型服务三大业务板 块，全面升级全场景AI-R1系列产品矩阵。报告期内，公司全场景AI业务蓬勃发展，实现收入人民币 6.56亿元，同比激增130%，成为驱动公司业绩增长的核心引擎。公司基石业务也稳中向好，为公司整 体业绩回升奠定了坚实的基础。 智通财经APP讯，中国软件国际(00354)发布截至2025年6月30日止6个月中期业绩，集团收入人民币 85.07亿元，同比增长7.3%;股东应占溢利3.16亿元，同比增长10.4%;每股基本盈利12.64分。 ...

Group 1 - The core viewpoint of the article highlights that China Software International (00354.HK) reported a revenue of RMB 8.507 billion for the first half of 2025, reflecting a year-on-year growth of 7.3% [1] - The company's diversified business showed positive trends, with core customer revenue experiencing steady growth and the foundational business stabilizing [1] - The all-scenario AI business emerged as a new growth engine, generating approximately RMB 656 million in revenue, which represents a significant year-on-year increase of 130% [1] Group 2 - The profit attributable to the owners of the group for the period was RMB 316 million, marking a year-on-year increase of 10.4% [1]

Core Insights - China Software International (00354) reported a revenue of RMB 8.507 billion for the six months ending June 30, 2025, representing a year-on-year growth of 7.3% [1] - The company's net profit attributable to shareholders was RMB 316 million, an increase of 10.4% year-on-year, with basic earnings per share of 12.64 cents [1] Business Strategy - The company is firmly advancing its full-scenario AI strategy, focusing on the "1+3" core tracks, which include cloud intelligence and computing power as the foundation [1] - The three major business segments are HarmonyOS AIoT, digital twin and intelligent model factory services, and ERP consulting and digital transformation services [1] - The company is upgrading its full-scenario AI-R1 product matrix comprehensively [1] Performance Highlights - The full-scenario AI business experienced robust growth, achieving revenue of RMB 656 million, a staggering increase of 130% year-on-year, becoming the core engine driving the company's performance growth [1] - The company's foundational businesses are also showing steady improvement, laying a solid foundation for the overall recovery of the company's performance [1]

[Interim Results Summary](index=1&type=section&id=%E6%A6%82%E8%A6%81) This section presents a high-level overview of the Group's financial performance and key operational highlights for the six months ended June 30, 2025 [Results for the Six Months Ended June 30, 2025](index=1&type=section&id=%E6%88%AA%E8%87%B3%E4%BA%8C%E9%9B%B6%E4%BA%94%E5%B9%B4%E4%B8%8A%E5%8D%8A%E5%B9%B4%E6%A5%AD%E7%B8%BE) Soft International Limited achieved RMB 8.507 billion in revenue, a 7.3% year-on-year increase, with profit attributable to owners growing by 10.4% and basic earnings per share by 15.6% | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 8,506,642 | 7,926,183 | 7.3% | | Service Revenue | 8,248,232 | 7,647,920 | 7.8% | | Profit Before Tax | 348,946 | 295,834 | 18.0% | | Profit for the Period | 315,031 | 285,353 | 10.4% | | Profit Attributable to Owners of the Company | 315,563 | 285,720 | 10.4% | | Basic EPS (RMB cents) | 12.64 | 10.93 | 15.6% | - The Board **does not recommend** an interim dividend for the six months ended June 30, 2025[3](index=3&type=chunk) [Management Discussion and Analysis](index=2&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) This section provides a detailed analysis of the Group's operational performance, financial results, and strategic initiatives during the reporting period [Key Operating Data](index=2&type=section&id=%E4%B8%BB%E8%A6%81%E9%81%8B%E7%87%9F%E8%B3%87%E6%96%99) The Group's business returned to growth in the first half of 2025, with revenue, service revenue, profit for the period, and basic earnings per share all increasing year-on-year - The Group's business returned to growth, with revenue increasing by **7.3%** year-on-year and service revenue by **7.8%**[4](index=4&type=chunk) - Profit for the period and profit attributable to owners of the Group both increased by **10.4%** year-on-year[4](index=4&type=chunk) - Basic earnings per share increased by **15.6%** year-on-year[4](index=4&type=chunk) | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 8,506,642 | 7,926,183 | 7.3% | | Service Revenue | 8,248,232 | 7,647,920 | 7.8% | | Profit for the Period | 315,031 | 285,353 | 10.4% | | Profit Attributable to Owners of the Group | 315,563 | 285,720 | 10.4% | | Basic EPS (cents) | 12.64 | 10.93 | 15.6% | [Overall Review](index=3&type=section&id=%E7%B8%BD%E9%AB%94%E6%A6%82%E8%BF%B0) The company is advancing its full-scenario AI strategy, achieving a 130% revenue surge in AI business, and making significant progress in KaihongOS, R1-AgentDIM, and cloud computing - The company is steadfastly advancing its full-scenario AI strategy, focusing on "1+3" core tracks, with cloud intelligence and computing power as the foundation, synergizing three major business segments: Harmony AIoT and Digital Twin, Intelligent Agent and Model Factory Services, and ERP Consulting Implementation and Digital Transformation Services[6](index=6&type=chunk) - Full-scenario AI business achieved revenue of **RMB 656 million**, a year-on-year surge of **130%**, becoming the core engine driving the company's performance growth[6](index=6&type=chunk) - KaihongOS, the world's first open-source HarmonyOS system meeting microsecond-level hard real-time requirements, obtained Level 4 security certification from the Ministry of Public Security and, in collaboration with DeepKaihong, released the world's first distributed heterogeneous multi-machine collaborative robot operating system, M-Robots OS[7](index=7&type=chunk) - The R1-AgentDIM Platform and R1-DMP Data Management Platform were launched, with over **300 AI assistant projects** implemented across manufacturing, healthcare, finance, and energy sectors, and more than **50 large model collaboration projects** with Huawei[8](index=8&type=chunk) - The company continues to lead the Huawei Cloud ecosystem, maintaining the top position in business scale and ecosystem share, building a complete service system of "cloud sales - cloud services - AI enablement," and actively participating in computing center construction, helping clients improve AI inference efficiency by **15%**[10](index=10&type=chunk) - Since its listing in 2003, revenue has achieved a compound annual growth rate of **24.6%**, and service revenue a compound annual growth rate of **30.8%**[11](index=11&type=chunk) [Customers](index=6&type=section&id=%E5%AE%A2%E6%88%B6) The Group serves a global customer base, with significant achievements in Greater China, Asia Pacific, and the Middle East, and a high concentration of service revenue from top clients - Customers are located globally, with significant achievements in Greater China, Asia Pacific, and the Middle East[13](index=13&type=chunk) - The company has long-standing relationships with numerous renowned domestic and international large enterprise clients, including Huawei, HSBC, Honor, Tencent, Alibaba, Ping An, China Mobile, China Telecom, Bank of Communications, China National Petroleum Corporation, CNOOC, and State Grid[13](index=13&type=chunk) | Indicator | 2025 H1 | | :--- | :--- | | Top 5 Customers' Service Revenue Share | 57.3% | | Top 10 Customers' Service Revenue Share | 65.0% | | Number of Major Customers with Service Revenue > RMB 6 million | 191 | [Markets](index=6&type=section&id=%E5%B8%82%E5%A0%B4) The Group focuses on industry-specific AI solutions based on HarmonyOS, expanding domestically in developed regions and internationally in Asia Pacific and the Middle East - The company focuses on industries such as power, finance, government, transportation, public utilities, and enterprise manufacturing, creating industry-specific scenario solutions based on the HarmonyOS ecosystem and AI technology[14](index=14&type=chunk) - The domestic market strategy emphasizes economically developed regions like the Greater Bay Area, Yangtze River Delta, and Beijing-Tianjin-Hebei, as well as central and western hub regions, deeply cultivating key cities[14](index=14&type=chunk) - The overseas market uses Hong Kong as a strategic hub, driven by a "technology export + ecosystem localization" dual-wheel model, to build a global service system covering the Asia Pacific and Middle East regions, with progress in projects like the Kai Tak Sports Park in Hong Kong and NEOM in Saudi Arabia[14](index=14&type=chunk) [Human Resources](index=7&type=section&id=%E4%BA%BA%E5%8A%9B%E8%B3%87%E6%BA%90) The Group's total headcount increased by 7.7% to 75,249 employees by June 30, 2025, driven by business recovery and rapid expansion of full-scenario AI operations | Indicator | June 30, 2025 | June 30, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Total Employees | 75,249 persons | 69,898 persons | 7.7% | - Employee growth primarily stemmed from increased demand for human resource support due to the steady recovery of cornerstone businesses and the rapid expansion of full-scenario AI businesses, which led to a surge in demand for specialized talent[15](index=15&type=chunk) [Operating Results](index=8&type=section&id=%E7%B6%93%E7%87%9F%E6%A5%AD%E7%B8%BE) This section details the Group's operating results for the first half of 2025, highlighting revenue, gross profit, expenses, and profit performance, driven by full-scenario AI business and efficiency improvements | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 8,506,642 | 7,926,183 | 7.3% | | Service Revenue | 8,248,232 | 7,647,920 | 7.8% | | Gross Profit | 1,874,898 | 1,831,400 | 2.4% | | Profit Before Tax | 348,946 | 295,834 | 18.0% | | Profit for the Period | 315,031 | 285,353 | 10.4% | | Profit Attributable to Owners of the Group | 315,563 | 285,720 | 10.4% | | Basic EPS (cents) | 12.64 | 10.93 | 15.6% | | Adjusted Profit | 277,093 | 247,534 | 11.9% | [Revenue](index=9&type=section&id=%E6%94%B6%E5%85%A5) In the first half of 2025, total revenue grew by 7.3% to RMB 8.507 billion, with service revenue up 7.8%, and full-scenario AI business revenue surging by 130% to RMB 656 million | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Total Revenue | 8,506,642 | 7,926,183 | 7.3% | | Service Revenue | 8,248,232 | 7,647,920 | 7.8% | | Full-Scenario AI Business Revenue | 656,000 | 285,217 (estimated) | 130% | - Full-scenario AI business emerged as a new growth engine, achieving revenue of approximately **RMB 656 million**, a significant year-on-year increase of **130%**[19](index=19&type=chunk) [Gross Profit](index=9&type=section&id=%E6%AF%9B%E5%88%A9) Gross profit increased by 2.4% to RMB 1.875 billion, though the overall gross profit margin decreased by 1.1% to 22.0% due to client price reductions, partially offset by AI business growth | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Gross Profit | 1,874,898 | 1,831,400 | 2.4% | | Overall Gross Profit Margin | 22.0% | 23.1% | -1.1% | | Gross Profit as % of Service Revenue | 22.7% | 23.9% | -1.2% | - The decline in gross profit margin was primarily due to price reductions from some of the Group's major clients, but the increase in the proportion of full-scenario AI business and the application of AI programming tools in projects effectively drove a quarter-on-quarter gross profit margin rebound of **0.8%** (compared to 21.2% in 2024 H2)[20](index=20&type=chunk) - Future efforts will focus on continuously increasing the proportion of full-scenario AI products and services business and improving delivery efficiency (through AI tool application) to enhance the overall gross profit margin[20](index=20&type=chunk) [Operating Expenses](index=10&type=section&id=%E7%B6%93%E7%87%9F%E8%B2%BB%E7%94%A8) Sales and distribution costs slightly increased by 0.1%, while administrative expenses grew by 0.5%, with both expense ratios decreasing due to optimized resource allocation and AI tool applications | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Sales and Distribution Costs | 426,462 | 425,950 | 0.1% | | Sales and Distribution Costs as % of Revenue | 5.0% | 5.4% | -0.4% | | Administrative Expenses | 1,118,980 | 1,113,278 | 0.5% | | Administrative Expenses as % of Revenue | 13.2% | 14.0% | -0.8% | - The company developed an AI sales assistant through the R1-AgentDIM platform, enhancing sales personnel efficiency and controlling the need for additional sales staff despite revenue growth[21](index=21&type=chunk) - By strengthening budget management and applying self-developed AI tools for recruitment and operations, the company significantly improved the management efficiency of its recruitment and operations departments, reducing the administrative expense ratio[21](index=21&type=chunk) [Other Income](index=10&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5) Other income increased by 3.5% to RMB 97.907 million, primarily driven by higher government grants, despite a reduction in interest income | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Other Income | 97,907 | 94,577 | 3.5% | - The increase was primarily due to a year-on-year increase in government grants, partially offset by a decrease in interest income[22](index=22&type=chunk) [Other Gains or Losses](index=10&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E7%9B%8A%E6%88%96%E8%99%A7%E6%90%8D) Other gains decreased by 18.2% to RMB 85.785 million, mainly due to the absence of investment gains from the disposal of equity interests recorded in the prior year | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Other Gains or Losses | 85,785 | 104,890 | -18.2% | - The decrease was primarily due to the recognition of investment gains from the disposal of equity interests in certain associate companies in 2024, with no similar transactions occurring in the current reporting period[23](index=23&type=chunk) [Finance Costs and Income Tax](index=11&type=section&id=%E8%B2%A1%E5%8B%99%E8%B2%BB%E7%94%A8%E5%92%8C%E6%89%80%E5%BE%97%E7%A8%85) Finance costs decreased by 38.6% to RMB 61.329 million, while income tax expense surged by 223.6% to RMB 33.915 million, with the effective tax rate rising to 9.7% | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Finance Costs | 61,329 | 99,837 | -38.6% | | Income Tax Expense | 33,915 | 10,481 | 223.6% | | Effective Tax Rate | 9.7% | 3.5% | +6.2% | - The decrease in finance costs was mainly due to reduced interest expenses on syndicated loans and a one-off expense incurred in the first half of 2024 from early repayment of syndicated loans[24](index=24&type=chunk) - The increase in income tax was primarily due to the prior year's corporate income tax reconciliation and the recognition of deferred income tax expense from fair value changes of financial assets measured at fair value[24](index=24&type=chunk) [Other Non-Cash Expenses](index=11&type=section&id=%E5%85%B6%E4%BB%96%E9%9D%9E%E7%8F%BE%E9%87%91%E9%96%8B%E6%94%AF) Other expenses increased by 17.3% to RMB 52.363 million, and impairment losses under expected credit loss model rose by 23.0% to RMB 19.017 million, both maintaining similar proportions to revenue | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Other Expenses | 52,363 | 44,638 | 17.3% | | Impairment Losses under Expected Credit Loss Model | 19,017 | 15,455 | 23.0% | - The proportion of other expenses and impairment losses under the expected credit loss model to revenue remained consistent with the prior year[25](index=25&type=chunk) [Liquidity, Financial and Capital Resources](index=11&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E3%80%81%E8%B2%A1%E5%8B%99%E5%8F%8A%E8%B3%87%E6%9C%AC%E8%B3%87%E6%BA%90) As of June 30, 2025, the Group's available cash balance was RMB 2.937 billion, with net current assets of RMB 7.471 billion and a current ratio of 2.3, while the net gearing ratio turned positive at 12.8% | Indicator | 2025 H1 (RMB thousand) | 2024 Year-end (RMB thousand) | Change | | :--- | :--- | :--- | :--- | | Available Cash Balance | 2,936,842 | 4,747,142 | Decrease | | Net Current Assets | 7,470,686 | 6,687,092 | Increase | | Current Ratio | 2.3 | 2.1 | +0.2 | | Total Borrowings | 4,436,629 | 4,416,097 | Slight Increase | | Net Gearing Ratio | 12.8% | Negative | Turned Positive | [Profit for the Period and Earnings Per Share](index=12&type=section&id=%E6%9C%AC%E6%9C%9F%E6%BA%A2%E5%88%A9%E5%92%8C%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9) Profit for the period increased by 10.4% to RMB 315.031 million, with profit attributable to owners also up 10.4%, and basic earnings per share growing by 15.6% to RMB 0.1264 | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Profit for the Period | 315,031 | 285,353 | 10.4% | | Profit Attributable to Owners of the Group | 315,563 | 285,720 | 10.4% | | Basic EPS (RMB cents) | 12.64 | 10.93 | 15.6% | - Profit growth was primarily attributable to the initial success of the Group's AI transformation in enhancing quality and efficiency during the reporting period[27](index=27&type=chunk) - The increase in basic earnings per share was due to the company's focus on shareholder returns through share repurchases and cancellations[27](index=27&type=chunk) [Adjusted Profit](index=13&type=section&id=%E7%B6%93%E8%AA%BF%E6%95%B4%E6%BA%A2%E5%88%A9) Adjusted profit increased by 11.9% to RMB 277.093 million, with the adjusted profit margin rising by 0.2% to 3.3%, reflecting enhanced profitability from strategic initiatives | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Adjusted Profit | 277,093 | 247,534 | 11.9% | | Adjusted Profit Margin (as % of Revenue) | 3.3% | 3.1% | +0.2% | | Adjusted Profit Margin (as % of Service Revenue) | 3.4% | 3.2% | +0.2% | - The company achieved a significant improvement in profitability through proactive strategic planning, precise implementation, and a series of initiatives to enhance quality and efficiency[28](index=28&type=chunk) [Fundraising Activities](index=14&type=section&id=%E9%9B%86%E8%B3%87%E6%B4%BB%E5%8B%95) The Group undertook no new fundraising activities during the period, with approximately HKD 394 million from the 2021 placement allocated for HarmonyOS and OpenHarmony development expected to be utilized by December 31, 2025 - The Group did not undertake any fundraising activities during the current year or the prior year[29](index=29&type=chunk) | Net Proceeds Allocation (HKD) | Intended Use of Proceeds | Actual Use of Proceeds | Balance as of June 30, 2025 (HKD) | Expected Utilization Time | | :--- | :--- | :--- | :--- | :--- | | Approx. 788 million | R&D of full-stack cloud intelligent products and solutions, and investments/M&A related to the company's core business | Approx. HKD 788 million used for R&D of full-stack cloud intelligent products and solutions, and investments/M&A related to the company's core business | — | — | | Approx. 788 million | Building HarmonyOS, OpenHarmony software and hardware products and solutions, R&D of full-stack technology for atomic services, and investments/M&A around the HarmonyOS and OpenHarmony industry ecosystem | Approx. HKD 394 million used for building HarmonyOS, OpenHarmony software and hardware products and solutions, R&D of full-stack technology for atomic services, and investments/M&A around the HarmonyOS and OpenHarmony industry ecosystem | Approx. HKD 394 million | Before December 31, 2025 | | Approx. 394 million | General working capital of the company | Approx. HKD 394 million used for general working capital of the company | — | — | [Interim Financial Statements](index=15&type=section&id=%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE) This section presents the unaudited interim financial statements, including the comprehensive income statement, statement of financial position, statement of changes in equity, and cash flow statement [Unaudited Condensed Consolidated Statement of Comprehensive Income](index=15&type=section&id=%E7%B6%9C%E5%90%88%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8%EF%BC%88%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%EF%BC%89) The unaudited consolidated statement of comprehensive income shows year-on-year growth in revenue, gross profit, profit for the period, and EPS, with exchange differences turning from loss to gain | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 8,506,642 | 7,926,183 | | Cost of Sales and Services | (6,631,744) | (6,094,783) | | Gross Profit | 1,874,898 | 1,831,400 | | Other Income | 97,907 | 94,577 | | Other Gains or Losses | 85,785 | 104,890 | | Sales and Distribution Costs | (426,462) | (425,950) | | Other Expenses | (52,363) | (44,638) | | Administrative Expenses | (1,118,980) | (1,113,278) | | Finance Costs | (61,329) | (99,837) | | Profit Before Tax | 348,946 | 295,834 | | Income Tax Expense | (33,915) | (10,481) | | Profit for the Period | 315,031 | 285,353 | | Exchange Differences Arising from Translation of Foreign Operations | 9,056 | (2,420) | | Total Comprehensive Income for the Period | 324,087 | 282,933 | | Basic EPS (cents) | 12.64 | 10.93 | | Diluted EPS (cents) | 12.05 | 10.56 | [Unaudited Condensed Consolidated Statement of Financial Position](index=17&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8%EF%BC%88%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%EF%BC%89) The unaudited consolidated statement of financial position indicates a slight decrease in non-current assets, changes in current assets and liabilities, and an increase in net current assets and total equity | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | **Non-Current Assets** | | | | Property, Plant and Equipment | 1,409,375 | 1,341,755 | | Intangible Assets | 382,518 | 377,431 | | Goodwill | 843,654 | 843,654 | | Fixed Deposits | 760,000 | 1,384,000 | | **Current Assets** | | | | Trade and Other Receivables | 7,968,818 | 6,458,917 | | Contract Assets | 2,174,950 | 2,292,057 | | Bank Balances and Cash | 1,290,856 | 3,130,989 | | **Current Liabilities** | | | | Trade and Other Payables | 1,845,267 | 1,976,013 | | Borrowings | 3,599,918 | 3,640,752 | | Net Current Assets | 7,470,686 | 6,687,092 | | **Total Equity** | 11,733,041 | 11,438,494 | [Unaudited Condensed Consolidated Statement of Changes in Equity](index=19&type=section&id=%E7%B6%9C%E5%90%88%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8%EF%BC%88%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%EF%BC%89) The unaudited consolidated statement of changes in equity outlines movements in equity for the six months ended June 30, 2025, including profit for the period, other comprehensive income, and share-based payments | Equity Item | June 30, 2025 (RMB thousand) | January 1, 2024 (RMB thousand) | | :--- | :--- | :--- | | Share Capital | 123,434 | 133,029 | | Share Premium | 4,296,705 | 5,474,719 | | Treasury Shares | (864,400) | (1,114,363) | | Accumulated Profits | 7,589,312 | 6,743,079 | | Total Equity Attributable to Owners of the Company | 11,711,054 | 11,742,461 | | Non-Controlling Interests | 21,987 | 24,299 | | Total Equity | 11,733,041 | 11,766,760 | | Profit for the Period | 315,031 | 285,353 | | Other Comprehensive Income for the Period | 9,056 | (2,420) | | Equity-Settled Share-Based Payment Expenses Recognized | 92,656 | 107,861 | | Dividends Paid to Ordinary Shareholders | (122,196) | (190,683) | [Unaudited Condensed Consolidated Statement of Cash Flows](index=20&type=section&id=%E7%B6%9C%E5%90%88%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8%EF%BC%88%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%EF%BC%89) The unaudited consolidated statement of cash flows shows increased cash used in operating activities, decreased cash used in investing activities, and reduced cash generated from financing activities, leading to a net decrease in cash and cash equivalents | Cash Flow Category | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (990,209) | (686,433) | | Net Cash Used in Investing Activities | (653,449) | (910,800) | | Net Cash Generated from Financing Activities | (191,291) | (332,717) | | Net Decrease in Cash and Cash Equivalents | (1,834,949) | (1,929,950) | | Cash and Cash Equivalents at End of Period | 1,290,856 | 1,841,571 | [Notes to the Unaudited Condensed Consolidated Financial Statements](index=21&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) This section provides detailed notes and explanations supporting the unaudited condensed consolidated financial statements, covering general information, accounting policies, and specific financial items [1. General Information](index=21&type=section&id=1.%20%E4%B8%80%E8%88%AC%E8%B3%87%E6%96%99) Soft International Limited, incorporated in Cayman Islands in 2000 and listed on HKEX, primarily provides IT solution, outsourcing, and training services, with financial statements presented in RMB - The Company was incorporated in the Cayman Islands on February 16, 2000, listed on the GEM Board of The Stock Exchange of Hong Kong Limited on June 20, 2003, and transferred to the Main Board on December 29, 2008[37](index=37&type=chunk) - The principal activities of the Group are the development and provision of information technology solution services, information technology outsourcing services, and training services[38](index=38&type=chunk) - The consolidated financial statements are presented in RMB[38](index=38&type=chunk) [2. Basis of Presentation](index=21&type=section&id=2.%20%E5%91%88%E5%A0%B1%E5%9F%BA%E6%BA%96) The unaudited condensed consolidated financial statements are prepared in accordance with HKAS 34 'Interim Financial Reporting' and applicable HKEX Listing Rules disclosure requirements - The condensed consolidated financial statements are prepared in accordance with the applicable disclosure requirements of Appendix D2 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants[39](index=39&type=chunk) [3. Principal Accounting Policies](index=21&type=section&id=3.%20%E4%B8%BB%E8%A6%81%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96) The condensed consolidated financial statements are prepared on a historical cost basis, consistent with 2024 policies, with no significant impact from new HKAS adoption in 2025 - The condensed consolidated financial statements are prepared on a historical cost basis, except for certain financial instruments measured at fair value[40](index=40&type=chunk) - The adoption of the amendment to HKAS 21 "Lack of Exchangeability" had no significant impact on the Group's unaudited condensed consolidated financial statements[41](index=41&type=chunk) [4. Revenue and Segment Information](index=22&type=section&id=4.%20%E6%94%B6%E5%85%A5%E5%8F%8A%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group's revenue primarily derives from services and product sales, with a single operating segment due to the integrated assessment of business performance under the full-scenario AI strategy | Nature of Goods and Services | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | | :--- | :--- | :--- | | Project-based Development Services | 914,902 | 1,125,174 | | Outsourcing Services | 7,238,584 | 6,418,172 | | Other Services | 94,746 | 104,574 | | Sales of Software and Hardware Products | 258,410 | 278,263 | | Total Revenue | 8,506,642 | 7,926,183 | - The Group has only one operating segment and is not required to provide any segment information, as it has reshaped its organizational structure and evaluates business performance as an integrated business[43](index=43&type=chunk) [5. Finance Costs](index=23&type=section&id=5.%20%E8%B2%A1%E5%8B%99%E8%B2%BB%E7%94%A8) The Group's finance costs for the first half of 2025 totaled RMB 61.329 million, primarily comprising interest on borrowings and lease liabilities, showing a decrease from the prior year | Finance Cost Item | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | | :--- | :--- | :--- | | Interest on Borrowings | 58,420 | 96,377 | | Interest on Lease Liabilities | 2,910 | 3,460 | | Total | 61,329 | 99,837 | [6. Taxation](index=23&type=section&id=6.%20%E7%A8%85%E9%A0%85) The Group's tax expense for the first half of 2025 was RMB 33.915 million, mainly including PRC corporate income tax, other taxes, and deferred tax, representing a significant increase year-on-year | Tax Expense Item | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | | :--- | :--- | :--- | | PRC Corporate Income Tax | 21,450 | 8,281 | | Others | 3,495 | 2,200 | | Deferred Tax | 8,970 | – | | Total | 33,915 | 10,481 | [7. Dividends](index=23&type=section&id=7.%20%E8%82%A1%E6%81%AF) The company declared a final dividend of HKD 0.0533 per ordinary share for 2024, but the Board resolved not to declare an interim dividend for the six months ended June 30, 2025 - The Company declared a final dividend of **HKD 0.0533 per ordinary share** for the year ended December 31, 2024, payable on June 23, 2025, from the share premium account[45](index=45&type=chunk) - The Board resolved **not to declare** an interim dividend for the six months ended June 30, 2025[46](index=46&type=chunk) [8. Earnings Per Share](index=24&type=section&id=8.%20%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9) This note provides data for calculating basic and diluted earnings per share attributable to ordinary equity holders, with basic EPS at RMB 0.1264 and diluted EPS at RMB 0.1205 for the first half of 2025 | Indicator | 2025 H1 (RMB thousand/Number of Shares) | 2024 H1 (RMB thousand/Number of Shares) | | :--- | :--- | :--- | | Profit for Calculating Basic and Diluted EPS | 315,563 | 285,720 | | Weighted Average Number of Ordinary Shares for Basic EPS | 2,497,482,058 | 2,614,104,739 | | Potentially Dilutive Ordinary Shares (Share Award Scheme) | 120,893,564 | 92,010,310 | | Weighted Average Number of Ordinary Shares for Diluted EPS | 2,618,375,622 | 2,706,115,049 | [9. Trade and Other Receivables](index=24&type=section&id=9.%20%E8%B2%A3%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E8%B3%87%E6%AC%BE) As of June 30, 2025, total trade and other receivables amounted to RMB 7.971 billion, with trade receivables (net of allowance) at RMB 7.131 billion, and credit terms ranging from 30 to 180 days | Receivables Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade Receivables (net of allowance) | 7,130,716 | 5,998,723 | | Advances to Suppliers | 488,169 | 205,284 | | Deposits, Prepayments and Other Receivables (net of allowance) | 352,343 | 260,494 | | Total | 7,971,228 | 6,464,501 | | Trade Receivables Aging Analysis | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 90 days | 4,726,848 | 4,243,934 | | Between 91 and 180 days | 813,408 | 711,423 | | Between 181 and 365 days | 1,026,989 | 647,626 | | Between 1 and 2 years | 563,471 | 395,740 | | Total | 7,130,716 | 5,998,723 | - The Group's credit period ranges from **30 to 180 days**, and it assesses the credit quality of potential customers and determines credit limits for each customer[49](index=49&type=chunk) [10. Trade and Other Payables](index=25&type=section&id=10.%20%E8%B2%A3%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E8%B3%87%E6%AC%BE) As of June 30, 2025, total trade and other payables were RMB 1.845 billion, with an average credit period of 90 days for purchases, and the Group maintains financial risk management policies | Payables Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade Payables | 802,186 | 930,191 | | Other Payables | 1,043,081 | 1,045,822 | | Total | 1,845,267 | 1,976,013 | | Trade Payables Aging Analysis | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 90 days | 174,710 | 520,624 | | Between 91 and 180 days | 96,424 | 111,743 | | Between 181 and 365 days | 315,028 | 126,724 | | Between 1 and 2 years | 84,020 | 77,046 | | Over 2 years | 132,004 | 94,054 | | Total | 802,186 | 930,191 | - The average credit period for purchases of goods is **90 days**, and the Group has established financial risk management policies to ensure sufficient working capital to settle debts as they fall due[50](index=50&type=chunk) [11. Borrowings](index=26&type=section&id=11.%20%E5%80%9F%E8%B2%B8) As of June 30, 2025, total borrowings amounted to RMB 4.437 billion, comprising unsecured and secured bank loans, subject to financial covenants which the Group has complied with | Borrowing Category | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Unsecured Bank Loans | 3,924,616 | 3,979,365 | | Secured Bank Loans | 512,013 | 436,732 | | Total Borrowings | 4,436,629 | 4,416,097 | | Repayable within One Year | 3,599,918 | 3,640,752 | | Amount Classified as Non-Current Liabilities | 836,711 | 775,345 | - The Group is subject to financial covenants to maintain consolidated tangible net worth of **not less than RMB 3.8 billion** and other ratio requirements, which the Group has complied with during the reporting period[54](index=54&type=chunk) - Floating rate borrowings bear interest at rates published by the People's Bank of China, with an average annual interest rate of **1.40%** (2024: 1.89%), while fixed rate borrowings bear interest at annual rates ranging from **1.15% to 2.60%**[54](index=54&type=chunk) [12. Share Capital](index=27&type=section&id=12.%20%E8%82%A1%E6%9C%AC) As of June 30, 2025, the company's authorized share capital was HKD 200 million, with issued and fully paid share capital of 2,732,079,358 shares, valued at RMB 123.434 million, reduced due to share cancellations | Share Capital Item | Number of Shares | Par Value (HKD) | Amount in Financial Statements (RMB thousand) | | :--- | :--- | :--- | :--- | | Authorized Share Capital | 4,000,000,000 | 200,000,000 | - | | Issued and Fully Paid as at January 1, 2024 | 2,943,299,358 | 147,164,969 | 133,029 | | Shares Cancelled | (133,546,000) | (6,677,300) | (6,057) | | Issued and Fully Paid as at June 30, 2025 | 2,732,079,358 | 136,603,969 | 123,434 | [13. Capital Commitments](index=28&type=section&id=13.%20%E8%B3%87%E6%9C%AC%E6%89%BF%E6%93%94) As of June 30, 2025, capital expenditures contracted but not provided for totaled RMB 381.020 million, primarily for property, plant, and equipment construction, with further commitments for investments in entities | Capital Commitment Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Acquisition of Property, Plant and Equipment | 5,237 | 17,058 | | Construction of Property, Plant and Equipment | 375,783 | 438,150 | | Total Capital Expenditure Contracted but Not Provided For | 381,020 | 455,208 | | Commitments for Further Capital Contributions to Investment Entities | 248,008 | 269,767 | [14. Related Party Transactions](index=29&type=section&id=14.%20%E9%97%9C%E9%80%A3%E4%BA%BA%E5%A3%AB%E4%BA%A4%E6%98%93) The Group engaged in IT outsourcing, IT solution, and other service transactions with related parties during the first half of 2025, which the directors consider to be on normal commercial terms | Type of Transaction | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | | :--- | :--- | :--- | | IT Outsourcing Services Provided by the Group | 19,589 | 4,604 | | IT Solution Services Provided by the Group | 2,712 | 2,388 | | Other Services Provided by the Group | 424 | 1,801 | - The Directors believe that the above transactions were conducted on **normal commercial terms** in the ordinary course of the Company's business[56](index=56&type=chunk) [15. Employees and Other Information](index=29&type=section&id=15.%20%E5%83%B1%E5%93%A1%E5%8F%8A%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) Employee remuneration for the first half of 2025 was approximately RMB 7.011 billion, including directors' emoluments, with intangible asset amortization and depreciation expenses also reported | Item | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | | :--- | :--- | :--- | | Employee Remuneration | 7,010,805 | 6,526,599 | | Directors' Emoluments (included in Employee Remuneration) | 18,437 | 22,389 | | Amortization Expense of Intangible Assets | 52,363 | 44,638 | | Depreciation | 101,796 | 130,436 | [Corporate Governance and Other Information](index=30&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%8F%8A%E5%85%B6%E4%BB%96%E4%BF%A1%E6%81%AF) This section covers the company's corporate governance practices, directors' securities transactions, share interests, share incentive schemes, and major shareholders [Code on Corporate Governance Practices](index=30&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%B8%B8%E8%A6%8F%E5%AE%88%E5%89%87) The company generally complied with the Corporate Governance Code, with deviations noted regarding independent non-executive directors' attendance at AGM and the combined roles of Chairman and CEO - The Company has complied with the Corporate Governance Code as set out in Appendix C1 to the Listing Rules, with two deviations noted[58](index=58&type=chunk) - Three independent non-executive directors and two non-executive directors were **unable to attend** the Annual General Meeting held on May 20, 2025, deviating from Code Provision C.1.6[58](index=58&type=chunk) - Dr. Chen Yuhong holds both the roles of Chairman and Chief Executive Officer, deviating from Code Provision C.2.1, an arrangement the Board believes is **beneficial to the Group's business prospects**[59](index=59&type=chunk) [Directors' Securities Transactions](index=31&type=section&id=%E8%91%A3%E4%BA%8B%E4%B9%8B%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93) The company adopted the Model Code for Securities Transactions by Directors, and all directors confirmed full compliance for the year ended June 30, 2025 - 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 as its code of conduct for directors' securities transactions[60](index=60&type=chunk) - All Directors confirmed their **full compliance** with the required standards set out in the Model Code for Securities Transactions by Directors for the year ended June 30, 2025[60](index=60&type=chunk) [Directors' Interests in Shares](index=31&type=section&id=%E8%91%A3%E4%BA%8B%E6%96%BC%E8%82%A1%E4%BB%BD%E4%B9%8B%E6%AC%8A%E7%9B%8A) As of June 30, 2025, several directors held long positions in the company's shares, including Dr. Chen Yuhong, Dr. He Ning, Dr. Tang Zhenming, Dr. Zhang Yaqin, and Mr. Yang Debin, partly from vested share awards | Name | Capacity | Number of Issued Ordinary Shares Held | Approximate Percentage of Total Issued Share Capital | | :--- | :--- | :--- | :--- | | Chen Yuhong | Beneficial owner, interest through controlled corporation, founder of discretionary trust and beneficiary of trust | 315,488,861 | 11.55% | | He Ning | Beneficial owner and beneficiary of trust | 6,000,000 | 0.22% | | Tang Zhenming | Beneficial owner and beneficiary of trust | 24,891,765 | 0.91% | | Zhang Yaqin | Beneficial owner | 250,000 | 0.01% | | Yang Debin | Beneficial owner and beneficiary of trust | 1,000,000 | 0.04% | - Dr. Chen Yuhong had **1,650,000 awarded shares** vested and transferred in April 2025 during the reporting period[65](index=65&type=chunk) - Dr. Tang Zhenming had **576,000 awarded shares** vested and transferred in April 2025 during the reporting period[65](index=65&type=chunk) [Share Incentive Scheme](index=33&type=section&id=%E8%82%A1%E4%BB%BD%E6%BF%80%E5%8B%B5%E8%A8%88%E5%88%83) The company's 2018 Share Award Scheme aims to recognize employee contributions and retain talent, with 27.008 million and 142.380 million awarded shares from 2020 and 2023 respectively remaining unvested as of June 30, 2025 - The Share Award Scheme aims to recognize employees' contributions and provide incentives for them to remain with the Group for its continued operation and development, as well as to attract suitable personnel to drive the Group's further growth[66](index=66&type=chunk) - As of June 30, 2025, **27,008,000 awarded shares** granted on June 1, 2020, remained unvested, representing **0.99%** of the Company's issued share capital[67](index=67&type=chunk) - As of June 30, 2025, **142,380,000 awarded shares** granted on August 30, 2023, remained unvested, representing **5.21%** of the Company's issued share capital[67](index=67&type=chunk) - As of June 30, 2025, **230,662,326 shares** of the Company were held by the independent trustee of the Share Award Scheme, representing **8.44%** of the Company's issued ordinary shares[70](index=70&type=chunk) [Directors' Rights to Acquire Shares](index=35&type=section&id=%E8%91%A3%E4%BA%8B%E6%94%B6%E8%B3%BC%E8%82%A1%E4%BB%BD%E4%B9%8B%E6%AC%8A%E5%88%A9) For the six months ended June 30, 2025, no directors were granted any options to subscribe for company shares, nor did any directors possess any rights to acquire company shares, other than those disclosed - For the six months ended June 30, 2025, **no options** to subscribe for shares of the Company were granted to any Directors, other than those disclosed above[71](index=71&type=chunk) - As of June 30, 2025, **no Directors possessed any rights** to subscribe for shares of the Company, other than those disclosed above[71](index=71&type=chunk) [Required Standard of Securities Transactions by Directors](index=35&type=section&id=%E8%91%A3%E4%BA%8B%E9%80%B2%E8%A1%8C%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E4%B9%8B%E8%A6%8F%E5%AE%9A%E6%A8%99%E6%BA%96) The company adopted a code of conduct for directors' securities transactions no less exacting than the Model Code, and all directors confirmed compliance for the year ended June 30, 2025 - The Company has adopted a code of conduct for directors' securities transactions with terms **no less exacting** than the required standard of dealings set out in the Model Code for Securities Transactions by Directors[72](index=72&type=chunk) - Following specific enquiries of all Directors, the Directors have **complied** with the required standard of dealings and the code of conduct for directors' securities transactions for the year ended June 30, 2025[72](index=72&type=chunk) [Major Shareholders](index=36&type=section&id=%E4%B8%BB%E8%A6%81%E8%82%A1%E6%9D%B1) As of June 30, 2025, major shareholders (excluding directors or chief executives) included Bank of Communications Trustee Limited holding 9.20% and UBS Group AG holding 5.09% of the company's shares | Name | Nature of Interest | Approximate Number of Shares | Approximate Percentage of Total Ordinary Share Capital | | :--- | :--- | :--- | :--- | | Bank of Communications Trustee Limited | Trust | 251,368,914 | 9.20% | | UBS Group AG | Interest in controlled corporation | 138,992,423 | 5.09% | - Bank of Communications Trustee Limited holds shares as the **trustee of the Share Award Scheme**[76](index=76&type=chunk) - UBS Group AG is deemed to be interested in the Company's shares held by its wholly-owned subsidiaries[76](index=76&type=chunk) [Competing Interests](index=36&type=section&id=%E7%AB%B6%E7%88%AD%E6%AC%8A%E7%9B%8A) As of June 30, 2025, no directors, management shareholders, or their associates had any interests in businesses competing or potentially competing with the Group's operations - As of June 30, 2025, **none of the Directors**, management shareholders, or their respective associates had any interests in any business that competes or is likely to compete with the Group's business[75](index=75&type=chunk) [Audit Committee](index=37&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83) The Audit Committee, established in 2003 and comprising three independent non-executive directors, reviewed the Group's interim results for the six months ended June 30, 2025, and found them compliant with accounting standards and Listing Rules - The primary responsibilities of the Audit Committee are to **review and supervise** the Group's financial reporting process and internal control systems[77](index=77&type=chunk) - The Audit Committee comprises three independent non-executive directors: Professor Mo Lai Lan (Chairperson), Dr. Lai Kwun Wing, and Mr. Yang Debin, JP[77](index=77&type=chunk) - The Audit Committee has reviewed the Group's interim results for the six months ended June 30, 2025, and is of the opinion that they were prepared in accordance with applicable accounting standards and in compliance with the Listing Rules and statutory requirements, with **adequate disclosures** made[77](index=77&type=chunk) [Purchase, Redemption or Sale of the Company's Listed Securities](index=37&type=section&id=%E8%B3%BC%E5%9B%9E%E3%80%81%E8%B4%96%E5%9B%9E%E6%88%96%E5%87%BA%E5%94%AE%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) For the six months ended June 30, 2025, neither the company nor its subsidiaries purchased, redeemed, or sold any of the company's listed securities - For the six months ended June 30, 2025, **neither the Company nor any of its subsidiaries purchased, redeemed, or sold any of the Company's listed securities**[78](index=78&type=chunk) [Sufficiency of Public Float](index=37&type=section&id=%E5%85%85%E8%B6%B3%E5%85%AC%E7%9C%BE%E6%8C%81%E8%82%A1%E9%87%8F) Based on publicly available information and directors' knowledge, the company maintained a sufficient public float throughout the six months ended June 30, 2025 - The Company maintained a **sufficient public float** throughout the six months ended June 30, 2025, based on information publicly available and within the knowledge of the Directors[79](index=79&type=chunk)

Group 1 - The core viewpoint of the article highlights the recent stock performance of China Software International, which saw a 2.0% decline on August 25, trading at 6.37 HKD per share with a transaction volume of 338 million HKD [1] - China Software International specializes in global software and IT services, including cloud applications, AIoT, digital twins, ERP consulting, and digital transformation services, serving various industries such as government, finance, energy, manufacturing, telecommunications, internet, transportation, water conservancy, and public utilities [1] - Since its listing in 2003, the company has achieved a compound annual revenue growth rate of 28.7%, currently employing approximately 70,000 staff and operating in 47 countries and regions, ranking 73rd in Gartner's global IT services market share [1] Group 2 - As of the 2024 annual report, China Software International reported total operating revenue of 16.951 billion CNY and a net profit of 513 million CNY [2] - On August 25, the company disclosed its mid-year report for the fiscal year 2025 [3]

智通财经8月22日讯(编辑 童古 汤赞淇)以下为各家机构对港股的最新评级和目标价： 美银证券：升名创优品评级至中性 目标价上调至46.9港元 摩根士丹利就快手-W(01024.HK)发布研报称，将公司今年资本支出指引由100亿元上调至120亿元人民 币，显示可灵和其他AI应用的需求强劲。该行表示，将快手2025年至27年各年每股盈测上调3%至6%之 间，其目标价上调至76港元，维持其评级为与大市同步。 国证国际：维持小米集团买入评级 目标价62.3港元 民生证券就小鹏汽车(09868.HK)发布研报称，该行看好公司在车型周期、组织革新和智能化Beta驱动下 迎来业绩和估值的双重提升。预计公司2025-2027年收入分别为888.3/1406.4/1925.1亿元，归母净利润分 别为-5.3/71.2/125.9亿元，维持推荐评级。 交银国际：维持中国生物制药买入评级 交银国际就中国生物制药(01177.HK)发布研报称，公司在创新药和生物类似药的放量驱动下，上半年收 入录得双位数增长；受益于投资收益，公司整体利润实现高增长，但在研发投入加大的影响下，核心制 药业务的分部利润在短期内略有承压。交银国际上调中生制 ...

Group 1 - The core viewpoint of the article highlights the performance and growth of China Software International, which saw a stock price increase of 3.06% to 6.4 HKD per share, with a trading volume of 304 million HKD [1] - The company specializes in global software and IT services, including cloud applications, AIoT, digital twins, ERP consulting, and digital transformation services, serving various industries such as government, finance, energy, manufacturing, telecommunications, internet, transportation, water conservancy, and public utilities [1] - Since its listing in 2003, the company has achieved a compound annual revenue growth rate of 28.7%, currently employing approximately 70,000 staff and operating in 47 countries and regions, ranking 73rd in Gartner's global IT services market share [1] Group 2 - As of the latest financial report, China Software International reported total revenue of 16.951 billion CNY and a net profit of 513 million CNY [2] - The company is set to disclose its mid-year report for the fiscal year 2025 on August 25 [3]