Group 1 - The company reported a revenue of approximately RMB 6.677 billion for the six months ending June 30, 2025, representing a year-on-year increase of about 54.5% [1] - Operating profit was approximately RMB 276 million, an increase of about 20.8% year-on-year [1] - Net profit after tax was approximately RMB 190 million, reflecting a year-on-year increase of 12.4% [1] - Earnings per share stood at RMB 0.086 [1] Group 2 - The rapid penetration of AI applications has become a core driver of growth in the global semiconductor market [1] - According to the World Semiconductor Trade Statistics (WSTS), the global semiconductor market size reached USD 346 billion in the first half of the year, marking an 18.9% year-on-year growth [1] - The demand related to AI has been particularly significant, with a substantial increase in the need for high-performance GPUs, dedicated AI accelerators, and advanced storage chips [1] - Major global cloud service providers have significantly increased capital expenditures to expand AI training and inference server clusters, further driving the growth in shipments of high-end AI chips [1]

Group 1 - The core viewpoint of the article highlights the significant growth in the mid-term performance of Hard Egg Innovation, with a revenue increase of 54.5% year-on-year [1] - The company reported a revenue of 6.676 billion RMB for the mid-term of 2025 [1] - Shareholder profit attributable to the company reached 132 million RMB, reflecting a year-on-year increase of 17.2% [1] - Basic earnings per share were reported at 0.086 RMB [1]

Core Viewpoint - The company Hard Egg Innovation (00400) reported a significant increase in revenue and profit for the mid-year 2025, indicating strong financial performance and growth potential in the market [1] Financial Performance - Revenue reached 6.676 billion RMB, representing a year-on-year increase of 54.5% [1] - Shareholder profit amounted to 132 million RMB, which is a 17.2% increase compared to the previous year [1] - Basic earnings per share were reported at 0.086 RMB [1]

Core Insights - Hard Egg Innovation (00400) reported a strong revenue growth of 54.5% year-on-year, reaching approximately RMB 6.677 billion in the first half of 2025, with a net profit of around RMB 190 million [1] - The company's strategic transformation from a chip trading platform to a technology integration platform has yielded significant results, driven by robust performance from its subsidiary, Keton Technology [1] Group 1: Business Performance - Keton Technology, as a core supplier in the AI computing supply chain, has effectively responded to the surging demand for high-performance AI chips, leading to a rapid increase in order volume [1] - The collaboration with over 80 leading chip manufacturers, including Nvidia, Xilinx, Intel, and AMD, has strengthened Keton Technology's market position [1] - Keton Technology provides integrated hardware and software solutions in the "AI infrastructure + AI smart terminal" sector, offering deep technical support to thousands of innovative clients [1] Group 2: Strategic Initiatives - Hard Egg Technology, another important segment of the company, is leveraging a "dual-engine" strategy to capitalize on domestic AI computing opportunities and deepen partnerships with leading domestic enterprises like Huawei [2] - The company is also focusing on the new energy sector, particularly in battery swapping for two-wheeled vehicles and battery recycling [2] - Hard Egg Industry Academy has trained over 8,000 chip application engineers, supporting the digital transformation of the industry [2] Group 3: Future Outlook - The CEO of Hard Egg Innovation emphasized the successful completion of the strategic upgrade and the establishment of an efficient business loop that serves thousands of innovative enterprises [2] - The company aims to continue leveraging "infrastructure + value-added services" as dual engines to transform data resources into strategic assets, building a solid competitive moat [2] - The goal is to evolve into a leading technology service platform for global innovative enterprises, creating long-term and sustainable value for shareholders [2]

Core Insights - The company reported a strong revenue growth of 54.5% year-on-year, reaching approximately RMB 6.677 billion for the first half of 2025, with a net profit of around RMB 190 million [1] - The growth was primarily driven by the outstanding performance of its subsidiary, Keton Technology, which serves as a core supplier in the AI computing supply chain [1] - Keton Technology has established close collaborations with over 80 leading chip manufacturers, including Nvidia, Xilinx, Intel, and AMD, effectively responding to the surging demand for high-performance AI chips [1] Business Strategy - The company has successfully transitioned from a chip trading platform to a technology integration platform, creating a robust business loop of customer acquisition, binding, and conversion [2] - The dual-driven strategy of Hard Egg Technology focuses on leveraging domestic AI computing opportunities and strengthening partnerships with leading companies like Huawei [2] - The company has also emphasized the importance of talent development through its Hard Egg Industry Academy, which has trained over 8,000 chip application engineers to support the digital transformation of the industry [2] Future Outlook - The CEO highlighted the company's commitment to transforming data resources into strategic assets and building a solid competitive moat [2] - The company aims to evolve into a leading technology service platform for global innovative enterprises, providing long-term and sustainable value returns to shareholders [2]

[Interim Results Overview](index=1&type=section&id=Interim%20Results%20Overview) [Financial Highlights](index=2&type=section&id=Financial%20Highlights) IngDan Innovation reported unaudited consolidated results for H1 2025, with revenue up 54.5% to RMB 6,676.5 million and profit up 12.4% to RMB 190.0 million | Metric | June 30, 2025 (RMB million) | June 30, 2024 (RMB million) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | 6,676.5 | 4,321.4 | 54.5% | | Gross Profit | 585.9 | 457.6 | 28.0% | | Operating Profit | 275.6 | 228.2 | 20.8% | | Profit for the Period | 190.0 | 169.1 | 12.4% | | Profit Attributable to Equity Holders of the Company | 132.1 | 112.7 | 17.2% | | Basic Earnings Per Share (RMB) | 0.086 | 0.082 | 4.9% | | Diluted Earnings Per Share (RMB) | 0.086 | 0.082 | 4.9% | [Management Discussion and Analysis](index=2&type=section&id=Management%20Discussion%20and%20Analysis) The Group, an AI chip application solution platform, achieved significant revenue and profit growth driven by AI computing demand, leveraging Comtech and IngDan platforms for end-to-end services and long-term strategic initiatives [Overall Business and Financial Performance](index=2&type=section&id=Overall%20Business%20and%20Financial%20Performance) The Group, an AI chip application platform, saw revenue increase by 54.5%, gross profit by 28.0%, operating profit by 20.8%, and net profit by 12.4% due to rising AI computing demand - The Group is positioned as an AI chip-based application solution platform, with main businesses including Comtech Technology (chip industry technical services) and IngDan Technology (AIoT technical services)[8](index=8&type=chunk) - Benefiting from increased demand for AI computing power and AI technology-related chips, revenue for the reporting period was approximately **RMB 6,676.5 million**, a year-on-year increase of approximately **54.5%**[8](index=8&type=chunk) - Gross profit was approximately **RMB 585.9 million**, an increase of approximately **28.0%** year-on-year; operating profit was approximately **RMB 275.6 million**, an increase of approximately **20.8%** year-on-year; and net profit after tax was approximately **RMB 190.0 million**, an increase of approximately **12.4%** year-on-year[8](index=8&type=chunk) [Market Environment and Strategic Opportunities](index=3&type=section&id=Market%20Environment%20and%20Strategic%20Opportunities) AI applications drive global chip market growth, particularly in data centers and edge AI, with the Group leveraging top AI chip resources and developing advanced solutions for robotics and autonomous driving - In H1 2025, the global chip market reached **USD 346 billion**, growing **18.9%** year-on-year, with AI-related demand being a significant contributor[9](index=9&type=chunk) - The global chip market size is projected to be revised upwards to **USD 728 billion** in 2025, a **15.4%** year-on-year increase, and further grow by **9.9%** to **USD 800 billion** in 2026[9](index=9&type=chunk) - The Group integrates top global AI chip resources, building a supply chain advantage with an AI computing hardware library covering mainstream domestic and international manufacturers[10](index=10&type=chunk) - Mature application solutions covering cutting-edge fields such as robotics, autonomous driving, and low-altitude economy have been developed, providing "out-of-the-box" core technology modules to shorten customer R&D cycles[10](index=10&type=chunk) - Internal operating systems deeply integrate AI technology, enhancing market promotion, customer acquisition, and supply chain management efficiency, achieving intelligent upgrades[10](index=10&type=chunk) - A unique business closed-loop is established, strategically evolving from "chip trading" to "technology integration," offering efficient supply chain services, in-depth technical solutions, and customized products to strengthen customer stickiness[11](index=11&type=chunk) [Core Business Segments](index=4&type=section&id=Core%20Business%20Segments) The Group's core business, Comtech Technology and IngDan Technology, provides AI computing supply chain solutions, distributes over 80 chip brands, and focuses on AI servers, new energy, and battery lifecycle management [Comtech Technology](index=4&type=section&id=Comtech%20Technology) Comtech Technology, a core AI computing supply chain supplier, distributes products from over 80 chip manufacturers, offers AI-driven solutions, and has applied for A-share IPO pre-listing guidance - Comtech Technology is a core supplier in the AI computing power supply chain, distributing products from over **80** core chip companies, including Nvidia, AMD-Xilinx, and Intel[12](index=12&type=chunk) - It provides chip application technology solutions and supply chain management services, achieving intelligent and automated comprehensive solutions through self-developed AI technology, large models, and professional knowledge bases[12](index=12&type=chunk) - It possesses multiple independent intellectual property rights, including an intelligent algorithm library, industry-specific large models, and an intelligent hardware design platform[13](index=13&type=chunk) - Shenzhen Comtech Technology Co, Ltd (Shenzhen Comtech) has applied for pre-listing guidance for its proposed spin-off and A-share listing, which has been accepted for filing by the Shenzhen Regulatory Bureau of the China Securities Regulatory Commission[14](index=14&type=chunk) [IngDan Technology](index=5&type=section&id=IngDan%20Technology) IngDan Technology focuses on AI servers with Huawei's Deep Seek, new energy solutions including two-wheeler battery swapping and lifecycle data platforms, and provides chip application training through its academy - IngDan Technology is strategically positioned in the AI server business, deeply collaborating with Huawei to launch the Deep Seek integrated machine, based on the Ascend 910 chip, serving the domestic AI computing power needs of universities, medical schools, and research institutions[15](index=15&type=chunk) - It focuses on the new energy industry, developing two-wheeler battery swapping and cascade utilization, and building a full lifecycle data traceability and trusted asset management platform for lithium batteries[15](index=15&type=chunk) - IngDan Industry Academy introduces leading global chip application technologies, providing technical services and talent training, having cultivated over **8,000** chip application engineers[16](index=16&type=chunk) [Future Outlook and Strategic Objectives](index=6&type=section&id=Future%20Outlook%20and%20Strategic%20Objectives) The Group will pursue a "solution-driven innovation, transaction-driven value" strategy, evolving into a technology enabler by enhancing customer acquisition, driving value through infrastructure and services, leveraging data for a self-reinforcing ecosystem, expanding IngDan's revenue, and seeking strategic partnerships [Solution-driven Innovation](index=6&type=section&id=Solution-driven%20Innovation) The Group will drive innovation by optimizing standardized solutions for broad market needs and deepening customized solutions for high-growth enterprises, balancing market reach and client depth to fuel growth - Continuously optimize "standardized solutions" to quickly respond to market demands and maintain competitive advantage[18](index=18&type=chunk) - Deepen self-developed "customized solutions" to establish close, long-term partnerships with high-growth enterprises[18](index=18&type=chunk) [Transaction-driven Value](index=6&type=section&id=Transaction-driven%20Value) The Group will enhance transaction conversion efficiency via "infrastructure + value-added services," accumulate data to optimize offerings, solidify its strategic shift to a technology integration platform, and ensure sustainable profitability and cash flow - Drive with a "infrastructure + value-added services" dual engine to improve the conversion efficiency from front-end solutions to actual transactions[19](index=19&type=chunk) - Accumulate industry and customer data as strategic assets to aid product and service design optimization and enhance supply chain collaboration efficiency[19](index=19&type=chunk) [Data-driven Future](index=6&type=section&id=Data-driven%20Future) The Group will leverage business expansion and data to create a self-reinforcing "ecosystem-data-creation-empowerment" loop, enabling bidirectional data empowerment for clients and manufacturers, establishing a strong competitive advantage - Core competitiveness lies in the systemic advantages brought by an efficient "customer acquisition-retention-conversion" closed-loop[20](index=20&type=chunk) - Plans to deepen a self-reinforcing "ecosystem-data-creation-empowerment" loop, achieving bidirectional data empowerment to assist customers and provide feedback to original manufacturers[20](index=20&type=chunk) - Accelerate expansion in the AI industry chain, with Comtech Technology enhancing chip application solution design and IngDan Technology accelerating AI product application implementation through "IngDan Cloud"[21](index=21&type=chunk) [Enhancing IngDan Technology's Revenue Streams](index=7&type=section&id=Enhancing%20IngDan%20Technology%27s%20Revenue%20Streams) IngDan Technology will focus on domestic computing power for research with Huawei Ascend, offering integrated solutions, expanding into enterprise markets, and developing new energy smart battery cloud services and an iPaaS platform for five smart hardware sectors - IngDan Technology will deeply cultivate domestic computing power demand in the research field, providing an integrated "hardware + software + service" closed-loop solution with high-performance adaptable hardware and exclusive domestic solutions, complemented by full-lifecycle technical maintenance[22](index=22&type=chunk) - Leveraging the Huawei Ascend ecosystem as an entry point, it aims to capture short-term market opportunities, expand into the enterprise market in the medium term, and participate in joint R&D long-term[22](index=22&type=chunk) - Continue to actively focus on developing new energy smart battery cloud business, with a key focus on two-wheeler battery cloud services[23](index=23&type=chunk) - Build an iPaaS technology integration platform to become a core technology supplier for the AIoT "chip-device-cloud" industry chain, focusing on five major smart hardware sectors: smart cars, digital infrastructure, industrial internet, energy control, and mass consumption[23](index=23&type=chunk) - Establish a "chip-device-cloud" industry closed-loop, with Comtech Technology serving upstream chip suppliers and IngDan Technology focusing on "device" and "cloud" technology integration support, providing customized solutions for emerging industries[24](index=24&type=chunk) [Fostering Electronic Manufacturing Ecosystem](index=8&type=section&id=Fostering%20Electronic%20Manufacturing%20Ecosystem) The Group plans to foster an open electronic manufacturing ecosystem, develop value-added services like supply chain finance and cloud computing, and monetize data to offer data-driven services for customer retention - Plans to foster an open, collaborative, and prosperous electronic manufacturing ecosystem to drive its own business growth[25](index=25&type=chunk) - Plans to develop related businesses serving the electronic manufacturing value chain, such as supply chain finance, insurance, and cloud computing services, to expand platform value-added services[25](index=25&type=chunk) - Plans to monetize collected customer and supplier data to provide data-driven services, including marketing planning, sales, and customized product design[25](index=25&type=chunk) [Enhancing Customer Loyalty and Purchase Volume](index=8&type=section&id=Enhancing%20Customer%20Loyalty%20and%20Purchase%20Volume) The Group plans to enhance customer loyalty and purchase volume by using advanced market analysis for product recommendations, improving service and fulfillment, and providing robust online tools for new clients to boost repeat purchases and cross-selling - Utilize advanced market analysis tools to provide more efficient and suitable online and offline platforms, recommending products or developing customized new products through continuous data collection and analysis[26](index=26&type=chunk) - Invest more resources to enhance customer service, order fulfillment, and delivery capabilities, improving service reliability and shortening customer response times[27](index=27&type=chunk) - Provide new customers with powerful online tools, enterprise resource planning, and other supporting services to increase repeat purchase rates and facilitate cross-selling[27](index=27&type=chunk) [Advancing Strategic Partnerships and Acquisitions](index=9&type=section&id=Advancing%20Strategic%20Partnerships%20and%20Acquisitions) The Group plans to expand through strategic partnerships and acquisitions, targeting promising enterprises to optimize operations, broaden user and revenue bases, expand geographically, enhance offerings, improve technology, and strengthen talent, while seizing AI-driven market growth opportunities - Plans to expand business through strategic partnerships and acquisition activities, identifying promising enterprises for investment, collaboration, or acquisition[28](index=28&type=chunk) - Objectives include optimizing business operations, broadening user and revenue bases, expanding geographical footprint, enhancing product and service portfolios, improving technological infrastructure, and strengthening the talent pool[28](index=28&type=chunk) - Seek attractive cross-marketing and licensing opportunities to enhance sales capabilities and capture market growth driven by AI[28](index=28&type=chunk) [Detailed Financial Performance](index=10&type=section&id=Detailed%20Financial%20Performance) [Income Statement Comparison](index=10&type=section&id=Income%20Statement%20Comparison) For H1 2025, the Group's revenue surged 54.5% driven by AI chip demand, with operating profit and profit attributable to equity holders showing double-digit growth despite a lower gross margin, while operating and income tax expenses increased [Revenue and Cost of Revenue](index=11&type=section&id=Revenue%20and%20Cost%20of%20Revenue) The Group's revenue grew 54.5% to RMB 6,676.5 million, driven by AI chip demand and memory market recovery, with cost of revenue increasing 57.6% to RMB 6,090.6 million | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | 6,676.5 | 4,321.4 | 54.5% | | Cost of Sales | (6,090.6) | (3,863.8) | 57.6% | - Revenue growth was primarily due to the increasing demand for chips in AI technology-related industries and the gradual recovery of certain markets, such as memory and storage module products[31](index=31&type=chunk) [Gross Profit and Margin](index=11&type=section&id=Gross%20Profit%20and%20Margin) Gross profit increased 28.0% to RMB 585.9 million, but gross margin declined to 8.8% from 10.6% due to a higher proportion of lower-margin sales to major customers | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Gross Profit | 585.9 | 457.6 | 28.0% | | Gross Margin | 8.8% | 10.6% | -1.8 percentage points | - The decrease in gross margin was mainly due to a change in customer mix, with revenue from major customers being relatively higher in H1 2025 compared to H1 2024, and sales to major customers typically having lower gross margins[33](index=33&type=chunk) [Other Income, Gains and Losses](index=12&type=section&id=Other%20Income%2C%20Gains%20and%20Losses) Other income increased 73.2% to RMB 14.2 million, mainly driven by a significant rise in government grants from RMB 0.8 million to RMB 4.7 million | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Other Income | 14.2 | 8.2 | 73.2% | | Government Grants | 4.7 | 0.8 | 487.5% | [Operating Expenses](index=12&type=section&id=Operating%20Expenses) Sales and distribution expenses rose 12.0% to RMB 106.8 million, R&D expenses increased 8.9% to RMB 47.5 million, and administrative and other operating expenses surged 72.6% to RMB 170.2 million due to business expansion and exchange losses | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Sales and Distribution Expenses | 106.8 | 95.4 | 12.0% | | R&D Expenses | 47.5 | 43.6 | 8.9% | | Administrative and Other Operating Expenses | 170.2 | 98.6 | 72.6% | - The significant increase in administrative and other operating expenses was mainly due to increased net exchange losses and other operating expenses such as insurance, office, and travel expenses resulting from business expansion[37](index=37&type=chunk) [Income Tax and Net Profit](index=13&type=section&id=Income%20Tax%20and%20Net%20Profit) Income tax expense surged 201.1% to RMB 28.6 million, with the effective tax rate rising to 13.1% due to increased operating profit and a shift in profit contribution, while profit attributable to equity holders grew 17.2% to RMB 132.1 million | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Income Tax Expense | 28.6 | 9.5 | 201.1% | | Effective Tax Rate | 13.1% | 5.3% | 7.8 percentage points | | Profit Attributable to Equity Holders of the Company | 132.1 | 112.7 | 17.2% | - The increase in the effective tax rate was mainly due to a higher proportion of profit contributed by Hong Kong and Chinese subsidiaries relative to tax-exempt profit contributed by Chinese subsidiaries[38](index=38&type=chunk) [Earnings Per Share](index=2&type=section&id=Earnings%20Per%20Share) Basic and diluted earnings per share for H1 2025 both increased by 4.9% to RMB 0.086, up from RMB 0.082 in the prior year | Metric | H1 2025 (RMB) | H1 2024 (RMB) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share | 0.086 | 0.082 | 4.9% | | Diluted Earnings Per Share | 0.086 | 0.082 | 4.9% | [Financial Position](index=13&type=section&id=Financial%20Position) As of June 30, 2025, the Group reported RMB 9,260.0 million in current assets and RMB 6,881.8 million in current liabilities, with a current ratio of 1.35 and a net debt-to-equity ratio of 23.4%, while capital expenditure significantly increased [Liquidity and Capital Resources](index=13&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, current assets were RMB 9,260.0 million and current liabilities RMB 6,881.8 million, resulting in a current ratio of 1.35, a 4.3% decrease from year-end 2024 due to increased payables and bank loans | Metric | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | Change | | :--- | :--- | :--- | :--- | | Current Assets | 9,260.0 | 6,739.9 | 37.4% | | Current Liabilities | 6,881.8 | 4,781.1 | 44.0% | | Current Ratio | 1.35 | 1.41 | -4.3% | - The decrease in the current ratio was mainly due to an increase in trade and other payables and bank loans, partially offset by an increase in inventories, receivables, and cash and cash equivalents[40](index=40&type=chunk) - As of December 31, 2024, certain investors had exercised their redemption rights under the subscription agreements[41](index=41&type=chunk) [Capital Expenditure](index=14&type=section&id=Capital%20Expenditure) Capital expenditure surged to RMB 15.9 million from RMB 0.6 million, primarily due to increased investment in plant and equipment and intangible assets for self-developed product R&D | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Capital Expenditure | 15.9 | 0.6 | 2550.0% | - The increase in capital expenditure was mainly due to a year-on-year increase in additions to plant and equipment, and an increase in intangible assets acquired for self-developed product R&D[42](index=42&type=chunk) [Net Debt to Equity Ratio](index=14&type=section&id=Net%20Debt%20to%20Equity%20Ratio) As of June 30, 2025, the net debt-to-equity ratio decreased to 23.4% from 27.8%, driven by increased total equity from share issuance and profit, alongside higher cash and cash equivalents | Metric | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Net Debt to Equity Ratio | 23.4% | 27.8% | -4.4 percentage points | - The decrease in the net debt-to-equity ratio was mainly due to an increase in total equity resulting from the issuance of shares and increased profit during the reporting period, as well as an increase in cash and cash equivalents, partially offset by an increase in bank loans[43](index=43&type=chunk) [Significant Investments, Acquisitions and Disposals](index=14&type=section&id=Significant%20Investments%2C%20Acquisitions%20and%20Disposals) The Group made no significant investments or disposals during the period, but Shenzhen Comtech's proposed spin-off and A-share listing application, with the Group remaining its ultimate controlling shareholder, is expected to drive long-term growth - During the reporting period, the Group did not make any significant investments, acquisitions, or disposals[44](index=44&type=chunk)[45](index=45&type=chunk) - Shenzhen Comtech's proposed spin-off and A-share listing application has been accepted for filing, which is expected to bring long-term growth to the Group's business, with the Group remaining Shenzhen Comtech's ultimate controlling shareholder[14](index=14&type=chunk)[46](index=46&type=chunk) [Pledge of Assets and Contingent Liabilities](index=15&type=section&id=Pledge%20of%20Assets%20and%20Contingent%20Liabilities) As of June 30, 2025, the Group pledged RMB 722.9 million in bank deposits for credit facilities, with no significant contingent liabilities for the Group or the Company during the period | Metric | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :--- | :--- | | Pledged Bank Deposits | 722.9 | 231.5 | - Pledged bank deposits serve as collateral for credit facilities granted by several banks in Hong Kong and China[47](index=47&type=chunk) - As of June 30, 2025, neither the Group nor the Company had any significant contingent liabilities[48](index=48&type=chunk) [Exchange Rate Risk](index=15&type=section&id=Exchange%20Rate%20Risk) Foreign currency transactions are translated at transaction date rates, monetary assets/liabilities at period-end rates, with exchange differences recognized in profit or loss; no derivatives are used, but management monitors and may consider hedging - Foreign currency transactions are translated at the exchange rates prevailing on the transaction dates, while monetary assets and liabilities are translated at the exchange rates at the end of the reporting period, with exchange gains and losses recognized in profit or loss[49](index=49&type=chunk) - The Group does not use derivative financial instruments to hedge foreign exchange risk, but management closely monitors and will consider hedging when necessary[49](index=49&type=chunk) [Events After Reporting Period](index=15&type=section&id=Events%20After%20Reporting%20Period) No significant events affecting the Group have occurred since the end of the six months ended June 30, 2025 - No significant events that could affect the Group have occurred since the end of the reporting period[50](index=50&type=chunk) [Condensed Consolidated Financial Statements](index=16&type=section&id=Condensed%20Consolidated%20Financial%20Statements) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=16&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For H1 2025, the Group reported RMB 6,676.5 million in revenue, RMB 190.0 million in profit for the period, and RMB 194.7 million in total comprehensive income | Metric | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 6,676,479 | 4,321,417 | | Gross Profit | 585,868 | 457,595 | | Operating Profit | 275,629 | 228,200 | | Profit for the Period | 190,046 | 169,057 | | Profit Attributable to Owners of the Company | 132,075 | 112,688 | | Total Comprehensive Income (Expense) for the Period | 194,744 | (204,934) | | Basic Earnings Per Share (RMB) | 0.086 | 0.082 | [Condensed Consolidated Statement of Financial Position](index=18&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets less current liabilities were RMB 5,347.2 million, with net assets at RMB 4,804.4 million, driven by increased financial assets at fair value through OCI and growth in current assets | Metric | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Non-current Assets | 2,968,944 | 2,866,542 | | Current Assets | 9,260,018 | 6,739,997 | | Current Liabilities | 6,881,803 | 4,781,189 | | Net Current Assets | 2,378,215 | 1,958,808 | | Total Assets Less Current Liabilities | 5,347,159 | 4,825,350 | | Net Assets | 4,804,429 | 4,408,884 | | Total Equity | 4,804,429 | 4,408,884 | - Financial assets at fair value through other comprehensive income increased from **RMB 796,786 thousand** as of December 31, 2024, to **RMB 1,205,186 thousand**[53](index=53&type=chunk) - Inventories increased from **RMB 3,510,501 thousand** to **RMB 4,877,289 thousand**; trade receivables, bills receivable, and other receivables increased from **RMB 2,380,719 thousand** to **RMB 2,528,221 thousand**; cash and cash equivalents increased from **RMB 608,229 thousand** to **RMB 903,915 thousand**[53](index=53&type=chunk) [Notes to Financial Statements](index=20&type=section&id=Notes%20to%20Financial%20Statements) [General Information and Basis of Preparation](index=20&type=section&id=General%20Information%20and%20Basis%20of%20Preparation) IngDan Innovation, incorporated in the Cayman Islands and listed on HKEX, primarily sells ICs, electronic components, AIoT products, and provides financial services, with interim financials presented in RMB under HKAS 34 and Listing Rules - The Company is incorporated in the Cayman Islands, and its shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited[55](index=55&type=chunk) - The Group is principally engaged in the sale of ICs, other electronic components, AIoT products, and self-developed and semiconductor products, as well as the provision of financial services (Gravity Finance)[55](index=55&type=chunk) - The condensed consolidated interim financial information is presented in RMB and has been prepared in accordance with Hong Kong Accounting Standard 34 and the applicable disclosure requirements of the Listing Rules[56](index=56&type=chunk)[57](index=57&type=chunk) [Accounting Policies](index=20&type=section&id=Accounting%20Policies) Interim financial information is primarily prepared using historical cost, with certain financial assets at fair value; new HKFRS revisions had no significant impact on financial performance or position - The condensed consolidated interim financial information has been prepared principally under the historical cost convention, except for certain financial assets which are measured at fair value[58](index=58&type=chunk) - The revisions to HKFRS accounting standards issued by the Hong Kong Institute of Certified Public Accountants were first applied in this interim period but had no significant impact on the Group's financial performance and position[59](index=59&type=chunk) [Revenue Analysis](index=21&type=section&id=Revenue%20Analysis) The Group's revenue comprises sales of ICs, electronic components, AIoT products, self-developed and semiconductor products, and Gravity Finance interest income, primarily from China (including Hong Kong) and recognized at a point in time | Revenue Source | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Sales of ICs, Electronic Components, AIoT Products, and Self-developed & Semiconductor Products | 6,653,438 | 4,300,831 | | Interest Income from Gravity Finance | 23,041 | 20,586 | | **Total Revenue** | **6,676,479** | **4,321,417** | - For the six months ended June 30, 2025, all revenue from goods and services was recognized at a point in time and originated entirely from the China (including Hong Kong) market[63](index=63&type=chunk) [Segment Information](index=22&type=section&id=Segment%20Information) The Group has two reportable segments: Comtech Technology, with RMB 6,345.8 million in external revenue from ICs and AIoT products, and IngDan Technology, with RMB 330.7 million from self-developed products, financial services, and software licensing - The Group identifies two reportable segments: Comtech Technology (sales of ICs, other electronic components, and AIoT products) and IngDan Technology (sales of self-developed and semiconductor products, Gravity Finance, software licensing, and incubator businesses)[66](index=66&type=chunk) | Segment | H1 2025 External Revenue (RMB thousand) | H1 2024 External Revenue (RMB thousand) | | :--- | :--- | :--- | | Comtech Technology | 6,345,756 | 4,042,719 | | IngDan Technology | 330,723 | 278,698 | | **Total** | **6,676,479** | **4,321,417** | | Segment | H1 2025 Segment Profit (RMB thousand) | H1 2024 Segment Profit (RMB thousand) | | :--- | :--- | :--- | | Comtech Technology | 243,798 | 183,134 | | IngDan Technology | 102,305 | 57,349 | | **Total Segment Profit** | **346,103** | **240,483** | [Notes on Other Income, Gains and Losses](index=24&type=section&id=Notes%20on%20Other%20Income%2C%20Gains%20and%20Losses) For H1 2025, total other income, gains, and losses were RMB 14.2 million, mainly from RMB 6.7 million in bank interest and RMB 4.7 million in non-recurring government grants without unfulfilled conditions | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Bank Interest Income | 6,723 | 7,266 | | Government Grants | 4,740 | 839 | | Others | 2,955 | 59 | | Loss on Disposal of Investment Property | (225) | — | | **Total** | **14,193** | **8,164** | - Government grants are non-recurring and are not subject to unfulfilled conditions or other contingencies[73](index=73&type=chunk) [Notes on Income Tax Expense](index=25&type=section&id=Notes%20on%20Income%20Tax%20Expense) For H1 2025, income tax expense totaled RMB 28.6 million, comprising RMB 12.7 million in China corporate income tax, RMB 19.5 million in Hong Kong profits tax, and RMB (3.7) million in deferred tax | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | China Corporate Income Tax | 12,698 | 2,278 | | Hong Kong Profits Tax | 19,547 | 11,020 | | Deferred Tax | (3,662) | (3,770) | | **Total** | **28,583** | **9,528** | [Dividends](index=25&type=section&id=Dividends) No dividends were paid, declared, or proposed by the Company for the six months ended June 30, 2025 - No dividends were paid, declared, or proposed for the six months ended June 30, 2025[75](index=75&type=chunk) [EPS Calculation](index=25&type=section&id=EPS%20Calculation) For H1 2025, profit attributable to owners was RMB 132.1 million, with weighted average ordinary shares of 1,544,310 thousand for basic EPS and 1,544,335 thousand for diluted EPS | Metric | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Profit for the purpose of calculating basic and diluted EPS | 132,075 | 112,688 | | Metric | H1 2025 (thousand shares) | H1 2024 (thousand shares) | | :--- | :--- | :--- | | Weighted average number of ordinary shares for basic EPS | 1,544,310 | 1,370,028 | | Weighted average number of ordinary shares for diluted EPS | 1,544,335 | 1,370,992 | [Loans Receivable](index=26&type=section&id=Loans%20Receivable) As of June 30, 2025, total loans receivable were RMB 784.1 million, comprising RMB 227.7 million non-current and RMB 556.4 million current portions | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Non-current Portion | 227,730 | 2,875 | | Current Portion | 556,350 | 803,622 | | **Total** | **784,080** | **806,497** | [Trade and Other Receivables](index=27&type=section&id=Trade%20and%20Other%20Receivables) As of June 30, 2025, total trade and other receivables were RMB 2,528.2 million, with trade and bills receivables (net of loss allowance) at RMB 2,186.7 million, having credit terms of 30 to 120 days | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade and Bills Receivables (net of loss allowance) | 2,186,708 | 1,965,876 | | Interest Receivable on Loans | 85,914 | 73,181 | | Trade Deposits and Prepayments | 222,342 | 310,291 | | Other Receivables | 33,257 | 21,371 | | **Total** | **2,528,221** | **2,380,719** | | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 1 month | 2,056,591 | 1,839,691 | | 1 to 2 months | 43,775 | 42,347 | | 2 to 3 months | 23,991 | 11,751 | | Over 3 months | 62,351 | 72,087 | | **Total** | **2,186,708** | **1,965,876** | [Trade and Other Payables](index=28&type=section&id=Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables were RMB 4,155.1 million, with trade payables at RMB 4,090.7 million, managed with a 30-day average credit period and financial risk controls | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade Payables | 4,090,739 | 2,388,410 | | Accrued Staff Costs | 27,087 | 29,473 | | Other Payables | 37,319 | 57,344 | | **Total** | **4,155,145** | **2,475,227** | | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 1 month | 4,038,636 | 1,891,643 | | 1 to 3 months | 28,707 | 465,111 | | Over 3 months | 23,396 | 31,656 | | **Total** | **4,090,739** | **2,388,410** | - The average credit period granted to the Group is **30 days**, and the Group has implemented financial risk management to ensure all payables are settled within the credit terms[80](index=80&type=chunk) [Share Capital](index=29&type=section&id=Share%20Capital) As of June 30, 2025, the Company's authorized share capital was 500 billion ordinary shares at USD 0.0000001 each, with issued capital increasing by 250 million shares to 1,644,262,732 due to a placement for debt reduction and working capital | Item | June 30, 2025 (shares) | December 31, 2024 (shares) | | :--- | :--- | :--- | | Authorized Ordinary Shares | 500,000,000,000 | 500,000,000,000 | | Issued and Fully Paid Ordinary Shares | 1,644,262,732 | 1,394,262,732 | - On February 7, 2025, the Company entered into a subscription agreement with independent private investors for the placement of **250,000,000** new shares at a subscription price of **HKD 1.30** per share, with net proceeds of approximately **HKD 324,146,453** used for the acquisition of Shenzhen Comtech shares, redemption payments, and general working capital of the Company[82](index=82&type=chunk)[83](index=83&type=chunk)[84](index=84&type=chunk) [Other Information](index=30&type=section&id=Other%20Information) [Purchase, Sale or Redemption of Listed Securities](index=30&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20Listed%20Securities) On February 7, 2025, the Company placed 250 million shares for HKD 325 million, with net proceeds fully utilized; no other listed securities were purchased, sold, or redeemed by the Company or its subsidiaries - On February 7, 2025, the Company entered into a subscription agreement with subscribers for the placement of **250,000,000** subscription shares at a subscription price of **HKD 1.30** per share, totaling **HKD 325,000,000**[84](index=84&type=chunk) - The net proceeds of approximately **HKD 324,146,453** were fully utilized for the acquisition of Shenzhen Comtech shares, redemption payments, and general working capital of the Company[84](index=84&type=chunk) - Save as disclosed above, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities on The Stock Exchange of Hong Kong Limited[85](index=85&type=chunk) [Corporate Governance](index=30&type=section&id=Corporate%20Governance) The Company adheres to strict corporate governance, complying with Listing Rules' Corporate Governance Code and Model Code, with exceptions for Chairman/CEO roles and monthly management updates, which the Board deems effective and under review [Compliance with Corporate Governance Code](index=30&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The Company complied with the Corporate Governance Code, except for the combined Chairman/CEO role and non-monthly management updates, which the Board believes ensure leadership consistency and decision-making efficiency - The Company has complied with all applicable code provisions of Appendix C1 "Corporate Governance Code" of the Listing Rules during the reporting period, except for code provision C.2.1 (segregation of Chairman and Chief Executive Officer roles) and D.1.2 (management providing monthly updates to all Board members)[86](index=86&type=chunk)[87](index=87&type=chunk) - The Board believes that combining the roles of Chairman and Chief Executive Officer ensures consistent leadership within the Group and enhances efficiency in strategic planning[87](index=87&type=chunk) - While management does not provide monthly updates, it provides the Board with the latest business information quarterly and on an ad-hoc basis, ensuring directors are timely informed of the Group's performance[87](index=87&type=chunk) [Model Code for Securities Transactions by Directors](index=31&type=section&id=Model%20Code%20for%20Securities%20Transactions%20by%20Directors) The Company adopted the Model Code for Securities Transactions by Directors, with all Directors confirming strict compliance, and no instances of non-compliance by employees were found - The Company has adopted the "Model Code for Securities Transactions by Directors of Listed Issuers" as set out in Appendix C3 of the Listing Rules, and all Directors confirmed strict compliance with the code during the reporting period and up to the announcement date[89](index=89&type=chunk) - The Company has not identified any instances of non-compliance with the Model Code by relevant employees[89](index=89&type=chunk) [Audit Committee and Review of Interim Results](index=32&type=section&id=Audit%20Committee%20and%20Review%20of%20Interim%20Results) The Audit Committee, comprising three independent non-executive directors chaired by Mr. Hao Chunyi, reviewed the Group's unaudited interim results, accounting policies, and internal controls, with the results also reviewed by Shinewing (HK) CPA Limited - The Audit Committee is composed of three independent non-executive directors, with Mr Hao Chunyi serving as Chairman[90](index=90&type=chunk) - The Audit Committee has reviewed the Group's unaudited interim results and discussed accounting policies and internal control matters with senior management[90](index=90&type=chunk) - The unaudited interim results for the six months ended June 30, 2025, have been reviewed by the auditor, Shinewing (HK) CPA Limited[91](index=91&type=chunk) [Other Board Committees](index=32&type=section&id=Other%20Board%20Committees) Besides the Audit Committee, the Company has also established a Nomination Committee and a Remuneration Committee - In addition to the Audit Committee, the Company has also established a Nomination Committee and a Remuneration Committee[92](index=92&type=chunk) [Major Litigation](index=32&type=section&id=Major%20Litigation) As of June 30, 2025, the Company was not involved in any major litigation or arbitration, and Directors were unaware of any outstanding or threatened significant claims - As of June 30, 2025, the Company was not involved in any major litigation or arbitration matters[93](index=93&type=chunk) [Interim Dividend](index=32&type=section&id=Interim%20Dividend) The Board does not recommend an interim dividend for the reporting period - The Board does not recommend the payment of an interim dividend for the reporting period (six months ended June 30, 2024: nil)[94](index=94&type=chunk) [Publication Information](index=33&type=section&id=Publication%20Information) This interim results announcement is published on the HKEX and Company websites, and the interim report will be dispatched to shareholders in due course - This interim results announcement has been published on the HKEX website www.hkexnews.hk and the Company's website www.ingdangroup.com[95](index=95&type=chunk) - The Company's interim report for the reporting period will be published on the aforementioned websites and dispatched to the Company's shareholders in due course[95](index=95&type=chunk)

Group 1 - Semiconductor stocks in Hong Kong showed strong performance, with notable gains in several companies [1] - Shun Tai Holdings surged over 18%, while SMIC and Shanghai Fudan both increased by over 8% [1][2] - Other companies like Jingmen Semiconductor, Huahong Semiconductor, and Hongguang Semiconductor also experienced significant increases, ranging from 3% to 6% [1][2] Group 2 - Shun Tai Holdings (code: 01335) rose by 18.32% to a price of 0.155, with a total market capitalization of 3.77 billion [2] - SMIC (code: 00981) increased by 8.98% to 61.300, with a market cap of 4895.62 billion [2] - Shanghai Fudan (code: 01385) saw an 8.77% rise to 37.960, with a market value of 311.81 billion [2] - Jingmen Semiconductor (code: 02878) gained 6.00% to 0.530, with a market cap of 13.24 billion [2] - Huahong Semiconductor (code: 01347) increased by 5.78% to 55.800, with a total market value of 965.05 billion [2] - Hongguang Semiconductor (code: 06908) rose by 3.33% to 0.620, with a market cap of 5.82 billion [2]

格隆汇8月19日丨硬蛋创新(00400.HK)公布，谨定于2025年8月29日(星期五)举行董事会会议，以考虑及 通过公司及其附属公司截至2025年6月30日止六个月的中期业绩，及派发中期股息(如有)，以及处理其 他事项。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損 失承擔任何責任。 INGDAN, INC. 硬 蛋 創 新 （ 於開曼群島註冊成立的有限公司） （股份代號：400） 硬蛋創新（「本公司」）董事會（「董事會」）兹通告謹定於2025年8月29日（ 星期五 ）舉行董事會 會 議 ， 以 考 慮 及 通過 本 公 司 及 其 附 屬 公 司 截 至 2025 年 6 月 30 日 止 六 個 月的 中 期 業 績 ， 及 派 發中期股息（ 如有），以及處理其他事項。 承董事會命 硬蛋創新 主席、執行董事兼首席執行官 康敬偉 香港，2025年8月19日 於本公告日期，本公司執行董事為康敬偉先生、胡麟祥先生及郭莉華女士；及本公司獨立非執行董事為葉忻 先生、馬啟元博士及郝純一先生。 董事會召開日期 ...

致：香港交易及結算所有限公司 公司名稱: 硬蛋創新 (根據開曼群島法律註冊成立的有限公司) 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00400 | 說明 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | 法定/註冊股本 | | | 上月底結存 | | | 500,000,000,000 | USD | 0.0000001 USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | USD | | | | 本月底結存 | | | 500,000,000,000 | USD | 0.0000001 USD | | 50,000 | FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 本月底法定/註冊股本總額： USD ...