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 FF301 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 泛亞環保集團有限公司（於開曼群島註冊成立之有限公司） 呈交日期: 2025年10月2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) | 00556 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 4,000,000,000 | HKD | | 0.1 HKD | | 400,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 4,000,000,000 | HKD | | 0.1 HKD | | 400,000,000 | 本月底法定 ...

Dear Non-registered Holder(s) (Note 1), (Incorporated in the Cayman Islands with limited liability) （ 於 開 曼 群 島 註 冊 成 立 之 有 限 公 司 ） (Stock code: 556) （股份代號：556） NOTIFICATION LETTER 通知信函 30 September 2025 Pan Asia Environmental Protection Group Limited (the "Company") – Notification of publication of 2025 Interim Report (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communications are available on the Company's website at www.paep.com.cn and the we ...

(Incorporated in the Cayman Islands with limited liability) （ 於 開 曼 群 島 註 冊 成 立 之 有 限 公 司 ） (Stock code: 556) （股份代號：556） NOTIFICATION LETTER 通知信函 30 September 2025 If you for any reason have difficulty in receiving email notification or gaining access to the Website Version of the Corporate Communications and would like to receive the Current Corporate Communication and all future Corporate Communications in printed form, please complete, sign the enclosed Reply Form and return it to the Company's branch sh ...

中期報告 Contents目錄 | Corporate Information | 2 | 公司資料 | 2 | | --- | --- | --- | --- | | Management Discussion and Analysis | 4 | 管理層討論與分析 | 4 | | Other Information | 8 | 其他資料 | 8 | | Condensed Consolidated Statement of | 12 | 簡明綜合損益及 | 12 | | Profit or Loss and Other Comprehensive | | 其他全面收益表 | | | Income | | | | | Condensed Consolidated Statement of | 14 | 簡明綜合財務狀況表 | 14 | | Financial Position | | | | | Condensed Consolidated Statement of | 16 | 簡明綜合權益變動表 | 16 | | Changes in Equity | | | | | Condensed Consoli ...

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 全部或任何部分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。 （ 於 開 曼 群 島 註 冊 成 立 之 有 限 公 司 ） （股份代號：556） 有關一項貸款協議的 須予披露及關連交易的 獨立內部控制檢討的 主要調查結果 內 部 控 制 檢 討 進 行 目 的，是 檢 討 本 公 司 在 上 市 規 則 第14章及第14A章項下須予 披 露 及 關 連 交 易 的 匯 報 程 序 及 管 理 方 面 的 內 部 控 制 程 序。 – 1 – 內部控制檢討的主要調查結果 調查結果 改 善 建 議（「改 善 計 劃」） 改善計劃的推行情況 茲 提 述 泛 亞 環 保 集 團 有 限 公 司（「本公司」）日 期 為 二 零 二 五 年 四 月 一 日 之 公 告 （「該公告」），內 容 涉 及 有 關 一 項 貸 款 協 議 的 須 予 披 露 及 關 連 交 易。除 非 另 有 所 指，本 公 告 所 用 詞 ...

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8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 泛亞環保集團有限公司（於開曼群島註冊成立之有限公司） 呈交日期: 2025年9月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00556 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 4,000,000,000 | HKD | | 0.1 | HKD | | 400,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 4,000,000,000 | HKD | | 0.1 | HKD | | 40 ...

Group 1 - The core viewpoint of the article is that 泛亚环保 (Pan-Asia Environmental) reported a decline in revenue and profit for the six months ending June 30, 2025, indicating challenges in its business operations [1] - The company's total revenue for the first half of 2025 was 113 million RMB, representing a year-on-year decrease of 2% [1] - The profit attributable to the company's owners was 4.718 million RMB, which is a 26% decline compared to the previous year [1] - Basic earnings per share were reported at 0.48 cents [1] Group 2 - The decline in revenue was primarily attributed to a slight decrease in sales of environmental products [1]

Core Viewpoint - Pan-Asia Environmental (00556) reported a revenue of 113 million RMB for the six months ending June 30, 2025, reflecting a year-on-year decline of 2% [1] - The profit attributable to the company's owners was 4.718 million RMB, down 26% year-on-year, with basic earnings per share at 0.48 cents [1] Financial Performance - Total revenue for the group decreased year-on-year, primarily due to a slight decline in sales of environmental products [1]

Group 1 - The company reported a revenue of RMB 113 million for the six months ending June 30, 2025, representing a year-on-year decrease of 2% [1] - The gross profit was RMB 15.316 million, which is a year-on-year decrease of 14% [1] - The profit attributable to the company's owners was RMB 4.718 million, reflecting a year-on-year decrease of 26% [1] - The basic earnings per share were RMB 0.48 [1]

[Financial Summary](index=1&type=section&id=Financial%20Summary) Pan-Asia Environmental Group reported a decline in revenue, gross profit, and profit attributable to owners for the six months ended June 30, 2025 Financial Summary for the Six Months Ended June 30 | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 113,340 | 115,410 | -2% | | Gross Profit | 15,316 | 17,855 | -14% | | Profit for the Period Attributable to Owners of the Company | 4,718 | 6,389 | -26% | | Earnings Per Share (RMB cents) | 0.48 | 0.66 | -27% | [Condensed Consolidated Financial Statements](index=2&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents the Group's condensed consolidated financial statements, showing declines in income and profit, with a slight increase in total equity [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) The Group's revenue and gross profit declined, with profit for the period decreasing by 33.1% due to the absence of certain gains and losses from the prior year Key Data from Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 113,340 | 115,410 | -2% | | Cost of Sales | (98,024) | (97,555) | 0.5% | | Gross Profit | 15,316 | 17,855 | -14.2% | | Net Other Income | 1,264 | 3,040 | -58.4% | | Net Other Gains | 2,193 | 889 | 146.7% | | Impairment Loss on Cryptocurrencies | – | (6,988) | N/A | | Fair Value Gain on Financial Liabilities at Fair Value Through Profit or Loss | – | 7,609 | N/A | | Finance Costs | (160) | (845) | -81.1% | | Profit Before Tax | 8,931 | 11,954 | -25.3% | | Income Tax Expense | (4,213) | (4,896) | -14.0% | | Profit for the Period | 4,718 | 7,058 | -33.1% | | Profit for the Period Attributable to Owners of the Company | 4,718 | 6,389 | -26.2% | | Basic and Diluted Earnings Per Share (RMB cents) | 0.48 | 0.66 | -27.3% | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group saw decreases in non-current assets and current liabilities, a slight increase in net current assets, and stable cash balances Key Data from Condensed Consolidated Statement of Financial Position | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current Assets | 2,409 | 6,129 | -60.6% | | Current Assets | 1,301,651 | 1,309,769 | -0.6% | | Current Liabilities | 132,617 | 149,999 | -11.6% | | Net Current Assets | 1,169,034 | 1,159,770 | 0.8% | | Total Assets Less Current Liabilities | 1,171,443 | 1,165,899 | 0.5% | | Non-current Liabilities | 332 | 1,017 | -67.3% | | Net Assets | 1,171,111 | 1,164,882 | 0.5% | | Total Equity | 1,171,111 | 1,164,882 | 0.5% | | Cash and Bank Balances | 1,264,950 | 1,256,898 | 0.6% | [Notes to the Condensed Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section details the basis of preparation, significant accounting judgments, revenue, segment reporting, and other key financial statement items for the Group's operations [1. General Information](index=6&type=section&id=1.%20General%20Information) Pan-Asia Environmental Group Limited, incorporated in the Cayman Islands and listed on the Stock Exchange, focuses on environmental products, engineering, and investment holding - The company is incorporated in the Cayman Islands, with shares listed on the Stock Exchange[7](index=7&type=chunk) - The Group primarily engages in the sale of environmental protection products and equipment, environmental construction engineering services in China, and investment holding[8](index=8&type=chunk) [2. Basis of Preparation](index=6&type=section&id=2.%20Basis%20of%20Preparation) The condensed consolidated financial statements are prepared in RMB under HKAS 34 and Listing Rules, with consistent accounting policies and no significant impact from new standards [2(a) Statement of Compliance](index=6&type=section&id=2(a)%20Statement%20of%20Compliance) The condensed consolidated financial statements are prepared in RMB, adhering to HKAS 34 and the Stock Exchange Listing Rules' disclosure requirements - The condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 and the Listing Rules of the Stock Exchange[9](index=9&type=chunk) - The Group's functional currency is HKD, but the condensed consolidated financial statements are presented in RMB, as most transactions are denominated in RMB[9](index=9&type=chunk) [2(b) Significant Accounting Policies Information](index=6&type=section&id=2(b)%20Significant%20Accounting%20Policies%20Information) Accounting policies are consistent with 2024, and newly adopted or issued standards are not expected to significantly impact the Group's financial position or performance - Accounting policies are consistent with the 2024 annual consolidated financial statements, and revised standards effective January 1, 2025, have been adopted with no significant impact expected[10](index=10&type=chunk)[11](index=11&type=chunk) - New and revised standards issued but not yet effective (e.g., HKFRS 9, 18, 19) are not expected to have a significant impact on the Group's financial position and performance[12](index=12&type=chunk)[13](index=13&type=chunk) [3. Significant Accounting Judgments and Key Sources of Estimation Uncertainty](index=7&type=section&id=3.%20Significant%20Accounting%20Judgments%20and%20Key%20Sources%20of%20Estimation%20Uncertainty) This section outlines significant accounting judgments and estimation uncertainties, including impairment, warranty, income tax, and withholding tax, based on historical data and economic forecasts [3(a) Key Sources of Estimation Uncertainty](index=7&type=section&id=3(a)%20Key%20Sources%20of%20Estimation%20Uncertainty) Impairment estimates for trade receivables and contract assets involve judgment based on credit loss experience and economic forecasts, with no warranty provisions due to supplier coverage - Impairment estimates for trade receivables and contract assets are based on expected credit losses, requiring estimation and judgment, considering past experience and economic conditions[14](index=14&type=chunk)[15](index=15&type=chunk) - The Group has not made provisions for product warranties on environmental protection products and equipment due to supplier warranties and insignificant recent claims experience[16](index=16&type=chunk) [3(b) Significant Accounting Judgments Made in Applying the Group's Accounting Policies](index=8&type=section&id=3(b)%20Significant%20Accounting%20Judgments%20Made%20in%20Applying%20the%20Group's%20Accounting%20Policies) Significant accounting judgments include income tax provisions, assessing final tax determinations, and withholding tax on Chinese subsidiaries' distributable profits, where dividend distribution is deemed unlikely - Income tax provisions involve significant judgment regarding final tax determinations due to transaction and calculation complexities, leading to uncertainty[18](index=18&type=chunk) - The Group judges that the likelihood of its Chinese subsidiaries distributing dividends in the foreseeable future is extremely low, thus no provision for withholding tax on dividend distribution has been made[19](index=19&type=chunk) [4. Revenue and Segment Reporting](index=9&type=section&id=4.%20Revenue%20and%20Segment%20Reporting) This section details revenue sources and segment reporting, with revenue primarily from environmental products and equipment sales, and all segments located in China [4(a) Revenue](index=9&type=section&id=4(a)%20Revenue) Group revenue, excluding sales taxes, is entirely from goods sales, specifically water treatment and flue gas treatment products, with no environmental engineering service revenue Revenue Disaggregation from Contracts with Customers | Type of Goods or Services | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Water Treatment Products and Equipment | 84,270 | 84,920 | | Flue Gas Treatment Products and Equipment | 29,070 | 30,490 | | **Total** | **113,340** | **115,410** | | Timing of Revenue Recognition (at a point in time) | 113,340 | 115,410 | [4(b) Segment Reporting](index=9&type=section&id=4(b)%20Segment%20Reporting) The Group manages two China-based segments, environmental products and engineering, assessing performance via Adjusted EBITDA, with only the product segment generating revenue - The Group's operating and reportable segments are classified as (i) environmental protection products and equipment and (ii) environmental construction engineering services, all located in China[23](index=23&type=chunk) - Segment profit is assessed using the **Adjusted EBITDA** method, representing earnings before interest, tax, depreciation, and amortization, adjusted for items not allocated to individual segments[25](index=25&type=chunk) Reportable Segment Revenue and Profit (Adjusted EBITDA) | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Environmental Protection Products and Equipment Segment Revenue | 113,340 | 115,410 | | Environmental Construction Engineering Services Segment Revenue | – | – | | **Total Reportable Segment Revenue** | **113,340** | **115,410** | | Environmental Protection Products and Equipment Segment Profit (Adjusted EBITDA) | 18,627 | 17,941 | | Environmental Construction Engineering Services Segment Profit (Adjusted EBITDA) | – | – | - Revenue from external customers is entirely derived from China[29](index=29&type=chunk)[30](index=30&type=chunk) [5. Net Other Income](index=12&type=section&id=5.%20Net%20Other%20Income) Net other income significantly decreased by 58.4% to RMB 1,264 thousand, mainly due to the absence of agency fees and distributed storage solution income Details of Net Other Income | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Bank Interest Income | 1,264 | 1,257 | 0.6% | | Agency Fee Income | – | 1,708 | -100% | | Net Income from Providing Distributed Disaster Recovery Storage Solutions | – | 75 | -100% | | **Total** | **1,264** | **3,040** | -58.4% | [6. Profit Before Tax](index=12&type=section&id=6.%20Profit%20Before%20Tax) Profit before tax decreased by 25.3% to RMB 8,931 thousand, influenced by significantly lower finance costs and the absence of prior-year cryptocurrency and financial liability fair value items Major Items Affecting Profit Before Tax | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Finance Costs | 160 | 845 | -81.1% | | Cost of Inventories | 98,024 | 97,555 | 0.5% | | Depreciation | 1,734 | 369 | 370% | | Net Impairment Loss on Trade Receivables | (1,662) | (976) | 70.3% | | Net Impairment Loss on Contract Assets | (955) | 85 | N/A | | Impairment Loss on Cryptocurrencies | – | 6,988 | N/A | | Fair Value Gain on Financial Liabilities at Fair Value Through Profit or Loss | – | (7,609) | N/A | [7. Income Tax Expense](index=13&type=section&id=7.%20Income%20Tax%20Expense) Income tax expense decreased by 14% to RMB 4,213 thousand, with China corporate income tax at 25% and a 10% withholding tax on Chinese subsidiaries' profit distributions Details of Income Tax Expense | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Current Period Provision | 3,205 | 4,674 | -31.5% | | Deferred Tax | 1,008 | 222 | 354.1% | | **Total** | **4,213** | **4,896** | -14.0% | - China corporate income tax is calculated at a **25%** rate, and Chinese subsidiaries distributing profits to overseas shareholders are subject to a **10%** withholding tax[33](index=33&type=chunk)[34](index=34&type=chunk) [8. Earnings Per Share](index=13&type=section&id=8.%20Earnings%20Per%20Share) Basic and diluted earnings per share decreased by 27.3% to RMB 0.48 cents, with no difference between basic and diluted due to the absence of dilutive shares Earnings Per Share Calculation Data | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Profit for the Period Attributable to Owners of the Company | 4,718 | 6,389 | | Weighted Average Number of Ordinary Shares | 990,000,000 | 972,479,784 | - Diluted earnings per share are the same as basic earnings per share, as there were no potentially dilutive ordinary shares outstanding in both the current and prior periods[37](index=37&type=chunk) [9. Dividends](index=14&type=section&id=9.%20Dividends) The Board does not recommend an interim dividend for the six months ended June 30, 2025, to conserve capital for business development - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 (2024: nil), to reserve capital for the Group's business development[38](index=38&type=chunk) [10. Right-of-Use Assets and Property, Plant and Equipment](index=14&type=section&id=10.%20Right-of-Use%20Assets%20and%20Property%2C%20Plant%20and%20Equipment) The Group had no new right-of-use assets or property, plant and equipment acquisitions in the current period, unlike the prior year - For the six months ended June 30, 2025, the Group had no additions to right-of-use assets or acquisitions of property, plant and equipment[39](index=39&type=chunk) - For the six months ended June 30, 2024, the Group added approximately **RMB 977 thousand** in right-of-use assets and approximately **RMB 201 thousand** in property, plant and equipment[39](index=39&type=chunk) [11. Trade and Other Receivables](index=14&type=section&id=11.%20Trade%20and%20Other%20Receivables) Total trade and other receivables decreased by 30.5% to RMB 36,701 thousand, driven by lower net trade receivables, while contract assets slightly increased Details of Trade and Other Receivables | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Net Trade Receivables | 9,532 | 26,186 | -63.6% | | Net Contract Assets | 26,989 | 26,367 | 2.4% | | Prepayments and Deposits | 169 | 307 | -45.0% | | Other Recoverable Taxes | 11 | 11 | 0% | | **Total** | **36,701** | **52,871** | -30.5% | - The Group generally grants trade customers credit terms of **0 to 180 days** and monitors overdue amounts[40](index=40&type=chunk)[41](index=41&type=chunk) [12. Trade and Other Payables](index=15&type=section&id=12.%20Trade%20and%20Other%20Payables) Total trade and other payables decreased by 7.2% to RMB 130,582 thousand, with a notable decrease in trade payables and an increase in amounts due to the controlling party Details of Trade and Other Payables | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Trade Payables | 40,243 | 56,013 | -28.1% | | Accruals and Other Payables | 13,829 | 12,250 | 12.9% | | Amounts Due to the Company's Direct and Ultimate Controlling Party | 76,510 | 72,454 | 5.6% | | **Total** | **130,582** | **140,717** | -7.2% | - Amounts due to the company's direct and ultimate controlling party, Praise Fortune Limited, are unsecured, interest-free, and repayable on demand[42](index=42&type=chunk) [13. Share Capital](index=16&type=section&id=13.%20Share%20Capital) As of June 30, 2025, issued share capital was 990,000 thousand shares, including new shares issued in 2024 to capitalize RMB 11,806 thousand in debt Changes in Share Capital | Item | Number of Shares (thousand shares) | Amount (RMB thousands) | | :--- | :--- | :--- | | As at December 31, 2023 and January 1, 2024 | 928,679 | 86,149 | | Issue of New Shares (February 22, 2024) | 61,321 | 5,569 | | As at December 31, 2024 and June 30, 2025 | 990,000 | 91,718 | - On February 22, 2024, the company settled **RMB 11,806 thousand** in debt by issuing **61,320,755** ordinary shares[44](index=44&type=chunk) [Management Discussion and Analysis](index=17&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews China's environmental industry trends, the Group's financial performance decline due to product sales, and future strategies focusing on AI integration and national alignment for growth [Industry and Business Review](index=17&type=section&id=Industry%20and%20Business%20Review) China's environmental industry is integrating green and digital technologies with AI, making smart solutions mandatory; the Group has four projects totaling RMB 82.3 million expected by year-end - China's environmental protection industry is guided by "high-quality development" and "new productive forces" strategies, deeply integrating green and digital technologies[45](index=45&type=chunk) - The deep integration of Artificial Intelligence (AI) technology with environmental engineering has become a core competency, with smart water platforms and AI energy-saving control systems being mandatory requirements for project bidding[45](index=45&type=chunk) - As of June 30, 2025, the Group has four projects on hand with a total engineering value of **RMB 82.3 million** yet to be completed, expected by the end of 2025[46](index=46&type=chunk) [Financial Review](index=17&type=section&id=Financial%20Review) Total revenue decreased by 1.8% to RMB 113.3 million, gross profit fell by 14.2% to RMB 15.3 million, and profit attributable to owners decreased by 26.2% to RMB 4.7 million Summary of Financial Review for H1 2025 | Metric | H1 2025 (RMB millions) | H1 2024 (RMB millions) | Change (%) | | :--- | :--- | :--- | :--- | | Total Revenue | 113.3 | 115.4 | -1.8% | | Gross Profit | 15.3 | 17.855 | -14.2% | | Gross Profit Margin | 13.5% | 15.5% | -2.0pp | | Profit Attributable to Owners of the Company | 4.7 | 6.4 | -26.2% | | Basic and Diluted Earnings Per Share (RMB cents) | 0.48 | 0.66 | -27.3% | - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025, to reserve capital for the Group's business development[48](index=48&type=chunk) [Outlook](index=18&type=section&id=Outlook) The Group anticipates new opportunities from AI, digitalization, and green transformation, focusing on AI-empowered core business, diversified investments, and national alignment for sustained growth - The global economy is evolving driven by AI, digitalization, and green transformation, bringing opportunities for industrial upgrading and business model innovation[49](index=49&type=chunk) - The Group will focus on deepening its core business (leveraging AI empowerment), expanding diversified layouts (investing in the "AI+" industry chain), strengthening synergistic cooperation, and aligning with national plans to achieve sustained business growth and value enhancement[50](index=50&type=chunk)[51](index=51&type=chunk) [Exposure to Exchange Rate Fluctuations](index=19&type=section&id=Exposure%20to%20Exchange%20Rate%20Fluctuations) The Group's transactions, liabilities, and bank deposits are primarily in RMB and HKD, with no foreign currency hedging instruments held as of June 30, 2025 - The vast majority of the Group's operating transactions and liabilities are denominated in RMB and HKD, with bank deposits also primarily in RMB and HKD[53](index=53&type=chunk) - As of June 30, 2025, the Group held no foreign currency bank liabilities, foreign exchange contracts, interest or currency swaps, or other financial derivative instruments for hedging purposes[53](index=53&type=chunk) [Capital Commitments and Contingent Liabilities](index=19&type=section&id=Capital%20Commitments%20and%20Contingent%20Liabilities) As of June 30, 2025, the Group had no capital expenditure commitments and believes its product warranty liabilities are not significant due to supplier coverage - As of June 30, 2025, the Group had no capital expenditure commitments for the acquisition of property, plant and equipment[54](index=54&type=chunk) - The Group provides product warranty services to customers (six months to two years) and benefits from supplier warranty services, with Directors believing period-end warranty liabilities are not significant[54](index=54&type=chunk) [Pledge of Assets](index=19&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, the Group had no pledge of assets, consistent with the prior year-end - As of June 30, 2025, the Group had no pledge of assets[55](index=55&type=chunk) [Other Information](index=20&type=section&id=Other%20Information) This section covers employee relations, listed securities transactions, audit committee review, corporate governance practices, and interim results publication, noting a deviation in board meeting frequency [Relationship with Employees and Key Stakeholders](index=20&type=section&id=Relationship%20with%20Employees%20and%20Key%20Stakeholders) The Group employed 90 employees, with total staff costs of RMB 6.5 million, and maintains good employee relations through competitive remuneration and training - As of June 30, 2025, the Group employed **90 employees**[56](index=56&type=chunk) Total Staff Costs | Period | Total Staff Costs (RMB thousands) | | :--- | :--- | | For the six months ended June 30, 2025 | 6,500 | | For the six months ended June 30, 2024 | 9,900 | [Purchase, Sale or Redemption of the Company's Listed Securities](index=20&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) Neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities during the six months ended June 30, 2025 - For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[57](index=57&type=chunk) [Audit Committee Review](index=20&type=section&id=Audit%20Committee%20Review) The Audit Committee, composed of three independent non-executive directors, reviewed the Group's interim results and is responsible for financial reporting and internal controls - The Audit Committee, comprising three independent non-executive directors, has reviewed the Group's interim results and report for the six months ended June 30, 2025[58](index=58&type=chunk) [Corporate Governance](index=20&type=section&id=Corporate%20Governance) The Board is committed to high corporate governance, with a deviation from the code regarding board meeting frequency, but directors confirm compliance with securities dealing rules [At Least Four Regular Board Meetings Annually](index=20&type=section&id=At%20Least%20Four%20Regular%20Board%20Meetings%20Annually) The company deviates from Code Provision C.5.1 by holding only two board meetings annually, citing no quarterly results publication as the reason - The company has not complied with Corporate Governance Code Provision C.5.1, holding only two board meetings annually instead of at least four, as it does not publish quarterly results[59](index=59&type=chunk)[60](index=60&type=chunk) [Directors' Securities Transactions](index=21&type=section&id=Directors'%20Securities%20Transactions) The company adopted a strict securities dealing code, which directors confirmed compliance with, and no employees with inside information breached it - The company has adopted a strict code for securities dealing, which Directors confirmed compliance with during the period[61](index=61&type=chunk) - The code also applies to all employees who may possess inside information, and to the company's knowledge, no employees have breached it[61](index=61&type=chunk) [Publication of Interim Results and Interim Report](index=21&type=section&id=Publication%20of%20Interim%20Results%20and%20Interim%20Report) The interim results announcement is published on HKEX and company websites, with the full interim report to be despatched to shareholders and published online - The interim results announcement has been published on the websites of Hong Kong Exchanges and Clearing Limited and the company, and the interim report will be despatched to shareholders and published on the aforementioned websites in due course[62](index=62&type=chunk)