Group 1 - The company Tian De Chemical (00609) reported a revenue of 932 million RMB for the six months ending June 30, 2025, representing a year-on-year decrease of 5.62% [1] - The profit attributable to shareholders was 35.154 million RMB, which is a year-on-year decrease of 17.01% [1] - The basic earnings per share were 0.04 RMB [1]

Performance Highlights [Financial Performance Overview](index=1&type=section&id=Financial%20Performance%20Overview) The company experienced declines in turnover, gross profit, profit attributable to owners, and basic EPS for H1 2025, with no interim dividend recommended H1 2025 Performance Summary | Metric | H1 2025 (RMB) | H1 2024 (RMB) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Turnover | 932,300,000 | 987,765,000 | Decreased 5.6% | | Gross Profit | 116,700,000 | 144,084,000 | Decreased 19.0% | | Gross Profit Margin | 12.5% | 14.6% | Decreased 2.1 percentage points | | Profit attributable to owners of the Company for the period | 35,200,000 | 42,400,000 | Decreased 16.98% | | Basic earnings per share | 0.040 | 0.049 | Decreased 18.37% | | Interim Dividend | Not recommended for distribution | HKD 0.02 | Not distributed | Condensed Consolidated Financial Statements [Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For H1 2025, group turnover decreased by 5.6% to RMB 932,301 thousand, gross profit fell by 19.0% to RMB 116,676 thousand, and profit for the period was RMB 19,231 thousand Condensed Consolidated Statement of Profit or Loss (For the six months ended June 30) | Metric | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Turnover | 932,301 | 987,765 | | Cost of sales | (815,625) | (843,681) | | Gross Profit | 116,676 | 144,084 | | Other income and gains | 18,100 | 18,166 | | Selling expenses | (40,747) | (36,327) | | Administrative and other operating expenses | (52,197) | (83,289) | | Finance costs | (6,395) | (638) | | Profit before income tax | 35,437 | 41,996 | | Income tax expense | (16,206) | (8,146) | | Profit for the period | 19,231 | 33,850 | | Profit attributable to owners of the Company for the period | 35,154 | 42,357 | | Profit/(Loss) attributable to non-controlling interests for the period | (15,923) | (8,507) | | Basic earnings per share | RMB 0.040 | RMB 0.049 | | Diluted earnings per share | RMB 0.040 | RMB 0.049 | [Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) Total comprehensive income for H1 2025 significantly decreased to RMB 13,056 thousand, primarily due to a shift from gain to loss in currency translation differences Condensed Consolidated Statement of Comprehensive Income (For the six months ended June 30) | Metric | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Profit for the period | 19,231 | 33,850 | | Other comprehensive income - Currency translation differences | (6,175) | 737 | | Total comprehensive income for the period | 13,056 | 34,587 | | Total comprehensive income attributable to owners of the Company | 28,803 | 43,242 | | Total comprehensive income attributable to non-controlling interests | (15,747) | (8,655) | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets less current liabilities slightly decreased, with increases in trade and bills receivables and cash balances, and a significant reduction in time deposits Condensed Consolidated Statement of Financial Position (As of June 30) | Metric | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Non-current assets | 1,662,114 | 1,659,245 | | Current assets | 1,520,861 | 1,425,188 | | Current liabilities | 653,606 | 524,507 | | Net current assets | 867,255 | 900,681 | | Total assets less current liabilities | 2,529,369 | 2,559,926 | | Non-current liabilities | 24,778 | 45,002 | | Net assets | 2,504,591 | 2,514,924 | | Equity attributable to owners of the Company | 2,425,517 | 2,420,103 | | Non-controlling interests | 79,074 | 94,821 | | Total equity | 2,504,591 | 2,514,924 | - Within current assets, **trade and bills receivables increased from RMB 377,774 thousand to RMB 461,932 thousand**, and **bank and cash balances increased from RMB 358,214 thousand to RMB 633,913 thousand**, while **time deposits decreased from RMB 493,340 thousand to RMB 215,006 thousand**[5](index=5&type=chunk) - Bank borrowings within current liabilities significantly **increased from RMB 220,134 thousand to RMB 354,191 thousand**[5](index=5&type=chunk) Notes to the Financial Statements [General Information](index=5&type=section&id=1.%20General%20Information) TianDe Chemical Holdings Limited is an exempted company incorporated in the Cayman Islands, primarily engaged in investment holding and the R&D, manufacturing, and sale of fine chemical products - The Company is an exempted company incorporated in the Cayman Islands, with shares listed on the Hong Kong Stock Exchange[6](index=6&type=chunk) - The Company's principal business is investment holding, while the Group's principal activities are the research, development, manufacturing, and sale of fine chemical products[7](index=7&type=chunk) [Basis of Preparation and Presentation](index=5&type=section&id=2.%20Basis%20of%20Preparation%20and%20Presentation) The unaudited condensed consolidated financial statements are prepared in accordance with HKAS 34 and Appendix D2 of the Listing Rules, presented in RMB, and reviewed by BDO Limited - The financial statements are prepared in accordance with Hong Kong Accounting Standard 34 and Appendix D2 of the Listing Rules[8](index=8&type=chunk) - The Company's functional currency is HKD, but financial information is presented in RMB due to its principal operations being in China[8](index=8&type=chunk) - The financial information is unaudited but has been reviewed by BDO Limited[8](index=8&type=chunk) [Significant Accounting Policies](index=5&type=section&id=3.%20Significant%20Accounting%20Policies) Amendments to HKAS 21 and HKFRS 1, concerning non-exchangeable currencies and exchange rate estimation, were first applied this interim period with no significant impact, while HKFRS 18 is expected to significantly affect financial statement presentation - The first-time application of amendments to Hong Kong Accounting Standard 21 and Hong Kong Financial Reporting Standard 1, concerning the assessment of non-exchangeable currencies, had **no impact on the Group's condensed consolidated interim financial statements**[9](index=9&type=chunk)[10](index=10&type=chunk) - Hong Kong Financial Reporting Standard 18 will replace Hong Kong Accounting Standard 1, and is expected to have a **significant impact on the classification of profit or loss, subtotals, aggregation/disaggregation of information, and disclosure of management performance measures**[11](index=11&type=chunk) [Turnover and Segment Information](index=7&type=section&id=4.%20Turnover%20and%20Segment%20Information) The Group identifies R&D, manufacturing, and sale of fine chemical products as a single operating segment, with total turnover of RMB 932,301 thousand for H1 2025, showing decreased domestic sales but increased sales in UAE, USA, and Brazil - The Group identifies the research, development, manufacturing, and sale of fine chemical products as a **single operating segment**[12](index=12&type=chunk) Classified Turnover from External Customers (By Geographical Region) | Region | 2025 (RMB '000) | 2024 (RMB '000) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | China (Domestic) | 643,615 | 708,475 | -9.29% | | India | 103,938 | 124,289 | -16.40% | | United Arab Emirates | 41,891 | 24,533 | +70.76% | | United States | 29,300 | 16,375 | +78.93% | | Brazil | 21,459 | 6,112 | +251.10% | | Others | 92,098 | 107,981 | -14.71% | | **Total** | **932,301** | **987,765** | **-5.62%** | - For the period ended June 30, 2025, **no single customer accounted for 10% or more of the Group's revenue**[14](index=14&type=chunk) [Finance Costs](index=7&type=section&id=5.%20Finance%20Costs) Finance costs for H1 2025 significantly increased to RMB 6,395 thousand from RMB 638 thousand in the prior period, driven by interest on bank borrowings, asset-backed financing, and supplier financing arrangements Finance Costs Details (For the six months ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Interest on bank borrowings repayable within one year and containing a repayment on demand clause | 2,701 | 638 | | Interest on asset-backed financing | 391 | - | | Interest on supplier financing arrangements | 3,202 | - | | Interest on advances from related parties | 101 | - | | **Total** | **6,395** | **638** | [Profit Before Income Tax](index=8&type=section&id=6.%20Profit%20Before%20Income%20Tax) Profit before income tax for H1 2025 was RMB 35,437 thousand, with decreased total employee costs but increased inventory costs and depreciation of property, plant, and equipment, alongside a significant reduction in research costs Profit Before Income Tax Deducted/(Credited) Items (For the six months ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Total employee costs | 83,686 | 97,910 | | Depreciation of right-of-use assets | 1,287 | 1,287 | | Amortisation of intangible assets | 902 | 902 | | Cost of inventories recognised as expense | 815,625 | 843,681 | | Depreciation of property, plant and equipment | 90,487 | 83,700 | | (Gain)/Loss on disposal of property, plant and equipment, net | (1,018) | 43 | | Provision for impairment loss on trade receivables | 1,484 | 110 | | Loss on write-off of property, plant and equipment | 2,353 | 8 | | Research costs | 22,669 | 54,426 | - **Research costs significantly decreased from RMB 54,426 thousand in H1 2024 to RMB 22,669 thousand in H1 2025**[16](index=16&type=chunk) - **Depreciation of property, plant and equipment increased from RMB 83,700 thousand in H1 2024 to RMB 90,487 thousand in H1 2025**[16](index=16&type=chunk) [Income Tax Expense](index=9&type=section&id=7.%20Income%20Tax%20Expense) Income tax expense for H1 2025 significantly increased to RMB 16,206 thousand from RMB 8,146 thousand in the prior period, primarily due to a substantial rise in withholding tax paid on China dividends Income Tax Expense Details (For the six months ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Current tax—China corporate income tax - Tax for the period | 11,319 | 9,167 | | Current tax—China corporate income tax - Over-provision in prior years | (641) | (1,172) | | Current tax—China corporate income tax - Withholding tax paid on China dividends | 25,706 | 970 | | Deferred tax - Credit for the period | (20,178) | (819) | | **Total Income Tax Expense** | **16,206** | **8,146** | - **Withholding tax paid on China dividends significantly increased from RMB 970 thousand in H1 2024 to RMB 25,706 thousand in H1 2025**[17](index=17&type=chunk) - China subsidiaries are subject to corporate income tax at a rate of **25%**, with China withholding tax rates of **5% or 10%**[18](index=18&type=chunk) [Dividends](index=9&type=section&id=8.%20Dividends) Shareholders approved a final dividend of HKD 0.03 per share for 2024, but the Board does not recommend any interim dividend for H1 2025, compared to HKD 0.02 per share in the prior period - The 2024 final dividend of **HKD 0.03 per share** (2023: HKD 0.10) was approved at the AGM on June 6, 2025, totaling **RMB 24,218,000**[19](index=19&type=chunk) - The Board does not recommend any interim dividend for the six months ended June 30, 2025 (H1 2024: HKD 0.02 per share)[19](index=19&type=chunk) [Earnings Per Share](index=10&type=section&id=9.%20Earnings%20Per%20Share) Basic and diluted earnings per share attributable to owners of the Company for H1 2025 both decreased to RMB 0.040, down from RMB 0.049 in the prior period Earnings Per Share Calculation Data (For the six months ended June 30) | Metric | 2025 (RMB '000/thousand shares) | 2024 (RMB '000/thousand shares) | | :--- | :--- | :--- | | Profit attributable to owners of the Company for the period | 35,154 | 42,357 | | Weighted average number of ordinary shares for basic EPS | 877,462 | 869,418 | | Dilutive effect of potential ordinary shares - Share options | 44 | 4,188 | | Weighted average number of ordinary shares for diluted EPS | 877,506 | 873,606 | | **Basic earnings per share** | **RMB 0.040** | **RMB 0.049** | | **Diluted earnings per share** | **RMB 0.040** | **RMB 0.049** | [Trade and Bills Receivables](index=10&type=section&id=10.%20Trade%20and%20Bills%20Receivables) As of June 30, 2025, total trade and bills receivables increased to RMB 461,932 thousand from RMB 377,774 thousand at December 31, 2024, with a notable increase in receivables over 365 days - The Group generally grants credit terms of **one to six months** to its trade customers[21](index=21&type=chunk) Ageing Analysis of Trade and Bills Receivables (By invoice date) | Ageing | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | 0 to 90 days | 321,193 | 275,588 | | 91 to 180 days | 49,260 | 87,238 | | 181 to 365 days | 78,260 | 14,753 | | Over 365 days | 13,219 | 195 | | **Total** | **461,932** | **377,774** | [Trade Payables](index=11&type=section&id=11.%20Trade%20Payables) As of June 30, 2025, total trade payables slightly increased to RMB 40,755 thousand from RMB 37,901 thousand at December 31, 2024, with credit terms from suppliers ranging from 30 to 270 days - The Group is granted credit terms by its suppliers ranging from **30 to 270 days**[22](index=22&type=chunk) Ageing Analysis of Trade Payables (By invoice date) | Ageing | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | 0 to 90 days | 35,600 | 32,497 | | 91 to 180 days | 851 | 1,798 | | 181 to 365 days | 1,666 | 1,533 | | Over 365 days | 2,638 | 2,073 | | **Total** | **40,755** | **37,901** | Management Discussion and Analysis [Business Review](index=11&type=section&id=Business%20Review) Domestic manufacturing faces downward pressure from macroeconomic headwinds, geopolitical tensions, and US tariffs, but the Group's overseas market expansion and capacity increase for potential products partially offset negative impacts, leading to a slight decline in total turnover - Persistent adverse macroeconomic factors, international geopolitical tensions, and US tariff policies have severely impacted domestic manufacturing, leading to **increased downward pressure on the overall domestic economy and declining product selling prices**[23](index=23&type=chunk) - The Group strategically allocated marketing resources to developing overseas markets, achieving **moderate year-on-year growth in overseas sales** through an expanded international marketing network[23](index=23&type=chunk) - Expanding production capacity for products with market potential successfully opened new application areas in downstream industries and broadened product applications in international markets, helping to **mitigate the adverse effects of declining product selling prices**[23](index=23&type=chunk) - Domestic deflation led to a decrease in average raw material costs, and the Group improved efficiency through automated production and a circular economy system, but these efforts could not fully offset the negative impact of declining product selling prices, resulting in **reduced gross profit and gross profit margin**[24](index=24&type=chunk) [Outlook](index=12&type=section&id=Outlook) Facing US-China trade tensions, domestic economic slowdown, and deflation, the Group is actively expanding its business scope, diversifying risks, enhancing operational flexibility, optimizing product portfolio, and seeking new revenue streams, while strengthening cash flow management and maintaining confidence in long-term prospects - Ongoing US-China trade tensions and US tariff policies pose significant pressure on the domestic economy, with a **continued slowdown and deepening deflation expected to bring severe challenges to domestic manufacturing**[25](index=25&type=chunk) - The Group is actively expanding its business scope and diversifying its business risks, enhancing operational flexibility, continuously optimizing its product portfolio, and actively seeking new revenue sources[25](index=25&type=chunk) - Strengthening cash flow management and improving operational efficiency remain key priorities for the Group, and the Board remains **confident in the Group's long-term prospects**[25](index=25&type=chunk) [Financial Review](index=12&type=section&id=Financial%20Review) Turnover decreased by 5.6% to RMB 932.3 million due to domestic economic downturn and falling product prices; gross profit fell 19.0% to RMB 116.7 million, with margin shrinking to 12.5%; selling expenses rose, administrative expenses decreased, and finance costs significantly increased [Turnover and Gross Profit](index=12&type=section&id=Turnover%20and%20Gross%20Profit) Total turnover decreased by 5.6% to RMB 932.3 million due to domestic economic downturn and falling product prices; gross profit fell 19.0% to RMB 116.7 million, with margin shrinking to 12.5%, despite lower raw material costs and improved efficiency - Total turnover **decreased by 5.6% to approximately RMB 932.3 million** (H1 2024: RMB 987.8 million), primarily due to a significant decline in overall product selling prices caused by the prolonged domestic economic downturn[26](index=26&type=chunk) - Gross profit **decreased by 19.0% to approximately RMB 116.7 million** (H1 2024: RMB 144.1 million), and gross profit margin **contracted by 2.1 percentage points to 12.5%** (H1 2024: 14.6%), mainly because the decline in product selling prices was not fully offset by lower raw material costs and improved operational efficiency[27](index=27&type=chunk) [Operating Expenses](index=13&type=section&id=Operating%20Expenses) Selling expenses increased by 12.1% to RMB 40.7 million due to higher transportation costs from increased domestic sales of hazardous products, while administrative and other operating expenses significantly decreased by 37.3% to RMB 52.2 million, mainly due to lower research and development expenses - Selling expenses **increased by approximately RMB 4.4 million to approximately RMB 40.7 million**, primarily due to higher transportation costs resulting from increased domestic sales of hazardous products[28](index=28&type=chunk) - Administrative and other operating expenses **decreased by approximately RMB 31.1 million or 37.3% to approximately RMB 52.2 million**, mainly due to a reduction in research and development expenses[28](index=28&type=chunk) [Finance Costs](index=13&type=section&id=Finance%20Costs) Finance costs significantly increased by approximately RMB 5.8 million to RMB 6.4 million, primarily due to a strategic increase in bank borrowings, asset-backed financing, supplier financing arrangements, and advances from related parties to optimize short-term liquidity management - Finance costs were approximately **RMB 6.4 million**, an **increase of approximately RMB 5.8 million** compared to the same period last year, primarily from interest on bank borrowings, asset-backed financing, supplier financing arrangements, and advances from related parties[29](index=29&type=chunk) - The Group strategically increased its use of bank borrowings and other methods to **optimize short-term liquidity management**[29](index=29&type=chunk) [Profit for the Period](index=13&type=section&id=Profit%20for%20the%20Period) Profit attributable to owners of the Company for the period under review was approximately RMB 35.2 million, a decrease from RMB 42.4 million in the prior period - Profit attributable to owners of the Company for the period under review was approximately **RMB 35.2 million** (H1 2024: RMB 42.4 million)[30](index=30&type=chunk) [Trade and Bills Receivables](index=13&type=section&id=Trade%20and%20Bills%20Receivables) As of June 30, 2025, trade receivables (net of impairment allowance) increased by 19.1% to RMB 323.8 million, with approximately 28.3% aged over 180 days; bills receivables rose by 30.3% to RMB 138.1 million, all being bank acceptance bills with low default risk - Trade receivables (net of allowance for impairment losses) **increased by 19.1% to approximately RMB 323.8 million** (December 31, 2024: RMB 271.8 million)[31](index=31&type=chunk) - Approximately **28.3% of trade receivables were aged over 180 days**, but the Directors believe no additional bad debt provision is required[31](index=31&type=chunk) - Bills receivables **increased by 30.3% to approximately RMB 138.1 million** (December 31, 2024: RMB 106.0 million), all of which are bank acceptance bills with low default risk[32](index=32&type=chunk) [Short-term Bank Borrowings](index=14&type=section&id=Short-term%20Bank%20Borrowings) As of June 30, 2025, total bank borrowings increased to RMB 354.2 million, primarily utilized to fund the Group's general working capital - Total bank borrowings outstanding **increased to approximately RMB 354.2 million** (December 31, 2024: RMB 220.1 million)[33](index=33&type=chunk) - The bank borrowings were primarily raised to fund the Group's **general working capital** during the period under review[33](index=33&type=chunk) [Liquidity and Financial Resources](index=14&type=section&id=Liquidity%20and%20Financial%20Resources) Net cash inflow from operating activities for H1 2025 significantly decreased to RMB 50.3 million, and the Group's net cash balance declined to RMB 490.4 million, yet it maintains a sound financial position with cash and cash equivalents exceeding total outstanding borrowings - Net cash inflow from operating activities was approximately **RMB 50.3 million** (H1 2024: RMB 151.8 million), representing a **significant decrease**[34](index=34&type=chunk) - New bank borrowings amounted to approximately **RMB 118.6 million**, and advances from related parties were **RMB 12.0 million**[34](index=34&type=chunk) - Net cash balance was approximately **RMB 490.4 million** (December 31, 2024: RMB 626.9 million), showing a **decrease**[35](index=35&type=chunk) - The Group maintained a **sound financial position** during the period under review, with cash and cash equivalents exceeding total outstanding borrowings, and the debt-to-equity ratio is not applicable[35](index=35&type=chunk) [Pledge of Assets](index=15&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, the Group pledged RMB 1.3 million in bank deposits as security and certain buildings (RMB 50.4 million) and right-of-use assets (RMB 76.6 million) as collateral for bank borrowings - Bank deposits of approximately **RMB 0.3 million were pledged as security for factory water supply**, and **RMB 1.0 million was pledged as security for foreign exchange forward contracts**[38](index=38&type=chunk) - Certain buildings (approximately **RMB 50.4 million**) and right-of-use assets (approximately **RMB 76.6 million**) were pledged as collateral for bank borrowings[38](index=38&type=chunk) [Contingent Liabilities](index=15&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities - As of June 30, 2025, the Group had **no significant contingent liabilities**[39](index=39&type=chunk) [Foreign Exchange Fluctuation Risk](index=15&type=section&id=Foreign%20Exchange%20Fluctuation%20Risk) The Group's primary operations are in China, with assets, liabilities, turnover, and transactions mainly denominated in RMB, USD, and HKD; the main foreign exchange risk stems from RMB fluctuations, which caused no significant issues during the period, and cost-effective hedging methods will be considered in the future - The Group's assets, liabilities, turnover, and transactions are primarily denominated in **RMB, USD, and HKD**[40](index=40&type=chunk) - The most significant foreign exchange fluctuation risk arises from **RMB exchange rate changes**, but no major difficulties or impacts were encountered during the period under review[40](index=40&type=chunk) - The Group will consider adopting **cost-effective hedging methods** for foreign currency transactions when appropriate in the future[40](index=40&type=chunk) [Dividends](index=15&type=section&id=Dividends) The Board does not recommend any interim dividend for the six months ended June 30, 2025 - The Board does not recommend any interim dividend for the six months ended June 30, 2025 (H1 2024: HKD 0.02 per share)[41](index=41&type=chunk) Other Information [Human Resources](index=15&type=section&id=Human%20Resources) As of June 30, 2025, the Group had 1,213 full-time employees, a decrease from 1,358 at year-end 2024, with established remuneration, bonus, and diverse training and development programs to enhance employee skills and industry knowledge - As of June 30, 2025, the Group had **1,213 full-time employees** (December 31, 2024: 1,358 full-time employees)[42](index=42&type=chunk) - The Group has established human resources policies and systems, including **remuneration, bonuses, diverse training, and personal development programs**[42](index=42&type=chunk) - The Group adopted a share option scheme to reward contributors, but **no share options were granted** during the period under review[43](index=43&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=16&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) For the six months ended June 30, 2025, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed shares - 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 shares**[44](index=44&type=chunk) [Corporate Governance Practices](index=16&type=section&id=Corporate%20Governance%20Practices) To the best of the Directors' knowledge, the Company has complied with the Corporate Governance Code set out in Appendix C1 Part 2 of the Listing Rules for the six months ended June 30, 2025 - The Company has **complied with the Corporate Governance Code** set out in Appendix C1 Part 2 of the Listing Rules for the six months ended June 30, 2025[45](index=45&type=chunk) [Standard Code for Securities Transactions](index=16&type=section&id=Standard%20Code%20for%20Securities%20Transactions) The Company has adopted a code of conduct no less exacting than the Standard Code in Appendix C3 of the Listing Rules, and all Directors and senior management have confirmed compliance - The Company has adopted a code of conduct **no less exacting than the Standard Code** set out in Appendix C3 of the Listing Rules, and each Director has confirmed compliance with the code[46](index=46&type=chunk) - Senior management is also required to comply with the provisions of the Standard Code and the Company's code of conduct regarding Directors' securities transactions[46](index=46&type=chunk) [Nomination Committee](index=16&type=section&id=Nomination%20Committee) The Nomination Committee is chaired by Executive Director Mr. Liu Yang and includes two independent non-executive Directors, with no meetings held during the period under review - The Nomination Committee is chaired by Executive Director Mr. Liu Yang, with members including Independent Non-executive Directors Mr. Leung Kam Wan and Mr. Liu Chenguang[47](index=47&type=chunk) - **No Nomination Committee meetings were held** during the period under review[47](index=47&type=chunk) [Remuneration Committee](index=17&type=section&id=Remuneration%20Committee) The Remuneration Committee is chaired by Independent Non-executive Director Mr. Liu Chenguang and has three other members, with no meetings held during the period under review - The Remuneration Committee is chaired by Independent Non-executive Director Mr. Liu Chenguang, with members including Independent Non-executive Directors Mr. Leung Kam Wan, Ms. Shan Honghong, and Executive Director Mr. Liu Yang[48](index=48&type=chunk) - **No Remuneration Committee meetings were held** during the period under review[48](index=48&type=chunk) [Audit Committee](index=17&type=section&id=Audit%20Committee) The Audit Committee, comprising three independent non-executive Directors and chaired by Mr. Leung Kam Wan, has reviewed accounting principles, internal controls, independent auditor's work, and the unaudited condensed financial information without objection - The Audit Committee comprises **three independent non-executive Directors**, with Mr. Leung Kam Wan as Chairman[49](index=49&type=chunk) - The Committee has reviewed the Company's adopted accounting principles and practices, compliance with Listing Rules, internal controls, statutory requirements, and financial reporting[49](index=49&type=chunk) - The Audit Committee has reviewed the unaudited condensed financial information and has **no objections to the accounting treatments adopted by the Company** during the period under review[49](index=49&type=chunk) [Events After the Reporting Period](index=17&type=section&id=Events%20After%20the%20Reporting%20Period) As of the announcement date, the Group had no other significant events after June 30, 2025 - As of the announcement date, the Group had **no other significant events after June 30, 2025**[50](index=50&type=chunk)

Group 1 - The company, Tiande Chemical (00609.HK), announced that it will hold a board meeting on August 25, 2025, to review and approve the unaudited interim results for the six-month period ending June 30, 2025, and to consider the declaration of an interim dividend, if any [1]

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。 Tiande Chemical Holdings Limited 承董事會命 天德化工控股有限公司 劉偉珍 公司秘書 香港，二零二五年八月十一日 於本公告日期，執行董事為劉楊先生、王子江先生及陳孝華先生；獨立非執行董事為 梁錦雲先生、劉晨光先生及山紅紅女士。 - 1 - 天德化工控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號︰609） 董事會會議通告 天德化工控股有限公司（「本公司」）董事會（「董事會」）茲宣佈，謹定於二零二 五年八月二十五日（星期一）上午十一時正，於香港中環夏愨道 12 號美國銀行中心 2204A 室舉行董事會會議，以考慮並（若認為合適）批准（其中包括）本公司及其附 屬公司截至二零二五年六月三十日止六個月之未經審核的中期業績及其發佈，以及宣 派和支付中期股息（如有）。 ...

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 致：香港交易及結算所有限公司 公司名稱: 天德化工控股有限公司 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) | 00609 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 100,000,000,000 | HKD | | 0.01 | HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 100,000,000,000 | HKD | | 0.01 | HKD | | 1,000,000,000 | ...

Share Option Scheme - The company is providing supplementary information regarding the share option scheme as per the disclosure requirements of the listing rules[3] - The supplementary information is intended to provide additional clarity on the share option plan[3] Company Information - The company is registered in the Cayman Islands and trades under stock code 609[2] - The board of directors includes executive directors Liu Yang, Wang Zijiang, and Chen Xiaohua, along with independent non-executive directors Liang Jinyun, Liu Chengguang, and Shan Honghong[3] Financial Reporting - The weighted average closing price per share reported on the Stock Exchange prior to the exercise date of the share options was HKD 1.11[3] - The annual report for the year ending December 31, 2024, was published on April 22, 2025[3] - The announcement should be read in conjunction with the 2024 annual report, and the supplementary information does not affect other information contained in the 2024 annual report[3] - The company confirms that all other information in the 2024 annual report remains unchanged[3] Announcement Details - The announcement was made by the company secretary, Liu Weizhen, on July 23, 2025[3] - The company emphasizes that it does not accept any responsibility for the accuracy or completeness of the announcement's content[1]

Investment Rating - The report does not explicitly state the investment rating for Tiande Chemical Core Insights - Tiande Chemical is a major global producer of sodium cyanide and its derivatives, founded in 1993 and listed on the Hong Kong Stock Exchange in 2006. The company focuses on research, development, manufacturing, and sales of fine chemical products, with a production base in Weifang Binhai Economic and Technological Development Zone [2][4] - In 2024, the group's gross profit significantly dropped to approximately RMB 228 million, a year-on-year decrease of around 48.2%, primarily due to a more substantial decline in product prices compared to production costs. The gross profit margin fell to 12.1%, down 9.0 percentage points year-on-year, while revenue decreased to approximately RMB 1.874 billion, a decline of about 9.9% [3][5] - The group has implemented various measures to reduce costs and improve efficiency, including enhancing raw material self-sufficiency, optimizing procurement strategies, improving production processes, and expanding automated production [3][5] Summary by Sections Company Overview - Tiande Chemical is one of the leading producers of sodium cyanide and its derivatives in China and globally, with a focus on fine chemical products. The company has a large production facility with advanced automated production lines and R&D laboratories [2][4] Financial Performance - The group's performance faced pressure in 2024, with a significant drop in gross profit and revenue. The overall selling price of products decreased, leading to a decline in gross profit margin and revenue [3][5] Cost Management - The group has taken steps to manage costs effectively, including the commercial production of raw material production lines, optimization of procurement strategies, and enhancement of production efficiency through automation [3][5]

Core Viewpoint - Huina Technology is undergoing a change in its actual controller and plans to raise 739 million yuan through a private placement, with shares resuming trading on May 12 [2][5]. Group 1: Shareholder Changes - The actual controller of Huina Technology will change from Zhang Hongjun to Jiang Zexing through the transfer of 18.0171 million shares, representing 15% of the total shares [3][4]. - Jiang Zexing will acquire 36 million shares in a private placement, increasing his total control to approximately 34.60% of the company [3][4]. Group 2: Fundraising and Business Strategy - The private placement price is set at 20.52 yuan per share, aiming to raise up to 739 million yuan, which will be used to supplement working capital and gradually develop digital business in the additive manufacturing sector [5]. - Huina Technology plans to leverage its competitive advantages in artificial intelligence and big data to capture growth opportunities in the rapidly expanding additive manufacturing market [5]. Group 3: Financial Performance - Huina Technology has reported continuous losses over the past three years, with revenues of 361 million yuan, 376 million yuan, and 363 million yuan for 2022, 2023, and 2024 respectively, and net losses of 37.67 million yuan, 34.03 million yuan, and 23.86 million yuan [7][8]. - In the first quarter of 2025, the company achieved a revenue of 52.36 million yuan, a year-on-year increase of 4.19%, but reported a net loss of 2.64 million yuan, an increase in loss of 87.4% year-on-year [8]. Group 4: Stock Performance - The stock price of Huina Technology has increased by 9.82% this year, with a current market capitalization of 3.3 billion yuan [2][13]. - The stock reached a high of 40.09 yuan per share in October last year but fell to 20.61 yuan in January this year, showing a volatile performance [13].

Financial Performance - The company reported a consolidated revenue of $500 million for the fiscal year 2024, representing a 15% increase compared to the previous year[57]. - Revenue for 2023 was RMB 2,080,285, a decrease from RMB 3,520,608 in 2022, representing a decline of approximately 41%[11]. - The Group's revenue for the year ended December 31, 2024, decreased to approximately RMB 1,873,800,000, a decline of about RMB 206,500,000 or 9.9% compared to RMB 2,080,300,000 in 2023[52]. - Gross profit for 2023 was RMB 438,844, down from RMB 1,478,435 in 2022, indicating a decrease of about 70%[11]. - Gross profit fell to approximately RMB 227.5 million, down RMB 211.3 million or 48.2% from RMB 438.8 million in 2023, with the gross profit margin decreasing to 12.1% from 21.1%[60]. - Profit attributable to owners of the company for 2023 was RMB 211,071, a significant drop from RMB 870,924 in 2022, reflecting a decline of approximately 76%[11]. - Profit attributable to owners of the Company significantly decreased to approximately RMB 66.9 million from RMB 211.1 million in 2023[69]. User Growth and Market Expansion - User data showed a growth in active users to 1.2 million, up from 1 million, indicating a 20% year-over-year increase[12]. - The company is expanding its market presence in Southeast Asia, targeting a 30% increase in market share within the next two years[12]. Product Development and Innovation - New product launches contributed to 25% of total revenue, with the introduction of three innovative products in the last quarter[12]. - Research and development expenses increased by 12% to $50 million, focusing on sustainable technologies and product innovation[12]. - The Group is continuously investing in production technology improvements and R&D for new products to transition towards a high-tech and low-carbon development model[24]. Financial Management and Cash Flow - The company maintained a healthy cash flow position despite a notable decline in financial results compared to the previous year[19]. - The Group's net cash inflow from operating activities was approximately RMB 395.4 million in 2024, down from RMB 649.2 million in 2023[75]. - The Group has sufficient financial resources to meet its current commitments and working capital requirements, supported by stable cash inflows and available credit facilities[77]. Dividends and Shareholder Returns - The board of directors approved a dividend payout of $0.10 per share, maintaining a consistent return to shareholders[12]. - The Group proposed a final dividend of HK$0.03 per share for the financial year ended December 31, 2024, down from HK$0.10 in 2023[23]. - Total dividends for the year are expected to be HK$0.05 per share, compared to HK$0.13 in 2023, reflecting a decrease of approximately 61.54%[27]. Strategic Acquisitions and Investments - The company completed a strategic acquisition of a competitor for $100 million, expected to enhance its product offerings and market reach[12]. - The company plans to invest $20 million in enhancing its digital infrastructure to improve customer engagement and operational efficiency[12]. Operational Challenges and Market Conditions - The Group faced significant downward pressure on product prices due to high USD interest rates and weak domestic demand, leading to a substantial decline in selling prices across most products[46]. - The actual effectiveness of the Chinese government's economic stimulus measures remains uncertain, impacting the Group's operational strategies[25]. - The Group is adopting more conservative operating strategies to maintain a sound cash flow position amidst increasing geopolitical risks and macroeconomic uncertainties[25]. Environmental and Sustainability Initiatives - The Group is committed to maintaining an environmentally friendly policy and has achieved ISO 14001 certification since 2004[110]. - The Group actively implements waste treatment and recycling measures, aiming to improve the quality of working life and environment for its employees[116]. - The Group has established a comprehensive "Significant Environmental Factors Contingency Plan" to enhance environmental emergency response capabilities[121]. Human Resources and Employee Management - The Group has established human resources policies to attract and retain employees, including a compensation scheme aligned with market rates[96]. - The Group's emolument policy is based on merit, qualifications, and competence, with reviews conducted by the Remuneration Committee[197]. - As of December 31, 2024, the Group had 1,358 full-time employees, a decrease from 1,536 in 2023[95]. Risk Management and Financial Position - The Group's financial position may be restricted by credit market conditions and credit ratings, potentially increasing borrowing costs due to interest rate fluctuations[130]. - Management has established a team to minimize credit risk by determining credit limits and monitoring overdue debts[130]. - The Group's interest rate risk primarily arises from bank borrowings, with new loans requiring careful assessment and approval by the executive directors[89].

Financial Performance - Revenue decreased by 9.9% to approximately RMB 1,873,800,000 compared to RMB 2,080,300,000 in 2023[2] - Gross profit significantly reduced by 48.2% to approximately RMB 227,500,000, with a gross margin decline to 12.1% from 21.1%[2] - Profit attributable to owners dropped to approximately RMB 66,900,000, down from RMB 211,100,000 in 2023[2] - EBITDA decreased by 42.9% to approximately RMB 249,100,000 compared to RMB 436,400,000 in 2023[2] - Basic earnings per share were approximately RMB 0.077, down from RMB 0.243 in 2023[2] - The company's profit before tax for the year ended December 31, 2024, was RMB 66,880,000, a decrease of 68.3% compared to RMB 211,071,000 in 2023[26] - The company's attributable profit for the year significantly decreased to approximately RMB 66,900,000, down from about RMB 211,100,000 in 2023[40] Dividends - The board proposed a final dividend of HKD 0.03 per share, reduced from HKD 0.10 in 2023[2] - The company declared a final dividend of HKD 0.03 per share for the year ended December 31, 2024, compared to HKD 0.10 per share in 2023, representing a 70% decrease[25] Assets and Liabilities - Total assets decreased to RMB 2,559,926,000 from RMB 2,604,003,000 in 2023[4] - Current assets net value decreased to RMB 900,681,000 from RMB 924,181,000 in 2023[4] - Non-current assets slightly decreased to RMB 1,659,245,000 from RMB 1,679,822,000 in 2023[4] - Total equity decreased to RMB 2,514,924,000 from RMB 2,557,576,000 in 2023[4] - Trade receivables as of December 31, 2024, were RMB 377,774,000, a decrease of 12.4% from RMB 431,425,000 in 2023[27] - Trade payables as of December 31, 2024, were RMB 37,901,000, an increase of 6.5% from RMB 35,577,000 in 2023[28] - As of December 31, 2024, bank borrowings totaled approximately RMB 220.1 million, an increase from RMB 0 as of December 31, 2023, primarily used for general operating funds[42] Market Performance - Revenue from the China (local) market was RMB 1,347,122 thousand in 2024, down from RMB 1,474,254 thousand in 2023, representing a decline of approximately 8.6%[20] - Revenue from India decreased by 25.1% from RMB 279,071 thousand in 2023 to RMB 208,717 thousand in 2024[20] - Major customer A contributed less than 10% of total revenue in 2024, with revenue of RMB 218,104 thousand in 2023[21] Cost Management - Total employee costs for 2024 amounted to RMB 189,558,000, down 6.2% from RMB 202,219,000 in 2023[22] - Research costs increased to RMB 77,706,000 in 2024, up 14.5% from RMB 67,878,000 in 2023[22] - Selling expenses increased to approximately RMB 71,100,000, up about RMB 12,600,000 from RMB 58,500,000 in 2023, representing 3.8% of revenue compared to 2.8% in the previous year[38] - Administrative and other operating expenses rose to approximately RMB 137,800,000, an increase of about RMB 25,100,000 from RMB 112,700,000 in 2023, accounting for 7.4% of revenue compared to 5.4% in the previous year[38] - The company has implemented multiple cost control measures, including enhancing raw material self-sufficiency and optimizing procurement strategies, but production cost reductions did not fully offset the impact of declining selling prices[32] Strategic Initiatives - The company plans to adopt a more conservative operational approach, focusing on cost reduction, cash flow management, and improving operational efficiency in response to the challenging geopolitical environment[34] - The company aims to expand its market penetration through more aggressive marketing strategies to drive revenue growth during the current economic downturn[34] - The company has adjusted its sales and marketing strategies to increase sales volume, which has helped mitigate the negative impact of falling product prices on revenue[31] Financial Reporting and Compliance - The company does not expect significant impact from the adoption of new accounting standards on its financial statements[14] - The company plans to apply new accounting standards upon their effective date without early adoption[11] - The company’s financial reporting will undergo significant changes with the introduction of Hong Kong Financial Reporting Standard No. 18, affecting presentation and disclosure[15] - The company's financial statements will continue to classify liabilities as current or non-current without changes due to the exercise of repayment rights[12] - The audit committee, composed of three independent non-executive directors, reviewed the financial statements for the year ending December 31, 2024, and found no unusual items omitted from the financial reports[55] - The audit firm confirmed that the financial figures in the announcement align with the audited consolidated financial statements for the year[56] Employee and Corporate Governance - The total number of full-time employees as of December 31, 2024, is 1,358, down from 1,536 in 2023[50] - The company provides various training programs for employee development and has established a human resources policy to attract and retain employees[50] - The company has implemented a stock option plan to reward eligible participants for their contributions to the business, although no stock options were granted in the review year[50] - The company has adopted and complied with the corporate governance code as per the listing rules during the review year[53] Other Information - The group maintained a cash and cash equivalents balance of approximately RMB 852.8 million as of December 31, 2024, up from RMB 616.4 million in 2023[43] - The group had unutilized bank credit facilities, ensuring sufficient financial resources for current obligations and operational needs[44] - The group did not incur any significant contingent liabilities as of December 31, 2024[46] - There were no significant post-balance sheet events reported after December 31, 2024, up to the announcement date[52] - The company did not purchase, sell, or redeem any of its listed securities during the review year[51] - The annual performance announcement is available on the Hong Kong Stock Exchange website and the company's website[57] - The group has been actively developing new products and upgrading outdated production facilities to ensure sustainable business growth[44] - The group faced minimal currency risk due to its operations primarily in RMB, with no significant impact from foreign currency fluctuations during the review period[49]