（於開曼群島註冊成立的有限公司） （Stock Code 股份代號：629） N O T I F I C AT I O N L E T T E R 通 知 信 函 Dear registered shareholder(s), (Incorporated in the Cayman Islands with limited liability) Yue Da International Holdings Limited (the "Company") – Notice of Publication of Interim Report 2025 (the "Current Corporate Communications") The Current Corporate Communications of the Company have been published in English and Chinese languages and are available on the website of The Stock Exchange of Hong Kong Limited ("HKEX") at www ...

Company Information This section details the company's governance structure, including its board and committees, along with essential registration and operational details [Board of Directors and Committee Composition](index=3&type=section&id=Board%20of%20Directors%20and%20Committee%20Composition) The company's Board of Directors comprises executive, non-executive, and independent non-executive directors, supported by audit, remuneration, and nomination committees to ensure robust corporate governance - The Board members include Mr. Ji Hulin (Chairman), Mr. Wu Yinghua (resigned), Mr. Xue Zhicheng, Mr. Pan Mingfeng, Dr. Teng Songsong (appointed), and Mr. Wu Shengquan (resigned) as executive directors[5](index=5&type=chunk) - The Audit Committee is chaired by Mr. Zhang Tingji, the Remuneration Committee by Ms. Zhang Yan, and the Nomination Committee by Mr. Ji Hulin[5](index=5&type=chunk) [Registration and Operational Information](index=4&type=section&id=Registration%20and%20Operational%20Information) The company is registered in the Cayman Islands, with its principal place of business in Hong Kong, and its shares are listed on the Main Board of the Hong Kong Stock Exchange under stock code 00629 - The company's registered office is in the Cayman Islands, and its principal place of business is in Shun Tak Centre, Sheung Wan, Hong Kong[6](index=6&type=chunk) - The company's shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited under stock code 00629[6](index=6&type=chunk) Condensed Consolidated Financial Statements This section presents the company's financial performance, position, equity changes, and cash flows for the reporting period [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=5&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, total revenue was **32,256 thousand RMB**, a decrease from **38,299 thousand RMB** in the prior period, with profit and total comprehensive income for the period at **15,353 thousand RMB**, down **16.3%** year-on-year Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Metric | 2025 (thousand RMB) | 2024 (thousand RMB) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 32,256 | 38,299 | -15.8 | | Other gains and (losses), net | (1,090) | 2,404 | -145.3 | | Net reversal of expected credit losses | 1,137 | 2,069 | -45.0 | | Finance costs | (2,280) | (6,269) | -63.6 | | Profit before tax | 23,921 | 26,198 | -8.7 | | Income tax expense | (8,568) | (7,856) | 9.1 | | Profit and total comprehensive income for the period | 15,353 | 18,342 | -16.3 | | Basic earnings per share | RMB 1.31 cents | RMB 1.57 cents | -16.6 | - The decrease in revenue was primarily due to reduced income from telecommunication factoring business, despite growth in traditional factoring business[8](index=8&type=chunk) [Condensed Consolidated Statement of Financial Position](index=6&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets less current liabilities were **469,849 thousand RMB**, an increase from **457,642 thousand RMB** at December 31, 2024, with factoring receivables and other assets slightly decreasing overall but significantly increasing in the non-current portion Condensed Consolidated Statement of Financial Position (As of June 30) | Metric | June 30, 2025 (thousand RMB) | December 31, 2024 (thousand RMB) | Change (%) | | :--- | :--- | :--- | :--- | | **ASSETS** | | | | | Non-current assets | 185,491 | 59,781 | 210.3 | | Current assets | 597,301 | 685,625 | -12.9 | | Factoring receivables and other assets (non-current) | 182,161 | 56,274 | 223.7 | | Factoring receivables and other assets (current) | 518,473 | 659,207 | -21.4 | | Cash and cash equivalents | 68,965 | 16,947 | 306.9 | | **LIABILITIES** | | | | | Current liabilities | 312,943 | 287,764 | 8.7 | | Bank and other borrowings | 120,000 | 80,000 | 50.0 | | Non-current liabilities | 15,835 | 14,055 | 12.7 | | **EQUITY** | | | | | Equity attributable to owners of the Company | 454,014 | 443,587 | 2.4 | | Total assets less current liabilities | 469,849 | 457,642 | 2.7 | - Factoring receivables and other assets within non-current assets significantly increased, while the current portion decreased, indicating an adjustment in asset structure[9](index=9&type=chunk) - Cash and cash equivalents significantly increased, and bank and other borrowings within current liabilities also rose[9](index=9&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=8&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, equity attributable to owners of the Company increased from **443,587 thousand RMB** at the beginning of the period to **454,014 thousand RMB**, primarily driven by profit for the period despite dividend payments Condensed Consolidated Statement of Changes in Equity (For the six months ended June 30) | Metric | 2025 (thousand RMB) | 2024 (thousand RMB) | | :--- | :--- | :--- | | Equity attributable to owners of the Company at beginning of period | 443,587 | 431,698 | | Dividends paid | (4,926) | (4,569) | | Profit and total comprehensive income for the period | 15,353 | 18,342 | | Equity attributable to owners of the Company at end of period | 454,014 | 445,471 | - Profit and total comprehensive income for the period was the primary driver of equity growth, though dividends paid had a negative impact on equity[11](index=11&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash from operating activities shifted from a net outflow to a net inflow year-on-year, net cash from financing activities decreased, and cash and cash equivalents at period-end significantly increased Condensed Consolidated Statement of Cash Flows (For the six months ended June 30) | Metric | 2025 (thousand RMB) | 2024 (thousand RMB) | | :--- | :--- | :--- | | Net cash generated from (used in) operating activities | 30,533 | (65,759) | | Net cash used in investing activities | (449) | (382) | | Net cash generated from financing activities | 21,934 | 36,118 | | Net increase (decrease) in cash and cash equivalents | 52,018 | (30,023) | | Cash and cash equivalents at end of period | 68,965 | 11,038 | - Operating cash flow turned positive from negative, indicating improved cash generation from the company's core operations[13](index=13&type=chunk) - Significantly increased new bank and other borrowings, coupled with increased repayment of amounts due to related parties, led to a decrease in net cash from financing activities[13](index=13&type=chunk) Notes to the Condensed Consolidated Financial Statements This section provides detailed explanations and breakdowns of the figures presented in the condensed consolidated financial statements [1. Basis of Preparation and Principal Accounting Policies](index=10&type=section&id=1.%20Basis%20of%20Preparation%20and%20Principal%20Accounting%20Policies) The condensed consolidated financial statements are prepared in accordance with HKAS 34 and Appendix D2 of the Listing Rules, using the historical cost convention, with new HKFRS amendments applied for the first time this period having no material impact on financial position or performance - The condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 'Interim Financial Reporting' issued by the Hong Kong Institute of Certified Public Accountants and the applicable disclosure requirements of Appendix D2 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[14](index=14&type=chunk) - The application of amendments to Hong Kong Financial Reporting Standards during this interim period, such as the amendment to HKAS 21 'Lack of Exchangeability', has not had a material impact on the Group's financial position or performance[16](index=16&type=chunk) [3. Revenue and Segment Information](index=11&type=section&id=3.%20Revenue%20and%20Segment%20Information) The company's revenue primarily stems from traditional and telecommunication factoring businesses, with total revenue for the period at **32,256 thousand RMB**, a **15.8%** year-on-year decrease, driven by growth in traditional factoring but a significant decline in telecommunication factoring income Revenue Composition (For the six months ended June 30) | Revenue Source | 2025 (thousand RMB) | 2024 (thousand RMB) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Traditional factoring business | 25,578 | 21,990 | 16.3 | | Telecommunication factoring business | 6,678 | 16,309 | -59.0 | | **Total Revenue** | **32,256** | **38,299** | **-15.8** | - Traditional factoring business revenue grew by **16.3%**, while telecommunication factoring business revenue decreased by **59.0%**, leading to a reduction in total revenue[18](index=18&type=chunk) [4. Other Gains and (Losses), Net](index=12&type=section&id=4.%20Other%20Gains%20and%20%28Losses%29%2C%20Net) Other gains and losses, net, for the period amounted to **(1,090) thousand RMB**, a significant decrease from **2,404 thousand RMB** in the prior period, primarily due to reduced fair value gains on financial assets at fair value through profit or loss Other Gains and (Losses), Net (For the six months ended June 30) | Item | 2025 (thousand RMB) | 2024 (thousand RMB) | | :--- | :--- | :--- | | Net exchange losses | (86) | (439) | | Loss on remeasurement of financial guarantee contracts | (1,004) | (1,429) | | Fair value gains on financial assets at fair value through profit or loss | – | 4,291 | | Loss on disposal of property, plant and equipment | – | (19) | | **Total** | **(1,090)** | **2,404** | - The prior period included **4,291 thousand RMB** in fair value gains on financial assets, which was zero this period, significantly contributing to the overall decrease[20](index=20&type=chunk) [5. Finance Costs](index=12&type=section&id=5.%20Finance%20Costs) For the six months ended June 30, 2025, finance costs were **2,280 thousand RMB**, a significant decrease from **6,269 thousand RMB** in the prior period, primarily due to reduced interest incurred from asset-backed financing arrangements Finance Costs (For the six months ended June 30) | Item | 2025 (thousand RMB) | 2024 (thousand RMB) | | :--- | :--- | :--- | | Interest on bank and other borrowings | 2,245 | 2,886 | | Interest incurred from asset-backed financing arrangements | – | 3,338 | | Interest on lease liabilities | 35 | 45 | | **Total** | **2,280** | **6,269** | - There was no interest incurred from asset-backed financing arrangements this period, compared to **3,338 thousand RMB** in the prior period, which is the main reason for the decrease in finance costs[22](index=22&type=chunk) [6. Income Tax Expense](index=13&type=section&id=6.%20Income%20Tax%20Expense) For the six months ended June 30, 2025, income tax expense was **8,568 thousand RMB**, an increase from **7,856 thousand RMB** in the prior period, primarily due to changes in deferred tax Income Tax Expense (For the six months ended June 30) | Item | 2025 (thousand RMB) | 2024 (thousand RMB) | | :--- | :--- | :--- | | Current tax | 6,443 | 7,880 | | Deferred tax | 2,125 | (24) | | **Total** | **8,568** | **7,856** | - The applicable income tax rate for the Group's PRC subsidiaries is **25%**[23](index=23&type=chunk) [8. Dividends](index=14&type=section&id=8.%20Dividends) The Company's directors have determined that no dividends will be paid for the six months ended June 30, 2025, with the 2024 final dividend of **4,926 thousand RMB** recognized as a distribution during the period Dividends (For the six months ended June 30) | Item | 2025 (thousand RMB) | 2024 (thousand RMB) | | :--- | :--- | :--- | | Dividends recognized as distribution to owners of the Company during the period | 4,926 | 4,569 | - The Board does not recommend the payment of an interim dividend for the first half of 2025[26](index=26&type=chunk) [9. Earnings Per Share](index=14&type=section&id=9.%20Earnings%20Per%20Share) For the six months ended June 30, 2025, basic earnings per share decreased to **RMB 1.31 cents** from **RMB 1.57 cents** in the prior period, with no diluted earnings presented due to the absence of potential ordinary shares Earnings Per Share Calculation (For the six months ended June 30) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Profit for the period attributable to owners of the Company (thousand RMB) | 15,353 | 18,342 | | Weighted average number of ordinary shares (shares) | 1,168,626,516 | 1,168,626,516 | | Basic earnings per share | RMB 1.31 cents | RMB 1.57 cents | - The decrease in basic earnings per share is consistent with the downward trend in profit for the period[28](index=28&type=chunk) [10. Movements in Property, Plant and Equipment and Right-of-Use Assets](index=15&type=section&id=10.%20Movements%20in%20Property%2C%20Plant%20and%20Equipment%20and%20Right-of-Use%20Assets) For the six months ended June 30, 2025, the Group made no acquisitions of property, plant and equipment, but recognized **467 thousand RMB** in right-of-use assets and lease liabilities from a new staff dormitory lease agreement - The amount of property, plant and equipment acquired this period was zero, compared to **6 thousand RMB** in the prior period[29](index=29&type=chunk) - Due to a new lease agreement, **467 thousand RMB** in right-of-use assets and **467 thousand RMB** in lease liabilities were recognized[29](index=29&type=chunk) [11. Factoring Receivables and Other Assets](index=15&type=section&id=11.%20Factoring%20Receivables%20and%20Other%20Assets) As of June 30, 2025, total factoring receivables were **697,889 thousand RMB**, a slight decrease from **711,242 thousand RMB** at December 31, 2024, with a significant increase in the non-current portion and a decrease in the current portion Factoring Receivables and Other Assets (As of June 30) | Item | June 30, 2025 (thousand RMB) | December 31, 2024 (thousand RMB) | | :--- | :--- | :--- | | Traditional factoring business | 667,389 | 649,620 | | Telecommunication factoring business | 30,500 | 61,622 | | **Total factoring receivables** | **697,889** | **711,242** | | Current portion | 518,473 | 659,207 | | Non-current portion | 182,161 | 56,274 | - Telecommunication factoring receivables significantly decreased, while traditional factoring receivables increased[30](index=30&type=chunk) - Non-current factoring receivables increased from **56,274 thousand RMB** to **182,161 thousand RMB**, indicating a higher proportion of long-term receivables[30](index=30&type=chunk) [12. Amounts Due from/to Related Parties](index=16&type=section&id=12.%20Amounts%20Due%20from%2Fto%20Related%20Parties) As of June 30, 2025, amounts due from related parties were **9,863 thousand RMB**, and amounts due to related parties were **182,176 thousand RMB**, all of which are unsecured, interest-free, and repayable on demand Amounts Due from Related Parties (As of June 30) | Name of Related Party | 2025 (thousand RMB) | 2024 (thousand RMB) | | :--- | :--- | :--- | | Yueda Mining Co., Ltd. | 4,153 | 4,170 | | Yueda Capital (Hong Kong) Co., Limited | 5,710 | 5,301 | | **Total** | **9,863** | **9,471** | Amounts Due to Related Parties (As of June 30) | Name of Related Party | 2025 (thousand RMB) | 2024 (thousand RMB) | | :--- | :--- | :--- | | Yueda Capital Co., Ltd. | 106,600 | 117,000 | | Yueda Capital (Hong Kong) | 71,202 | 71,313 | | Yueda Group (Hong Kong) Co., Limited | 4,374 | 4,440 | | **Total** | **182,176** | **192,753** | - Amounts due to related parties decreased, primarily from Yueda Capital Co., Ltd[32](index=32&type=chunk) [13. Other Payables and Liabilities](index=17&type=section&id=13.%20Other%20Payables%20and%20Liabilities) As of June 30, 2025, total other payables and liabilities were **7,583 thousand RMB**, a decrease from **13,350 thousand RMB** at December 31, 2024, mainly due to reduced accrued staff costs and other payables Other Payables and Liabilities (As of June 30) | Item | 2025 (thousand RMB) | 2024 (thousand RMB) | | :--- | :--- | :--- | | Accrued staff costs | 866 | 2,343 | | Other payables and accrued expenses | 6,717 | 11,007 | | **Total** | **7,583** | **13,350** | - Both accrued staff costs and other payables significantly decreased[33](index=33&type=chunk) [14. Bank and Other Borrowings](index=17&type=section&id=14.%20Bank%20and%20Other%20Borrowings) As of June 30, 2025, total bank and other borrowings repayable within one year were **120,000 thousand RMB**, an increase from **80,000 thousand RMB** at December 31, 2024, primarily due to new other loans Bank and Other Borrowings (As of June 30) | Item | 2025 (thousand RMB) | 2024 (thousand RMB) | | :--- | :--- | :--- | | Secured bank loans | 50,000 | 80,000 | | Other loans | 70,000 | – | | **Total** | **120,000** | **80,000** | - Total new borrowings obtained this period amounted to **140,000 thousand RMB**, compared to **100,000 thousand RMB** in the prior period[34](index=34&type=chunk) - Bank loans are secured by the Group's factoring receivables and guaranteed by Jiangsu Yueda Group Co., Ltd[35](index=35&type=chunk) [15. Share Capital](index=18&type=section&id=15.%20Share%20Capital) As of June 30, 2025, the company's issued and fully paid share capital remained unchanged at **1,168,626,516 shares**, amounting to **105,965 thousand RMB**, consistent with the prior period and year-end Share Capital Information (As of June 30) | Item | Number of Shares | Amount (thousand HKD) | Amount (thousand RMB) | | :--- | :--- | :--- | :--- | | Authorised share capital (par value HKD 0.10 per share) | 2,000,000,000 | 200,000 | Not applicable | | Issued and fully paid share capital (par value HKD 0.10 per share) | 1,168,626,516 | 116,863 | 105,965 | - The share capital structure remained unchanged during the period[36](index=36&type=chunk) [16. Related Party Disclosures](index=18&type=section&id=16.%20Related%20Party%20Disclosures) The Group, ultimately controlled by the Chinese government, engaged in various related party transactions with Jiangsu Yueda Group subsidiaries, primarily involving traditional factoring business revenue and receivables, while key management personnel compensation decreased - The Company is ultimately controlled by the Chinese government, with its ultimate parent company being Jiangsu Yueda Group Co., Ltd., which is controlled by Yancheng Municipal People's Government[37](index=37&type=chunk) Related Party Transactions with Jiangsu Yueda Subsidiaries (For the six months ended June 30) | Name of Related Party | Nature of Transaction | 2025 (thousand RMB) | 2024 (thousand RMB) | | :--- | :--- | :--- | :--- | | Jiangsu Yueda Green Building Technology Co., Ltd. | Revenue from traditional factoring business | 54 | 3,033 | | Jiangsu Yueda Saifu Energy Saving Technology Co., Ltd. | Revenue from traditional factoring business | 12 | 126 | - Revenue from traditional factoring business with related parties significantly decreased[39](index=39&type=chunk) Key Management Personnel Compensation (For the six months ended June 30) | Item | 2025 (thousand RMB) | 2024 (thousand RMB) | | :--- | :--- | :--- | | Short-term benefits | 1,257 | 1,548 | | Post-employment benefits | 224 | 155 | | **Total** | **1,481** | **1,703** | Management Discussion and Analysis This section provides an overview of the Group's financial performance, business operations, future plans, and financial resources, along with corporate governance and employee policies [Financial Performance and Interim Dividends](index=21&type=section&id=Financial%20Performance%20and%20Interim%20Dividends) For the six months ended June 30, 2025, the Group's operating revenue was **32,256 thousand RMB**, profit and total comprehensive income for the period was **15,353 thousand RMB**, and basic earnings per share was **RMB 1.31 cents**, all decreasing year-on-year, with the Board not recommending an interim dividend Key Financial Indicators (For the six months ended June 30) | Metric | 2025 (thousand RMB) | 2024 (thousand RMB) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Operating revenue | 32,256 | 38,299 | -15.8 | | Profit and total comprehensive income for the period | 15,353 | 18,342 | -16.3 | | Basic earnings per share | RMB 1.31 cents | RMB 1.57 cents | -16.6 | - The decrease in operating revenue was mainly due to a weaker-than-expected recovery in China's consumer market and the Group's business rebalancing, leading to reduced income from telecommunication factoring business[44](index=44&type=chunk) - The Board does not recommend the payment of an interim dividend for the period[45](index=45&type=chunk) [Review of Commercial Factoring Business](index=21&type=section&id=Review%20of%20Commercial%20Factoring%20Business) The Group primarily engages in commercial factoring, encompassing traditional and telecommunication factoring, with traditional factoring revenue growing by serving state-owned enterprise clients under stringent risk control, while telecommunication factoring revenue significantly declined but mitigated risk through AI and manual assessment - Commercial factoring business recorded operating revenue of **32,256 thousand RMB** for the period, a year-on-year decrease[47](index=47&type=chunk) - Traditional factoring business had a total principal amount of financing receivables of approximately **667,000 thousand RMB**, with interest income of approximately **25,503 thousand RMB**, primarily serving large state-owned enterprises[48](index=48&type=chunk) - Telecommunication factoring business service fee income was approximately **6,678 thousand RMB**, with both the number of end customers and total outstanding amount significantly decreasing[54](index=54&type=chunk) - Telecommunication factoring business conducts credit assessments using AI systems and manual evaluation, and collaborates with professional technical service companies to share factoring financing losses, thereby mitigating risk[56](index=56&type=chunk)[57](index=57&type=chunk) [Traditional Factoring Business](index=22&type=section&id=Traditional%20Factoring%20Business) Traditional factoring business financing receivables principal increased to **667,000 thousand RMB**, with significant growth in interest income, primarily serving state-owned enterprise clients in the Yangtze River Delta region through stringent due diligence and risk assessment processes Traditional Factoring Business Financing Receivables Principal and Number of Clients (As of June 30) | Industry | June 30, 2025 (thousand RMB) | December 31, 2024 (thousand RMB) | June 30, 2025 (Number of Clients) | December 31, 2024 (Number of Clients) | | :--- | :--- | :--- | :--- | :--- | | Grain Sales | 50,000 | 50,000 | 1 | 1 | | Power Facilities | – | 45,000 | – | 1 | | Metal Material Trading | 45,000 | 45,000 | 1 | 1 | | Bulk Commodity Trading | 20,000 | 50,000 | 1 | 1 | | Building Materials Wholesale | 50,000 | – | 1 | – | | Engineering Construction | 502,000 | 460,060 | 11 | 12 | | **Total** | **667,000** | **650,060** | **15** | **16** | - The engineering construction industry accounted for **75.3%** of the total principal amount of traditional factoring business financing receivables, making it the primary source of business[52](index=52&type=chunk) - All traditional factoring receivables are secured by amounts due from customers and are not overdue[52](index=52&type=chunk) [Telecommunication Factoring Business](index=25&type=section&id=Telecommunication%20Factoring%20Business) Telecommunication factoring business service fee income significantly decreased to **6,678 thousand RMB**, with fewer end customers, while the company effectively manages end-customer default risk through AI and manual credit assessment, and debt collection measures in collaboration with third-party payment institutions - The number of end customers decreased from **225,000** to **145,000**, and the total outstanding amount decreased from **63,564 thousand RMB** to **31,332 thousand RMB**[54](index=54&type=chunk) - The Group has established cooperation arrangements with China's three major telecommunication operators, conducting business through third-party payment platforms[55](index=55&type=chunk) - Risk control measures include supplier identity verification, AI system assessment of default probability, manual contact with emergency contacts, and debt collectors for overdue payments[56](index=56&type=chunk)[57](index=57&type=chunk) [Aging Analysis and Impairment of Traditional and Telecommunication Factoring Businesses](index=28&type=section&id=Aging%20Analysis%20and%20Impairment%20of%20Traditional%20and%20Telecommunication%20Factoring%20Businesses) As of June 30, 2025, all outstanding financing receivables for traditional factoring were within one year and not overdue, while telecommunication factoring receivables were primarily over one year, with the Group using an expected credit loss model for impairment assessment, resulting in a net reversal of impairment losses of **(1,137) thousand RMB** for the period Aging Analysis of Outstanding Financing Receivables Principal (As of June 30) | Aging | Traditional Factoring Business (2025, thousand RMB) | Telecommunication Factoring Business (2025, thousand RMB) | Total (2025, thousand RMB) | | :--- | :--- | :--- | :--- | | Within 1 year | 667,000 | – | 667,000 | | Over 1 year but within 2 years | – | 9,974 | 9,974 | | Over 2 years | – | 21,358 | 21,358 | | **Total** | **667,000** | **31,332** | **698,332** | Movements in Impairment Provisions for Factoring Receivables (As of June 30) | Item | Traditional Factoring Business (thousand RMB) | Telecommunication Factoring Business (thousand RMB) | Total (thousand RMB) | | :--- | :--- | :--- | :--- | | As at December 31, 2024 | 1,507 | 1,942 | 3,449 | | Net reversal of impairment losses | (27) | (1,110) | (1,137) | | As at June 30, 2025 | 1,480 | 832 | 2,312 | - Traditional factoring business uses an individual assessment approach with an expected loss rate of approximately **0.22%**, while telecommunication factoring business uses a collective assessment approach, adjusting loss rates based on internal credit ratings and forward-looking information[61](index=61&type=chunk)[62](index=62&type=chunk) [Business Plan and Prospects](index=32&type=section&id=Business%20Plan%20and%20Prospects) The Group plans to further develop its existing factoring financial services and telecommunication factoring businesses, actively exploring potential investment opportunities, including the possible acquisition of Chengdu Nuoyide Medical Laboratory Co., Ltd., and will focus on factoring and seek diversified development in the second half of the year - The Group will continue to expand its traditional factoring business through its network of state-owned enterprises in China and conduct more stringent due diligence on potential new clients[67](index=67&type=chunk) - Telecommunication factoring services have a higher revenue rate than traditional factoring, and the Group has established cooperation arrangements with China's three major telecommunication operators[68](index=68&type=chunk) - The company intends to acquire a **30%** equity interest in Chengdu Nuoyide Medical Laboratory Co., Ltd. (with an investment of **30,000 thousand RMB**) and a **22%** equity interest (for a consideration of **22,000 thousand RMB**), making it a non-wholly owned subsidiary[69](index=69&type=chunk) - The directors are committed to seeking more business opportunities in other industries, such as the financial sector, to diversify the Group's business and enhance long-term shareholder value[72](index=72&type=chunk) [Liquidity and Financial Resources](index=33&type=section&id=Liquidity%20and%20Financial%20Resources) As of June 30, 2025, the Group's current assets were **597,301 thousand RMB**, with a significant increase in cash and cash equivalents, a **2.4%** growth in net assets, and a gearing ratio of approximately **42.0%**, and the Group will continue to utilize internal resources, bank, and other borrowings for business development Liquidity and Financial Resources Overview (As of June 30) | Metric | June 30, 2025 (thousand RMB) | December 31, 2024 (thousand RMB) | | :--- | :--- | :--- | | Current assets | 597,301 | 685,625 | | Cash and cash equivalents | 68,965 | 16,947 | | Net assets | 454,014 | 443,587 | | Gearing ratio | 42.0% | 40.5% | | Bank and other borrowings | 120,000 | 80,000 | - The Group's monetary assets, liabilities, and transactions are primarily denominated in RMB and HKD, with no hedging against exchange rate risk[75](index=75&type=chunk) - The Group's credit facilities are secured by total factoring receivables of **147,000 thousand RMB**, a significant increase from **50,000 thousand RMB** at the end of last year[78](index=78&type=chunk) [Employees and Remuneration Policy](index=35&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group employed **20 staff** across Hong Kong and mainland China, with remuneration policies regularly reviewed and employees provided with social insurance, MPF, and training courses, experiencing no significant recruitment difficulties or staff turnover during the period - The Group employed **20 staff** in management, administration, and commercial factoring-related businesses across Hong Kong and mainland China[79](index=79&type=chunk) - Remuneration policies are regularly reviewed based on employee performance, experience, and industry practice, providing social insurance, MPF, and training courses[79](index=79&type=chunk) [Corporate Governance](index=35&type=section&id=Corporate%20Governance) The Group has complied with the Corporate Governance Code in Appendix C1 of the Listing Rules, except for one non-executive director's absence from the AGM, with all directors confirming compliance with the Model Code for Securities Transactions, and the audit, remuneration, and nomination committees operating effectively - The Group has complied with all code provisions of the Corporate Governance Code set out in Appendix C1 Part 2 of the Listing Rules, except for Mr. Li Biao, an executive director, who was unable to attend the annual general meeting[81](index=81&type=chunk) - All directors have confirmed their compliance with the Model Code for Securities Transactions by Directors of Listed Issuers throughout the period[82](index=82&type=chunk) - The Audit Committee, Remuneration Committee, and Nomination Committee have all been established and fulfilled their duties, including reviewing financial statements, internal controls, remuneration policies, and board composition[83](index=83&type=chunk)[84](index=84&type=chunk)[85](index=85&type=chunk) Other Information This section covers details regarding directors' and major shareholders' interests, the share option scheme, and the current board composition [Directors' and Major Shareholders' Interests](index=37&type=section&id=Directors%27%20and%20Major%20Shareholders%27%20Interests) As of June 30, 2025, certain directors held shares in the Company, with Mr. Ji Hulin, Mr. Hu Huaimin, and Mr. Li Biao as beneficial owners, and Mr. Xue Zhicheng deemed to own shares held by his spouse, while major shareholder Jiangsu Yueda Group Co., Ltd. and its subsidiaries collectively held **69.94%** of the Company's issued share capital Directors' Interests in the Company's Ordinary Shares (As of June 30) | Name | Capacity | Number of Shares | Approximate Percentage of Total Issued Share Capital of the Company | | :--- | :--- | :--- | :--- | | Mr. Ji Hulin | Beneficial owner | 166,666 | 0.01% | | Mr. Xue Zhicheng | Deemed interest | 650,000 | 0.06% | | Mr. Hu Huaimin | Beneficial owner | 2,424,666 | 0.21% | | Mr. Li Biao | Beneficial owner | 690,640 | 0.06% | Major Shareholders' Interests in the Company's Ordinary Shares (As of June 30) | Name of Shareholder | Capacity | Number of Shares | Approximate Percentage of Total Issued Share Capital of the Company | | :--- | :--- | :--- | :--- | | Yueda Capital (Hong Kong) Co., Limited | Beneficial owner | 608,311,000 | 52.05% | | Yueda Group (Hong Kong) Co., Limited | Beneficial owner | 208,979,333 | 17.88% | | Yueda Capital Co., Ltd. | Interest in controlled corporation | 608,311,000 | 52.05% | | Jiangsu Yueda Group Co., Ltd. | Interest in controlled corporation | 817,290,333 | 69.94% | - Jiangsu Yueda Group Co., Ltd. indirectly controls the majority of the Company's equity through its subsidiaries[88](index=88&type=chunk) [Share Option Scheme](index=39&type=section&id=Share%20Option%20Scheme) The Company adopted a share option scheme on May 20, 2021, to encourage and reward participants contributing to the Group, with no outstanding share options under the scheme as of June 30, 2025 - The primary purpose of the Share Option Scheme is to provide incentives or rewards to selected participants who have contributed to the Group[89](index=89&type=chunk) - As of June 30, 2025, and December 31, 2024, there were no outstanding share options under the Share Option Scheme[89](index=89&type=chunk) [Board Composition](index=39&type=section&id=Board%20Composition) As of the reporting date, the Board comprises four executive directors, two non-executive directors, and three independent non-executive directors, ensuring diversity and independence Board Members List (As of Reporting Date) | Executive Directors | Non-executive Directors | Independent Non-executive Directors | | :--- | :--- | :--- | | Ji Hulin | Li Biao | Liu Yongping | | Xue Zhicheng | Hu Huaimin | Zhang Tingji | | Pan Mingfeng | | Zhang Yan | | Teng Songsong | | |

FF301 第 1 頁 共 10 頁 v 1.1.1 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: 悅達國際控股有限公司 呈交日期: 2025年8月5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) | 00629 | 說明 | 普通股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.1 HKD | | 200,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.1 HKD | | 200,000 ...

经营收入减少，主要由于中国消费市场复苏不如预期。为了降低营运风险，集团调整不同保理相关业务 的比重，因而引致传统保理(「传统保理」)业务收入增加之同时，而通讯类保理(「通讯类保理」)业务 产生的收入减少。 格隆汇7月31日丨悦达国际控股(00629.HK)公布中期业绩，2025年上半年，集团的保理业务期内录得经 营收入人民币3225.6万元(去年同期：人民币3829.9万元)。期内溢利及全面收入总额为人民币1535.3万元 (去年同期：人民币1834.2万元)，而每股基本盈利为人民币1.31分(去年同期：人民币1.57分)。 ...

Core Viewpoint - Yueda International Holdings (00629) reported a decline in both revenue and profit for the six months ending June 30, 2025, primarily due to a slower-than-expected recovery in the Chinese consumer market [1] Financial Performance - The company recorded a revenue of 32.256 million RMB, representing a year-on-year decrease of 15.78% [1] - Net profit for the period was 15.353 million RMB, down 16.3% compared to the previous year [1] - Basic earnings per share were reported at 1.31 cents [1] Business Strategy - The decrease in operating income prompted the company to adjust the proportion of different factoring-related businesses to mitigate operational risks [1] - While traditional factoring business revenue increased, revenue from telecommunications-related factoring business decreased [1]

Core Viewpoint - Yueda International Holdings (00629) reported a decline in both revenue and profit for the six months ending June 30, 2025, primarily due to a slower-than-expected recovery in the Chinese consumer market [1] Financial Performance - Revenue for the period was 32.256 million RMB, representing a year-on-year decrease of 15.78% [1] - Profit for the period was 15.353 million RMB, down 16.3% year-on-year [1] - Basic earnings per share were 1.31 cents [1] Business Adjustments - The company adjusted the proportion of different factoring-related businesses to mitigate operational risks, leading to an increase in revenue from traditional factoring while revenue from communication-related factoring decreased [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依賴該等內容而引致的任何損失承擔任何責任。 YUE DA INTERNATIONAL HOLDINGS LIMITED 悅 達國際控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：629） 截至二零二五年六月三十日止六個月 之中期業績公告 中期業績 悅達國際控股有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈，本公 司及其附屬公司（統稱「本集團」）截至二零二五年六月三十日止六個月（「期內」） 的未經審核中期業績。 1 簡明綜合損益及其他全面收入表 截至二零二五年六月三十日止六個月 截至以下日期止六個月 | | | 二零二五年 | 二零二四年 | | --- | --- | --- | --- | | | | 六月三十日 | 六月三十日 | | | 附註 | 人民幣千元 | 人民幣千元 | | | | （未經審核） | （未經審核） | | 收入 | 3 | | | | 傳統保理業務產生的收入 | | 25,578 | 21 ...

Group 1 - Yueda International Holdings (00629) announced a factoring agreement with Yancheng Guannan, effective from July 30, 2025 [1] - The agreement includes accounts receivable financing, management services, and collection services, with a revolving credit limit of RMB 28 million [1] - The combined annual interest rate and factoring management fee is set at 8.2%, with the agreement expiring on July 28, 2027 [1]

Core Viewpoint - Yueda International Holdings (00629) has entered into a factoring agreement with Yancheng Guannan, providing accounts receivable financing and management services with a credit limit of RMB 28 million at an interest rate and management fee of 8.2% [1] Group 1 - The factoring agreement is effective from July 30, 2025, and will expire on July 28, 2027 [1] - The agreement includes services for accounts receivable financing, management, and collection [1]

Group 1 - The core point of the article is that Yueda International Holdings (00629.HK) has entered into a factoring agreement with Yancheng Guannan, providing financial services related to accounts receivable [1] - Under the agreement, Yueda Commercial Factoring will offer accounts receivable financing, management services, and collection services [1] - The company has granted a revolving credit limit of RMB 28 million with an annual interest rate and factoring management fee of 8.2% [1]