CHINESE PEOPLE HOLDINGS COMPANY LIMITED ύ!҇!!ި!Ԗ!ज़!Ϧ!љ ȐܭԭኀၲຏнԋҥϐԖज़ೢҺϦљȑ ȐިҽжဦǺ792ȑ! 各新登記股東： 如 閣下對本函有任何疑問，請於辦公時間內（星期一至星期五上午九時正至下午五時正，香港公眾假期除外）致電股份過 戶登記處電話熱線(852) 2980 1333查詢。 代表董事會 中民控股有限公司 主席 莫世康 謹啟 二零二五年九月二十三日 方案一： 透過本公司網站681hk.com以電子方式存取所有日後公司通訊（「網上版本」），以代替收取印刷本，並收取公司 通訊已在本公司網站登載之通知；或 方案二： 僅收取所有日後公司通訊之英文印刷本；或 方案三： 僅收取所有日後公司通訊之中文印刷本；或 方案四： 同時收取所有日後公司通訊之英文及中文印刷本。 登記股東姓名及地址 選擇公司通訊之收取方式及語言版本 根據香港聯合交易所有限公司（「聯交所」）證券上市規則第2.07A條及第2.07B條以及中民控股有限公司（「本公司」）的新公 司細則，本公司現向 閣下提供下列方案，以供選擇收取日後本公司之公司通訊（「公司通訊」），此乃指本公司發出或將 ...

CHINESE PEOPLE HOLDINGS COMPANY LIMITED ύ!҇!!ި!Ԗ!ज़!Ϧ!љ (incorporated in Bermuda with limited liability) (stock code: 681) ȐܭԭኀၲຏнԋҥϐԖज़ೢҺϦљȑ ȐިҽжဦǺ792ȑ! NOTIFICATION LETTER 通知信函 Dear Existing Registered Shareholder(s), 23 September 2025 CHINESE PEOPLE HOLDINGS COMPANY LIMITED ("the Company") – Notice of publication of corporate communication(s) on the Company's website The Chinese and English versions of the following corporate communication(s) (the "Current Corporate Communications") of the Company are av ...

[Corporate Information](index=2&type=section&id=Corporate%20Information) This chapter provides core company details, including board members, committee structures, principal bankers, auditors, and contact information [Company Overview](index=2&type=section&id=Corporate%20Information_Overview) This chapter outlines the company's basic information, including board members, committee structures, principal bankers, auditors, share registrars, and contact details - The Board of Directors includes Chairman Dr. Mok Sai Hong, Vice Chairman Mr. Cheung Wo Sang, Managing Director Mr. Fan Fang Yi, Ms. Mok Wan Pik, Ms. Li Huan, Non-executive Director Dr. Lau Chun Man, and three Independent Non-executive Directors Professor Chiu Yin Wan, Mr. Cheung Chi Ming, and Dr. Lau Hiu Yan[6](index=6&type=chunk) - The Audit Committee Chairman is Mr. Cheung Chi Ming, the Nomination Committee Chairman is Dr. Mok Sai Hong, and the Remuneration Committee Chairman is Mr. Cheung Chi Ming[6](index=6&type=chunk) - Principal bankers include Agricultural Bank of China, Bank of China (Hong Kong), China Construction Bank, Industrial and Commercial Bank of China, Postal Savings Bank of China, and The Hongkong and Shanghai Banking Corporation[6](index=6&type=chunk) - The company's auditor is Fan Chan & Co. CPA Limited, and the stock code is **00681**[6](index=6&type=chunk) [Management Discussion and Analysis](index=4&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews the Group's financial and operational performance, including segment-specific results, liquidity, capital structure, and future outlook [Business Review](index=4&type=section&id=Management%20Discussion%20and%20Analysis_Business%20Review) The Group experienced a revenue decline but profit growth in H1 2025, driven by natural gas market recovery and business segment adjustments, with a slight decrease in gross profit margin Key Financial Data for H1 2025 (Compared to H1 2024) | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | Change (%) | | :--- | :-------------------- | :-------------------- | :------- | | Revenue | 1,228 | 1,362 | -9.84% | | Profit | 77.50 | 66.61 | +16.35% | | Basic EPS | 0.72 cents | 0.49 cents | +46.94% | | Gross Profit Margin | 12.17% | 12.31% | -0.14% | - The decrease in gross profit margin was primarily due to a lower gross profit margin in the gas distribution business[10](index=10&type=chunk)[12](index=12&type=chunk) - In H1 2025, China's natural gas consumption was approximately **211.97 billion cubic meters**, a year-on-year decrease of **0.9%**; natural gas production was approximately **130.83 billion cubic meters**, a year-on-year increase of **5.8%**; and natural gas imports were approximately **82.775 billion cubic meters**, a year-on-year decrease of **7.8%**[9](index=9&type=chunk)[12](index=12&type=chunk) [Piped Gas Transmission and Distribution Business](index=5&type=section&id=Management%20Discussion%20and%20Analysis_Business%20Review_Piped%20Gas%20Transmission%20and%20Distribution%20Business) Piped gas transmission and distribution revenue decreased by 8.57% year-on-year, but gross profit margin increased due to improved margins from sales and connections Piped Gas Transmission and Distribution Business Performance (H1 2025 vs. H1 2024) | Indicator | H1 2025 (RMB) | H1 2024 (RMB) | Change (%) | | :--- | :-------------------- | :-------------------- | :------- | | Revenue | 582,950,000 | 637,608,000 | -8.57% | | % of Total Revenue | 47.47% | 46.82% | +0.65% | | Gross Profit Margin | 11.95% | 11.54% | +0.41% | - The increase in gross profit margin was primarily due to higher gross profit margins from piped gas sales and piped gas connections[13](index=13&type=chunk)[15](index=15&type=chunk) [Piped Gas Connection](index=5&type=section&id=Management%20Discussion%20and%20Analysis_Business%20Review_Piped%20Gas%20Transmission%20and%20Distribution%20Business_Piped%20Gas%20Connection) Piped gas connection fee revenue significantly decreased by 29.78%, despite an increase in new residential and commercial user connections and cumulative user numbers Piped Gas Connection Business Performance (H1 2025 vs. H1 2024) | Indicator | H1 2025 (RMB) | H1 2024 (RMB) | Change (%) | | :--- | :-------------------- | :-------------------- | :------- | | Revenue | 28,473,000 | 40,547,000 | -29.78% | | % of Piped Gas Transmission and Distribution Revenue | 4.88% | 6.36% | -1.48% | - During the period, **7,327 new residential users** and **327 new industrial and commercial users** were connected[14](index=14&type=chunk)[16](index=16&type=chunk) - As of June 30, 2025, cumulative connected residential users reached **595,388** (a year-on-year increase of approximately **3.65%**), and cumulative connected industrial and commercial users reached **13,463** (a year-on-year increase of approximately **6.55%**)[14](index=14&type=chunk)[16](index=16&type=chunk) [Piped Gas Sales](index=6&type=section&id=Management%20Discussion%20and%20Analysis_Business%20Review_Piped%20Gas%20Transmission%20and%20Distribution%20Business_Piped%20Gas%20Sales) Piped gas sales revenue and volume both decreased, primarily due to lower demand during the period, especially a significant reduction in industrial and commercial user sales Piped Gas Sales Business Performance (H1 2025 vs. H1 2024) | Indicator | H1 2025 (RMB) | H1 2024 (RMB) | Change (%) | | :--- | :-------------------- | :-------------------- | :------- | | Revenue | 554,477,000 | 597,061,000 | -7.13% | | % of Piped Gas Transmission and Distribution Revenue | 95.12% | 93.64% | +1.48% | Piped Gas Sales Volume (H1 2025 vs. H1 2024) | Customer Type | H1 2025 (million cubic meters) | H1 2024 (million cubic meters) | Change (%) | | :--- | :----------------------------- | :----------------------------- | :------- | | Total Sales Volume | 213.56 | 233.60 | -8.58% | | Residential Users | 81.67 | 77.34 | +5.60% | | Industrial and Commercial Users | 131.89 | 156.27 | -15.60% | - The decrease in revenue was primarily due to lower demand during the period[18](index=18&type=chunk)[20](index=20&type=chunk) [Cylinder Gas Supply Business](index=6&type=section&id=Management%20Discussion%20and%20Analysis_Business%20Review_Cylinder%20Gas%20Supply%20Business) Cylinder gas supply business saw declines in sales volume and revenue, but gross profit margin improved due to a greater decrease in procurement prices than selling prices Cylinder Gas Supply Business Performance (H1 2025 vs. H1 2024) | Indicator | H1 2025 | H1 2024 | Change (%) | | :--- | :----------- | :----------- | :------- | | Sales Volume | 48,054 tonnes | 52,094 tonnes | -7.76% | | Sales Revenue | RMB 270,033,000 | RMB 331,480,000 | -18.54% | | % of Total Revenue | 21.99% | 24.34% | -2.35% | | Gross Profit Margin | 28.01% | 25.22% | +2.79% | - The increase in gross profit margin was due to a greater decrease in procurement prices than in selling prices[23](index=23&type=chunk)[26](index=26&type=chunk) - The Group actively developed new users and expanded its sales market while maintaining existing customers[19](index=19&type=chunk)[22](index=22&type=chunk) [Gas Distribution Business](index=7&type=section&id=Management%20Discussion%20and%20Analysis_Business%20Review_Gas%20Distribution%20Business) Gas distribution business revenue and sales volume increased, but gross profit margin declined as the decrease in selling prices slightly exceeded the decrease in costs Gas Distribution Business Performance (H1 2025 vs. H1 2024) | Indicator | H1 2025 | H1 2024 | Change (%) | | :--- | :----------- | :----------- | :------- | | Revenue | RMB 373,777,000 | RMB 347,595,000 | +7.53% | | Sales Volume | 99,334 tonnes | 90,772 tonnes | +9.43% | | % of Total Revenue | 30.44% | 25.53% | +4.91% | | Gross Profit Margin | 0.78% | 1.01% | -0.23% | - The decrease in gross profit margin was mainly due to the selling price reduction slightly exceeding the cost reduction, while sales revenue growth was driven by increased sales volume[25](index=25&type=chunk)[27](index=27&type=chunk) - This business requires minimal investment but establishes a market advantage at lower costs, supporting the Group's downstream terminal operations[24](index=24&type=chunk)[27](index=27&type=chunk) [Food Ingredients Supply and FMCG Business](index=8&type=section&id=Management%20Discussion%20and%20Analysis_Business%20Review_Food%20Ingredients%20Supply%20and%20Fast-moving%20Consumer%20Good%20%28%22FMCG%22%29%20Business) Food ingredients supply and FMCG business revenue significantly decreased due to a change in operating model, but the segment loss narrowed substantially Food Ingredients Supply and FMCG Business Performance (H1 2025 vs. H1 2024) | Indicator | H1 2025 (RMB) | H1 2024 (RMB) | Change (%) | | :--- | :-------------------- | :-------------------- | :------- | | Revenue | 1,329,000 | 45,008,000 | -97.05% | | % of Total Revenue | 0.10% | 3.31% | -3.21% | | Segment Loss | 622,000 | 2,391,000 | -74.07% | - The significant decrease in revenue was due to a change in the operating model, as the Group progressively signed agreements with third parties in 2024 to transfer the food ingredients supply and FMCG business for third-party operation and management[29](index=29&type=chunk)[30](index=30&type=chunk)[33](index=33&type=chunk) - The Group continues to promote its own FMCG brands and receives fixed monthly income or commission income based on a percentage of monthly turnover[29](index=29&type=chunk)[33](index=33&type=chunk) [New Projects During the Period](index=8&type=section&id=Management%20Discussion%20and%20Analysis_Business%20Review_New%20Project%20During%20the%20Period) No significant new businesses were added during the reporting period - There were no significant new businesses during the period[31](index=31&type=chunk)[34](index=34&type=chunk) [Other Gains and Losses](index=8&type=section&id=Management%20Discussion%20and%20Analysis_Business%20Review_Other%20Gains%20and%20Losses) Other gains and losses for the period resulted in a loss of approximately RMB 6.307 million, an increase of approximately RMB 7.616 million from the prior period, mainly due to increased exchange losses and impairment losses on expected credit Other Gains and Losses (H1 2025 vs. H1 2024) | Indicator | H1 2025 (RMB) | H1 2024 (RMB) | Change (RMB) | | :--- | :-------------------- | :-------------------- | :------------ | | Total | (6,307,000) | 1,309,000 | (7,616,000) | - The increase in loss was primarily due to increased exchange losses and impairment losses on expected credit[32](index=32&type=chunk)[35](index=35&type=chunk) [Other Income](index=9&type=section&id=Management%20Discussion%20and%20Analysis_Business%20Review_Other%20Income) Other income for the period was approximately RMB 15.157 million, a decrease of approximately RMB 4.706 million from the prior period, mainly due to reduced bank interest income and net sales of gas appliances Other Income (H1 2025 vs. H1 2024) | Indicator | H1 2025 (RMB) | H1 2024 (RMB) | Change (RMB) | | :--- | :-------------------- | :-------------------- | :------------ | | Total | 15,157,000 | 19,863,000 | (4,706,000) | - The decrease was mainly due to reduced bank interest income and net income from sales of gas appliances[36](index=36&type=chunk)[40](index=40&type=chunk) [Finance Costs](index=9&type=section&id=Management%20Discussion%20and%20Analysis_Business%20Review_Finance%20Costs) Finance costs for the period were approximately RMB 1.620 million, a decrease of approximately RMB 0.277 million from the prior period, mainly due to reduced interest on lease liabilities Finance Costs (H1 2025 vs. H1 2024) | Indicator | H1 2025 (RMB) | H1 2024 (RMB) | Change (RMB) | | :--- | :-------------------- | :-------------------- | :------------ | | Total | 1,620,000 | 1,897,000 | (277,000) | - The decrease was primarily due to reduced interest on lease liabilities[37](index=37&type=chunk)[41](index=41&type=chunk) [Selling and Distribution Expenses](index=9&type=section&id=Management%20Discussion%20and%20Analysis_Business%20Review_Selling%20and%20Distribution%20Expenses) Selling and distribution expenses for the period were approximately RMB 67.100 million, a decrease of approximately RMB 7.193 million from the prior period, mainly due to reduced wages and labor costs Selling and Distribution Expenses (H1 2025 vs. H1 2024) | Indicator | H1 2025 (RMB) | H1 2024 (RMB) | Change (RMB) | | :--- | :-------------------- | :-------------------- | :------------ | | Total | 67,100,000 | 74,293,000 | (7,193,000) | - The decrease was mainly due to reduced wages and labor costs[38](index=38&type=chunk)[42](index=42&type=chunk) [Administrative Expenses](index=9&type=section&id=Management%20Discussion%20and%20Analysis_Business%20Review_Administrative%20Expenses) Administrative expenses for the period were approximately RMB 52.755 million, a decrease of approximately RMB 8.981 million from the prior period, mainly due to reduced depreciation of property, plant and equipment and lease expenses Administrative Expenses (H1 2025 vs. H1 2024) | Indicator | H1 2025 (RMB) | H1 2024 (RMB) | Change (RMB) | | :--- | :-------------------- | :-------------------- | :------------ | | Total | 52,755,000 | 61,736,000 | (8,981,000) | - The decrease was mainly due to reduced depreciation of property, plant and equipment and lease expenses[39](index=39&type=chunk)[43](index=43&type=chunk) [Share of Results of Associates](index=10&type=section&id=Management%20Discussion%20and%20Analysis_Business%20Review_Share%20of%20Results%20of%20Associates) Share of profit from associates for the period was approximately RMB 16.950 million, an increase of approximately RMB 4.377 million from the prior period, mainly due to increased profits generated by associates Share of Profit of Associates (H1 2025 vs. H1 2024) | Indicator | H1 2025 (RMB) | H1 2024 (RMB) | Change (RMB) | | :--- | :-------------------- | :-------------------- | :------------ | | Total | 16,950,000 | 12,573,000 | +4,377,000 | - The increase was primarily due to higher profits generated by the Company's associates during the period[45](index=45&type=chunk)[49](index=49&type=chunk) [Share of Results of Joint Ventures](index=10&type=section&id=Management%20Discussion%20and%20Analysis_Business%20Review_Share%20of%20Results%20of%20Joint%20Ventures) Share of profit from joint ventures for the period was approximately RMB 34.395 million, a significant increase of approximately RMB 21.625 million from the prior period, mainly due to increased profits generated by joint ventures Share of Profit of Joint Ventures (H1 2025 vs. H1 2024) | Indicator | H1 2025 (RMB) | H1 2024 (RMB) | Change (RMB) | | :--- | :-------------------- | :-------------------- | :------------ | | Total | 34,395,000 | 12,770,000 | +21,625,000 | - The increase was primarily due to higher profits generated by the Company's joint ventures during the period[46](index=46&type=chunk)[50](index=50&type=chunk) [Income Tax Expenses](index=10&type=section&id=Management%20Discussion%20and%20Analysis_Business%20Review_Income%20Tax%20Expenses) Income tax expenses for the period were approximately RMB 10.689 million, an increase of approximately RMB 1.104 million from the prior period, mainly due to increased current tax Income Tax Expenses (H1 2025 vs. H1 2024) | Indicator | H1 2025 (RMB) | H1 2024 (RMB) | Change (RMB) | | :--- | :-------------------- | :-------------------- | :------------ | | Total | 10,689,000 | 9,585,000 | +1,104,000 | - The increase was primarily due to higher current tax expenses[47](index=47&type=chunk)[51](index=51&type=chunk) [Liquidity and Capital Resources](index=10&type=section&id=Management%20Discussion%20and%20Analysis_Business%20Review_Liquidity%20and%20Capital%20Resources) The Group's operations and capital expenditures are funded by operating cash flow, internal liquidity, and bank borrowings, with sufficient financial resources for future needs - The Group's funding sources for operations and capital expenditures include operating cash flow, internal liquidity, and bank borrowings[48](index=48&type=chunk)[52](index=52&type=chunk) - The Group possesses sufficient financial resources to meet future capital expenditures and operational requirements[48](index=48&type=chunk)[52](index=52&type=chunk) [Borrowing Structure](index=11&type=section&id=Management%20Discussion%20and%20Analysis_Business%20Review_Borrowing%20Structure) As of June 30, 2025, the Group's total borrowings decreased, with a significant reduction in short-term borrowings and an increase in long-term borrowings due after one year Borrowing Structure (As of June 30, 2025 vs. December 31, 2024) | Indicator | June 30, 2025 (RMB) | December 31, 2024 (RMB) | Change (RMB) | | :--- | :-------------------- | :-------------------- | :------------ | | Total Borrowings | 77,850,000 | 88,250,000 | (10,400,000) | | Short-term Borrowings | 45,100,000 | 83,550,000 | (38,450,000) | | Long-term Borrowings | 32,750,000 | 4,700,000 | +28,050,000 | - Annual interest rates for loans ranged from the People's Bank of China base rate plus **0.00% to 1.35%** (December 31, 2024: minus **0.25% to plus 1.00%**)[53](index=53&type=chunk)[57](index=57&type=chunk) - Approximately **RMB 62,750,000** of loans were secured by assets with a carrying amount of approximately **RMB 133,942,000**, with the remainder being unsecured loans[53](index=53&type=chunk)[57](index=57&type=chunk) [Capital Structure](index=11&type=section&id=Management%20Discussion%20and%20Analysis_Business%20Review_Capital%20Structure) The Group's long-term capital comprises equity attributable to owners and liabilities, affirmed by a healthy debt-to-capital ratio - The Group's long-term capital, comprising equity attributable to owners and liabilities, is affirmed by a healthy debt-to-capital ratio[54](index=54&type=chunk)[58](index=58&type=chunk) [Foreign Exchange Risk](index=11&type=section&id=Management%20Discussion%20and%20Analysis_Business%20Review_Foreign%20Exchange%20Risk) The Group faces no significant foreign exchange fluctuation risk in its operations as most revenue and expenses are denominated in RMB within China - The Group's operations are entirely within China, with the vast majority of revenue and expenses denominated in RMB, thus facing no significant foreign exchange fluctuation risk in its operations[55](index=55&type=chunk)[59](index=59&type=chunk) - Currently, the Group has no foreign currency hedging policy but closely monitors market exchange rate trends and makes appropriate adjustments when necessary[55](index=55&type=chunk)[59](index=59&type=chunk) [Capital and Other Commitments](index=11&type=section&id=Management%20Discussion%20and%20Analysis_Business%20Review_Capital%20and%20Other%20Commitments) As of June 30, 2025, the Group's capital commitments were approximately RMB 30.864 million, an increase from year-end 2024, primarily for regional pipeline network construction Capital Commitments (As of June 30, 2025 vs. December 31, 2024) | Indicator | June 30, 2025 (RMB) | December 31, 2024 (RMB) | Change (RMB) | | :--- | :-------------------- | :-------------------- | :------------ | | Total | 30,864,000 | 23,019,000 | +7,845,000 | - Primarily for regional pipeline network construction[56](index=56&type=chunk)[60](index=60&type=chunk) [Contingent Liabilities](index=12&type=section&id=Management%20Discussion%20and%20Analysis_Business%20Review_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[62](index=62&type=chunk)[66](index=66&type=chunk) [Events After the Reporting Period](index=12&type=section&id=Management%20Discussion%20and%20Analysis_Business%20Review_Event%20After%20the%20End%20of%20the%20Reporting%20Period) No significant events occurred after the end of the reporting period - No significant events occurred after the end of the reporting period[63](index=63&type=chunk)[67](index=67&type=chunk) [Employees](index=12&type=section&id=Management%20Discussion%20and%20Analysis_Business%20Review_Employees) As of June 30, 2025, the Group had approximately 4,900 employees, mostly in China, with remuneration based on responsibilities, performance, profitability, and market conditions - As of June 30, 2025, the Group had approximately **4,900 employees**, with the majority based in mainland China[64](index=64&type=chunk)[68](index=68&type=chunk) - Employee remuneration is determined by reference to their responsibilities within the Group, the Group's business performance, profitability, and market conditions[64](index=64&type=chunk)[68](index=68&type=chunk) - In addition to pensions, individual employees may receive discretionary bonuses and/or share options as incentives for their work performance[64](index=64&type=chunk)[68](index=68&type=chunk) [Prospects and Outlook](index=12&type=section&id=Management%20Discussion%20and%20Analysis_Prospects%20and%20Outlook) The Group anticipates growth opportunities in natural gas and LPG businesses due to China's low-carbon energy transition, while enhancing profitability in food supply and FMCG through third-party management - China's energy structure is transitioning towards low-carbon and environmentally friendly sources, with natural gas playing an increasingly prominent role as a key component in the shift towards low-carbon industries[65](index=65&type=chunk)[69](index=69&type=chunk) - Natural gas and liquefied petroleum gas will remain the Group's primary commodities in its gas business, with the government actively promoting high-quality development of the gas industry[70](index=70&type=chunk)[73](index=73&type=chunk) [Piped Gas Transmission and Distribution Business Outlook](index=13&type=section&id=Management%20Discussion%20and%20Analysis_Prospects%20and%20Outlook_Piped%20Gas%20Transmission%20and%20Distribution%20Business%20Outlook) The Group remains confident in the future piped gas market, driven by China's economic recovery, accelerated energy consumption growth, and ongoing urban gas pipeline upgrades - In H1 2025, China's economy continued its upward trend, with accelerated growth in overall energy consumption[71](index=71&type=chunk)[74](index=74&type=chunk) - China is advancing the renovation and intelligent upgrade of urban gas pipelines, aiming to largely complete the aging pipeline renovation tasks by the end of 2025[71](index=71&type=chunk)[74](index=74&type=chunk) - The Group remains confident in the future piped gas market, continuously ensuring safe and efficient operation of facilities and robust supply for residential use[71](index=71&type=chunk)[74](index=74&type=chunk) [Cylinder Gas Supply Business Outlook](index=13&type=section&id=Management%20Discussion%20and%20Analysis_Prospects%20and%20Outlook_Cylinder%20Gas%20Supply%20Business%20Outlook) Cylinder gas will maintain its significant role in the national energy structure as a flexible, convenient, efficient, and clean complement to piped gas supply - Cylinder gas is widely used in residential life, commercial activities, and industrial manufacturing due to its flexible, convenient, efficient, clean supply, and broad application scenarios[72](index=72&type=chunk)[75](index=75&type=chunk) - Cylinder gas effectively compensates for the shortcomings of piped gas in terms of coverage and supply flexibility, enhancing the overall stability and safety of the energy system[72](index=72&type=chunk)[75](index=75&type=chunk) - As a relatively clean and efficient energy form, cylinder gas will continue to hold a significant position in the national energy structure, serving as an effective supplement to piped gas supply[72](index=72&type=chunk)[75](index=75&type=chunk) [Gas Distribution Business Outlook](index=14&type=section&id=Management%20Discussion%20and%20Analysis_Prospects%20and%20Outlook_Gas%20Distribution%20Business%20Outlook) The Group will capitalize on LNG's broad application prospects to expand its gas distribution scale, increase sales and revenue, and ensure sustainable, safe, and efficient gas operations - Liquefied natural gas (LNG), as an efficient and clean energy source, has broad application prospects in industrial, power generation, and transportation sectors[77](index=77&type=chunk)[80](index=80&type=chunk) - The Group will seize industry development opportunities in gas distribution, striving to expand its distribution scale and steadily increase gas sales and revenue[77](index=77&type=chunk)[80](index=80&type=chunk) - The Group will continue to ensure the safe and efficient operation of its gas business, guarantee residential gas supply, actively develop industrial gas usage, expand market share, and achieve sustainable development[78](index=78&type=chunk)[80](index=80&type=chunk) [Food Ingredients Supply and FMCG Business Outlook](index=14&type=section&id=Management%20Discussion%20and%20Analysis_Prospects%20and%20Outlook_Food%20Ingredients%20Supply%20and%20FMCG%20Business%20Outlook) The food ingredients supply and FMCG business, under third-party management, will benefit from efficient processes, reduced operating costs, and economic recovery to enhance profitability - Transferring the food ingredients supply and FMCG business to third-party operation will help open new markets and achieve mutual benefits[79](index=79&type=chunk)[81](index=81&type=chunk) - Under third-party management, efficient processes will be introduced to reduce operating costs and enhance the profitability of the food ingredients supply and FMCG business[79](index=79&type=chunk)[81](index=81&type=chunk) - With the full normalization of economic and social operations, pro-consumption policies are taking effect, continuously unleashing consumption potential and accelerating the recovery of service consumption[79](index=79&type=chunk)[81](index=81&type=chunk) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=15&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This statement presents the Group's financial performance, including revenue, profit, and other comprehensive income for the period [Performance Overview](index=15&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income_Performance%20Overview) The Group's H1 2025 revenue decreased, but profit and total comprehensive income grew due to significantly increased share of profit from associates and joint ventures, and reduced selling and administrative expenses Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30, 2025) | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | Change (RMB '000) | Change (%) | | :--- | :----------------- | :----------------- | :--------------- | :------- | | Revenue | 1,228,089 | 1,361,691 | (133,602) | -9.81% | | Cost of sales and services | (1,078,625) | (1,194,087) | 115,462 | -9.67% | | Gross Profit | 149,464 | 167,604 | (18,140) | -10.82% | | Other gains and losses | (6,307) | 1,309 | (7,616) | -581.82% | | Other income | 15,157 | 19,863 | (4,706) | -23.69% | | Finance costs | (1,620) | (1,897) | 277 | -14.60% | | Selling and distribution expenses | (67,100) | (74,293) | 7,193 | -9.68% | | Administrative expenses | (52,755) | (61,736) | 8,981 | -14.55% | | Share of results of associates | 16,950 | 12,573 | 4,377 | +34.81% | | Share of results of joint ventures | 34,395 | 12,770 | 21,625 | +169.34% | | Profit before tax | 88,184 | 76,193 | 11,991 | +15.74% | | Income tax expense | (10,689) | (9,585) | (1,104) | +11.52% | | Profit for the period | 77,495 | 66,608 | 10,887 | +16.35% | | Total comprehensive income for the period | 76,260 | 57,972 | 18,288 | +31.55% | Profit and Total Comprehensive Income for the Period Attributable to (For the six months ended June 30, 2025) | Attributable to | 2025 (RMB '000) | 2024 (RMB '000) | Change (RMB '000) | | :--- | :----------------- | :----------------- | :--------------- | | Profit for the period attributable to owners of the Company | 64,190 | 43,394 | 20,796 | | Profit for the period attributable to non-controlling interests | 13,305 | 23,214 | (9,909) | | Total comprehensive income attributable to owners of the Company | 62,757 | 34,542 | 28,215 | | Total comprehensive income attributable to non-controlling interests | 13,503 | 23,430 | (9,927) | - Basic earnings per share was **RMB 0.72 cents** (2024: **RMB 0.49 cents**)[85](index=85&type=chunk) [Condensed Consolidated Statement of Financial Position](index=17&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This statement provides a snapshot of the Group's assets, liabilities, and equity at the end of the reporting period [Financial Position Overview](index=17&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position_Financial%20Position%20Overview) As of June 30, 2025, the Group's total assets and equity increased, with notable changes in joint venture interests, inventory, bank deposits, trade receivables, and borrowing structures Condensed Consolidated Statement of Financial Position (As of June 30, 2025 vs. December 31, 2024) | Indicator | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | Change (RMB '000) | Change (%) | | :--- | :----------------------- | :----------------------- | :--------------- | :------- | | **Non-current Assets** | **2,301,220** | **2,271,277** | **29,943** | **+1.32%** | | Property, plant and equipment | 741,798 | 738,471 | 3,327 | +0.45% | | Interests in joint ventures | 1,114,138 | 1,082,948 | 31,190 | +2.88% | | **Current Assets** | **1,086,407** | **1,097,076** | **(10,669)** | **-0.97%** | | Inventories | 68,250 | 43,729 | 24,521 | +56.08% | | Trade, bills and other receivables and prepayments | 251,221 | 323,239 | (72,018) | -22.28% | | Time deposits | 180,000 | 120,313 | 59,687 | +49.61% | | Bank balances and cash | 561,440 | 578,906 | (17,466) | -3.02% | | **Current Liabilities** | **526,546** | **593,466** | **(66,920)** | **-11.28%**| | Trade and other payables | 232,867 | 247,023 | (14,156) | -5.73% | | Bank borrowings - due within one year | 45,100 | 83,550 | (38,450) | -46.02% | | **Net Current Assets** | **559,861** | **503,610** | **56,251** | **+11.17%**| | **Total Equity** | **2,801,440** | **2,745,629** | **55,811** | **+2.03%** | | **Non-current Liabilities** | **59,641** | **29,258** | **30,383** | **+103.85%**| | Bank borrowings - due after one year | 32,750 | 4,700 | 28,050 | +596.81% | [Condensed Consolidated Statement of Changes in Equity](index=19&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) This statement details changes in the Group's equity components, including profit, other comprehensive income, and dividend payments [Equity Movements](index=19&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity_Equity%20Movements) The Group's total equity increased in H1 2025, primarily driven by profit attributable to owners of the Company, despite fair value changes in equity instruments and dividends paid to non-controlling interests Condensed Consolidated Statement of Changes in Equity (For the six months ended June 30, 2025) | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | Change (RMB '000) | | :--- | :----------------------- | :----------------------- | :--------------- | | Total Equity | 2,801,440 | 2,745,629 | 55,811 | | Equity attributable to owners of the Company | 2,581,002 | 2,518,245 | 62,757 | | Non-controlling interests | 220,438 | 227,384 | (6,946) | - Total comprehensive income for the period was **RMB 76,260,000**, of which **RMB 62,757,000** was attributable to owners of the Company and **RMB 13,503,000** to non-controlling interests[89](index=89&type=chunk) - Fair value changes of equity instruments at fair value through other comprehensive income (net of tax) for the period resulted in a loss of **RMB 1,447,000**[89](index=89&type=chunk) - Dividends of **RMB 27,856,000** were paid to non-controlling interests of subsidiaries during the period[89](index=89&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=21&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) This statement summarizes the Group's cash inflows and outflows from operating, investing, and financing activities [Cash Flow Summary](index=21&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows_Cash%20Flow%20Summary) The Group experienced a net decrease in cash and cash equivalents in H1 2025, primarily due to reduced net cash from operating activities and increased net cash used in financing activities, with investing activities shifting from net cash generation to net cash usage Condensed Consolidated Statement of Cash Flows (For the six months ended June 30, 2025) | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | Change (RMB '000) | | :--- | :----------------- | :----------------- | :--------------- | | Net cash generated from operating activities | 10,997 | 12,797 | (1,800) | | Net cash (used in) generated from investing activities | (1,583) | 137,090 | (138,673) | | Net cash used in financing activities | (26,880) | (24,454) | (2,426) | | Net (decrease) increase in cash and cash equivalents | (17,466) | 125,433 | (142,899) | | Cash and cash equivalents at beginning of period | 578,906 | 393,033 | 185,873 | | Cash and cash equivalents at end of period | 561,440 | 518,466 | 42,974 | [Notes to the Condensed Consolidated Financial Statements](index=22&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) These notes provide detailed explanations and breakdowns of the figures presented in the condensed consolidated financial statements [General Information](index=22&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements_General%20Information) The Company, incorporated in Bermuda and listed on the HKEX, is ultimately controlled by Dr. Mok Sai Hong, primarily engaging in piped gas, cylinder gas, gas distribution, and food supply businesses in China - The Company was incorporated in Bermuda on November 13, 1996, and listed on the Main Board of The Stock Exchange of Hong Kong Limited on April 24, 1997[92](index=92&type=chunk)[97](index=97&type=chunk) - The Company's ultimate controlling party is Dr. Mok Sai Hong, who is also the Chairman and Executive Director of the Company[93](index=93&type=chunk)[97](index=97&type=chunk) - The Group is principally engaged in piped gas transmission and distribution, cylinder gas supply, gas distribution, and food ingredients supply and fast-moving consumer goods businesses in the People's Republic of China[94](index=94&type=chunk)[97](index=97&type=chunk) [Basis of Preparation and Principal Accounting Policies](index=22&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements_Basis%20of%20Preparation%20and%20Principal%20Accounting%20Policies) The unaudited condensed consolidated financial statements are prepared under HKAS 34 and Listing Rules, using a historical cost basis with certain financial instruments measured at fair value, with no significant impact from new HKFRS adoptions - The unaudited 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 16 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[96](index=96&type=chunk)[98](index=98&type=chunk) - The financial statements are prepared on a historical cost basis, except for certain financial instruments which are measured at fair value[99](index=99&type=chunk)[102](index=102&type=chunk) - The adoption of the revised Hong Kong Financial Reporting Standards (including HKAS 21 (Amendment) Lack of Exchangeability) during the period had no significant impact on the Group's financial position, performance, and/or disclosures for the current and/or prior periods[105](index=105&type=chunk)[106](index=106&type=chunk)[110](index=110&type=chunk) [Segment Information](index=24&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements_Segment%20Information) The Group operates four segments: piped gas, cylinder gas, gas distribution, and food supply, with all revenue and non-current assets derived from China, showing varied performance across segments - The Group's operating segments include: (i) piped gas transmission and distribution; (ii) cylinder gas supply; (iii) gas distribution; and (iv) food ingredients supply and FMCG[108](index=108&type=chunk)[118](index=118&type=chunk) Segment Revenue from External Customers (For the six months ended June 30, 2025) | Segment | 2025 (RMB '000) | 2024 (RMB '000) | Change (RMB '000) | Change (%) | | :--- | :----------------- | :----------------- | :--------------- | :------- | | Piped Gas Transmission and Distribution | 582,950 | 637,608 | (54,658) | -8.57% | | Cylinder Gas Supply | 270,033 | 331,480 | (61,447) | -18.54% | | Gas Distribution | 373,777 | 347,595 | 26,182 | +7.53% | | Food Ingredients Supply and FMCG | 1,329 | 45,008 | (43,679) | -97.05% | | **Total** | **1,228,089** | **1,361,691** | **(133,602)** | **-9.81%** | Segment Profit (Loss) (For the six months ended June 30, 2025) | Segment | 2025 (RMB '000) | 2024 (RMB '000) | Change (RMB '000) | | :--- | :----------------- | :----------------- | :--------------- | | Piped Gas Transmission and Distribution | 38,513 | 39,980 | (1,467) | | Cylinder Gas Supply | 5,025 | 17,069 | (12,044) | | Gas Distribution | 1,453 | 1,955 | (502) | | Food Ingredients Supply and FMCG | (622) | (2,391) | 1,769 | | **Total** | **44,369** | **56,613** | **(12,244)** | - The Group's operations are primarily conducted in China, with all revenue derived from China, and the physical location of all non-current assets is in China[124](index=124&type=chunk)[128](index=128&type=chunk) [Other Gains and Losses](index=28&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements_Other%20Gains%20and%20Losses) Other gains and losses for the period resulted in a loss of RMB 6.307 million, a shift from a gain in the prior period, mainly due to increased net exchange losses and impairment losses under the expected credit loss model Details of Other Gains and Losses (For the six months ended June 30, 2025) | Item | 2025 (RMB '000) | 2024 (RMB '000) | Change (RMB '000) | | :--- | :----------------- | :----------------- | :--------------- | | Loss on disposal of property, plant and equipment | (442) | (3,700) | 3,258 | | Net exchange losses | (3,287) | (576) | (2,711) | | Gain on disposal of subsidiaries | 322 | 5,371 | (5,049) | | Gain on disposal of financial assets at fair value through profit or loss | 94 | – | 94 | | Impairment losses under expected credit loss model, net of reversal - receivables from customer contracts | (1,071) | (2,258) | 1,187 | | Impairment losses under expected credit loss model, net of reversal - other receivables | (1,923) | 2,472 | (4,395) | | **Total** | **(6,307)** | **1,309** | **(7,616)** | [Other Income](index=29&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements_Other%20Income) Other income for the period was approximately RMB 15.157 million, a decrease from the prior period, mainly due to reduced bank interest income and net sales of gas appliances and materials Details of Other Income (For the six months ended June 30, 2025) | Item | 2025 (RMB '000) | 2024 (RMB '000) | Change (RMB '000) | | :--- | :----------------- | :----------------- | :--------------- | | Bank interest income | 1,041 | 2,722 | (1,681) | | Government grants | 33 | 438 | (405) | | Net rental income | 1,506 | 1,258 | 248 | | Maintenance service income | 2 | 58 | (56) | | Net sales of gas appliances and materials | 6,620 | 7,495 | (875) | | Others | 5,955 | 7,892 | (1,937) | | **Total** | **15,157** | **19,863** | **(4,706)** | [Finance Costs](index=29&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements_Finance%20Costs) Finance costs for the period were approximately RMB 1.620 million, a decrease from the prior period, primarily due to reduced interest on lease liabilities Details of Finance Costs (For the six months ended June 30, 2025) | Item | 2025 (RMB '000) | 2024 (RMB '000) | Change (RMB '000) | | :--- | :----------------- | :----------------- | :--------------- | | Interest on bank borrowings | 1,538 | 1,572 | (34) | | Interest on lease liabilities | 82 | 325 | (243) | | **Total** | **1,620** | **1,897** | **(277)** | [Profit Before Tax](index=30&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements_Profit%20Before%20Tax) Profit before tax is stated after deducting staff costs, inventory costs, various depreciation and amortization, and contract costs for gas connection construction, with staff costs increasing and inventory and gas connection costs decreasing Details of Items Deducted from Profit Before Tax (For the six months ended June 30, 2025) | Item | 2025 (RMB '000) | 2024 (RMB '000) | Change (RMB '000) | | :--- | :----------------- | :----------------- | :--------------- | | Staff costs (including directors' emoluments) | 87,800 | 74,292 | 13,508 | | Cost of inventories recognised as expense | 1,061,697 | 1,166,653 | (104,956) | | Depreciation of property, plant and equipment | 22,186 | 23,594 | (1,408) | | Depreciation of right-of-use assets | 2,515 | 2,656 | (141) | | Depreciation of investment properties | 2,076 | – | 2,076 | | Amortisation of intangible assets | 615 | 615 | – | | Contract costs recognised as expense for gas connection construction contracts | 16,928 | 27,434 | (10,506) | [Income Tax Expenses](index=30&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements_Income%20Tax%20Expense) Income tax expenses increased during the period, primarily due to China corporate income tax, with some subsidiaries benefiting from preferential tax rates in western regions and for small-profit enterprises Details of Income Tax Expenses (For the six months ended June 30, 2025) | Item | 2025 (RMB '000) | 2024 (RMB '000) | Change (RMB '000) | | :--- | :----------------- | :----------------- | :--------------- | | China corporate income tax - current tax | 11,148 | 9,758 | 1,390 | | China corporate income tax - under-provision in prior periods | (295) | 58 | (353) | | Deferred tax | (164) | (231) | 67 | | **Total** | **10,689** | **9,585** | **1,104** | - The applicable corporate income tax rate for the Group's PRC subsidiaries ranges from **15% to 25%**[142](index=142&type=chunk)[145](index=145&type=chunk) - Certain subsidiaries operating in the western regions are granted a preferential tax rate of **15%** by local tax authorities, effective from January 1, 2021, to December 31, 2030[142](index=142&type=chunk)[145](index=145&type=chunk) - For small-profit enterprises, the portion of annual taxable income is calculated at a reduced rate of **25%** of its taxable income, with an applicable corporate income tax rate of **20%** (effective from January 1, 2023, to December 31, 2027)[143](index=143&type=chunk)[146](index=146&type=chunk) [Dividends](index=32&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements_Dividend) No dividends were paid or proposed by the Group during the six months ended June 30, 2025, nor have any been proposed since the end of the reporting period - No dividends were paid or proposed during the six months ended June 30, 2025 (2024: nil)[147](index=147&type=chunk)[148](index=148&type=chunk) - No dividends have been proposed since the end of the reporting period[147](index=147&type=chunk)[148](index=148&type=chunk) [Earnings Per Share](index=32&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements_Earnings%20Per%20Share) Basic earnings per share attributable to owners of the Company increased to RMB 0.72 cents, with no diluted earnings per share presented due to the absence of potential ordinary shares Earnings Per Share (For the six months ended June 30, 2025) | Indicator | 2025 (RMB cents) | 2024 (RMB cents) | | :--- | :---------------- | :---------------- | | Basic Earnings Per Share | 0.72 | 0.49 | - The profit for the period attributable to owners of the Company used in calculating basic earnings per share was **RMB 64,190,000** (2024: **RMB 43,394,000**)[150](index=150&type=chunk) - The weighted average number of ordinary shares used in calculating basic earnings per share was **8,934,561,203 shares**[150](index=150&type=chunk) - Diluted earnings per share for both periods are not presented as there were no outstanding potential ordinary shares during these periods[150](index=150&type=chunk)[151](index=151&type=chunk) [Movements in Property, Plant and Equipment](index=33&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements_Movements%20in%20Property%2C%20Plant%20and%20Equipment) During the six months ended June 30, 2025, the Group acquired property, plant and equipment amounting to approximately RMB 25.513 million Acquisition of Property, Plant and Equipment (For the six months ended June 30, 2025) | Indicator | 2025 (RMB) | 2024 (RMB) | | :--- | :-------------- | :-------------- | | Acquisition Amount | 25,513,000 | 31,130,000 | [Trade, Bills and Other Receivables and Prepayments](index=33&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements_Trade%2C%20Bills%20and%20Other%20Receivables%20and%20Prepayments) As of June 30, 2025, the Group's total trade, bills, and other receivables and prepayments decreased, with an increase in trade receivables and a decrease in bills and other receivables, and a credit period of 0 to 180 days for customers Total Trade, Bills and Other Receivables and Prepayments (As of June 30, 2025 vs. December 31, 2024) | Indicator | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | Change (RMB '000) | | :--- | :----------------------- | :----------------------- | :--------------- | | Total | 251,221 | 323,239 | (72,018) | Ageing Analysis of Trade Receivables (Net of Provision for Credit Losses) (As of June 30, 2025 vs. December 31, 2024) | Ageing | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :----------------------- | :----------------------- | | 0 to 90 days | 57,666 | 41,501 | | 91 to 180 days | 4,563 | 3,596 | | Over 180 days | 5,526 | 5,170 | | **Total** | **67,755** | **50,267** | Ageing Analysis of Bills Receivables (As of June 30, 2025 vs. December 31, 2024) | Ageing | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :----------------------- | :----------------------- | | 0 to 90 days | 250 | 2,948 | | 91 to 180 days | – | 1,121 | | Over 180 days | – | 60 | | **Total** | **250** | **4,129** | - The Group's policy is to grant its customers a credit period ranging from **0 to 180 days**[156](index=156&type=chunk) [Trade and Other Payables](index=35&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements_Trade%20and%20Other%20Payables) As of June 30, 2025, the Group's total trade and other payables decreased, with a reduction in trade payables and a significant increase in amounts due to non-controlling interests of subsidiaries Total Trade and Other Payables (As of June 30, 2025 vs. December 31, 2024) | Indicator | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | Change (RMB '000) | | :--- | :----------------------- | :----------------------- | :--------------- | | Total | 232,867 | 247,023 | (14,156) | Ageing Analysis of Trade Payables (As of June 30, 2025 vs. December 31, 2024) | Ageing | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :----------------------- | :----------------------- | | 0 to 90 days | 58,560 | 77,113 | | 91 to 180 days | 12,595 | 11,647 | | Over 180 days | 26,222 | 23,509 | | **Total** | **97,377** | **112,269** | - Amounts due to non-controlling interests of subsidiaries significantly increased to **RMB 16,375,000** (2024: **RMB 196,000**)[159](index=159&type=chunk) - The average credit period for purchases of goods is **90 days**[158](index=158&type=chunk) [Bank Borrowings](index=35&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements_Bank%20Borrowings) As of June 30, 2025, the Group's total bank borrowings decreased, with a significant reduction in short-term borrowings and a notable increase in long-term borrowings, mostly secured and linked to the People's Bank of China loan prime rate Bank Borrowings (As of June 30, 2025 vs. December 31, 2024) | Indicator | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | Change (RMB '000) | | :--- | :----------------------- | :----------------------- | :--------------- | | Due within one year | 45,100 | 83,550 | (38,450) | | Due after one year | 32,750 | 4,700 | 28,050 | | **Total** | **77,850** | **88,250** | **(10,400)** | - All secured and unsecured bank borrowings are loan prime rate borrowings, with annual interest rates ranging from the People's Bank of China base rate plus **0.00% to 1.35%** (December 31, 2024: minus **0.25% to plus 1.00%**)[160](index=160&type=chunk)[162](index=162&type=chunk) - Approximately **RMB 62,750,000** of loans are secured by certain assets with a carrying amount of approximately **RMB 133,942,000**, with the remainder being unsecured loans[161](index=161&type=chunk)[162](index=162&type=chunk) [Share Capital](index=36&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements_Share%20Capital) As of June 30, 2025, the Company's authorized and issued and fully paid share capital remained unchanged Share Capital (As of June 30, 2025 vs. December 31, 2024) | Indicator | June 30, 2025 (Number of Shares) | December 31, 2024 (Number of Shares) | | :--- | :----------------------- | :----------------------- | | Authorised ordinary shares (par value HKD 0.07 each) | 38,000,000,000 | 38,000,000,000 | | Issued and fully paid ordinary shares | 8,934,561,203 | 8,934,561,203 | - The issued and fully paid share capital remained **HKD 625,419,000** (**RMB 564,507,000**) at both the beginning and end of the reporting period[165](index=165&type=chunk) [Share-Based Payment Transactions](index=37&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements_Share-Based%20Payment%20Transactions) The Company has a share option scheme to incentivize eligible participants, but no share options were outstanding, granted, exercised, lapsed, or cancelled during the six months ended June 30, 2025, or as of December 31, 2024 - The Company has a share option scheme to encourage and reward eligible participants who have contributed to the Group's successful operations[166](index=166&type=chunk)[168](index=168&type=chunk) - As of June 30, 2025, and December 31, 2024, no share options were outstanding, granted, exercised, lapsed, or cancelled under the share option scheme[167](index=167&type=chunk)[168](index=168&type=chunk) [Acquisition / Disposal of Subsidiaries](index=38&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements_Acquisition%20%2F%20Disposal%20of%20Subsidiaries) The Group made no significant subsidiary acquisitions during the period but disposed of equity interests in three subsidiaries engaged in cylinder gas sales and distribution, realizing gains on disposal - No significant subsidiaries were acquired during the period[169](index=169&type=chunk)[171](index=171&type=chunk) Overview of Subsidiary Disposals (H1 2025) | Subsidiary Name | % of Equity Disposed | Cash Consideration (RMB) | Gain on Disposal (RMB) | Net Cash Outflow from Disposal (RMB) | | :--- | :----------- | :---------------- | :---------------- | :------------------------------ | | Qiannan Zhongmin Gas Co., Ltd. | 100% | 70,000 | 311,000 | (80,000) | | Wengan Zhongmin Gas Co., Ltd. | 51% | 15,000 | 5,000 | (1,000) | | Fuquan Zhongmin Gas Co., Ltd. | 50% | 50,000 | 6,000 | 46,000 | - All disposed subsidiaries were primarily engaged in cylinder gas sales and distribution[170](index=170&type=chunk)[175](index=175&type=chunk)[179](index=179&type=chunk) [Fair Value Measurement of Financial Instruments](index=41&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements_Fair%20Value%20Measurement%20of%20Financial%20Instruments) The Group measures its unlisted equity instruments at fair value through other comprehensive income on a recurring basis, primarily using Level 3 valuation techniques based on market multiples and a lack of marketability discount, resulting in a decrease in other comprehensive income - The Group measures its equity instruments at fair value through other comprehensive income on a recurring basis at each reporting period end[182](index=182&type=chunk)[186](index=186&type=chunk) - Valuation techniques are primarily based on market multiples (such as Enterprise Value to Earnings Before Interest, Tax, Depreciation and Amortisation (EV/EBITDA) and Price-to-Book Ratio (P/B)) and a lack of marketability discount of **20.4%**[187](index=187&type=chunk)[189](index=189&type=chunk) Fair Value of Unlisted Equity Instruments at Fair Value Through Other Comprehensive Income (As of June 30, 2025 vs. December 31, 2024) | Entity Business | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :----------------------- | :----------------------- | | Manufacturing and sales of glass products | 70,426 | 78,145 | | Banking | 27,238 | 21,451 | | Sales and distribution of cylinder gas and gas appliances | 6,477 | 5,525 | | Sales and distribution of cylinder gas and gas appliances (another entity) | – | 345 | | Sales and distribution of kitchenware | 295 | 307 | | Sales and distribution of cylinder gas | 2,150 | 2,260 | | Sales and distribution of cylinder gas (no business currently) | 1,900 | 1,900 | | **Total** | **108,486** | **109,933** | - There were no transfers between Level 1, Level 2, and Level 3 during the six months ended June 30, 2025[193](index=193&type=chunk)[196](index=196&type=chunk) [Material Related Party Transactions](index=45&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements_Material%20Related%20Party%20Transactions) The Group engaged in various material related party transactions, including procurement and sales of natural gas and cylinder gas, goods trading, consulting service fees, and rental payments, all conducted on agreed terms Material Related Party Transactions (For the six months ended June 30, 2025) | Transaction Type | Related Party | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :----------------- | :----------------- | | Purchase of natural gas | Shaanxi Provincial Natural Gas Co., Ltd. | 98,017 | 107,672 | | Purchase of cylinder gas | Yunnan Jiehua Clean Energy Development Co., Ltd. Jiehua Chemical Branch | 3,791 | 8,337 | | Purchase of cylinder gas | Yunnan Xianfeng Chemical Co., Ltd. | 1,425 | 15,443 | | Payment of consulting service fees | Fuzhou Futie Anran Gas Co., Ltd. | 1 | – | | Purchase of goods | Fuzhou Development Zone Anran Gas Co., Ltd. | 20 | 137 | | Sales of cylinder gas | Funing Fuxiang Oxygen Acetylene Plant | – | 30 | | Sales of goods | Yunnan Baijiang Gas Co., Ltd. | 477 | 122 | | Payment of rent | Mile Xinyuan Gas Co., Ltd. | 53 | 53 | | Payment of rent | Funing Fuxiang Oxygen Acetylene Plant | – | 50 | | Purchase of cylinder gas | Baijiang Southwest Gas Co., Ltd. | 1,891 | – | | Receipt of consulting service fees | Fuzhou Futie Anran Gas Co., Ltd. | 31 | – | - The above transactions were conducted on terms agreed between the parties[200](index=200&type=chunk)[202](index=202&type=chunk) - Directors are considered the Group's only key management personnel, and their emoluments are disclosed in Note 7[201](index=201&type=chunk)[203](index=203&type=chunk) [Capital Commitments](index=47&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements_Capital%20Commitments) As of June 30, 2025, the Group's capital commitments were approximately RMB 30.864 million, an increase from year-end 2024, primarily for the acquisition of property, plant and equipment and right-of-use assets, largely related to regional pipeline network construction Capital Commitments (As of June 30, 2025 vs. December 31, 2024) | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | Change (RMB '000) | | :--- | :----------------------- | :----------------------- | :--------------- | | Acquisition of property, plant and equipment | 22,317 | 7,232 | 15,085 | | Acquisition of right-of-use assets | 8,547 | 15,787 | (7,240) | | **Total** | **30,864** | **23,019** | **7,845** | - Primarily for regional pipeline network construction[60](index=60&type=chunk) [Major Non-Cash Transactions](index=47&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements_Major%20Non-Cash%20Transaction) There were no major non-cash transactions during the period - There were no major non-cash transactions during the period[207](index=207&type=chunk)[210](index=210&type=chunk) [Contingent Liabilities](index=47&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements_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[208](index=208&type=chunk)[211](index=211&type=chunk) [Events After the Reporting Period](index=47&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements_Event%20After%20the%20End%20of%20the%20Reporting%20Period) No significant events occurred after the end of the reporting period - No significant events occurred after the end of the reporting period[209](index=209&type=chunk)[212](index=212&type=chunk) [Disclosure of Interests](index=48&type=section&id=Disclosure%20of%20Interests) This section details the interests of directors and substantial shareholders in the company's shares and related securities [Directors' Interests in Shares, Underlying Shares or Debentures](index=48&type=section&id=Disclosure%20of%20Interests_Directors%27%20Interests%20in%20Shares%2C%20Underlying%20Shares%20or%20Debentures) As of June 30, 2025, several directors held long positions in the Company's shares, with Dr. Mok Sai Hong and Ms. Mok Wan Pik holding the largest proportions through corporate interests, and no other interests or arrangements for share/debenture purchases Directors' Long Positions in the Company's Shares (As of June 30, 2025) | Director Name | Personal Interest (Number of Shares) | Corporate Interest (Number of Shares) | Total (Number of Shares) | Approximate Percentage of Issued Ordinary Shares (%) | | :--- | :--- | :--- | :--- | :--- | | Dr. Mok Sai Hong | – | 3,795,132,762 | 3,795,132,762 | 42.48 | | Ms. Mok Wan Pik | – | 3,795,132,762 | 3,795,132,762 | 42.48 | | Mr. Cheung Wo Sang | 338,271,282 | – | 338,271,282 | 3.79 |

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) | 00681 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 38,000,000,000 | HKD | | 0.07 HKD | | 2,660,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 38,000,000,000 | HKD | | 0.07 HKD | | 2,660,000,000 | 本月底法定/註冊股本總額： HKD 2,660,000,000 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 | | | 致：香港交易及結算所有限公司 公司名稱: 中民控 ...

Group 1 - The core viewpoint of the article indicates that Zhongmin Holdings (00681.HK) reported a mid-term revenue decrease of approximately 9.84% to about RMB 1.228 billion for the six months ending June 30, 2025, primarily due to a decline in income from pipeline gas distribution and bottled gas supply businesses [1][2] - The company's profit for the period was approximately RMB 77.5 million, an increase of about RMB 10.89 million compared to RMB 66.61 million in the same period of 2024, mainly due to reduced sales and distribution expenses as well as administrative expenses [1] - Basic earnings per share for the period were RMB 0.72, compared to RMB 0.49 in 2024, reflecting an improvement in profitability [1] - The board of directors did not recommend the payment of an interim dividend for this period, consistent with the previous year [1]

Core Viewpoint - Zhongmin Holdings (00681) reported a revenue of 1.228 billion RMB for the six months ending June 30, 2025, representing a year-on-year decrease of 9.81% [1] - The profit attributable to the company's owners was 64.19 million RMB, showing a year-on-year increase of 47.92% [1] - Basic earnings per share were 0.72 cents [1] Financial Performance - Revenue for the period was 1.228 billion RMB, down 9.81% compared to the previous year [1] - Profit attributable to owners increased to 64.19 million RMB, up 47.92% year-on-year [1] - Basic earnings per share stood at 0.72 cents [1]

中民控股(00681)发布截至2025年6月30日止6个月业绩，该集团期内取得收入12.28亿元人民币，同比减 少9.81%;公司拥有人应占溢利6419万元，同比增加47.92%;每股基本盈利0.72分。 ...

Financial Performance - Revenue for the six months ended June 30, 2025, decreased by approximately 9.84% to RMB 1.228 billion compared to RMB 1.362 billion in 2024[3] - Profit for the period was approximately RMB 775 million, an increase of about RMB 109 million from RMB 666 million in 2024, primarily due to reduced selling and administrative expenses[3] - Basic earnings per share for the period were RMB 0.72, compared to RMB 0.49 in 2024[4] - Total comprehensive income for the period was RMB 762.6 million, up from RMB 579.72 million in 2024[6] - The company reported a total pre-tax profit of RMB 88,184,000 for the six months ended June 30, 2025, compared to RMB 76,193,000 for the same period in 2024, reflecting an increase of 15.7%[21][22] - The gross profit margin for the company was approximately 12.17%, a decrease of about 0.14% from 12.31% in 2024, primarily due to lower margins in the gas distribution business[39] Assets and Equity - Non-current assets as of June 30, 2025, amounted to RMB 2.301 billion, compared to RMB 2.271 billion as of December 31, 2024[8] - Current assets decreased slightly to RMB 1.086 billion from RMB 1.097 billion as of December 31, 2024[8] - Total equity attributable to owners of the company increased to RMB 2.581 billion from RMB 2.518 billion in 2024[9] - The company reported a net current asset value of RMB 559.86 million, up from RMB 503.61 million in 2024[8] Revenue Breakdown - For the six months ended June 30, 2025, the total revenue from external customers was RMB 1,228,089,000, a decrease of 9.8% compared to RMB 1,361,691,000 for the same period in 2024[21][22] - Revenue from the pipeline gas distribution business was approximately RMB 582.95 million, a decrease of about RMB 54.66 million or 8.57% year-on-year[40] - The pipeline gas distribution business accounted for approximately 47.47% of total revenue, compared to 46.82% in 2024[40] - Pipeline gas connection revenue for the period was approximately RMB 28,473,000, a decrease of about RMB 12,074,000 or 29.78% compared to the same period last year, accounting for approximately 4.88% of total pipeline gas distribution revenue[41] - Pipeline gas sales revenue for the period was approximately RMB 554,477,000, a decrease of about RMB 42,584,000 or 7.13% year-on-year, with total sales volume of approximately 21,356 million cubic meters, down about 8.58%[42] - Sales of bottled gas amounted to approximately 48,054 tons, a decrease of about 7.76% year-on-year, with sales revenue of approximately RMB 270,033,000, down about RMB 61,447,000 or 18.54%[43] - Gas distribution business revenue was approximately RMB 373,777,000, an increase of about RMB 26,182,000 or 7.53% year-on-year, with sales volume of approximately 99,334 tons, up about 9.43%[44] Expenses and Costs - Employee costs for the six months ended June 30, 2025, totaled RMB 87.8 million, an increase from RMB 74.29 million in 2024[29] - Administrative expenses for the period were approximately RMB 52,755,000, a decrease of about RMB 8,981,000 compared to the previous year, mainly due to reduced depreciation and lease expenses[51] - Financial costs for the period were approximately RMB 1,620,000, a decrease of about RMB 277,000 year-on-year, primarily due to reduced interest on lease liabilities[49] - Other income for the period was approximately RMB 15,157,000, a decrease of about RMB 4,706,000 compared to the previous year, mainly due to reduced bank interest income and net sales of gas appliances[48] Dividends and Governance - The board of directors did not recommend the payment of an interim dividend for the period[5] - The company did not declare or recommend any dividends for the six months ended June 30, 2025, consistent with 2024[33] - The company has fully complied with the corporate governance code as of June 30, 2025[70] - All directors confirmed adherence to the standard code of conduct during the reporting period[71] - The audit committee reviewed the consolidated financial statements for the period, ensuring compliance with accounting principles adopted by the company[72] Strategic Initiatives and Market Outlook - The company operates primarily in the pipeline gas distribution and bottled gas supply sectors in China[10] - The company remains confident in the future market for pipeline gas, supported by the ongoing upgrade and modernization of urban gas pipelines, expected to be largely completed by the end of 2025[65] - The liquefied petroleum gas and natural gas will continue to be the main products in the company's gas business, contributing to carbon peak and carbon neutrality goals[64] - The company aims to expand its gas distribution scale and steadily increase gas sales and revenue, leveraging advancements in liquefied natural gas technology[67] - The food supply and marketplace business has improved delivery efficiency through comprehensive platform and intelligent management, with third-party management expected to lower operational costs and enhance profitability[68] Employee and Operational Information - As of June 30, 2025, the company had approximately 4,900 employees, primarily located in China[62] - There were no significant events occurring after the reporting date[61] - The total borrowing amount as of June 30, 2025, was approximately RMB 77,850,000, down from RMB 88,250,000 as of December 31, 2024[56] - The capital commitments as of June 30, 2025, were approximately RMB 30,864,000, an increase from RMB 23,019,000 as of December 31, 2024, mainly for regional pipeline network construction[59] - The company has not purchased, sold, or redeemed any of its listed securities during the reporting period[69]

中民控股有限公司（「本公司」）董事會（「董事會」）宣布・本公司将於2025 年8月26日（星期二）舉行董事會會議・董事會將於會上通過議案・其中包括批准 刊發本公司及其附屬公司截至2025年6月30日止六個月之未經審核中期紫績・以及 考慮派發中期股息（如有）。 承董事會命 中民控股有限公司 董事總經理及執行董事 范方義先生 北京,2025年8月13日 於本公布日期 ›董事會包括5名執行董事 ›分別為莫世康博士(主席) 張和生先生(副 主席）、范方義先生(董事總經理)、莫雲碧小姐及李歡女士，1名非執行董事為劉駿 民博士以及3名獨立非執行董事,分別為趙彥雲教授、張志明先生及劉曉欣博士。 CHINESE PEOPLE HOLDINGS COMPANY LIMITED 中 民 控 股 有 限 公 司 (於百慕達註冊成立之有限責任公司）（股份代號：681) 董事會召開日期 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布的內容概不負責 對其準確性或 完整性亦不發表任何聲明,並明確表示,概不對因本公布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。 ...

| 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) | 00681 | 說明 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | 38,000,000,000 | HKD | | 0.07 HKD | | 2,660,000,000 | | 增加 / 減少 (-) | | | 0 | | HKD | | 0 | | 本月底結存 | | 38,000,000,000 | HKD | | 0.07 HKD | | 2,660,000,000 | 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 | | | 本月底法定/註冊股本總額： HKD 2,660,000,000 致：香港交易及結算所有限公司 公司名稱: 中民控股有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 第 1 頁 共 10 頁 v 1.1.1 FF ...