Core Viewpoint - The establishment of Shouwo Investment Holdings' subsidiary, Shoucheng Robot Advanced Materials Industry Co., Ltd., aims to extend the robot industry chain and create a comprehensive ecosystem centered around humanoid robots, positioning itself as a significant player in the robot industry ecosystem [1] Group 1: Strategic Initiatives - The new advanced materials company will focus on investing and incubating key upstream materials required for the robot industry, enhancing the company's capabilities in the robot ecosystem [1] - The initiative is part of the company's strategic layout to address critical upstream segments of the robot industry chain, seizing significant opportunities in the advanced materials sector during the industrialization of robotics [1] Group 2: Focus Areas - The advanced materials company will concentrate on the industrialization of core advanced materials such as electronic skin materials, tendon materials, and lightweight PEEK materials, which will significantly enhance the company's integration capabilities across the entire industry chain [1] - This move is expected to improve the performance and competitiveness of existing robot projects, ultimately creating long-term value returns for all shareholders [1]

智通财经APP讯，首程控股(00697)发布公告，该公司将于2025年11月17日派发中期股息每股0.0343港 元。 （原标题：首程控股(00697)将于11月17日派发中期股息每股0.0343港元） ...

Core Viewpoint - The establishment of Shouwo Investment Holdings' subsidiary, Shoucheng Robotics Advanced Materials Industry Co., Ltd., aims to extend the robotics industry chain and create a comprehensive ecosystem centered around humanoid robots, positioning the company as a significant player in the robotics industry ecosystem [1] Group 1: Strategic Initiatives - The new advanced materials company will focus on investing in and incubating key upstream materials required for the robotics industry, enhancing the company's capabilities in the robotics ecosystem [1] - The initiative is part of the company's strategic layout to address critical upstream segments of the robotics industry chain, seizing significant opportunities in the advanced materials sector during the industrialization of robotics [1] Group 2: Focus Areas - The advanced materials company will concentrate on the industrialization of core advanced materials such as electronic skin materials, tendon materials, and lightweight PEEK materials, which will significantly enhance the company's integration capabilities across the entire industry chain [1] - This focus will further improve the ecosystem surrounding humanoid robots, empowering existing robotics projects and enhancing their performance and competitiveness [1]

Group 1 - The company reported a mid-year revenue of approximately HKD 731 million for 2025, representing a year-on-year increase of about 36% [1] - Gross profit was approximately HKD 295 million, up about 26% compared to the same period last year [1] - Profit attributable to shareholders was approximately HKD 339 million, reflecting a year-on-year increase of about 30% [1] - The basic and diluted earnings per share were HKD 0.0477, with an interim dividend of HKD 0.0343 per share [1] Group 2 - The company's asset operation revenue was approximately HKD 511 million, an increase of about 26% year-on-year, driven by efficient operations of new projects like the Xi'an Xianyang International Airport T5 parking lot [1] - Asset financing revenue reached approximately HKD 220 million, marking a significant year-on-year increase of about 69% [1] - The company has invested in AI technology, launching an AI smart customer service and Q&A function, which reduced the workload of human customer service by over 50% [1] Group 3 - The company is proactively investing in the robotics industry through various funds and has established a robotics technology company to support the entire industry chain [2] - The company aims to enhance the efficiency and value of China's infrastructure assets through focused investments in core areas and industries [2] - The company plans to build a complete robotics industry ecosystem through investment, production, and services, enhancing the digital management level of its assets [2]

首程控股(00697)发布公告，该公司将于2025年11月17日派发中期股息每股0.0343港元。 ...

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 而産生或因倚賴該等內容而引致的任何損失承擔任何責任。 於本公告日期，董事會包括執行董事趙天暘先生（主席）、李浩先生（副主席）、許華 傑先生及劉景偉先生；非執行董事彭吉海先生及何智恒先生；獨立非執行董事王鑫博士 、張泉靈女士、諸葛文靜女士、張建偉博士及謝其潤女士。 本公告乃由首程控股有限公司（「本公司」，連同其附屬公司「本集團」）自願發出。 本公司董事會欣然宣佈，近日，本公司之全資附屬公司首沃投資控股有限公司（「首沃 投資」）擬設立首程機器人先進材料產業有限公司（「先進材料產業公司」），致力於 延伸機器人產業鏈佈局，構建以人形機器人為代表的全產業鏈機器人生態，成為機器人 產業生態領域最具影響力的特色化產融服務商。 先進材料產業公司將圍繞機器人產業所需的上游關鍵材料展開投資與孵化，並以「產業 深耕、生態聯動、前瞻佈局」為宗旨，系統性地投資於機器人先進材料及其他具備高度 協同潛力的新產業賽道。設立先進材料產業公司，是本集團在機器人產業鏈上游的重要 延伸，有利於 ...

EF001 免責聲明 | 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 | | | --- | --- | | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 首程控股有限公司 | | 股份代號 | 00697 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 05723 SHOUCHENG B2607 | | 公告標題 | 截至2025年6月30日止六個月之中期股息 | | 公告日期 | 2024年8月30日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年6月30日 | | 宣派股息 | 每 股 0.0343 HKD | | 股東批准日期 | 不適用 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.0343 H ...

[Financial Summary](index=1&type=section&id=Financial%20Summary) The company's interim financial performance shows significant growth in revenue, profit attributable to owners, and earnings per share, alongside a substantial dividend declaration [Interim Results Overview](index=1&type=section&id=Interim%20Results%20Overview) During the reporting period, the company demonstrated strong financial performance with significant growth in revenue, profit attributable to owners, and a corresponding increase in basic and diluted earnings per share Interim Financial Performance Summary | Metric | H1 2025 (HKD millions) | H1 2024 (HKD millions) | YoY Growth | | :--- | :--- | :--- | :--- | | Revenue | 731 | 536 | 36% | | Gross Profit | 295 | 233 | 26% | | Profit Attributable to Owners of the Company | 339 | 261 | 30% | | Basic and Diluted EPS (HK cents) | 4.77 | 3.65 | 1.12 HK cents | [Dividend Declaration](index=1&type=section&id=Dividend%20Declaration) The Board declared an interim dividend of HKD 271 million for H1 2025 and a special dividend of HKD 768 million on March 26, 2025, payable in three installments - An interim dividend of **HKD 271 million** was declared for H1 2025 (H1 2024: HKD 208 million)[4](index=4&type=chunk) - A special dividend of **HKD 768 million** was declared, payable in three installments, with the first installment paid on April 14, 2025, and the second and third installments due on September 26, 2025, and December 29, 2025, respectively[4](index=4&type=chunk) [Condensed Consolidated Interim Statement of Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Comprehensive%20Income) The company's comprehensive income statement for the interim period shows robust growth in revenue and profit, significantly boosted by foreign exchange gains Condensed Consolidated Interim Statement of Comprehensive Income Summary | Metric (HKD thousands) | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Revenue | 731,158 | 535,843 | 36.45% | | Gross Profit | 294,639 | 233,456 | 26.21% | | Operating Profit | 454,850 | 352,566 | 29.02% | | Profit Before Income Tax | 390,646 | 293,299 | 33.19% | | Profit for the Period | 341,520 | 243,949 | 40.00% | | Profit Attributable to Owners of the Company | 339,026 | 260,551 | 30.12% | | Total Comprehensive Income for the Period | 608,964 | 318,959 | 90.92% | | Basic EPS (HK cents) | 4.77 | 3.65 | 30.68% | - Exchange differences on translation of overseas operations turned from a loss of **HKD 119,794 thousand** in H1 2024 to a gain of **HKD 137,941 thousand** in H1 2025, significantly contributing to the substantial increase in total comprehensive income[8](index=8&type=chunk) - Fair value changes of financial assets at fair value through other comprehensive income decreased from **HKD 215,217 thousand** in H1 2024 to **HKD 104,811 thousand** in H1 2025[8](index=8&type=chunk) [Condensed Consolidated Interim Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Financial%20Position) The company's financial position shows an increase in total assets and liabilities, with a notable rise in current liabilities primarily due to dividend payables Condensed Consolidated Interim Statement of Financial Position Summary | Metric (HKD thousands) | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Total Non-current Assets | 7,801,719 | 7,312,200 | 6.70% | | Total Current Assets | 6,546,065 | 6,516,883 | 0.45% | | Total Assets | 14,347,784 | 13,829,083 | 3.75% | | **Equity** | | | | | Total Equity | 9,263,880 | 9,515,844 | -2.65% | | **Liabilities** | | | | | Total Non-current Liabilities | 3,402,156 | 3,333,305 | 2.06% | | Total Current Liabilities | 1,681,748 | 979,934 | 71.62% | | Total Liabilities | 5,083,904 | 4,313,239 | 17.87% | - Total current liabilities significantly increased by **71.62%**, primarily due to dividends payable rising from zero to **HKD 632,155 thousand** and contract liabilities increasing from **HKD 68,751 thousand** to **HKD 156,228 thousand**[10](index=10&type=chunk) - Time deposits maturing in more than three months increased from **HKD 1,626,752 thousand** to **HKD 3,061,844 thousand**, indicating a shift in the company's cash management strategy[9](index=9&type=chunk) [Notes to the Condensed Consolidated Interim Financial Information](index=6&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Information) This section provides detailed notes on the preparation basis, accounting policies, segment information, and other key financial items for the interim period [1 Basis of Preparation](index=6&type=section&id=1%20Basis%20of%20Preparation) This condensed consolidated interim financial information is prepared in accordance with HKAS 34 "Interim Financial Reporting" and should be read in conjunction with the 2024 annual financial statements - The financial information is prepared in accordance with **HKAS 34 "Interim Financial Reporting"**[12](index=12&type=chunk) - The auditors issued an unqualified opinion on the **2024 annual financial statements**[13](index=13&type=chunk) [2 Accounting Policies and Accounting Estimates and Judgements](index=7&type=section&id=2%20Accounting%20Policies%20and%20Accounting%20Estimates%20and%20Judgements) The Group's accounting policies are consistent with the 2024 annual financial statements, with income tax accrued using the applicable tax rate on the expected total annual profit; management is assessing the impact of newly issued but not yet effective standards - Accounting policies are consistent with the **2024 annual financial statements**, and income tax is accrued using the applicable tax rate on the expected total annual profit[14](index=14&type=chunk)[15](index=15&type=chunk) - Management is evaluating the potential impact of newly issued but not yet applied standards on the Group's operating results and financial position[15](index=15&type=chunk) [3 Revenue and Segment Information](index=8&type=section&id=3%20Revenue%20and%20Segment%20Information) The Group primarily engages in infrastructure asset management, with total revenue of HKD 731 million in H1 2025, significantly contributed by operating service income and investment gains from financial assets at fair value through profit or loss Revenue by Type | Revenue Type (HKD thousands) | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Operating Service Income | 475,803 | 370,277 | | Construction Income from Service Concession Arrangements | 9,902 | 11,492 | | Fund Management Service Income | 90,854 | 95,206 | | Excess Returns from Investment Funds | – | 97,491 | | Rental Income | 25,424 | 24,003 | | Investment Gains/(Losses) from Financial Assets at Fair Value Through Profit or Loss | 129,175 | (62,626) | | **Total Revenue** | **731,158** | **535,843** | - Investment gains from financial assets at fair value through profit or loss turned from a loss of **HKD 62,626 thousand** in H1 2024 to a gain of **HKD 129,175 thousand** in H1 2025, serving as a significant driver for revenue growth[17](index=17&type=chunk) - Excess returns from investment funds were **zero** in H1 2025, compared to **HKD 97,491 thousand** in H1 2024[17](index=17&type=chunk) [4 Income Tax Expense](index=9&type=section&id=4%20Income%20Tax%20Expense) The Group's income tax expense primarily comprises Hong Kong profits tax (16.5%) and PRC corporate income tax (mainly 25%), with H1 2025 expense remaining stable year-on-year - Hong Kong profits tax rate is **16.5%**[19](index=19&type=chunk) - PRC mainland subsidiaries' corporate income tax rate is mainly **25%**[20](index=20&type=chunk) - H1 2025 income tax expense was **HKD 49,126 thousand**, largely consistent with **HKD 49,350 thousand** in H1 2024[7](index=7&type=chunk) [5 Earnings Per Share](index=9&type=section&id=5%20Earnings%20Per%20Share) In H1 2025, both basic and diluted earnings per share attributable to owners of the company were 4.77 HK cents, an increase from the prior period, calculated based on the weighted average number of ordinary shares outstanding Earnings Per Share | Metric (HK cents) | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Basic EPS | 4.77 | 3.65 | | Diluted EPS | 4.77 | 3.65 | - Profit attributable to owners of the company used for calculating basic and diluted earnings per share was **HKD 339,026 thousand** (H1 2024: **HKD 260,551 thousand**)[25](index=25&type=chunk) - The weighted average number of ordinary shares used for calculating basic and diluted earnings per share was **7,114,104 thousand shares** in H1 2025, slightly lower than **7,132,972 thousand shares** in H1 2024[26](index=26&type=chunk) - Certain unexercised share options were not included in the diluted earnings per share calculation due to their **anti-dilutive effect**[27](index=27&type=chunk) [6 Trade Receivables](index=11&type=section&id=6%20Trade%20Receivables) As of June 30, 2025, net trade receivables increased to HKD 224,372 thousand from year-end 2024, with receivables over 180 days constituting the largest portion Trade Receivables Ageing Analysis | Ageing | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Within 60 days | 37,778 | 50,391 | | 61 to 90 days | 12,106 | 8,073 | | 91 to 180 days | 23,207 | 29,560 | | Over 180 days | 151,281 | 115,068 | | **Total** | **224,372** | **203,092** | - Trade receivables generally have a credit period of **30 to 180 days**[28](index=28&type=chunk) - Trade receivables over 180 days increased from **HKD 115,068 thousand** at year-end 2024 to **HKD 151,281 thousand** as of June 30, 2025[28](index=28&type=chunk) [7 Trade Payables](index=11&type=section&id=7%20Trade%20Payables) As of June 30, 2025, total trade payables increased to HKD 516,671 thousand from year-end 2024, with payables over 365 days representing the largest portion Trade Payables Ageing Analysis | Ageing | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Within 90 days | 80,734 | 112,051 | | 91 to 180 days | 65,656 | 48,009 | | 181 to 365 days | 81,833 | 59,030 | | Over 365 days | 288,448 | 233,660 | | **Total** | **516,671** | **452,750** | - Trade payables over 365 days increased from **HKD 233,660 thousand** at year-end 2024 to **HKD 288,448 thousand** as of June 30, 2025[29](index=29&type=chunk) [8 Share Capital](index=12&type=section&id=8%20Share%20Capital) As of June 30, 2025, the company's issued and fully paid ordinary share capital was HKD 12,994,847 thousand, with the number of shares reduced due to share repurchases - As of June 30, 2025, the number of issued and fully paid ordinary shares was **7,284,455 thousand shares**, with share capital of **HKD 12,994,847 thousand**[30](index=30&type=chunk) - In H1 2025, **400,000 shares** were repurchased and cancelled for a total consideration of approximately **HKD 533 thousand**[30](index=30&type=chunk) - For the full year 2024, **83,960,000 shares** were repurchased and cancelled for a total consideration of approximately **HKD 58,736 thousand**[30](index=30&type=chunk) [9 Dividends](index=13&type=section&id=9%20Dividends) The Group recognized final and special dividends during the half-year and declared an interim dividend for H1 2025 Dividends Recognized | Dividend Type (HKD thousands) | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Final Dividend | 120,068 | 160,539 | | Special Dividend | 761,621 | – | | **Total Dividends Recognized in Half-Year** | **881,689** | **160,539** | - The Board declared a special dividend of **HKD 768 million** on March 26, 2025, payable in three installments, with two installments recognized as liabilities as of June 30, 2025[32](index=32&type=chunk) - The Board declared an interim dividend of **HKD 271 million** for H1 2025, which has not yet been recognized as a liability[33](index=33&type=chunk) [10 Events After the Reporting Period](index=14&type=section&id=10%20Events%20After%20the%20Reporting%20Period) Subsequent to the reporting period, the company completed the issuance and listing of USD 180 million 0.75% convertible bonds in July 2025 - On **July 9, 2025**, the company completed the issuance of **USD 180 million 0.75% convertible bonds**, which were listed on the Stock Exchange on **July 10, 2025**[34](index=34&type=chunk) [Interim Dividend Policy and Arrangements](index=15&type=section&id=Interim%20Dividend%20Policy%20and%20Arrangements) This section outlines the company's interim dividend declaration for H1 2025 and the associated arrangements for share transfer registration [Interim Dividend Declaration](index=15&type=section&id=Interim%20Dividend%20Declaration) The Board declared an interim dividend totaling HKD 271 million for the six months ended June 30, 2025, expected to be paid on November 17, 2025 - An interim dividend of **HKD 271 million** (HKD **3.43 cents** per share) was declared, an increase from **HKD 208 million** in H1 2024[35](index=35&type=chunk) - The interim dividend is expected to be paid on **November 17, 2025**[35](index=35&type=chunk) [Closure of Register of Members](index=15&type=section&id=Closure%20of%20Register%20of%20Members) To determine eligibility for the interim dividend, the company will suspend share transfer registration on September 30, 2025, requiring shareholders to complete transfer procedures before this date - The register of members will be closed on **September 30, 2025**[36](index=36&type=chunk) - To be eligible for the interim dividend, all transfer documents must be lodged with the share registrar by **4:30 p.m. on September 29, 2025**[36](index=36&type=chunk) [Management Discussion and Analysis](index=16&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an in-depth review of the company's business operations, financial performance, risk management strategies, and future outlook [Company Overview](index=16&type=section&id=Company%20Overview) The Group is a leading intelligent infrastructure asset service provider in China, focusing on "asset operation + asset securitization," with businesses spanning parking asset management, industrial space management, REITs, and equity investments, alongside a forward-looking robotics industry layout - The company is positioned as a leading **intelligent infrastructure asset service provider** in China, with a core focus on **"asset operation + asset securitization"**[37](index=37&type=chunk) - Business covers four segments: **parking asset management, industrial space management, REITs investment, and equity investment**[37](index=37&type=chunk) - Adopts an **"asset cycle + digitalization"** operating model to achieve closed-loop management throughout the asset lifecycle[37](index=37&type=chunk) - Proactively lays out the **robotics industry**, investing in several leading enterprises and establishing Beijing Shoucheng Robotics Technology Industrial Co, Ltd[37](index=37&type=chunk) [Overview of Key Financial Indicators](index=17&type=section&id=Overview%20of%20Key%20Financial%20Indicators) In H1 2025, the company achieved growth in revenue, operating profit, and profit attributable to owners, while maintaining healthy asset-liability and debt-to-capital ratios Key Financial Indicators Overview | Metric | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Revenue (HKD millions) | 731 | 536 | 36.4% | | Asset Operation Revenue (HKD millions) | 511 | 406 | 25.9% | | Asset Securitization Revenue (HKD millions) | 220 | 130 | 69.2% | | Adjusted EBITDA (HKD millions) | 587 | 482 | 21.8% | | Operating Profit (HKD millions) | 455 | 353 | 28.9% | | Profit Attributable to Owners of the Company (HKD millions) | 339 | 261 | 29.9% | | Basic and Diluted EPS (HK cents) | 4.77 | 3.65 | 30.7% | | **Balance Sheet Metrics** | **June 30, 2025** | **December 31, 2024** | **Change** | | Total Assets (HKD millions) | 14,348 | 13,829 | 3.8% | | Net Assets (HKD millions) | 9,264 | 9,516 | -2.7% | | Asset-Liability Ratio | 35.4% | 31.2% | +4.2% | | Debt-to-Capital Ratio | 12.4% | 15.9% | -3.5% | [Non-HKFRS Measures](index=18&type=section&id=Non-HKFRS%20Measures) The Group utilizes Adjusted EBITDA, asset-liability ratio, and debt-to-capital ratio as non-HKFRS measures to supplement consolidated financial statements, offering a more comprehensive assessment of operating performance and financial position - **Adjusted EBITDA** is used to assess core operating performance, excluding non-cash transactions, income tax, finance costs, and non-controlling interests[40](index=40&type=chunk) - **Asset-liability ratio** (total liabilities/total assets) is used to assess the level of indebtedness[40](index=40&type=chunk) - **Debt-to-capital ratio** (total borrowings and bonds payable/equity and reserves attributable to owners of the company) is used to assess the financing structure[40](index=40&type=chunk) - These non-HKFRS measures aim to provide additional information, enhancing the understanding of the company's performance and prospects[41](index=41&type=chunk) [Financial Review](index=19&type=section&id=Financial%20Review) In H1 2025, the Group's revenue and gross profit grew significantly, driven by strong performance in asset operation and securitization businesses, with finance costs slightly up, income tax stable, and adjusted EBITDA substantially increasing [Revenue and Cost of Sales](index=19&type=section&id=Revenue%20and%20Cost%20of%20Sales) In H1 2025, the Group's total revenue increased by 36% year-on-year, with asset operation revenue up 26% and asset securitization revenue up 69%, leading to a 26% rise in gross profit - Total revenue was approximately **HKD 731 million**, a year-on-year increase of **36%**[42](index=42&type=chunk) - Asset operation revenue was approximately **HKD 511 million**, a year-on-year increase of **26%**, primarily benefiting from new projects like the Xi'an Xianyang International Airport T5 terminal parking project and improved operational efficiency of existing projects[42](index=42&type=chunk) - Asset securitization revenue was approximately **HKD 220 million**, a year-on-year increase of **69%**[42](index=42&type=chunk) - Overall gross profit was approximately **HKD 295 million**, a year-on-year increase of **26%**[42](index=42&type=chunk) [Finance Costs](index=19&type=section&id=Finance%20Costs) In H1 2025, finance costs were approximately HKD 61 million, an increase of about 5% year-on-year, primarily comprising interest on lease liabilities and borrowings and bonds payable - Finance costs were approximately **HKD 61 million**, a year-on-year increase of about **5%**[43](index=43&type=chunk) - The main components are interest on lease liabilities and interest on borrowings and bonds payable[43](index=43&type=chunk) [Taxation](index=19&type=section&id=Taxation) In H1 2025, income tax expense was approximately HKD 49 million, consistent with the prior period, mainly comprising corporate income tax for PRC subsidiaries - Income tax provision was approximately **HKD 49 million**, consistent with H1 2024[44](index=44&type=chunk) - Primarily corporate income tax for PRC mainland subsidiaries calculated at a **25% tax rate**[44](index=44&type=chunk) [Adjusted EBITDA](index=20&type=section&id=Adjusted%20EBITDA) In H1 2025, Adjusted EBITDA was approximately HKD 587 million, a year-on-year increase of about 22%, reflecting strong cash profit growth from core operations Adjusted EBITDA Reconciliation | Metric (HKD millions) | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Profit Before Income Tax | 391 | 293 | 33.4% | | Non-controlling Interests | (10) | 9 | -211.1% | | Finance Costs | 61 | 58 | 5.2% | | Depreciation of Property, Plant and Equipment | 14 | 11 | 27.3% | | Depreciation of Right-of-Use Assets | 115 | 97 | 18.6% | | Amortization of Other Non-current Assets | 16 | 14 | 14.3% | | **Adjusted EBITDA** | **587** | **482** | **21.8%** | - Adjusted EBITDA increased by **22%** year-on-year, reaching **HKD 587 million**, reflecting growth in cash profit from core operations[45](index=45&type=chunk) - The calculation of Adjusted EBITDA excludes the impact of depreciation, amortization, income tax expense, finance costs, and non-controlling interests[45](index=45&type=chunk) [Business Review](index=21&type=section&id=Business%20Review) The Group achieved significant progress in both asset operation and securitization, enhancing efficiency through a "asset cycle + digitalization" model, accelerating robotics industry layout, and deepening REITs-based full-lifecycle asset management capabilities [Asset Scale and Operational Efficiency Growth and Digitalization Progress](index=21&type=section&id=Asset%20Scale%20and%20Operational%20Efficiency%20Growth%20and%20Digitalization%20Progress) The Group continued to expand its parking resource layout, adding the Xi'an Xianyang International Airport project, accelerating "parking + charging" business development, and enhancing operational efficiency through digitalized operations like AI smart customer service - The Xi'an Xianyang International Airport T5 terminal parking project commenced operations in **February 2025**, offering over **5,200 parking spaces** and completing the national transportation hub project layout[46](index=46&type=chunk) - Accelerated the layout of **"parking + charging" business**, extending parking asset management to comprehensive services[46](index=46&type=chunk) - Launched **AI smart customer service and Q&A functions** built on DeepSeek V3 and Alibaba Tongyi Qianwen models, reducing manual customer service workload by over **50%**[46](index=46&type=chunk) [Asset Securitization and Operational Synergy and Robotics Industry Layout](index=22&type=section&id=Asset%20Securitization%20and%20Operational%20Synergy%20and%20Robotics%20Industry%20Layout) The Group invests in cutting-edge fields like humanoid and medical robots through industrial funds, leveraging its infrastructure management expertise to provide scenario implementation and data support for robotics companies, building an integrated "investment + operation + ecosystem" development path - Invested in core robotics industry chain companies such as **Unitree Robotics and Galaxy Universal** through multiple industrial funds, covering cutting-edge fields like **humanoid robots, medical robots, industrial robots, and low-altitude economy**[47](index=47&type=chunk) - Utilizes managed parking lots and industrial park physical scenarios to provide **real operational data** for robotics companies, accelerating product iteration and commercialization[48](index=48&type=chunk) - Its subsidiary, Beijing Shoucheng Robotics Technology Industrial Co, Ltd, promotes the application and secondary development of robotics products through sales agency, leasing, and consulting services[49](index=49&type=chunk) - Signed agreements with over **50 robotics companies** at the June 2025 Robotics Industry Ecosystem Summit and launched a robotics technology experience store during the World Humanoid Robot Games, covering a **"technology-product-market" closed loop**[49](index=49&type=chunk) [Deepening REITs-Based Full-Lifecycle Asset Management](index=23&type=section&id=Deepening%20REITs-Based%20Full-Lifecycle%20Asset%20Management) The Group, in partnership with China Life, established the Beijing Pingzhun Infrastructure Real Estate Equity Investment Fund, strategically investing in multiple REITs projects and reserving high-quality infrastructure assets for full-lifecycle management through asset securitization and public REITs - Jointly established the Beijing Pingzhun Infrastructure Real Estate Equity Investment Fund with China Life, with a fund size of **RMB 5.237 billion**[50](index=50&type=chunk) - Strategically invested in REITs projects such as **Southern Vanke Data Center, Southern Runze Technology Data Center, CICC-Shounong Industrial Park, and China Everbright Huadian Clean Energy** through proprietary funds and Beijing Pingzhun Fund strategic placements[50](index=50&type=chunk) - The Urban Development Fund reserves high-quality infrastructure assets in the **Beijing-Tianjin-Hebei, East China, Chengdu-Chongqing, and Greater Bay Area** regions, with future exits planned through asset securitization and public REITs[51](index=51&type=chunk) [Principal Risks and Uncertainties](index=24&type=section&id=Principal%20Risks%20and%20Uncertainties) The Group faces market risks (currency, interest rate, price), credit risk, and liquidity risk, managing them through Board-approved guidelines to mitigate potential adverse impacts [Currency Risk](index=24&type=section&id=Currency%20Risk) The Group's operations are primarily in mainland China and Hong Kong, exposing it to exchange rate fluctuations of HKD, USD, and RMB, which are mitigated by matching foreign currency assets with borrowing bases - Faces **exchange rate fluctuation risks** for HKD, USD, and RMB[53](index=53&type=chunk) - Mitigates exchange rate risk by matching foreign currency assets with foreign currency cash flows as the borrowing base[53](index=53&type=chunk) [Interest Rate Risk](index=24&type=section&id=Interest%20Rate%20Risk) The Group primarily faces cash flow interest rate risk associated with floating-rate bank balances and borrowings - Primarily faces **cash flow interest rate risk** related to floating-rate bank balances and borrowings[54](index=54&type=chunk) [Capital Structure](index=24&type=section&id=Capital%20Structure) The Group's capital structure comprises borrowings, bonds payable, and equity attributable to owners of the company, reviewed semi-annually by the Board to balance it through dividends, new share issues, share repurchases, and debt management - Capital structure includes **borrowings, bonds payable, and equity attributable to owners of the company**[55](index=55&type=chunk) - The Board reviews the capital structure semi-annually, balancing it through dividends, new share issues, share repurchases, and debt management[55](index=55&type=chunk) [Liquidity and Financial Resources](index=25&type=section&id=Liquidity%20and%20Financial%20Resources) The Group is committed to diversifying funding sources, maintaining high-liquidity assets, and preserving healthy asset-liability and debt-to-capital ratios High Liquidity Assets | Metric (HKD millions) | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Bank Balances and Cash | 2,702 | 2,622 | 3.05% | | Wealth Management Products and Fixed-Income Financial Assets | 3,198 | 1,746 | 83.16% | | **Total High Liquidity Assets** | **5,900** | **4,368** | **35.08%** | Asset-Liability Ratio | Metric (HKD millions) | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Total Liabilities | 5,084 | 4,313 | 17.87% | | Total Assets | 14,348 | 13,829 | 3.75% | | **Asset-Liability Ratio** | **35.4%** | **31.2%** | **+4.2%** | Debt-to-Capital Ratio | Metric (HKD millions) | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Total Borrowings and Bonds Payable | 1,137 | 1,496 | -23.99% | | Equity and Reserves Attributable to Owners of the Company | 9,174 | 9,421 | -2.62% | | **Debt-to-Capital Ratio** | **12.4%** | **15.9%** | **-3.5%** | - The asset-liability ratio increased by **4.2%**, primarily due to the provision for two installments of special dividends payable during the period[57](index=57&type=chunk) - The debt-to-capital ratio decreased by **3.5%**, mainly because the Group repaid all bank term loans, reducing total borrowings[58](index=58&type=chunk)[59](index=59&type=chunk) - As of June 30, 2025, all bank term loans were repaid, with a 3-year medium-term note balance of approximately **HKD 548 million** and a REITs-like structured asset-backed product balance of approximately **HKD 589 million**[59](index=59&type=chunk)[60](index=60&type=chunk)[61](index=61&type=chunk) [Significant Investments Held](index=27&type=section&id=Significant%20Investments%20Held) The Group holds significant investments in CICC GLP REIT and Shougang Fushan Resources Group Limited, with CICC GLP REIT realizing fair value change gains in H1 2025 Major Strategic Investments | Strategic Investment Name | Investment Cost (RMB) | Fair Value (RMB) (June 30, 2025) | Fair Value as % of Total Assets | Unrealized Fair Value Change Gain (RMB) (H1 2025) | Dividends Received (RMB) (H1 2025) | | :--- | :--- | :--- | :--- | :--- | :--- | | CICC GLP REIT | 583,500,000 | 571,650,000 | 4.37% | 71,400,000 | 7,425,000 | - CICC GLP REIT primarily invests in warehousing and logistics infrastructure projects, with its fund units listed on the Shanghai Stock Exchange[64](index=64&type=chunk) - The Group completed the disposal of a portion of Shougang Resources shares on **February 3, 2025**[64](index=64&type=chunk) [Significant Acquisitions and Disposals](index=28&type=section&id=Significant%20Acquisitions%20and%20Disposals) During the reporting period, the company's wholly-owned subsidiary, Fine Power Group Limited, completed the disposal of approximately 11.92% of Shougang Resources shares to related party Shougang Holding - On **February 3, 2025**, Fine Power Group Limited completed the disposal of **606,927,640 shares** (approximately **11.92%**) of Shougang Resources to Shougang Holding[65](index=65&type=chunk) [Events After the Reporting Period](index=28&type=section&id=Events%20After%20the%20Reporting%20Period) Subsequent to the reporting period, the company completed the issuance and listing of USD 180 million 0.75% convertible bonds in July 2025 - On **July 9, 2025**, the company completed the issuance of **USD 180 million 0.75% convertible bonds**, which were listed on the Stock Exchange on **July 10, 2025**[66](index=66&type=chunk) [Employee Relations](index=28&type=section&id=Employee%20Relations) The Group is committed to providing an equal, diverse, and non-discriminatory work environment, attracting and retaining talent through a competitive compensation and incentive system and comprehensive employee benefits, including equity incentives, social insurance, annual health checks, and recreational activities - As of June 30, 2025, the Group had a total of **442 employees**[67](index=67&type=chunk) - Implements a compensation and incentive system that is **"competitive externally and fair internally,"** including fixed salaries, performance-based variable pay, discretionary bonuses, project bonuses, and equity incentive plans[67](index=67&type=chunk) - Provides medical allowances, hospitalization plans, and pension schemes for Hong Kong employees; arranges social insurance benefits (five insurances and one housing fund) and annual health checks for mainland China employees[67](index=67&type=chunk)[68](index=68&type=chunk) - Enhances team cohesion and sense of belonging through recreational activities and employee assemblies[68](index=68&type=chunk) [Outlook](index=29&type=section&id=Outlook) Looking ahead, the Group will continue to increase investment in core regions, focused industries, and assets, deepen the robotics industry ecosystem, and create long-term shareholder returns through an integrated "investment, production, and service" model - Future plans include increasing investment in **core regions, focused industries, and focused assets**[69](index=69&type=chunk) - Continues to deeply lay out the **robotics industry**, building a complete robotics industry ecosystem through **"investment, production, and service"**[69](index=69&type=chunk) - The goal is to promote the upgrading of China's intelligent manufacturing industry, enhance the digital and intelligent management level of managed assets, and create sustainable value returns for shareholders[69](index=69&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=29&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) In H1 2025, the company repurchased and cancelled 400,000 shares on the Stock Exchange for a total consideration of HKD 532,949.60 Share Repurchases | Month | Number of Shares Repurchased (shares) | Highest Price Paid (HKD) | Lowest Price Paid (HKD) | Total Consideration (HKD) | | :--- | :--- | :--- | :--- | :--- | | April 2025 | 400,000 | 1.38 | 1.28 | 532,949.60 | | **Total** | **400,000** | | | **532,949.60** | - All repurchased shares have been cancelled[70](index=70&type=chunk) [Compliance with Corporate Governance Code](index=29&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) For the six months ended June 30, 2025, the company complied with the code provisions of the Corporate Governance Code set out in Appendix C1 of the HKEX Listing Rules - The company has complied with the code provisions of the **Corporate Governance Code** set out in Appendix C1 of the HKEX Listing Rules[71](index=71&type=chunk) [Other Information](index=30&type=section&id=Other%20Information) This section details changes to the company's registered office address and expresses gratitude to stakeholders [Change of Registered Office Address](index=30&type=section&id=Change%20of%20Registered%20Office%20Address) The company's registered office address will change to Units 3706-08, 37/F, AIA Tower, 183 Electric Road, North Point, Hong Kong, effective September 1, 2025 - The registered office address will change to Units 3706-08, 37/F, AIA Tower, 183 Electric Road, North Point, Hong Kong, effective **September 1, 2025**[72](index=72&type=chunk) [Acknowledgements](index=30&type=section&id=Acknowledgements) The Board expresses gratitude for the trust and support of shareholders and strategic investors, reaffirming the company's core competitive advantages as an intelligent infrastructure asset service provider and deep participant in the robotics industry, committed to creating sustainable shareholder value - The Board thanks shareholders and strategic shareholders (including **Shougang Group Co, Ltd, ORIX Corporation, Chow Tai Fook Enterprises Limited, Beijing State-owned Capital Operation and Management Co, Ltd, and Sunshine Insurance Group Co, Ltd**) for their support[73](index=73&type=chunk) - The company will continue to leverage its core competitive advantages in **asset operation and management, capital synergy and integration, and scenario empowerment and innovation** to promote the upgrading of the intelligent manufacturing industry and create sustainable value for shareholders[73](index=73&type=chunk)

Performance Summary - SF Holding reported a revenue of 146.858 billion yuan, a year-on-year increase of 9.26%, and a net profit of 5.738 billion yuan, up 19.37% year-on-year [2] - Shanghai Pharmaceuticals achieved a revenue of 141.593 billion yuan, a growth of 1.56%, with a net profit of 4.459 billion yuan, increasing by 51.56% [2] - New China Life Insurance's revenue reached 69.429 billion yuan, a 25.5% increase, and a net profit of 14.799 billion yuan, up 33.5% [2] - Huadian International Power's revenue was 59.953 billion yuan, down 8.98%, while net profit increased by 13.15% to 3.904 billion yuan [2] - China Pacific Insurance reported a revenue of 55.964 billion yuan, a slight increase of 0.2%, and a net profit of 6.764 billion yuan, up 12.2% [2] - CITIC Securities had a revenue of 46.552 billion yuan, a 16.28% increase, and a net profit of 13.719 billion yuan, up 29.79% [2] - Beijing Enterprises Holdings reported a revenue of 44.529 billion yuan, a 5.2% increase, and a net profit of 3.404 billion yuan, up 8.1% [2] - Li Auto's vehicle sales revenue for Q2 2025 was 28.9 billion yuan, down 4.7%, with a net profit of 1.093 billion yuan, a decrease of 0.9% [2] - Huishang Bank reported a revenue of 21.157 billion yuan, a 2.25% increase, and a net profit of 9.109 billion yuan, up 5.55% [2] - SMIC achieved a revenue of 4.456 billion USD, a 22% increase, with a net profit of 320 million USD, up 35.6% [2] - China Galaxy Securities reported a total revenue of 18.798 billion yuan, an 18.92% increase, and a net profit of 6.488 billion yuan, up 47.86% [2] - Zhongjun Group Holdings had a revenue of 18.521 billion yuan, down 25.4%, with a net loss of 3.48 billion yuan, a narrowing of 5.5% [2] - BeiGene reported a revenue of 2.433 billion USD, a 44.7% increase, and a net profit of 95.59 million USD, turning from a loss of 372 million USD [2] - SF Express City reported a revenue of 10.236 billion yuan, up 48.8%, and a net profit of 137 million yuan, up 120.4% [2] - China Shipbuilding Defense reported a revenue of 10.173 billion yuan, a 16.54% increase, and a net profit of 526 million yuan, up 258.46% [2] - Qingdao Port reported a revenue of 9.434 billion yuan, a 4.04% increase, and a net profit of 2.842 billion yuan, up 7.58% [2] - Shanghai Industrial Holdings reported a revenue of 9.476 billion yuan, down 8.6%, and a net profit of 1.042 billion yuan, down 13.2% [2] - Everbright Securities reported a revenue of 7.481 billion yuan, a 17.7% increase, and a net profit of 1.683 billion yuan, up 21% [2] - Baozun reported a revenue of 4.617 billion yuan, a 5.63% increase, with a net loss of 97.04 million yuan, narrowing [2] - Sichuan Chengyu Expressway reported a revenue of 4.08 billion yuan, down 23.3%, and a net profit of 838 million yuan, up 20.1% [2] - Baideli Holdings reported a revenue of approximately 3.813 billion yuan, down 10.9%, and a net profit of 7.1 million yuan, down 79.1% [2] - Tigermed reported a revenue of 3.25 billion yuan, down 3.21%, and a net profit of 383 million yuan, down 22.22% [2] - Zhengli New Energy reported a revenue of 3.172 billion yuan, a 71.9% increase, and a net profit of 220 million yuan, turning from a loss of 130 million yuan [2] - Sensong International reported a revenue of 2.687 billion yuan, down 22.7%, and a net profit of 338 million yuan, down 10.15% [2] - Dasheng Holdings reported a revenue of approximately 2.593 billion yuan, a 27% increase, and a net profit of 65.924 million yuan, up 504.4% [2] - SenseTime reported a revenue of 2.358 billion yuan, a 35.6% increase, with a gross profit of 908 million yuan, up 18.4%, and an adjusted net loss of 1.162 billion yuan, narrowing by 50% [2] - Ruian Real Estate reported a revenue of 2.074 billion yuan, flat year-on-year, with a net profit of 51 million yuan, down 29.2% [2] - Shangri-La Asia reported a revenue of 1.056 billion USD, a 0.7% increase, and a net profit of 57.9 million USD, down 38.7% [2] - Quanfeng Holdings reported a revenue of 912 million USD, an 11.9% increase, and a net profit of 95.217 million USD, up 54.8% [2] - COSCO Shipping Ports reported a revenue of 806 million USD, a 13.6% increase, and a net profit of approximately 182 million USD, up 30.6% [2] - Tianjin Development reported a revenue of 1.719 billion yuan, down 5.59%, and a net profit of 344 million yuan, up 19.57% [2] Company News - Sillodic Pharmaceuticals successfully administered the new radiolabeled drug 3D1015 to patients with PSMA-positive metastatic castration-resistant prostate cancer, demonstrating safety and preliminary efficacy [2] - Shoucheng Holdings signed a strategic cooperation framework agreement with Alter and Alrite to jointly promote breakthroughs in robotics technology, scene implementation, and industrial chain collaboration [2]

Group 1 - The core of the collaboration is to leverage "robotics + automotive" as an entry point to promote the application of robotics technology in automotive research, manufacturing, smart transportation, and mobility services [2] - The partnership aims to establish a comprehensive iterative and application ecosystem by combining the technological advantages of domestic robotics companies and the collaborative resources with hundreds of upstream and downstream quality enterprises [2] - The four parties will create a priority procurement mechanism to enhance upstream and downstream collaboration, ensuring that technological achievements are rapidly transformed into marketable products [2] Group 2 - The strategic cooperation framework agreement was signed on August 28, 2025, involving Shou Cheng Holdings, Alter Automotive Technology Co., Ltd., Beijing Alrite Intelligent Robot Technology Co., Ltd., and Beijing Shou Cheng Robot Technology Industry Co., Ltd. [1] - Alter is recognized as a leading independent automotive design brand in China and is one of the first national high-tech enterprises [1] - The collaboration will focus on long-term strategic relationships to build a full-chain cooperation mechanism from technology validation to commercialization, enhancing the efficiency and stability of the industrial chain [1]