Group 1 - The core viewpoint of the article highlights the significant increase in the stock price of 理文化工 (Lihe Industrial) by over 12% following the release of its mid-term results for 2025 [1] - The company reported stable revenue of HKD 1.932 billion, while profit increased by 36.0% to HKD 327 million due to a notable decrease in energy costs and raw material prices [1] - The gross profit margin improved by 7.4 percentage points to 36.3%, and the company proposed an interim dividend of HKD 0.195 per share [1] Group 2 - Following an increase in the dividend payout ratio to 49.6% last year, the company's financial position remains robust, with a mid-term net debt ratio of 3.2% [1]

Group 1 - The core viewpoint of the article highlights the significant increase in the stock price of Lihua Work (00746), which rose over 12% following the release of its mid-term results for 2025 [1] - The company reported stable revenue of HKD 1.932 billion, while profit increased by 36.0% to HKD 327 million due to a notable decrease in energy costs and raw material prices [1] - The gross profit margin improved by 7.4 percentage points to 36.3%, and the company proposed an interim dividend of HKD 0.195 per share [1] Group 2 - The announcement indicated that after increasing the dividend payout ratio to 49.6% last year, the company's financial position remains robust, with a mid-term net debt ratio of 3.2% [1]

Core Viewpoint - The company, 理文化工 (00746.HK), announced a mid-term dividend of HKD 0.195 per share to be distributed on September 9, 2025 [1] Group 1 - The mid-term dividend amount is set at HKD 0.195 per share [1] - The distribution date for the dividend is confirmed as September 9, 2025 [1]

智通财经APP讯，理文化工(00746)发布公告，该公司将于2025年9月9日派发中期股息每股0.195港元。 ...

Group 1 - The company, 理文化工 (00746), announced a mid-term dividend of HKD 0.195 per share to be distributed on September 9, 2025 [1]

智通财经APP讯，理文化工(00746)发布2025年中期业绩，集团收入持平于19.32亿港元;得益于能源成本 显著下降及原材料价格回落，盈利上升36.0%至3.27亿港元;毛利率上升7.4个百分点至36.3%，拟派中期 股息为每股19.5港仙。 化工业务方面，尽管地缘政治局势不确定性持续影响国内制造业氛围，市场情绪保持谨慎，但与去年同 期相比，集团化工产品价格个别发展。 得益于能源成本显著下降及原材料价格回落，毛利实现增长。物业业务方面，"昕悦溪"待售住宅单位尚 余11个。期内，项目租赁业务收入约为170万港元。 集团去年提升派息比率至49.6%后，集团的财务状况依然稳健，中期净负债率为3.2%。 ...

Core Viewpoint - The company reported stable revenue of HKD 1.932 billion for the six months ending June 30, 2025, with a significant profit increase of 36.0% to HKD 327 million due to lower energy costs and raw material prices [1] Group 1: Financial Performance - Revenue remained flat at HKD 1.932 billion [1] - Profit increased by 36.0% to HKD 327 million [1] - Gross margin improved by 7.4 percentage points to 36.3% [1] - The company proposed an interim dividend of HKD 0.195 per share [1] Group 2: Business Segments - In the chemical business, geopolitical uncertainties continue to affect domestic manufacturing sentiment, leading to cautious market conditions [1] - Chemical product prices showed mixed developments compared to the same period last year [1] - The property segment has 11 unsold residential units remaining in the "Xinyuexi" project, with rental income of approximately HKD 1.7 million during the period [1] Group 3: Financial Health - The company maintained a robust financial position with a net debt ratio of 3.2% [1] - After increasing the dividend payout ratio to 49.6% last year, the company continues to show strong financial stability [1]

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 | 理文化工有限公司 | | 股份代號 | 00746 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 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 | 2025年8月7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 0.195 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 0.195 HKD | | 匯率 | 1 HKD : 1 HKD | ...

[Financial Summary & Performance Overview](index=1&type=section&id=Financial%20%26%20Performance%20Summary) [Financial Summary](index=1&type=section&id=Financial%20Summary) In H1 2025, the company's revenue remained flat at HKD 1.932 billion, while profit for the period surged 36.0% to HKD 327 million, driven by lower costs and a 7.4 percentage point increase in gross profit margin to 36.3% Key Financial Metrics | Metric | H1 2025 | Change | | :--- | :--- | :--- | | Revenue | HKD 1.932 billion | Flat | | Profit | HKD 327 million | ▲ 36.0% | | Gross Profit Margin | 36.3% | ▲ 7.4 percentage points | | Interim Dividend | 19.5 HK cents per share | ▲ 39.3% | [Business Review](index=15&type=section&id=Business%20Review) The Group's revenue slightly decreased by 2.9% to HKD 1.932 billion, while profit surged 36.0% to HKD 327 million, driven by significant cost reductions in the chemical business, improving gross profit margin to 36.3% and net profit margin to 16.9% Key Performance Indicators | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Revenue | HKD 1.932 billion | HKD 1.990 billion | | Profit for the Period | HKD 327 million | HKD 240 million | | Gross Profit Margin | 36.3% | 28.9% | | Net Profit Margin | 16.9% | 12.1% | - The primary reason for improved profitability was a **significant decrease in energy costs** and a **decline in raw material prices**, leading to **gross profit growth**[39](index=39&type=chunk) - For the property business, the "Xinyuexi" project has **11 residential units remaining for sale**, with rental income of approximately **HKD 1.7 million** during the period, **contributing minimally** to the Group's overall performance[39](index=39&type=chunk)[44](index=44&type=chunk) [Operating Results](index=16&type=section&id=Operating%20Results) The chemical business, as the core revenue source, generated approximately HKD 1.930 billion in turnover, a slight 2.0% year-on-year decrease, with varied selling price performance across key products and stable production volumes Average Selling Prices of Key Products | Key Product | H1 2025 Average Selling Price (RMB/ton) | Y-o-Y Change | | :--- | :--- | :--- | | Chloromethane | Approx. 2,600 (Dichloromethane) / 2,500 (Trichloromethane) | Flat / ▼ 7% | | Caustic Soda | Approx. 1,000 | ▲ 11% | | PTFE | Approx. 45,000 | Flat | | Hydrogen Peroxide | Approx. 700 | ▼ 22% | Production Volumes of Key Products | Key Product | H1 2025 Actual Production Volume (including self-use) | | :--- | :--- | | Chloromethane | Approx. 211 thousand tons | | 100% Caustic Soda Equivalent | Approx. 310 thousand tons | | PTFE | Approx. 5.0 thousand tons | | 27.5% Hydrogen Peroxide | Approx. 198 thousand tons | [Financial Statements](index=2&type=section&id=Financial%20Statements) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) In H1 2025, revenue slightly decreased to HKD 1.932 billion, but gross profit increased 21.9% to HKD 701 million due to lower cost of sales, leading to a 36.0% surge in profit for the period to HKD 327 million and basic earnings per share of 39.6 HK cents Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Highlights | Item (HKD '000) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Revenue | 1,931,959 | 1,989,690 | | Cost of Sales | (1,230,588) | (1,414,476) | | **Gross Profit** | **701,371** | **575,214** | | R&D Expenses | (82,994) | (54,529) | | Profit Before Tax | 394,923 | 297,776 | | **Profit for the Period** | **326,627** | **240,085** | | **Basic Earnings Per Share (HK cents)** | **39.6** | **29.1** | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets increased to HKD 7.315 billion and total equity to HKD 6.232 billion, with liquidity significantly improving as net current assets rose to HKD 429 million and the current ratio to 1.44, alongside a reduction in bank borrowings to HKD 484 million Condensed Consolidated Statement of Financial Position Highlights | Item (HKD '000) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Non-current Assets** | **5,911,794** | **5,809,033** | | **Current Assets** | **1,403,568** | **1,387,410** | | **Current Liabilities** | **(974,661)** | **(1,146,176)** | | Net Current Assets | 428,907 | 241,234 | | **Non-current Liabilities** | **(108,743)** | **(114,297)** | | **Net Assets** | **6,231,958** | **5,935,970** | | Bank Balances and Cash | 203,434 | 222,781 | | Bank Borrowings | 484,142 | 648,378 | [Notes to Financial Statements](index=6&type=section&id=Notes%20to%20Financial%20Statements) [Revenue](index=7&type=section&id=Revenue) The Group's total revenue primarily from chemical product sales saw caustic soda revenue grow 10.6% to HKD 883 million as a key driver, while other chemical products experienced declines and property sales revenue was zero Revenue by Product/Business Segment | Product/Business (HKD '000) | H1 2025 | H1 2024 | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Caustic Soda | 882,965 | 798,288 | ▲ 10.6% | | Chloromethane | 414,123 | 457,431 | ▼ 9.5% | | Polymer Materials | 193,629 | 230,974 | ▼ 16.2% | | Fluorochemical Products | 164,912 | 133,091 | ▲ 23.9% | | Hydrogen Peroxide | 128,494 | 188,876 | ▼ 31.9% | | **Total Chemical Products** | **1,930,270** | **1,968,854** | **▼ 2.0%** | | Property Sales | – | 18,994 | - | | **Total Revenue** | **1,931,959** | **1,989,690** | **▼ 2.9%** | [Segment Information](index=8&type=section&id=Segment%20Information) The chemical business is the core, contributing almost all revenue and HKD 418 million in segment results, a 39.8% increase, while the property segment recorded a HKD 495 thousand loss, with most of the Group's revenue and non-current assets located in China Segment Performance | Segment (HKD '000) | H1 2025 | H1 2024 | Y-o-Y Change | | :--- | :--- | :--- | :--- | | **Segment Revenue** | | | | | Chemical | 1,930,270 | 1,968,854 | ▼ 2.0% | | Property | 1,689 | 20,836 | ▼ 91.9% | | **Segment Results** | | | | | Chemical | 418,108 | 298,997 | ▲ 39.8% | | Property | (495) | 1,645 | - | - The Group's operations (including chemical and property segments) and the **vast majority of non-current assets** are located in **China**[19](index=19&type=chunk) [Expense & Cost Analysis](index=17&type=section&id=Expense%20%26%20Cost%20Analysis) The company effectively controlled expenses, with selling and distribution, administrative, and finance costs decreasing, while R&D costs significantly increased by 50.9% to HKD 83 million, reflecting a strong focus on product quality and innovation - Selling and distribution expenses **decreased by approximately HKD 9 million** year-on-year, primarily due to a **reduction in property sales commission expenses** during the period[45](index=45&type=chunk) - Administrative expenses **decreased by approximately HKD 4 million** year-on-year, primarily due to a **reduction in carbon emission fees** after implementing carbon reduction measures[46](index=46&type=chunk) - R&D costs **increased by approximately HKD 28 million** year-on-year (**a 50.9% increase**), as the Group focused on **optimizing core product process technology** and **developing new chemical products**[47](index=47&type=chunk) - Finance costs **decreased by approximately HKD 3 million** year-on-year, primarily due to a **reduction in the average loan amount** during the period[48](index=48&type=chunk) [Liquidity, Financial Resources & Capital Structure](index=18&type=section&id=Liquidity%2C%20Financial%20Resources%20%26%20Capital%20Structure) The company's financial position is robust and improving, with the current ratio rising to 1.44 and the net debt to equity ratio significantly decreasing to 3.23%, demonstrating enhanced solvency and reduced leverage, supported by ample cash and credit facilities Liquidity and Capital Structure Metrics | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Shareholders' Equity | HKD 6.232 billion | HKD 5.936 billion | | Current Ratio | 1.44 | 1.21 | | Bank Balances and Cash | HKD 283 million | HKD 291 million | | Net Debt | HKD 201 million | HKD 358 million | | Net Debt to Equity Ratio | 3.23% | 6.03% | - The Group actively **optimized its financing cost structure** across different currencies during the period and will continue to maintain **ample cash** and **available bank credit facilities**[50](index=50&type=chunk) [Shareholder Returns & Corporate Actions](index=12&type=section&id=Shareholder%20Returns%20%26%20Corporate%20Actions) [Dividends](index=12&type=section&id=Dividends) Based on robust earnings and financial health, the Board declared a 2025 interim dividend of 19.5 HK cents per share, a 39.3% increase from the prior period, demonstrating commitment to shareholder returns and confidence in future profitability Interim Dividend Declaration | Dividend Type | 2025 | 2024 | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Interim Dividend | 19.5 HK cents per share | 14 HK cents per share | ▲ 39.3% | - The interim dividend will be paid to shareholders whose names appear on the register of members on **August 25, 2025**, with an estimated payment date of **September 9, 2025**[27](index=27&type=chunk)[37](index=37&type=chunk) [Outlook & Strategy](index=15&type=section&id=Outlook%20%26%20Strategy) [Outlook](index=15&type=section&id=Outlook) Facing a challenging global economic environment, the Group will accelerate factory automation and enhance cost efficiency, focusing on high-end, green, and intelligent product transformation, expanding high-value-added products and overseas sales channels, and committing to sustainable development for long-term shareholder returns - The core strategy is to **accelerate the application of automation in three factories** to **enhance cost efficiency** and **production efficiency**[40](index=40&type=chunk) - The company will align with industry trends to promote production transformation towards **high-end, green, and intelligent solutions**[40](index=40&type=chunk) - Future growth drivers include developing **high-end fluoropolymer production lines** in new land parcels in Jiangxi and continuing to expand **overseas sales channels**[41](index=41&type=chunk) - The Group will continue to **invest in R&D for high-value-added chemical products**, **strengthen its product portfolio**, and promote various **sustainable development initiatives**, such as optimizing energy efficiency, water conservation, and expanding green energy applications[41](index=41&type=chunk) [Corporate Governance & Others](index=18&type=section&id=Corporate%20Governance%20%26%20Others) [Human Resources](index=18&type=section&id=Human%20Resources) As of June 30, 2025, the Group had approximately 1,900 employees, maintaining competitive remuneration and good employee relations without significant labor disputes or recruitment difficulties - As of June 30, 2025, the Group had **approximately 1,900 employees**, maintaining **good labor relations** without any **operational disruptions** due to labor disputes[51](index=51&type=chunk) [Corporate Governance & Audit](index=18&type=section&id=Corporate%20Governance%20%26%20Audit) The company consistently complied with the Corporate Governance Code, and the Audit Committee reviewed the interim results, discussing accounting principles, internal controls, and financial reporting with management without disagreement - The Board believes that the company has **consistently complied with the provisions of the Corporate Governance Code** during the reporting period[53](index=53&type=chunk) - The Audit Committee has **reviewed the Group's interim results** and had **no disagreements**[36](index=36&type=chunk)[54](index=54&type=chunk)

| 截至月份: 2025年7月31日 | | --- | | 狀態: 新提交 | 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: 理文化工有限公司 呈交日期: 2025年8月1日 本月底法定/註冊股本總額： HKD 500,000,000 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 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) | 00746 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 825,000,000 | | 0 | | 825,000,000 | | 增加 / 減少 (-) | | | | | | | | | 本月底結存 | | | 825,000,000 | | ...