Financial Performance - New Gonow Recreational Vehicles Inc. reported a significant increase in revenue, achieving a total of HK$240 million for the interim period, representing a growth of 25% compared to the previous year[9]. - The company reported a revenue of RMB 500 million for the first half of 2025, representing a 20% increase compared to the same period last year[19]. - Total revenue for the six months ended June 30, 2025, amounted to RMB 411.7 million, a decrease of 2.4% compared to RMB 422.0 million for the same period in 2024[44]. - Revenue from RV sales decreased by 7.4% to RMB 367.6 million, down from RMB 396.9 million in the previous year, primarily due to a decrease in sales volume[45]. - Profit for the period was RMB 30,997,000, down 23.3% from RMB 40,430,000 in 2024[21]. - Total comprehensive income for the period was RMB 28,101,000, a decrease of 29.6% from RMB 39,870,000 in 2024[194]. User Growth and Market Expansion - The company has expanded its user base, now serving over 150,000 active customers, which is a 30% increase year-over-year[10]. - User data showed a growth of 15% in active users, reaching 1.2 million by June 30, 2025[19]. - The company plans to enter new markets in Southeast Asia, aiming for a market share of 10% within the next two years[12]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by the end of 2026[19]. - The company is exploring potential acquisitions in the RV parts sector to enhance its supply chain efficiency[19]. Research and Development - Investment in research and development has increased by 20%, focusing on innovative vehicle technologies and sustainable practices[14]. - Research and development expenses increased by 30% to RMB 100 million, focusing on new product innovations[19]. - R&D expenses increased by 112.5% to RMB 11.9 million for the six months ended June 30, 2025, from RMB 5.6 million for the same period in 2024[65]. - The company has established a strategic partnership with a leading technology firm to enhance its R&D capabilities[19]. Financial Strategy and Capital Management - Cash flow from operations increased by 40%, reaching HK$50 million, providing a solid foundation for future investments[39]. - The company has initiated a capital raising plan, targeting HK$620 million through a share issuance to support growth initiatives[6]. - The Group's capital expenditures for the six months ended June 30, 2025, were RMB 2.3 million, down from RMB 3.0 million for the same period in 2024[88]. - The Group's investment strategy focuses on generating income and achieving capital appreciation to enhance shareholder returns[98]. Corporate Governance - Corporate governance practices have been strengthened, with the establishment of a new audit committee to enhance oversight and compliance[22]. - The Audit Committee has reviewed the unaudited interim consolidated financial statements for the six months ended June 30, 2025, confirming compliance with applicable accounting standards[144]. - The company has established an Audit Committee comprising three independent non-executive Directors to oversee financial reporting and risk management[143]. - The company has complied with the applicable code provisions of the Corporate Governance Code from the Listing Date to June 30, 2025, except for certain deviations[124]. Product Development - A new product line of electric RVs is set to launch in Q3 2025, expected to contribute an additional RMB 200 million in revenue[19]. - The company launched the SRH-Hybrid 2025, expanding its hybrid towable RV lineup with six models[28]. - The SRH-Hybrid 2025 features advanced technology and luxury, targeting families and solo travelers in the competitive RV market[28]. - The company has discontinued 5 RV models to better cater to market demands, resulting in a total of 50 RV models as of June 30, 2025[22]. Challenges and Risks - The company reported a gross profit margin improved to 35%, up from 30% in the previous period, reflecting better cost management and pricing strategies[34]. - Gross profit decreased by 9.8% to RMB 121,629,000 from RMB 134,903,000 in the same period last year[21]. - The backlog as of June 30, 2025, included 1,535 units under Snowy River with a contract value of A$88,498,765.3 (RMB 414,324,669.5)[27]. - The Regent brand delivered only 25 units, representing a significant decrease of 67.9% from 78 units in the first half of 2024[25]. Future Outlook - Future outlook indicates a projected revenue growth of 15% for the next fiscal year, driven by new product launches and market expansion strategies[12]. - The company expects the Canadian market to become a core growth engine, with plans to form demonstration sales cases by 2026 and increase investment in product localization[36].

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，並明確表示概不就因本公告全部或任何部 分內容所產生或因依賴該等內容而引致的任何損失承擔任何責任。 新吉奥房车有限公司 （股份代號：0805） 延遲寄發 有關修訂房車零部件採購框架協議項下 持續關連交易之現有年度上限之通函 茲提述新吉奧房车有限公司（「本公司」）日期為2025年8月29日的公告，內容有關修 訂房車零部件採購框架協議項下持續關連交易之年度上限（「該公告」）。除另有指明 外，本公告所用詞彙與該公告所界定者具有相同涵義。 誠如該公告所披露，預期一份載有（其中包括）補充房車零部件採購框架協議及經修 訂年度上限、獨立董事委員會之推薦意見以及獨立財務顧問意見等資料的通函（「通 函」），將於2025年9月30日或之前寄發予本公司股東。由於需要額外時間以落實通 函所載若干資料，本公司預期通函的寄發日期將延遲至2025年10月17日或之前。 承董事會命 New Gonow Recreational Vehicles Inc. 新吉奧房車有限公司 （於開曼群島註冊成立的有限公司） 繆雪中先生 執行董事、董事 ...

Group 1 - The core point of the article highlights the recent stock transfer of New Ji'ao RV (00805) from First Shanghai Securities to Shengheng Financial Holdings, with a market value of HKD 61.0351 million, representing 5.34% of the total shares [1] - New Ji'ao RV reported its mid-year results for 2025, showing a revenue of approximately HKD 412 million, a year-on-year decrease of 2.4% [1] - The company's gross profit was about HKD 122 million, reflecting a year-on-year decline of 9.9% [1] - The profit attributable to equity shareholders was HKD 30.7 million, down 22.34% compared to the previous year [1] - Earnings per share stood at HKD 0.03 [1]

Core Viewpoint - New Giao RV (00805) has experienced a shareholder transfer and reported a decline in financial performance for the first half of 2025 [1] Group 1: Shareholder Activity - On September 23, New Giao RV's shares were transferred from First Shanghai Securities to Shengheng Financial Holdings, with a market value of HKD 61.0351 million, representing 5.34% of the total shares [1] Group 2: Financial Performance - For the first half of 2025, New Giao RV reported revenue of approximately HKD 412 million, a year-on-year decrease of 2.4% [1] - The gross profit was approximately HKD 122 million, reflecting a year-on-year decline of 9.9% [1] - The profit attributable to equity shareholders was HKD 30.7 million, down 22.34% year-on-year, with earnings per share of HKD 0.03 [1]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 新吉奧房車有限公司(於開曼群島註冊成立的有限公司) 呈交日期: 2025年9月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00805 | 說明 | 普通股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | USD | USD | 0.0001 | | 200,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 2,000,000,000 | USD | | 0.0001 USD | | 200,000 | 本月底法定 ...

Core Viewpoint - The Hong Kong IPO market is active, with 57 new listings and a total fundraising amount of 131.9 billion HKD as of August 25. However, many companies face challenges in meeting both domestic and Hong Kong regulatory requirements for listing [1]. Group 1: Hong Kong IPO Overview - As of August 25, 2023, there have been 57 new IPOs on the Hong Kong Stock Exchange, raising a total of 131.9 billion HKD [1]. - There are currently 211 companies that have submitted applications for listing in Hong Kong [1]. Group 2: Listing Challenges - Companies looking to list in Hong Kong must comply with both domestic laws and Hong Kong's regulatory framework, making the IPO preparation process complex and demanding [1]. Group 3: Resources for Companies - A compilation of Hong Kong listing rules and disclosure documents for domestic companies planning to list in Hong Kong has been organized to assist businesses in understanding the latest regulatory dynamics [1].

Group 1 - The core viewpoint of the article indicates that Xinji Ao RV's mid-term performance for 2025 shows a decline in revenue and profit due to a decrease in RV sales [2] - The company's revenue for the first half of 2025 is approximately 412 million RMB, representing a year-on-year decrease of 2.4% [2] - Gross profit for the same period is about 122 million RMB, down 9.9% year-on-year [2] - The profit attributable to equity shareholders is 30.7 million RMB, reflecting a year-on-year decline of 22.34%, with earnings per share at 0.03 RMB [2] Group 2 - The primary reason for the revenue decline is the drop in RV sales, with total deliveries amounting to 1,367 units in the first half of 2025, a decrease of 4.2% compared to the same period last year [2] - As of June 30, 2025, the company has 50 RV models across three brands (Snowy River, Regent, NEWGEN) and nine series [2] - The order backlog for Snowy River, Regent, and NEWGEN RVs stands at 1,535 units, 17 units, and 61 units respectively, with corresponding contract values of approximately 88.5 million AUD, 1.1 million AUD, and 3.4 million AUD [2]

Core Insights - New GIO RV (00805) reported a mid-year performance for 2025, with a revenue of approximately 412 million yuan, a year-on-year decrease of 2.4% [1] - The company's gross profit was around 122 million yuan, reflecting a year-on-year decline of 9.9% [1] - The profit attributable to equity shareholders was 30.7 million yuan, down 22.34% compared to the previous year, with earnings per share at 0.03 yuan [1] Revenue and Sales Performance - The decrease in revenue was primarily attributed to a reduction in RV sales [2] - As of June 30, 2025, the group had 50 RV models across 9 different series under three key brands: the best-selling mid-range brand Snowy River, the luxury brand Regent, and the semi-off-road brand NEWGEN [2] - Total RV deliveries for the first half of 2025 reached 1,367 units, a decrease of 4.2% from 1,427 units in the same period of 2024 [2] Order Backlog - As of June 30, 2025, the order backlog for Snowy River, Regent, and NEWGEN RVs stood at 1,535 units, 17 units, and 61 units respectively [2] - The contract values for these orders were approximately 88.5 million AUD, 1.1 million AUD, and 3.4 million AUD respectively [2]

Group 1 - The core viewpoint of the article highlights that Xinji Ao RV (00805) reported a decline in mid-year performance for 2025, with revenue of approximately 412 million yuan, a year-on-year decrease of 2.4% [1] - Gross profit for the company was about 122 million yuan, reflecting a year-on-year decrease of 9.9% [1] - The profit attributable to equity shareholders was 30.7 million yuan, down 22.34% compared to the previous year, with earnings per share at 0.03 yuan [1] Group 2 - The revenue decline is primarily attributed to a decrease in RV sales [1] - As of June 30, 2025, the company had a total of 50 RV models across three distinct brands: the best-selling mid-range brand Snowy River, the luxury brand Regent, and the semi-off-road brand NEWGEN [1] - Total RV deliveries in the first half of 2025 reached 1,367 units, a decrease of 4.2% from 1,427 units in the same period of 2024 [1] Group 3 - As of June 30, 2025, the order backlog for Snowy River, Regent, and NEWGEN RVs stood at 1,535 units, 17 units, and 61 units respectively, with contract values of approximately 88.5 million AUD, 1.1 million AUD, and 3.4 million AUD [1]

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) The group experienced a decrease in revenue and gross profit, with a decline in gross margin primarily due to reduced RV sales and promotional pricing Financial Highlights for the Six Months Ended June 30, 2025 | Metric | Six Months Ended June 30, 2025 (RMB million) | Six Months Ended June 30, 2024 (RMB million) | Change (RMB million) | Change Percentage | Primary Reason | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | 411.7 | 422.0 | -10.3 | -2.4% | Decrease in RV sales | | Gross Profit | 121.6 | 134.9 | -13.3 | -9.9% | Decrease in RV sales | | Gross Margin | 29.5% | 32.0% | -2.5% | - | Promotional pricing strategy for newly launched RVs | | Cost of Sales | 290.1 | 287.1 | +3.0 | +1.0% | - | [Definitions and Technical Terms](index=2&type=section&id=Definitions%20and%20Technical%20Terms) This section provides definitions for key terms and technical vocabulary used throughout the report [Business Review](index=4&type=section&id=Business%20Review) The group optimized its RV product lines, expanded into new international markets, and reinforced its leading position in Australia and New Zealand [Products and Brands](index=4&type=section&id=Products%20and%20Brands) The group optimized its RV product line during the reporting period, adding 5 new models and discontinuing 5, maintaining a total of 50 models, with total deliveries decreasing by 4.2% year-over-year - **Five new RV models** (SRP14, SRP17, SRP20, SRV19, and SRV22) were introduced, while five models (SRP18, SRT20F, SRC23, SRS12, and SRL196 under the Regent brand) were discontinued as part of a brand repositioning plan[7](index=7&type=chunk) - As of June 30, 2025, the company offers **50 RV models** across nine series under three brands: Snowy River (mid-range bestseller), Regent (luxury brand, temporarily withdrawn for repositioning), and NEWGEN (semi-off-road brand)[7](index=7&type=chunk) RV Deliveries for H1 2025 | Brand | H1 2025 Deliveries (units) | H1 2024 Deliveries (units) | Year-over-Year Change (units) | Year-over-Year Change Percentage | | :--- | :--- | :--- | :--- | :--- | | Snowy River | 1,247 | 1,234 | +13 | +1.1% | | Regent | 25 | 78 | -53 | -67.9% | | NEWGEN | 95 | 115 | -20 | -17.4% | | **Total** | **1,367** | **1,427** | **-60** | **-4.2%** | [Orders on Hand](index=5&type=section&id=Orders%20on%20Hand) As of June 30, 2025, the group's total RV orders on hand and contract value both increased year-over-year, primarily driven by a significant increase in Snowy River brand orders Comparison of RV Orders on Hand | Brand | Order Volume as of June 30, 2025 (units) | Contract Value as of June 30, 2025 (AUD) | Order Volume as of June 30, 2024 (units) | Contract Value as of June 30, 2024 (AUD) | | :--- | :--- | :--- | :--- | :--- | | Snowy River | 1,535 | 88,498,765.3 | 1,236 | 66,806,000 | | Regent | 17 | 1,108,581.2 | 77 | 4,924,000 | | NEWGEN | 61 | 3,428,319.7 | 158 | 8,973,000 | [Hybrid Travel Trailers](index=5&type=section&id=Hybrid%20Travel%20Trailers) In H1 2025, the Snowy River brand launched the SRH-Hybrid 2025 series of hybrid travel trailers in Australia and New Zealand, targeting the high-end off-road market with six models emphasizing cost-effectiveness, durability, advanced technology, and luxury - The Snowy River SRH-Hybrid 2025 series of hybrid travel trailers (**six models**) was officially launched in Australia and New Zealand in H1 2025[10](index=10&type=chunk) - This series targets the high-end off-road market, designed for families, couples, and solo travelers, offering **high cost-effectiveness, durability, advanced technology, and luxury**[10](index=10&type=chunk) - Technical features include an SRT-Range inspired chassis, SR-Explore suspension system, Pedders springs and shock absorbers, and an independent water and electricity supply system, ensuring off-road stability and off-grid endurance[10](index=10&type=chunk) [European Market Expansion](index=6&type=section&id=European%20Market%20Expansion) The group established a dedicated task force to actively pursue European market expansion, including reviewing manufacturing resources, screening acquisition targets, negotiating with dealers, and conducting market demand surveys, aiming for significant breakthroughs in key European markets within the next five years, focusing on Type B RVs and new energy RVs - A dedicated task force has been established to advance European market expansion, focusing on acquisition implementation, product finalization, EU certification, and customer development[12](index=12&type=chunk) - The task force has conducted a comprehensive review of European manufacturing resources, initially screened potential acquisition targets, and engaged in preliminary discussions with European dealers and RV rental providers[12](index=12&type=chunk) - Significant breakthroughs are anticipated in key European markets within the next five years, with **Type B RV products** as the entry point, and new energy RVs to be introduced when market opportunities mature[12](index=12&type=chunk) [Canadian Market Expansion](index=6&type=section&id=Canadian%20Market%20Expansion) The group initiated a collaboration project with Canadian partners to expand into the North American market in two phases, currently designing three RV prototypes compliant with Canadian regulations, registering brands, protecting intellectual property, and engaging local dealer networks - A collaboration project with Canadian partners has been initiated to expand into the North American market in two phases: RV prototype design and exhibition area planning, followed by exhibition promotion and brand implementation[13](index=13&type=chunk) - During the reporting period, design for **three RV prototype models** compliant with Canadian regulations was initiated, and exhibition scale, RV prototype layout, and marketing strategies were coordinated[13](index=13&type=chunk) - Canadian brand registration procedures and intellectual property protection measures have been initiated, with preliminary contact made with local dealer networks[13](index=13&type=chunk) [Continuing to Strengthen Our Leading Position in the Australian and New Zealand Markets](index=7&type=section&id=Continuing%20to%20Strengthen%20Our%20Leading%20Position%20in%20the%20Australian%20and%20New%20Zealand%20Markets) Australia and New Zealand remain the group's largest market and strategic cornerstone, where market leadership is continuously strengthened through expanded coverage, deepened product localization, enhanced after-sales service, and optimized dealer management, with future plans to deepen hybrid model strategy as a pivot for North American and European expansion - Australia and New Zealand are the group's **largest market** and a crucial cornerstone for its strategic internationalization process[14](index=14&type=chunk) - Market coverage is expanded through self-operated stores and dealer networks, while product localization, after-sales service systems, and dealer management mechanisms are enhanced to improve customer experience and brand reputation[14](index=14&type=chunk) - Continuous investment in R&D diversifies the product portfolio, including the launch of **hybrid and pop-top RV models** to meet market demand[14](index=14&type=chunk) [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=8&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This statement presents the group's financial performance, including revenue, expenses, and profit for the period, reflecting a decline in profitability compared to the prior year Summary of Consolidated Statement of Profit or Loss and Other Comprehensive Income (Six Months Ended June 30) | Metric | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 411,723 | 421,973 | | Cost of Sales | (290,094) | (287,070) | | Gross Profit | 121,629 | 134,903 | | Other Income / (Loss) | 17,585 | (2,667) | | Selling and Distribution Expenses | (52,766) | (32,184) | | Administrative Expenses | (31,577) | (35,605) | | Research and Development Expenses | (11,850) | (5,625) | | Reversal / (Provision) for Impairment Loss on Trade Receivables | 744 | (21) | | Operating Profit | 43,765 | 58,801 | | Finance Costs | (6,143) | (4,796) | | Profit Before Tax | 37,622 | 54,005 | | Income Tax | (6,625) | (13,575) | | Profit for the Period | 30,997 | 40,430 | | Profit Attributable to Equity Holders of the Company | 30,700 | 39,532 | | Basic and Diluted Earnings Per Share (RMB) | 0.03 | 0.05 | | Total Comprehensive Income for the Period | 28,101 | 39,870 | [Consolidated Statement of Financial Position](index=10&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) This statement provides a snapshot of the group's assets, liabilities, and equity as of the reporting date, showing changes in liquidity and capital structure Summary of Consolidated Statement of Financial Position (As of June 30, 2025) | Metric | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | **Non-current Assets** | | | | Property, Plant and Equipment | 19,697 | 19,782 | | Right-of-use Assets | 73,471 | 72,707 | | Intangible Assets | 211 | 237 | | Deferred Tax Assets | 29,778 | 23,774 | | **Current Assets** | | | | Inventories | 272,855 | 228,103 | | Trade and Other Receivables | 137,405 | 54,382 | | Prepayments | 92,452 | 28,479 | | Financial Assets at Fair Value Through Profit or Loss | 110,210 | — | | Restricted Cash | 182,755 | 103,144 | | Cash and Cash Equivalents | 24,949 | 29,263 | | **Current Liabilities** | | | | Trade and Other Payables | 377,052 | 314,757 | | Contract Liabilities | 11,134 | 12,276 | | Loans and Borrowings | 111,826 | 89,017 | | Lease Liabilities | 21,589 | 11,136 | | Current Tax | 23,732 | 18,451 | | Provisions | 3,603 | 3,699 | | Net Current Assets / (Liabilities) | 271,690 | (5,965) | | **Non-current Liabilities** | | | | Loans and Borrowings | 272 | 381 | | Lease Liabilities | 60,937 | 66,902 | | Provisions | 3,498 | 3,999 | | **Net Assets** | **330,140** | **39,253** | | Total Equity | 330,140 | 39,253 | [Notes to the Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed explanations and disclosures for the condensed consolidated financial statements, covering accounting policies, significant events, and financial instrument details [General Information](index=12&type=section&id=General%20Information) Newgonow RV Co., Ltd. was incorporated in the Cayman Islands on May 17, 2022, primarily engaged in RV manufacturing and export to Australia, with shares listed on the Hong Kong Stock Exchange on January 13, 2025 - The company was incorporated in the Cayman Islands on **May 17, 2022**, primarily engaged in manufacturing and exporting RVs to Australia, and selling them in Australia and New Zealand[20](index=20&type=chunk) - The company's shares were listed on the Main Board of The Stock Exchange of Hong Kong Limited on **January 13, 2025**[21](index=21&type=chunk) [Basis of Preparation](index=12&type=section&id=Basis%20of%20Preparation) This interim financial report is prepared in accordance with HKFRS 34 and HKEX Listing Rules, applying consistent accounting policies with the 2024 annual financial statements, and includes explanations for significant events and transactions affecting the group's financial position and performance - This interim financial report is prepared in accordance with the Listing Rules of the Hong Kong Stock Exchange and Hong Kong Accounting Standard 34 "Interim Financial Reporting"[22](index=22&type=chunk) - The basis of preparation is consistent with the accounting policies adopted in the 2024 annual financial statements, except for changes in accounting policies expected to be reflected in the 2025 annual financial statements[22](index=22&type=chunk) [Changes in Accounting Policies](index=13&type=section&id=Changes%20in%20Accounting%20Policies) The group applied amendments to HKAS 21 "The Effects of Changes in Foreign Exchange Rates—Lack of Exchangeability" during this period, which had no material impact on the interim report due to the absence of relevant foreign currency transactions, and no new accounting standards or interpretations not yet effective were applied - The group has applied the amendments to Hong Kong Accounting Standard 21 "The Effects of Changes in Foreign Exchange Rates—Lack of Exchangeability," but it had **no material impact** on this interim report[23](index=23&type=chunk) - No new accounting standards or interpretations not yet effective were applied during this accounting period[24](index=24&type=chunk) [Revenue](index=13&type=section&id=Revenue) The group's primary revenue source is the manufacturing and sale of RVs, with total revenue of RMB 411.7 million for the six months ended June 30, 2025, comprising RMB 367.6 million from RV sales, RMB 35.4 million from used RV sales, and RMB 8.8 million from other income - The group is primarily engaged in the manufacturing and sale of RVs[25](index=25&type=chunk) Revenue from Contracts with Customers by Major Product or Service Line | Product or Service Line | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Sale of RVs | 367,571 | 396,893 | | Sale of Used RVs | 35,359 | 23,396 | | Other | 8,793 | 1,684 | | **Total** | **411,723** | **421,973** | [Income Tax](index=14&type=section&id=Income%20Tax) For the six months ended June 30, 2025, the group's income tax expense was RMB 6.6 million, a 51.5% decrease from RMB 13.6 million in the prior year, primarily due to reduced profit Income Tax Expense | Tax Category | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Current Tax - China Corporate Income Tax | 12,791 | 14,710 | | Current Tax - Australia Income Tax | — | 3,741 | | Deferred Tax - Temporary Differences Arising | (6,166) | (4,876) | | **Income Tax Expense** | **6,625** | **13,575** | [Earnings Per Share](index=14&type=section&id=Earnings%20Per%20Share) Basic and diluted earnings per share for the six months ended June 30, 2025, decreased to RMB 0.03 from RMB 0.05 in the prior year, based on profit attributable to equity holders and the weighted average number of ordinary shares, with no anti-dilutive effect from share options during the period Comparison of Earnings Per Share | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Profit Attributable to Ordinary Equity Holders of the Company (RMB) | 30,700,000 | 39,532,000 | | Weighted Average Number of Ordinary Shares (shares) | 942,762,000 | 720,000,000 | | Basic and Diluted Earnings Per Share (RMB) | 0.03 | 0.05 | - For the six months ended June 30, 2025, diluted earnings per share were the same as basic earnings per share, as unexercised share options under the share option scheme had an anti-dilutive effect[29](index=29&type=chunk) [Trade and Other Receivables](index=15&type=section&id=Trade%20and%20Other%20Receivables) As of June 30, 2025, total trade and other receivables significantly increased to RMB 137.4 million from RMB 54.4 million on December 31, 2024, primarily due to new third-party loans and deposits, with all trade receivables expected to be recovered within one year Composition of Trade and Other Receivables | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade Receivables, Net of Loss Allowance | 42,695 | 37,706 | | Value Added Tax and Goods and Services Tax Recoverable | 8,208 | 8,850 | | Loans to Third Parties | 42,846 | — | | Deposits | 29,294 | 1,109 | | Others | 14,362 | 6,717 | | **Total** | **137,405** | **54,382** | Aging Analysis of Trade Receivables | Aging | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 90 days | 39,208 | 25,869 | | Over 90 days but less than 180 days | 1,325 | 4,679 | | Over 180 days but less than 360 days | 711 | 6,600 | | Over 360 days | 1,451 | 558 | | **Total** | **42,695** | **37,706** | [Financial Assets at Fair Value Through Profit or Loss](index=15&type=section&id=Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) As of June 30, 2025, the group recognized new wealth management products totaling RMB 110.2 million as financial assets at fair value through profit or loss, with no such assets on December 31, 2024 Financial Assets at Fair Value Through Profit or Loss | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Wealth Management Products | 110,210 | — | [Trade and Other Payables](index=16&type=section&id=Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables increased to RMB 377.1 million from RMB 314.8 million on December 31, 2024, primarily driven by an increase in bills payable and trade payables to third parties, with most expected to be settled within one year Composition of Trade and Other Payables | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Bills Payable | 79,373 | 53,247 | | Trade Payables to Related Parties | 2,877 | 7,131 | | Trade Payables to Third Parties | 237,765 | 182,834 | | Accrued Wages and Other Benefits | 22,460 | 19,713 | | Value Added Tax, Goods and Services Tax and Miscellaneous Taxes Payable | 14,399 | 10,767 | | Listing Expenses Payable | 834 | 26,375 | | Accrued Expenses | 8,218 | 7,304 | | Advances from Related Parties | 10,085 | 7,182 | | Other Payables | 1,041 | 204 | | **Total** | **377,052** | **314,757** | Aging Analysis of Trade Payables and Bills Payable | Aging | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 1 year | 221,629 | 242,581 | | 1 to 2 years | 98,068 | 613 | | 2 to 3 years | 318 | 18 | | **Total** | **320,015** | **243,212** | [Dividends](index=16&type=section&id=Dividends) Neither the company nor its subsidiaries paid or declared any dividends for the six months ended June 30, 2025, consistent with the prior year - For the six months ended June 30, 2025, neither the company nor its current subsidiaries paid or declared any dividends[33](index=33&type=chunk) [Management Discussion and Analysis](index=17&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an overview of the group's financial performance and position, highlighting key operational and financial trends, and discussing future outlook and strategies [Financial Analysis](index=17&type=section&id=Financial%20Analysis) The group experienced a decline in revenue and profit during the reporting period, primarily due to reduced RV sales and promotional pricing strategies, while other income significantly increased from exchange gains, sales and distribution expenses rose due to store expansion, R&D expenses grew substantially from new projects, and administrative expenses decreased due to reduced listing expenses [Revenue](index=17&type=section&id=Revenue) The group's total revenue decreased by 2.4% due to lower RV sales, despite a 30.2% increase in direct sales revenue and a 51.3% increase in used RV sales revenue Revenue Comparison | Revenue Category | Six Months Ended June 30, 2025 (RMB million) | Six Months Ended June 30, 2024 (RMB million) | Change Percentage | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Total Revenue | 411.7 | 422.0 | -2.4% | Decrease in RV sales | | RV Sales Revenue | 367.6 | 396.9 | -7.4% | Decrease in RV sales | | Direct Sales Revenue | 188.0 | 144.4 | +30.2% | Increase in direct RV sales (610 units vs 438 units) | | Used RV Sales Revenue | 35.4 | 23.4 | +51.3% | Launch of used RV trade-in program | [Cost of Sales](index=17&type=section&id=Cost%20of%20Sales) Cost of sales remained relatively stable, primarily comprising raw material costs, employee costs, transportation and handling expenses, and indirect costs Cost of Sales Comparison | Metric | Six Months Ended June 30, 2025 (RMB million) | Six Months Ended June 30, 2024 (RMB million) | Change Percentage | | :--- | :--- | :--- | | Cost of Sales | 290.1 | 287.1 | +1.0% | - Cost of sales remained relatively stable, primarily comprising raw material costs, employee costs, transportation and handling expenses, and indirect costs[35](index=35&type=chunk) [Gross Profit and Gross Margin](index=17&type=section&id=Gross%20Profit%20and%20Gross%20Margin) Gross profit decreased by 9.9% due to lower RV sales, and gross margin declined by 2.5% primarily attributable to promotional pricing strategies for newly launched RVs Gross Profit and Gross Margin Comparison | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change Percentage | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Gross Profit (RMB million) | 121.6 | 134.9 | -9.9% | Decrease in RV sales | | Gross Margin | 29.5% | 32.0% | -2.5% | Promotional pricing strategy for newly launched RVs | [Other Income / (Loss)](index=18&type=section&id=Other%20Income%20%2F%20%28Loss%29) Other income significantly increased to RMB 17.6 million from a loss of RMB 2.7 million in the prior year, primarily due to foreign exchange gains from AUD to RMB fluctuations Other Income / (Loss) Comparison | Metric | Six Months Ended June 30, 2025 (RMB million) | Six Months Ended June 30, 2024 (RMB million) | Primary Reason | | :--- | :--- | :--- | :--- | | Other Income / (Loss) | 17.6 | (2.7) | Foreign exchange gains from AUD to RMB fluctuations | [Selling and Distribution Expenses](index=18&type=section&id=Selling%20and%20Distribution%20Expenses) Selling and distribution expenses increased by 64.0% due to the addition of two self-operated stores and corresponding advertising and promotional expenses Selling and Distribution Expenses Comparison | Metric | Six Months Ended June 30, 2025 (RMB million) | Six Months Ended June 30, 2024 (RMB million) | Change Percentage | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Selling and Distribution Expenses | 52.8 | 32.2 | +64.0% | Addition of two self-operated stores and increased advertising and promotional expenses | [Administrative Expenses](index=18&type=section&id=Administrative%20Expenses) Administrative expenses decreased by 11.2% due to the absence of one-off listing expenses, despite an increase in employee costs from a larger headcount Administrative Expenses Comparison | Metric | Six Months Ended June 30, 2025 (RMB million) | Six Months Ended June 30, 2024 (RMB million) | Change Percentage | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Administrative Expenses | 31.6 | 35.6 | -11.2% | Absence of one-off listing expenses, partially offset by increased employee costs due to higher headcount | [Research and Development Expenses](index=18&type=section&id=Research%20and%20Development%20Expenses) Research and development expenses significantly increased by 112.5% due to the initiation of more new travel trailer and electric RV R&D projects Research and Development Expenses Comparison | Metric | Six Months Ended June 30, 2025 (RMB million) | Six Months Ended June 30, 2024 (RMB million) | Change Percentage | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Research and Development Expenses | 11.9 | 5.6 | +112.5% | Initiation of more new travel trailer and electric RV R&D projects | [Reversal / (Provision) for Impairment Loss on Trade Receivables](index=19&type=section&id=Reversal%20%2F%20%28Provision%29%20for%20Impairment%20Loss%20on%20Trade%20Receivables) A reversal of impairment loss on trade receivables of RMB 0.744 million was recorded, compared to a provision of RMB 0.021 million in the prior year, primarily due to a reduction in long-aged trade receivables Reversal / (Provision) for Impairment Loss on Trade Receivables Comparison | Metric | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | Primary Reason | | :--- | :--- | :--- | :--- | | Reversal / (Provision) for Impairment Loss | 744 | (21) | Reduction in long-aged trade receivables | [Finance Costs](index=19&type=section&id=Finance%20Costs) Finance costs increased by 27.1% due to newly obtained bank borrowings Finance Costs Comparison | Metric | Six Months Ended June 30, 2025 (RMB million) | Six Months Ended June 30, 2024 (RMB million) | Change Percentage | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Finance Costs | 6.1 | 4.8 | +27.1% | Newly obtained bank borrowings | [Income Tax](index=19&type=section&id=Income%20Tax) Income tax decreased by 51.5% due to a reduction in profit Income Tax Comparison | Metric | Six Months Ended June 30, 2025 (RMB million) | Six Months Ended June 30, 2024 (RMB million) | Change Percentage | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Income Tax | 6.6 | 13.6 | -51.5% | Decrease in profit | [Profit for the Period](index=19&type=section&id=Profit%20for%20the%20Period) Profit for the period decreased by RMB 9.4 million to RMB 31.0 million from RMB 40.4 million in the prior year Profit for the Period Comparison | Metric | Six Months Ended June 30, 2025 (RMB million) | Six Months Ended June 30, 2024 (RMB million) | Change (RMB million) | | :--- | :--- | :--- | :--- | | Profit for the Period | 31.0 | 40.4 | -9.4 | [Liquidity and Capital Resources](index=19&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, the group's net current assets turned positive, primarily benefiting from global offering proceeds, while total loans and borrowings increased, and the gearing ratio remained positive, with the company regularly monitoring liquidity needs and having no significant capital commitments or future major investment plans [Liquidity and Capital Resources](index=19&type=section&id=Liquidity%20and%20Capital%20Resources) The group's net current assets turned positive, primarily due to the proceeds from the global offering Net Current Assets Comparison | Metric | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | Primary Reason | | :--- | :--- | :--- | :--- | | Net Current Assets | 271.7 | (6.0) | Receipt of global offering proceeds | [Loans and Borrowings](index=19&type=section&id=Loans%20and%20Borrowings) Total loans and borrowings increased to RMB 112.1 million, comprising secured loans from financing partners, unsecured short-term bank loans, and secured short-term bank loans Total Loans and Borrowings Comparison | Metric | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :--- | :--- | | Total Loans and Borrowings | 112.1 | 89.4 | - Loans and borrowings primarily include: **RMB 65.2 million** in secured loans and borrowings from financing partners; **RMB 9.9 million** in unsecured short-term bank loans from commercial banks; and **RMB 36.7 million** in secured short-term bank loans from commercial banks[47](index=47&type=chunk) [Gearing Ratio](index=20&type=section&id=Gearing%20Ratio) The group's gearing ratio remained positive as of June 30, 2025, and December 31, 2024, calculated as net debt divided by capital plus net debt - As of June 30, 2025, and December 31, 2024, the group's gearing ratio was **positive**[48](index=48&type=chunk) - The gearing ratio is calculated as net debt divided by capital plus net debt, where net debt includes loans and borrowings, trade and other payables, and lease liabilities, less cash and cash equivalents, and restricted cash[48](index=48&type=chunk) [Inventory Policy](index=20&type=section&id=Inventory%20Policy) The group's policy is to regularly monitor liquidity needs, ensuring sufficient cash reserves and committed financing facilities to meet both short-term and long-term liquidity requirements - The group's policy is to regularly monitor liquidity needs, ensuring sufficient cash reserves and adequate committed financing facilities to meet both short-term and long-term liquidity requirements[49](index=49&type=chunk) [Restricted Cash and Pledged Assets](index=20&type=section&id=Restricted%20Cash%20and%20Pledged%20Assets) Restricted cash primarily serves as lease deposits and collateral for loans, borrowings, and bills payable Restricted Cash Comparison | Metric | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :--- | :--- | | Restricted Bank Deposits | 182.8 | 103.1 | - Restricted cash is primarily used for lease deposits and pledged as collateral for loans and borrowings, as well as bills payable[50](index=50&type=chunk) [Future Plans for Material Investments and Capital Assets](index=20&type=section&id=Future%20Plans%20for%20Material%20Investments%20and%20Capital%20Assets) As of June 30, 2025, the group had no specific plans for material investments and acquisitions of capital assets - As of June 30, 2025, the group had **no specific plans** for material investments and acquisitions of capital assets[51](index=51&type=chunk) [Capital Commitments and Capital Expenditures](index=20&type=section&id=Capital%20Commitments%20and%20Capital%20Expenditures) As of June 30, 2025, the group had no significant capital commitments, with capital expenditures for the purchase of property, plant, and equipment decreasing to RMB 2.3 million - As of June 30, 2025, the group had **no significant capital commitments**[52](index=52&type=chunk) Capital Expenditures Comparison | Metric | Six Months Ended June 30, 2025 (RMB million) | Six Months Ended June 30, 2024 (RMB million) | | :--- | :--- | :--- | | Capital Expenditures (Purchase of Property, Plant and Equipment) | 2.3 | 3.0 | [Contingent Liabilities and Guarantees](index=20&type=section&id=Contingent%20Liabilities%20and%20Guarantees) The maximum amount of guarantees issued increased to RMB 30.7 million, and the company utilized financial instruments like foreign exchange swaps to mitigate foreign currency risks Maximum Amount of Guarantees Issued Comparison | Metric | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :--- | :--- | | Maximum Amount of Guarantees Issued | 30.7 | 24.8 | - The company utilized financial instruments such as foreign exchange swaps to mitigate foreign currency risks during the reporting period[54](index=54&type=chunk) [Material Investments, Significant Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures](index=21&type=section&id=Material%20Investments%2C%20Significant%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%2C%20Associates%20and%20Joint%20Ventures) For the six months ended June 30, 2025, the company did not undertake any significant acquisitions or disposals of subsidiaries, associates, or joint ventures, nor any other material investments (valued at 5% or more of total assets) - For the six months ended June 30, 2025, the company did not undertake any significant acquisitions or disposals of subsidiaries, associates, or joint ventures[55](index=55&type=chunk) - Apart from disclosable transactions, the company did not have any material investments (valued at 5% or more of total assets) during the reporting period[55](index=55&type=chunk) [Employees](index=21&type=section&id=Employees) The group's total headcount increased to 803, with a majority in production and supply chain, and maintains a stable, proactive workforce through training and a comprehensive compensation structure Employee Headcount and Functional Distribution | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Number of Employees | 803 | 722 | | Number of Employees in China | 565 | - | | Number of Employees in Australia | 238 | - | | Function | Number of Employees | Percentage of Total Employees | | :--- | :--- | :--- | | Production and Supply Chain | 591 | 73.6% | | Sales and Marketing | 55 | 6.9% | | General and Administrative Support | 98 | 12.2% | | Product Development and Technology | 59 | 7.4% | | **Total** | **803** | **100.0%** | - The group believes that maintaining a stable and proactive workforce is key to business success and regularly invests in employee training[57](index=57&type=chunk) - Employee compensation structure includes salaries, benefits, and bonuses, with standard employee benefit plans provided in accordance with local laws and regulations in China and Australia[58](index=58&type=chunk) [Purchase, Redemption or Sale of Listed Securities](index=22&type=section&id=Purchase%2C%20Redemption%20or%20Sale%20of%20Listed%20Securities) Neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities from the listing date up to June 30, 2025, and no treasury shares were held - From the listing date up to June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[59](index=59&type=chunk) - As of June 30, 2025, the company held no treasury shares[59](index=59&type=chunk) [Use of Net Proceeds from Listing](index=22&type=section&id=Use%20of%20Net%20Proceeds%20from%20Listing) The net proceeds from the global offering were approximately HKD 253.4 million, with HKD 16.9 million utilized and HKD 236.5 million unutilized as of the announcement date, and the board resolved to change the use of unutilized proceeds, placing idle funds into short-term interest-bearing deposits or other short-term wealth management products - The net proceeds from the global offering were approximately **HKD 253.4 million**, with approximately **HKD 16.9 million** utilized and approximately **HKD 236.5 million** unutilized as of the announcement date[60](index=60&type=chunk) - The board resolved to change the use of unutilized net proceeds and to place idle funds into short-term interest-bearing deposits or other short-term wealth management products[61](index=61&type=chunk) Comparison of Original and Revised Use of Net Proceeds from Listing (HKD million) | Purpose | Original Total | Revised Total | First Year Post-Listing (Revised) | Second Year Post-Listing (Revised) | Third Year Post-Listing (Revised) | | :--- | :--- | :--- | :--- | :--- | :--- | | Establishment of New Production Base and Upgrade of Existing Production Facilities | 160.4 | 65.4 | — | 48.4 | 17.0 | | — Construction of New Production Base in Zhejiang, China | 152.0 | 57.0 | — | 40.0 | 17.0 | | — Upgrade of Existing Production Facilities | 8.4 | 8.4 | — | 8.4 | — | | Strengthening Sales and Distribution Network | 42.4 | 102.5 | 2.9 | 54.8 | 44.8 | | — Opening New Self-operated and/or Joint Venture Stores | 8.4 | 8.5 | 2.9 | 2.8 | 2.8 | | — Potential Acquisition of Third-party Offline Stores | 34.0 | 94.0 | — | 52.0 | 42.0 | | Product Research and Development | 25.3 | 60.2 | 5.5 | 26.6 | 28.1 | | Working Capital and General Corporate Purposes | 25.3 | 25.3 | 8.5 | 8.5 | 8.5 | | **Total** | **253.4** | **253.4** | **16.9** | **138.3** | **98.4** | [Compliance with Corporate Governance Code](index=23&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The company generally complied with the Corporate Governance Code, with a noted deviation regarding the combined roles of Chairman and CEO, and addressed a disclosable transaction that constituted a temporary deviation from the use of proceeds [Deviation from Code Provision C.2.1 of the Corporate Governance Code](index=24&type=section&id=Deviation%20from%20Code%20Provision%20C.2.1%20of%20the%20Corporate%20Governance%20Code) The company deviates from Code Provision C.2.1 of the Corporate Governance Code, with Mr. Miao Xuezhong serving as both Chairman and Chief Executive Officer, an arrangement the board believes fosters consistent internal leadership and efficient strategic planning without compromising power balance - The roles of Chairman and Chief Executive Officer are combined and held by **Mr. Miao Xuezhong**, deviating from Code Provision C.2.1 of the Corporate Governance Code[64](index=64&type=chunk) - The board believes this arrangement ensures consistent internal leadership and enables more effective and efficient overall strategic planning for the group[64](index=64&type=chunk) [Disclosable Transactions](index=24&type=section&id=Disclosable%20Transactions) Regent RV PTY LTD, a wholly-owned subsidiary, subscribed to USD bond-linked notes and the Apollo Multi-Asset Growth Fund in February 2025, constituting disclosable transactions that were not timely notified or announced, and represented a temporary deviation from the use of proceeds, attributed to unintentional oversight and misunderstanding of listing rules, with redemption notices issued and no expected losses - Regent RV PTY LTD, a wholly-owned subsidiary of the company, subscribed to **USD 9 million** in USD bond-linked notes and **USD 6.4 million** in the Apollo Multi-Asset Growth Fund on February 11 and 12, 2025, respectively[65](index=65&type=chunk) - These subscriptions constituted disclosable transactions, which the company failed to timely notify or announce, and represented a temporary deviation from the original intended use of net proceeds as stated in the prospectus[65](index=65&type=chunk) - The company has issued a notice to redeem the fund and decided to redeem the notes at maturity (February 11, 2026), with **no losses expected**[66](index=66&type=chunk) [Standard of Conduct for Directors' Securities Transactions](index=25&type=section&id=Standard%20of%20Conduct%20for%20Directors'%20Securities%20Transactions) The company adopted the Model Code for Securities Transactions by Directors of Listed Issuers as its code of conduct for directors' securities dealings, and all directors confirmed full compliance from the listing date up to June 30, 2025 - The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules as its code of conduct for directors' dealings in the company's securities[68](index=68&type=chunk) - All directors confirmed full compliance with all relevant provisions of the Model Code from the listing date up to June 30, 2025[68](index=68&type=chunk) [Audit Committee](index=25&type=section&id=Audit%20Committee) The company established an Audit Committee comprising three independent non-executive directors, responsible for reviewing and overseeing financial reporting, risk management, and internal control systems, and confirmed that the unaudited interim consolidated financial statements for the six months ended June 30, 2025, comply with accounting standards - The Audit Committee comprises three independent non-executive directors: **Ms. Wu Yongqian** (Chairperson), **Mr. Yu Mingyang**, and **Ms. He Jie**[69](index=69&type=chunk) - Its primary responsibilities include reviewing and overseeing the group's financial reporting process, risk management, and internal control systems, and reviewing financial information[69](index=69&type=chunk) - The Audit Committee has reviewed the unaudited interim consolidated financial statements for the six months ended June 30, 2025, and believes they are prepared in compliance with applicable accounting standards and requirements[69](index=69&type=chunk) [Material Events After the Reporting Period](index=25&type=section&id=Material%20Events%20After%20the%20Reporting%20Period) On August 29, 2025, the company published announcements regarding changes in use of proceeds, temporary deviation from use of proceeds, disclosable transactions, and revisions to existing annual caps and proposed new annual caps for continuing connected transactions, with no other material events affecting the company since June 30, 2025 - On **August 29, 2025**, the company published announcements concerning (i) changes in the use of proceeds; (ii) temporary deviation from the use of proceeds; and (iii) disclosable transactions, as well as announcements regarding revisions to existing annual caps and proposed new annual caps for continuing connected transactions[70](index=70&type=chunk) - Save for the aforementioned matters, no other material events affecting the company have occurred from June 30, 2025, up to the date of this announcement[71](index=71&type=chunk) [Dividends](index=26&type=section&id=Dividends) The board does not recommend the declaration of any interim dividend for the six months ended June 30, 2025, consistent with no dividends paid or declared for the prior corresponding period - For the six months ended June 30, 2025, the board does not recommend the declaration of any interim dividend[72](index=72&type=chunk) - For the six months ended June 30, 2024, no dividends were paid or declared[72](index=72&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=26&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) This results announcement has been published on the HKEXnews website and the company's website, and the interim report for the six months ended June 30, 2025, will be published on the same websites and dispatched to shareholders as appropriate - This results announcement has been published on the HKEXnews website (www.hkexnews.hk) and the company's website (www.newgonowrv.hk)[73](index=73&type=chunk) - The company's interim report for the six months ended June 30, 2025, will be published on the aforementioned websites and dispatched to the company's shareholders as appropriate[73](index=73&type=chunk) [By Order of the Board](index=26&type=section&id=By%20Order%20of%20the%20Board) This announcement is issued by Mr. Miao Xuezhong, Executive Director, Chairman, and Chief Executive Officer, on behalf of the board, whose members include executive and independent non-executive directors - This announcement is issued by **Mr. Miao Xuezhong**, Executive Director, Chairman, and Chief Executive Officer, on behalf of the board[74](index=74&type=chunk) - As of the date of this announcement, the board members include Executive Directors Mr. Miao Xuezhong, Mr. Liu Tao, Ms. Liu Qin, and Mr. Andrew Robert Crank; and Independent Non-executive Directors Mr. Yu Mingyang, Ms. He Jie, and Ms. Wu Yongqian[74](index=74&type=chunk)