中國集成控股有限公司 （於開曼群島註冊成立的有限公司） China Jicheng Holdings Limited （股份代號：1027） 董事名單與其角色和職能 陳安之先生 （主席） 黃文集先生 楊 光先生 林貞雙先生 鍾健雄先生 獨立非執行董事 中國集成控股有限公司董事會（「董事會」）成員載列如下： 曹思維先生 李結英女士 楊學太先生 執行董事 董事會下設三個委員會。下表提供若干董事會成員在這些委員會中所擔任的職位： | 董事 | 審核委員會 | 薪酬委員會 | 提名委員會 | | --- | --- | --- | --- | | 曹思維先生 | C | M | M | | 李結英女士 | M | C | M | | 楊學太先生 | M | M | C | 附註： C－有關董事委員會的主席 M－有關董事委員會的委員 二零二五年十月三日 ...

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佈之內容概不負責， 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佈全部或任何 部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 中國集成控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1027） China Jicheng Holdings Limited (1)委任執行董事；及 中國集成控股有限公司（「本公司」）董事會（「董事會」）欣然宣佈，陳安之先生（「陳 先生」）已獲委任為本公司執行董事及主席，自二零二五年十月三日起生效。 (2)主席變更 委任執行董事 陳先生，57歲，是亞洲知名演說家及暢銷書作家，在教育培訓領域擁有逾30年經驗。 作為行業權威人物，陳先生曾在眾多會議上發表頗具影響力的演講，吸引數千名 與會者參與。彼曾參與各類活動逾百場，足跡遍佈十餘個國家，並深入中國內地60 多個城市。陳先生曾獲中國內地多家主流媒體（包括新浪網、阿里巴巴、中央電視 台、湖南衛視、江蘇衛視及深圳衛視）進行專題報道，彰顯其在業界的深遠影響力。 其近期力作《AI 成功學》（二零二五年二月最新出版）旨在賦能個人與組織，在當 今充滿競爭的 ...

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佈之內容概不負責， 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佈全部或任何 部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 中國集成控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1027） China Jicheng Holdings Limited 內幕消息 主要股東出售股份 本公佈乃由中國集成控股有限公司（「本公司」）根據香港聯合交易所有限公司證 券上市規則（「上市規則」）第13.09(2) 條及證券及期貨條例（香港法例第571章）第 XIVA部項下之內幕消息條文（定義見上市規則）而作出。 主要股東出售股份 於二零二五年十月三日，本公司接獲其主要股東（定義見上市規則）Jicheng Investment Limited（「JIL」）通知，JIL已與Benefit Gateway Limited（「該名投資者」） 訂立股份買賣協議（「買賣協議」），據此，JIL 已同意出售，而該名投資者已同意購 買123,140,900股本公司股份（「股份」），佔本公佈日期已發行股份總數約29.85%， 每股價格為0.6060港 ...

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9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國集成控股有限公司 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) | 01027 | 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 | | | 412,550,000 | | 0 | | 412,550,000 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 412,550,000 | | 0 | | 412,550,000 | 呈交日期: 2025年10月3日 I. 法定/註冊股本變動 | 1. 股份分類 | ...

Core Insights - As of September 29, a total of 82 stocks reached their 52-week highs, with notable performances from Oriental University City Holdings (08067), China Integrated Holdings (01027), and Wisdom Pacific (08147) [1] 52-Week Highs Summary - Oriental University City Holdings (08067) closed at 0.380, with a peak price of 0.710, achieving a high rate of 61.36% [2] - China Integrated Holdings (01027) closed at 2.970, with a peak price of 3.140, achieving a high rate of 34.19% [2] - Wisdom Pacific (08147) closed at 0.620, with a peak price of 0.650, achieving a high rate of 27.45% [2] - Other notable stocks include Dida Chuxing (02559) with a high rate of 22.66% and China Smart Technology (00464) with a high rate of 21.70% [2] 52-Week Lows Summary - China Information Technology (08178) reached a low of 1.540, with a lowest price of 1.380, reflecting a low rate of -14.29% [3] - Economic Development Properties (01354) closed at 4.800, with a lowest price of 4.620, reflecting a low rate of -7.78% [3] - Metalight (02605) closed at 4.050, with a lowest price of 4.000, reflecting a low rate of -6.98% [3]

[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) For the six months ended June 30, 2025, the company's revenue decreased by 7.2% to 173,416 thousand RMB, but loss significantly narrowed to 3,488 thousand RMB, a substantial improvement from 11,985 thousand RMB in the prior period, with basic and diluted loss per share at 0.85 RMB cents Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (thousand RMB) | 2024 (thousand RMB) | | :--- | :--- | :--- | | Revenue | 173,416 | 186,910 | | Cost of sales | (157,497) | (168,464) | | Gross profit | 15,919 | 18,446 | | Other income and net other gains/(losses) | 9,371 | (1,368) | | Selling and distribution expenses | (8,304) | (7,851) | | Administrative expenses | (18,220) | (19,318) | | Finance costs | (1,735) | (1,886) | | Loss before tax | (2,969) | (11,977) | | Income tax expense | (519) | (8) | | Loss for the period | (3,488) | (11,985) | | Loss for the period attributable to owners of the Company | (3,488) | (11,985) | | Basic and diluted loss per share (RMB cents) | (0.85) | (2.91) | - Loss for the period significantly narrowed from approximately **12 million RMB** in H1 2024 to approximately **3 million RMB** in H1 2025[4](index=4&type=chunk)[77](index=77&type=chunk) - Basic and diluted loss per share decreased from **2.91 RMB cents** in H1 2024 to **0.85 RMB cents** in H1 2025[4](index=4&type=chunk)[77](index=77&type=chunk) [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20FINANCIAL%20POSITION) As of June 30, 2025, the Group's total assets slightly increased, while net current assets and total equity slightly decreased, driven by a significant increase in bank balances and cash, and a reduction in inventories and trade receivables Condensed Consolidated Statement of Financial Position (As of June 30) | Indicator | June 30, 2025 (thousand RMB) | December 31, 2024 (thousand RMB) | | :--- | :--- | :--- | | **Non-current assets** | | | | Property, plant and equipment | 44,329 | 46,003 | | Right-of-use assets | 11,782 | 12,050 | | **Current assets** | | | | Inventories | 111,830 | 135,648 | | Financial assets at fair value through profit or loss | 12,268 | 6,427 | | Trade receivables | 102,053 | 114,156 | | Prepayments and other receivables | 58,328 | 47,907 | | Loan receivables | 10,101 | 10,398 | | Pledged time deposits | 23,030 | 22,843 | | Bank balances and cash | 38,644 | 4,145 | | **Current liabilities** | | | | Trade and bills payables | 58,414 | 51,398 | | Accruals, other payables and contract liabilities | 8,329 | 12,595 | | Bank borrowings | 96,120 | 81,470 | | Tax payable | 2,102 | 2,665 | | **Total equity** | 247,400 | 251,449 | - Bank balances and cash significantly increased from approximately **4.1 million RMB** as of December 31, 2024, to approximately **38.6 million RMB** as of June 30, 2025[7](index=7&type=chunk) - Inventories decreased by approximately **17.5%** to **111,830 thousand RMB**, and trade receivables decreased by approximately **10.5%** to **102,053 thousand RMB**[7](index=7&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=4&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20CHANGES%20IN%20EQUITY) For the six months ended June 30, 2025, the Group's total equity decreased from 251,449 thousand RMB at the beginning of the year to 247,400 thousand RMB, primarily due to the loss for the period and negative exchange differences, partially offset by shareholder capital contributions Condensed Consolidated Statement of Changes in Equity (For the six months ended June 30) | Indicator | 2025 (thousand RMB) | 2024 (thousand RMB) | | :--- | :--- | :--- | | As at 1 January (audited) | 251,449 | 239,598 | | Loss for the period | (3,488) | (11,985) | | Exchange differences arising on translation of financial statements | (582) | 454 | | Total comprehensive expense for the period | (4,070) | (11,531) | | Capital contribution from shareholders | 21 | 194 | | Lapsed share options | – | – | | As at 30 June (unaudited) | 247,400 | 228,261 | - In H1 2025, loss for the period was **3,488 thousand RMB**, a significant narrowing from **11,985 thousand RMB** in H1 2024[9](index=9&type=chunk) - In H1 2025, exchange differences arising on translation of financial statements were a negative **582 thousand RMB**, compared to a positive **454 thousand RMB** in H1 2024[9](index=9&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=6&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20CASH%20FLOWS) For the six months ended June 30, 2025, the Group generated net cash of 19,496 thousand RMB from operating activities, a significant improvement from a net outflow, resulting in a net increase of 34,532 thousand RMB in cash and cash equivalents Condensed Consolidated Statement of Cash Flows (For the six months ended June 30) | Indicator | 2025 (thousand RMB) | 2024 (thousand RMB) | | :--- | :--- | :--- | | Net cash generated from/(used in) operating activities | 19,496 | (28,531) | | Net cash (used in)/generated from investing activities | (519) | 5,026 | | Net cash generated from financing activities | 15,555 | 21,306 | | Net increase/(decrease) in cash and cash equivalents | 34,532 | (2,199) | | Effect of foreign exchange rate changes | (33) | 125 | | Cash and cash equivalents at 1 January | 4,145 | 13,094 | | Cash and cash equivalents at 30 June | 38,644 | 11,020 | - Operating cash flow improved from a net outflow of **28,531 thousand RMB** in H1 2024 to a net inflow of **19,496 thousand RMB** in H1 2025, indicating improved operating conditions[13](index=13&type=chunk) - Bank balances and cash at period-end increased from **11,020 thousand RMB** in H1 2024 to **38,644 thousand RMB** in H1 2025[13](index=13&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=7&type=section&id=NOTES%20TO%20THE%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) These notes provide detailed information on the Group's financial performance, position, and cash flows, including accounting policies, segment information, and key financial metrics, prepared in accordance with relevant accounting standards [1. General Information of the Group](index=7&type=section&id=1.%20GENERAL%20INFORMATION%20OF%20THE%20GROUP) China Integrated Holdings Limited, incorporated in the Cayman Islands and listed on the HKEX since February 13, 2015, primarily engages in investment holding, with its main subsidiaries focused on umbrella manufacturing and sales, using RMB as its functional and presentation currency - The Company was incorporated in the Cayman Islands on **June 12, 2014**, and listed on the Main Board of the Stock Exchange of Hong Kong on **February 13, 2015**[14](index=14&type=chunk)[20](index=20&type=chunk)[21](index=21&type=chunk) - The Company is engaged in investment holding, while its principal subsidiaries are engaged in the manufacturing and sale of umbrellas[14](index=14&type=chunk)[18](index=18&type=chunk) - The functional currency of the Company and its PRC subsidiaries is **RMB**, and the condensed consolidated financial statements are presented in **RMB**[15](index=15&type=chunk)[18](index=18&type=chunk) [2.1 Basis of Preparation](index=7&type=section&id=2.1%20BASIS%20OF%20PREPARATION) The condensed consolidated financial statements are prepared in accordance with HKAS 34 "Interim Financial Reporting" and Appendix D2 of the Listing Rules, using a historical cost basis consistent with the 2024 annual financial statements - The financial statements are prepared in accordance with **HKAS 34 "Interim Financial Reporting"** and **Appendix D2 of the Listing Rules**[16](index=16&type=chunk)[19](index=19&type=chunk) - The statements are prepared on a **historical cost basis**, with accounting policies and methods of computation consistent with those used in the 2024 annual consolidated financial statements[17](index=17&type=chunk)[19](index=19&type=chunk) [2.2 Principal Accounting Policies](index=8&type=section&id=2.2%20PRINCIPAL%20ACCOUNTING%20POLICIES) New and revised HKFRSs, including HKAS 21 (Amendments) – Lack of Exchangeability, were first applied in this interim period but had no material impact on the Group's financial performance or position - New and revised **HKFRSs**, including **HKAS 21 (Amendments) – Lack of Exchangeability**, were first applied in this period[23](index=23&type=chunk)[24](index=24&type=chunk) - The application of new and revised standards had **no material impact** on the Group's financial performance and position for the current and prior periods[23](index=23&type=chunk)[24](index=24&type=chunk) [3. Revenue](index=8&type=section&id=3.%20REVENUE) Group revenue primarily represents amounts received and receivable from the sale of goods in the ordinary course of business, net of discounts and sales returns, totaling 173,416 thousand RMB for the six months ended June 30, 2025 - Revenue represents amounts received and receivable from the sale of goods in the ordinary course of business, net of discounts and sales returns[25](index=25&type=chunk) Revenue from Contracts with Customers (For the six months ended June 30) | Revenue Source | 2025 (thousand RMB) | 2024 (thousand RMB) | | :--- | :--- | :--- | | Sale of goods | 173,416 | 186,910 | [4. Segment Information](index=8&type=section&id=4.%20SEGMENT%20INFORMATION) The Group operates in a single segment, manufacturing and selling umbrellas, with revenue analysis provided by product category, geographical location, and major customers, showing growth in POE and nylon umbrellas and in the Japanese market, despite an overall revenue decline [Product Information](index=9&type=section&id=PRODUCT%20INFORMATION) The Group's main products include POE umbrellas, nylon umbrellas, and umbrella components; for the six months ended June 30, 2025, revenue from POE and nylon umbrellas increased, while umbrella components revenue significantly decreased, contributing to the overall revenue decline Revenue Analysis by Product Category (For the six months ended June 30) | Product Category | 2025 (thousand RMB) | 2024 (thousand RMB) | | :--- | :--- | :--- | | POE umbrellas | 37,026 | 28,662 | | Nylon umbrellas | 87,568 | 82,340 | | Umbrella components | 48,822 | 75,908 | - POE umbrella revenue increased by **29.2%** year-on-year, and nylon umbrella revenue increased by **6.3%** year-on-year[30](index=30&type=chunk) - Umbrella components revenue significantly decreased by **35.7%** year-on-year, which is the primary reason for the overall revenue decline[30](index=30&type=chunk)[78](index=78&type=chunk) [Geographical Information](index=9&type=section&id=GEOGRAPHICAL%20INFORMATION) The Group operates in China with customers primarily in Japan, Cambodia, and China; for the six months ended June 30, 2025, revenue from Japan significantly increased, while revenue from China and Cambodia decreased, impacting overall geographical revenue distribution Revenue Analysis by Geographical Location (For the six months ended June 30) | Region | 2025 (thousand RMB) | 2024 (thousand RMB) | | :--- | :--- | :--- | | Japan | 76,587 | 59,827 | | China | 46,656 | 55,074 | | Cambodia | 41,151 | 59,070 | | Others | 9,022 | 12,939 | - Revenue from Japan increased by **28.0%** year-on-year, becoming the largest market[33](index=33&type=chunk) - Revenue from China and Cambodia decreased by **15.3%** and **30.3%** year-on-year, respectively[33](index=33&type=chunk) [Information About Major Customers](index=10&type=section&id=INFORMATION%20ABOUT%20MAJOR%20CUSTOMERS) For the six months ended June 30, 2025, revenue from Customer A slightly increased, while Customer B's revenue decreased, with both major customers collectively contributing approximately 37% of the Group's total revenue Major Customer Revenue (For the six months ended June 30) | Customer | 2025 (thousand RMB) | 2024 (thousand RMB) | | :--- | :--- | :--- | | Customer A | 29,691 | 28,099 | | Customer B | 34,574 | 36,310 | - Customer A's revenue increased by **5.7%** year-on-year, while Customer B's revenue decreased by **4.8%** year-on-year[39](index=39&type=chunk) [5. Income Tax Expense](index=10&type=section&id=5.%20INCOME%20TAX%20EXPENSE) For the six months ended June 30, 2025, the Group's income tax expense was 519 thousand RMB, primarily from China corporate income tax at a 25% rate, with no income or profits tax payable by subsidiaries in Cayman Islands, BVI, and Hong Kong Income Tax Expense (For the six months ended June 30) | Tax Category | 2025 (thousand RMB) | 2024 (thousand RMB) | | :--- | :--- | :--- | | China corporate income tax | 519 | 8 | - The corporate income tax rate for PRC companies is **25%**[41](index=41&type=chunk) - Subsidiaries in the Cayman Islands, British Virgin Islands, and Hong Kong were **not subject to income or profits tax** for the period[41](index=41&type=chunk) [6. Loss for the Period](index=11&type=section&id=6.%20LOSS%20FOR%20THE%20PERIOD) The loss for the period is derived after deducting various expenses, where total staff costs, cost of materials used in production, and research and development expenses increased, while net exchange gains positively influenced the narrowing loss Loss for the Period Deducted/(Credited) Items (For the six months ended June 30) | Item | 2025 (thousand RMB) | 2024 (thousand RMB) | | :--- | :--- | :--- | | Total staff costs | 19,376 | 18,388 | | Cost of materials used in production | 164,696 | 183,332 | | Depreciation of property, plant and equipment | 2,410 | 2,142 | | Depreciation of right-of-use assets | 268 | 268 | | Net exchange (gains)/losses | (2,595) | 746 | | Finance costs – bank borrowings | 1,735 | 1,886 | | Loss on disposal of property, plant and equipment | 176 | 27 | | Research and development expenses | 6,637 | 6,409 | - Total staff costs increased by **5.4%** year-on-year, and research and development expenses increased by **3.6%** year-on-year[44](index=44&type=chunk) - Net exchange gains were **2,595 thousand RMB**, compared to net exchange losses of **746 thousand RMB** in the prior period, positively contributing to the narrowing loss for the current period[44](index=44&type=chunk) [7. Loss Per Share](index=11&type=section&id=7.%20LOSS%20PER%20SHARE) For the six months ended June 30, 2025, basic and diluted loss per share attributable to owners of the Company significantly narrowed to 0.85 RMB cents from 2.91 RMB cents in the prior period, with both being identical due to the anti-dilutive effect of share options Loss Per Share (For the six months ended June 30) | Indicator | 2025 (thousand RMB) | 2024 (thousand RMB) | | :--- | :--- | :--- | | Loss for the period attributable to owners of the Company for basic and diluted loss per share calculation | (3,488) | (11,985) | | Weighted average number of ordinary shares for basic and diluted loss per share calculation ('000 shares) | 412,550 | 412,550 | | Basic and diluted loss per share (RMB cents) | (0.85) | (2.91) | - Basic and diluted loss per share were identical for both periods due to the **anti-dilutive effect of share options**[49](index=49&type=chunk)[52](index=52&type=chunk) [8. Dividend](index=12&type=section&id=8.%20DIVIDEND) For the six months ended June 30, 2025, the Board of Directors did not recommend the payment of any interim dividend, consistent with the prior period - No dividends were paid, declared, or proposed for the six months ended **June 30, 2025**[50](index=50&type=chunk)[53](index=53&type=chunk) - The Directors did not recommend the payment of any interim dividend (2024: nil)[50](index=50&type=chunk)[53](index=53&type=chunk) [9. Property, Plant and Equipment](index=12&type=section&id=9.%20PROPERTY%2C%20PLANT%20AND%20EQUIPMENT) For the six months ended June 30, 2025, the Group acquired approximately 912 thousand RMB in property, plant and equipment, a significant increase from the prior period, with no impairment losses recognized in either period - For the six months ended June 30, 2025, additions to property, plant and equipment amounted to approximately **912 thousand RMB**, a significant increase from **111 thousand RMB** in the prior period of 2024[51](index=51&type=chunk)[54](index=54&type=chunk) - No impairment losses were recognized for property, plant and equipment in either period[51](index=51&type=chunk)[54](index=54&type=chunk) [10. Trade Receivables](index=13&type=section&id=10.%20TRADE%20RECEIVABLES) The Group generally grants credit terms of 30 to 150 days to trade customers; as of June 30, 2025, total trade receivables decreased, with a significant reduction in receivables within 90 days and an increase in those over 91 days - The Group generally grants credit terms of **30 to 150 days** to trade customers[55](index=55&type=chunk)[56](index=56&type=chunk) Ageing Analysis of Trade Receivables (As of June 30) | Ageing | 2025 (thousand RMB) | December 31, 2024 (thousand RMB) | | :--- | :--- | :--- | | 0 to 90 days | 42,976 | 74,237 | | 91 to 180 days | 20,660 | 15,030 | | 181 to 365 days | 16,165 | 6,762 | | Over 365 days | 22,252 | 18,127 | | **Total** | **102,053** | **114,156** | - Trade receivables within **0 to 90 days** decreased from approximately **74.2 million RMB** as of December 31, 2024, to approximately **43.0 million RMB** as of June 30, 2025[57](index=57&type=chunk) [11. Loan Receivables](index=13&type=section&id=11.%20LOAN%20RECEIVABLES) As of June 30, 2025, the Group's total loan receivables were 10,101 thousand RMB, slightly lower than December 31, 2024, comprising unsecured, fixed-rate loans denominated in HKD, bearing 8% annual interest, and repayable within one year Loan Receivables (As of June 30) | Item | 2025 (thousand RMB) | December 31, 2024 (thousand RMB) | | :--- | :--- | :--- | | Fixed-rate loan receivables | 13,234 | 13,623 | | Less: Provision for credit losses | (3,133) | (3,225) | | **Total** | **10,101** | **10,398** | - Loan receivables are unsecured, bear fixed interest at **8% per annum**, and are repayable within one year[59](index=59&type=chunk)[60](index=60&type=chunk) - Loan receivables are denominated in **HKD**, which is the functional currency of the relevant Group entity[60](index=60&type=chunk) [12. Trade and Bills Payables](index=14&type=section&id=12.%20TRADE%20AND%20BILLS%20PAYABLES) As of June 30, 2025, total trade and bills payables increased to 58,414 thousand RMB, with a significant rise in payables within 90 days and a substantial decrease in those between 181 and 365 days, while credit terms for goods purchased range from 30 to 120 days Trade and Bills Payables (As of June 30) | Item | 2025 (thousand RMB) | December 31, 2024 (thousand RMB) | | :--- | :--- | :--- | | Trade payables | 24,537 | 20,140 | | Bills payables | 33,877 | 31,258 | | **Total** | **58,414** | **51,398** | Ageing Analysis of Trade and Bills Payables (As of June 30) | Ageing | 2025 (thousand RMB) | December 31, 2024 (thousand RMB) | | :--- | :--- | :--- | | 0 to 90 days | 41,269 | 33,097 | | 91 to 180 days | 16,327 | 15,375 | | 181 to 365 days | 818 | 2,926 | - Credit terms for goods purchased range from **30 to 120 days**[65](index=65&type=chunk) [13. Bank Borrowings](index=14&type=section&id=13.%20BANK%20BORROWINGS) As of June 30, 2025, the Group's bank borrowings increased to 96,120 thousand RMB, all secured and repayable within one year, bearing fixed annual interest rates from 3.40% to 4.55%, and collateralized by the Group's buildings, right-of-use assets, and personal guarantees from Director Mr. Wong and his spouse Bank Borrowings (As of June 30) | Item | 2025 (thousand RMB) | December 31, 2024 (thousand RMB) | | :--- | :--- | :--- | | Secured, repayable within one year | 96,120 | 81,470 | - Bank borrowings bear fixed annual interest rates ranging from **3.40% to 4.55%**[69](index=69&type=chunk)[71](index=71&type=chunk) - Borrowings are secured by the Group's buildings (carrying amount of approximately **33,160 thousand RMB**), right-of-use assets (carrying amount of approximately **11,782 thousand RMB**), and personal guarantees from Director Mr. Wong and his spouse[70](index=70&type=chunk)[71](index=71&type=chunk) [14. Share Capital](index=15&type=section&id=14.%20SHARE%20CAPITAL) As of June 30, 2025, the Company's authorized and issued share capital remained unchanged, with ordinary shares having a par value of 0.032 HKD per share, entitling holders to dividends, one vote per share, and equal interests in residual assets Share Capital (As of June 30) | Item | June 30, 2025 ('000 shares) | December 31, 2024 ('000 shares) | | :--- | :--- | :--- | | Number of authorized shares | 1,562,500 | 1,562,500 | | Number of issued and fully paid shares | 412,550 | 412,550 | | Amount of issued and fully paid shares (thousand HKD) | 13,201 | 13,201 | | Par value of ordinary shares (thousand RMB) | 10,818 | 10,818 | - Holders of ordinary shares are entitled to dividends declared from time to time and one vote per share at Company general meetings[74](index=74&type=chunk) - All ordinary shares have equal interests in the residual assets of the Company[74](index=74&type=chunk) [Management Discussion and Analysis](index=16&type=section&id=MANAGEMENT%20DISCUSSION%20AND%20ANALYSIS) This section provides an overview of the Group's financial performance, liquidity, and future outlook, highlighting key operational achievements, financial trends, and strategic initiatives for the period [Interim Dividend](index=16&type=section&id=INTERIM%20DIVIDEND) The Board of Directors does not recommend the payment of any interim dividend for the current period, consistent with the prior period - The Board of Directors does not recommend the payment of any interim dividend for the current period (2024: nil)[75](index=75&type=chunk)[80](index=80&type=chunk) [Business Review](index=16&type=section&id=BUSINESS%20REVIEW) The Group primarily manufactures and sells POE umbrellas, nylon umbrellas, and umbrella components, ranking among China's largest umbrella exporters and plastic umbrella manufacturers, and is actively exploring new business opportunities for diversification - The Group is principally engaged in the manufacturing and sale of **POE umbrellas, nylon umbrellas, and umbrella components** to customers[76](index=76&type=chunk)[81](index=81&type=chunk) - The Group is one of the largest umbrella and parasol exporters and plastic umbrella manufacturers in China by export volume and sales volume, and one of the largest plastic umbrella suppliers in Japan[76](index=76&type=chunk)[81](index=81&type=chunk) - To enrich its business and explore potential opportunities, the Group is actively exploring and developing business opportunities and projects[76](index=76&type=chunk)[81](index=81&type=chunk) [Financial Review](index=16&type=section&id=FINANCIAL%20REVIEW) The Group's revenue decreased by 7.5% to 173 million RMB, mainly due to reduced demand for umbrella components; despite this, loss attributable to owners significantly narrowed to 3 million RMB due to lower cost of sales and increased other income and gains [Results](index=16&type=section&id=RESULTS) For the period, the Group's revenue decreased by 7.5% year-on-year to approximately 173 million RMB, while loss attributable to owners significantly narrowed to approximately 3 million RMB, with basic loss per share at 0.85 RMB cents - For the period, the Group's revenue decreased to approximately **173 million RMB**, a decrease of approximately **7.5%** compared to H1 2024[77](index=77&type=chunk)[82](index=82&type=chunk) - Loss attributable to owners of the Company was approximately **3 million RMB**, compared to a loss of approximately **12 million RMB** in H1 2024[77](index=77&type=chunk)[82](index=82&type=chunk) - The Company's basic loss per share was **0.85 RMB cents**[77](index=77&type=chunk)[82](index=82&type=chunk) [Revenue](index=16&type=section&id=REVENUE) Revenue decreased by approximately 7.5% from 187 million RMB in H1 2024 to 173 million RMB in the current period, primarily due to reduced demand for umbrella components - Revenue decreased by approximately **7.5%** from approximately **187 million RMB** in H1 2024 to **173 million RMB** in the current period[78](index=78&type=chunk)[83](index=83&type=chunk) - The decrease in revenue was mainly due to reduced demand for umbrella components compared to the prior period[78](index=78&type=chunk)[83](index=83&type=chunk) [Cost of Sales](index=16&type=section&id=COST%20OF%20SALES) Cost of sales decreased by approximately 6.5% from 168 million RMB in H1 2024 to 157 million RMB in the current period, primarily due to reduced direct labor costs, consistent with the Group's revenue decline - Cost of sales decreased by approximately **6.5%** from approximately **168 million RMB** in H1 2024 to **157 million RMB** in the current period[79](index=79&type=chunk)[84](index=84&type=chunk) - The decrease in cost of sales was mainly due to a reduction in direct labor costs, consistent with the Group's revenue decrease during the same period[79](index=79&type=chunk)[84](index=84&type=chunk) [Gross Profit and Gross Margin](index=17&type=section&id=GROSS%20PROFIT%20AND%20GROSS%20MARGIN) Gross profit decreased by 11% from approximately 18 million RMB in H1 2024 to 16 million RMB in H1 2025, with the gross margin declining from approximately 9.6% to 9.3% - Gross profit decreased by approximately **2 million RMB** or **11%** from approximately **18 million RMB** in H1 2024 to **16 million RMB** in H1 2025[85](index=85&type=chunk)[91](index=91&type=chunk) - The Group's gross margin decreased from approximately **9.6%** in H1 2024 to **9.3%** in the current period[85](index=85&type=chunk)[91](index=91&type=chunk) [Other Income and Net Other Gains/(Losses)](index=17&type=section&id=OTHER%20INCOME%20AND%20NET%20OTHER%20GAINS%2F%28LOSSES%29) For the period, the Group recorded net other income and gains of approximately 9.4 million RMB, a significant improvement from a net loss of 1.4 million RMB in H1 2024, mainly driven by increased exchange gains and fair value gains on financial assets - For the period, the Group recorded net other income and gains of approximately **9.4 million RMB**, compared to net other income and losses of approximately **1.4 million RMB** in H1 2024[86](index=86&type=chunk)[92](index=92&type=chunk) - This was mainly due to an increase in exchange gains and gains on financial assets at fair value through profit or loss[86](index=86&type=chunk)[92](index=92&type=chunk) [Selling and Distribution Expenses](index=17&type=section&id=SELLING%20AND%20DISTRIBUTION%20EXPENSES) Selling and distribution expenses remained stable at approximately 8 million RMB in both H1 2024 and the current period - Selling and distribution expenses remained stable at approximately **8 million RMB** in both H1 2024 and the current period[87](index=87&type=chunk)[93](index=93&type=chunk) [Administrative Expenses](index=17&type=section&id=ADMINISTRATIVE%20EXPENSES) Administrative expenses remained stable at approximately 19 million RMB in H1 2024 and 18 million RMB in the current period - Administrative expenses remained stable at approximately **19 million RMB** in H1 2024 and **18 million RMB** in the current period[88](index=88&type=chunk)[94](index=94&type=chunk) [Liquidity and Financial Resources](index=17&type=section&id=LIQUIDITY%20AND%20FINANCIAL%20RESOURCES) As of June 30, 2025, the Group's bank and cash balances significantly increased to approximately 61.7 million RMB, short-term bank borrowings rose to 96 million RMB, the current ratio slightly decreased to 2.2 times, and the gearing ratio increased to 53% - As of June 30, 2025, the Group's bank and cash balances (including time deposits of approximately **23 million RMB**) amounted to approximately **61.7 million RMB** (December 31, 2024: approximately **27 million RMB**)[89](index=89&type=chunk)[95](index=95&type=chunk) - The Group's short-term bank borrowings amounted to **96 million RMB** (December 31, 2024: approximately **81 million RMB**), with annual interest rates ranging from **3.4% to 4.6%**[89](index=89&type=chunk)[95](index=95&type=chunk) - The current ratio was approximately **2.2 times** (December 31, 2024: **2.3 times**), and the gearing ratio was approximately **53%** (December 31, 2024: **45%**)[90](index=90&type=chunk)[95](index=95&type=chunk) [Principal Risks and Uncertainties](index=18&type=section&id=PRINCIPAL%20RISKS%20AND%20UNCERTAINTIES) The Group faces various risks, including loss of major customers, political and economic instability, foreign currency exchange rate fluctuations, raw material price volatility or supply instability, and labor shortages or rising labor costs, which could materially adversely affect its business, financial condition, and operating results - The loss of major customers could have a **material adverse effect** on the Group's business, financial condition, and operating results[96](index=96&type=chunk)[98](index=98&type=chunk) - The Group faces risks related to political and economic instability and foreign currency exchange rate fluctuations associated with sales to customers in Japan, China, and other overseas markets[96](index=96&type=chunk)[98](index=98&type=chunk) - Fluctuations in raw material prices or unstable supply, as well as labor shortages or continuously rising labor costs, could negatively impact business operations and profitability[97](index=97&type=chunk)[98](index=98&type=chunk) [Capital Commitments and Contingent Liabilities](index=19&type=section&id=CAPITAL%20COMMITMENTS%20AND%20CONTINGENT%20LIABILITIES) As of June 30, 2025, the Group had no significant capital commitments or contingent liabilities, consistent with the situation as of December 31, 2024 - As of June 30, 2025, the Group had **no significant capital commitments** (December 31, 2024: nil)[99](index=99&type=chunk)[105](index=105&type=chunk) - As of June 30, 2025, the Group had **no significant contingent liabilities** (December 31, 2024: nil)[99](index=99&type=chunk)[105](index=105&type=chunk) [Pledge of Assets](index=19&type=section&id=PLEDGE%20OF%20ASSETS) As of June 30, 2025, the Group's leasehold land and buildings with a carrying amount of approximately 44 million RMB, and time deposits of approximately 23 million RMB, were pledged to banks as security for bank borrowings - As of June 30, 2025, the Group's leasehold land and buildings with a carrying amount of approximately **44 million RMB** were pledged to banks[100](index=100&type=chunk)[106](index=106&type=chunk) - Time deposits with a carrying amount of approximately **23 million RMB** were pledged to banks as security for bank borrowings[100](index=100&type=chunk)[106](index=106&type=chunk) [Employees and Remuneration Policy](index=19&type=section&id=EMPLOYEES%20AND%20REMUNERATION%20POLICY) As of June 30, 2025, the Group employed 593 staff, an increase from late 2024, with remuneration policies based on experience, qualifications, and abilities, and benefits including statutory MPF, social insurance, and housing provident fund contributions - As of June 30, 2025, the Group employed a total of **593 employees** (December 31, 2024: **523 employees**)[101](index=101&type=chunk)[107](index=107&type=chunk) - Employee remuneration policy is established by the Board based on individual employee experience, qualifications, and abilities[101](index=101&type=chunk)[107](index=107&type=chunk) - Other employee benefits include statutory Mandatory Provident Fund contributions, social insurance, and housing provident fund contributions[101](index=101&type=chunk)[107](index=107&type=chunk) [Future Prospects](index=19&type=section&id=FUTURE%20PROSPECTS) The Group aims to consolidate its leading position in the Japanese and Chinese markets, expand market share in existing markets like Hong Kong, Cambodia, and Korea, and address global economic downturns, trade tensions, and slow market recovery by expanding capacity, promoting business development, enhancing R&D, and exploring diversification opportunities - The Group's primary objective is to maintain and consolidate its leading position as an umbrella manufacturer in the Japanese market and an own-brand umbrella manufacturer in the Chinese market, and to expand its market share in existing markets such as Hong Kong, Cambodia, and Korea[102](index=102&type=chunk)[108](index=108&type=chunk) - Facing challenges such as global economic downturns, threats from the Sino-US trade war, and slow market recovery, the Group will expand production capacity, promote business development, and enhance R&D capabilities[103](index=103&type=chunk)[108](index=108&type=chunk) - To enrich its business and explore potential opportunities, the Group is actively exploring and developing business opportunities and projects[103](index=103&type=chunk)[108](index=108&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=19&type=section&id=PURCHASE%2C%20SALE%20OR%20REDEMPTION%20OF%20THE%20COMPANY'S%20LISTED%20SECURITIES) During the period, neither the Company nor any of its subsidiaries purchased, redeemed, or sold any of the Company's listed securities - During the period, neither the Company nor any of its subsidiaries purchased, redeemed, or sold any of the Company's listed securities[104](index=104&type=chunk)[109](index=109&type=chunk) [Directors' and Chief Executives' Interests in Securities](index=20&type=section&id=DIRECTORS'%20AND%20CHIEF%20EXECUTIVES'%20INTERESTS%20IN%20SECURITIES) As of June 30, 2025, directors and chief executives held long positions in the Company's shares, with Mr. Wong Man Chap holding 30.31% through a controlled corporation and other directors holding 0.46% as beneficial owners Long Positions in the Company (As of June 30) | Director's Name | Nature of Interest | Capacity | Number of Issued Shares | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | :--- | | Mr. Wong Man Chap | Long Position | Interest in controlled corporation and beneficial owner | 125,030,900 | 30.31% | | Mr. Yang Guang | Long Position | Beneficial owner | 1,890,000 | 0.46% | | Mr. Lam Ching Sheung | Long Position | Beneficial owner | 1,890,000 | 0.46% | | Mr. Chung Kin Hung | Long Position | Beneficial owner | 1,890,000 | 0.46% | | Mr. Cao Siwei | Long Position | Beneficial owner | 1,890,000 | 0.46% | | Ms. Li Jieying | Long Position | Beneficial owner | 1,890,000 | 0.46% | - Mr. Wong Man Chap is deemed to have an interest in shares held by Jicheng Investment Limited, a controlled corporation[113](index=113&type=chunk)[115](index=115&type=chunk) [Interests and Short Positions of Substantial Shareholders](index=21&type=section&id=INTERESTS%20AND%20SHORT%20POSITIONS%20OF%20SUBSTANTIAL%20SHAREHOLDERS) As of the report date, Jicheng Investment Limited held 29.85% of shares, Mr. Wong Man Chap was deemed to hold 30.31% due to his full ownership of Jicheng Investment Limited, and his spouse, Ms. Chan Kai Yau, was also deemed to hold 29.85% Interests and Short Positions of Substantial Shareholders (As of the report date) | Shareholder Name/Designation | Nature of Interest | Capacity | Number of Shares | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | :--- | | Jicheng Investment Limited | Long Position | Beneficial owner | 123,140,900 | 29.85% | | Mr. Wong Man Chap | Long Position | Interest in controlled corporation and beneficial owner | 125,030,900 | 30.31% | | Ms. Chan Kai Yau | Long Position | Spouse's interest | 123,140,900 | 29.85% | - Mr. Wong Man Chap wholly and beneficially owns Jicheng Investment Limited, and is therefore deemed to have an interest in the shares held by it[117](index=117&type=chunk)[121](index=121&type=chunk) - Ms. Chan Kai Yau is the spouse of Mr. Wong Man Chap, and is therefore deemed to have an interest in the shares in which Mr. Wong Man Chap has an interest[117](index=117&type=chunk)[121](index=121&type=chunk) [Share Option Scheme](index=21&type=section&id=SHARE%20OPTION%20SCHEME) The Company's share option scheme, adopted on January 23, 2015, expired on January 22, 2025, with no further options granted thereafter, aiming to reward and retain eligible individuals contributing to the Group's development, with 18,750,000 shares available for issuance as of the report date - The share option scheme expired on **January 22, 2025**, and no share options have been granted since its expiry[118](index=118&type=chunk)[120](index=120&type=chunk) - Eligible participants of the scheme include employees, directors, shareholders, consultants, advisors, suppliers, customers, and agents of the Company or any of its subsidiaries[122](index=122&type=chunk)[126](index=126&type=chunk) - As of the report date, the total number of securities available for issue under the share option scheme was **18,750,000 shares**, representing **4.54%** of the Company's total issued shares[131](index=131&type=chunk)[134](index=134&type=chunk) Share Option Movement (As of June 30) | Participant Category | Date of Grant | Exercise Period | Adjusted Exercise Price (HKD) | Outstanding as at 01.01.2025 | Granted during the period | Exercised during the period | Lapsed during the period | Outstanding as at 30.06.2025 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Employees | April 10, 2019 | April 10, 2019 to April 9, 2029 | 0.900 | 18,750,000 | – | – | – | 18,750,000 | [Corporate Governance](index=24&type=section&id=CORPORATE%20GOVERNANCE) The Company is committed to high corporate governance standards, adhering to the Corporate Governance Code in Appendix C1 of the Listing Rules, despite deviations like the combined Chairman and CEO role and some INEDs' absence from the AGM, which the Board believes supports strategy execution and decision-making - The Company has adopted and complied with the **Corporate Governance Code** as set out in **Appendix C1 of the Listing Rules**[138](index=138&type=chunk)[141](index=141&type=chunk) - The roles of Chairman and Chief Executive Officer are performed by Mr. Wong, which the Board believes facilitates the execution of business strategies and decision-making[138](index=138&type=chunk)[141](index=141&type=chunk) - Some Independent Non-executive Directors did not attend the Annual General Meeting held on **June 2, 2025**, due to other commitments, constituting a deviation from Code Provision F.1.3[139](index=139&type=chunk)[141](index=141&type=chunk) [Model Code for Securities Transactions by the Directors](index=25&type=section&id=MODEL%20CODE%20FOR%20SECURITIES%20TRANSACTIONS%20BY%20THE%20DIRECTORS) The directors have adopted and confirmed full compliance with the Model Code for Securities Transactions by Directors of Listed Issuers, as set out in Appendix C3 of the Listing Rules, since the listing date - The Directors have adopted the **Model Code for Securities Transactions by Directors of Listed Issuers** as set out in **Appendix C3 of the Listing Rules**[143](index=143&type=chunk)[148](index=148&type=chunk) - All Directors have confirmed their full compliance with the required standards of dealing as set out in the Model Code since the listing date[143](index=143&type=chunk)[148](index=148&type=chunk) [Audit Committee](index=25&type=section&id=AUDIT%20COMMITTEE) Established on January 23, 2015, the Audit Committee, comprising three independent non-executive directors and chaired by Mr. Cao Siwei, has reviewed the Group's accounting principles, practices, and financial reporting matters, including the unaudited condensed interim financial statements for the period - The Audit Committee was established on **January 23, 2015**, comprising three independent non-executive directors, with Mr. Cao Siwei as the chairman[144](index=144&type=chunk)[149](index=149&type=chunk) - The Committee has reviewed the accounting principles and practices adopted by the Group and financial reporting matters with management, including the unaudited condensed interim financial statements for the period[144](index=144&type=chunk)[149](index=149&type=chunk) [Remuneration Committee](index=25&type=section&id=REMUNERATION%20COMMITTEE) Established on January 23, 2015, the Remuneration Committee comprises three independent non-executive directors and is chaired by Ms. Li Jieying - The Remuneration Committee was established on **January 23, 2015**, comprising three independent non-executive directors, with Ms. Li Jieying as the chairman[145](index=145&type=chunk)[150](index=150&type=chunk) [Nomination Committee](index=25&type=section&id=NOMINATION%20COMMITTEE) Established on January 23, 2015, the Nomination Committee comprises three independent non-executive directors and is chaired by Mr. Yang Xuetai - The Nomination Committee was established on **January 23, 2015**, comprising three independent non-executive directors, with Mr. Yang Xuetai as the chairman[146](index=146&type=chunk)[151](index=151&type=chunk) [Appreciation](index=25&type=section&id=APPRECIATION) Mr. Wong Man Chap, Chairman of the Board, on behalf of the Board, extends gratitude to all staff for their diligent work, dedication, loyalty, and integrity, and thanks shareholders, customers, bankers, and other business partners for their trust and support - Mr. Wong Man Chap, Chairman of the Board, on behalf of the Board, extends gratitude to all staff for their diligent work, dedication, loyalty, and integrity[147](index=147&type=chunk)[152](index=152&type=chunk) - Appreciation is also extended to shareholders, customers, bankers, and other business partners for their trust and support[147](index=147&type=chunk)[152](index=152&type=chunk)

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: 中國集成控股有限公司 呈交日期: 2025年9月1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) | 01027 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,562,500,000 | HKD | | 0.032 HKD | | 50,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 1,562,500,000 | HKD | | 0.032 HKD | | 50,000,000 | 本月底法定/註冊股本總額： HKD 50,0 ...

公告称，收益减少主要由于雨伞零部件的需求较去年同期减少。 中国集成控股(01027)公布2025年中期业绩，收益约1.734亿元，同比减少7.22%;净亏损348.8万元，同比 收窄70.9%;每股亏损0.85分。 ...

Core Viewpoint - China Integrated Holdings (01027) reported a decrease in revenue for the first half of 2025, primarily due to reduced demand for umbrella components compared to the same period last year [1] Financial Performance - Revenue for the first half of 2025 was approximately 173.4 million, representing a year-on-year decrease of 7.22% [1] - The net loss narrowed to 3.488 million, a year-on-year improvement of 70.9% [1] - Earnings per share reflected a loss of 0.85 cents [1]

[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) This statement provides a concise overview of the Group's financial performance, showing a narrowed loss despite a revenue decrease for the six months ended June 30, 2025 [Profit and Loss Overview](index=2&type=section&id=Profit%20and%20Loss%20Overview) For the six months ended June 30, 2025, the Group's revenue decreased by 7.5% year-on-year, turning from profit to loss, but significantly narrowing the loss compared to the same period last year, with basic and diluted loss per share at RMB 0.85 cents | Indicator | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 173,416 | 186,910 | -7.5% | | Cost of Sales | (157,497) | (168,464) | -6.5% | | Gross Profit | 15,919 | 18,446 | -13.7% | | Other Income and Net Other Gains/(Losses) | 9,371 | (1,368) | N/A | | Selling and Distribution Expenses | (8,304) | (7,851) | +5.8% | | Administrative Expenses | (18,220) | (19,318) | -5.7% | | Finance Costs | (1,735) | (1,886) | -8.0% | | Loss Before Tax | (2,969) | (11,977) | -75.2% | | Income Tax Expense | (519) | (8) | N/A | | Loss for the Period | (3,488) | (11,985) | -70.9% | | Basic and Diluted Loss Per Share (RMB cents) | (0.85) | (2.91) | -70.8% | - Loss for the period significantly narrowed by 70.9%, primarily due to a substantial increase in other income and net gains, along with controlled cost of sales and administrative expenses[8](index=8&type=chunk) [CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION](index=3&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20FINANCIAL%20POSITION) This statement presents the Group's financial position as of June 30, 2025, highlighting changes in assets, liabilities, and equity [Financial Position Overview](index=3&type=section&id=Financial%20Position%20Overview) As of June 30, 2025, the Group's total assets slightly increased, while net current assets and total equity slightly decreased. Bank balances and cash significantly increased, while inventories and trade receivables decreased | Indicator | As of June 30, 2025 (RMB thousands) | As of Dec 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | **Non-current Assets** | | | | | Property, Plant and Equipment | 44,329 | 46,003 | -3.6% | | Right-of-Use Assets | 11,782 | 12,050 | -2.2% | | **Current Assets** | | | | | Inventories | 111,830 | 135,648 | -17.5% | | Financial Assets at FVTPL | 12,268 | 6,427 | +90.9% | | Trade Receivables | 102,053 | 114,156 | -10.6% | | Prepayments and Other Receivables | 58,328 | 47,907 | +21.7% | | Loan Receivables | 10,101 | 10,398 | -2.9% | | Pledged Time Deposits | 23,030 | 22,843 | +0.8% | | Bank Balances and Cash | 38,644 | 4,145 | +832.3% | | **Current Liabilities** | | | | | Trade and Bills Payables | 58,414 | 51,398 | +13.6% | | Accruals, Other Payables and Contract Liabilities | 8,329 | 12,595 | -33.9% | | Bank Borrowings | 96,120 | 81,470 | +17.9% | | Tax Payables | 2,102 | 2,665 | -21.2% | | **Net Value** | | | | | Net Current Assets | 191,289 | 193,396 | -1.1% | | Net Assets | 247,400 | 251,449 | -1.6% | | Total Equity | 247,400 | 251,449 | -1.6% | - Bank balances and cash significantly increased by 832.3%, indicating improved cash flow, but short-term bank borrowings also increased by 17.9%[11](index=11&type=chunk) [CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY](index=4&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20CHANGES%20IN%20EQUITY) This statement details the changes in the Group's total equity attributable to owners, primarily influenced by period loss and exchange reserve movements [Equity Changes Overview](index=4&type=section&id=Equity%20Changes%20Overview) For the six months ended June 30, 2025, total equity attributable to owners of the Company slightly decreased, primarily due to the loss for the period and negative movements in exchange reserves, partially offset by capital contributions from shareholders | Indicator | As of June 30, 2025 (RMB thousands) | As of Jan 1, 2024 (RMB thousands) | Change (2025 vs 2024) | | :--- | :--- | :--- | :--- | | Share Capital | 10,818 | 10,818 | 0 | | Share Premium | 177,394 | 177,394 | 0 | | Exchange Reserve | 5,950 | 5,772 | +178 | | Statutory Reserve | 22,884 | 22,884 | 0 | | Share Option Reserve | 5,947 | 5,960 | -13 | | Other Reserves | 1,241 | 1,008 | +233 | | Merger Reserve | 81,521 | 81,521 | 0 | | Retained Profits | (58,355) | (65,759) | +7,404 | | **Total Equity** | **247,400** | **239,598** | **+7,802** | - Loss for the period was RMB 3,488 thousands, leading to a decrease in retained profits. Exchange reserve decreased by RMB 582 thousands due to exchange differences on translation of financial statements[13](index=13&type=chunk) - Shareholders' capital contribution of RMB 21 thousands had a positive impact on total equity[13](index=13&type=chunk) [CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS](index=6&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20CASH%20FLOWS) This statement outlines the Group's cash flow activities, showing a positive shift in operating cash flow and a net increase in cash and cash equivalents [Cash Flow Overview](index=6&type=section&id=Cash%20Flow%20Overview) For the six months ended June 30, 2025, the Group's operating cash flow turned from negative to positive, and financing cash flow maintained a net inflow, leading to a net increase in cash and cash equivalents | Indicator | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change (2025 vs 2024) | | :--- | :--- | :--- | :--- | | Net Cash From/(Used In) Operating Activities | 19,496 | (28,531) | N/A (Turned from negative to positive) | | Net Cash From/(Used In) Investing Activities | (519) | 5,026 | N/A (Turned from positive to negative) | | Net Cash From Financing Activities | 15,555 | 21,306 | -27.0% | | Net Increase/(Decrease) in Cash and Cash Equivalents | 34,532 | (2,199) | N/A (Turned from negative to positive) | | Bank Balances and Cash as of June 30 | 38,644 | 11,020 | +250.7% | - Net cash from operating activities significantly improved, turning from a net outflow of RMB 28,531 thousands in H1 2024 to a net inflow of RMB 19,496 thousands in H1 2025[17](index=17&type=chunk) - Net cash from investing activities turned from a net inflow to a net outflow, primarily reflecting adjustments in investment activities[17](index=17&type=chunk) [NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS](index=7&type=section&id=NOTES%20TO%20THE%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) These notes provide detailed explanations and disclosures for the condensed consolidated financial statements, covering accounting policies, segment information, and financial instruments [1. GENERAL INFORMATION OF THE GROUP](index=7&type=section&id=1.%20GENERAL%20INFORMATION%20OF%20THE%20GROUP) The Group primarily manufactures and sells umbrellas, is registered in the Cayman Islands, and its shares are listed on the Main Board of the Hong Kong Stock Exchange. Both the functional and presentation currencies are RMB - The Company was incorporated in the Cayman Islands on June 12, 2014, and listed on the Main Board of the Hong Kong Stock Exchange on February 13, 2015[18](index=18&type=chunk)[21](index=21&type=chunk)[23](index=23&type=chunk)[24](index=24&type=chunk) - Principal subsidiaries are engaged in the manufacturing and sale of umbrellas, while the Company is an investment holding company[18](index=18&type=chunk)[21](index=21&type=chunk) - The condensed consolidated financial statements are presented in RMB, which is also the functional currency of the Company and its PRC subsidiaries[18](index=18&type=chunk)[21](index=21&type=chunk) [2.1 BASIS OF PREPARATION](index=7&type=section&id=2.1%20BASIS%20OF%20PREPARATION) The condensed consolidated financial statements are prepared in accordance with HKAS 34 'Interim Financial Reporting' and Appendix D2 of the Listing Rules, using a historical cost basis consistent with the 2024 annual consolidated financial statements - The financial statements are prepared in accordance with HKAS 34 'Interim Financial Reporting' and Appendix D2 of the Listing Rules[19](index=19&type=chunk)[22](index=22&type=chunk) - The historical cost basis is adopted, and the accounting policies and methods of computation are consistent with those used in the annual consolidated financial statements for the year ended December 31, 2024[20](index=20&type=chunk)[22](index=22&type=chunk) [2.2 PRINCIPAL ACCOUNTING POLICIES](index=8&type=section&id=2.2%20PRINCIPAL%20ACCOUNTING%20POLICIES) New amendments to Hong Kong Financial Reporting Standards were first applied in the current period, but they had no significant impact on the Group's financial performance or position - The Group first applied HKAS 21 (Amendment) – Lack of Exchangeability[26](index=26&type=chunk)[27](index=27&type=chunk) - The application of the new amendments had no significant impact on the financial performance and position for the current and prior periods[26](index=26&type=chunk)[27](index=27&type=chunk) [3. REVENUE](index=8&type=section&id=3.%20REVENUE) Revenue for the period, primarily from the sale of goods, decreased by 7.5% year-on-year, reflecting changes in market demand | Revenue Source | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Sale of Goods | 173,416 | 186,910 | -7.5% | - The decrease in revenue was primarily due to reduced demand for umbrella components compared to the same period last year[81](index=81&type=chunk)[86](index=86&type=chunk) [4. SEGMENT INFORMATION](index=8&type=section&id=4.%20SEGMENT%20INFORMATION) The Group operates a single segment: the manufacturing and sale of umbrellas. Revenue is segmented by product category and geographical location, with significant growth in the Japanese market and declines in the Chinese and Cambodian markets - The Group operates a single segment: manufacturing and sale of umbrellas[30](index=30&type=chunk)[31](index=31&type=chunk) [PRODUCT INFORMATION](index=9&type=section&id=PRODUCT%20INFORMATION) The Group's main products are POE umbrellas, nylon umbrellas, and umbrella components. Sales of umbrella components significantly decreased this period, while sales of POE and nylon umbrellas increased | Product Category | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | POE Umbrellas | 37,026 | 28,662 | +29.2% | | Nylon Umbrellas | 87,568 | 82,340 | +6.3% | | Umbrella Components | 48,822 | 75,908 | -35.7% | | **Total Revenue** | **173,416** | **186,910** | **-7.2%** | - Sales of umbrella components significantly decreased by 35.7%, which was the main reason for the decline in total revenue[33](index=33&type=chunk) [GEOGRAPHICAL INFORMATION](index=9&type=section&id=GEOGRAPHICAL%20INFORMATION) The Group's customers are primarily located in Japan, Cambodia, and China. Revenue from the Japanese market significantly increased, while revenue from the Chinese and Cambodian markets decreased | Geographical Location | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Japan | 76,587 | 59,827 | +28.0% | | China | 46,656 | 55,074 | -15.3% | | Cambodia | 41,151 | 59,070 | -30.3% | | Others | 9,022 | 12,939 | -30.3% | | **Total Revenue** | **173,416** | **186,910** | **-7.2%** | - Revenue from the Japanese market increased by 28.0%, becoming the Group's largest source of income[36](index=36&type=chunk) - Revenue from both the Chinese and Cambodian markets experienced double-digit declines[36](index=36&type=chunk) [INFORMATION ABOUT MAJOR CUSTOMERS](index=10&type=section&id=INFORMATION%20ABOUT%20MAJOR%20CUSTOMERS) The Group has two major customers, each accounting for 10% or more of total revenue, with one showing growth and the other a slight decline | Customer | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Customer A | 29,691 | 28,099 | +5.7% | | Customer B | 34,574 | 36,310 | -4.8% | [5. INCOME TAX EXPENSE](index=10&type=section&id=5.%20INCOME%20TAX%20EXPENSE) Income tax expense significantly increased this period, primarily from China corporate income tax at a rate of 25%. Subsidiaries in the Cayman Islands, British Virgin Islands, and Hong Kong are not subject to income tax | Tax Category | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | PRC Corporate Income Tax | 519 | 8 | N/A (Significant increase) | - The corporate income tax rate for PRC companies is 25%[44](index=44&type=chunk) - Subsidiaries in the Cayman Islands, British Virgin Islands, and Hong Kong were not subject to income tax for the current and prior periods[44](index=44&type=chunk) [6. LOSS FOR THE PERIOD](index=11&type=section&id=6.%20LOSS%20FOR%20THE%20PERIOD) The loss for the period was derived after deducting various expenses, with staff costs, production material costs, and R&D expenses being major components. Exchange gains had a positive impact on narrowing the loss | Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total Staff Costs | 19,376 | 18,388 | +5.4% | | Cost of Materials Used in Production | 164,696 | 183,332 | -10.2% | | Depreciation of Property, Plant and Equipment | 2,410 | 2,142 | +12.5% | | Net Exchange Gains/(Losses) | (2,595) | 746 | N/A (Turned from loss to gain) | | Finance Costs – Bank Borrowings | 1,735 | 1,886 | -8.0% | | Research and Development Expenses | 6,637 | 6,409 | +3.6% | - Cost of materials used in production decreased by 10.2%, consistent with the trend of declining revenue[47](index=47&type=chunk) - Net exchange gains of RMB 2,595 thousands were recorded, compared to a net loss of RMB 746 thousands in the same period last year, significantly contributing to the narrowing of the loss for the period[47](index=47&type=chunk) [7. LOSS PER SHARE](index=11&type=section&id=7.%20LOSS%20PER%20SHARE) Basic and diluted loss per share for the period was RMB 0.85 cents, a significant narrowing from the prior year, with both being identical due to anti-dilutive share options | Indicator | H1 2025 | H1 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Loss for the Period Attributable to Owners of the Company (RMB thousands) | (3,488) | (11,985) | -70.9% | | Weighted Average Number of Ordinary Shares (thousands) | 412,550 | 412,550 | 0% | | Basic and Diluted Loss Per Share (RMB cents) | (0.85) | (2.91) | -70.8% | - Basic and diluted loss per share for both periods are identical due to the anti-dilutive effect of share options on the basic loss per share calculation[52](index=52&type=chunk)[55](index=55&type=chunk) [8. DIVIDEND](index=12&type=section&id=8.%20DIVIDEND) The Board did not recommend the payment of any interim dividend for the current period, consistent with the prior year - No dividends were paid, declared, or proposed for the six months ended June 30, 2025[53](index=53&type=chunk)[56](index=56&type=chunk) [9. PROPERTY, PLANT AND EQUIPMENT](index=12&type=section&id=9.%20PROPERTY%2C%20PLANT%20AND%20EQUIPMENT) No impairment losses were recognized for property, plant and equipment during the period, and additions significantly increased - Additions to property, plant and equipment amounted to approximately RMB 912,000 for the six months ended June 30, 2025, a significant increase from RMB 111,000 in the same period of 2024[54](index=54&type=chunk)[57](index=57&type=chunk) - No impairment losses were recognized for property, plant and equipment in either period[54](index=54&type=chunk)[57](index=57&type=chunk) [10. TRADE RECEIVABLES](index=13&type=section&id=10.%20TRADE%20RECEIVABLES) The Group's total trade receivables decreased, with a significant reduction in receivables aged 0-90 days, but an increase in those aged over 365 days | Aging | As of June 30, 2025 (RMB thousands) | As of Dec 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | 0 to 90 days | 42,976 | 74,237 | -42.1% | | 91 to 180 days | 20,660 | 15,030 | +37.5% | | 181 to 365 days | 16,165 | 6,762 | +139.1% | | Over 365 days | 22,252 | 18,127 | +22.7% | | **Total** | **102,053** | **114,156** | **-10.6%** | - The Group generally grants credit terms of 30 to 150 days to its trade customers[58](index=58&type=chunk)[59](index=59&type=chunk) [11. LOAN RECEIVABLES](index=13&type=section&id=11.%20LOAN%20RECEIVABLES) Total loan receivables slightly decreased, primarily comprising unsecured loans to independent third parties, bearing interest at 8% per annum and repayable within one year | Item | As of June 30, 2025 (RMB thousands) | As of Dec 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Fixed-rate Loan Receivables | 13,234 | 13,623 | -2.9% | | Less: Provision for Credit Losses | (3,133) | (3,225) | -2.8% | | **Net Amount** | **10,101** | **10,398** | **-2.9%** | - Loan receivables are unsecured, bear interest at 8% per annum, and are repayable within one year[62](index=62&type=chunk) [12. TRADE AND BILLS PAYABLES](index=14&type=section&id=12.%20TRADE%20AND%20BILLS%20PAYABLES) The Group's total trade and bills payables increased, with a significant rise in payables aged 0-90 days | Item | As of June 30, 2025 (RMB thousands) | As of Dec 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Trade Payables | 24,537 | 20,140 | +21.8% | | Bills Payables | 33,877 | 31,258 | +8.4% | | **Total** | **58,414** | **51,398** | **+13.6%** | | Aging | As of June 30, 2025 (RMB thousands) | As of Dec 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | 0 to 90 days | 41,269 | 33,097 | +24.7% | | 91 to 180 days | 16,327 | 15,375 | +6.2% | | 181 to 365 days | 818 | 2,926 | -72.0% | - Credit terms for purchases of goods range from 30 to 120 days[68](index=68&type=chunk) [13. BANK BORROWINGS](index=14&type=section&id=13.%20BANK%20BORROWINGS) The Group's total bank borrowings increased, all secured and repayable within one year, with interest rates ranging from 3.40% to 4.55%. The borrowings are collateralized by buildings, right-of-use assets, and personal guarantees from a director | Item | As of June 30, 2025 (RMB thousands) | As of Dec 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Secured, repayable within one year | 96,120 | 81,470 | +17.9% | - Bank borrowings bear fixed interest rates ranging from 3.40% to 4.55% per annum[72](index=72&type=chunk)[74](index=74&type=chunk) - The borrowings are secured by the Group's buildings, right-of-use assets, and personal guarantees from Mr. Wong, a director, and his spouse[73](index=73&type=chunk)[74](index=74&type=chunk) [14. SHARE CAPITAL](index=15&type=section&id=14.%20SHARE%20CAPITAL) The Company's issued and fully paid share capital remained unchanged during the period, with ordinary shareholders enjoying dividend and voting rights | Item | As of June 30, 2025 (thousands of shares) | As of Dec 31, 2024 (thousands of shares) | Change (%) | | :--- | :--- | :--- | :--- | | Number of Authorized Shares | 1,562,500 | 1,562,500 | 0% | | Number of Issued and Fully Paid Shares | 412,550 | 412,550 | 0% | | Nominal Value of Ordinary Shares (RMB thousands) | 10,818 | 10,818 | 0% | - Holders of ordinary shares are entitled to dividends as declared from time to time and have one vote per share at general meetings of the Company[77](index=77&type=chunk) [MANAGEMENT DISCUSSION AND ANALYSIS](index=16&type=section&id=MANAGEMENT%20DISCUSSION%20AND%20ANALYSIS) This section provides a comprehensive review of the Group's operational and financial performance, liquidity, risks, and future outlook for the period [INTERIM DIVIDEND](index=16&type=section&id=INTERIM%20DIVIDEND) The Board did not recommend any interim dividend for the current period, consistent with the prior year - The Board did not recommend the payment of any interim dividend for the six months ended June 30, 2025 (2024: nil)[78](index=78&type=chunk)[83](index=83&type=chunk) [BUSINESS REVIEW](index=16&type=section&id=BUSINESS%20REVIEW) The Group primarily manufactures and sells umbrellas, is one of China's largest umbrella and parasol exporters, and holds a leading position in the Japanese plastic umbrella market. The Group is actively exploring and developing new business opportunities for diversification - The Group primarily manufactures and sells POE umbrellas, nylon umbrellas, and umbrella components[79](index=79&type=chunk)[84](index=84&type=chunk) - Based on export volume and sales volume, the Group is one of the largest umbrella and parasol exporters and manufacturers in China, and one of the largest suppliers of plastic umbrellas in Japan[79](index=79&type=chunk)[84](index=84&type=chunk) - The Group is actively exploring and developing business opportunities and projects to enrich its business and uncover potential opportunities[79](index=79&type=chunk)[84](index=84&type=chunk) [FINANCIAL REVIEW](index=16&type=section&id=FINANCIAL%20REVIEW) The Group's revenue decreased by 7.5% this period, but the loss significantly narrowed by 75.2%, primarily due to a substantial increase in other income and net gains | Indicator | H1 2025 (RMB millions) | H1 2024 (RMB millions) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 173 | 187 | -7.5% | | Loss Attributable to Owners of the Company | 3 | 12 | -75.0% | | Basic Loss Per Share (RMB cents) | 0.85 | 2.91 | -70.8% | [Revenue](index=16&type=section&id=REVENUE_FINANCIAL_REVIEW) Revenue decreased by 7.5% this period, mainly attributed to reduced demand for umbrella components - Revenue decreased by approximately 7.5% from approximately RMB 187 million in H1 2024 to approximately RMB 173 million in the current period[81](index=81&type=chunk)[86](index=86&type=chunk) - The decrease in revenue was primarily due to reduced demand for umbrella components compared to the same period last year[81](index=81&type=chunk)[86](index=86&type=chunk) [Cost of Sales](index=16&type=section&id=COST%20OF%20SALES_FINANCIAL_REVIEW) Cost of sales decreased by 6.5%, consistent with the revenue decline, primarily due to reduced direct labor costs - Cost of sales decreased by approximately 6.5% from approximately RMB 168 million in H1 2024 to approximately RMB 157 million in the current period[82](index=82&type=chunk)[87](index=87&type=chunk) - The decrease in cost of sales was primarily due to reduced direct labor costs, consistent with the Group's revenue decline in the same period[82](index=82&type=chunk)[87](index=87&type=chunk) [GROSS PROFIT AND GROSS MARGIN](index=17&type=section&id=GROSS%20PROFIT%20AND%20GROSS%20MARGIN) Gross profit decreased by 11%, and gross margin declined from 9.6% to 9.3%, reflecting the impact of reduced revenue and cost structure - Gross profit decreased by approximately RMB 2 million (11%) from approximately RMB 18 million in H1 2024 to approximately RMB 16 million in the current period[88](index=88&type=chunk)[94](index=94&type=chunk) - Gross margin decreased from approximately 9.6% in H1 2024 to 9.3% in the current period[88](index=88&type=chunk)[94](index=94&type=chunk) [OTHER INCOME AND NET OTHER GAINS/(LOSSES)](index=17&type=section&id=OTHER%20INCOME%20AND%20NET%20OTHER%20GAINS%2F%28LOSSES%29) The current period recorded other income and net gains of approximately RMB 9.4 million, a significant improvement from a net loss in the prior year, driven by increased exchange gains and fair value gains on financial assets - The current period recorded other income and net gains of approximately RMB 9.4 million, compared to a net loss of approximately RMB 1.4 million in H1 2024[89](index=89&type=chunk)[95](index=95&type=chunk) - This was primarily due to increased exchange gains and fair value gains on financial assets at FVTPL[89](index=89&type=chunk)[95](index=95&type=chunk) [SELLING AND DISTRIBUTION EXPENSES](index=17&type=section&id=SELLING%20AND%20DISTRIBUTION%20EXPENSES) Selling and distribution expenses remained stable at approximately RMB 8 million during the current period - Selling and distribution expenses remained stable at approximately RMB 8 million in both H1 2024 and the current period[90](index=90&type=chunk)[96](index=96&type=chunk) [ADMINISTRATIVE EXPENSES](index=17&type=section&id=ADMINISTRATIVE%20EXPENSES) Administrative expenses remained stable at approximately RMB 18 million during the current period - Administrative expenses remained stable at approximately RMB 19 million in H1 2024 and approximately RMB 18 million in the current period[91](index=91&type=chunk)[97](index=97&type=chunk) [LIQUIDITY AND FINANCIAL RESOURCES](index=17&type=section&id=LIQUIDITY%20AND%20FINANCIAL%20RESOURCES) The Group's liquidity improved with a significant increase in bank and cash balances, though short-term bank borrowings and the gearing ratio also rose | Indicator | As of June 30, 2025 | As of Dec 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Bank and Cash Balances (RMB millions) | 61.7 | 27 | +128.5% | | Short-term Bank Borrowings (RMB millions) | 96 | 81 | +18.5% | | Current Ratio | 2.2 times | 2.3 times | Slight decrease | | Gearing Ratio | 53% | 45% | +8 percentage points | - Bank and cash balances (including time deposits) significantly increased to approximately RMB 61.7 million[92](index=92&type=chunk)[98](index=98&type=chunk) - The gearing ratio increased to 53%, primarily due to an increase in the percentage of interest-bearing liabilities and bills payables to total equity[93](index=93&type=chunk)[98](index=98&type=chunk) [PRINCIPAL RISKS AND UNCERTAINTIES](index=18&type=section&id=PRINCIPAL%20RISKS%20AND%20UNCERTAINTIES) The Group faces various business risks, including loss of major customers, political and economic instability, foreign currency fluctuations, raw material price volatility or unstable supply, and labor shortages or rising costs - Loss of major customers could have a significant adverse impact on the Group's business, financial condition, and operating results[99](index=99&type=chunk)[101](index=101&type=chunk) - The Group faces risks related to political and economic instability and foreign currency exchange rate fluctuations associated with selling products to customers in Japan, China, and other overseas markets[99](index=99&type=chunk)[101](index=101&type=chunk) - Fluctuations in raw material prices or unstable supply could negatively impact business operations and profitability[100](index=100&type=chunk)[101](index=101&type=chunk) - The Group may face risks of labor shortages or continuously rising labor costs[100](index=100&type=chunk)[101](index=101&type=chunk) [CAPITAL COMMITMENTS AND CONTINGENT LIABILITIES](index=19&type=section&id=CAPITAL%20COMMITMENTS%20AND%20CONTINGENT%20LIABILITIES) As of June 30, 2025, the Group had no significant capital commitments or contingent liabilities - As of June 30, 2025, the Group had no significant capital commitments (December 31, 2024: nil)[102](index=102&type=chunk)[108](index=108&type=chunk) - As of June 30, 2025, the Group had no significant contingent liabilities (December 31, 2024: nil)[102](index=102&type=chunk)[108](index=108&type=chunk) [PLEDGE OF ASSETS](index=19&type=section&id=PLEDGE%20OF%20ASSETS) The Group's leasehold land and buildings, along with time deposits, are pledged to banks as security for bank borrowings - As of June 30, 2025, leasehold land and buildings with a carrying amount of approximately RMB 44 million were pledged to banks[103](index=103&type=chunk)[109](index=109&type=chunk) - Time deposits with a carrying amount of approximately RMB 23 million were pledged to banks as security for bank borrowings[103](index=103&type=chunk)[109](index=109&type=chunk) [EMPLOYEES AND REMUNERATION POLICY](index=19&type=section&id=EMPLOYEES%20AND%20REMUNERATION%20POLICY) The Group's employee count increased, with remuneration policies based on experience, qualifications, and ability, supplemented by statutory benefits - As of June 30, 2025, the Group employed a total of 593 employees, an increase from 523 as of December 31, 2024[104](index=104&type=chunk)[110](index=110&type=chunk) - Remuneration policies are set by the Board based on individual employees' experience, qualifications, and abilities[104](index=104&type=chunk)[110](index=110&type=chunk) - Other employee benefits include statutory mandatory provident fund contributions, social insurance, and housing provident fund contributions[104](index=104&type=chunk)[110](index=110&type=chunk) [FUTURE PROSPECTS](index=19&type=section&id=FUTURE%20PROSPECTS) Facing global economic downturns and trade war threats, the Group aims to consolidate its market position, expand production capacity, enhance R&D capabilities, and actively explore new business opportunities to address challenges and create shareholder value - The Group aims to maintain and consolidate its leading position in the Japanese market and as an own-brand umbrella manufacturer in China, while expanding its market share in existing markets such as Hong Kong, Cambodia, and South Korea[105](index=105&type=chunk)[111](index=111&type=chunk) - Given the uncertainties of the Sino-US trade war and the slow pace of market recovery, the Group will further consolidate its market position, expand production capacity, promote business development, and enhance R&D capabilities[106](index=106&type=chunk)[111](index=111&type=chunk) - The Group will actively explore and develop business opportunities and projects to achieve business diversification[106](index=106&type=chunk)[111](index=111&type=chunk) [PURCHASE, SALE OR REDEMPTION OF THE COMPANY'S LISTED SECURITIES](index=19&type=section&id=PURCHASE%2C%20SALE%20OR%20REDEMPTION%20OF%20THE%20COMPANY%27S%20LISTED%20SECURITIES) During the current period, neither the Company nor its subsidiaries purchased, redeemed, or sold any of the Company's listed securities - During the current period, neither the Company nor any of its subsidiaries purchased, redeemed, or sold any of the Company's listed securities[107](index=107&type=chunk)[112](index=112&type=chunk) [CORPORATE GOVERNANCE AND OTHER INFORMATION](index=20&type=section&id=CORPORATE%20GOVERNANCE%20AND%20OTHER%20INFORMATION) This section details the Group's corporate governance practices, including directors' interests, substantial shareholders, share option scheme, and committee structures [DIRECTORS' AND CHIEF EXECUTIVES' INTERESTS IN SECURITIES](index=20&type=section&id=DIRECTORS%27%20AND%20CHIEF%20EXECUTIVES%27%20INTERESTS%20IN%20SECURITIES) As of June 30, 2025, directors and chief executives held long positions in the Company's shares, with Chairman Mr. Huang Wenji holding the largest interest | Director's Name | Nature of Interest | Capacity | Number of Issued Shares | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | :--- | | Mr. Huang Wenji | Long Position | Interest in controlled corporation and beneficial owner | 125,030,900 | 30.31% | | Mr. Yang Guang | Long Position | Beneficial Owner | 1,890,000 | 0.46% | | Mr. Lin Zhenshuang | Long Position | Beneficial Owner | 1,890,000 | 0.46% | | Mr. Zhong Jianxiong | Long Position | Beneficial Owner | 1,890,000 | 0.46% | | Mr. Cao Siwei | Long Position | Beneficial Owner | 1,890,000 | 0.46% | | Ms. Li Jieying | Long Position | Beneficial Owner | 1,890,000 | 0.46% | - Mr. Huang Wenji is deemed to be interested in the shares of the Company held through Jicheng Investment Limited[116](index=116&type=chunk)[118](index=118&type=chunk) [INTERESTS AND SHORT POSITIONS OF SUBSTANTIAL SHAREHOLDERS](index=21&type=section&id=INTERESTS%20AND%20SHORT%20POSITIONS%20OF%20SUBSTANTIAL%20SHAREHOLDERS) As of the report date, substantial shareholders, including Jicheng Investment Limited, Mr. Huang Wenji, and his spouse Ms. Chen Jieyou, all held long positions in the Company's shares | Name of Shareholder | Nature of Interest | Capacity | Number of Shares | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | :--- | | Jicheng Investment Limited | Long Position | Beneficial Owner | 123,140,900 | 29.85% | | Mr. Huang Wenji | Long Position | Interest in controlled corporation and beneficial owner | 125,030,900 | 30.31% | | Ms. Chen Jieyou | Long Position | Spouse's Interest | 123,140,900 | 29.85% | - Mr. Huang Wenji is the sole beneficial owner of Jicheng Investment Limited, and his spouse, Ms. Chen Jieyou, is deemed to be interested in the shares in which Mr. Huang Wenji is interested[124](index=124&type=chunk) [SHARE OPTION SCHEME](index=21&type=section&id=SHARE%20OPTION%20SCHEME) The Company's share option scheme expired on January 22, 2025, with no new options granted during the period. However, 18,750,000 shares remain exercisable under existing options, representing 4.54% of the total issued shares - The share option scheme expired on January 22, 2025, and no share options have been granted since its expiry[121](index=121&type=chunk)[123](index=123&type=chunk) - As of the date of this report, the total number of securities available for issue under the share option scheme is 18,750,000 shares, representing 4.54% of the Company's total issued shares[134](index=134&type=chunk)[137](index=137&type=chunk) | Class of Participants | Date of Grant | Exercise Period | Adjusted Exercise Price (HKD) | Outstanding as of Jan 1, 2025 | Granted during the period | Exercised during the period | Lapsed during the period | Outstanding as of June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Employees | April 10, 2019 | April 10, 2019 to April 9, 2029 | 0.900 | 18,750,000 | – | – | – | 18,750,000 | [CORPORATE GOVERNANCE](index=24&type=section&id=CORPORATE%20GOVERNANCE) The Company is committed to maintaining high corporate governance standards, with a board comprising four executive directors and three independent non-executive directors. Deviations exist regarding the non-separation of Chairman and CEO roles and the absence of independent non-executive directors at the general meeting - The Board of Directors comprises four executive directors and three independent non-executive directors[141](index=141&type=chunk)[144](index=144&type=chunk) - There is a deviation from Code Provision C.2.1 of the Corporate Governance Code, where the roles of Chairman and Chief Executive Officer are performed by the same person (Mr. Huang)[141](index=141&type=chunk)[144](index=144&type=chunk) - Independent Non-executive Directors Mr. Cao Siwei, Mr. Yang Xuetai, and Ms. Li Jieying did not attend the Annual General Meeting on June 2, 2025, due to other commitments, deviating from Code Provision F.1.3[142](index=142&type=chunk)[144](index=144&type=chunk) [MODEL CODE FOR SECURITIES TRANSACTIONS BY THE DIRECTORS](index=25&type=section&id=MODEL%20CODE%20FOR%20SECURITIES%20TRANSACTIONS%20BY%20THE%20DIRECTORS) Directors have adopted and confirmed full compliance with the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules - The Directors have adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules[146](index=146&type=chunk)[151](index=151&type=chunk) - All Directors have confirmed full compliance with the required standards of dealings set out in the Model Code since the listing date[146](index=146&type=chunk)[151](index=151&type=chunk) [AUDIT COMMITTEE](index=25&type=section&id=AUDIT%20COMMITTEE) The Audit Committee, composed of three independent non-executive directors, is responsible for reviewing accounting principles, financial reporting matters, and the unaudited interim financial statements for the period - The Audit Committee was established on January 23, 2015, and comprises three independent non-executive directors: Mr. Cao Siwei (Chairman), Ms. Li Jieying, and Mr. Yang Xuetai[147](index=147&type=chunk)[152](index=152&type=chunk) - The Committee has reviewed the accounting principles and practices adopted by the Group and financial reporting matters, including the unaudited consolidated interim financial statements for the current period[147](index=147&type=chunk)[152](index=152&type=chunk) [REMUNERATION COMMITTEE](index=25&type=section&id=REMUNERATION%20COMMITTEE) The Remuneration Committee, comprising three independent non-executive directors, is responsible for remuneration-related matters - The Remuneration Committee was established on January 23, 2015, and comprises three independent non-executive directors: Mr. Cao Siwei, Ms. Li Jieying (Chairman), and Mr. Yang Xuetai[148](index=148&type=chunk)[153](index=153&type=chunk) [NOMINATION COMMITTEE](index=25&type=section&id=NOMINATION%20COMMITTEE) The Nomination Committee, consisting of three independent non-executive directors, is responsible for nomination-related matters - The Nomination Committee was established on January 23, 2015, and comprises three independent non-executive directors: Mr. Cao Siwei, Ms. Li Jieying, and Mr. Yang Xuetai (Chairman)[149](index=149&type=chunk)[154](index=154&type=chunk) [APPRECIATION](index=25&type=section&id=APPRECIATION) The Chairman of the Board, on behalf of the Board, expresses gratitude to all colleagues, shareholders, customers, banks, and business partners for their support - The Chairman of the Board, Mr. Huang Wenji, on behalf of the Board, expresses gratitude to all colleagues for their diligence, dedication, loyalty, and integrity[150](index=150&type=chunk)[155](index=155&type=chunk) - The Board also thanks all shareholders, customers, banks, and other business partners for their trust and support[150](index=150&type=chunk)[155](index=155&type=chunk)