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 公司名稱: 大明國際控股有限公司 呈交日期: 2025年10月2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) | 01090 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,500,000,000 | HKD | | 0.1 HKD | | 150,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 1,500,000,000 | HKD | | 0.1 HKD | | 150,000,000 | 本月底法定/註冊股本總額： HKD 150,000,000 第 1 頁 共 10 頁 ...

N O T I F I C AT I O N L E T T E R 通 知 信 函 Dear Non-registered holders(Note 1) Da Ming International Holdings Limited (the "Company") – Notice of Publication of 2025 Interim Report (the "Current Corporate Communication") The Current Corporate Communication of the Company, in both English and Chinese versions, is available on the HKEXnews website at www.hkexnews.hk and the Company's website at www.dmssc.net. If you have any difficulty in receiving or gaining access to the Current Corporate Communication post ...

N O T I F I C AT I O N L E T T E R 通 知 信 函 19 September 2025 Dear Registered Shareholders, Da Ming International Holdings Limited (the "Company") – Notice of Publication of Interim Report 2025 (the "Current Corporate Communication") The Current Corporate Communication of the Company, in both English and Chinese versions, is available on the HKEXnews website at www.hkexnews.hk and the Company's website at www.dmssc.net. If you have any difficulty in receiving or gaining access to the Current Corporate Commun ...

股份代號: ���� 中期報告 2025 2025 大明國際控股有限公司 於開曼群島註冊成立的有限公司 Incorporated in the Cayman Islands HOLDINGS LIMITED 2024 2024 DA MING INTERNATIONAL DA MING INTERNATIONAL HOLDINGS LIMITED Stock Code : ���� Interim Report with limited liability 大明國際控股有限公司 二零二五年中期報告 INTERIM REPORT 2025 目 錄 1 財務及營運摘要 4 管理層討論及分析 19 未經審核簡明合併財務狀況表 21 未經審核簡明合併綜合收益表 22 未經審核簡明合併權益變動表 23 未經審核簡明合併現金流量表 24 未經審核簡明合併財務報表附註 39 其他資料 財務及營運摘要 財務摘要 0 5,000 10,000 15,000 20,000 25,000 9,424 22,767 二零二四年 二零二五年 人民幣千元 綜合收益總額 中期報告 2025 大明國際控股有限公司 1 財務及營運摘要 營運摘 ...

Group 1 - The steel industry is experiencing an optimization of supply and demand due to "anti-involution" and "stabilizing growth" policies, benefiting related enterprises [3] - Daming International (01090.HK) reported a net profit of 22.8 million RMB for 2025, a significant increase of 141.6% year-on-year, with gross profit rising by 7.6% to 554 million RMB [3] - The company's processing business showed steady growth, with sales volume increases of 3.1% for stainless steel and 0.4% for carbon steel in the first half of 2025, and a 6.6% increase in carbon steel processing volume [3] Group 2 - Daming International has ten processing centers and one manufacturing base in China, providing customized metal material processing and high-end equipment manufacturing services to 70,000 companies across various industries [3] - The company has successfully entered the high-end shipbuilding market in Europe and has exported pressure storage tank products in the chemical sector [3][4] - The company’s new 40,000-ton deep-water terminal at the Jingjiang base significantly enhances its international logistics capabilities [4] Group 3 - Daming International aims to create a high-quality and efficient global supply chain through its "materials + processing center + equipment manufacturing" service model [4] - The company is expanding its overseas presence with a subsidiary in Germany and plans to further penetrate Southeast Asia and the Americas [4] - Daming International is enhancing its competitive edge through collaboration in the special materials sector and has signed agreements to empower smart manufacturing and energy equipment business [4] Group 4 - Overall, Daming International's profitability has significantly improved in the first half of 2025, with fruitful project outcomes and accelerated overseas expansion [5] - The company is expected to benefit from steady infrastructure investment, ongoing manufacturing development, and increased export growth [5] - Currently, the company's price-to-book ratio is below the industry average, indicating potential for valuation recovery [5]

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: 大明國際控股有限公司 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) | 01090 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,500,000,000 | HKD | | 0.1 | HKD | | 150,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 1,500,000,000 | HKD | | 0.1 | HKD | | 150,000,000 | 本月底法定/註冊股本 ...

Core Insights - Daming International (01090) reported revenue of RMB 21.198 billion for the six months ending June 30, 2025, representing a year-on-year decrease of 7% [1] - The profit attributable to equity holders increased by 70.85% to RMB 7.579 million, with basic earnings per share at 0.59 cents [1] Revenue and Profit Analysis - The group's stainless steel processing business saw sales volume increase from approximately 965,000 tons for the six months ending June 30, 2024, to approximately 996,000 tons for the same period in 2025, reflecting a growth of about 3.1% [1] - Processing volume decreased slightly from approximately 1,525,000 tons for the six months ending June 30, 2024, to approximately 1,522,000 tons for the same period in 2025, showing a decline of about 0.2% [1]

Core Insights - Daming International (01090.HK) reported a revenue of RMB 21.198 billion for the first half of 2025, a decrease of 7.0% year-on-year [1] - The gross profit was RMB 554 million, reflecting a year-on-year increase of 7.6% [1] - The profit attributable to equity holders for the period was RMB 7.579 million, showing a significant year-on-year growth of 70.85% [1] Steel Processing Business - The sales volume of stainless steel processing increased from approximately 965,000 tons in the first half of 2024 to about 996,000 tons in the first half of 2025, representing an increase of approximately 3.1% [1] - The processing volume of stainless steel decreased slightly from around 1,525,000 tons in the first half of 2024 to about 1,522,000 tons in the first half of 2025, a decrease of approximately 0.2% [1] Carbon Steel Processing Business - The sales volume of carbon steel processing rose from approximately 2,383,000 tons in the first half of 2024 to about 2,391,000 tons in the first half of 2025, an increase of approximately 0.4% [1] - The processing volume of carbon steel increased from around 2,292,000 tons in the first half of 2024 to approximately 2,444,000 tons in the first half of 2025, reflecting an increase of about 6.6% [1]

Group 1 - The core viewpoint of the article is that Daming International (01090) reported a revenue of 21.198 billion RMB for the six months ending June 30, 2025, representing a year-on-year decrease of 7% [1] - The profit attributable to equity holders increased to 7.579 million RMB, showing a significant year-on-year increase of 70.85% [1] - Basic earnings per share were reported at 0.59 cents [1] Group 2 - The sales volume of the stainless steel processing business increased from approximately 965,000 tons for the six months ending June 30, 2024, to approximately 996,000 tons for the same period in 2025, reflecting an increase of about 3.1% [1] - The processing volume slightly decreased from approximately 1,525,000 tons for the six months ending June 30, 2024, to approximately 1,522,000 tons for the same period in 2025, indicating a decrease of about 0.2% [1]

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) During the reporting period, the company's revenue decreased by 7.0% year-on-year, but gross profit increased by 7.6%, and total comprehensive income for the period significantly grew by 141.6%. Both stainless steel and carbon steel sales volumes achieved slight growth, while stainless steel processing volume slightly decreased, and carbon steel processing volume significantly increased Key Financial Data for H1 2025 | Metric | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Revenue | 21,198,384 | 22,800,874 | -7.0% | | Gross Profit | 553,697 | 514,473 | +7.6% | | Total Comprehensive Income for the Period | 22,767 | 9,424 | +141.6% | Operational Summary for H1 2025 | Business | Metric | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | :--- | | Stainless Steel | Sales Volume (tons) | 995,500 | 965,145 | +3.1% | | | Processing Volume (tons) | 1,521,769 | 1,524,910 | -0.2% | | Carbon Steel | Sales Volume (tons) | 2,390,742 | 2,382,729 | +0.4% | | | Processing Volume (tons) | 2,444,372 | 2,292,416 | +6.6% | [Unaudited Condensed Consolidated Financial Statements](index=2&type=section&id=Interim%20Results) This section presents the unaudited condensed consolidated financial statements for the six months ended June 30, 2025, including the consolidated statement of comprehensive income, statement of financial position, statement of changes in equity, and statement of cash flows, providing investors with an overview of the Group's financial performance and position [Unaudited Condensed Consolidated Statement of Comprehensive Income](index=2&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group's revenue decreased by 7.0% year-on-year, while gross profit increased by 7.6%. Both operating profit and profit before income tax achieved significant growth, with profit and total comprehensive income for the period surging by 141.6%, and basic earnings per share increasing to 0.59 cents Condensed Consolidated Statement of Comprehensive Income (H1 2025 vs H1 2024) | Metric | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 21,198,384 | 22,800,874 | | Cost of Sales | (20,644,687) | (22,286,401) | | Gross Profit | 553,697 | 514,473 | | Operating Profit | 144,022 | 136,390 | | Profit Before Income Tax | 33,567 | 14,091 | | Profit and Total Comprehensive Income for the Period | 22,767 | 9,424 | | Profit Attributable to Equity Holders of the Company | 7,579 | 4,436 | | Profit Attributable to Non-controlling Interests | 15,188 | 4,988 | | Basic Earnings Per Share (RMB) | 0.59 cents | 0.35 cents | [Unaudited Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets increased to **RMB 17.116 billion**, a growth of approximately 31.9% from the end of 2024. Current assets significantly increased, primarily driven by the growth in restricted bank deposits and cash and cash equivalents. Total liabilities also substantially rose, leading to a slight increase in total equity Condensed Consolidated Statement of Financial Position (June 30, 2025 vs December 31, 2024) | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Total Assets | 17,115,589 | 12,970,475 | | Non-current Assets | 5,864,371 | 5,963,359 | | Current Assets | 11,251,218 | 7,007,116 | | Inventories | 3,683,877 | 3,821,706 | | Restricted Bank Deposits | 5,612,723 | 1,491,549 | | Cash and Cash Equivalents | 387,359 | 153,891 | | Total Equity | 2,887,565 | 2,864,798 | | Total Liabilities | 14,228,024 | 10,105,677 | | Current Liabilities | 12,531,345 | 8,277,711 | | Borrowings (Current) | 10,124,662 | 5,652,858 | [Unaudited Condensed Consolidated Statement of Changes in Equity](index=5&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, profit attributable to equity holders of the Company was **RMB 7,579 thousand**, and profit attributable to non-controlling interests was **RMB 15,188 thousand**, resulting in total equity increasing from **RMB 2,864,798 thousand** at the beginning of the period to **RMB 2,887,565 thousand** at the end of the period Condensed Consolidated Statement of Changes in Equity (H1 2025) | Metric | Balance at January 1, 2025 (RMB thousands) | Profit for the Period (RMB thousands) | Balance at June 30, 2025 (RMB thousands) | | :--- | :--- | :--- | :--- | | Share Capital Attributable to Equity Holders of the Company | 109,041 | – | 109,041 | | Reserves Attributable to Equity Holders of the Company | 2,418,872 | 7,579 | 2,426,451 | | Non-controlling Interests | 336,885 | 15,188 | 352,073 | | **Total Equity** | **2,864,798** | **22,767** | **2,887,565** | [Unaudited Condensed Consolidated Statement of Cash Flows](index=6&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash from operating activities turned positive, net cash used in investing activities decreased, and net cash generated from financing activities significantly declined, yet cash and cash equivalents at the end of the period substantially increased Condensed Consolidated Statement of Cash Flows (H1 2025 vs H1 2024) | Metric | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Net Cash Generated From / (Used In) Operating Activities | 135,197 | (179,584) | | Net Cash Used In Investing Activities | (121,308) | (283,747) | | Net Cash Generated From Financing Activities | 219,579 | 514,536 | | Net Change in Cash and Cash Equivalents | 233,468 | 51,205 | | Cash and Cash Equivalents at End of Period | 387,359 | 316,516 | [Notes to the Unaudited Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section elaborates on the basis of preparation, significant accounting policies, critical estimates, financial risk management, and the specific composition and changes of various financial statement items, providing supplementary information for understanding the Group's financial position and operating performance [General Information](index=7&type=section&id=General%20Information) Daming International Holdings Limited was incorporated in the Cayman Islands on February 14, 2007, and listed on the Main Board of the Hong Kong Stock Exchange on December 1, 2010 - Company incorporated in Cayman Islands on February 14, 2007, under the Companies Law, Cap. 22 (Law 3 of 1961, as consolidated and revised) of the Cayman Islands as an exempted company with limited liability[8](index=8&type=chunk) - Company shares listed on the Main Board of The Stock Exchange of Hong Kong Limited since December 1, 2010[9](index=9&type=chunk) [Basis of Preparation](index=7&type=section&id=Basis%20of%20Preparation) The unaudited condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 issued by the Hong Kong Institute of Certified Public Accountants and Appendix 16 of the Hong Kong Stock Exchange Listing Rules, and have been reviewed by the Company's audit committee - The financial statements are prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants and Appendix 16 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[10](index=10&type=chunk) - The unaudited condensed consolidated financial statements have not been reviewed by external auditors but have been reviewed by the Company's audit committee[10](index=10&type=chunk) [Going Concern](index=7&type=section&id=Going%20Concern) As of June 30, 2025, the Group's **current liabilities exceeded its current assets by approximately RMB 1.28 billion**, raising significant doubt about its ability to continue as a going concern. Management has formulated various measures, including improving operating performance, strengthening cash management, maintaining bank credit relationships, and controlling capital expenditures, to ensure the Group's continued operation in the foreseeable future - As of June 30, 2025, the Group's **current liabilities exceeded its current assets by approximately RMB 1,280,127,000**, which may cast significant doubt on the Group's ability to continue as a going concern[11](index=11&type=chunk) - Management plans to mitigate liquidity pressure and improve financial position through measures such as increasing sales volume, improving working capital turnover, controlling operating expenses, maintaining bank credit facilities, and managing capital expenditures[11](index=11&type=chunk)[12](index=12&type=chunk) [Significant Accounting Policies](index=8&type=section&id=Significant%20Accounting%20Policies) The accounting policies adopted by the Group are consistent with those used in the annual financial statements for the year ended December 31, 2024, with the first-time application of HKAS 21 (Amendment) "Lack of Exchangeability" - Except as described below, the accounting policies adopted are consistent with those applied in the annual financial statements for the year ended December 31, 2024[13](index=13&type=chunk) [New and Amended Standards Adopted by the Group](index=8&type=section&id=New%20and%20Amended%20Standards%20Adopted%20by%20the%20Group) The Group has first applied HKAS 21 (Amendment) "Lack of Exchangeability" in its annual financial period commencing on January 1, 2025 - The Group has first applied HKAS 21 (Amendment) "Lack of Exchangeability" in its annual financial period commencing on January 1, 2025[15](index=15&type=chunk)[16](index=16&type=chunk) [New and Amended Standards Not Yet Effective for the Current Reporting Period](index=8&type=section&id=New%20and%20Amended%20Standards%20Not%20Yet%20Effective%20for%20the%20Current%20Reporting%20Period) The report lists several HKFRSs and amendments issued but not yet mandatorily applied, including those on financial instrument classification and measurement, annual improvements, and financial statement presentation and disclosure, with the Group currently assessing their full impact - HKFRS 9 and HKFRS 7 (Amendments) "Classification and Measurement of Financial Instruments" will be effective from January 1, 2026[17](index=17&type=chunk) - HKFRS 18 "Presentation and Disclosure in Financial Statements" will be effective from January 1, 2027[17](index=17&type=chunk) [Estimates](index=9&type=section&id=Estimates) The preparation of interim financial statements involves management making judgments, estimates, and assumptions, which are the same as the key sources of estimation uncertainty applied in the 2024 annual financial statements - The preparation of the unaudited condensed consolidated interim financial statements requires management to make judgments, estimates, and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income, and expenses. Actual results may differ from these estimates[18](index=18&type=chunk) - In preparing the unaudited condensed consolidated interim financial statements, the significant judgments made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those applied to the consolidated financial statements for the year ended December 31, 2024[18](index=18&type=chunk) [Financial Risk Management](index=9&type=section&id=Financial%20Risk%20Management) The Group's operations are exposed to various financial risks: market risk (including currency risk and fair value interest rate risk), credit risk, and liquidity risk. There have been no changes in the risk management department or any risk management policies since the year-end date [Financial Risk Factors](index=9&type=section&id=Financial%20Risk%20Factors) The Group's operations expose it to various financial risks: market risk (including currency risk and fair value interest rate risk), credit risk, and liquidity risk. There have been no changes in the risk management department or any risk management policies since the year-end date - The Group's operations expose it to various financial risks: market risk (including currency risk and fair value interest rate risk), credit risk, and liquidity risk[19](index=19&type=chunk) - There have been no changes in the risk management department or any risk management policies since the year-end date[20](index=20&type=chunk) [Fair Value Estimation](index=9&type=section&id=Fair%20Value%20Estimation) No financial assets/liabilities measured at fair value are determined by valuation techniques. The carrying amounts of cash and cash equivalents, restricted bank deposits, trade and other receivables, and financial liabilities are assumed to approximate their fair values - No financial assets/liabilities measured at fair value are determined by valuation techniques[21](index=21&type=chunk) - The carrying amounts of cash and cash equivalents, restricted bank deposits, trade and other receivables, and financial liabilities (including trade and other payables and borrowings) are assumed to approximate their fair values[21](index=21&type=chunk) [Revenue and Segment Information](index=9&type=section&id=Revenue%20and%20Segment%20Information) For the six months ended June 30, 2025, the Group's total revenue was **RMB 21.198 billion**, with mainland China contributing the vast majority of revenue (**RMB 20.631 billion**), and processing business being the primary source of income Sales Performance to External Customers by Country and Region | Region | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Mainland China | 20,630,565 | 22,229,800 | | Hong Kong and Other Overseas Countries and Regions | 567,819 | 571,074 | | **Total Sales** | **21,198,384** | **22,800,874** | Revenue and Results by Business Segment | Business Segment | Sales to External Customers (RMB thousands) | Inter-segment Sales (RMB thousands) | Segment Revenue (RMB thousands) | | :--- | :--- | :--- | :--- | | Processing (2025) | 20,473,474 | 372,119 | 20,845,593 | | Manufacturing (2025) | 724,910 | 82,477 | 807,387 | | Processing (2024) | 22,092,241 | 357,210 | 22,449,451 | | Manufacturing (2024) | 708,633 | 56,232 | 764,865 | [Expenses by Nature](index=11&type=section&id=Expenses%20by%20Nature) For the six months ended June 30, 2025, the Group's total expenses amounted to **RMB 21.063 billion**, with raw materials consumed accounting for the largest portion, and employee benefit expenses, depreciation, and amortization being key components Analysis of Expenses by Nature | Expense Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Raw Materials Consumed | 19,902,014 | 21,515,055 | | Employee Benefit Expenses, including Directors' Remuneration | 510,027 | 512,020 | | Depreciation and Amortization | 233,213 | 223,093 | | Transportation Costs | 125,237 | 121,920 | | Stamp Duty, Property Tax and Other Surcharges | 49,773 | 43,915 | | **Total** | **21,062,718** | **22,691,071** | [Net Finance Costs](index=11&type=section&id=Net%20Finance%20Costs) For the six months ended June 30, 2025, the Group's net finance costs were **RMB 110 million**, a decrease from **RMB 122 million** in the prior period, primarily due to reduced interest expense on bank borrowings and increased interest income Net Finance Costs (H1 2025 vs H1 2024) | Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Interest Expense on Bank Borrowings | 90,568 | 98,061 | | Interest Expense on Bank / Commercial Acceptance Bills and Letters of Credit | 47,952 | 53,725 | | Exchange Gain, Net | (1,369) | (7,952) | | Interest Income | (26,696) | (21,535) | | **Total Finance Costs** | **137,151** | **143,834** | | **Net Finance Costs** | **110,455** | **122,299** | [Income Tax Expense](index=12&type=section&id=Income%20Tax%20Expense) For the six months ended June 30, 2025, income tax expense increased to **RMB 10.8 million**, primarily due to increased profit. Entities registered in the Cayman Islands and British Virgin Islands are tax-exempt, Hong Kong subsidiaries have no assessable profits, and PRC subsidiaries are subject to a 25% corporate income tax rate, with some enjoying preferential rates of 15%-20% Income Tax Expense (H1 2025 vs H1 2024) | Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Current Income Tax Expense - PRC Enterprise Income Tax | 17,612 | 20,798 | | Deferred Income Tax Expense | (6,812) | (16,131) | | **Total Income Tax Expense** | **10,800** | **4,667** | - The Company is incorporated in the Cayman Islands as an exempted company with limited liability and is therefore exempt from Cayman Islands income tax[25](index=25&type=chunk) - All PRC subsidiaries are subject to a corporate income tax rate of **25%**, except for certain subsidiaries which enjoy preferential income tax rates of **15% to 20%**[26](index=26&type=chunk) [Earnings Per Share](index=12&type=section&id=Earnings%20Per%20Share) For the six months ended June 30, 2025, basic earnings per share increased to **RMB 0.59 cents**, up from **RMB 0.35 cents** in the prior period. As the Company has no potential dilutive ordinary shares, diluted earnings per share are the same as basic earnings per share [Basic](index=12&type=section&id=Basic) Basic earnings per share are calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the period, which is **RMB 0.59 cents** for the current period Basic Earnings Per Share (H1 2025 vs H1 2024) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit Attributable to Equity Holders of the Company (RMB thousands) | 7,579 | 4,436 | | Weighted Average Number of Ordinary Shares in Issue (thousands of shares) | 1,274,528 | 1,274,528 | | **Basic Earnings Per Share (RMB)** | **0.59 cents** | **0.35 cents** | [Diluted](index=13&type=section&id=Diluted) As of June 30, 2025, the Company had no potential dilutive ordinary shares, thus diluted earnings per share are the same as basic earnings per share - As of June 30, 2025, the Company had no potential dilutive ordinary shares[30](index=30&type=chunk) - Diluted earnings per share for the six months ended June 30, 2025 and 2024 were the same as basic earnings per share for those periods[30](index=30&type=chunk) [Interim Dividend](index=13&type=section&id=Interim%20Dividend) The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025 (2024: nil)[31](index=31&type=chunk) [Trade Receivables and Contract Assets](index=13&type=section&id=Trade%20Receivables%20and%20Contract%20Assets) As of June 30, 2025, total trade receivables and contract assets increased to **RMB 538 million**, with receivables within 30 days accounting for the largest portion. Most sales are conducted on a cash-on-delivery basis or via bank/commercial acceptance bills, while some reputable customers are granted credit terms of up to 180 days Trade Receivables and Contract Assets (June 30, 2025 vs December 31, 2024) | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Contract Assets (Gross) | 39,391 | 11,987 | | Trade Receivables (Gross) | 538,827 | 448,919 | | Less: Impairment Allowance | (40,696) | (40,717) | | **Total** | **537,522** | **420,189** | Aging Analysis of Trade Receivables | Aging of Trade Receivables | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 30 days | 344,470 | 243,995 | | 30 days to 3 months | 84,358 | 119,878 | | 3 months to 6 months | 52,191 | 22,595 | [Trade Payables](index=14&type=section&id=Trade%20Payables) As of June 30, 2025, total trade payables amounted to **RMB 977 million**, a decrease from the end of 2024, with the majority (**RMB 955,837 thousand**) aged within 6 months Trade Payables (June 30, 2025 vs December 31, 2024) | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Accounts Payable | 636,993 | 707,299 | | Bills Payable | 340,000 | 374,758 | | **Total** | **976,993** | **1,082,057** | Aging Analysis of Trade Payables | Aging of Trade Payables | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 6 months | 955,837 | 972,012 | | 6 months to 1 year | 11,724 | 106,862 | | 1 year to 2 years | 7,130 | 2,883 | [Business Review](index=15&type=section&id=Business%20Review) This section reviews the Group's various business achievements during the reporting period, covering areas such as shipbuilding, mining equipment, logistics transshipment, petrochemical projects, storage tank exports, and enhanced terminal lifting capabilities, demonstrating the Group's strength in high-end manufacturing and one-stop services [Breakthroughs in Shipbuilding](index=15&type=section&id=Breakthroughs%20in%20Shipbuilding) The 135-meter high-end stainless steel chemical tanker project for the Netherlands, jointly undertaken by Daming Hubei Processing Center and a Jiangxi shipyard, officially commenced, marking a significant breakthrough for the Group in international high-tech, high-value-added special vessel processing and strengthening the international competitiveness of "Made in China" - The 135-meter high-end stainless steel chemical tanker project for the Netherlands, jointly undertaken by Daming Hubei Processing Center and a Jiangxi shipyard, officially commenced in Hubei, classified by the international authoritative classification society Lloyd's Register (LR)[34](index=34&type=chunk) - This project utilizes high-performance duplex steel materials, achieving international first-tier technical standards through precision welding and surface treatment processes, successfully entering the European high-end shipbuilding market[35](index=35&type=chunk)[36](index=36&type=chunk) - This cooperation will promote the upgrade of Daming Hubei in the shipbuilding supporting industry processing field and accumulate qualifications for undertaking more high-end international orders such as LNG powered vessels and liquid hydrogen transport vessels[37](index=37&type=chunk)[40](index=40&type=chunk) [Ultra-large Tonnage Mining Truck Bodies Shipped from Daming Yangtze River Terminal to Southern Hemisphere Mines](index=16&type=section&id=Ultra-large%20Tonnage%20Mining%20Truck%20Bodies%20Shipped%20from%20Daming%20Yangtze%20River%20Terminal%20to%20Southern%20Hemisphere%20Mines) Daming Heavy Industry Construction Machinery Company shipped a batch of ultra-large tonnage mining truck bodies, produced for a globally renowned mining equipment service provider, from Daming Yangtze River Terminal, with 15 units expected to be delivered in 2025 - A batch of ultra-large tonnage mining truck bodies, produced by Daming Heavy Industry Construction Machinery Company for a globally renowned mining equipment service provider, set sail from Daming Yangtze River Terminal, with **15 units** expected to be delivered in 2025[38](index=38&type=chunk) [Daming Yangtze River Terminal Efficiently Transships Ultra-large Imported Equipment](index=16&type=section&id=Daming%20Yangtze%20River%20Terminal%20Efficiently%20Transships%20Ultra-large%20Imported%20Equipment) Daming Yangtze River Terminal successfully and efficiently transshipped ultra-large imported precision equipment weighing over a thousand tons in total, utilizing terminal transshipment warehousing and the Yangtze River's golden waterway for onward transportation - Daming Yangtze River Terminal welcomed another landmark logistics operation – two **500-ton** class pieces of equipment (over **12 meters** long, over **5 meters** wide and high) will be efficiently transported out via terminal transshipment warehousing and the Yangtze River's golden waterway[39](index=39&type=chunk) [Daming Supports Successful Commissioning of Hubei 600,000-ton Acetic Acid Project](index=17&type=section&id=Daming%20Supports%20Successful%20Commissioning%20of%20Hubei%20600%2C000-ton%20Acetic%20Acid%20Project) Daming Group's Major Engineering Project Department, in conjunction with Daming Hubei, supplied over **1,600 tons** of stainless steel products for Hubei Qianxin (Jingmen) New Material Co., Ltd.'s 600,000-ton annual acetic acid project, contributing to its successful commissioning - As a key material and processing service provider for Hubei Qianxin (Jingmen) New Material Co., Ltd.'s 600,000-ton annual acetic acid project, Daming Group's Major Engineering Project Department, in conjunction with Daming Hubei, supplied over **1,600 tons** of stainless steel products for the critical equipment of this major project[41](index=41&type=chunk) [Shandong Daming's Batch of Atmospheric Storage Tank Products Exported as Scheduled](index=17&type=section&id=Shandong%20Daming%27s%20Batch%20of%20Atmospheric%20Storage%20Tank%20Products%20Exported%20as%20Scheduled) Shandong Daming, in collaboration with Daming International Import and Export Company, successfully customized and exported two batches of atmospheric storage tanks for a client, once again demonstrating the advantages of the Group's five differentiated strategies: "deep processing, specialty steel, strategic customers, engineering projects, and product and service exports" - Shandong Daming, in conjunction with Daming International Import and Export Company, successfully completed the shipment and smooth loading of two batches of customized atmospheric storage tanks for a client in Tai'an, Shandong[42](index=42&type=chunk) - The successful completion of this project once again demonstrated the advantages of Daming Group's five differentiated strategies: "deep processing, specialty steel, strategic customers, engineering projects, and product and service exports"[42](index=42&type=chunk) [Tianjin Daming's High-end Oil Tank Pre-fabrication Project Progressing Rapidly](index=17&type=section&id=Tianjin%20Daming%27s%20High-end%20Oil%20Tank%20Pre-fabrication%20Project%20Progressing%20Rapidly) Tianjin Daming is rapidly advancing a high-end oil tank pre-fabrication project for the overseas market, successfully securing orders for critical storage and transportation facility pre-fabricated components with extremely stringent requirements for plate material quality and processing accuracy, leveraging its extensive experience in metal material processing and exports - Tianjin Daming is rapidly progressing a high-end oil tank pre-fabrication project for the overseas market, with the pre-fabricated oil tank components being critical parts for a large storage and transportation facility in a certain country[43](index=43&type=chunk) - The project has extremely strict requirements for plate material quality, processing accuracy, bevel standards, rolling and forming, and transportation protection. Tianjin Daming successfully secured this order by leveraging its extensive experience in metal material processing and exports[43](index=43&type=chunk) [Zhejiang Daming Supports Ningxing Shipbuilding in Constructing Xingtong Wanbang's 13,000 DWT Duplex Stainless Steel Chemical Tanker](index=17&type=section&id=Zhejiang%20Daming%20Supports%20Ningxing%20Shipbuilding%20in%20Constructing%20Xingtong%20Wanbang%27s%2013%2C000DWT%20Duplex%20Stainless%20Steel%20Chemical%20Tanker) Zhejiang Daming provided professional solutions for the ship plate project of the 13,000 DWT duplex stainless steel chemical tanker built by Zhoushan Ningxing Shipbuilding for Xingtong Wanbang - Zhejiang Daming provided professional solutions for the ship plate project of the **13,000 DWT** stainless steel chemical tanker built by Zhoushan Ningxing Shipbuilding for Xingtong Wanbang[44](index=44&type=chunk) [Daming Yangtze River Terminal Sets New Lifting Record](index=17&type=section&id=Daming%20Yangtze%20River%20Terminal%20Sets%20New%20Lifting%20Record) Daming Yangtze River Terminal successfully completed the lifting of a precision vessel, 38 meters long and weighing over **800 tons**, setting a new lifting record and demonstrating its capability for handling ultra-large equipment - Two **1,200-ton** class lifting devices at Daming Yangtze River Terminal worked in perfect coordination to steadily place a precision vessel manufactured by Zhenhai Petrochemical, **38 meters** long, **6 meters** in diameter, and weighing over **800 tons**, onto the deck of the "Yuan Shun Hai 2" vessel, marking a new lifting record for Daming Yangtze River Terminal[45](index=45&type=chunk) [Strategic Cooperation](index=18&type=section&id=Strategic%20Cooperation) This section introduces the strategic agreements signed by the Group with key partners during the reporting period, as well as green and low-carbon innovation achievements in base construction, reflecting the Group's efforts in intelligent manufacturing and sustainable development [Daming Holds Multiple Project Signing Ceremonies with Dongfang Turbine and Dongfang Digital](index=18&type=section&id=Daming%20Holds%20Multiple%20Project%20Signing%20Ceremonies%20with%20Dongfang%20Turbine%20and%20Dongfang%20Digital) Daming Heavy Industry signed multiple project cooperation agreements with Dongfang Turbine and Dongfang Digital, including a procurement framework cooperation agreement for intelligent manufacturing projects and a low-pressure module final assembly contract - Daming Heavy Industry held multiple project signing ceremonies with Dongfang Turbine and Dongfang Digital, including a procurement framework cooperation agreement for Dongfang Digital's intelligent manufacturing project and a low-pressure module final assembly contract[46](index=46&type=chunk) [Green, Low-Carbon, and Efficient Operation: Daming Jingjiang Base Activates Multi-storey Car Park](index=18&type=section&id=Green%2C%20Low-Carbon%2C%20and%20Efficient%20Operation%3A%20Daming%20Jingjiang%20Base%20Activates%20Multi-storey%20Car%20Park) Daming Jingjiang Base activated the largest vertical circulation mechanical car park in China, a multi-storey car park covering **2,000 square meters** with a capacity for **980 vehicles**, achieving over **3 times** the land utilization efficiency of traditional car parks, and offering advantages such as rapid vehicle retrieval within **90 seconds**, low fault rates, and reduced maintenance costs, embodying green, low-carbon, and efficient operation principles - The largest vertical circulation mechanical car park in China was activated at Daming Jingjiang Base, featuring a compact design covering **2,000 square meters** with **50** efficient parking units, capable of accommodating **980 vehicles**, achieving over **3 times** the land utilization efficiency of traditional car parks[47](index=47&type=chunk) - In terms of operational efficiency, it allows for rapid vehicle retrieval within **90 seconds**, completely solving peak-hour queuing problems. The equipment adopts a revolutionary bidirectional rotation mode, reducing the fault rate to **1/5** of the industry average and maintenance costs by **60%**[47](index=47&type=chunk) [Operating Performance](index=19&type=section&id=Operating%20Performance) For the six months ended June 30, 2025, the Group's net profit significantly increased by **141.6%**. Both stainless steel and carbon steel sales volumes grew, with stainless steel sales up **3.1%** and carbon steel sales up **0.4%**. Stainless steel processing volume slightly decreased, while carbon steel processing volume significantly increased by **6.6%** - For the six months ended June 30, 2025, the Group recorded a net profit of approximately **RMB 22.8 million**, an increase of approximately **141.6%** compared to the net profit of approximately **RMB 9.4 million** for the six months ended June 30, 2024[48](index=48&type=chunk) [Stainless Steel Business](index=19&type=section&id=Stainless%20Steel%20Business) For the six months ended June 30, 2025, stainless steel sales volume increased by **3.1%** year-on-year to **995,500 tons**, with significant growth in Wuxi, Wuhan, and Shandong regions. Processing volume slightly decreased by **0.2%** year-on-year to **1,521,769 tons**, with processing volume increasing in Taiyuan, Wuhan, and Shandong regions Stainless Steel Sales Volume (by Processing Center) | Region | H1 2025 (tons) | H1 2024 (tons) | Change | | :--- | :--- | :--- | :--- | | Wuxi | 416,567 | 399,492 | +4.3% | | Wuhan | 58,664 | 49,871 | +17.6% | | Shandong | 92,297 | 79,767 | +15.7% | | Jiaxing | 34,502 | 46,231 | -25.4% | | **Total** | **995,500** | **965,145** | **+3.1%** | Stainless Steel Processing Volume (by Processing Center) | Region | H1 2025 (tons) | H1 2024 (tons) | Change | | :--- | :--- | :--- | :--- | | Taiyuan | 269,082 | 239,900 | +12.2% | | Wuhan | 66,497 | 62,051 | +7.2% | | Shandong | 80,914 | 76,200 | +6.2% | | Wuxi | 637,475 | 682,331 | -6.6% | | **Total** | **1,521,769** | **1,524,910** | **-0.2%** | [Carbon Steel Business](index=19&type=section&id=Carbon%20Steel%20Business) For the six months ended June 30, 2025, carbon steel sales volume increased by **0.4%** year-on-year to **2,390,742 tons**, with sales growth in Wuxi, Tianjin, Wuhan, and Shandong regions. Processing volume increased by **6.6%** year-on-year to **2,444,372 tons**, with significant processing volume growth in Taiyuan, Wuhan, and Jingjiang regions Carbon Steel Sales Volume (by Processing Center) | Region | H1 2025 (tons) | H1 2024 (tons) | Change | | :--- | :--- | :--- | :--- | | Wuxi | 436,481 | 415,351 | +5.1% | | Wuhan | 324,875 | 303,809 | +6.9% | | Shandong | 329,887 | 308,304 | +7.0% | | Hangzhou | 25,705 | 38,614 | -33.4% | | **Total** | **2,390,742** | **2,382,279** | **+0.4%** | Carbon Steel Processing Volume (by Processing Center) | Region | H1 2025 (tons) | H1 2024 (tons) | Change | | :--- | :--- | :--- | :--- | | Taiyuan | 224,173 | 185,448 | +20.9% | | Wuhan | 389,393 | 296,638 | +31.3% | | Jingjiang | 571,029 | 523,334 | +9.1% | | Hangzhou | 26,709 | 37,251 | -28.3% | | **Total** | **2,444,372** | **2,292,416** | **+6.6%** | [Financial Review and Analysis](index=22&type=section&id=Financial%20Review%20and%20Analysis) This section provides a detailed review and analysis of the Group's financial performance for the six months ended June 30, 2025, covering revenue, gross profit, various expenses, profit for the period, foreign exchange risk management, and liquidity, explaining the reasons for changes in various financial indicators [Overall Financial Summary](index=22&type=section&id=Overall%20Financial%20Summary) For the six months ended June 30, 2025, the Group recorded revenue of approximately **RMB 21.198 billion**, gross profit of approximately **RMB 554 million**, and profit attributable to equity holders of the Company of approximately **RMB 8 million**. As of June 30, 2025, the Group's total assets amounted to approximately **RMB 17.116 billion**, and equity attributable to equity holders of the Company was approximately **RMB 2.535 billion** - For the six months ended June 30, 2025, the Group recorded revenue of approximately **RMB 21.198 billion**, gross profit of approximately **RMB 554 million**, and profit attributable to equity holders of the Company of approximately **RMB 8 million**[51](index=51&type=chunk) - As of June 30, 2025, the Group's total assets amounted to approximately **RMB 17.116 billion**, and equity attributable to equity holders of the Company was approximately **RMB 2.535 billion**[51](index=51&type=chunk) [Revenue](index=22&type=section&id=Revenue) For the six months ended June 30, 2025, the Group's revenue was approximately **RMB 21.198 billion**, a slight decrease of **7.0%** year-on-year, with processing business contributing approximately **RMB 20.473 billion** and manufacturing business contributing approximately **RMB 725 million**. Both stainless steel and carbon steel sales volumes saw slight increases, while carbon steel processing volume grew significantly - For the six months ended June 30, 2025, the Group's revenue was approximately **RMB 21.198 billion**, of which approximately **RMB 20.473 billion** was from processing business and approximately **RMB 725 million** was from manufacturing business[52](index=52&type=chunk) - Compared to revenue of approximately **RMB 22.801 billion** for the six months ended June 30, 2024, there was a slight decrease of approximately **7.0%**[52](index=52&type=chunk) Changes in Stainless Steel and Carbon Steel Sales and Processing Volumes | Business | Metric | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | :--- | | Stainless Steel Processing | Sales Volume (tons) | 995,500 | 965,145 | +3.1% | | Carbon Steel Processing | Sales Volume (tons) | 2,390,742 | 2,382,729 | +0.4% | | Stainless Steel Processing | Processing Volume (tons) | 1,521,769 | 1,524,910 | -0.2% | | Carbon Steel Processing | Processing Volume (tons) | 2,444,372 | 2,292,416 | +6.6% | [Revenue Analysis by Major Industry Segment](index=23&type=section&id=Revenue%20Analysis%20by%20Major%20Industry%20Segment) For the six months ended June 30, 2025, trade, hardware decoration, special machinery, and petrochemical equipment were the Group's primary revenue sources, with the revenue share of trade and hardware decoration slightly decreasing, while general machinery and environmental energy saw an increase Revenue by Major Industry Segment | Industry | H1 2025 (RMB thousands) | Percentage (%) | H1 2024 (RMB thousands) | Percentage (%) | | :--- | :--- | :--- | :--- | :--- | | Trade | 5,882,381 | 27.8 | 6,809,308 | 29.9 | | Hardware Decoration | 3,406,288 | 16.1 | 3,660,978 | 16.1 | | Special Machinery | 3,147,526 | 14.8 | 3,346,596 | 14.7 | | Petrochemical Equipment | 3,041,948 | 14.3 | 3,267,319 | 14.3 | | General Machinery | 2,363,545 | 11.1 | 2,250,532 | 9.9 | | Environmental Energy | 1,005,227 | 4.8 | 998,967 | 4.4 | | Steel Mill | 55,365 | 0.3 | – | – | [Revenue Analysis by Region](index=24&type=section&id=Revenue%20Analysis%20by%20Region) For the six months ended June 30, 2025, East China remained the Group's largest revenue source, accounting for **68.4%**. Revenue share from Southwest China increased, while that from North China, Northeast China, and Northwest China decreased Revenue by Region | Region | H1 2025 (RMB thousands) | Percentage (%) | H1 2024 (RMB thousands) | Percentage (%) | | :--- | :--- | :--- | :--- | :--- | | East China | 14,503,641 | 68.4 | 15,665,444 | 68.7 | | North China | 2,947,685 | 13.9 | 3,322,735 | 14.6 | | Central China | 1,999,275 | 9.4 | 1,998,874 | 8.8 | | Southwest China | 361,079 | 1.7 | 239,617 | 1.1 | | Overseas | 567,819 | 2.7 | 571,074 | 2.5 | [Gross Profit](index=25&type=section&id=Gross%20Profit) Gross profit increased from approximately **RMB 514.5 million** in H1 2024 to approximately **RMB 553.7 million** in H1 2025, primarily due to improved operational efficiency - Gross profit increased from approximately **RMB 514.5 million** for the six months ended June 30, 2024, to approximately **RMB 553.7 million** for the six months ended June 30, 2025, primarily due to improved operational efficiency[57](index=57&type=chunk) [Other Income](index=25&type=section&id=Other%20Income) Other income decreased from approximately **RMB 27.9 million** in H1 2024 to approximately **RMB 9.9 million** in H1 2025, primarily due to a reduction in government grants received during the period - Other income decreased from approximately **RMB 27.9 million** for the six months ended June 30, 2024, to approximately **RMB 9.9 million** for the six months ended June 30, 2025, primarily due to a reduction in government grants received during the period[58](index=58&type=chunk) [Distribution Costs](index=25&type=section&id=Distribution%20Costs) Distribution costs slightly increased from approximately **RMB 228.3 million** in H1 2024 to approximately **RMB 233.4 million** in H1 2025, primarily due to increased transportation costs - Distribution costs slightly increased from approximately **RMB 228.3 million** for the six months ended June 30, 2024, to approximately **RMB 233.4 million** for the six months ended June 30, 2025. The increase in distribution costs was primarily due to increased transportation costs[59](index=59&type=chunk) [Administrative Expenses](index=25&type=section&id=Administrative%20Expenses) Administrative expenses increased from approximately **RMB 176.4 million** in H1 2024 to approximately **RMB 184.6 million** in H1 2025, primarily due to increased stamp duty, property tax, and other surcharges - Administrative expenses increased from approximately **RMB 176.4 million** for the six months ended June 30, 2024, to approximately **RMB 184.6 million** for the six months ended June 30, 2025. The increase in administrative expenses was primarily due to increased stamp duty, property tax, and other surcharges[60](index=60&type=chunk) [Finance Costs](index=25&type=section&id=Finance%20Costs) Finance costs decreased from approximately **RMB 122.3 million** in H1 2024 to approximately **RMB 110.5 million** in H1 2025, primarily due to reduced interest expense on bank borrowings and increased interest income - Finance costs decreased from approximately **RMB 122.3 million** for the six months ended June 30, 2024, to approximately **RMB 110.5 million** for the six months ended June 30, 2025. The decrease in finance costs was primarily due to reduced interest expense on bank borrowings and increased interest income[61](index=61&type=chunk) [Income Tax Expense](index=25&type=section&id=Income%20Tax%20Expense) Income tax expense increased from approximately **RMB 4.7 million** in H1 2024 to approximately **RMB 10.8 million** in H1 2025, which was due to increased profit - Income tax expense increased from approximately **RMB 4.7 million** for the six months ended June 30, 2024, to approximately **RMB 10.8 million** for the six months ended June 30, 2025, which was due to increased profit[62](index=62&type=chunk) [Profit for the Period](index=25&type=section&id=Profit%20for%20the%20Period) The Group recorded a net profit of approximately **RMB 22.8 million** in H1 2025, a significant increase compared to approximately **RMB 9.4 million** in H1 2024 - The Group recorded a net profit of approximately **RMB 22.8 million** for the six months ended June 30, 2025, compared to a net profit of approximately **RMB 9.4 million** for the six months ended June 30, 2024[63](index=63&type=chunk) [Foreign Exchange Risk Management](index=26&type=section&id=Foreign%20Exchange%20Risk%20Management) The Group primarily operates in China, with most transactions denominated and settled in RMB, but some trade receivables, bank balances, payables, and borrowings are denominated in foreign currencies, exposing it to foreign currency exchange risk. Management closely monitors foreign exchange fluctuations to take precautionary measures - The Group primarily operates in China, with most transactions denominated and settled in RMB[64](index=64&type=chunk) - The Group has certain trade receivables, restricted bank balances, cash and cash equivalents, trade payables, other payables, and borrowings denominated in foreign currencies (mainly USD, EUR, HKD, and JPY), which expose it to foreign currency exchange risk[64](index=64&type=chunk) - Management closely monitors foreign exchange fluctuations to ensure adequate precautionary measures are taken against any adverse effects[65](index=65&type=chunk) [Liquidity, Capital Structure and Financial Resources](index=26&type=section&id=Liquidity%2C%20Capital%20Structure%20and%20Financial%20Resources) As of June 30, 2025, the Group's total borrowings were approximately **RMB 11.653 billion**, bills payable approximately **RMB 340 million**, and bank balances approximately **RMB 6 billion** (of which **RMB 5.613 billion** were restricted bank deposits). The Group recorded **net current liabilities of approximately RMB 1.28 billion**, and the gearing ratio increased from **71.42%** at the end of 2024 to **79.58%** - As of June 30, 2025, the Group's total borrowings were approximately **RMB 11.653 billion**. Bills payable were approximately **RMB 340 million**[66](index=66&type=chunk) - Bank balances were approximately **RMB 6 billion**, of which approximately **RMB 5.613 billion** were restricted bank deposits used for opening letters of credit and bills payable bank financing facilities[66](index=66&type=chunk) - As of June 30, 2025, the Group recorded **net current liabilities of approximately RMB 1.28 billion**[67](index=67&type=chunk) - The gearing ratio was **79.58%** and **71.42%** as of June 30, 2025, and December 31, 2024, respectively[67](index=67&type=chunk) [Events After Reporting Period](index=26&type=section&id=Events%20After%20Reporting%20Period) No significant events after the reporting period have occurred from June 30, 2025, up to the date of this announcement that would materially affect the Group - No significant events after the reporting period have occurred from June 30, 2025, up to the date of this announcement that would materially affect the Group[68](index=68&type=chunk) [Contingent Liabilities](index=26&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities - As of June 30, 2025, the Group had no significant contingent liabilities[69](index=69&type=chunk) [Corporate Governance and Other Information](index=26&type=section&id=Corporate%20Governance) This section outlines the Group's commitment to corporate governance and provides information regarding interim dividend policy, dealings in listed securities, and the review and publication of interim results [Corporate Governance](index=26&type=section&id=Corporate%20Governance) The Company is committed to maintaining high standards of corporate governance and complies with the Corporate Governance Code set out in Appendix C1 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited - The Company is committed to maintaining high standards of corporate governance, striving to enhance shareholder value and protect the interests of shareholders and other stakeholders[70](index=70&type=chunk) - For the six months ended June 30, 2025, the Company has complied with the Corporate Governance Code set out in Appendix C1 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[70](index=70&type=chunk) [Interim Dividend](index=27&type=section&id=Interim%20Dividend) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025 (2024: nil)[71](index=71&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=27&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) During the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed shares - During the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed shares[72](index=72&type=chunk) [Review of Interim Results](index=27&type=section&id=Review%20of%20Interim%20Results) The Company's audit committee has reviewed the Group's unaudited interim results for the six months ended June 30, 2025, and believes the Company has complied with all applicable accounting standards and requirements - The Company's audit committee has reviewed the Group's unaudited interim results (including the unaudited condensed consolidated financial statements) for the six months ended June 30, 2025, and discussed them with management[73](index=73&type=chunk) - The committee believes that the Company has complied with all applicable accounting standards and requirements[73](index=73&type=chunk) [Interim Report](index=27&type=section&id=Interim%20Report) The 2025 interim report will be dispatched to shareholders later and will be available on the websites of The Stock Exchange of Hong Kong Limited and the Company - The 2025 interim report will be dispatched to the Company's shareholders later and will be available on the website of The Stock Exchange of Hong Kong Limited (www.hkexnews.hk) and the Company's website (www.dmssc.net)[74](index=74&type=chunk)