Group 1: Company Earnings - PCCW (00008.HK) reported a revenue of HKD 18.922 billion for the first half, a year-on-year increase of 7%, with a net loss of HKD 0.445 billion, narrowing by 4% [1] - Xinyi Solar (00968.HK) recorded a revenue of HKD 10.932 billion, a decrease of 6.5% year-on-year, with a net profit of HKD 0.746 billion, down 58.8% [2] - Xinyi Glass (00868.HK) had a revenue of HKD 9.821 billion, a year-on-year decrease of 9.7%, with a net profit of HKD 1.013 billion, down 59.6% [3] - Xinyi Energy (03868.HK) reported a revenue of HKD 1.21 billion, an increase of 7.7% year-on-year, with a net profit of HKD 0.45 billion, up 23.4% [4] - DTXS Silk Road Investment (02510.HK) issued a profit warning, expecting a mid-term net profit of approximately USD 180-200 million, a year-on-year increase of about 220% to 255% [5] - Lianhua Supermarket (00980.HK) issued a profit warning, expecting a mid-term net profit of approximately HKD 25-55 million [6] - Tibet Water Resources (01115.HK) issued a profit warning, expecting a mid-term net profit of approximately HKD 36 million, a year-on-year increase of about 300% [7] - Foton Motor (00420.HK) issued a profit warning, expecting a mid-term net profit of HKD 30.7 million, turning from loss to profit [8] - Hong Kong Travel (00308.HK) issued a profit warning, expecting a mid-term net loss exceeding HKD 70 million, turning from profit to loss [9] - Poly Property Group (00119.HK) issued a profit warning, expecting a mid-term net profit to decline by 40%-50% year-on-year [10] - Kefu Shan Group Holdings (08512.HK) issued a profit warning, expecting a mid-term net profit to decrease to approximately HKD 43-47 million [11] - Mobi Development (00947.HK) issued a profit warning, expecting a mid-term net loss of approximately HKD 32 million [12] - Changmao Biochemical Engineering (00954.HK) issued a profit warning, expecting a mid-term net loss of approximately HKD 24-27 million [13] - Yunyou Holdings (00484.HK) issued a profit warning, expecting a mid-term net loss to increase to approximately HKD 21 million [14] - Weiya Li (00854.HK) issued a profit warning, expecting a mid-term net profit of approximately HKD 15-25 million, turning from loss to profit [15] Group 2: Automotive Sales - BYD Company (01211.HK) reported sales of approximately 2.4903 million new energy vehicles in the first seven months, a year-on-year increase of 27.35% [16] - Great Wall Motors (02333.HK) reported total vehicle sales of approximately 674,200 units in the first seven months, a year-on-year increase of 3.57% [17] - Li Auto (02015.HK) delivered 30,731 new vehicles in July [18] - Geely Automobile (00175.HK) reported total vehicle sales of 237,700 units in July, a year-on-year increase of approximately 58% [19] Group 3: Company News - Sinopec Engineering (02386.HK) signed a front-end engineering design (FEED) contract for a large green hydrogen project in Yanbu, Saudi Arabia, with a contract value expected to reach several billion USD [20] - InnoCare Pharma (02577.HK) partnered with NVIDIA to jointly promote the large-scale implementation of 800 VDC power architecture in AI data centers [21] - Zijin Mining (02899.HK) received parliamentary approval for the mining lease of the Akyem gold mine in Ghana, with a total transaction value of USD 1 billion [22] - Codex-B (02487.HK) received approval from the Hong Kong Department of Health for the listing of CU-40102 (topical finasteride spray) for the treatment of androgenetic alopecia [23] - Mixue Group (02097.HK) subscribed to a wealth management product from Pudong Development Bank, involving an investment of HKD 300 million [24] Group 4: Buyback Activities - Hang Seng Bank (00011.HK) repurchased 200,000 shares at a cost of approximately HKD 22.5922 million, with repurchase prices ranging from HKD 112.4 to 114.3 [25] - Vitasoy International (00345.HK) repurchased 1.844 million shares at a cost of approximately HKD 16.89 million, with repurchase prices ranging from HKD 9.14 to 9.17 [26]

Core Viewpoint - The company, Tibet Water Resources (01115), anticipates a net profit of approximately RMB 36 million for the six months ending June 30, 2025, representing a growth of about 300% compared to the net profit of approximately RMB 9 million in the same period last year [1] Group 1 - The increase in net profit is primarily attributed to the growth in sales of water products during the first half of 2025 [1] - The rise in consumer health awareness has led to a sustained increase in demand for high-end products sourced from Tibet [1] - The company has been focusing on community engagement and home delivery services, making high-end products more accessible to consumers and enhancing the overall consumption experience [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴該等內容 而引致的任何損失承擔任何責任。 （股份代號：1115） 正面盈利預告 本公告乃由西藏水資源有限公司（「本公司」，連同其附屬公司統稱「本集團」）根據香 港聯合交易所有限公司證券上市規則第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而刊發。 本公司董事會（「董事會」）謹此告知本公司股東（「股東」）及潛在投資者，根據董事會 對現有資料的初步審閱，預期本集團截至二零二五年六月三十日止六個月將錄得大 概人民幣3千6百萬元的淨利潤（增長約300%），而截至二零二四年六月三十日止六 個月則錄得淨利潤約人民幣9百萬元。 淨利潤增加主要由於二零二五年上半年本集團水產品銷量增長，主要得益於消費者 健康意識增強，對來自西藏水源地的高端產品需求可喜持續上升，本集團持續深耕 社區及到家服務，使我們的高端產品更便捷地觸達消費者，提升消費體驗。 – 1 – 本公司目前正在編製本集團截至二零二五年六月三十日止六個月之未經審核 ...

Core Viewpoint - The launch of the Yarlung Tsangpo River downstream hydropower project, with a total investment of approximately 1.2 trillion yuan, has significantly stimulated the A-share market, leading to a surge in stock prices related to the project [1][2]. Group 1: Market Impact - Over 100 stocks in the A-share market reached their daily limit up, primarily linked to the Yarlung Tsangpo River hydropower project [1]. - The project is expected to boost not only the hydropower sector but also the economy of Tibet and create job opportunities nationwide, positively influencing market sentiment [2]. - Stocks such as Wuxin Tunnel Equipment and Bikon Technology saw limit-ups of 30%, while others like Zhubo Design and Guanshan Energy experienced 20% limit-ups [4]. Group 2: Economic Implications - The 1.2 trillion yuan investment is anticipated to have a substantial economic impact, potentially leading to high dividend levels in the hydropower industry and creating a new benchmark asset comparable to Yangtze Power [5]. - The project is likely to drive demand in various sectors, including steel, non-ferrous metals, construction materials, and machinery, while also enhancing employment and invigorating the economy in Tibet [5]. Group 3: Market Sentiment and Future Outlook - Analysts suggest that the Yarlung Tsangpo project could ignite a broader bullish sentiment in the market, especially in traditional industries [6][7]. - The A-share market is showing positive signals, with the Shanghai Composite Index remaining above 3,500 points, indicating potential for further upward movement [7]. - The upcoming economic meetings and the recent positive earnings reports from companies may sustain the bullish atmosphere in the market [8].

Business Operations and Strategy - In 2024, the company stabilized its core business operations despite a complex global economic environment and elevated supply chain costs[15]. - The company plans to focus on core consumer segments by enhancing brand penetration through accurate marketing and innovative channels, aiming to provide more consumers with firsthand experience of the premium quality of "5100" water[17]. - The company will implement rigorous cost control and innovation by optimizing the entire production process and introducing new products such as portable and family-size packaging[25]. - The company aims to integrate ESG principles into its core strategy, implementing measures like water-conservation technologies and low-carbon packaging to achieve ecological preservation alongside commercial value[25]. - The management team is committed to delivering tangible results in 2025 to rebuild market confidence and reward shareholder trust[22]. - The company acknowledges that its current share price does not fully reflect its intrinsic value, emphasizing a united management team focused on transformation[22]. - The company has faced challenges in recent years but views these experiences as opportunities to sharpen its vision and enhance capabilities[16]. - The company is committed to maintaining its high-end brand positioning while adapting to market demands and consumer preferences[17]. - The company recognizes the importance of adapting to market fluctuations and strategic adjustments to remain competitive in the industry[15]. Financial Performance - In 2024, the total revenue of the Group amounted to RMB 226 million, representing a decrease of 28.2% compared to 2023[35]. - The revenue from the water business segment was RMB 88 million, reflecting a year-on-year increase of 1%[36]. - The beer business segment experienced a sales volume decrease of 35.4%, with revenue declining by 38.5% to RMB 137.3 million[38]. - The overall gross profit margin increased to 27.1%, up by 2.4 percentage points from 2023[39]. - Selling and distribution costs rose by 25.4% to RMB 63 million, primarily due to increased marketing and promotion expenses[40]. - Administrative expenses decreased by 13.7% to RMB 77 million, attributed to reductions in staff costs and special service fees[40]. - The Group's operating loss for 2024 was RMB 89 million, compared to a loss of RMB 83 million in 2023, marking an increase of 6.8%[27]. - Loss for the year attributable to owners of the Company was RMB 573.9 million, a 62.7% increase from RMB 352.9 million in 2023[26]. - Total assets as of December 31, 2024, were RMB 3,507.5 million, down from RMB 3,985.6 million in 2023[26]. - Equity attributable to owners of the Company decreased to RMB 2,380 million from RMB 2,856 million in 2023[27]. - The allowance for expected credit losses (ECL) on financial assets rose to RMB48 million in 2024 from RMB37 million in 2023, with trade receivables allowance increasing to RMB43 million from RMB24 million[43]. - Other gains, net, amounted to RMB37 million in 2024, up from RMB15 million in 2023, including government grants of RMB18 million and a gain on disposal of a subsidiary of RMB17 million[44]. - Finance costs increased by RMB3 million to RMB44 million in 2024, while finance income decreased by RMB6 million to RMB31 million[45]. - The Group recognized an impairment loss on investments of RMB295 million and RMB168 million for Shannan Yalaxiangbu and Highland Natural Water, respectively, due to adverse market conditions[50]. - The loss for the year was RMB574 million in 2024, compared to a loss of RMB353 million in 2023[55]. - As of December 31, 2024, investments accounted for using the equity method decreased to RMB742 million from RMB1,216 million in 2023, primarily due to the recognized impairment losses[56]. - As of December 31, 2024, net trade receivables decreased to RMB134 million from RMB182 million in 2023, mainly due to an increase in the allowance for ECL on trade receivables[58]. - As of December 31, 2024, the Group's inventory was RMB 72 million, a decrease from RMB 119 million as of December 31, 2023, mainly due to a reduction in raw material inventory[61]. - As of December 31, 2024, the Group's contract liabilities increased to RMB 123 million from RMB 17 million as of December 31, 2023, due to higher advances received from customers for water and beer product sales[64]. - As of December 31, 2024, the Group's bank borrowings were RMB 394 million, a decrease of RMB 33 million compared to December 31, 2023, due to net repayments of principal[68]. - The gearing ratio as of December 31, 2024, was 21.59%, compared to 20.94% as of December 31, 2023[77]. - In 2024, the Group acquired property, plant, and equipment (PP&E) amounting to RMB 12 million, down from RMB 14 million in 2023[79]. - The total number of employees decreased to 342 as of December 31, 2024, from 368 as of December 31, 2023, with relevant staff costs amounting to RMB 73 million in 2024[70]. - There were no merger and acquisition transactions in 2024[78]. - The Group's debt ratio was 21.59%, an increase from 20.94% on December 31, 2023[82]. Environmental and Social Responsibility - The Group has established a "water protection zone" of 60 square kilometers around its water source to maintain product quality and safety[98]. - The Group has implemented procedures for waste storage, handling, and disposal to minimize environmental impact during production activities[99]. - The Group will continue to improve its social responsibility management system to align ESG philosophy with business goals[124]. - The group is committed to improving its social responsibility management system, integrating ESG concepts into its business, and contributing to economic prosperity, ecological harmony, and improved livelihoods[129]. Governance and Board Composition - The Company emphasizes high standards of corporate governance to enhance shareholder value and safeguard interests, complying with the CG Code for 2024[172]. - The Board is responsible for overseeing the Company's business direction and financial performance, with established committees for various responsibilities[173]. - The Board currently comprises nine members, including three executive Directors, three non-executive Directors, and three independent non-executive Directors, ensuring a balance of skills and diversity[178]. - Independent non-executive Directors represent one third of the Board, with the Audit, Nomination, and Remuneration Committees chaired by independent non-executive Directors[185]. - The Company has established effective mechanisms to support an independent Board and independent views, with regular reviews of the remuneration of independent non-executive Directors[189]. - The Nomination Committee assesses Board composition and recommends new Directors, considering factors such as gender, age, and professional experience[186]. - The Board Diversity Policy aims to achieve diversity in the Board's composition, reflecting the Group's business scope and specific needs[186]. - The roles of chairman and chief executive officer are separated, with Dr. ZHANG Chunlong as chairman and Mr. WANG Dong and Mr. DU Hui as co-chief executive officers[194]. - The Board is responsible for overseeing the Company's overall development and direction, aiming to enhance shareholder value[176]. - Regular Board meetings are held to review financial information, material investments, and changes in accounting policies[199]. - Directors have access to legal advice to ensure compliance with Board procedures and regulations[199]. - Directors with a conflict of interest abstain from voting on relevant resolutions and are not counted in the quorum[200]. Leadership and Management - The group has a strong executive team with extensive experience in corporate management, finance, and legal compliance, which supports its strategic initiatives[132][137]. - The group is focused on business development and merger and acquisition activities, leveraging the expertise of its executives in e-commerce and corporate finance[137]. - The group plans to enhance its operational management and quality control through experienced leadership in its major subsidiary, Tibet Glacier Mineral Water Co., Ltd.[139]. - The group is actively pursuing new product innovations and cost control measures to improve profitability and market competitiveness[127]. - The group is committed to expanding its market presence and enhancing its product offerings to meet diverse consumer needs[128].

Financial Performance - Revenue for the year ended December 31, 2024, was RMB 225,811,000, a decrease of 28.2% compared to RMB 314,428,000 in 2023[2] - Operating loss increased to RMB 89,020,000, up 6.8% from RMB 83,387,000 in the previous year[4] - Loss attributable to equity holders of the company rose by 62.7% to RMB 573,947,000 from RMB 352,867,000 in 2023[2] - Basic and diluted loss per share increased by 44.0% to RMB 12.92 from RMB 8.97 in the previous year[4] - The company reported a net loss of RMB 573,947,000 for the year, with a significant portion attributed to impairment losses on investments[21] - The group reported a net annual loss of RMB 574 million in 2024, compared to a loss of RMB 353 million in 2023[65] Revenue Breakdown - Total revenue for the water business segment reached RMB 87,522,000, while the beer business segment generated RMB 137,331,000, leading to a combined total revenue of RMB 225,811,000[21] - Revenue from external customers for the year ended December 31, 2024, was RMB 225,811,000, a decrease of 28.1% from RMB 314,428,000 in 2023[27] - Sales of seafood products increased to RMB 81,561,000 in 2024 from RMB 79,935,000 in 2023, while beer product sales decreased significantly to RMB 136,999,000 from RMB 222,682,000[27] - The total sales from the water business segment for the year ended December 31, 2024, were approximately RMB 22,766,000, up from RMB 18,086,000 in 2023[26] - Revenue from the beer segment decreased by 38.5%, from RMB 223 million to RMB 137 million[56] Assets and Liabilities - Total assets decreased to RMB 3,507,498,000 from RMB 3,985,556,000 in 2023[2] - Equity attributable to equity holders of the company decreased to RMB 2,379,960,000 from RMB 2,855,761,000[2] - Total current liabilities increased slightly to RMB 1,082,550,000 from RMB 1,060,727,000 in the previous year[6] - Non-current liabilities decreased significantly to RMB 44,988 thousand in 2024 from RMB 69,068 thousand in 2023, a reduction of 34.8%[7] - The carrying amount of investments accounted for using the equity method decreased to RMB 741,527,000 as of December 31, 2024, from RMB 1,215,508,000 in 2023[35] Cash Flow and Financial Position - Cash and cash equivalents increased significantly to RMB 121,767,000 from RMB 21,758,000 in the previous year[6] - The expected credit loss provision for financial assets was RMB 47,726,000, indicating a focus on managing credit risk[21] - The expected credit loss provision for accounts receivable increased from RMB 83,422,000 in 2023 to RMB 87,475,000 in 2024, reflecting a rise of about 5.1%[36] - The expected credit loss provision for loans receivable decreased from RMB 1,357,000 in 2023 to RMB 41,000 in 2024, a significant drop of approximately 96.9%[38] Operational Highlights - The company operates in the production and sale of aquatic products and beer products in China, and provides lending services in Hong Kong[8] - The company is actively engaged in research and development of new products and technologies to enhance its competitive position in the market[21] - The company aims to enhance customer experience and optimize channel expansion in the Tibetan water resource and beer industries[50] - The group aims to enhance product exposure and brand recognition by developing distributors across 33 provinces and municipalities in China, focusing on the Tibetan market[84] Corporate Governance - The external auditor, Guowei CPA, has been reappointed to audit the financial statements for the year ending December 31, 2024[89] - The audit committee has reviewed the annual performance for the year ending December 31, 2024[92] - The company and its subsidiaries did not purchase, sell, or redeem any of its shares during the year ending December 31, 2024[93] Future Outlook - The company plans to continue expanding its market presence in China and Hong Kong, where all external customer revenues are generated[24] - The company will continue to optimize production processes and control costs to provide high-quality mineral water products at better value[85] - The company is committed to integrating ESG principles into its business operations to achieve high-quality development goals[87]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不因本公告全部 或部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Virtual Mind Holding Company Limited 天 機 控 股 有 限 公 司 （於開曼群島註冊成立之有限公司） （股份代號：1520） 自願公告 - 戰略合作框架協議 本 公 告 由 天 機 控 股 有 限 公 司 （ 「 本公司 」 ， 連 同 其 附 屬 公 司 ， 統 稱 「 本 集 團」）董事（「董事」）會（「董事會」）自願刊發。 戰略合作框架協議 董事會宣佈，於二零二五年一月十六日，本公司與西藏水資源有限公司（「西 藏水資源」）訂立一份具法律約束力的戰略合作框架協議（「框架協議」）， 據此，本公司與西藏水資源基於 Web3.0 新商業模式就於合作渠道（定義見下 文）銷售「5100」品牌定製產品，包括（但不限於）水卡和聯標產品等業務達 成合作（「該合作」）。 西藏水資源為一間於開曼群島註冊成立之有限公司，其已發行股份於香港聯合 交易所有限公司（「聯交所」）主板上市（股份代號 ...

Revenue Performance - Total revenue for the first half of 2024 was RMB 138.8 million, a decrease of 19.7% compared to RMB 173.0 million in the same period of 2023[3]. - Revenue from the water business segment increased by 10.9% year-on-year to RMB 54 million, driven by higher sales volume in key channels[10]. - The beer business segment experienced a significant decline, with sales volume down 28.5% to 115,557 hectoliters and revenue down 31.8% to RMB 83.6 million[10]. - Revenue for the first half of 2024 was RMB 138,815,000, a decrease of 19.7% compared to RMB 172,971,000 in the same period of 2023[36]. - Revenue from sales of water products increased to RMB 50,935,000 in 2024 from RMB 45,510,000 in 2023, while beer product sales decreased to RMB 83,581,000 from RMB 122,226,000[78]. Profitability and Expenses - Overall gross profit margin decreased to 21.1%, down 7.9 percentage points from the first half of 2023, primarily due to increased fixed costs and lower average selling prices in the beer segment[11]. - Adjusted EBITDA for the beer segment was RMB 43.7 million, a decrease of 4.2% compared to RMB 45.6 million in the first half of 2023[10]. - Gross profit for the first half of 2024 was RMB 29,228,000, down 41.8% from RMB 50,171,000 in the first half of 2023[36]. - Operating profit for the first half of 2024 was RMB 17,021,000, compared to an operating loss of RMB 7,375,000 in the same period of 2023[36]. - The profit for the first half of 2024 was RMB 9 million, a recovery from a loss of RMB 13 million in the first half of 2023[16]. - Basic and diluted earnings per share for the first half of 2024 was RMB 0.21, compared to a loss per share of RMB 0.35 in the same period of 2023[36]. Financial Position - The Group's total assets as of June 30, 2024, were RMB 3,879.4 million, a slight decrease from RMB 3,985.6 million at the end of 2023[4]. - Equity attributable to owners of the Company increased to RMB 2,959.5 million from RMB 2,855.8 million at the end of 2023[4]. - As of June 30, 2024, inventories decreased to RMB 99 million from RMB 119 million as of December 31, 2023, mainly due to a reduction in raw materials inventories[16]. - Net trade receivables increased to RMB 193 million as of June 30, 2024, compared to RMB 182 million as of December 31, 2023[16]. - The Group's contract liabilities increased to RMB 42 million as of June 30, 2024, compared to RMB 17 million as of December 31, 2023, primarily due to increased advances received from customers[17]. Cash Flow and Financing - Net cash flows from operating activities increased to RMB 95,220,000 in 2024, compared to a net outflow of RMB 45,536,000 in 2023[47]. - Cash generated from operations was RMB 52,943,000 in 2024, a significant improvement from a cash usage of RMB 49,606,000 in 2023[47]. - The company reported a cash inflow of RMB 28,524,000 from loan repayments received from third parties in 2024, compared to RMB 11,160,000 in 2023[47]. - The company’s total cash and cash equivalents at the beginning of the period were RMB 21,758,000 in 2024, down from RMB 58,147,000 in 2023[48]. - The net cash flows used in financing activities were RMB 109,406,000 in 2024, contrasting with a net inflow of RMB 179,935,000 in 2023[48]. Share Capital and Equity - The Company completed the placing of 500,000,000 new shares at HK$0.218 per share, with net proceeds of approximately HKD106 million fully utilized by June 30, 2024[28]. - The Board did not recommend an interim dividend for the six months ended June 30, 2024, consistent with the previous year[29]. - The Company adopted a new share option scheme in 2023, but no share options have been granted under this scheme as of June 30, 2024[18]. - The total number of shares in issue as of June 30, 2024, is 4,579,188,000[177]. - The Company is committed to obtaining shareholder approval for any issuance exceeding the established limits under the share schemes[166]. Employee and Management - The total number of employees increased to 360 as of June 30, 2024, from 348 as of June 30, 2023[18]. - Employee costs for the first half of 2024 were RMB 33 million, a decrease from RMB 37 million in the first half of 2023[18]. - Key management compensation for the six months ended June 30, 2024, was RMB 5,358,000, slightly up from RMB 5,248,000 in the same period of 2023, an increase of 2.1%[164]. Governance and Compliance - The Company has complied with the Corporate Governance Code and confirmed no incidents of non-compliance among its Directors[35]. - The Audit Committee has reviewed the accounting principles and practices adopted by the Group for the first half of 2024[35]. - The Group's financial statements for the six months ended 30 June 2024 are prepared on a historical cost basis, with certain financial instruments measured at fair value[53]. Strategic Initiatives - The Group aims to enhance brand value and expand overseas markets while increasing investment in production research and development[31]. - The Group's strategy includes optimizing sales layout and enriching product range to meet future development needs[31]. - The Company plans to accelerate overseas market expansion and increase investment in product research and development[34].

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 138,815, a decrease of 19.7% compared to RMB 172,971 for the same period in 2023[1] - Adjusted EBITDA attributable to owners increased by 124.6% to RMB 43,009 from RMB 19,146 year-on-year[1] - The net profit for the period was RMB 9,037, a significant recovery from a loss of RMB 13,467 in the previous year[1] - Basic and diluted earnings per share improved to RMB 0.21 from a loss of RMB 0.35[1] - Gross profit for the period was RMB 29,228, down from RMB 50,171 in the same period last year[3] - The company reported a net other comprehensive income of RMB 7,289, recovering from a loss of RMB 10,568 in the previous year[5] - The company reported a financial income of RMB 15,439,000 for the six months ended June 30, 2024, indicating a strong financial performance[14] - The profit attributable to owners for the six months ended June 30, 2024, was RMB 9,037,000, a recovery from a loss of RMB 13,467,000 in the same period of 2023[24] - Basic earnings per share for the six months ended June 30, 2024, was RMB 0.21, compared to a loss per share of RMB (0.35) in the previous year[24] - The company reported a half-year profit of RMB 9 million, a turnaround from a loss of RMB 13 million in the first half of 2023[45] Assets and Liabilities - Total assets as of June 30, 2024, were RMB 3,879,436, slightly down from RMB 3,985,556 at the end of 2023[1] - Equity attributable to owners increased to RMB 2,959,517 from RMB 2,855,761 at the end of 2023[1] - The total non-current assets decreased to RMB 2,300,400 from RMB 2,328,898 at the end of 2023[6] - Current liabilities decreased to RMB 873,366 from RMB 1,060,727 at the end of 2023, indicating improved liquidity[7] - Total assets as of June 30, 2024, amounted to RMB 3,985,556,000, with total liabilities of RMB 1,129,795,000[18] - The total liabilities for the water business segment were RMB 1,510,755,000, and for the beer business segment, it was RMB 373,186,000, resulting in total liabilities of RMB 1,883,941,000[15] - The expected credit loss provision for trade receivables was RMB 276,238,000, slightly up from RMB 265,320,000 in the previous year[27] - As of June 30, 2024, trade payables amounted to RMB 34,511,000, a decrease of 19.5% from RMB 42,840,000 as of December 31, 2023[29] - The aging analysis of trade payables shows that RMB 20,204,000 (58.5%) is due within 3 months, compared to RMB 18,834,000 (43.9%) as of December 31, 2023[29] - The debt ratio of the group was 17.19% as of June 30, 2024, compared to 20.94% as of December 31, 2023[49] Revenue Breakdown - Total revenue for the water business segment reached RMB 54,307,000, while the beer business segment generated RMB 83,581,000, contributing to a total revenue of RMB 138,815,000 for the six months ended June 30, 2024[14] - Revenue from water product sales reached RMB 50,935,000, while beer product sales generated RMB 83,581,000 for the six months ended June 30, 2024, compared to RMB 45,510,000 and RMB 122,226,000 respectively for the same period in 2023[19] - The beer business segment saw sales volume decline by 28.5% to 115,557 hectoliters, with revenue dropping 31.8% to RMB 83.58 million[39] Cost and Expenses - The cost of materials and consumables used was RMB 64,448,000, down from RMB 81,589,000 in the previous year[22] - The company reported a decrease in employee benefit expenses to RMB 32,606,000 from RMB 37,081,000 year-on-year[22] - Selling and distribution expenses increased by 16.7% to RMB 20 million, attributed to higher marketing costs and increased transportation expenses due to rising water sales[40] - The company's bank borrowings decreased by RMB 60 million due to repayments made in the first half of 2024[47] - As of June 30, 2024, the company's inventory decreased to RMB 99 million from RMB 119 million at the end of 2023, mainly due to a reduction in raw material stock[46] Strategic Initiatives - The company plans to continue expanding its market presence in China, focusing on both the water and beer segments to drive future growth[13] - The company is actively exploring new product development and technological advancements to enhance its competitive edge in the market[13] - The company aims to enhance brand value and expand overseas markets while optimizing sales layout and product variety[58] Shareholder Information - The company did not declare any dividends for the period ending June 30, 2024, consistent with the previous period[36] - The total number of ordinary shares increased to 4,579,188,000 as of June 30, 2024, following a successful placement of 500,000,000 shares[34][35] - The company completed a rights issue on January 30, 2023, issuing 1,019,797,000 shares at a price of HKD 0.385 per share[34] - The company plans to use the net proceeds from the share placement to repay part of the 2021 convertible bonds and for general working capital[35] Compliance and Governance - The company has adopted new accounting standards effective from January 1, 2024, which will not have a significant impact on the financial position or performance for the current and prior periods[11] - The company adhered to corporate governance codes and confirmed compliance by all directors during the first half of 2024[59]

Financial Performance - As of December 31, 2023, the Group's investments accounted for using the equity method amounted to RMB1,216 million, a decrease from RMB1,444 million as of December 31, 2022, primarily due to an impairment loss of RMB261 million recognized on investment in Shannan Yalaxiangbu[1] - In 2023, the total revenue of the Group amounted to RMB314 million, representing an increase of 0.8% compared to 2022[45] - The water business segment generated revenue of RMB87 million, an increase of 32.9% year-over-year, attributed to a significant rise in sales volume due to economic recovery[46] - The overall gross profit margin decreased to 24.7%, down 4.4 percentage points from 2022, with the beer business segment's gross profit margin at 28.9%, a decrease of 5.0 percentage points[49] - The loss for the year was RMB353 million, compared to a loss of RMB102 million in 2022[54] - The annual loss for 2023 was RMB 353 million, compared to a loss of RMB 102 million in 2022, indicating a substantial increase in losses[57] Assets and Liabilities - As of December 31, 2023, inventories increased to RMB119 million from RMB107 million as of December 31, 2022, mainly due to an increase in raw materials and finished goods inventories[1] - As of December 31, 2023, net trade receivables amounted to RMB182 million, down from RMB190 million as of December 31, 2022[1] - As of December 31, 2023, loan receivables amounted to RMB75 million, compared to nil as of December 31, 2022, with the balance fully settled in March 2024[1] - Other financial assets at amortized cost, net of allowance for expected credit loss (ECL), amounted to RMB1,007 million as of December 31, 2023, up from RMB980 million as of December 31, 2022[3] - Trade and notes payables decreased to RMB154 million as of December 31, 2023, from RMB247 million as of December 31, 2022, primarily due to a decrease in notes payables of RMB67 million[3] - Contract liabilities decreased to RMB17 million as of December 31, 2023, from RMB35 million as of December 31, 2022, mainly due to a decrease in advances received from customers for the sales of water and beer products[3] - Accruals and other payables amounted to RMB161 million as of December 31, 2023, down from RMB181 million as of December 31, 2022[3] - Bank borrowings decreased by RMB26 million as of December 31, 2023, compared to December 31, 2022, mainly due to the net repayment of principal of bank borrowings in 2023[3] - As of December 31, 2023, the liability component of the Convertible Bonds issued by the Company amounted to RMB321 million, an increase from RMB309 million as of December 31, 2022[5] Employee and Management - The total number of employees increased to 368 as of December 31, 2023, compared to 347 as of December 31, 2022, with relevant staff costs rising to RMB77 million in 2023 from RMB68 million in 2022[5] - The company values employee contributions and ensures reasonable compensation and benefits to retain loyal staff[21] - The company has a strong management team with extensive experience in legal, compliance, and risk management[72] - The management team has a history of working in significant roles within the financial and investment sectors[72] Corporate Governance - The company is committed to adhering to regulatory requirements and maintaining transparency in its operations[72] - The Board is committed to enhancing corporate governance practices to safeguard shareholders' interests and maintain high standards[86] - The Board regularly reviews corporate governance practices to ensure compliance with the CG Code and to promote transparency and accountability[86] - The company has established four Board committees to enhance governance and oversight[86] - The Board has overall responsibility for maintaining a sound internal control system, ensuring compliance with relevant laws and regulations[176] Environmental and Social Responsibility - The Group aims to minimize the impact of its activities on the environment and adheres to principles of low carbon emission and waste reduction[17] - The Group has established a "water protection zone" of 60 square kilometers around its water source to prevent contamination[17] - The Group is committed to addressing global water resource scarcity while pursuing business development[38] - The company aims to maintain an acceptable level of gender diversity in its workforce and will continue to implement initiatives to improve it[114] Market and Competition - The bottled water and beer industry in China is highly competitive, with increasing competition affecting market share and profit margins[23] - Any macroeconomic changes in China that adversely impact consumer consumption could have a material adverse effect on the Group's business[23] - The Group's ability to compete depends on providing higher quality products and services at reasonable prices that appeal to consumer preferences[23] Risk Management - The Group's financial risks include market risk (currency risk, cash flow, and interest rate risk), credit risk, and liquidity risk[25] - The Group's overall risk management program aims to minimize potential adverse effects on financial performance due to market unpredictability[25] - The Company has established risk management procedures to identify and prioritize business risks for management[176] Investment and Development - In 2023, the Group acquired 11% equity interests in Tibet Life Water Marketing for RMB33 million, increasing its total equity interest to 49%[8] - The Group purchased property, plant, and equipment (PP&E) worth RMB14 million in 2023, up from RMB6 million in 2022[8] - The Group will periodically assess its production capacity and consider increasing it to meet future development needs[12] - The company plans to enhance product development in response to health trends, investing in healthy packaged drinking water, beverages, and beer[30] Financial Management - The Group's cash management approach is conservative, primarily operating in RMB, but faces foreign exchange risk from transactions denominated in HKD[12] - The company completed a rights issue of up to 1,019,797,000 rights shares at a subscription price of HKD0.385 per share, raising approximately HKD388 million, with 70% allocated for debt repayment and 30% for general working capital[27] - The company did not declare any dividend for 2023, consistent with 2022[27]