CONTENTS 目錄 In the first half of 2025, the Group continued to be committed to the development of the water resources industry and the beer industry in Tibet, striving to enhance the user experience and optimize channel expansion, so as to enable Tibet's distinctive and premium products to reach more consumers and potential consumers. | FINANCIAL HIGHLIGHTS | 2 | | --- | --- | | 財務摘要 | | | MANAGEMENT DISCUSSION AND ANALYSIS | 3 | | 管理層討論及分析 | | | CORPORATE GOVERNANCE PRACTICES | 13 | | 公司管治常規 | | | FINANCIAL ...

格隆汇9月17日丨西藏水资源(01115.HK)公告，于2025年9月17日，公司与配售代理订立配售协议，据 此，同意发行及配售代理同意按最大努力基准，促使不少于六(6)名承配人认购本金总额最多为2.97亿港 元的债券。假设悉数配售债券且债券按初步换股价0.55港元悉数转换，债券将可转换为5.4亿股股份，相 当于公司现有已发行股本的约11.49%及公司经发行转换股份扩大后已发行股本的约10.30%。 ...

假设悉数配售债券且债券按初步换股价0.55港元悉数转换，债券将可转换为5.4亿股股份，相当于公司现 有已发行股本的约11.49%及公司经发行转换股份扩大后已发行股本的约10.30%。 西藏水资源(01115)公布，于2025年9月17日，公司与配售代理订立配售协议，拟透过配售代理配售最多 2.97亿港元的可换股债券，初步换股价0.55港元，较股份于最后交易日在联交所所报的收市价每股0.54 港元溢价约1.85%，债券年利率5%。所得净额拟用于为现有债券进行再融资及的一般营运资金。 ...

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。 本公告僅供參考，並不構成邀請或遊說收購、購買或認購證券的要約，或邀請訂立協議作出上述任 何行動，亦不被視作邀請任何收購、購買或認購任何證券的要約。本公告不得直接或間接派發到美 國境內或於美國境內派發。 本公告及其所載資料並不構成或組成在美國出售證券的部分要約。證券不得在美國發售或出售，除 非根據證券法予以登記，或根據適用豁免而獲豁免進行有關登記規定。本公告所述證券並無亦不 會根據證券法登記，且並不會在美國進行任何證券公開發售。本公告或其所載資料並非用以招攬金 錢、證券或其他代價，而倘為回應本公告或其所載資料而寄出金錢、證券或其他代價，則不會獲接 納。 Tibet Water Resources Ltd. 西藏水資源有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1115） 根據一般授權配售可換股債券 配售代理 根據一般授權配售5%可換股債券 於二零二五年九月十七日（交易時段後），本公司與配售代理訂 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 西藏水資源有限公司 （於開曼群島註冊成立的有限公司） 呈交日期: 2025年9月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) | 01115 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 100,000,000,000 | HKD | | 0.01 HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 100,000,000,000 | HKD | | 0.01 HKD | | 1,000,000,00 ...

Core Insights - The company reported a total revenue of RMB 169 million for the first half of 2025, representing a year-on-year increase of 21.4% [1] - The water business segment generated revenue of RMB 118 million, showing a significant year-on-year increase of 117.6% [1] - The beer business segment's revenue was RMB 50 million, reflecting a year-on-year decline of 39.9% [1] Financial Performance - The overall gross profit margin for the company in the first half of 2025 was 44.4%, an increase of 23.3 percentage points compared to the first half of 2024 [1] - The gross profit margin for the water business segment was 55.3%, up by 35.9 percentage points year-on-year, attributed to increased sales prices and volume, which reduced fixed costs allocation [1] - The beer business segment's gross profit margin was 18.8%, down by 2.4 percentage points year-on-year, primarily due to a decrease in sales prices [1] - The semi-annual profit for the company was RMB 36 million, compared to RMB 9 million in the first half of 2024 [1]

Group 1 - The core viewpoint of the article highlights that Tibet Water Resources (01115) reported a significant increase in revenue and profit for the first half of 2025, indicating strong financial performance [1] - The company's revenue reached approximately 168.5 million, representing a year-on-year growth of 21.4% [1] - The profit attributable to the company's owners for the period was 36.19 million, showing a remarkable year-on-year increase of 300.5% [1] - Earnings per share were reported at 0.79 cents [1]

Group 1 - The company reported a revenue of approximately 168.5 million, representing a year-on-year growth of 21.4% [1] - The profit attributable to the owners for the period was 36.19 million, showing a significant year-on-year increase of 300.5% [1] - Earnings per share were reported at 0.79 cents [1]

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) The company's financial performance for the six months ended June 30, 2025, shows significant profit growth and a stable financial position Financial Highlights for the Six Months Ended June 30, 2025 | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 168,511 | 138,815 | ↑21.4% | | Adjusted EBITDA* | 52,064 | 43,009 | ↑21.1% | | Profit for the period attributable to owners of the Company | 36,191 | 9,037 | ↑300.5% | | Basic and diluted EPS (RMB cents) | 0.79 | 0.21 | ↑276.2% | Balance Sheet (Period-end) | Metric | As of June 30, 2025 (RMB thousands) | As of December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Total Assets | 3,466,785 | 3,507,498 | | Equity attributable to owners of the Company | 2,465,901 | 2,379,960 | [Condensed Consolidated Financial Statements](index=2&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents the condensed consolidated financial statements, covering profit or loss, comprehensive income, and financial position [Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) The Group's revenue for the six months ended June 30, 2025, grew 21.4% to RMB 169 million, with gross profit surging 156.8% to RMB 74.857 million and profit for the period increasing 300.5% to RMB 36.191 million Key Data from Condensed Consolidated Statement of Profit or Loss | Metric | For the six months ended June 30 (RMB thousands) | | | :--- | :--- | :--- | | | **2025** | **2024** | | Revenue | 168,511 | 138,815 | | Cost of sales | (93,654) | (109,587) | | Gross profit | 74,857 | 29,228 | | Operating profit | 38,345 | 17,021 | | Profit before income tax | 36,373 | 9,882 | | Profit for the period | 36,191 | 9,037 | | Basic and diluted EPS (RMB cents) | 0.79 | 0.21 | - Gross profit increased by **156.8%** year-on-year, primarily due to a significant decrease in cost of sales[4](index=4&type=chunk) - Profit for the period surged by **300.5%** year-on-year, indicating a substantial improvement in profitability[4](index=4&type=chunk) [Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) The Group's total comprehensive income for the six months ended June 30, 2025, significantly increased to RMB 37.472 million from RMB 7.289 million in the prior year, driven by profit growth and a positive foreign currency translation difference Key Data from Condensed Consolidated Statement of Comprehensive Income | Metric | For the six months ended June 30 (RMB thousands) | | | :--- | :--- | :--- | | | **2025** | **2024** | | Profit for the period | 36,191 | 9,037 | | Exchange differences on translation of functional currency to presentation currency | 1,281 | (1,748) | | Total comprehensive income for the period | 37,472 | 7,289 | | Total comprehensive income for the period attributable to owners of the Company | 37,472 | 7,289 | - Exchange differences on translation of functional currency to presentation currency turned into a gain of **RMB 1.281 million** from a loss in the prior period[6](index=6&type=chunk) [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets slightly decreased to RMB 3.467 billion, while equity attributable to owners of the Company increased to RMB 2.466 billion, and net current assets significantly rose to RMB 706 million Key Data from Condensed Consolidated Statement of Financial Position | Metric | As of June 30, 2025 (RMB thousands) | As of December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Total non-current assets | 1,809,679 | 1,825,563 | | Total current assets | 1,657,106 | 1,681,935 | | Total current liabilities | 951,045 | 1,082,550 | | Net current assets | 706,061 | 599,385 | | Total non-current liabilities | 49,392 | 44,988 | | Net assets | 2,466,348 | 2,379,960 | | Equity attributable to owners of the Company | 2,465,901 | 2,379,960 | | Total equity | 2,466,348 | 2,379,960 | - Net current assets increased by **17.8%** from **RMB 599 million** as of December 31, 2024, to **RMB 706 million** as of June 30, 2025[7](index=7&type=chunk) - Total current liabilities decreased by **12.15%**, primarily due to a reduction in contract liabilities, accruals and other payables, and bank and other borrowings[7](index=7&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section details notes to the condensed consolidated financial statements, including general information, accounting policies, and specific financial items [General Information](index=6&type=section&id=General%20Information) The Company, incorporated in the Cayman Islands, primarily engages in the production and sale of aquatic and beer products in China and provides lending services in Hong Kong, with its shares listed on the Stock Exchange and financial statements presented in RMB - The Group's principal activities are the production and sale of aquatic and beer products in China, and the provision of lending services in Hong Kong[9](index=9&type=chunk) - The Company's shares have been listed on The Stock Exchange of Hong Kong Limited since June 30, 2011[10](index=10&type=chunk) - The condensed consolidated financial statements are presented in RMB, which differs from the Company's functional currency of HKD[10](index=10&type=chunk) [Basis of Preparation and Accounting Policies](index=6&type=section&id=Basis%20of%20Preparation%20and%20Accounting%20Policies) The condensed consolidated financial statements are prepared in accordance with IAS 34 and Appendix D2 of the Listing Rules, using the historical cost basis, and the first-time application of amendments to IAS 21 had no material impact on financial position or performance - The condensed consolidated financial statements are prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" and the applicable disclosure requirements of Appendix D2 to the Listing Rules[11](index=11&type=chunk) - The condensed consolidated financial statements are prepared on the historical cost basis, except for certain financial instruments measured at fair value[12](index=12&type=chunk) - The amendments to IAS 21 "Lack of Exchangeability" were first applied in the current interim period but did not have a material impact on the financial position and performance[13](index=13&type=chunk) [Segment Information](index=7&type=section&id=Segment%20Information) The Group operates two main segments: water and beer businesses; in H1 2025, water business revenue surged 117.6% to RMB 118 million with a profit of RMB 50.792 million, while beer business revenue declined 39.9% to RMB 50.258 million with a profit of RMB 7.565 million - The Group primarily operates in the water business segment (manufacturing and selling water products, selling raw materials and consumables, and leasing production lines) and the beer business segment (manufacturing and selling beer products)[15](index=15&type=chunk) Segment Results for the Six Months Ended June 30, 2025 | Metric | Water Business Segment (RMB thousands) | Beer Business Segment (RMB thousands) | Corporate and Others (RMB thousands) | Total (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | | Total segment revenue | 118,147 | 50,258 | 106 | 168,511 | | Gross profit | 65,321 | 9,430 | 106 | 74,857 | | Adjusted EBITDA* | 52,636 | 11,943 | (12,515) | 52,064 | | Profit / (Loss) for the period | 50,792 | 7,565 | (22,166) | 36,191 | Segment Results for the Six Months Ended June 30, 2024 | Metric | Water Business Segment (RMB thousands) | Beer Business Segment (RMB thousands) | Corporate and Others (RMB thousands) | Total (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | | Total segment revenue | 54,307 | 83,581 | 927 | 138,815 | | Gross profit | 10,548 | 17,753 | 927 | 29,228 | | Adjusted EBITDA* | 6,395 | 43,721 | (7,107) | 43,009 | | Profit / (Loss) for the period | 1,462 | 27,749 | (20,174) | 9,037 | [Revenue](index=10&type=section&id=Revenue) The Group's revenue primarily derives from sales of water products, beer products, and other sources (rental income, interest income from lending services); in H1 2025, water product sales revenue increased 126.9% year-on-year, while beer product sales revenue decreased 39.9% year-on-year Revenue Breakdown | Revenue Source | For the six months ended June 30 (RMB thousands) | | | :--- | :--- | :--- | | | **2025** | **2024** | | Sales of water products | 115,572 | 50,935 | | Sales of beer products | 50,258 | 83,581 | | Rental income | 2,575 | 3,372 | | Interest income from lending services | 106 | 927 | | **Total Revenue** | **168,511** | **138,815** | - Water product sales revenue increased by **126.9%** year-on-year, serving as the primary driver of total revenue growth[21](index=21&type=chunk) - Beer product sales revenue decreased by **39.9%** year-on-year, putting pressure on total revenue growth[21](index=21&type=chunk) [Other Income, Net](index=11&type=section&id=Other%20Income,%20Net) In H1 2025, the Group's other income, net, significantly decreased to RMB 11.833 million from RMB 37.039 million in the prior year, mainly due to reduced government grants and a gain from disposal of a subsidiary in the prior period Other Income, Net Breakdown | Item | For the six months ended June 30 (RMB thousands) | | | :--- | :--- | :--- | | | **2025** | **2024** | | Government grants | 8,002 | 15,567 | | (Loss) / Gain on disposal of a subsidiary | (65) | 16,524 | | Others | 3,896 | 4,948 | | **Total** | **11,833** | **37,039** | - Government grants decreased from **RMB 15.567 million** in the prior period to **RMB 8.002 million** in the current period[22](index=22&type=chunk) - The prior period included a gain of **RMB 16.524 million** from the disposal of a subsidiary, while the current period recorded a loss of **RMB 0.065 million**[22](index=22&type=chunk) [Profit for the Period](index=11&type=section&id=Profit%20for%20the%20Period) Profit for the period was calculated after deducting various expenses, with a significant decrease in depreciation of property, plant and equipment, and a shift from a reversal to a provision for expected credit losses on financial assets Items Deducted / (Credited) in Profit for the Period | Item | For the six months ended June 30 (RMB thousands) | | | :--- | :--- | :--- | | | **2025** | **2024** | | Raw materials and consumables used | 65,466 | 64,448 | | Depreciation of property, plant and equipment | 14,012 | 25,744 | | Employee benefit expenses | 33,825 | 32,606 | | Provision for / (reversal of provision for) expected credit losses on financial assets - trade receivables | 3,887 | (45) | - Depreciation of property, plant and equipment decreased by **45.5%** year-on-year, contributing to the increase in profit for the period[23](index=23&type=chunk) - Provision for expected credit losses on financial assets shifted from a reversal of **RMB 0.045 million** in the prior period to a provision of **RMB 3.887 million** in the current period[23](index=23&type=chunk) - Equity-settled share-based payment expenses of approximately **RMB 4.241 million** were recognized in the current period[23](index=23&type=chunk) [Income Tax Expense](index=12&type=section&id=Income%20Tax%20Expense) The Group's income tax expense for H1 2025 significantly decreased to RMB 0.182 million from RMB 0.845 million in the prior year, mainly due to reduced pre-tax profit in the beer business segment and utilization of prior year losses in the water business segment Income Tax Expense Breakdown | Item | For the six months ended June 30 (RMB thousands) | | | :--- | :--- | :--- | | | **2025** | **2024** | | Current income tax | 147 | 1,403 | | Deferred tax | 35 | (558) | | **Income Tax Expense** | **182** | **845** | - Income tax expense decreased by **78.46%** year-on-year, primarily attributable to reduced pre-tax profit in the beer business segment, changes in deferred tax, and the utilization of accumulated prior year losses in the water business segment[48](index=48&type=chunk) [Earnings per Share](index=12&type=section&id=Earnings%20per%20Share) The Group's basic and diluted earnings per share for the six months ended June 30, 2025, significantly increased by 276.2% to RMB 0.79 cents from RMB 0.21 cents in the prior year, primarily due to a substantial increase in profit for the period Earnings per Share Calculation | Metric | For the six months ended June 30 | | | :--- | :--- | :--- | | | **2025** | **2024** | | Profit attributable to owners of the Company (RMB thousands) | 36,191 | 9,037 | | Weighted average number of ordinary shares in issue (thousands) | 4,566,684 | 4,373,452 | | Basic EPS (RMB cents) | 0.79 | 0.21 | - Diluted earnings per share is the same as basic earnings per share as the outstanding convertible bonds and unexercised share options had an anti-dilutive effect on basic earnings per share[26](index=26&type=chunk) [Investments Accounted for Using the Equity Method](index=13&type=section&id=Investments%20Accounted%20for%20Using%20the%20Equity%20Method) As of June 30, 2025, the Group's investments accounted for using the equity method totaled RMB 739 million, a slight decrease from the beginning of the period, mainly due to the share of loss from results Changes in Investments Accounted for Using the Equity Method | Item | As of June 30, 2025 (RMB thousands) | As of December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Beginning balance | 741,527 | 1,215,508 | | Share of results | (2,731) | (8,312) | | Impairment loss recognized | — | (462,729) | | Ending balance | 738,796 | 741,527 | - The share of loss from results for the current period was **RMB 2.731 million**, compared to **RMB 8.312 million** in the prior period[27](index=27&type=chunk) [Trade Receivables](index=13&type=section&id=Trade%20Receivables) As of June 30, 2025, the Group's net trade receivables significantly increased to RMB 241 million from RMB 134 million as of December 31, 2024, primarily due to credit limits and payment terms granted to strategic cooperative distributors to expand their business Ageing Analysis of Trade Receivables | Ageing | As of June 30, 2025 (RMB thousands) | As of December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 6 months | 167,658 | 76,642 | | Over 6 months but not over 1 year | 24,071 | 14,928 | | Over 1 year but not over 2 years | 50,118 | 53,352 | | Over 2 years | 90,396 | 76,897 | | **Total** | **332,243** | **221,819** | | Less: Provision for expected credit losses | (91,362) | (87,475) | | **Net** | **240,881** | **134,344** | - Net trade receivables increased by **79.3%** year-on-year, mainly due to granting credit limits and payment terms to strategic cooperative distributors to expand their business[50](index=50&type=chunk) - Provision for expected credit losses increased from **RMB 87.475 million** to **RMB 91.362 million**[28](index=28&type=chunk) [Trade and Bills Payables](index=14&type=section&id=Trade%20and%20Bills%20Payables) As of June 30, 2025, the Group's total trade and bills payables increased to RMB 143 million from RMB 131 million as of December 31, 2024, primarily due to an increase in bills payables and trade payables Trade and Bills Payables Breakdown | Item | As of June 30, 2025 (RMB thousands) | As of December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade payables | 33,232 | 27,906 | | Bills payables | 110,000 | 102,770 | | **Total** | **143,232** | **130,676** | - Bills payables increased by **RMB 7 million**, and trade payables increased by **RMB 5 million**[51](index=51&type=chunk) - Bank acceptance bills of **RMB 110 million** are secured by bank deposits of **RMB 12 million**[30](index=30&type=chunk) [Convertible Bonds - Liability Component](index=15&type=section&id=Convertible%20Bonds%20-%20Liability%20Component) In H1 2025, the Company issued two tranches of convertible bonds (2025 Convertible Bonds I and II) with principal amounts of HKD 165 million and HKD 138 million, respectively; as of June 30, a portion of 2025 Convertible Bonds I had been converted into shares, with the total liability component amounting to RMB 240 million - On January 21, 2025, the Company completed the issuance of 8% convertible bonds with a total principal amount of **HKD 165 million** ("2025 Convertible Bonds I"), with an initial conversion price of **HKD 0.33**[31](index=31&type=chunk) - For the period ended June 30, 2025, 2025 Convertible Bonds I with a principal amount of **HKD 39.85 million** (approximately **RMB 36.762 million**) were converted into **120,757,575** new shares[32](index=32&type=chunk) - On March 18, 2025, the Company completed the issuance of 8% convertible bonds with a total principal amount of **HKD 138 million** ("2025 Convertible Bonds II"), with an initial conversion price of **HKD 0.345**[32](index=32&type=chunk) Changes in Convertible Bonds Liability Component | Item | RMB thousands | | :--- | :--- | | Liability component as of December 31, 2024 | — | | Liability component of 2025 Convertible Bonds I and 2025 Convertible Bonds II at issue date | 267,804 | | Conversion | (36,433) | | Prepaid interest | (2,565) | | Interest paid / payable | 10,641 | | Exchange adjustment | 327 | | Liability component as of June 30, 2025 | 239,774 | [Share Capital](index=17&type=section&id=Share%20Capital) As of June 30, 2025, the number of issued ordinary shares increased to 4,699,945 thousand shares, and the nominal value of share capital increased to RMB 40.043 million, primarily due to the conversion of convertible bonds into shares Changes in Share Capital | Item | Number of Ordinary Shares (thousands) | Nominal Value of Ordinary Shares (RMB thousands) | | :--- | :--- | :--- | | Balance as of December 31, 2024 | 4,579,188 | 38,929 | | Conversion of convertible bonds | 120,757 | 1,114 | | Balance as of June 30, 2025 | 4,699,945 | 40,043 | - **120,757 thousand** new shares were issued during the period due to the conversion of convertible bonds[37](index=37&type=chunk) [Dividends](index=17&type=section&id=Dividends) For the period ended June 30, 2025, the Board of Directors resolved not to pay, declare, or propose any dividends - No dividends were paid, declared, or proposed for the period ended June 30, 2025[38](index=38&type=chunk) [Events after the Reporting Period](index=17&type=section&id=Events%20after%20the%20Reporting%20Period) After the reporting period, on August 20, 2025, a holder of 2025 Convertible Bonds I elected to convert their bonds into 454,545 ordinary shares of the Company - On August 20, 2025, a holder of 2025 Convertible Bonds I converted their bonds into **454,545** new ordinary shares of the Company[39](index=39&type=chunk) - The related **HKD 0.15 million** debt was transferred to equity[39](index=39&type=chunk) [Management Discussion and Analysis](index=18&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews the group's business and financial performance, offering insights and future outlook [Business Review](index=18&type=section&id=Business%20Review) In H1 2025, the Group's water business sales volume grew 54.1% and revenue increased 117.6%, driven by higher demand for premium products and cinema sales; the beer business saw sales and revenue decline by 29.5% and 39.9% respectively, affected by market contraction and channel adjustments; the Group successfully issued convertible bonds to support operations - Water business total sales volume increased by **54.1%** year-on-year, and revenue increased by **117.6%** year-on-year, primarily benefiting from increased consumer health awareness driving demand for premium products and a significant increase of over **40%** in cinema channel sales[40](index=40&type=chunk) - Beer business sales volume decreased by **29.5%** year-on-year, and revenue decreased by **39.9%** year-on-year, affected by multiple factors including the contraction of traditional on-premise channels in Tibet and a period of channel integration and adjustment[40](index=40&type=chunk) - The Group successfully completed two convertible bond issuances in January and March 2025, providing strong support for stable business operations[41](index=41&type=chunk) [Financial Review](index=19&type=section&id=Financial%20Review) The Group's total revenue grew 21.4% in H1 2025, with gross margin improving 23.3 percentage points to 44.4%; water business performed strongly, while beer business faced pressure; selling and administrative expenses decreased, but provision for expected credit losses on financial assets increased; profit for the period significantly grew, and gearing ratio remained stable [Revenue Analysis](index=19&type=section&id=Revenue%20Analysis) In H1 2025, the Group's total revenue increased by 21.4% year-on-year to RMB 169 million; water business revenue grew 117.6% with gross margin up 35.9 percentage points to 55.3%, while beer business revenue decreased 39.9% with gross margin down 2.4 percentage points to 18.8% Revenue and Gross Margin Analysis | Metric | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Total revenue | RMB 169 million | RMB 139 million | ↑21.4% | | Water business revenue | RMB 118 million | RMB 54 million | ↑117.6% | | Beer business revenue | RMB 50 million | RMB 83 million | ↓39.9% | | Overall gross margin | 44.4% | 21.1% | ↑23.3 percentage points | | Water business gross margin | 55.3% | 19.4% | ↑35.9 percentage points | | Beer business gross margin | 18.8% | 21.2% | ↓2.4 percentage points | - The increase in water business gross margin was primarily due to higher selling prices and reduced allocated fixed costs from increased sales volume[42](index=42&type=chunk) - The decrease in beer business gross margin was mainly due to lower selling prices[42](index=42&type=chunk) [Selling and Distribution Expenses and Administrative Expenses](index=19&type=section&id=Selling%20and%20Distribution%20Expenses%20and%20Administrative%20Expenses) In H1 2025, selling and distribution expenses decreased by 24.6% year-on-year to RMB 15 million, mainly due to reduced advertising and marketing expenses; administrative expenses decreased by 8.8% year-on-year to RMB 30 million, primarily due to lower consulting and professional service fees Changes in Selling and Distribution Expenses and Administrative Expenses | Expense Type | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Selling and distribution expenses | 15,000 | 20,000 | ↓24.6% | | Administrative expenses | 30,000 | 33,000 | ↓8.8% | - The decrease in selling and distribution expenses was primarily due to reduced advertising and marketing expenses[43](index=43&type=chunk) - The decrease in administrative expenses was mainly due to lower consulting and professional service fees[43](index=43&type=chunk) [Provision for Expected Credit Losses on Financial Assets / Reversal of Provision](index=19&type=section&id=Provision%20for%20Expected%20Credit%20Losses%20on%20Financial%20Assets%20/%20Reversal%20of%20Provision) In H1 2025, the Group recorded a provision for expected credit losses on financial assets of RMB 4 million, compared to a reversal of RMB 3 million in the prior period, indicating a more cautious assessment of credit risk Changes in Provision for Expected Credit Losses on Financial Assets | Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Provision for expected credit losses on financial assets / Reversal of provision | 4,000 (Provision) | (3,000) (Reversal of provision) | [Other Income, Net](index=19&type=section&id=Other%20Income,%20Net) In H1 2025, other income, net, decreased significantly to RMB 12 million from RMB 37 million in the prior period, primarily due to reduced government grants Changes in Other Income, Net | Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Other income, net | 12,000 | 37,000 | | Of which: Government grants | 8,000 | 16,000 | [Net Finance Income / (Expense)](index=19&type=section&id=Net%20Finance%20Income%20/%20(Expense)) In H1 2025, the Group's net finance income was RMB 1 million (finance income of RMB 23 million, finance expenses of RMB 22 million), an improvement from a net finance expense of RMB 5 million in the prior period, mainly due to increased net exchange gains Changes in Net Finance Income / (Expense) | Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Finance income | 23,000 | 16,000 | | Finance expenses | (22,000) | (21,000) | | **Net Finance Income / (Expense)** | **1,000** | **(5,000)** | - Finance income increased by **RMB 7 million**, primarily due to an increase in net exchange gains in H1 2025[46](index=46&type=chunk) [Share of Loss of Investments Accounted for Using the Equity Method](index=20&type=section&id=Share%20of%20Loss%20of%20Investments%20Accounted%20for%20Using%20the%20Equity%20Method) In H1 2025, the share of loss of investments accounted for using the equity method increased to RMB 3 million from RMB 2 million in the prior period, mainly due to an increased share of loss from associates Changes in Share of Loss of Investments Accounted for Using the Equity Method | Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Share of loss of investments accounted for using the equity method | (3,000) | (2,000) | - The increase in share of loss was primarily due to an increased share of loss from associates[47](index=47&type=chunk) [Income Tax Expense](index=20&type=section&id=Income%20Tax%20Expense) In H1 2025, income tax expense was RMB 0.18 million, a significant decrease from RMB 1 million in the prior period, mainly due to reduced pre-tax profit in the beer business segment, changes in deferred tax, and the utilization of accumulated prior year losses in the water business segment Changes in Income Tax Expense | Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Income tax expense | 180 | 1,000 | [Interim Profit](index=20&type=section&id=Interim%20Profit) In H1 2025, the Group's interim profit was RMB 36 million, a significant increase from RMB 9 million in the prior period, primarily driven by revenue growth, improved gross margin, and expense control Changes in Interim Profit | Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Interim profit | 36,000 | 9,000 | [Other Financial Position](index=20&type=section&id=Other%20Financial%20Position) As of June 30, 2025, the Group's inventory decreased, net trade receivables increased, contract liabilities decreased, bank and other borrowings reduced, and a new convertible bond liability component of RMB 240 million was added - Inventory decreased to **RMB 46 million** (December 31, 2024: **RMB 72 million**), primarily due to a reduction in finished goods and raw material inventories[50](index=50&type=chunk) - Net trade receivables increased to **RMB 241 million** (December 31, 2024: **RMB 134 million**), mainly to support strategic cooperative distributors in expanding their business by granting credit limits and payment terms[50](index=50&type=chunk) - Contract liabilities decreased to **RMB 21 million** (December 31, 2024: **RMB 123 million**), primarily due to a decrease in customer prepayments for sales of water and beer products[51](index=51&type=chunk) - Bank borrowings within bank and other borrowings decreased by **RMB 35 million**, mainly due to net repayment of bank loan principal[52](index=52&type=chunk) - The liability component of convertible bonds issued by the Company was **RMB 240 million** (December 31, 2024: zero), primarily from the issuance of 2025 Convertible Bonds I and II[53](index=53&type=chunk) [Employees](index=21&type=section&id=Employees) As of June 30, 2025, the Group had a total of 342 employees, with employee costs of RMB 34 million; share-based payment expenses of RMB 4 million were recognized during the period, stemming from a newly adopted share option scheme aimed at retaining talent and business partners Employee Data | Metric | As of June 30, 2025 | As of June 30, 2024 | | :--- | :--- | :--- | | Total number of employees | 342 | 360 | | Employee costs | RMB 34 million | RMB 33 million | - Equity-settled share-based payment expenses of approximately **RMB 4.241 million** were recognized in the current period[23](index=23&type=chunk) - The Company adopted a new share option scheme in 2023 and granted share options on April 14, 2025, recognizing share-based payment expenses of **RMB 4 million** as of June 30, 2025[56](index=56&type=chunk) [Gearing Ratio](index=22&type=section&id=Gearing%20Ratio) As of June 30, 2025, the Group's gearing ratio was 21.75%, a slight increase from 21.59% as of December 31, 2024, but remaining relatively stable Gearing Ratio | Date | Gearing Ratio | | :--- | :--- | | June 30, 2025 | 21.75% | | December 31, 2024 | 21.59% | - The gearing ratio is calculated as borrowings (including bank borrowings, the liability component of convertible bonds, and third-party borrowings) divided by total capital[57](index=57&type=chunk) [Mergers and Acquisitions](index=22&type=section&id=Mergers%20and%20Acquisitions) In H1 2025, the Group did not engage in any significant mergers and acquisitions activities - The Group did not engage in any significant mergers and acquisitions activities in H1 2025[58](index=58&type=chunk) [Material Investments](index=22&type=section&id=Material%20Investments) In H1 2025, the Group's investment in the purchase of property, plant and equipment was RMB 3 million, a decrease from RMB 6 million in the prior period Investment in Purchase of Property, Plant and Equipment | Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Purchase of property, plant and equipment | 3,000 | 6,000 | [Pledged Assets](index=23&type=section&id=Pledged%20Assets) As of June 30, 2025, several of the Group's bank borrowings were secured by equity interests, mining rights, factory plants, land use rights, and factory production lines, with bank acceptance bills secured by bank deposits - Bank borrowings of **RMB 150 million** are pledged by a **35%** equity interest in Tibet Tiandi Green Beverage Development Co., Ltd., a **7%** equity interest in Tibet Plateau Natural Water Co., Ltd., and mineral water mining rights within Damxung County[60](index=60&type=chunk) - Bank borrowings of **RMB 95 million** are pledged by a **25%** equity interest in Tibet Shannan Yarlung Zangbo Industrial Co., Ltd[60](index=60&type=chunk) - Bank acceptance bills of **RMB 110 million** are secured by bank deposits of **RMB 12 million**[60](index=60&type=chunk) [Contingent Liabilities](index=23&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group provided net financial guarantees of RMB 268 million to an associate, with a portion of the borrowings pledged by the associate's equity - The Group provided net financial guarantees of **RMB 268 million** to an associate (December 31, 2024: **RMB 230 million**)[61](index=61&type=chunk) - Among these, **RMB 49 million** of borrowings are pledged by a **10%** equity interest in Plateau Natural Water held by Tibet Glacier Mineral Water Co., Ltd[61](index=61&type=chunk) [Foreign Exchange Risk](index=23&type=section&id=Foreign%20Exchange%20Risk) The Group primarily operates in China with most transactions denominated in RMB, but cash exchange transactions are mainly in HKD, exposing it to foreign exchange risk; management believes no hedging transactions are currently necessary - The Group primarily operates in China, with most commercial transactions denominated in RMB, but cash exchange transactions are mainly denominated in HKD, thus facing foreign exchange risk[62](index=62&type=chunk) - Management believes the foreign exchange risk is not significant after offsetting assets and liabilities exposed to such risk, and no hedging transactions are deemed necessary[62](index=62&type=chunk) [Production Capacity](index=23&type=section&id=Production%20Capacity) In H1 2025, the Group's estimated annual water and beer production capacities were approximately 300,000 tons and 2,000,000 hectoliters respectively, consistent with the prior period, and will be regularly assessed to meet future development needs Estimated Annual Production Capacity | Product | Estimated Annual Capacity | | :--- | :--- | | Water | 300,000 tons | | Beer | 2,000,000 hectoliters | - Production capacity is consistent with H1 2024, and the Group will regularly assess and consider increasing capacity to meet future development needs[63](index=63&type=chunk) [Outlook](index=24&type=section&id=Outlook) For H2 2025, the Group anticipates continued positive momentum in its water product business, focusing on community and home delivery services to enhance consumer experience, while adhering to a "seek progress while maintaining stability" marketing strategy, concentrating on core capabilities and operational efficiency to create sustainable long-term value for shareholders - The water product business is expected to continue its positive momentum in H2 2025, benefiting from sustained consumer demand for premium products[65](index=65&type=chunk) - The Group will continue to deeply cultivate community and home delivery services, making premium products more accessible to consumers and enhancing the consumer experience[65](index=65&type=chunk) - The Group will adhere to a "seek progress while maintaining stability" marketing strategy, focusing on building core capabilities and improving operational efficiency to create sustainable long-term value for shareholders[65](index=65&type=chunk) [Corporate Governance and Other Information](index=24&type=section&id=Corporate%20Governance%20and%20Other%20Information) This section outlines the company's corporate governance practices and other relevant information [Corporate Governance Practices](index=24&type=section&id=Corporate%20Governance%20Practices) In H1 2025, the Company complied with the Corporate Governance Code in Appendix C1 of the Listing Rules; post-reporting period, the number of independent non-executive directors fell below Listing Rules requirements, and the Company will identify suitable candidates promptly; all directors confirmed compliance with the Model Code for Securities Transactions, and the Audit Committee reviewed the interim results - The Company has complied with the Corporate Governance Code as set out in Appendix C1 to the Listing Rules[67](index=67&type=chunk) - After the end of the reporting period, the number of independent non-executive directors fell below the one-third requirement of the Board as stipulated by Rule 3.10A of the Listing Rules, and the Company will identify suitable candidates as soon as practicable[67](index=67&type=chunk) - All Directors confirmed compliance with the Model Code for Securities Transactions by Directors of Listed Issuers throughout H1 2025[67](index=67&type=chunk) - The Audit Committee has reviewed the accounting principles and methods adopted by the Group, as well as the interim results for H1 2025[67](index=67&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=25&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) In H1 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's shares - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's shares in H1 2025[68](index=68&type=chunk) [Publication of Interim Report](index=25&type=section&id=Publication%20of%20Interim%20Report) The Company's 2025 interim report will be uploaded to the Company's website and the Stock Exchange website at a later date - The Company's 2025 interim report will be uploaded to the Company's website (http://www.twr1115.net) and the Stock Exchange website (http://www.hkexnews.hk) at a later date[69](index=69&type=chunk)

Group 1 - The core point of the article is that Tibet Water Resources (01115.HK) is scheduled to hold a board meeting on August 28, 2025, to consider and approve its unaudited interim results for the six months ending June 30, 2025 [1] - The company anticipates a significant increase in net profit for the first half of the year, projecting a year-on-year growth of approximately 300% [1]