Performance Summary - China Petroleum & Chemical Corporation (00386.HK) reported a revenue of 1,409.05 billion yuan, a decrease of 10.6% year-on-year, and a net profit of 21.483 billion yuan, down 39.8% year-on-year [2] - Kuaishou Technology (01024.HK) achieved a revenue of 67.654 billion yuan, an increase of 12.04% year-on-year, with a net profit of 8.9 billion yuan, up 9.9% year-on-year [2] - China National Pharmaceutical Group (01099.HK) recorded a revenue of 36.363 billion yuan, a decrease of 1.48% year-on-year, and a net profit of 295 million yuan, an increase of 1.02% year-on-year [2] - Miniso Group (09896.HK) reported a revenue of 9.393 billion yuan, a growth of 21.1% year-on-year, but a net profit of 906 million yuan, down 22.6% year-on-year [2] - Tuhu (09690.HK) had a revenue of 7.9 billion yuan, an increase of 10.5% year-on-year, with an adjusted net profit of 410 million yuan, up 14.6% year-on-year, and the number of stores increased to 7,205 [2] - Bilibili Inc. (09626.HK) reported a second-quarter revenue of 7.338 billion yuan, an increase of 19.76% year-on-year, and a net profit of 219 million yuan, turning from a loss of 609 million yuan in the same period last year [2] - Zaitong (00062.HK) achieved a revenue of 4.226 billion HKD, an increase of 3.98% year-on-year, and a net profit of 190 million HKD, up 57.94% year-on-year [2] - Xincheng Power (01148.HK) reported a revenue of 2.804 billion yuan, an increase of 7.06% year-on-year, but a net profit of 16.49 million yuan, down 25.49% year-on-year [2] - Fourth Paradigm (06682.HK) achieved a revenue of 2.626 billion yuan, an increase of 40.71% year-on-year, with an adjusted net loss of 44 million yuan, narrowing by approximately 71.2% from a loss of 152 million yuan in the same period last year [2] - Meilian Group (01200.HK) reported a revenue of 2.518 billion HKD, a decrease of 24.1% year-on-year, and a net profit of 151 million HKD, down 13% year-on-year [2] - Baisheng Group (03368.HK) achieved a revenue of 1.963 billion yuan, an increase of 0.93% year-on-year, and a net profit of 22.468 million yuan, turning from a loss of 18.641 million yuan in the same period last year [2] - Yuexiu Services (06626.HK) reported a revenue of approximately 1.962 billion yuan, a slight increase of 0.09% year-on-year, with a net profit of approximately 240 million yuan [2] - Yika (09923.HK) achieved a revenue of 1.64 billion yuan, an increase of 4% year-on-year, and a net profit of 43.075 million yuan, up 36.2% year-on-year [2] - Gaoweidianzi (01415.HK) reported a revenue of 1.36 billion USD, an increase of 132.2% year-on-year, with a net profit of 67.398 million USD, up approximately 320% year-on-year [2] - BOC Aviation (02588.HK) achieved a revenue of 1.242 billion USD, an increase of 6% year-on-year, but a net profit of 342 million USD, down 26% year-on-year [2] - Jiuxing Holdings (01836.HK) reported a revenue of 775 million USD, an increase of 0.7% year-on-year, but a net profit of 78.633 million USD, down 14.5% year-on-year [2] - Sinopec Kantons Holdings (00934.HK) reported a revenue of approximately 307 million HKD, a decrease of 7.2% year-on-year, and a net profit of approximately 563 million HKD, down 17.8% year-on-year [2] - Great Wall Holdings (00583.HK) issued a profit warning, expecting a mid-term net loss of 266 million to 294 million HKD, a significant shift from profit to loss [2] Company News - Shengye (06069.HK) has initiated a global strategic layout to build an AI + international supply chain technology platform [2] - Yuan Zheng Technology (02488.HK) plans to develop a strategic layout for equipment assetization and related RWA applications [2] - Oconview Biosciences (01477.HK) announced that the second Phase III clinical trial of OT-301 has reached its primary endpoint [2] Buyback Activities - Tencent Holdings (00700.HK) repurchased 928,000 shares at a cost of 551 million HKD, with a buyback price ranging from 590 to 597 HKD [2] - HSBC Holdings (00005.HK) repurchased approximately 1.33 million shares at a cost of about 132 million HKD, with a buyback price ranging from 98.6 to 99.55 HKD [2] - Techtronic Industries (00669.HK) repurchased approximately 25,000 shares at a cost of about 25.085 million HKD, with a buyback price ranging from 99.5 to 101.6 HKD [2] - Hang Seng Bank (00011.HK) repurchased 200,000 shares at a cost of 22.4935 million HKD, with a buyback price ranging from 111.8 to 112.8 HKD [2]

Group 1 - The core viewpoint of the article is that New Morning Power (01148) reported an increase in revenue but a decrease in profit for the six months ending June 30, 2025 [1] - The company's revenue reached 2.804 billion yuan, representing a year-on-year increase of 7.06% [1] - The net profit for the period was 16.493 million yuan, which reflects a year-on-year decrease of 25.46% [1] - The basic earnings per share were reported at 0.013 yuan [1] - The increase in revenue was primarily attributed to the rise in sales of range-extended gasoline engines during the period [1]

Group 1 - The core viewpoint of the article is that New Morning Power (01148) reported an increase in revenue for the six months ending June 30, 2025, but a decrease in profit [1] - The company's revenue reached 2.804 billion yuan, representing a year-on-year increase of 7.06% [1] - The net profit for the period was 16.493 million yuan, which is a year-on-year decrease of 25.46% [1] - The increase in revenue is primarily attributed to the rise in sales of range-extended gasoline engines during the period [1]

Core Viewpoint - New Morning Power (01148.HK) reported an increase in total revenue for the first half of 2025, driven primarily by the growth in sales of range-extended gasoline engines [1] Financial Performance - The company recorded approximately RMB 2.804 billion in total revenue for the first half of 2025, representing a year-on-year increase of about 7.06% from approximately RMB 2.62 billion in the same period last year [1] - The sales volume of engines increased from approximately 210,000 units in the first half of 2024 to approximately 236,000 units in the first half of 2025, marking a growth of about 12.38% [1] - The revenue from the engine business segment rose by approximately 9.98%, increasing from about RMB 2.221 billion in the first half of 2024 to approximately RMB 2.443 billion in the first half of 2025 [1] Profitability - The company recorded an unaudited profit attributable to owners of the company of approximately RMB 16.49 million for the first half of 2025, a decrease of about 25.49% compared to approximately RMB 22.13 million in the same period of 2024 [1]

[Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=1&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group's profit and basic EPS decreased despite revenue growth, primarily due to reduced impairment loss reversals and increased administrative and R&D expenses Key Data from Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Metric | June 30, 2025 (RMB '000) | June 30, 2024 (RMB '000) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 2,804,434 | 2,619,532 | +7.06% | | Cost of sales | (2,672,046) | (2,509,663) | +6.47% | | Gross profit | 132,388 | 109,869 | +20.49% | | Other income | 27,264 | 26,748 | +1.93% | | Net impairment losses | (166) | 49,117 | -100.34% | | Other gains and losses | (1,809) | (588) | +207.65% | | Selling and distribution expenses | (14,257) | (16,559) | -13.90% | | Administrative expenses | (89,856) | (81,803) | +9.84% | | Finance costs | (19,774) | (27,714) | -28.65% | | Profit before tax | 17,747 | 23,811 | -25.47% | | Income tax expense | (1,254) | (1,686) | -25.62% | | Profit for the period | 16,493 | 22,125 | -25.49% | | Basic earnings per share (RMB) | 0.013 | 0.017 | -23.53% | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets decreased while net assets slightly increased, with net current assets turning positive due to reduced trade and other receivables and controlled current liabilities Key Data from Condensed Consolidated Statement of Financial Position | Metric | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | Change (%) | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Non-current assets | 2,122,531 | 2,248,001 | -5.60% | | Current assets | 2,930,417 | 3,229,708 | -9.26% | | **Total assets** | **5,052,948** | **5,477,709** | **-7.76%** | | **Liabilities** | | | | | Current liabilities | 2,919,842 | 3,293,002 | -11.33% | | Non-current liabilities | 362,423 | 430,553 | -15.82% | | **Net assets** | **1,770,683** | **1,754,154** | **+0.94%** | | Net current assets/(liabilities) | 10,575 | (63,294) | Turned positive | | Bank balances and cash | 92,457 | 85,570 | +8.05% | | Trade and other receivables | 2,110,207 | 2,528,579 | -16.54% | | Trade and other payables | 611,642 | 566,350 | +7.99% | [Notes to the Condensed Consolidated Financial Statements](index=5&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section details the basis of preparation, accounting policies, segment information, and specific changes in assets and liabilities, providing supplementary information for understanding the Group's financial position and operating results [1. Basis of Preparation](index=5&type=section&id=1.%20Basis%20of%20Preparation) The condensed consolidated financial statements are prepared in accordance with HKAS 34 and the Listing Rules, presented in RMB - Financial statements are prepared in accordance with Hong Kong Accounting Standard 34 and the Listing Rules[8](index=8&type=chunk) - All financial data are presented in RMB[9](index=9&type=chunk) [2. Principal Accounting Policies](index=5&type=section&id=2.%20Principal%20Accounting%20Policies) The financial statements are prepared on a historical cost basis, with new HKAS 21 (Revised) having no significant impact, and future standards not expected to cause material effects - Financial statements are prepared on a historical cost basis, with certain financial instruments measured at fair value[10](index=10&type=chunk) - The adoption of HKAS 21 (Revised) "Lack of Exchangeability" has no significant impact on the financial statements[11](index=11&type=chunk) - Newly issued and amended HKFRSs not yet effective are not expected to have a significant impact on the financial statements[12](index=12&type=chunk) [3. Revenue and Segment Information](index=5&type=section&id=3.%20Revenue%20and%20Segment%20Information) Group revenue primarily from gasoline and diesel engines and engine components, with all external customer revenue from China, and operating results reviewed by product type [3.1 Segment Revenue and Segment Results](index=6&type=section&id=3.1%20Segment%20Revenue%20and%20Segment%20Results) Gasoline engine segment revenue and results grew significantly, diesel engine segment turned profitable, while engine components revenue and results declined due to changing customer demand Segment Revenue and Results Analysis | Segment | June 30, 2025 Revenue (RMB '000) | June 30, 2024 Revenue (RMB '000) | Revenue YoY Change (%) | June 30, 2025 Results (RMB '000) | June 30, 2024 Results (RMB '000) | | :--- | :--- | :--- | :--- | :--- | :--- | | Gasoline Engines | 2,389,029 | 2,174,521 | +9.86% | 74,051 | 30,439 | | Diesel Engines | 53,832 | 46,652 | +15.39% | 5,929 | (2,150) | | Engine Components | 361,573 | 398,359 | -9.23% | 52,408 | 81,580 | | **Total Segment and Consolidated** | **2,804,434** | **2,619,532** | **+7.06%** | **132,388** | **109,869** | - No inter-segment sales occurred during the period[14](index=14&type=chunk) [3.2 Segment Assets and Liabilities](index=7&type=section&id=3.2%20Segment%20Assets%20and%20Liabilities) Total assets and liabilities by reportable operating segment are not presented as the Board reviews them on a consolidated basis - Detailed financial information on segment assets and liabilities is not presented[17](index=17&type=chunk) [3.3 Geographical Information](index=7&type=section&id=3.3%20Geographical%20Information) The Group's majority operations and non-current assets are located in China, where all external customer revenue is generated - The Group's principal operations and non-current assets are located in China[18](index=18&type=chunk) - All external customer revenue is generated from China[18](index=18&type=chunk) [4. Other Income](index=7&type=section&id=4.%20Other%20Income) Other income slightly increased, driven by significant growth in bad debts recovered and compensation income, offsetting reduced government grants and recoverable VAT Other Income Components | Item | June 30, 2025 (RMB '000) | June 30, 2024 (RMB '000) | | :--- | :--- | :--- | | Bank interest income | 1,125 | 966 | | Bad debts recovered | 5,412 | – | | Additional recoverable VAT granted by local tax bureau | 4,034 | 6,379 | | Compensation income | 5,700 | – | | Government grants | 3,883 | 11,226 | | Imputed interest income from loan to a shareholder | 558 | 535 | | Rental income under operating leases | 4,349 | 4,560 | | Utility income | 2,203 | 3,082 | | **Total** | **27,264** | **26,748** | - Other income increased slightly by **1.93%** year-on-year[47](index=47&type=chunk) [5. Net Impairment Losses / Reversals of Impairment Losses](index=7&type=section&id=5.%20Net%20Impairment%20Losses%20%2F%20Reversals%20of%20Impairment%20Losses) Net impairment losses were recognized this period, a stark contrast to last year's large reversals, primarily impacting trade and other receivables and amounts due from related companies Net Impairment Losses | Item | June 30, 2025 (RMB '000) | June 30, 2024 (RMB '000) | | :--- | :--- | :--- | | Trade and other receivables | (166) | 11,779 | | Amounts due from related companies | – | 37,338 | | **Total** | **(166)** | **49,117** | - Impairment loss reversals significantly decreased, turning from a reversal of approximately **RMB 49.12 million** in the first half of 2024 to an impairment loss of approximately **RMB 0.20 million** recognized in the first half of 2025[48](index=48&type=chunk) [6. Other Gains and Losses](index=7&type=section&id=6.%20Other%20Gains%20and%20Losses) This period recorded a larger loss in other gains and losses, mainly due to increased losses from the disposal of property, plant, and equipment Other Gains and Losses Components | Item | June 30, 2025 (RMB '000) | June 30, 2024 (RMB '000) | | :--- | :--- | :--- | | Net foreign exchange gains | 7 | – | | Gains on disposal of other materials | 2,418 | 2,120 | | Losses on disposal of property, plant and equipment | (3,577) | (1,308) | | Net losses from receivables measured at fair value through other comprehensive income | (657) | (1,400) | | **Total** | **(1,809)** | **(588)** | - Other gains and losses increased from a loss of **RMB 0.59 million** in the first half of 2024 to a loss of **RMB 1.81 million** in the first half of 2025, primarily due to losses on disposal of fixed assets[48](index=48&type=chunk) [7. Profit Before Tax](index=8&type=section&id=7.%20Profit%20Before%20Tax) Profit before tax decreased by 25.47%, influenced by reduced impairment reversals and increased administrative and R&D expenses, while employee benefits and depreciation remained stable Profit Before Tax Components | Item | June 30, 2025 (RMB '000) | June 30, 2024 (RMB '000) | | :--- | :--- | :--- | | Total staff costs | 66,044 | 62,663 | | Total depreciation and amortisation | 131,851 | 130,908 | | **Profit before tax** | **17,747** | **23,811** | - Profit before tax decreased by **25.47%**, mainly due to reduced impairment reversals and increased administrative and R&D expenses[49](index=49&type=chunk) [8. Income Tax Expense](index=8&type=section&id=8.%20Income%20Tax%20Expense) Income tax expense decreased by 26.04%, mainly due to reduced deferred tax credits from increased intangible asset amortization, with some subsidiaries enjoying preferential tax rates Income Tax Expense Components | Item | June 30, 2025 (RMB '000) | June 30, 2024 (RMB '000) | | :--- | :--- | :--- | | PRC corporate income tax – current tax | 1,977 | 662 | | PRC corporate income tax – deferred tax | (723) | 1,024 | | **Total** | **1,254** | **1,686** | - Mianyang Xinchen is eligible for a reduced corporate income tax rate of **15%** from 2021 to 2030[22](index=22&type=chunk) - Xinchen Power Machinery (Shenyang) Co., Ltd., as a high-tech enterprise, enjoys a preferential corporate income tax rate of **15%**[23](index=23&type=chunk) [9. Dividends](index=9&type=section&id=9.%20Dividends) The Company neither paid nor declared any dividends for the periods ended June 30, 2025 and 2024, with no proposed dividends since the reporting period end - The Company did not pay or declare any interim dividends during the reporting period[25](index=25&type=chunk)[66](index=66&type=chunk) [10. Earnings Per Share](index=9&type=section&id=10.%20Earnings%20Per%20Share) Basic earnings per share decreased due to lower profit for the period, with no diluted earnings per share presented as there were no potential dilutive ordinary shares Basis for Earnings Per Share Calculation | Item | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Profit for the period attributable to owners of the Company (RMB '000) | 16,493 | 22,125 | | Weighted average number of ordinary shares | 1,282,211,794 | 1,282,211,794 | | **Basic earnings per share (RMB)** | **0.013** | **0.017** | - Diluted earnings per share are not presented due to the absence of potential dilutive ordinary shares[26](index=26&type=chunk) [11. Movements in Property, Plant and Equipment and Intangible Assets](index=9&type=section&id=11.%20Movements%20in%20Property%2C%20Plant%20and%20Equipment%20and%20Intangible%20Assets) The Group invested in property, plant and equipment to enhance capacity and capitalized R&D costs for new engine technologies, while disposals of assets led to increased losses - Acquisitions of property, plant and equipment amounted to approximately **RMB 689 thousand** (2024: RMB 984 thousand) for capacity enhancement[27](index=27&type=chunk) - Losses on disposal of certain plant and equipment amounted to approximately **RMB 3,577 thousand** (2024: RMB 1,308 thousand)[27](index=27&type=chunk) - Additions to construction in progress amounted to approximately **RMB 11,799 thousand** (2024: RMB 14,211 thousand), primarily for expanding production facilities and capacity[27](index=27&type=chunk) - Development costs for new automobile engine technology knowledge of approximately **RMB 9,592 thousand** (2024: RMB 8,841 thousand) were capitalized to expand the range of gasoline and diesel engine products[28](index=28&type=chunk) [12. Trade and Other Receivables](index=10&type=section&id=12.%20Trade%20and%20Other%20Receivables) Total trade and other receivables significantly decreased, with a reduction in trade receivables due within one month, while credit loss provisions remained stable Trade and Other Receivables Components | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Trade receivables, net | 1,890,844 | 2,354,559 | | Bills receivable | 176,886 | 122,114 | | Prepayments for raw materials and engine components | 32,930 | 29,820 | | Other receivables | 9,547 | 22,086 | | **Total** | **2,110,207** | **2,528,579** | Ageing Analysis of Trade Receivables (Net of Expected Credit Loss Provision) | Ageing | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Within 1 month | 1,780,334 | 2,297,558 | | Over 1 month but within 2 months | 100,842 | 38,965 | | Over 2 months but within 3 months | 5,693 | 5,055 | | Over 3 months but within 6 months | 2,693 | 12,235 | | Over 6 months but within 1 year | 587 | 104 | | Over 1 year | 695 | 642 | | **Total** | **1,890,844** | **2,354,559** | - The provision for expected credit losses on trade receivables was **RMB 294,573 thousand** as of June 30, 2025, largely consistent with **RMB 294,407 thousand** as of December 31, 2024[30](index=30&type=chunk) [13. Amounts Due from Related Companies](index=12&type=section&id=13.%20Amounts%20Due%20from%20Related%20Companies) Amounts due from related companies significantly increased, primarily from Wuliangye Group for trade-related items, with expected credit loss provisions remaining unchanged Analysis of Amounts Due from Related Companies | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Non-trade related | 648 | 26 | | Trade related | 51,661 | 22,369 | | **Total** | **52,309** | **22,395** | - Trade-related amounts due from Mianyang Xinhua Internal Combustion Engine (Wuliangye Group) increased from zero at the end of 2024 to **RMB 39,015 thousand** as of June 30, 2025[32](index=32&type=chunk) - The provision for expected credit losses on amounts due from related companies was **RMB 267,211 thousand** as of June 30, 2025, consistent with December 31, 2024[32](index=32&type=chunk)[34](index=34&type=chunk) [14. Trade and Other Payables](index=13&type=section&id=14.%20Trade%20and%20Other%20Payables) Total trade and other payables increased, mainly due to growth in trade payables and bills payable, with customer advances (contract liabilities) also rising Trade and Other Payables Components | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Trade payables | 282,617 | 246,313 | | Bills payable | 254,773 | 242,557 | | Accrued construction costs | 9,029 | 7,688 | | Accrued salaries and welfare | 13,940 | 21,992 | | Customer advances (contract liabilities) | 18,445 | 12,999 | | Warranty provision | 13,671 | 12,307 | | Retention money | 10,594 | 10,552 | | Provision for operating expenses | 5,003 | 4,500 | | Other payables | 3,570 | 7,442 | | **Total** | **611,642** | **566,350** | - The credit period for trade payables and bills payable is generally within **3 months** and **3 to 6 months**, respectively[37](index=37&type=chunk) - Customer advances represent contract liabilities, with the opening balance fully recognized as revenue from goods sold[36](index=36&type=chunk) [15. Amounts Due to Related Companies](index=14&type=section&id=15.%20Amounts%20Due%20to%20Related%20Companies) Total amounts due to related companies increased, driven by a significant rise in trade-related payables to Jinbei (Shenyang) Automobile Co., Ltd. under Brilliance China Group, while Wuliangye Group's trade payables decreased Analysis of Amounts Due to Related Companies | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Brilliance Group trade related | 30,008 | 7,309 | | Wuliangye Group trade related | 28,077 | 38,487 | | Brilliance China Group non-trade related | 1,083 | 1,616 | | **Total** | **59,778** | **48,022** | - Trade-related amounts due to Jinbei (Shenyang) Automobile Co., Ltd. increased from zero at the end of 2024 to **RMB 21,859 thousand** as of June 30, 2025[39](index=39&type=chunk) - Trade-related amounts are interest-free, unsecured, with a credit period of **3 to 6 months**; non-trade related amounts are interest-free, unsecured, and repayable on demand[41](index=41&type=chunk)[42](index=42&type=chunk) [16. Lease Liabilities](index=16&type=section&id=16.%20Lease%20Liabilities) Total lease liabilities decreased, with reductions in amounts due within one year and between two to five years Lease Liabilities Maturity Analysis | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Due within 1 year | 148,582 | 152,270 | | Due in 2nd to 5th year | 203,204 | 275,681 | | **Total minimum lease payments** | **351,786** | **427,951** | | Future finance charges on lease liabilities | (19,455) | (28,009) | | **Present value of lease liabilities** | **332,331** | **399,942** | [17. Share Capital](index=17&type=section&id=17.%20Share%20Capital) The Company's authorized and issued and fully paid share capital remained unchanged during the reporting period - Authorized share capital is **8,000,000,000 shares** with a par value of **HKD 0.01** each[44](index=44&type=chunk) - Issued and fully paid share capital is **1,282,211,794 shares**, presented as **RMB 10,457 thousand** in the condensed consolidated statement of financial position[44](index=44&type=chunk) [Management Discussion and Analysis](index=18&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews the Group's operating results, liquidity, and future strategies, including growth in range-extended gasoline engines, challenges in engine components, and exploration of low-altitude economy and in-house range extender R&D [Business Review](index=18&type=section&id=Business%20Review) First-half revenue growth was driven by range-extended gasoline engines, but engine component revenue declined, with improved gross margin offset by reduced impairment reversals and increased administrative expenses, leading to lower profit - Unaudited total revenue was approximately **RMB 2,804,440 thousand**, a year-on-year increase of approximately **7.06%**, primarily due to increased transaction volume of range-extended gasoline engines[45](index=45&type=chunk) - Engine sales increased by approximately **12.38%** to approximately **236,000 units**, mainly driven by range-extended gasoline engines[45](index=45&type=chunk) - Revenue from the engine components segment decreased by approximately **9.23%**, mainly due to customer demand shifting from traditional engine models to pure electric models[46](index=46&type=chunk) - Gross profit margin increased from approximately **4.19%** in the first half of 2024 to approximately **4.72%** in the first half of 2025, mainly due to higher sales of traditional gasoline and diesel engines with slightly higher gross margins[47](index=47&type=chunk) - Profit for the period decreased by approximately **25.49%** to **RMB 16,490 thousand**, primarily due to reduced impairment reversals and increased administrative and R&D expenses[49](index=49&type=chunk)[50](index=50&type=chunk) [Liquidity and Financial Resources](index=20&type=section&id=Liquidity%20and%20Financial%20Resources) Bank balances and cash increased, as did pledged/restricted bank deposits, with the debt-to-equity ratio decreasing and the gearing ratio slightly rising due to increased bank borrowings Liquidity and Financial Resources Key Data | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Bank balances and cash | 92,457 | 85,570 | | Pledged/restricted bank deposits | 122,258 | 101,422 | | Trade and other payables | 585,060 | 566,350 | | Borrowings due within one year | 484,336 | 446,153 | | Borrowings due after one year | 157,500 | 156,751 | [Pledge of Assets](index=20&type=section&id=Pledge%20of%20Assets) The Group pledged land use rights, buildings, plant and machinery, and bank deposits to secure credit facilities and other borrowings - Land use rights, buildings, plant and machinery with a total value of approximately **RMB 392,510 thousand** (2024 year-end: RMB 290,890 thousand) were pledged to banks[52](index=52&type=chunk) - Bank deposits of approximately **RMB 115,780 thousand** (2024 year-end: RMB 100,590 thousand) were pledged to banks[52](index=52&type=chunk) - No trade receivables were pledged to obtain general bank financing[52](index=52&type=chunk) [Gearing Ratio](index=20&type=section&id=Gearing%20Ratio) The debt-to-equity ratio decreased due to reduced amounts payable to an associate, while the gearing ratio slightly increased due to higher total bank borrowings - The debt-to-equity ratio was approximately **1.85** (2024 year-end: 2.12), with the decrease mainly due to reduced amounts payable to an associate[53](index=53&type=chunk) - The gearing ratio was approximately **36.25%** (2023 year-end: 34.37%), with the slight increase mainly due to higher total bank borrowings during the period[53](index=53&type=chunk) [Contingent Liabilities](index=20&type=section&id=Contingent%20Liabilities) The Group has contingent liabilities related to endorsed and discounted bills receivable, but default risk is considered very low as bills are issued and guaranteed by reputable PRC banks - The Group endorsed and discounted certain bills receivable to settle trade and other payables or raise cash[54](index=54&type=chunk) - The default risk is very low as the bills are issued and guaranteed by reputable banks in the PRC[54](index=54&type=chunk) [Capital Commitments](index=21&type=section&id=Capital%20Commitments) The Group's capital commitments remained stable, primarily for acquiring property, plant and equipment, capital injection into an associate, and developing new engines - Total capital commitments amounted to approximately **RMB 125,490 thousand** (2024 year-end: RMB 125,490 thousand)[55](index=55&type=chunk) - Contracted capital commitments of approximately **RMB 90,030 thousand** (2024 year-end: RMB 90,060 thousand) were mainly related to capital expenditures for acquiring property, plant and equipment, capital injection into an associate, and developing new engines[55](index=55&type=chunk) [Foreign Exchange Risk](index=21&type=section&id=Foreign%20Exchange%20Risk) The Group faces foreign currency translation risk as some assets and liabilities are denominated in USD and HKD, and will continue to monitor and potentially hedge this risk - The Group's functional currency is RMB, but some assets and liabilities are denominated in USD and HKD, exposing it to foreign currency translation risk[56](index=56&type=chunk) - The Group will continue to monitor foreign exchange risk and may consider hedging when necessary[57](index=57&type=chunk) [Employees and Remuneration Policies](index=21&type=section&id=Employees%20and%20Remuneration%20Policies) Both employee headcount and costs increased, with the Group committed to competitive remuneration based on performance and industry practices - As of June 30, 2025, the Group employed approximately **1,004 employees** (2024: 935 employees)[58](index=58&type=chunk) - Employee costs for the six months ended June 30, 2025, were approximately **RMB 66,040 thousand** (2024: RMB 62,660 thousand)[58](index=58&type=chunk) - Employee remuneration is determined based on performance and is in line with industry practices and market conditions[58](index=58&type=chunk) [Outlook](index=21&type=section&id=Outlook) China's economy and automotive market show positive growth, especially in NEVs and passenger vehicles, with the Group expecting continued growth in range-extended gasoline engines, exploring new NEV component business, low-altitude economy, and in-house range extender R&D - China's GDP grew by **5.3%** in real terms in the first half of 2025, with significant contributions from the automotive manufacturing industry[59](index=59&type=chunk) - Passenger vehicle sales increased by **13.0%** year-on-year, and New Energy Vehicle (NEV) sales rose by **40.3%** year-on-year, accounting for approximately **44.3%** of total sales[60](index=60&type=chunk) - Range-extended electric vehicles (EREVs) continue to be favored in the NEV market, and the Group's joint venture with Li Auto will continue to provide high-quality and stable supply of range-extended gasoline engines[61](index=61&type=chunk) - Engine component business sales declined, and the Group is exploring other new customers and new NEV component businesses[62](index=62&type=chunk) - China's full-year automobile sales for 2025 are projected to grow by **5.0%** year-on-year to **34.04 million units**, primarily driven by NEVs and passenger vehicles[64](index=64&type=chunk) - The Company is exploring new investment opportunities to expand its product portfolio and diversify revenue sources, including the application of range extenders in intercity pure electric light logistics vehicles[64](index=64&type=chunk) - A research team has been established to focus on the low-altitude economy, exploring business transformation potential, and has developed its own new range extender, expected to reduce reliance on third-party technology in the future[65](index=65&type=chunk) [Other Information](index=23&type=section&id=Other%20Information) This section covers corporate governance, including interim dividend policy, trading of listed securities, compliance with corporate governance code, financial statement review, and Board composition [Interim Dividend](index=23&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[66](index=66&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=23&type=section&id=Purchase%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) Neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the six months ended June 30, 2025 - Neither the Company nor its subsidiaries engaged in the purchase, sale, or redemption of listed securities during the reporting period[67](index=67&type=chunk) [Compliance with Corporate Governance Code](index=23&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The Company has complied with all code provisions of the Corporate Governance Code as set out in Appendix C1 to the Listing Rules for the six months ended June 30, 2025 - The Company has complied with all code provisions of the Corporate Governance Code[68](index=68&type=chunk) [Review of Financial Statements](index=24&type=section&id=Review%20of%20Financial%20Statements) The Audit Committee, with management, reviewed the Group's accounting principles, audit, internal controls, and financial reporting, including these interim financial statements - The Audit Committee has reviewed the Group's accounting principles, audit, internal controls, and financial reporting matters[69](index=69&type=chunk) - The Audit Committee members include Mr. Chi Kwok Wa (Chairman), Mr. Wang Jun, and Ms. Dong Yan, all of whom are independent non-executive directors[69](index=69&type=chunk) [Board of Directors](index=24&type=section&id=Board%20of%20Directors) The Company's Board of Directors comprises two executive directors, one non-executive director, and three independent non-executive directors - The Board of Directors includes two executive directors: Mr. Zhang Wei (Chairman) and Mr. Deng Han (Chief Executive Officer)[70](index=70&type=chunk) - The Board of Directors includes one non-executive director: Mr. Yang Ming[70](index=70&type=chunk) - The Board of Directors includes three independent non-executive directors: Mr. Chi Kwok Wa, Mr. Wang Jun, and Ms. Dong Yan[70](index=70&type=chunk)

董事會會議通知 新 晨 中 國 動 力 控 股 有 限 公 司（「本公司」）董 事 會（「董事會」）謹 此 宣 佈，將 於 二 零 二 五 年 八 月 二 十 一 日（ 星 期 四 ）在 香 港 中 環 美 利 道2號 The Henderson 33樓 3303室 舉 行 董 事 會 會 議，藉 以（ 其 中 包 括 ）考 慮 及 批 准 本 公 司 及 其 附 屬 公 司 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 之 未 經 審 核 綜 合 中 期 財 務 業 績。 承董事會命 香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負 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 對 因 本 公 佈 全 部或任何部份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。 XINCHEN CHINA POWER HOLDINGS LIMITED 新晨中國動力控股有限公 司 （於開曼群島註冊成立的有限公 司） （股份代 號：1148） 於 本 公 佈 日 期，董 事 會 成 員 包 括 兩 位 執 行 董 事：張 巍 先 ...

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7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 新晨中國動力控股有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01148 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 1,282,211,794 | | 0 | | 1,282,211,794 | | 增加 / 減少 (-) | | | | | | | | | | 本月底結存 | | | | 1,282,211,794 | | 0 | | 1,282,211,794 | 第 2 頁 共 10 ...

Financial Performance - The company's revenue for the year ended December 31, 2024, was RMB 6,082,391 thousand, representing a 13.9% increase from RMB 5,340,830 thousand in 2023[7]. - The net profit attributable to shareholders for the year was RMB 38,135 thousand, compared to RMB 41,093 thousand in the previous year, indicating a slight decrease of 4.8%[7]. - In 2024, the company recorded total sales of approximately RMB 6.08239 billion, an increase of about 13.88% compared to RMB 5.34083 billion in 2023, primarily driven by increased sales of range extenders[13]. - The group recorded a profit attributable to shareholders of approximately RMB 38.17 million for the year ended December 31, 2024, compared to RMB 41.07 million for the year ended December 31, 2023, representing a decrease of about 7.0%[25]. - The group's pre-tax profit for 2024 was approximately RMB 42.38 million, down from RMB 48.52 million in 2023, indicating a decline of about 12.5%[24]. - Income tax expenses decreased by approximately 43.48% from RMB 7.44 million in 2023 to RMB 4.21 million in 2024 due to a reduction in deferred tax items recognized during the reporting period[25]. - The gross profit margin decreased from approximately 3.29% in 2023 to about 3.02% in 2024, primarily due to the increased proportion of lower-margin range extender sales[19]. - The total sales cost for 2024 was approximately RMB 5.89883 billion, an increase of about 14.21% from RMB 5.16496 billion in 2023, attributed to the rise in range extender sales[18]. Market Trends and Demand - The total sales volume of NEVs (New Energy Vehicles) in China increased by 35.5% to 12.87 million units, accounting for approximately 40.9% of total vehicle sales in 2024[8]. - The demand for plug-in hybrid vehicles surged by 83.3% to 5.14 million units, with their market share within NEVs rising to 40%[10]. - The market for commercial vehicles in 2024 is estimated to be around 4 million units, with new energy commercial vehicles accounting for approximately 15% to 20%, or 600,000 to 800,000 units[11]. - In 2024, China's automobile production and sales exceeded 31 million units, setting a new historical high, with NEV sales reaching 12.88 million units, a year-on-year increase of 34.4%[51]. Strategic Plans and Growth - The company plans to expand its presence in the NEV market through acquisitions and strategic partnerships, leveraging the growth momentum in the sector[9]. - The company is actively exploring potential mergers and acquisitions to expand its product portfolio and strengthen core competitiveness[15]. - The company aims to expand its product portfolio and strengthen market share through technological enhancements and new product development[51]. - The company is focused on developing high-performance engines and powertrains to meet existing customer demands and explore potential new markets[51]. Assets and Liabilities - Non-current assets decreased to RMB 2,248,001 thousand from RMB 2,488,630 thousand in 2023, reflecting a decline of 9.7%[7]. - Current assets increased to RMB 3,229,708 thousand, up from RMB 3,012,473 thousand in 2023, marking a growth of 7.2%[7]. - The total liabilities of the company slightly decreased, with current liabilities at RMB 3,293,002 thousand compared to RMB 3,308,163 thousand in 2023[7]. - The total assets of the group as of December 31, 2024, were approximately RMB 5.47771 billion, a slight decrease from RMB 5.50110 billion as of December 31, 2023[27]. - The debt-to-equity ratio as of December 31, 2024, was approximately 2.12, down from 2.21 as of December 31, 2023, indicating a reduction in lease liabilities during the reporting period[30]. Employee and Management - The group employed approximately 1,002 employees as of December 31, 2024, an increase from approximately 964 employees as of December 31, 2023[33]. - The company emphasizes the importance of employee development through tailored talent development plans and a performance-oriented compensation system[56]. - The company has a strong management team with extensive experience in finance and automotive industries, enhancing its operational capabilities[44][45]. Governance and Compliance - The company has complied with all relevant laws and regulations in China and Hong Kong as of December 31, 2024[55]. - The company has maintained compliance with all provisions of the Corporate Governance Code during the fiscal year ending December 31, 2024[113]. - The board of directors is responsible for the strategic direction and oversight of the company, aiming to enhance shareholder value[115]. - The company has established internal control procedures that are deemed effective by the independent non-executive directors[105]. - The independent non-executive directors have confirmed their independence in accordance with the listing rules, ensuring compliance with governance standards[123]. Environmental and Social Responsibility - The environmental, social, and governance report covers operations from January 1, 2024, to December 31, 2024, with a focus on sustainable development[187]. - The company has complied with all relevant laws and regulations related to health, safety, and the environment[188]. - The company reported a total of 26,317.86 tons of carbon dioxide (CO2) equivalent greenhouse gas emissions for the year 2024, with a density of 1.49 tons of CO2 equivalent per unit of production[193]. - The total hazardous waste generated by the company was 53.23 tons, equating to 0.003 tons per unit of production[194]. - The company aims to meet national environmental protection standards for air, wastewater, and noise pollutants, with measures in place to reduce emissions by 95% for certain pollutants[195]. Shareholder Information - The company has proposed a final dividend of HKD 0.97 per share for the year ending December 31, 2024, compared to no dividend for the previous year[61]. - Major shareholders include Huachen Investment Holdings, Xin Hua Investment Holdings, and Pusch Group, each holding 400,000,000 shares, representing approximately 31.20% of the total issued shares as of December 31, 2024[77][81]. - The company will hold its annual general meeting on June 20, 2024, and a special general meeting on December 20, 2024, to address shareholder inquiries[178]. Risk Management - The company has identified financial risks related to interest rates and liquidity, but does not face foreign currency exchange risks due to the absence of foreign currency loans[50]. - The company has established risk management policies to assess and manage potential risks affecting its operations[149]. - The company has implemented a whistleblowing policy to enhance oversight and management effectiveness[160].

Financial Performance - For the fiscal year ending December 31, 2024, the company reported total revenue of RMB 6,082,391,000, an increase of 13.9% from RMB 5,340,830,000 in 2023[2] - Gross profit for the same period was RMB 183,557,000, reflecting a growth of 4.8% compared to RMB 175,866,000 in the previous year[2] - The net profit for the year was RMB 38,171,000, down 7.0% from RMB 41,071,000 in 2023[2] - The company reported a total comprehensive income of RMB 38,135,000 for the year, compared to RMB 41,093,000 in the previous year[4] - The basic and diluted earnings per share for the year were RMB 0.030, down from RMB 0.032 in 2023[4] - The pre-tax profit for 2024 was RMB 42,378,000, down from RMB 48,515,000 in 2023, indicating a decrease of about 12.5%[34] - The group recorded a pre-tax profit of approximately RMB 42.38 million in 2024, down from RMB 48.52 million in 2023[69] Assets and Liabilities - The company’s total assets as of December 31, 2024, were RMB 5,413,715,000, a slight decrease from RMB 5,500,803,000 in 2023[6] - Current liabilities amounted to RMB 3,293,002,000, compared to RMB 3,308,163,000 in the previous year, indicating a reduction in short-term obligations[8] - The group’s total liabilities have increased from RMB 1,083,000,000 in 2023 to RMB 1,200,000,000 in 2024, representing a growth of approximately 10.8%[48] - The company’s total borrowings, including bank and other loans, amount to RMB 602,904,000 in 2024, compared to RMB 550,824,000 in 2023, indicating an increase of about 9.5%[48] - The company’s lease liabilities have decreased from RMB 537,834,000 in 2023 to RMB 399,942,000 in 2024, indicating a decline of approximately 25.7%[47] - The debt-to-equity ratio is approximately 2.12, down from 2.21 as of December 31, 2023, primarily due to a reduction in lease liabilities[75] - The asset-liability ratio is approximately 34.37% as of December 31, 2024, compared to 35.01% as of December 31, 2023, mainly due to an increase in equity attributable to the owners[75] Cash Flow and Liquidity - The company’s cash and cash equivalents increased to RMB 85,570,000 from RMB 23,839,000 in 2023, showing improved liquidity[6] - The company believes it has sufficient financial resources to meet its financial obligations for the foreseeable future, based on cash flow forecasts covering a one-year period from the date of approval of the financial statements[16] - The company plans to monitor production activities to meet forecasted output and sales, implement cost control measures, and seek other feasible financial arrangements to improve liquidity[17] - The income tax expense for 2024 was RMB 4,207,000, a decrease from RMB 7,444,000 in 2023, indicating a reduction of approximately 43%[34] Revenue Breakdown - The total revenue from external customers for the year ended December 31, 2024, was RMB 6,082,391,000, with gasoline engines contributing RMB 5,281,673,000, diesel engines RMB 114,640,000, and engine parts RMB 686,078,000[19] - Major customer revenue for 2024 includes Customer A at RMB 5,046,531,000, a significant increase from RMB 1,392,114,000 in 2023[26] - The engine business segment saw a revenue increase of approximately 16.02%, rising from RMB 46.5114 billion in 2023 to RMB 53.9631 billion in 2024, with engine sales increasing by about 24.46% to approximately 519,000 units[64] Expenses and Costs - The total sales and distribution expenses for the year were RMB 20,290,000, reflecting the company's cost management efforts[20] - The financing costs decreased to RMB 47,749,000 in 2024 from RMB 57,309,000 in 2023, indicating a reduction of approximately 16%[30] - Total employee costs increased to RMB 145,763,000 in 2024 from RMB 138,173,000 in 2023, representing a rise of approximately 5.5%[35] - The total depreciation and amortization expenses for the year were RMB 277,781,000, compared to RMB 265,278,000 in the previous year, marking an increase of about 4.7%[35] Market Outlook - In 2024, the total vehicle sales in China are projected to reach approximately 31.4 million units, representing a year-on-year growth of 4.5%[52] - New Energy Vehicle (NEV) sales are anticipated to rise by 35.5% to 12.87 million units, accounting for approximately 40.9% of total vehicle sales in 2024[52] - The NEV market is expected to continue its rapid growth, with projections indicating that NEV sales could account for half of total vehicle sales by 2025 or earlier[53] - The commercial vehicle market is projected to have total sales of around 4 million units in 2024, with new energy commercial vehicles expected to account for 15% to 20% of that, representing a significant growth opportunity[57] Strategic Initiatives - The company plans to focus on expanding its market presence and enhancing its product offerings in the upcoming fiscal year[2] - The company has allocated resources towards research and development for new technologies to drive future growth[2] - The company aims to capture growth opportunities through acquisitions or collaborations within the automotive industry[53] - The group plans to continue exploring potential acquisition opportunities and partnerships to enhance its product portfolio and core competitiveness[62] Corporate Governance - The company has maintained compliance with all corporate governance codes as of December 31, 2024[89] - The auditors have agreed that the preliminary announcement aligns with the consolidated financial statements for the year ending December 31, 2024[91] - The audit committee has reviewed the accounting principles and practices used by the group, discussing matters related to auditing, internal controls, and financial reporting for the year ending December 31, 2024[92]

Financial Performance - For the six months ended June 30, 2024, the company reported revenue of RMB 2,619,532,000, an increase of 4.4% compared to RMB 2,509,663,000 for the same period in 2023[2] - Gross profit for the same period was RMB 109,869,000, slightly up from RMB 107,160,000, reflecting a gross margin improvement[2] - Other income increased significantly to RMB 26,748,000 from RMB 11,508,000, indicating a growth of 132.5%[2] - The company recorded a net profit of RMB 22,125,000 for the period, compared to RMB 21,742,000 in the previous year, representing a year-on-year increase of 1.8%[3] - The company reported a decrease in pre-tax profit to RMB 23,811,000 for the six months ended June 30, 2024, down from RMB 25,267,000 in the same period of 2023, reflecting a decline of 5.8%[9] - The company recorded an unaudited total revenue of approximately RMB 2.61953 billion in the first half of 2024, an increase of about 16.43% compared to RMB 2.24981 billion in the same period last year[52] - The unaudited pre-tax profit decreased by approximately 5.76% to RMB 23.81 million in the first half of 2024 from RMB 25.27 million in the same period last year[53] Assets and Liabilities - Total assets decreased to RMB 5,081,466,000 as of June 30, 2024, down from RMB 5,501,103,000 at the end of 2023, a decline of 7.6%[4] - Current liabilities were reported at RMB 2,963,860,000, a decrease from RMB 3,308,163,000, indicating a reduction of 10.4%[6] - The company's total liabilities as of June 30, 2024, included a net current liability of approximately RMB 240,428,000, which raises concerns about liquidity[11] - The company's financial assets at amortized cost decreased to RMB 2,228,551,000 as of June 30, 2024, down from RMB 2,510,085,000 as of December 31, 2023, reflecting a decline of about 11.2%[44] - The total lease liabilities as of June 30, 2024, were RMB 468,619,000, compared to RMB 537,834,000 as of December 31, 2023, indicating a decrease of approximately 13.0%[42] Cash Flow and Investments - The operating cash flow before changes in working capital for the six months ended June 30, 2024, was RMB 151,039,000, a decrease of 8.4% from RMB 164,899,000 in the same period of 2023[9] - The net cash used in investing activities for the six months ended June 30, 2024, was RMB 102,136,000, compared to RMB 9,320,000 in the same period of 2023, indicating a significant increase in investment outflows[10] - The net cash used in financing activities for the six months ended June 30, 2024, was RMB 22,339,000, a decrease from a net cash inflow of RMB 26,504,000 in the same period of 2023[10] - Cash and cash equivalents increased by RMB 17,530,000, reaching RMB 41,369,000 as of June 30, 2024, compared to RMB 43,710,000 at the end of the previous year[10] Operational Efficiency and Strategy - The company has plans for market expansion and new product development, although specific details were not disclosed in the report[2] - The company aims to enhance operational efficiency and explore strategic partnerships to drive future growth[2] - The company is exploring new investment opportunities to expand its product portfolio and diversify revenue sources to maintain core competitiveness[64] - The company is actively seeking new customers and NEV component business opportunities due to a decline in demand for certain engine components[63] Market and Economic Outlook - The company expects to maintain its operational focus in China, where most of its revenue is generated, indicating a strategic emphasis on the domestic market[16] - The company anticipates that the overall automotive sales in China will achieve approximately 3% year-on-year growth in 2024, reaching a new normal of 30 million units sold[64] - In the first half of 2024, China's GDP grew by 5% year-on-year, with the automotive manufacturing sector contributing to this growth, despite signs of economic slowdown due to ongoing challenges in the real estate sector[62] Corporate Governance and Shareholder Information - The company did not declare any interim dividend for the six months ending June 30, 2024, consistent with the previous year[65] - Major shareholders, including Huachen Investment and Xin Hua Investment, each hold 400,000,000 shares, representing approximately 31.20% of the issued shares as of June 30, 2024[69] - The total number of issued shares as of June 30, 2024, is 1,282,211,794 shares[70] - The company has complied with all provisions of the corporate governance code during the six months ending June 30, 2024[74] Employee and Operational Metrics - The total employee costs amounted to RMB 62,663,000 for the six months ended June 30, 2023, compared to RMB 62,048,000 for the same period in 2022, reflecting an increase of approximately 1%[20] - The group employed approximately 935 employees as of June 30, 2024, with employee costs for the six months ending June 30, 2024, amounting to RMB 62.66 million, slightly up from RMB 62.05 million in the same period of 2023[61] Future Initiatives and Innovations - The company is exploring innovative solutions to improve operational efficiency and customer satisfaction[77] - There is a strong focus on sustainability and corporate responsibility in the company's future initiatives[77] - Future outlook includes plans for new product development and technological advancements to drive growth[77]