Financial Performance - For the fiscal year ending December 31, 2024, the company reported a sales revenue of approximately RMB 82.8 million, a decrease of about RMB 17.9 million compared to the previous year[12]. - The company recorded a loss attributable to shareholders of approximately RMB 16.9 million, an increase of about RMB 4.8 million from the previous year[13]. - The company's revenue for the year ended December 31, 2024, was approximately RMB 828 million, a decrease of about RMB 179 million compared to RMB 1,007 million for the same period in 2023[17]. - The gross profit for the year ended December 31, 2024, was approximately RMB 23 million, down RMB 122 million from RMB 145 million in 2023, resulting in a gross margin of 2.8% compared to 14.4% in the previous year[19]. - Other income, gains, and losses for the year ended December 31, 2024, were approximately RMB 67 million, an increase of RMB 20 million from RMB 47 million in 2023[21]. - The company reported a loss attributable to owners of the company of approximately RMB 169 million for the year ended December 31, 2024, compared to a loss of RMB 121 million in the previous year[27]. Supply Chain and Business Strategy - The company is focusing on providing integrated supply chain solutions, emphasizing a "from farm to table" approach to ensure the freshness of agricultural products[12]. - The company aims to optimize its supply chain management and food supply business layout in response to market demands[11]. - The company is actively adjusting its strategy to lower gross margins to meet consumer demand for high cost-performance products and services[13]. - The company has deepened cooperation with various producers and packaging factories to supply high-quality agricultural products[12]. - The company plans to expand its supply chain services in innovative technology sectors, including green energy industries, to respond to structural market demand changes[16]. Cash Flow and Assets - The net current assets decreased from approximately RMB 936 million as of December 31, 2023, to approximately RMB 897 million as of December 31, 2024[28]. - Cash and cash equivalents and financial assets measured at fair value increased to approximately RMB 882 million as of December 31, 2024, from RMB 712 million as of December 31, 2023[29]. Employee and Operational Metrics - Employee count decreased to 48 as of December 31, 2024, from 62 as of December 31, 2023, due to business adjustments and optimization[33]. - Employee turnover rate was 12.9% in 2024, with a total of 48 employees at year-end[177]. - 100% of employees participated in training programs, with an average training time of 42 hours per employee[182]. - The total working hours for male employees were 56,224 hours, with zero work-related injuries and fatalities, resulting in a fatality rate of 0%[180]. - The total working hours for female employees were 40,160 hours, with zero work-related injuries and fatalities, resulting in a fatality rate of 0%[180]. Corporate Governance - The board of directors includes a mix of executive and non-executive members, with some directors up for re-election at the upcoming annual general meeting[70]. - The company has implemented high standards of corporate governance based on the Stock Exchange's Corporate Governance Code[106]. - The board has established various committees, including a remuneration committee and a nomination committee, to oversee specific areas of governance[100][101]. - The company has a clear separation of roles between the chairman and the CEO, although both roles are currently held by the same individual[114]. - The board is responsible for monitoring operational and financial performance, as well as establishing appropriate risk management policies[112]. Environmental, Social, and Governance (ESG) Initiatives - The company has been focusing on sustainable development by integrating environmental, social, and governance (ESG) principles into its operations[153]. - The company’s ESG report is the ninth issued, focusing on corporate social responsibility and covering operations primarily in its factories in China[149]. - The company has not faced any penalties from environmental protection authorities as of December 31, 2024[162]. - The company actively engages in social welfare activities to contribute to balanced social development[154]. - The company prioritizes employee health and safety as a key component of its sustainable development strategy[156]. Waste and Emissions Management - The total wastewater generated by the group in the reporting year was approximately 11,972 tons[163]. - The total greenhouse gas emissions amounted to approximately 2,417.3 tons CO2 equivalent, with a density of about 292 kg CO2 equivalent per million RMB revenue[168]. - The group has established a comprehensive waste management system to ensure proper disposal and recycling of industrial waste[169]. - The company plans to achieve zero discharge of domestic wastewater in the medium to long term by recycling it for irrigation[175]. Community Engagement and Contributions - The company has made significant community contributions, including donations of RMB 300,000 to the Wenchuan earthquake relief in 2008 and RMB 2,000,000 to the Huangshan United Applied Technology Research Institute in 2019[192][193]. - Community investment initiatives were outlined, focusing on areas such as education, environment, and health, along with resources allocated to these initiatives[198].

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 對 因 本 公 告 全部或任何部份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。 SHUANGHUA HOLDINGS LIMITED 雙樺控股有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：1241） 截 至2024年12月31日止年度之 年度業績公佈 雙樺控股有限公司（「本公司」）之董事（「董 事」）會（「董事會」）茲公佈本公司及其 附屬公司（統 稱 為「本集團」）截 至2024年12月31日止年度（「本年度」或「報告期」） 之 經 審 核 綜 合 業 績，連 同 比 較 數 字 如 下。 – 1 – 綜合損益及其他全面收益表 截 至12月31日止年度 | | | | | | 2024年 2023年 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 附 註 人民幣千元 人民幣千元 | | | | 收 ...

Financial Performance - For the six months ended June 30, 2024, the company achieved sales revenue of approximately RMB 60.6 million, an increase of about RMB 31.9 million compared to the same period last year[5]. - The food supply business recorded revenue of approximately RMB 47.0 million, benefiting from the sales peak during the Chinese New Year[5]. - The company reported a loss attributable to owners of approximately RMB 3.2 million, compared to a profit of RMB 0.2 million in the same period last year[6]. - The gross profit for the same period was approximately RMB 4.4 million, a decrease of about RMB 2.6 million from RMB 7.0 million in the previous year, primarily due to reduced gross margins in the supply chain management business[11]. - The group reported a loss attributable to owners of the company of approximately RMB 3.2 million for the six months ended June 30, 2024, compared to a profit of RMB 0.2 million in the same period last year[19]. - The company incurred a loss before tax of RMB 3,183 thousand for the six months ended June 30, 2024, compared to a profit of RMB 204 thousand in the same period of 2023[48]. - The company reported a revenue of RMB 60,563 thousand for the six months ended June 30, 2024, compared to RMB 28,701 thousand for the same period in 2023, representing a growth of 111%[48]. - Gross profit for the six months ended June 30, 2024, was RMB 4,439 thousand, down from RMB 7,015 thousand in 2023, indicating a decline of 37.5%[48]. - The group recorded a pre-tax loss of RMB 3,183,000 for the six months ended June 30, 2024, compared to a pre-tax profit of RMB 204,000 for the same period in 2023[58]. Revenue Breakdown - The company's supply chain management business generated revenue of approximately RMB 13.6 million during the reporting period[5]. - The supply chain management business accounted for 22.3% of total revenue in 2024, down from 47.5% in 2023, while the food supply business increased to 77.7% from 52.5%[11]. - The supply chain management segment reported revenue of RMB 13,531,000, which is consistent with the previous year's performance of RMB 13,645,000, indicating a slight decrease of 0.8%[58]. - Major customers contributed significantly to revenue, with Customer A generating RMB 19,851,000 and Customer B contributing RMB 19,581,000, together accounting for RMB 39,432,000, which is a substantial increase from RMB 12,246,000 in the prior year[62]. - The food supply business generated revenue of RMB 47,032,000, up from RMB 15,056,000 in the previous year, marking a growth of 212%[63]. Cash Flow and Assets - Cash generated from operating activities increased significantly to RMB 28,856 thousand in 2024 from RMB 2,184 thousand in 2023, marking a substantial improvement[53]. - The company’s cash and cash equivalents increased to RMB 92,671 thousand as of June 30, 2024, compared to RMB 65,349 thousand as of December 31, 2023, representing an increase of approximately 41.8%[71]. - The company’s net assets as of June 30, 2024, were RMB 274,411 thousand, a slight decrease from RMB 277,594 thousand as of December 31, 2023[50]. - Total assets decreased to RMB 294,905 thousand as of June 30, 2024, down from RMB 318,076 thousand as of December 31, 2023, reflecting a reduction of 7.3%[49]. - Current liabilities were reduced to RMB 19,472 thousand as of June 30, 2024, compared to RMB 39,473 thousand as of December 31, 2023, showing a decrease of 50.7%[49]. Operational Efficiency - The average inventory turnover days improved to 5 days for the six months ended June 30, 2024, compared to 6 days for the same period in 2023, reflecting a focus on promoting the food supply business[22]. - The average turnover days for trade receivables and bills increased to 81 days for the six months ended June 30, 2024, compared to 45 days for the same period in 2023[23]. - The average turnover days for trade payables and bills decreased to 51 days for the six months ended June 30, 2024, down from 76 days for the same period in 2023[23]. Corporate Governance - The company has complied with all provisions of the corporate governance code as of June 30, 2024, except for the separation of roles between the Chairman and CEO[39]. - The roles of the Chairman and CEO are held by the same individual, which the board believes does not impair the balance of power and authority[40]. - The company has established a nomination committee to recommend suitable directors and management personnel to enhance corporate strategy[42]. - A remuneration committee has been formed to recommend compensation policies for directors and senior management[44]. - The board diversity policy was revised on August 31, 2023, emphasizing the importance of diversity in improving company performance and leadership structure[43]. Future Plans - In the second half of 2024, the company plans to focus on diversifying its supply chain management business and enhancing profitability in the food supply sector[7]. - The company aims to expand its supply chain business to include other goods, services, or technologies, promoting further diversification[7]. - The group plans to enhance its food supply business and improve profitability by expanding its supply chain and collaborating with strong suppliers and farms[9]. - The group aims to diversify its business by leveraging resources through acquisitions, investments, or strategic alliances focused on green and healthy consumption[10].

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 60,563,000, a significant increase of 111.1% compared to RMB 28,701,000 in the same period of 2023[2] - Gross profit decreased to RMB 4,439,000, down 36.5% from RMB 7,015,000 year-over-year[2] - The company reported a loss before tax of RMB 3,183,000, compared to a profit of RMB 204,000 in the previous year[2] - The basic and diluted loss per share for the period was RMB 0.05, compared to earnings of RMB 0.03 per share in the previous year[2] - For the six months ended June 30, 2024, the company recorded a loss attributable to owners of approximately RMB 3.2 million, compared to a profit of RMB 0.2 million in the same period last year[36] - The gross profit for the six months ended June 30, 2024, was approximately RMB 4.4 million, a decrease of approximately RMB 2.6 million from RMB 7.0 million in the same period last year[30] Revenue Breakdown - Revenue from food supply business reached RMB 47,032,000, up from RMB 15,056,000 in the previous year, indicating a growth of about 212%[16] - The supply chain management services generated revenue of RMB 3,124,000, compared to RMB 4,515,000 in the prior year, reflecting a decrease of approximately 31%[16] - The supply chain management business accounted for 22.3% of total revenue, while the food supply business accounted for 77.7% for the six months ended June 30, 2024[29] - Major customers contributed significantly to revenue, with Customer A generating RMB 19,851,000 and Customer B RMB 19,581,000, together accounting for RMB 39,432,000, which is a substantial increase from RMB 12,246,000 in the prior year[15] Cash Flow and Assets - Cash generated from operating activities increased significantly to RMB 28,856,000, compared to RMB 2,184,000 in the same period last year[6] - The company’s cash and cash equivalents increased to RMB 92,671,000 from RMB 65,349,000 at the beginning of the period[6] - Total assets as of June 30, 2024, were RMB 294,905,000, down from RMB 318,076,000 at the end of 2023[3] - Trade receivables decreased significantly to RMB 25.694 million as of June 30, 2024, from RMB 64.626 million as of December 31, 2023, indicating improved collection efforts[22] - Trade payables also decreased to RMB 6.708 million from RMB 25.369 million, reflecting better cash flow management[24] - The net current assets increased from approximately RMB 93.6 million as of December 31, 2023, to approximately RMB 94.9 million as of June 30, 2024[37] Expenses and Cost Management - The company’s administrative expenses increased to RMB 8,896,000 for the six months ended June 30, 2024, compared to RMB 7,946,000 in the same period last year[11] - Employee benefits expenses, excluding directors and CEO remuneration, decreased to RMB 3.341 million from RMB 4.128 million, indicating cost control measures[25] - Administrative expenses for the six months ended June 30, 2024, were approximately RMB 8.9 million, an increase of approximately RMB 1.0 million from the previous year, primarily due to increased consulting fees[34] Governance and Compliance - The company has not reported any significant impact from the new or revised Hong Kong Financial Reporting Standards effective from January 1, 2024[8] - The company has adopted all provisions of the corporate governance code as per the listing rules, with no known non-compliance issues[48] - The audit committee has reviewed the unaudited consolidated performance for the six months ending June 30, 2024, ensuring compliance with accounting principles and internal controls[56] - The audit committee consists of three independent non-executive directors, ensuring effective oversight of financial reporting and risk management systems[55] - The company has established a remuneration committee to recommend compensation policies for directors and senior management[54] - The board comprises three executive directors and three independent non-executive directors, ensuring a balanced governance structure[58] Future Outlook - The company plans to focus on diversifying supply chain management, enhancing food supply business profitability, and expanding into other goods, services, or technology supply chains in the second half of 2024[27] - The company aims to improve the competitiveness of core products and expand into more profitable high-value products based on market changes[27] - The company is focusing on enhancing service quality and processes in its supply chain management business to adapt to the challenging economic environment[25] Other Information - The company did not declare any interim dividends for the six months ended June 30, 2024, nor for the year ending December 31, 2023[20] - The group had no significant investments, acquisitions, or disposals of subsidiaries or joint ventures during the six months ended June 30, 2024[42] - There were no significant events requiring disclosure after the reporting period[46] - The interim report for the six months ending June 30, 2024, will be sent to shareholders and uploaded to the stock exchange and company website at an appropriate time[57]

Business Strategy and Development - In 2023, Shuanghua Holdings Limited focused on diversifying its supply chain services and food supply business, leveraging its cold chain facilities to enhance storage, sorting, packaging, and distribution capabilities[9]. - The company aims to expand its product range and improve service quality and efficiency, targeting both online and offline sales channels to increase core competitiveness and profit sources[9]. - The company is actively seeking new development opportunities and profit growth points through investments, joint ventures, and strategic alliances in supply chain services, food supply, and new energy sectors[10]. - The company plans to build a global supply chain network to enhance value for farmers and consumers while focusing on risk control and sustainable development[9]. - The company plans to deepen cooperation with suppliers to provide a variety of high-quality agricultural products and diversify its sales and distribution network, achieving end-to-end product delivery[19]. - The company aims to expand its new energy business, anticipating increased demand for new energy products and services due to ongoing adjustments in the global energy landscape[22]. Financial Performance - The company achieved a revenue of approximately RMB 100.7 million for the year ended December 31, 2023, an increase of approximately RMB 80.3 million compared to the previous year[25]. - The loss attributable to the company owners was approximately RMB 12.1 million, a decrease of approximately RMB 7.8 million from the previous year, mainly due to optimization of the business structure and diversification of supply chain management[17]. - The gross profit for the year ended December 31, 2023, was approximately RMB 14.5 million, an increase of approximately RMB 11.3 million from approximately RMB 3.2 million in the previous year, with a gross margin of approximately 14.4%[28]. - Other income, gains, and losses amounted to approximately RMB 4.7 million, an increase of approximately RMB 1.3 million from RMB 3.4 million in the previous year, primarily due to increased interest income[30]. - Sales and distribution costs were approximately RMB 1.9 million, an increase of approximately 72.7% from RMB 1.1 million in the previous year, primarily due to increased business development needs[33]. - Administrative expenses for the year ended December 31, 2023, were approximately RMB 17.5 million, a decrease of about 11.2% from RMB 19.7 million for the year ended December 31, 2022, primarily due to reclassification of property depreciation[34]. Market and Economic Conditions - According to the National Bureau of Statistics of China, in 2022, the country's meat import value reached approximately $30.872 billion, while fruit imports amounted to about $16.705 billion, indicating a significant market opportunity for the company[14]. - The geopolitical conflicts and economic uncertainties in 2023 have impacted global economic recovery, prompting the company to adapt its operational strategies accordingly[13]. - The company faces risks from global economic slowdown and geopolitical uncertainties that may impact demand for its products and services[65]. - The company acknowledges intense competition in the market, which may lead to pricing pressures and necessitate adjustments in sales and marketing strategies[68]. Environmental and Sustainability Efforts - The company is committed to environmental sustainability and has implemented various green office measures to reduce energy consumption[71]. - The company plans to review and implement more environmental measures to enhance sustainability in its operations[72]. - The company emphasizes high-quality products and services as a cornerstone for sustainable development, with a focus on supply chain management[184]. - The company is committed to enhancing resource usage and environmental management, improving production efficiency, and reducing energy consumption through equipment upgrades[176]. - The company aims to reduce unit cold storage comprehensive energy consumption by 2% to 5% by 2025[199]. - The company has set a CO2 reduction target and is promoting low-carbon commuting among employees[192]. Corporate Governance - The board of directors includes both executive and independent non-executive members, ensuring a diverse governance structure[83]. - The board consists of 3 executive directors, 1 non-executive director, and 3 independent non-executive directors, with a gender composition of 3 males and 4 females[150]. - The board plans to hold at least four regular meetings each year, with special meetings convened as necessary[129]. - The company emphasizes high standards of corporate governance as a key element for maintaining success[124]. - The nomination committee is responsible for identifying suitable candidates for the board, ensuring a transparent process for appointing new directors[134]. Shareholder and Financial Policies - The company does not recommend the payment of a final dividend for the year ended December 31, 2023, consistent with the previous year[57]. - The company reported no dividend distribution for the year ending December 31, 2023, consistent with the previous year[77]. - The company has adopted a shareholder communication policy to enhance investor confidence and ensure timely and fair information disclosure[170]. - The company has not purchased, sold, or redeemed any of its listed securities during the year ended December 31, 2023[56]. Operational Efficiency and Technology - The company has introduced ERP and WMS systems to enhance procurement, production management, and supply chain logistics[192]. - Operational efficiency improvements are expected to reduce costs by 10% over the next year[114]. - The company is investing in new technology development, allocating $50 million towards R&D initiatives[114]. Employee and Social Responsibility - The company emphasizes employee health and safety as a crucial component of sustainable development, providing a fair and safe working environment[176]. - The company actively engages in social welfare activities, contributing to balanced social development[177]. - The company is committed to fair recruitment and employee rights, providing diverse training and development opportunities[182].

Financial Performance - Total revenue for the year ended December 31, 2023, was RMB 100,685,000, a significant increase from RMB 20,406,000 in 2022, representing a growth of 392%[5] - Gross profit for the same period was RMB 14,456,000, compared to RMB 3,232,000 in the previous year, indicating a growth of 347%[5] - The company reported a loss before tax of RMB 10,638,000, an improvement from a loss of RMB 21,321,000 in 2022, reflecting a reduction of 50%[5] - The net loss for the year was RMB 12,107,000, down from RMB 19,949,000 in 2022, showing a decrease of 39%[5] - The group reported a pre-tax loss of RMB 10,638 thousand for 2023, an improvement from a loss of RMB 21,321 thousand in 2022[34] - The loss attributable to the company was approximately RMB 12.1 million, a reduction of about RMB 7.8 million from the previous year, primarily due to business structure optimization[45] Assets and Liabilities - Non-current assets totaled RMB 185,038,000 as of December 31, 2023, a slight decrease from RMB 191,103,000 in 2022[7] - Current assets increased to RMB 133,038,000 in 2023, up from RMB 112,429,000 in 2022, representing an increase of 18%[7] - Total liabilities increased to RMB 39,473,000 in 2023, compared to RMB 13,026,000 in 2022, indicating a significant rise of 203%[7] - The company's total equity decreased to RMB 277,594,000 in 2023 from RMB 289,701,000 in 2022, reflecting a decline of 4%[8] Revenue Segmentation - For the fiscal year ending December 31, 2023, the total revenue from the supply chain management business was RMB 100,685,000, with a segment performance of RMB 14,456,000[19] - The total revenue for the fiscal year ending December 31, 2022, was RMB 20,406,000, with a segment performance of RMB 3,232,000, indicating a significant increase in revenue for the supply chain management business in 2023[20] - Revenue from supply chain management business reached RMB 87,608 thousand in 2023, up from RMB 16,141 thousand in 2022, indicating an increase of about 442%[25] - The supply chain management business generated revenue of RMB 22.1 million, accounting for 22.0% of total revenue, while the food supply segment generated RMB 78.5 million, accounting for 78.0% of total revenue for the year ended December 31, 2023[56] Customer Concentration - As of December 31, 2023, four customers contributed over 10% of the total revenue, compared to one customer in 2022[23] - Customer B generated RMB 19,970 thousand in revenue, while Customer C and Customer D contributed RMB 19,274 thousand and RMB 15,258 thousand respectively in 2023[24] Cash Flow and Expenses - The company's cash and cash equivalents decreased to RMB 65,349,000 from RMB 89,275,000 in the previous year, a decline of 27%[7] - Interest income increased to RMB 3,158 thousand in 2023 from RMB 2,248 thousand in 2022, reflecting a growth of approximately 40%[28] - Administrative expenses for the year ended December 31, 2023, were approximately RMB 17.5 million, a decrease of about 11.2% compared to RMB 19.7 million for the year ended December 31, 2022, primarily due to reclassification of property depreciation[63] - Interest expenses for the year ended December 31, 2023, were approximately RMB 50,000, an increase from RMB 22,000 for the year ended December 31, 2022[64] Strategic Focus and Future Plans - The company is engaged in supply chain management and R&D for automotive parts, indicating a focus on expanding its operational capabilities[10] - The group plans to deepen cooperation with suppliers for high-quality agricultural products and expand its sales and distribution network in 2024[46] - The company aims to advance its new energy business and explore other goods, services, or technologies to further diversify its operations[46] - The group plans to continue developing its new energy business, anticipating increased demand for new energy products and services due to global energy adjustments and the Belt and Road Initiative[50] Governance and Compliance - The group has adopted the corporate governance code and has not identified any non-compliance issues during the year, except for the separation of roles between the chairman and CEO[87] - The audit committee has held four meetings during the year to review the company's reports and accounts, ensuring compliance with applicable accounting standards[91] Market Conditions - The geopolitical tensions and global commodity demand uncertainties are expected to impact the global supply chain and economic growth in 2024[46] Miscellaneous - The company has not recognized any revenue from the automotive parts business as of December 31, 2023, indicating a focus on the supply chain management segment[19] - The group has no significant contingent liabilities as of December 31, 2023, consistent with the previous year[81] - There were no assets pledged as collateral as of December 31, 2023, similar to the previous year[82] - The board does not recommend the payment of a final dividend for the year ended December 31, 2023, which is unchanged from the previous year[84] - The group has not engaged in any buybacks, sales, or redemptions of its listed securities as of December 31, 2023[83]

Financial Performance - For the six months ended June 30, 2023, Shuanghua Holdings Limited reported sales revenue of approximately RMB 287 million, an increase of approximately RMB 157 million compared to the same period last year[6]. - The company recorded a profit attributable to owners of the company of approximately RMB 0.2 million, a significant improvement from a loss of approximately RMB 5.8 million in the same period last year[9]. - Revenue for the six months ended June 30, 2023, was RMB 28,701,000, a significant increase from RMB 13,037,000 in the same period of 2022, representing a growth of 120.5%[69]. - Gross profit for the same period was RMB 7,015,000, compared to RMB 2,214,000 in 2022, indicating a gross margin improvement[69]. - The group reported a pre-tax profit of RMB 204,000 for the six months ended June 30, 2023, compared to a pre-tax loss of RMB 6,049,000 in the same period of 2022[87][89]. - Basic and diluted earnings per share for the period were 0.03 cents, compared to a loss of 0.90 cents per share in 2022[69]. - The company reported a gain from the sale of property, plant, and equipment amounting to RMB 30,000, compared to a loss of RMB 2,000 in the previous year[113]. Business Strategy and Focus - The company is focusing on diversifying its supply chain management business, aiming to enhance business scale and profitability[10]. - Shuanghua plans to expand its supply chain services, including cold storage and property services, to increase customer volume and turnover rates[11]. - The company aims to develop new customers in large food processing enterprises, supermarkets, trading companies, and e-commerce platforms to enhance its business scale[11]. - The company is actively reducing its traditional fuel vehicle parts business to mitigate losses and concentrate resources on higher growth potential sectors[9]. - The company aims to diversify its supply chain services through acquisitions, investments, or strategic alliances in areas such as lithium battery recycling and energy-saving industries[14]. - Shuanghua is leveraging its automotive industry resources to continue developing its new energy business[10]. Economic Environment - The global economic environment remains uncertain, with risks including global debt crises and geopolitical conflicts, which may impact future growth[10]. - The company emphasizes the importance of domestic demand for the recovery of the Chinese economy in the second half of 2023[10]. Financial Position and Assets - Total assets as of June 30, 2023, were RMB 308,230,000, slightly up from RMB 303,532,000 at the end of 2022[72]. - Cash and cash equivalents increased to RMB 91,371,000 from RMB 89,275,000 at the end of 2022, reflecting a positive cash flow[78]. - The company maintained a stable equity position with total equity of RMB 289,905,000 as of June 30, 2023, compared to RMB 289,701,000 at the end of 2022[73]. - The company’s non-current assets totaled RMB 187,122,000, a decrease from RMB 191,103,000 at the end of 2022[72]. - The company’s investment properties increased to RMB 79,771,000 from RMB 51,048,000, indicating a strategic focus on asset growth[72]. Operational Efficiency - Average inventory turnover days decreased to 6 days for the six months ended June 30, 2023, compared to 19 days for the same period in 2022, indicating improved efficiency in inventory management[32]. - The average turnover days for trade receivables and bills decreased to 45 days as of June 30, 2023, compared to 106 days for the same period in 2022[34]. - The average turnover days for trade payables and bills decreased to 76 days as of June 30, 2023, compared to 118 days for the same period in 2022[34]. Expenses and Liabilities - Administrative expenses decreased by approximately 6% to about RMB 7.9 million for the six months ended June 30, 2023, mainly due to reclassification of property depreciation[25]. - Total liabilities, including trade payables and lease liabilities, rose to RMB 12,183,000 as of June 30, 2023, compared to RMB 7,554,000 as of December 31, 2022, indicating a 61.5% increase[134]. - Employee benefits expenses, excluding directors and CEO remuneration, increased to RMB 4,128,000 from RMB 3,828,000, marking a rise of 8%[107]. Shareholder Information - As of June 30, 2023, the total number of issued shares was 650,000,000 ordinary shares[46]. - The company has a total of 282,750,000 shares held by Youshen Group, representing 43.5% of the issued share capital[49]. - Ms. Zhou Shuxian holds 120,160,000 shares, accounting for 18.5% of the issued share capital[49]. - Mr. Xu Zonglin owns 59,144,000 shares, which is 9.1% of the issued share capital[49]. - The board did not recommend the payment of an interim dividend for the six months ended June 30, 2023[42]. Governance and Management - The company has adopted all provisions of the Corporate Governance Code as per the Listing Rules[58]. - The roles of the Chairman and CEO are not separated, with Mr. Zheng Ping holding both positions[59]. - The Nomination Committee has been established to recommend suitable directors and management personnel to enhance the company's strategy[63].

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，概不對因本公告全部或任何部分 內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Shuanghua Holdings Limited 雙樺控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1241） 截至2023年6月30日止六個月之 中期業績公告 雙樺控股有限公司（「本公司」）之董事（「董事」）會（「董事會」）茲公佈本公司及其附屬公 司（「本集團」）截至2023年6月30日止六個月之未經審核簡明綜合業績，連同比較數字 如下。該等中期財務資料未經審核，惟已由本公司之審核委員會審閱。 1 中期簡明綜合損益表 截至6月30日止六個月 附註 2023 2022 人民幣千元 人民幣千元 （未經審核） （未經審核） 收入 5 28,701 13,037 ...

Financial Performance - The company's total revenue for 2022 was RMB 20.4 million, a decrease of RMB 12.3 million compared to 2021[6] - The company recorded a loss attributable to owners of RMB 19.9 million in 2022, an increase of RMB 1.3 million compared to 2021[6] - The company's gross profit for 2022 was RMB 3.232 million, a decrease from RMB 4.966 million in 2021[10] - Sales and distribution costs decreased by 21.4% to RMB 1.1 million in 2022, primarily due to reduced freight and warranty expenses[11] - Interest expenses for 2022 were RMB 22,000, a significant decrease from RMB 63,000 in 2021[12] - Other income, gains, and losses for the year ended December 31, 2022, decreased by approximately RMB 1.1 million to RMB 3.4 million compared to the previous year[20] - Administrative expenses for the year ended December 31, 2022, decreased by 4.4% to approximately RMB 19.7 million due to internal structural optimization[21] - Recoverable taxes for the year ended December 31, 2022, amounted to approximately RMB 1.4 million, a significant increase from RMB 0.2 million in the previous year[22] - The company did not recommend paying a final dividend for the year ended December 31, 2022[27] - The company's distributable reserves, including share premium and retained earnings, amounted to approximately RMB 157.7 million as of December 31, 2022[73] - The company did not declare any dividends for the year ended December 31, 2022, consistent with the previous year[71] - The company's financial statements are prepared in accordance with applicable accounting standards and regulations, ensuring accurate disclosure of financial status[196] - The Board of Directors considers various factors including actual and expected performance, retained earnings, and capital expenditure needs before declaring dividends[198] Business Operations - The company's supply chain management business generated revenue of RMB 16.8 million in 2022, accounting for 82.2% of total revenue[5][9] - The company's subsidiary, Shanghai Longhua Food Co., Ltd., obtained a food business license in early 2022 and operates under the brand "Longhuazhen"[5] - The company is expanding its supply chain services to include lithium battery recycling, circular technology, and energy-saving industries[8] - Automotive parts business sales revenue for the year ended December 31, 2022, was approximately RMB 3.6 million, with evaporator sales contributing approximately RMB 2.0 million[15] - The company plans to focus on iterating supply chain management models, expanding new energy and special vehicle businesses, and diversifying its supply chain operations in 2023[16] - The company will strengthen its food supply business through online and offline channels, promoting high-quality products under the "Longhuazhen" brand[17] - The company's HVAC parts business has over 20 years of industry experience and has established core advantages in technology, products, and customers[183] - The company has expanded its supply chain management business by entering the food supply sector to enhance its scale[183] - The company's cold storage area has built core competitiveness and brand influence in the cold chain logistics industry after nearly two years of continuous operation[183] - The company's factories are located in Shanghai's Fengxian District and Huangshan's Tunxi District in Anhui Province[183] Cash Flow and Leases - Total cash outflows for leases in 2022 were RMB 2,159 thousand, with RMB 1,259 thousand in operating activities and RMB 900 thousand in financing activities[2] - The company's lease liabilities are separately presented in the consolidated financial statements, with short-term leases for warehouses (up to 12 months) recognized as expenses on a straight-line basis[89] - As a lessor, the company classifies leases as operating or finance leases, with rental income recognized on a straight-line basis over the lease term and included in other income in the consolidated income statement[90] - The company recognizes lease liabilities for lease payments and right-of-use assets for the right to use the leased assets, with right-of-use assets depreciated over the shorter of the lease term or the asset's useful life, typically 2 years for office rentals and 48-50 years for prepaid land lease payments[114] - Lease liabilities are initially measured at the present value of lease payments, which include fixed payments, variable payments based on indices or rates, and expected payments under residual value guarantees[116] - The company assesses whether a contract is a lease based on whether it conveys the right to control the use of an identified asset for a period of time in exchange for consideration[112] Shareholder and Ownership Structure - Total issued shares of the company as of December 31, 2022, are 650,000,000 shares[76] - Mr. Zheng Ping holds 282,750,000 shares, representing 43.5% of the total issued shares[77][78] - Ms. Kong Xiaoling, spouse of Mr. Zheng Ping, is deemed to hold 282,750,000 shares, representing 43.5% of the total issued shares[77][78] - You Shen Group holds 282,750,000 shares, representing 43.5% of the total issued shares[80] - Ms. Zhou Shuxian holds 120,160,000 shares, representing 18.5% of the total issued shares[80] - Mr. Xu Zonglin holds 59,144,000 shares, representing 9.1% of the total issued shares[80] - Shareholders holding more than one-tenth of the company's paid-up capital can request a special general meeting within 21 days of submitting a written request[199] - The company maintains regular communication with shareholders through interim and annual reports, as well as shareholder meetings[200] Environmental, Social, and Governance (ESG) - The company is committed to environmental sustainability and promotes green measures in its daily operations[34] - The company's ESG report covers key environmental and social performance indicators, with a focus on quantifiable data and consistent reporting methods[177][178] - The company's ESG initiatives include energy-saving measures, emission control, and employee health and safety improvements[180] - The company's ESG report is aligned with the ESG Reporting Guide under Appendix 27 of the Listing Rules, emphasizing materiality, balance, and consistency[176][177][178] - The company's ESG report is accessible to the public via the Hong Kong Stock Exchange and the company's official website[175] - The company's total wastewater generated in the year was approximately 14,383 tons[190] - The company's automotive parts business did not generate any exhaust gases during the year[192] - The company has no environmental penalties from Chinese environmental protection authorities as of December 31, 2022[189] - The company's welding process generates minimal welding dust, with a post-treatment emission concentration of approximately 6.05 mg/m³ and a rate of 9.08*10^-3 kg/h, complying with national standards[192] - The company's wastewater treatment process includes oil separation, flocculation, sedimentation, and disinfection before discharge into municipal sewage pipelines[190] - Gasoline consumption decreased from 2,554 liters in 2021 to 1,532 liters in 2022, a reduction of 40%[195] - Electricity consumption increased from 3,043,716 kWh in 2021 to 8,184,458 kWh in 2022, a rise of 169%[195] - Water consumption decreased from 15,386 tons in 2021 to 14,383 tons in 2022, a reduction of 6.5%[195] - Packaging usage decreased from 5 tons in 2021 to 4 tons in 2022, a reduction of 20%[195] Corporate Governance and Board Structure - The Board of Directors includes three executive directors, one non-executive director, and three independent non-executive directors, all of whom attended all six board meetings held during the year[134] - The company held a meeting between the Chairman and independent non-executive directors without the presence of other directors during the year[139] - The company's risk management and internal control systems were effective and sufficient, with no major violations or risks identified as of December 31, 2022[142] - The company adopted a revised and restated organizational constitution on June 30, 2022, to comply with new listing rules and corporate governance codes effective from January 1, 2022[143] - The Chairman and CEO roles were not separated and were both held by Mr. Zheng Ping throughout the year[145] - All directors provided their annual training records, with participation in corporate governance, legal, and regulatory updates[149] - The company's internal control procedures aim to safeguard assets, ensure compliance, and provide reliable financial records[142] - The Board of Directors held at least four regular meetings annually, discussing overall strategy, financial performance, and major acquisitions[138] - The company's nomination committee, chaired by an independent non-executive director, follows a formal and transparent process for appointing new directors[146] - The company's internal control system is reviewed twice a year, covering financial, operational, and compliance controls[142] - Directors have access to board meeting materials at least three days before scheduled meetings to ensure informed decision-making[144] - The company did not purchase any management liability insurance for directors during the year, citing stable financial conditions and a well-established internal control system[150] - The company adopted a standard code of conduct for securities transactions by directors and employees with access to inside information, with all directors complying during the year[151] - The Board of Directors delegated specific responsibilities to management, including implementing corporate strategies, submitting management reports, and overseeing daily operations[153] - The Nomination Committee held two meetings during the year, with all members attending both sessions, to review board composition and make recommendations on director reappointments and committee member appointments[157] - The Nomination Committee evaluated potential director candidates based on factors such as character, qualifications, professional skills, and diversity, including gender, age, and educational background[160] - The company achieved measurable diversity goals, including having at least one-third of the board as independent non-executive directors and at least one director with accounting qualifications[163] - The company's employee gender ratio was approximately 60% male and 40% female as of December 31, 2022, with equal opportunities provided regardless of gender, race, age, or other diversity factors[163] - The Remuneration Committee was responsible for recommending remuneration policies and structures for directors and senior management, as well as reviewing and approving matters related to the company's share plans[164] - The company's external auditor fees for the year ended December 31, 2022, amounted to approximately RMB 720,000, with no non-audit services provided during the same period[170] - The company has implemented a whistleblowing policy, allowing employees and stakeholders to anonymously report concerns via email to the audit committee[171] - The company's audit committee held four meetings in the year to review financial reports, risk management, and internal control procedures[166][168] - The company's board of directors ensures strict compliance with regulatory requirements for information disclosure, ensuring equal access to information for all shareholders[173] - The company's audit committee reviewed the annual performance and confirmed compliance with applicable accounting standards[168] Financial Assets and Liabilities - Financial assets are initially classified and subsequently measured at amortized cost, fair value through other comprehensive income, or fair value through profit or loss, depending on contractual cash flow characteristics and business model[92] - The company's business model for managing financial assets determines whether cash flows are from collecting contractual cash flows, selling financial assets, or both, influencing the classification and measurement of financial assets[93] - Financial assets measured at amortized cost are subsequently measured using the effective interest method and may be subject to impairment, with gains and losses recognized in the consolidated income statement upon derecognition, modification, or impairment[94] - For debt instruments measured at fair value through other comprehensive income, interest income, foreign exchange revaluation, and impairment losses or reversals are recognized in the consolidated income statement, while other fair value changes are recognized in other comprehensive income[96] - The company may irrevocably classify equity investments as designated at fair value through other comprehensive income if they meet the definition of equity under HKAS 32 and are not held for trading, with gains and losses not reclassified to profit or loss[97] - Financial assets measured at fair value through profit or loss are recognized at fair value in the consolidated financial statements, with net changes in fair value recognized in the consolidated income statement, including dividends when the right to receive payment is established[98] - The company classifies assets and liabilities into three levels of fair value hierarchy based on the significance of inputs: Level 1 (quoted prices in active markets), Level 2 (observable inputs not meeting Level 1 criteria), and Level 3 (unobservable inputs)[105] - Impairment losses are recognized when the carrying amount of an asset exceeds its recoverable amount, calculated as the higher of its value in use or fair value less costs to sell[105][106] - The company uses straight-line depreciation for property, plant, and equipment with annual rates of 4.75% for buildings, 9.50% for machinery, 19.00% for computers and office equipment, and 23.75% for vehicles[109] - Construction in progress is recorded at cost less impairment and is reclassified to appropriate property, plant, and equipment categories upon completion and readiness for use[110] - The company reviews and adjusts residual values, useful lives, and depreciation methods at least once at each financial year-end[109] - Significant parts of property, plant, and equipment with different useful lives are depreciated separately[109] - Impairment losses (except for goodwill) are reversed only if estimates used to determine recoverable amount change, but not exceeding the carrying amount that would have been determined had no impairment been recognized[106] - The company assesses at each reporting date whether there are indications that previously recognized impairment losses may no longer exist or may have decreased[106] - Related parties include entities controlled by or significantly influenced by key management personnel or their close family members[108] - The company capitalizes major inspection costs as part of the carrying amount of property, plant, and equipment when recognition criteria are met[109] - Investment properties are held for rental income or capital appreciation, with depreciation calculated on a straight-line basis over their estimated useful lives, with main annual rates being 4.75% for buildings and 48-50 years for prepaid land lease payments[111] - Financial assets are derecognized when the company transfers the rights to receive cash flows from the asset or enters into a pass-through arrangement, with continued recognition if the company retains substantially all risks and rewards[121] - The company recognizes expected credit losses for all debt instruments not measured at fair value through profit or loss, based on the difference between contractual cash flows and expected cash flows, discounted at the original effective interest rate[122] - Under the general approach, the company recognizes expected credit losses in two stages: 12-month expected credit losses for exposures with no significant increase in credit risk, and lifetime expected credit losses for exposures with a significant increase in credit risk[123] - The company assesses credit risk for debt investments at fair value through other comprehensive income, considering external credit ratings and deems credit risk significantly increased if payments are overdue by more than 30 days[124] - A financial asset is considered in default when contract payments are overdue by 90 days, or if there is no reasonable expectation of recovering the contractual cash flows[124] - Business combinations are accounted for using the acquisition method, with consideration transferred measured at fair value at the acquisition date[125] - Goodwill is initially measured at cost, which includes the consideration transferred, non-controlling interests, and any previously held equity interest in the acquiree, less the net identifiable assets acquired and liabilities assumed[127] - Goodwill is subject to annual impairment testing, or more frequently if events or changes in circumstances indicate that the carrying amount may be impaired[128] - The company measures financial assets and debt instruments at fair value at each reporting date, with fair value determined based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants[130] Risk Management - The company faces risks from global economic slowdown, market changes, and uncertainties such as COVID-19, which could reduce demand or prices for its products and services[46] - The company is exposed to policy and regulatory risks, including stricter environmental regulations and potential vehicle restrictions, which could negatively impact sales of automotive parts and supply chain management business[47] - The company's largest customer accounted for 11.7% of total sales, while the top five customers combined accounted for 48.6% of total sales[63] - The largest supplier accounted for 16.2% of total procurement, while the top five suppliers combined accounted for 27.8% of total procurement[64] Capital and Investments - The company has no asset mortgages as of December 31, 2022[13] - The company's 2022 Share Option Plan allows for the issuance of up to 65,000,000 shares, representing 10% of the company's issued shares as of the report date[25] - The company did not purchase, sell, or redeem any of its listed securities during the year ended December 31, 2022[26] - The company adopted a new share option plan in 2022, allowing the issuance of up to 65,000,000 shares, representing 10% of the issued shares as of the adoption date[43] - The company did not have any significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures during the year ended December 31, 2022[42] - No interest was capitalized by the group during the year[82] - No directors or their associates have interests in any business that directly or indirectly competes with the group[83] - Mr. Zheng Ping, the Executive Director, Chairman, and CEO, has been with the group since 2002 and is responsible for reviewing and executing the group's overall development strategy[84] - Ms. Kong Xiaoling, Non-Executive Director, has been with the group since 2007 and is responsible for overseeing the board and providing advice[86] - All independent non-executive directors have been confirmed as independent in accordance with Listing Rule 3.13, with annual independence confirmation letters obtained[100] - No rights to purchase shares or debentures were granted to directors, their spouses, or children under 18 during the year ended December 31, 2022, nor were any arrangements made by the company or its subsidiaries to enable such rights[101] Operational Efficiency - Average inventory turnover days decreased to 23 days in 2022 from 153 days in 2021, primarily due to business transformation[39] - Average accounts receivable and notes receivable turnover days decreased to 88 days in 2022 from 167 days in 2021, mainly due to shorter turnover periods in the

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，概不對因本公告 全部或任何部份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。 SHUANGHUA HOLDINGS LIMITED 雙 樺 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） 1241 （股份代號： ） 2022 12 31 截 至 年 月 日 止 年 度 之 年 度 業 績 公 佈 雙樺控股有限公司（「本公司」）之董事（「董事」）會（「董事會」）茲公佈本公司及其 附屬公司（統稱為「本集團」）截至2022年12月31日止年度（「本年度」或「報告期」） 之經審核綜合業績，連同比較數字如下。 ...