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 | | | 致：香港交易及結算所有限公司 公司名稱: 雙樺控股有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01241 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | 本月底法定/註冊股本總額： HKD 100,000,0 ...

Group 1 - The core viewpoint of the article is that Shuanghua Holdings (01241.HK) reported a significant decline in revenue for the first half of 2025, with a year-on-year decrease of 78.88% [1] - The company achieved a revenue of RMB 12.789 million in the first half of 2025 [1] - The loss attributable to the owners of the parent company during the period was RMB 2.115 million, an improvement from a loss of RMB 3.183 million in the same period last year [1] - The basic loss per share was RMB 0.03 [1]

Group 1 - The company, Shuanghua Holdings (01241), reported a revenue of RMB 12.789 million for the six months ending June 30, 2025, representing a year-on-year decrease of 78.88% [1] - The loss attributable to shareholders was RMB 2.115 million, which narrowed by 33.55% compared to the previous year [1] - The loss per share was 0.3 cents [1]

Group 1 - The core viewpoint of the article highlights the financial performance of Shuanghua Holdings for the six months ending June 30, 2025, indicating a significant decline in revenue and a reduction in losses [1] Group 2 - The company's revenue for the period was RMB 12.789 million, representing a year-on-year decrease of 78.88% [1] - The loss attributable to shareholders was RMB 2.115 million, which is a year-on-year narrowing of 33.55% [1] - The loss per share was reported at 0.3 cents [1]

[Company Information and Announcements](index=1&type=section&id=Company%20Information%20and%20Announcements) Shuanghua Holdings Limited (Stock Code: 1241) announced its unaudited condensed consolidated results for the six months ended June 30, 2025, primarily engaged in supply chain management and high-end agricultural product food supply [Company Overview and Announcement Statement](index=1&type=section&id=Company%20Overview%20and%20Announcement%20Statement) The company, Shuanghua Holdings Limited, reported its unaudited interim results for the six months ended June 30, 2025, focusing on supply chain management and food supply businesses - Company Name: **Shuanghua Holdings Limited** (Stock Code: **1241**)[2](index=2&type=chunk) - Reporting Period: Unaudited condensed consolidated results for the six months ended **June 30, 2025**[2](index=2&type=chunk) - Main Business: Supply chain management based on self-owned cold storage and properties, and food supply for high-end agricultural and sideline products, both domestically and internationally[7](index=7&type=chunk) [Interim Condensed Consolidated Financial Statements](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Statements) This section presents the company's interim financial performance and position, including the statement of profit or loss and the statement of financial position [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the company's revenue significantly decreased to **RMB 12,789 thousand**, with gross profit falling to **RMB 1,119 thousand**, resulting in a narrower loss of **RMB 2,115 thousand** for the period Key Profit and Loss Data (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (RMB thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Revenue | 12,789 | 60,563 | (47,774) | -78.9% | | Cost of sales | (11,670) | (56,124) | 44,454 | -79.2% | | Gross profit | 1,119 | 4,439 | (3,320) | -74.8% | | Other income, gains and losses | 3,005 | 2,090 | 915 | 43.8% | | Reversal of impairment losses on trade receivables, etc. | 2,676 | 112 | 2,564 | 2289.3% | | Selling and distribution costs | (938) | (916) | (22) | 2.4% | | Administrative expenses | (8,257) | (8,896) | 639 | -7.2% | | Interest expenses | (3) | (12) | 9 | -75.0% | | Loss before tax | (2,398) | (3,183) | 785 | -24.7% | | Recoverable tax | 283 | – | 283 | N/A | | Loss and total comprehensive income for the period | (2,115) | (3,183) | 1,068 | -33.6% | | Loss per share attributable to ordinary equity holders of the parent (cents) | (0.3) | (0.5) | 0.2 | -40.0% | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets slightly increased to **RMB 279,339 thousand**, driven by higher current assets and stable cash, while current liabilities significantly rose due to trade payables Key Financial Position Data (As of June 30) | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (RMB thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | **Assets** | | | | | | Total non-current assets | 169,556 | 172,569 | (3,013) | -1.7% | | Total current assets | 109,783 | 105,750 | 4,033 | 3.8% | | **Total assets** | **279,339** | **278,319** | **1,020** | **0.4%** | | **Liabilities** | | | | | | Total current liabilities | 19,487 | 16,069 | 3,418 | 21.3% | | Total non-current liabilities | 1,269 | 1,552 | (283) | -18.2% | | **Net assets** | **258,583** | **260,698** | **(2,115)** | **-0.8%** | | **Equity** | | | | | | Total equity | 258,583 | 260,698 | (2,115) | -0.8% | - Trade payables increased from **RMB 3,980 thousand** as of December 31, 2024, to **RMB 8,587 thousand** as of June 30, 2025, representing a **115.8%** increase[4](index=4&type=chunk)[30](index=30&type=chunk) [Notes to the Interim Condensed Consolidated Financial Statements](index=5&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed explanations and disclosures for the figures presented in the interim condensed consolidated financial statements [1. Company and Group Information](index=5&type=section&id=1.%20Company%20and%20Group%20Information) Shuanghua Holdings Limited is registered in the Cayman Islands, with principal places of business in Shanghai and Anhui, China, focusing on supply chain management and food supply - Registered Place: Cayman Islands[7](index=7&type=chunk) - Principal Places of Business: Fengxian District, Shanghai, China, and Tunxi District, Huangshan City, Anhui Province, China[7](index=7&type=chunk) - Main Business: Supply chain management business based on self-owned cold storage and properties, and food supply business for high-end agricultural and sideline products, both domestically and internationally[7](index=7&type=chunk) - Ultimate Holding Company: You Shen International Group Limited (registered in the British Virgin Islands)[7](index=7&type=chunk) [2. Basis of Preparation](index=5&type=section&id=2.%20Basis%20of%20Preparation) These interim condensed consolidated financial statements are prepared in accordance with HKAS 34 and Listing Rules, primarily using the historical cost convention and presented in RMB - Basis of Preparation: Hong Kong Accounting Standard 34 "Interim Financial Reporting" and the disclosure requirements of the Listing Rules[8](index=8&type=chunk) - Measurement Basis: Primarily adopted the historical cost convention[8](index=8&type=chunk) - Presentation Currency: Renminbi (RMB)[8](index=8&type=chunk) [3. Application of Revised Hong Kong Financial Reporting Standards](index=6&type=section&id=3.%20Application%20of%20Revised%20Hong%20Kong%20Financial%20Reporting%20Standards) The accounting policies for the six months ended June 30, 2025, are consistent with the 2024 annual financial statements, with no significant impact from new or revised HKFRSs effective January 1, 2025 - Accounting Policies: Largely consistent with the 2024 annual financial statements[9](index=9&type=chunk) - Application of New Standards: Revised Hong Kong Financial Reporting Standards effective January 1, 2025 (e.g., amendments to HKAS 21), had no significant impact on the Group's accounting policies[9](index=9&type=chunk) [4. Operating Segment Information](index=6&type=section&id=4.%20Operating%20Segment%20Information) The Group's business is segmented into supply chain management and food supply, with all revenue and non-current assets derived from China - Operating Segments: Supply chain management business (based on self-owned cold storage and properties) and food supply business (agricultural and sideline products)[10](index=10&type=chunk) - Geographical Information: All revenue and non-financial instrument non-current assets are derived from China[14](index=14&type=chunk)[15](index=15&type=chunk) [Segment Revenue and Results](index=7&type=section&id=Segment%20Revenue%20and%20Results) For the six months ended June 30, 2025, food supply business revenue significantly decreased, leading to a substantial reduction in total revenue and segment results, while supply chain management's revenue proportion increased Segment Revenue and Results (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (RMB thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | | | | | | Food supply business | 6,326 | 47,032 | (40,706) | -86.5% | | Supply chain management business | 6,463 | 13,531 | (7,068) | -52.2% | | **Total Revenue** | **12,789** | **60,563** | **(47,774)** | **-78.9%** | | **Segment Results** | | | | | | Food supply business | 7 | 620 | (613) | -98.9% | | Supply chain management business | 1,112 | 3,819 | (2,707) | -70.9% | | **Total Segment Results** | **1,119** | **4,439** | **(3,320)** | **-74.8%** | [Geographical Information](index=9&type=section&id=Geographical%20Information) The Group's operating entities, all revenue, and non-financial instrument non-current assets are exclusively located in mainland China - Operating Entities Location: China[14](index=14&type=chunk) - Revenue Source: Entirely from China[14](index=14&type=chunk) - Non-current Assets Location: All located in mainland China, excluding financial instruments[15](index=15&type=chunk) [Information on Major Customers](index=9&type=section&id=Information%20on%20Major%20Customers) For the six months ended June 30, 2025, the Group's revenue from major customers shifted, with three new key contributors replacing the previous two - Major Customer Count: **Three** in 2025, compared to **two** in 2024[16](index=16&type=chunk) Major Customer Revenue Contribution (For the six months ended June 30) | Customer | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Customer A | 6,265 | – | | Customer B | 3,179 | – | | Customer C | 1,318 | – | | Customer D | – | 19,851 | | Customer E | – | 19,581 | | **Total** | **10,762** | **39,432** | - In 2025, major customers A, B, and C contributed **84.1%** of total revenue (10,762/12,789)[18](index=18&type=chunk)[3](index=3&type=chunk) - In 2024, major customers D and E contributed **65.1%** of total revenue (39,432/60,563)[18](index=18&type=chunk)[3](index=3&type=chunk) [5. Revenue, Other Income, Gains and Losses](index=9&type=section&id=5.%20Revenue%2C%20Other%20Income%2C%20Gains%20and%20Losses) The Group's total revenue significantly decreased due to reduced food supply and supply chain management (leasing) income, while other income, gains and losses increased, primarily from fair value gains on financial assets Revenue Analysis (For the six months ended June 30) | Revenue Source | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (RMB thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Supply chain management: Services | 1,835 | 3,124 | (1,289) | -41.3% | | Food supply | 6,326 | 47,032 | (40,706) | -86.5% | | Supply chain management: Leasing | 4,628 | 10,407 | (5,779) | -55.5% | | **Total Revenue** | **12,789** | **60,563** | **(47,774)** | **-78.9%** | Total Other Income, Gains and Losses (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (RMB thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Bank interest income | 1,457 | 1,392 | 65 | 4.7% | | Fair value changes of financial assets at fair value through profit or loss | 1,320 | 1,132 | 188 | 16.6% | | Exchange (losses) / gains, net | (172) | 275 | (447) | -162.5% | | Others | 400 | (709) | 1,109 | -156.4% | | **Total** | **3,005** | **2,090** | **915** | **43.8%** | [6. Loss Before Tax](index=12&type=section&id=6.%20Loss%20Before%20Tax) For the six months ended June 30, 2025, the Group's loss before tax narrowed to **RMB 2,398 thousand**, primarily due to a significant decrease in cost of inventories sold and a substantial increase in reversal of impairment losses on trade receivables Components of Loss Before Tax (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (RMB thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Cost of inventories sold | 6,319 | 46,412 | (40,093) | -86.4% | | Depreciation of property, plant and equipment | 2,831 | 2,873 | (42) | -1.5% | | Depreciation of investment properties | 2,904 | 2,875 | 29 | 1.0% | | Depreciation of right-of-use assets | 277 | 644 | (367) | -57.0% | | Reversal of impairment losses on trade receivables, etc. | (2,676) | (112) | (2,564) | 2289.3% | | Total employee benefit expenses | 2,460 | 3,341 | (881) | -26.4% | [7. Income Tax](index=13&type=section&id=7.%20Income%20Tax) For the six months ended June 30, 2025, the Group recorded **RMB 283 thousand** in recoverable tax, primarily from deferred tax, with no such item in the prior year - Total recoverable tax for 2025 was **RMB 283 thousand**, mainly from deferred tax[24](index=24&type=chunk) - There was no recoverable tax in the corresponding period of 2024[24](index=24&type=chunk) [8. Dividends](index=13&type=section&id=8.%20Dividends) The Board does not recommend a final dividend for the year ended December 31, 2024, or an interim dividend for the six months ended June 30, 2025 - No final dividend recommended for 2024[25](index=25&type=chunk) - No interim dividend recommended for 2025[25](index=25&type=chunk) [9. Loss Per Share Attributable to Ordinary Equity Holders of the Parent](index=14&type=section&id=9.%20Loss%20Per%20Share%20Attributable%20to%20Ordinary%20Equity%20Holders%20of%20the%20Parent) For the six months ended June 30, 2025, basic and diluted loss per share attributable to ordinary equity holders of the parent was **0.3 cents**, narrower than **0.5 cents** in the prior year, with the number of ordinary shares outstanding remaining unchanged - Basic and diluted loss per share: **(0.3) cents** in 2025, **(0.5) cents** in 2024[3](index=3&type=chunk) - Number of ordinary shares outstanding: **650,000,000** shares, with no potential dilutive ordinary shares during the reporting period[26](index=26&type=chunk) [10. Financial Assets at Fair Value Through Profit or Loss](index=14&type=section&id=10.%20Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) As of June 30, 2025, listed equity investments in Shanghai Bank, measured at fair value, increased to **RMB 9,588 thousand** from **RMB 8,268 thousand** as of December 31, 2024 - Listed Equity Investment: Equity investment in Shanghai Bank[27](index=27&type=chunk) - Fair Value: **RMB 9,588 thousand** as of June 30, 2025, compared to **RMB 8,268 thousand** as of December 31, 2024[27](index=27&type=chunk) [11. Trade and Bills Receivables](index=15&type=section&id=11.%20Trade%20and%20Bills%20Receivables) As of June 30, 2025, net trade and bills receivables decreased to **RMB 7,234 thousand**, with a reduction in impairment provisions, but a significant increase in the proportion of receivables over 12 months old Trade and Bills Receivables (As of June 30) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (RMB thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Trade receivables | 25,052 | 32,447 | (7,395) | -22.8% | | Impairment provision | (17,820) | (20,496) | 2,676 | -13.1% | | **Net Amount** | **7,234** | **11,954** | **(4,720)** | **-39.5%** | - Credit Period: Generally **30 to 90 days**, extendable up to **1 year** for major customers[28](index=28&type=chunk) Aging Analysis of Trade Receivables (Net of impairment provision) | Aging | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 1 month | 3,544 | 10,181 | | Over 12 months | 3,688 | 1,694 | - The proportion of trade receivables over 12 months old increased from **14.2%** (1,694/11,951) as of December 31, 2024, to **51.0%** (3,688/7,232) as of June 30, 2025[29](index=29&type=chunk) [12. Trade Payables](index=17&type=section&id=12.%20Trade%20Payables) As of June 30, 2025, trade payables significantly increased to **RMB 8,587 thousand**, with notable increases in payables aged within 1 month and over 12 months - Trade Payables: **RMB 8,587 thousand** as of June 30, 2025, compared to **RMB 3,980 thousand** as of December 31, 2024, representing a **115.8%** increase[30](index=30&type=chunk) - Average Credit Period: **Three months**[30](index=30&type=chunk) Aging Analysis of Trade Payables | Aging | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 1 month | 5,145 | 403 | | Over 12 months | 3,442 | 3,430 | [Management Discussion and Analysis](index=18&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an overview of the Group's operational and financial performance, strategic outlook, and key financial resources [Business Review](index=18&type=section&id=Business%20Review) In the first half of 2025, the Group's sales revenue significantly declined due to global geopolitical conflicts, US tariff policies, and China's economic downturn, leading to active adjustments in product portfolios and diversification efforts - Macroeconomic Environment: Global geopolitical conflicts, US tariffs, China's economic pressure, consumption downgrade, industrial deflation[31](index=31&type=chunk) - Sales Revenue: Approximately **RMB 12.8 million** during the reporting period, a decrease of approximately **RMB 47.8 million** compared to the prior year[32](index=32&type=chunk)[38](index=38&type=chunk) - Food Supply Business Revenue: Approximately **RMB 6.3 million**, with low-margin orders cut due to consumption downgrade and rising import costs[32](index=32&type=chunk) - Loss for the Period: Loss attributable to owners of the parent was approximately **RMB 2.1 million**, narrower than **RMB 3.2 million** in the prior year, mainly due to cost and risk control[33](index=33&type=chunk)[48](index=48&type=chunk) [Outlook and Strategies](index=19&type=section&id=Outlook%20and%20Strategies) Facing complex global and domestic economic conditions, the Group will focus on diversifying its products and services and expanding into supply chain businesses for other goods and services to achieve stable development and business expansion - Macro Outlook: Complex global geopolitical landscape, uncertain US trade policies, and short-term domestic demand challenges[34](index=34&type=chunk) - Core Strategies: (i) Promoting product and service diversification; (ii) Expanding supply chain business for other goods and services[34](index=34&type=chunk) [Promoting Product and Service Diversification for Stable Business Development](index=19&type=section&id=Promoting%20Product%20and%20Service%20Diversification%20for%20Stable%20Business%20Development) The Group plans to enhance its one-stop supply chain solutions, optimize asset structure, expand food supply product lines, and broaden downstream channels to ensure stable business growth - Supply Chain Management: Consolidate existing and new customer collaborations, enhance warehousing capacity and turnover rate, and optimize asset structure[35](index=35&type=chunk) - Food Supply: Expand protein and aquatic product lines to enrich the product matrix[35](index=35&type=chunk) - Channel Expansion: Develop large and medium-sized chain supermarkets, e-commerce, and live-streaming platforms[35](index=35&type=chunk) - Brand Building: Steadily advance products and services under the "Longhua Zhen" and "Shuanghua" brands[36](index=36&type=chunk) [Expanding Supply Chain Business for Other Goods and Services to Diversify and Expand the Group's Operations](index=20&type=section&id=Expanding%20Supply%20Chain%20Business%20for%20Other%20Goods%20and%20Services%20to%20Diversify%20and%20Expand%20the%20Group%27s%20Operations) The Group intends to leverage existing resources to explore supply chain opportunities in innovative technology sectors, such as green energy, and introduce advanced power battery technology to drive sustainable growth - Expansion Direction: Supply chain business for innovative technology products and services, including technological innovation and green energy industries[37](index=37&type=chunk) - Specific Plan: Based on lithium battery recycling exploration, the Group plans to introduce global advanced power battery technology[37](index=37&type=chunk) - Goal: Develop new productive forces to drive sustained improvement in revenue scale and profitability, achieving stable and high-quality growth[37](index=37&type=chunk) [Financial Review](index=21&type=section&id=Financial%20Review) The Group's revenue and gross profit significantly declined due to consumption downgrade and rising import costs, while other income increased from financial asset gains, administrative expenses decreased, and the loss for the period narrowed - Revenue: Decreased by **78.9%** year-on-year to **RMB 12.8 million**[38](index=38&type=chunk) - Gross Profit: Decreased by **74.8%** year-on-year to **RMB 1.1 million**[40](index=40&type=chunk) - Other Income, Gains and Losses: Increased by **43.8%** year-on-year to **RMB 3.0 million**, primarily due to financial asset investment gains[42](index=42&type=chunk) - Reversal of Impairment Losses on Trade Receivables: Significantly increased to **RMB 2.7 million** year-on-year[43](index=43&type=chunk) - Administrative Expenses: Decreased by **7.2%** year-on-year to **RMB 8.3 million**, mainly due to reduced consulting fees[45](index=45&type=chunk) - Loss for the Period: Narrowed by **33.6%** year-on-year to **RMB 2.1 million**[48](index=48&type=chunk) [Revenue](index=21&type=section&id=Revenue) For the six months ended June 30, 2025, total revenue was **RMB 12.8 million**, a significant decrease from **RMB 60.6 million** in the prior year, with food supply business revenue proportion falling and supply chain management's rising Revenue by Business Segment (For the six months ended June 30) | Business Segment | 2025 (RMB thousand) | 2025 Proportion | 2024 (RMB thousand) | 2024 Proportion | | :--- | :--- | :--- | :--- | :--- | | Supply chain management business | 6,463 | 50.5% | 13,531 | 22.3% | | Food supply business | 6,326 | 49.5% | 47,032 | 77.7% | | **Total** | **12,789** | **100.0%** | **60,563** | **100.0%** | - Total revenue decreased by **78.9%** year-on-year[38](index=38&type=chunk) - Food supply business revenue decreased by **86.5%** year-on-year, while supply chain management business revenue decreased by **52.2%** year-on-year[39](index=39&type=chunk) [Gross Profit](index=21&type=section&id=Gross%20Profit) For the six months ended June 30, 2025, gross profit was **RMB 1.1 million**, a decrease of approximately **RMB 3.3 million** from the prior year, primarily due to lower sales prices and volumes, rising import costs, and near-zero gross profit from food supply - Total Gross Profit: **RMB 1.1 million**, a **74.8%** year-on-year decrease[40](index=40&type=chunk) - Main Reasons: Lower product sales prices and volumes due to consumption downgrade in China, and rising import product costs[40](index=40&type=chunk) Gross Profit by Business Segment (For the six months ended June 30) | Business Segment | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Supply chain services business | 1,112 | 3,819 | | Food supply business | 7 | 620 | | **Total** | **1,119** | **4,439** | - Food supply business gross profit decreased by **98.9%** year-on-year[41](index=41&type=chunk) [Other Income, Gains and Losses](index=22&type=section&id=Other%20Income%2C%20Gains%20and%20Losses) For the six months ended June 30, 2025, total other income, gains and losses amounted to **RMB 3.0 million**, an increase of approximately **RMB 1.0 million** from the prior year, mainly driven by increased investment gains from financial assets - Total Amount: **RMB 3.0 million**, an increase of approximately **RMB 1.0 million** year-on-year[42](index=42&type=chunk) - Main Driver: Increased investment gains from financial assets[42](index=42&type=chunk) - Fair value changes of financial assets at fair value through profit or loss increased from **RMB 1,132 thousand** to **RMB 1,320 thousand**[21](index=21&type=chunk) [Reversal of Impairment Losses on Trade Receivables under Expected Credit Loss Model](index=22&type=section&id=Reversal%20of%20Impairment%20Losses%20on%20Trade%20Receivables%20under%20Expected%20Credit%20Loss%20Model) For the six months ended June 30, 2025, the Group recorded a reversal of impairment losses on trade receivables of approximately **RMB 2.7 million**, a significant increase from **RMB 0.1 million** in the prior year - Impairment Loss Reversal: **RMB 2.7 million** (2025), **RMB 0.1 million** (2024)[43](index=43&type=chunk) - Increased by **2289.3%** year-on-year[43](index=43&type=chunk) [Selling and Distribution Costs](index=22&type=section&id=Selling%20and%20Distribution%20Costs) For the six months ended June 30, 2025, selling and distribution costs were approximately **RMB 0.9 million**, consistent with the prior year - Selling and Distribution Costs: Approximately **RMB 0.9 million**, consistent with the prior year[44](index=44&type=chunk) - Main Components: Staff costs, sales and transportation expenses, operating lease rentals, business entertainment, and travel expenses[44](index=44&type=chunk) [Administrative Expenses](index=22&type=section&id=Administrative%20Expenses) For the six months ended June 30, 2025, administrative expenses were approximately **RMB 8.3 million**, a decrease of approximately **RMB 0.6 million** from the prior year, primarily due to reduced consulting fees - Administrative Expenses: Approximately **RMB 8.3 million**, a year-on-year decrease of approximately **RMB 0.6 million**[45](index=45&type=chunk) - Main Reason: Reduced consulting fees[45](index=45&type=chunk) - Main Components: Staff costs, local taxes, depreciation, research and development expenses, and sundry expenses[45](index=45&type=chunk) [Interest Expenses](index=22&type=section&id=Interest%20Expenses) For the six months ended June 30, 2025, interest expenses were approximately **RMB 2,997**, a significant decrease from **RMB 12,469** in the prior year, primarily related to interest on lease liabilities - Interest Expenses: **RMB 2,997** (2025), **RMB 12,469** (2024)[46](index=46&type=chunk) - Decreased by **75.9%** year-on-year[46](index=46&type=chunk) - Primarily interest expenses on lease liabilities[46](index=46&type=chunk) [Recoverable Tax](index=22&type=section&id=Recoverable%20Tax) For the six months ended June 30, 2025, the Group recorded recoverable tax of approximately **RMB 283 thousand**, with no such item in the prior year - Recoverable Tax: **RMB 283 thousand** (2025), none in 2024[47](index=47&type=chunk) [Loss for the Period](index=22&type=section&id=Loss%20for%20the%20Period) For the six months ended June 30, 2025, the loss attributable to owners of the Company was approximately **RMB 2.1 million**, narrower than **RMB 3.2 million** in the prior year - Loss Attributable to Owners of the Parent: **RMB 2.1 million** (2025), **RMB 3.2 million** (2024)[48](index=48&type=chunk) - Loss narrowed by **33.6%** year-on-year[48](index=48&type=chunk) [Liquidity and Financial Resources](index=23&type=section&id=Liquidity%20and%20Financial%20Resources) The Group's net current assets slightly increased, and total cash and cash equivalents and financial assets at fair value grew steadily, with no bank borrowings, indicating a sound asset-liability structure and improved inventory management - Net Current Assets: Increased from approximately **RMB 89.7 million** as of December 31, 2024, to approximately **RMB 90.3 million** as of June 30, 2025[49](index=49&type=chunk) - Cash and Cash Equivalents and Financial Assets at Fair Value: Approximately **RMB 91.1 million** (June 30, 2025), approximately **RMB 88.2 million** (December 31, 2024)[50](index=50&type=chunk) - No Bank Borrowings[50](index=50&type=chunk) - No Material Contingent Liabilities[50](index=50&type=chunk) [Net Current Assets](index=23&type=section&id=Net%20Current%20Assets) The Group's net current assets increased from approximately **RMB 89.7 million** as of December 31, 2024, to approximately **RMB 90.3 million** as of June 30, 2025 - Net Current Assets: **RMB 90.3 million** as of June 30, 2025, compared to **RMB 89.7 million** as of December 31, 2024[49](index=49&type=chunk) - A slight increase of **0.7%**[49](index=49&type=chunk) [Financial Position and Bank Borrowings](index=23&type=section&id=Financial%20Position%20and%20Bank%20Borrowings) As of June 30, 2025, the Group's total cash and cash equivalents and financial assets at fair value were approximately **RMB 91.1 million**, an increase from the prior year, with no bank borrowings in either reporting period - Total Cash and Cash Equivalents and Financial Assets at Fair Value: **RMB 91.1 million** as of June 30, 2025, compared to **RMB 88.2 million** as of December 31, 2024[50](index=50&type=chunk) - No Bank Borrowings[50](index=50&type=chunk) - No outstanding mortgages, charges, debentures, debt securities, other loan capital, bank overdrafts or loans, other similar debts or finance lease commitments, acceptance liabilities or acceptance credits, hire purchase commitments, guarantees, or other material contingent liabilities[50](index=50&type=chunk) [Working Capital](index=23&type=section&id=Working%20Capital) For the six months ended June 30, 2025, average inventory turnover days significantly decreased to **0**, while average trade and bills receivables turnover days increased to **135**, and average trade and bills payables turnover days increased to **97** - Average Inventory Turnover Days: **0 days** in 2025, **5 days** in 2024, a significant decrease primarily due to enhanced inventory turnover management[51](index=51&type=chunk) - Average Trade and Bills Receivables Turnover Days: **135 days** in 2025, **81 days** in 2024, an increase mainly due to extended credit terms for reputable customers[51](index=51&type=chunk) - Average Trade and Bills Payables Turnover Days: **97 days** in 2025, **51 days** in 2024, an increase primarily due to more favorable terms negotiated with suppliers[52](index=52&type=chunk) [Capital Expenditure, Capital Commitments and Human Resources](index=24&type=section&id=Capital%20Expenditure%2C%20Capital%20Commitments%20and%20Human%20Resources) For the six months ended June 30, 2025, capital expenditure increased, primarily for cold storage construction, while capital commitments significantly decreased; the Group employs 42 staff, with remuneration based on market conditions and compliance with social security regulations - Capital Expenditure: Approximately **RMB 1.7 million** (2025), primarily for cold storage area construction, an increase from **RMB 1.3 million** in 2024[53](index=53&type=chunk) - Capital Commitments: Approximately **RMB 1.0 million** (2025), primarily for cold storage area construction, a significant decrease from **RMB 7.3 million** in 2024[53](index=53&type=chunk) - Employee Count: **42** employees[53](index=53&type=chunk) - Remuneration: Approximately **RMB 2.5 million** (excluding directors' and chief executive's remuneration)[53](index=53&type=chunk) - Benefit Expenses: Approximately **RMB 0.4 million**[54](index=54&type=chunk) - Compliance with social security and housing provident fund contribution regulations[54](index=54&type=chunk) [Material Investments, Material Acquisitions and Disposals](index=25&type=section&id=Material%20Investments%2C%20Material%20Acquisitions%20and%20Disposals) For the six months ended June 30, 2025, the Group had no material investments, acquisitions, or disposals of subsidiaries, associates, and joint ventures - No material investments, acquisitions, or disposals[56](index=56&type=chunk) [Foreign Exchange Risk](index=25&type=section&id=Foreign%20Exchange%20Risk) The Group's operations in China, with RMB as its functional and presentation currency, are primarily exposed to transactional currency risk from HKD and USD against RMB, with no current hedging intention but ongoing monitoring - Functional and Presentation Currency: Renminbi (RMB)[57](index=57&type=chunk) - Primary Foreign Exchange Risk: Fluctuations in HKD against RMB and USD against RMB exchange rates[57](index=57&type=chunk) - No current intention to hedge, but management will continue to monitor[57](index=57&type=chunk) [Contingent Liabilities](index=25&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no material contingent liabilities - No material contingent liabilities[58](index=58&type=chunk) [Pledged Assets](index=25&type=section&id=Pledged%20Assets) As of June 30, 2025, the Group had no pledged assets - No pledged assets[59](index=59&type=chunk) [Interim Dividend](index=25&type=section&id=Interim%20Dividend) The Board does not recommend an interim dividend for the six months ended June 30, 2025 - No interim dividend recommended[60](index=60&type=chunk) [Events After the Reporting Period](index=25&type=section&id=Events%20After%20the%20Reporting%20Period) No material events requiring disclosure occurred after the reporting period - No material post-reporting events[61](index=61&type=chunk) [Other Information and Corporate Governance](index=26&type=section&id=Other%20Information%20and%20Corporate%20Governance) This section details the company's compliance with corporate governance codes, policies on board diversity, and the functions of its key committees [Purchase, Sale or Redemption of the Company's Listed Securities or Sale of Treasury Shares](index=26&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities%20or%20Sale%20of%20Treasury%20Shares) For the six months ended June 30, 2025, neither the Company nor its subsidiaries purchased, sold, or redeemed any listed securities or sold any treasury shares - No purchase, sale, or redemption of listed securities[62](index=62&type=chunk) - No sale of treasury shares[62](index=62&type=chunk) [Compliance with Corporate Governance Code](index=26&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The Company has adopted the Corporate Governance Code, with the only deviation being the combined roles of Chairman and CEO held by Mr. Zheng Ping, which the Board believes enhances decision-making efficiency without impairing power balance - Corporate Governance Code adopted[63](index=63&type=chunk) - Deviation from Code Provision C.2.1: The roles of Chairman and Chief Executive Officer are combined and held by Mr. Zheng Ping[64](index=64&type=chunk) - The Board believes this structure does not impair the balance of power and enhances decision-making efficiency[64](index=64&type=chunk) [Compliance with Model Code](index=26&type=section&id=Compliance%20with%20Model%20Code) The Company has adopted the Model Code for directors' securities transactions, and all directors confirmed compliance during the reporting period - Model Code adopted as the code of conduct for directors' securities transactions[65](index=65&type=chunk) - All directors confirmed compliance with the Model Code[65](index=65&type=chunk) [Competition and Conflicts of Interest](index=27&type=section&id=Competition%20and%20Conflicts%20of%20Interest) As of the announcement date, no director or their associates directly or indirectly held any business interests competing or potentially competing with the Group's business, nor were there any other conflicts of interest - No directors or their associates have competing or conflicting business interests[66](index=66&type=chunk) [Nomination Committee](index=27&type=section&id=Nomination%20Committee) The Company has established a Nomination Committee, chaired by Mr. Chen Lifan, responsible for recommending directors and management personnel appointments to the Board - Nomination Committee established[67](index=67&type=chunk) - Responsibilities: To make recommendations to the Board on the appointment of directors and management personnel[67](index=67&type=chunk) - Chairman: Mr. Chen Lifan[67](index=67&type=chunk) [Board Diversity Policy](index=27&type=section&id=Board%20Diversity%20Policy) The Board has adopted and revised a diversity policy to enhance company performance and leadership structure by considering various aspects such as gender, age, and professional experience, with appointment decisions based on overall candidate qualities - Board Diversity Policy adopted and revised[68](index=68&type=chunk) - Objectives: To enhance company performance, optimize leadership structure, improve talent quality, and promote long-term development[68](index=68&type=chunk) - Diversity Aspects: Gender, age, ethnicity, cultural and educational background, professional skills, occupational experience, management level, and length of service[68](index=68&type=chunk) [Remuneration Committee](index=27&type=section&id=Remuneration%20Committee) The Company has established a Remuneration Committee, chaired by Ms. Guo Ying, responsible for recommending remuneration policies and structures for directors and senior management, and determining specific remuneration packages - Remuneration Committee established[69](index=69&type=chunk) - Responsibilities: To make recommendations to the Board on the remuneration policy and structure for directors and senior management, and to determine specific remuneration packages[69](index=69&type=chunk) - Chairman: Ms. Guo Ying[69](index=69&type=chunk) [Audit Committee](index=28&type=section&id=Audit%20Committee) The Audit Committee, comprising three independent non-executive directors and chaired by Mr. He Binhui, reviews financial reporting, internal control, and risk management systems, and has deemed them adequate and effective after reviewing the interim results - Composed of three independent non-executive directors, chaired by Mr. He Binhui[70](index=70&type=chunk) - Responsibilities: To review the financial reporting process, internal control, and risk management systems[70](index=70&type=chunk) - Reviewed the unaudited consolidated results for the period[71](index=71&type=chunk) - Believes the Group's internal control and risk management systems are adequate and effective[70](index=70&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=28&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) This interim results announcement has been published on the HKEX website and the Company's official website, with the interim report to be dispatched to shareholders and uploaded to relevant websites in due course - Announcement published on the HKEX website (www.hkex.com.hk) and the Company's official website (www.shshuanghua.com)[72](index=72&type=chunk) - Interim report will be dispatched to shareholders and uploaded to websites in due course[72](index=72&type=chunk)

Core Viewpoint - The company anticipates a decline in revenue for the first half of 2025, projecting approximately RMB 12.8 million, compared to RMB 60.6 million for the first half of 2024, alongside a reduction in net loss after tax [1] Revenue Expectations - Projected revenue for the first half of 2025 is approximately RMB 12.8 million [1] - Revenue for the first half of 2024 was approximately RMB 60.6 million [1] - The expected decrease in revenue is attributed to a sluggish overall economic outlook in China and a downgrade in consumer spending [1] Net Loss Projections - Anticipated net loss after tax for the first half of 2025 is approximately RMB 2.1 million [1] - The net loss after tax for the first half of 2024 was approximately RMB 3.2 million [1] - The reduction in net loss is primarily due to the reversal of impairment losses on trade receivables [1] Strategic Adjustments - The company is actively adjusting its product and service mix to adapt to changes in supply and demand in the market [1] - Cost and risk control measures are being implemented in response to the economic challenges [1]

Core Viewpoint - The company expects a significant decline in revenue and a reduction in net loss for the six months ending June 30, 2025, primarily due to a sluggish overall economic outlook in China and changes in consumer behavior [1] Revenue Summary - The estimated revenue for the six months ending June 30, 2025, is approximately RMB 12.8 million, a decrease from RMB 60.6 million for the same period in 2024 [1] - The revenue decline is attributed to a general economic downturn in China, leading to downgraded consumer spending, which has impacted both the sales prices and volumes of the company's products and services [1] Net Loss Summary - The expected net loss after tax for the six months ending June 30, 2025, is approximately RMB 2.1 million, an improvement from a net loss of RMB 3.2 million for the same period in 2024 [1] - The reduction in net loss is primarily due to the reversal of impairment losses on trade receivables [1] Strategic Adjustments - The company is actively adjusting its product and service mix to adapt to changes in supply and demand dynamics, focusing on cost and risk control measures [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 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倚賴該等內容而引致之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） 盈利預警 本公告乃雙樺控股有限公司（「本公司」連同其附屬公司，統稱為「本集團」）根據香 港聯合交易所有限公司證券上市規則第 13.09（2）（a）條（「上市規則」）及證券及期 貨條例第 XIVA 部（香港法例第 571 章）之內幕消息條文（定義見上市規則）而作出。 本公司董事（「董事」）會（「董事會」）謹此告知本公司股東（「股東」）及潛 在投資者，根據本公司現時可獲得之資料及對本集團截至 2025 年 6 月 30 日止六個 月之未經審核綜合管理賬目（「管理賬目」）進行的初步評估： 截至 2025 年 6 月 30 日止六個月，預期收入減少主要因中國整體經濟預期低迷，消費 降級，本集團產品及服務的銷售價格及銷售量均受到一定程度的影響。基於成本及風 險控制，本集團積極調整產品及服 ...

Company Overview - Double Hwa Holdings Limited, formerly known as Shanghai Double Hwa Automotive Parts Co., Ltd., began operations in 1997 and underwent restructuring in 2010 to become its current form [2] - The company operates through several entities, including Shanghai Double Hwa Automotive Parts Co., Ltd., Shanghai Double Hwa Supply Chain Management Co., Ltd., Shanghai Long Hwa Food Co., Ltd., and Anhui Double Hwa Intelligent Technology Co., Ltd. [2] - The main production bases are located in Fengxian District, Shanghai, covering approximately 267 acres with a building area of about 85,000 square meters, and in Tunxi District, Huangshan City, Anhui, covering about 63 acres with a building area of approximately 22,000 square meters [2] Business Transition - Before 2021, the company was an independent supplier of HVAC components for the automotive industry, focusing on the design, production, and sales of various HVAC parts [2] - Since 2021, the company has gradually transitioned its business model to focus on supply chain management and food supply services, providing a comprehensive range of services including direct procurement, warehousing, sorting, packaging, transportation, and customized product services [2] - The company aims to leverage its team's over ten years of experience in the food and agricultural products sector to offer high-quality services and products to customers nationwide [2] Financial Performance - As of December 31, 2024, Double Hwa Holdings reported total revenue of 82.78 million yuan, a year-on-year decrease of 17.79% [1] - The net profit attributable to the parent company was -16.89 million yuan, representing a year-on-year decrease of 39.56% [1] - The gross profit margin stood at 2.79%, and the debt-to-asset ratio was 6.33% [1] Market Position and Valuation - The average price-to-earnings (P/E) ratio for the automotive industry (TTM) is 17.04 times, with a median of 9.42 times [1] - Double Hwa Holdings has a P/E ratio of -4.49 times, ranking 41st in the industry [1] - Other companies in the automotive interior sector have P/E ratios ranging from 1.07 times to 6.86 times [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負 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倚賴該等內容而引致之任何損失承擔任何責任。 公 司秘 書 及執 行 董事 香港，二零二五年八月八日 於本公告日期，董事會成員包括三名執行董事鄭平先生、鄭菲女士及鄧露娜女士；一 名非執行董事孔小玲女士；以及三名獨立非執行董事郭瀅女士、何斌輝先生及陳禮璠先 生。 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） 董事會通告 雙樺控股有限公司（「本公司」）之董事（「董事」）會（「董事會」）謹此通告，本公 司將於二零二五年八月二十九日星期五下午四時正假座中華人民共和國上海市浦東 新區福山路 458 號同盛大廈 9 樓舉行董事會會議，藉以討論下列事項： 承董 事會 命 雙 樺 控 股 有 限 公 司 鄧 露 娜 1. 考慮及通過本公司及其附屬公司（統稱為「本集團」）截至二零二五年六月三十日 止六個月之中期業績，以及通過本集團中期業績公告於香港聯合交易所有限公司 和本公司網站刊發； ...