Financial Performance - The group reported a net loss of approximately RMB 8.6 million for the six months ended June 30, 2025, with no revenue generated during this period [3]. - Revenue for the six months ended June 30, 2025, was approximately RMB 86.4 million, an increase from RMB 54.9 million in the same period of 2024 [6]. - The sales and distribution costs as a percentage of revenue decreased from approximately 6.8% for the six months ended June 30, 2024, to about 4.5% for the same period in 2025 [6]. - General and administrative expenses as a percentage of revenue decreased from approximately 19.5% for the six months ended June 30, 2024, to about 16.2% for the same period in 2025 [6]. Liabilities and Financing - Current liabilities and total liabilities were approximately RMB 273.6 million as of June 30, 2025, including bank loans and accrued interest totaling about RMB 193.5 million [3]. - The company issued two five-year bonds of HKD 5 million each in February and June 2025, with an annual interest rate of 5% to raise funds for operational activities [4]. - As of the announcement date, the company has not completed any new debt financing [5]. Shareholder Engagement - The company is actively seeking shareholder support for a share consolidation and change in trading unit to address low share price issues and enhance future fundraising flexibility [4]. - The company plans to issue quarterly updates to inform shareholders and investors of any significant developments [7].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 滿地科技股份有限公司 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01400 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 3,801,767,365 | | 0 | | 3,801,767,365 | | 增加 / 減少 (-) | | | | | | | | | | 本月底結存 | | | | 3,801,767,365 | | 0 | | 3,801 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 | 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) | 01400 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | HKD | | 0.1 | HKD | | 2,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 20,000,000,000 | HKD | | 0.1 | HKD | | 2,000,000,000 | 本月底法定/註冊股本總額： HKD 2,000,000,000 FF301 致：香港交易及結算所有限公司 公司名稱: 滿地科技股份 ...

滿地科技股份有限公司 (Incorporated in the Cayman Islands with limited liability and continued in Bermuda with limited liability) (Incorporated in the Cayman Islands with limited liability and continued in Bermuda with limited liability) （於開曼群島註冊成立並於百慕達存續之有限公司） (Stock Code: 1400) (Stock Code 股份代號：1400) Moody Technology Holdings Limited NOTIFICATION LETTER 通知信函 Dear Non-Registered Holder (Note 1), 12 September 2025 Moody Technology Holdings Limited (the "Company") – Notice of publication of 2025 Interim Report ("Curren ...

Moody Technology Holdings Limited 滿地科技股份有限公司 (Incorporated in the Cayman Islands with limited liability and continued in Bermuda with limited liability) (Incorporated in the Cayman Islands with limited liability and continued in Bermuda with limited liability) （於開曼群島註冊成立並於百慕達存續之有限公司） Note: Corporate Communications include any document(s) issued or to be issued by the Company for the information or action of holders of any of its securities or the investing public, including but not limited to (a) the direct ...

Interim Report 中期報告 2025 CONTENTS 目錄 | 2 | Corporate Information | 公司資料 | | --- | --- | --- | | 4 | Management Discussion and Analysis | 管理層討論及分析 | | 12 | Additional Information | 其他資料 | | 16 | Condensed Consolidated Statement of Profit or | 簡明合併損益及其他全面收益表 | | | Loss and Other Comprehensive Income | | | 19 | Condensed Consolidated Statement of Financial | 簡明合併財務狀況表 | | | Position | | | 21 | Condensed Consolidated Statement of Changes | 簡明合併權益變動表 | | | in Equity | | | 22 | Condensed Consolidated Statement of ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 滿地科技股份有限公司 FF301 第 1 頁 共 10 頁 v 1.1.1 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) | 01400 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 3,801,767,365 | | 0 | | 3,801,767,365 | | 增加 / 減少 (-) | | | | | | | | | | 本月底結存 | | | | 3,801,767,365 | | 0 | | 3,801,767,365 | 第 2 頁 共 10 ...

Core Viewpoint - The company reported a significant increase in revenue for the six months ending June 30, 2025, driven by sales growth in elastic webbing products and online advertising services [1] Financial Performance - Revenue from continuing operations increased by 57.5% to approximately RMB 864 million [1] - The loss attributable to the company's owners increased from approximately RMB 148 million in the previous year to about RMB 187 million during the period [1]

Group 1 - The company reported a revenue of 86.433 million, representing a year-on-year increase of 57.52% [1] - The loss attributable to shareholders was 18.693 million, which is an increase of 26.28% compared to the previous year [1] - The loss per share was 0.0049 yuan [1] Group 2 - The overall increase in revenue was primarily due to higher sales of elastic webbing products and online advertising services during the period [1]

Company Announcements This section details the interim results announcement, dividend policy, and publication of the interim report [Interim Results Announcement](index=1&type=section&id=Interim%20Results%20Announcement) The Board announces the unaudited results for the six months ended June 30, 2025, including the full interim report - The Board of Directors announces the unaudited results for the six months ended June 30, 2025[3](index=3&type=chunk) - This announcement contains the full 2025 interim report, complying with HKEX Listing Rules[3](index=3&type=chunk) [Dividend Policy](index=1&type=section&id=Dividend%20Policy) The Board does not recommend an interim dividend for the six months ended June 30, 2025 - The Board does not recommend an interim dividend for the six months ended June 30, 2025[4](index=4&type=chunk) [Report Publication](index=1&type=section&id=Report%20Publication) This announcement is published on the HKEX and company websites, with the interim report to be dispatched to shareholders and published in due course - This announcement has been published on the HKEX website (www.hkexnews.hk) and the Company's website (http://moodytech-holdingltd.com)[5](index=5&type=chunk) - The 2025 interim report, containing all information required by the Listing Rules, will be dispatched to shareholders and published on the Company's and HKEX's respective websites in due course[5](index=5&type=chunk) Company Information This section provides details on the Board of Directors, various committees, and other essential corporate information [Board of Directors](index=3&type=section&id=Board%20of%20Directors) The Board includes Executive Directors Mr. Li Wanyuan (Acting Chairman), Mr. Liu Juntin (CEO), and Ms. Chen Zhenleng (appointed July 30, 2025), alongside Independent Non-executive Directors Mr. Zhou Runzhang, Mr. Li Gang, and Mr. Guo Xianwang, with Ms. Lin Yuxi having resigned as Executive Director on July 30, 2025 - Executive Directors include Mr. Li Wanyuan (Acting Chairman), Mr. Liu Juntin (Chief Executive Officer), and Ms. Chen Zhenleng (appointed on July 30, 2025)[8](index=8&type=chunk)[9](index=9&type=chunk) - Independent Non-executive Directors are Mr. Zhou Runzhang, Mr. Li Gang, and Mr. Guo Xianwang[8](index=8&type=chunk)[9](index=9&type=chunk) - Ms. Lin Yuxi resigned as an Executive Director on July 30, 2025[8](index=8&type=chunk)[9](index=9&type=chunk) [Committees](index=3&type=section&id=Committees) The Company has an Audit Committee, Remuneration Committee, Nomination Committee, and Regulatory Compliance Committee, all composed of Board members to ensure effective corporate governance - The Audit Committee is chaired by Mr. Zhou Runzhang, with members Mr. Li Gang and Mr. Guo Xianwang[8](index=8&type=chunk)[10](index=10&type=chunk) - The Remuneration Committee is chaired by Mr. Li Gang, with members Mr. Zhou Runzhang and Mr. Guo Xianwang[8](index=8&type=chunk)[10](index=10&type=chunk) - The Nomination Committee is chaired by Mr. Li Wanyuan, with members Mr. Zhou Runzhang, Mr. Li Gang, Mr. Guo Xianwang (appointed on June 30, 2025), and Ms. Chen Zhenleng (appointed on July 30, 2025)[9](index=9&type=chunk)[10](index=10&type=chunk) - The Regulatory Compliance Committee members are Mr. Li Wanyuan and Mr. Xie Guoxing, with Mr. Li Wanyuan serving as Chairman[9](index=9&type=chunk)[10](index=10&type=chunk) [Other Corporate Information](index=4&type=section&id=Other%20Corporate%20Information) The Company's auditor is Evergreen (Hong Kong) CPA Limited, with principal bankers including Bank of Quanzhou, Bank of China (Hong Kong), and The Bank of East Asia; the Company is registered in Bermuda, with its Hong Kong place of business in Infinitus Plaza, Sheung Wan, and stock code 1400 - The auditor is Evergreen (Hong Kong) CPA Limited[11](index=11&type=chunk)[12](index=12&type=chunk) - Principal bankers include Bank of Quanzhou Co., Ltd., Bank of China (Hong Kong) Limited, and The Bank of East Asia, Limited[11](index=11&type=chunk)[12](index=12&type=chunk) - The Company's stock code is 1400, listed on The Stock Exchange of Hong Kong Limited[12](index=12&type=chunk)[13](index=13&type=chunk) Management Discussion and Analysis This section provides a comprehensive review of the Group's business, industry, financial performance, liquidity, and future outlook [Business Review](index=5&type=section&id=Business%20Review) The Group's continuing operations revenue grew **57.5% to RMB 86.4 million** from elastic webbing and online advertising, but loss attributable to owners expanded **26.4% to RMB 18.7 million** 2025 First Half Business Performance | Indicator | 2025 First Half (RMB million) | 2024 First Half (RMB million) | Year-on-Year Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Revenue from continuing operations | 86.4 | 54.9 | 31.5 | +57.5% | | Loss attributable to owners of the Company | 18.7 | 14.8 | 3.9 | +26.4% | | Loss per share | 0.0049 | 0.0041 | 0.0008 | +19.5% | - The overall increase in revenue was primarily due to increased sales of elastic webbing products and online advertising services during the period[14](index=14&type=chunk)[18](index=18&type=chunk) [Industry Review](index=5&type=section&id=Industry%20Review) In the first half of 2025, China's industrial output grew **6.4%**, per capita clothing consumption expenditure increased **2.1%**, and retail sales of apparel, footwear, headwear, and knitwear rose **3.1%**, indicating growth in related industries - In the first half of 2025, China's industrial output grew **6.4%** year-on-year[16](index=16&type=chunk)[19](index=19&type=chunk) - In the first half of 2025, China's per capita clothing consumption expenditure increased **2.1%** year-on-year, accelerating by **0.9 percentage points** compared to the first quarter[17](index=17&type=chunk)[19](index=19&type=chunk) - Total retail sales of apparel, footwear, headwear, and knitwear increased **3.1%** year-on-year, **1.8 percentage points** higher than the same period last year[17](index=17&type=chunk)[19](index=19&type=chunk) [Financial Review](index=6&type=section&id=Financial%20Review) Continuing operations revenue grew significantly, driven by digital marketing and elastic webbing, but increased exchange losses, staff costs, and rental expenses led to an expanded loss attributable to owners [Revenue](index=6&type=section&id=Revenue) The Group's revenue from continuing operations increased **57.5% to RMB 86.4 million**, with digital marketing services revenue growing **150%** and elastic webbing products revenue growing **54.8%**, while footwear, apparel, and other sales revenue slightly decreased Revenue Breakdown by Product Category | Product Category | 2025 First Half (RMB thousand) | % of Total Revenue (2025) | 2024 First Half (RMB thousand) | % of Total Revenue (2024) | Year-on-Year Change Rate | | :--- | :--- | :--- | :--- | :--- | :--- | | Footwear, Apparel and Others | 23,773 | 27.5% | 25,061 | 45.7% | -5.1% | | Elastic Webbing | 19,170 | 22.2% | 12,418 | 22.6% | +54.4% | | Digital Marketing Services | 43,490 | 50.3% | 17,393 | 31.7% | +150.0% | | **Total** | **86,433** | **100.0%** | **54,872** | **100.0%** | **+57.5%** | - Digital marketing services revenue grew significantly, with the Group having launched four new online advertising projects[23](index=23&type=chunk)[24](index=24&type=chunk) [Cost of Sales](index=7&type=section&id=Cost%20of%20Sales) The Group's cost of sales from continuing operations increased **56.4% to approximately RMB 76.0 million** year-on-year, largely consistent with the overall revenue growth Cost of Sales Breakdown by Product Category | Product Category | 2025 First Half (RMB thousand) | % of Total Cost of Sales (2025) | 2024 First Half (RMB thousand) | % of Total Cost of Sales (2024) | Year-on-Year Change Rate | | :--- | :--- | :--- | :--- | :--- | :--- | | Footwear and Apparel | 19,419 | 25.5% | 20,711 | 42.6% | -6.2% | | Elastic Webbing | 16,627 | 21.9% | 11,821 | 24.3% | +40.6% | | Digital Marketing Services | 39,981 | 52.6% | 16,071 | 33.1% | +148.8% | | **Total** | **76,027** | **100.0%** | **48,603** | **100.0%** | **+56.4%** | [Gross Profit](index=8&type=section&id=Gross%20Profit) The Group's gross profit increased **65.9% to RMB 10.4 million** year-on-year, with the gross profit margin improving from **11.4% to 12.0%**, mainly due to reduced production costs for elastic webbing Gross Profit Breakdown by Product Category | Product Category | 2025 First Half (RMB thousand) | Gross Profit Margin (2025) | 2024 First Half (RMB thousand) | Gross Profit Margin (2024) | Year-on-Year Change Rate | | :--- | :--- | :--- | :--- | :--- | :--- | | Footwear, Apparel and Others | 4,354 | 18.3% | 4,350 | 17.4% | +0.1% | | Elastic Webbing | 2,543 | 13.3% | 597 | 4.8% | +325.9% | | Digital Marketing Services | 3,509 | 8.1% | 1,322 | 7.6% | +165.4% | | **Total** | **10,406** | **12.0%** | **6,269** | **11.4%** | **+65.9%** | - The improvement in gross profit margin was primarily due to reduced production costs for elastic webbing, including staff costs and other consumable expenses[32](index=32&type=chunk)[35](index=35&type=chunk) [Other Income/(Expenses), Net](index=8&type=section&id=Other%20Income%2F%28Expenses%29%2C%20Net) Other income from continuing operations shifted from approximately **RMB 3.8 million** net income in the first half of 2024 to approximately **RMB 2.0 million** net expenses in the first half of 2025, primarily due to an exchange loss of approximately **RMB 2.4 million** recognized in the current period Other Income/(Expenses), Net | Indicator | 2025 First Half (RMB million) | 2024 First Half (RMB million) | Change | | :--- | :--- | :--- | :--- | | Other income/(expenses), net | (2.0) | 3.8 | Shift from income to expense | | Exchange gain/(loss) | Loss 2.4 | Gain 2.4 | Shift from gain to loss | - An exchange loss of approximately **RMB 2.4 million** was the primary reason, compared to an exchange gain of approximately **RMB 2.4 million** in the same period last year[33](index=33&type=chunk)[36](index=36&type=chunk) [Selling and Distribution Costs](index=8&type=section&id=Selling%20and%20Distribution%20Costs) Selling and distribution expenses from continuing operations increased **4.3% to approximately RMB 3.9 million** year-on-year, mainly due to higher transportation and promotion costs Selling and Distribution Costs | Indicator | 2025 First Half (RMB million) | 2024 First Half (RMB million) | Year-on-Year Change Rate | | :--- | :--- | :--- | :--- | | Selling and distribution expenses | 3.9 | 3.7 | +4.3% | - The increase was attributable to higher transportation and promotion costs[34](index=34&type=chunk)[37](index=37&type=chunk) [General and Administrative Expenses](index=9&type=section&id=General%20and%20Administrative%20Expenses) General and administrative expenses from continuing operations increased **31.1% to approximately RMB 14.0 million** year-on-year, primarily due to higher staff costs from new hires and increased rental expenses General and Administrative Expenses | Indicator | 2025 First Half (RMB million) | 2024 First Half (RMB million) | Year-on-Year Change Rate | | :--- | :--- | :--- | :--- | | General and administrative expenses | 14.0 | 10.7 | +31.1% | - Primarily due to increased staff costs from new hires and higher rental expenses during the period[38](index=38&type=chunk)[43](index=43&type=chunk) [Finance Costs](index=9&type=section&id=Finance%20Costs) Finance costs from continuing operations decreased **30% to approximately RMB 0.7 million** year-on-year, mainly due to reduced accrued interest expenses on bank borrowings Finance Costs | Indicator | 2025 First Half (RMB million) | 2024 First Half (RMB million) | Year-on-Year Change Rate | | :--- | :--- | :--- | :--- | | Finance costs | 0.7 | 1.0 | -30.0% | - Primarily due to reduced accrued interest expenses on the Group's bank borrowings during the period[39](index=39&type=chunk)[44](index=44&type=chunk) [Income Tax Expense](index=9&type=section&id=Income%20Tax%20Expense) Income tax expense of approximately **RMB 7,000** from continuing operations was recognized during the period, mainly for China corporate income tax provision Income Tax Expense | Indicator | 2025 First Half (RMB thousand) | 2024 First Half (RMB thousand) | | :--- | :--- | :--- | | Income tax expense | 7 | 4 | - Primarily refers to the provision for China corporate income tax during the period[40](index=40&type=chunk)[45](index=45&type=chunk) [Loss for the Period Attributable to Owners of the Company](index=9&type=section&id=Loss%20for%20the%20Period%20Attributable%20to%20Owners%20of%20the%20Company) Due to the aforementioned factors, the loss attributable to owners of the Company increased from approximately **RMB 14.8 million** in the first half of 2024 to approximately **RMB 18.7 million** in the first half of 2025 Loss for the Period Attributable to Owners of the Company | Indicator | 2025 First Half (RMB million) | 2024 First Half (RMB million) | Year-on-Year Change Rate | | :--- | :--- | :--- | :--- | | Loss attributable to owners of the Company | 18.7 | 14.8 | +26.4% | [Liquidity and Financial Resources](index=9&type=section&id=Liquidity%20and%20Financial%20Resources) The Group faces increased liquidity pressure from decreased cash balances, higher borrowings, and lower current and quick ratios, despite prudent financial management and limited foreign exchange risk [Borrowings](index=10&type=section&id=Borrowings) The Group's total borrowings increased to approximately **RMB 131.2 million**, mainly due to new borrowings of approximately **RMB 9.2 million** raised during the period, with all borrowings denominated in RMB and HKD Total Borrowings | Indicator | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | Change | | :--- | :--- | :--- | :--- | | Total borrowings | 131.2 | 122.2 | +9.0 | - The increase in borrowings was primarily due to new borrowings of approximately **RMB 9.2 million** raised during the period[48](index=48&type=chunk)[49](index=49&type=chunk) - All borrowings are denominated in RMB and HKD[48](index=48&type=chunk)[49](index=49&type=chunk) [Net Current Liabilities and Working Capital](index=10&type=section&id=Net%20Current%20Liabilities%20and%20Working%20Capital) The Group's net current liabilities increased, and both the current ratio and quick ratio decreased, primarily due to a reduction in trade and other receivables Liquidity Ratios | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Current assets | 69,250 | 82,207 | | Current liabilities | (316,785) | (324,476) | | Net current liabilities | (247,535) | (242,269) | | Current ratio | 21.9% | 25.3% | | Quick ratio | 8.4% | 12.9% | - The decrease in the current ratio was primarily due to a reduction in trade and other receivables[51](index=51&type=chunk)[55](index=55&type=chunk) [Foreign Exchange Risk](index=10&type=section&id=Foreign%20Exchange%20Risk) The Group primarily operates in mainland China, with most revenue and expense transactions denominated and settled in RMB, resulting in limited foreign currency exchange risk - The Group primarily operates in mainland China, with most revenue and expense transactions denominated and settled in RMB, resulting in limited foreign currency exchange risk[52](index=52&type=chunk)[56](index=56&type=chunk) [Capital Expenditure](index=10&type=section&id=Capital%20Expenditure) For the six months ended June 30, 2025, the Group did not acquire any property, plant, and equipment - For the six months ended June 30, 2025 and 2024, the Group did not acquire any property, plant, and equipment[53](index=53&type=chunk)[57](index=57&type=chunk) [Pledge of Assets](index=10&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, certain land use rights, buildings, machinery, and equipment of the Group were pledged to secure bank financing for working capital - As of June 30, 2025 and 2024, certain land use rights, buildings, machinery, and equipment of the Group were pledged to secure bank financing for working capital[54](index=54&type=chunk)[58](index=58&type=chunk) [Contingent Liabilities](index=11&type=section&id=Contingent%20Liabilities) The Group has received claims from suppliers, customers, and borrowers regarding product quality and debt repayment, but the Directors believe the Group has strong defenses and does not anticipate any material adverse impact, thus no provision has been made - The Group has received claims from suppliers, customers, and borrowers regarding product quality and debt repayment[59](index=59&type=chunk)[63](index=63&type=chunk) - The Directors believe the Group has strong defenses against these claims and does not anticipate any material adverse impact, thus no provision has been made[59](index=59&type=chunk)[63](index=63&type=chunk) [Material Investments, Acquisitions and Disposals](index=11&type=section&id=Material%20Investments%2C%20Acquisitions%20and%20Disposals) As of June 30, 2025, the Company had no specific plans or agreements for the acquisition or disposal of subsidiaries, associates, or joint ventures - As of June 30, 2025, the Company had no specific plans for the acquisition or disposal of subsidiaries, associates, or joint ventures, nor had any negotiations, agreements, arrangements, or understandings been reached in this regard[60](index=60&type=chunk)[64](index=64&type=chunk) [Future Plans for Material Investments or Capital Assets](index=11&type=section&id=Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) The Board currently has no future plans for material investments or capital assets but will continue to monitor the industry and regularly review business expansion plans - The Board currently has no future plans for material investments or capital assets[61](index=61&type=chunk)[65](index=65&type=chunk) - The Directors will continue to observe the industry and regularly review its business expansion plans to take necessary measures that are in the best interests of the Group and its shareholders[61](index=61&type=chunk)[65](index=65&type=chunk) [Human Resources](index=11&type=section&id=Human%20Resources) As of June 30, 2025, the Group's total headcount was **173**, an increase from the end of 2024, with the Group offering competitive remuneration and fostering a learning and sharing culture through employee training and team building Employee Headcount | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total employees | 173 | 165 | - The Group offers its employees a competitive remuneration package and may grant discretionary bonuses and share options based on individual and Group performance[62](index=62&type=chunk)[66](index=66&type=chunk) - The Group is committed to fostering a learning and sharing culture within the organization, emphasizing employee training and development, as well as team building[62](index=62&type=chunk)[66](index=66&type=chunk) Other Information This section covers interim dividends, securities transactions, future outlook, post-reporting period events, and corporate governance matters [Interim Dividend](index=12&type=section&id=Interim%20Dividend) The Board has resolved not to declare any dividend for the six months ended June 30, 2025 - For the six months ended June 30, 2025, the Board has resolved not to declare any dividend (2024: nil)[67](index=67&type=chunk)[73](index=73&type=chunk) [Purchase, Sale and Redemption of the Company's Listed Securities](index=12&type=section&id=Purchase%2C%20Sale%20and%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[68](index=68&type=chunk)[74](index=74&type=chunk) [Future Outlook](index=12&type=section&id=Future%20Outlook) The Group's management is actively exploring various business opportunities in Hong Kong and China to diversify risks from loss-making businesses and improve financial performance, with future plans including further financing, maintaining sales scale for footwear, apparel, and elastic webbing, and expanding digital marketing services - Management is actively exploring various business opportunities in Hong Kong and China to diversify risks from loss-making businesses and enhance financial performance and cash flow[69](index=69&type=chunk)[75](index=75&type=chunk) - Future business plans include: (i) undertaking further financing activities; (ii) maintaining the sales scale of footwear and apparel business and elastic webbing; and (iii) further expanding the scale of digital marketing and related services[71](index=71&type=chunk)[75](index=75&type=chunk) [Events After Reporting Period](index=12&type=section&id=Events%20After%20Reporting%20Period) Except as disclosed in Note 20 of this report, no significant events that could materially affect the Group's operations and financial performance have occurred from the end of the reporting period up to the date of this report - Except as disclosed in Note 20 of this report, no significant events that could materially affect the Group's operations and financial performance have occurred from the end of the reporting period up to the date of this report[72](index=72&type=chunk)[76](index=76&type=chunk) [Disclosure of Interests in Securities](index=13&type=section&id=Disclosure%20of%20Interests%20in%20Securities) As of June 30, 2025, and the date of this interim report, no Directors or chief executives held any disclosable interests or short positions in the Company's shares, underlying shares, or debentures, nor were the Directors aware of any substantial shareholders holding such disclosable interests or short positions - As of June 30, 2025, and the date of this interim report, no Directors or chief executives of the Company held any interests or short positions in the shares, underlying shares, and debentures of the Company, any member of its Group, or any associated corporation that are required to be notified to the Company and the HKEX[77](index=77&type=chunk)[79](index=79&type=chunk) - The Directors are not aware of any person (other than a Director or chief executive of the Company) who holds or is deemed to hold interests or short positions in the shares or underlying shares that are required to be disclosed to the Company and the HKEX[77](index=77&type=chunk)[80](index=80&type=chunk) [Related Party Transactions and Connected Transactions](index=13&type=section&id=Related%20Party%20Transactions%20and%20Connected%20Transactions) During the period ended June 30, 2025, no related party transactions or connected transactions occurred within the Group - During the period ended June 30, 2025, no related party transactions or connected transactions occurred[78](index=78&type=chunk)[81](index=81&type=chunk) [Sufficiency of Public Float](index=14&type=section&id=Sufficiency%20of%20Public%20Float) As of the date of this report, the Company has maintained a sufficient public float as required by the Listing Rules, with at least **25%** of its issued share capital held by the public - As of the date of this report, the Company has maintained a sufficient public float as required by the Listing Rules, with at least **25%** of its issued share capital held by the public[83](index=83&type=chunk)[88](index=88&type=chunk) [Directors' Interests in Competing Business](index=14&type=section&id=Directors%27%20Interests%20in%20Competing%20Business) As of June 30, 2025, none of the Company's Directors or their respective associates were engaged in any business that competes or is likely to compete with the Group's business, or had any other conflicts of interest with the Group - As of June 30, 2025, none of the Company's Directors or their respective associates were engaged in any business that competes or is likely to compete with the Group's business, or had any other conflicts of interest with the Group[84](index=84&type=chunk)[89](index=89&type=chunk) [Corporate Governance](index=14&type=section&id=Corporate%20Governance) The Company is committed to maintaining high standards of corporate governance and has complied with the Corporate Governance Code, except for Code Provision C.1.8, and will continue to review and strengthen its corporate governance practices [Corporate Governance Code](index=14&type=section&id=Corporate%20Governance%20Code) For the six months ended June 30, 2025, the Company complied with the Corporate Governance Code, except for Code Provision C.1.8, which pertains to insurance arrangements for Directors' legal actions - The Company has complied with the Code Provisions set out in Appendix C1 of the Listing Rules, except for Code Provision C.1.8[85](index=85&type=chunk)[90](index=90&type=chunk) - The Company currently believes there is no need to arrange insurance for potential legal actions against Directors but will monitor the situation and take necessary actions[86](index=86&type=chunk)[91](index=91&type=chunk) [Standard Securities Dealing Code for Directors](index=15&type=section&id=Standard%20Securities%20Dealing%20Code%20for%20Directors) The Company has adopted the Standard Code as set out in Appendix C3 of the Listing Rules as the code of conduct for Directors' securities transactions, and all Directors confirm compliance with the relevant standards - The Company has adopted the Standard Code as set out in Appendix C3 of the Listing Rules as the code of conduct for Directors' dealings in the Company's securities[92](index=92&type=chunk)[95](index=95&type=chunk) - All Directors confirm that they have complied with the required standards set out in the Standard Code regarding Directors' dealings in securities during the review period[92](index=92&type=chunk)[95](index=95&type=chunk) [Audit Committee](index=15&type=section&id=Audit%20Committee) The Audit Committee, comprising three independent non-executive Directors, is responsible for reviewing and overseeing the Group's financial reporting process, risk management, and internal control systems - The Audit Committee comprises all three independent non-executive Directors, namely Mr. Zhou Runzhang (Chairman), Mr. Li Gang, and Mr. Guo Xianwang[93](index=93&type=chunk)[96](index=96&type=chunk) - The Audit Committee is responsible for reviewing and overseeing the Group's financial reporting process and monitoring risk management and internal control systems, providing advice and recommendations to the Board[93](index=93&type=chunk)[96](index=96&type=chunk) [Remuneration Committee](index=15&type=section&id=Remuneration%20Committee) The Remuneration Committee, composed of three independent non-executive Directors, is responsible for formulating the remuneration policy and structure for Directors and senior management - The Remuneration Committee comprises three independent non-executive Directors, namely Mr. Li Gang (Chairman), Mr. Zhou Runzhang, and Mr. Guo Xianwang[94](index=94&type=chunk)[97](index=97&type=chunk) - The Remuneration Committee is primarily responsible for formulating the Group's policy and structure for the remuneration of all Directors and senior management, and providing advice and recommendations to the Board[94](index=94&type=chunk)[97](index=97&type=chunk) [Nomination Committee](index=16&type=section&id=Nomination%20Committee) The Nomination Committee, consisting of five members, is responsible for reviewing the Board's structure, identifying qualified director candidates, assessing the independence of independent non-executive directors, and advising on director appointments and succession planning - The Nomination Committee comprises five members, with Mr. Li Wanyuan as Chairman[98](index=98&type=chunk)[101](index=101&type=chunk) - The Nomination Committee is primarily responsible for reviewing the Board's structure, size, and composition, identifying suitable individuals qualified to become Board members, assessing the independence of independent non-executive Directors, and providing recommendations to the Board on Director appointments and re-appointments, as well as succession planning for Directors[98](index=98&type=chunk)[101](index=101&type=chunk) [Regulatory Compliance Committee](index=16&type=section&id=Regulatory%20Compliance%20Committee) The Regulatory Compliance Committee, composed of two members, reports directly to the Board and is primarily responsible for ensuring business operations and activities comply with relevant laws and regulations - The Regulatory Compliance Committee comprises two members, namely Mr. Li Wanyuan (Chairman) and Mr. Xie Guoxing[99](index=99&type=chunk)[102](index=102&type=chunk) - This Committee reports directly to the Board and is primarily responsible for ensuring that business operations and activities comply with relevant laws and regulations[99](index=99&type=chunk)[102](index=102&type=chunk) [Review of Interim Results](index=16&type=section&id=Review%20of%20Interim%20Results) The Group's unaudited interim results for the six months ended June 30, 2025, have been reviewed by the Audit Committee - The Group's unaudited interim results for the six months ended June 30, 2025, have been reviewed by the Audit Committee[100](index=100&type=chunk)[102](index=102&type=chunk) Condensed Consolidated Financial Statements This section presents the Group's condensed consolidated financial statements, including the statement of profit or loss, financial position, changes in equity, and cash flows [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=16&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) Despite revenue growth from continuing operations, the Group's loss for the period expanded to **RMB 18.9 million**, with **RMB 18.7 million** attributable to owners, due to increased other expenses and discontinued operations losses Summary of Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Indicator | 2025 First Half (RMB thousand) | 2024 First Half (RMB thousand) | | :--- | :--- | :--- | | Revenue | 86,433 | 54,872 | | Cost of sales | (76,027) | (48,603) | | Gross profit | 10,406 | 6,269 | | Other income/(expenses), net | (2,022) | 3,777 | | Selling and distribution costs | (3,887) | (3,725) | | General and administrative expenses | (14,012) | (10,680) | | Operating loss | (9,565) | (4,408) | | Finance costs | (664) | (1,014) | | Loss before tax | (10,229) | (5,422) | | Income tax expense | (7) | (4) | | Loss for the period from continuing operations | (10,236) | (5,426) | | Loss for the period from discontinued operations | (8,638) | (10,892) | | **Loss for the period** | **(18,874)** | **(16,318)** | | Loss for the period attributable to owners of the Company | (18,693) | (14,803) | | Basic loss per share (RMB) | 0.0049 | 0.0041 | - Revenue from continuing operations grew **57.5%**, but operating loss expanded[103](index=103&type=chunk) - Loss from discontinued operations decreased but still significantly impacted the overall loss[103](index=103&type=chunk) [Condensed Consolidated Statement of Financial Position](index=20&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's net liabilities increased to **RMB 239.7 million**, with expanded net current liabilities and reduced cash balances indicating heightened liquidity pressure Summary of Condensed Consolidated Statement of Financial Position | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Non-current assets | 39,358 | 39,915 | | Current assets | 69,250 | 82,207 | | Current liabilities | (316,785) | (324,476) | | Net current liabilities | (247,535) | (242,269) | | Non-current liabilities | 31,513 | 21,024 | | **Net liabilities** | **(239,690)** | **(223,378)** | | Bank and cash balances | 4,549 | 8,267 | | Trade and other receivables | 19,661 | 26,242 | | Borrowings (current + non-current) | 131,217 | 122,160 | - Net liabilities increased from approximately **RMB 223.4 million** as of December 31, 2024, to approximately **RMB 239.7 million** as of June 30, 2025[107](index=107&type=chunk) - Net current liabilities expanded, primarily due to a decrease in current assets, especially trade and other receivables and bank and cash balances[106](index=106&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=22&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) The total equity deficit attributable to owners expanded from **RMB 230.7 million** to **RMB 247.3 million** for the six months ended June 30, 2025, primarily due to the loss incurred during the period Changes in Equity Attributable to Owners of the Company | Indicator | June 30, 2025 (RMB thousand) | January 1, 2025 (RMB thousand) | | :--- | :--- | :--- | | Equity attributable to owners of the Company | (247,327) | (230,740) | | Loss for the period | (18,693) | - | | Other comprehensive income | 2,106 | - | - The total equity deficit attributable to owners of the Company expanded from approximately **RMB 230.7 million** at the beginning of the period to approximately **RMB 247.3 million** at the end of the period[109](index=109&type=chunk) - The loss for the period of approximately **RMB 18.7 million** was the primary reason for the decrease in equity[109](index=109&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=23&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) Net cash used in operating activities was **RMB 14.0 million** and in investing activities was **RMB 1.3 million**, leading to an overall **RMB 6.3 million decrease** in cash and cash equivalents despite **RMB 9.1 million** generated from financing activities Summary of Condensed Consolidated Statement of Cash Flows | Cash Flow Category | 2025 First Half (RMB thousand) | 2024 First Half (RMB thousand) | | :--- | :--- | :--- | | Net cash used in operating activities | (14,014) | (13,249) | | Net cash used in investing activities | (1,323) | (1,805) | | Net cash generated from/(used in) financing activities | 9,057 | (14,566) | | Net decrease in cash and cash equivalents | (6,280) | (488) | | Cash and cash equivalents at end of period | 4,549 | 13,519 | - Net cash used in operating activities increased, reflecting pressure on operating cash flow[111](index=111&type=chunk) - Financing activities shifted from cash used in the prior period to cash generated in the current period, primarily due to new borrowings[111](index=111&type=chunk) Notes to the Condensed Consolidated Financial Information This section provides detailed notes to the condensed consolidated financial information, covering accounting policies, segment data, and specific financial line items [General Information](index=24&type=section&id=General%20Information) Moody Technology Holdings Limited was incorporated in the Cayman Islands and continued in Bermuda, with its shares listed on the Main Board of the Hong Kong Stock Exchange; the Group primarily engages in footwear and apparel sales, fabric and elastic webbing design, manufacturing, and sales, and digital marketing services - The Company was incorporated in the Cayman Islands on April 29, 2013, and continued in Bermuda on May 24, 2019[112](index=112&type=chunk)[115](index=115&type=chunk) - The Company's shares have been listed on the Main Board of The Stock Exchange of Hong Kong Limited since April 25, 2014[112](index=112&type=chunk)[115](index=115&type=chunk) - The Group is principally engaged in (a) sales of footwear and apparel, (b) design, manufacture, and sales of fabrics and elastic webbing, and (c) provision of digital marketing services[113](index=113&type=chunk)[115](index=115&type=chunk) [Basis of Presentation](index=25&type=section&id=Basis%20of%20Presentation) The interim condensed consolidated financial statements are prepared in accordance with IAS 34 "Interim Financial Reporting" and the HKEX Listing Rules, presented on a going concern basis, as Directors believe the Group has sufficient resources to continue operations for at least 12 months - The interim condensed consolidated financial statements have been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" and the applicable disclosure requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[116](index=116&type=chunk)[120](index=120&type=chunk) - The Group prepares its financial statements on a going concern basis, as the Directors believe it is reasonable to expect the Group to have sufficient resources to continue operations for at least 12 months from the end of the reporting period[116](index=116&type=chunk)[120](index=120&type=chunk) [Adoption of New and Revised International Financial Reporting Standards](index=25&type=section&id=Adoption%20of%20New%20and%20Revised%20International%20Financial%20Reporting%20Standards) The accounting policies used to prepare the interim condensed consolidated financial statements are consistent with those of the 2024 annual consolidated financial statements, except for the adoption of new standards effective January 1, 2024; several amendments and interpretations first applied in 2025 had no impact on the Group's interim condensed consolidated financial statements - The accounting policies adopted in preparing the interim condensed consolidated financial statements are consistent with those followed in the preparation of the 2024 annual consolidated financial statements, except for the adoption of new standards effective January 1, 2024[118](index=118&type=chunk)[121](index=121&type=chunk) - Several amendments and interpretations were first applied in 2025 but had no impact on the Group's interim condensed consolidated financial statements[119](index=119&type=chunk)[121](index=121&type=chunk) [Segment Information](index=26&type=section&id=Segment%20Information) The Group has three reportable segments: footwear, apparel, and other sales; elastic webbing sales; and digital marketing services, each managed independently with consistent accounting policies, and over **90%** of non-current assets located in China - The Group has three reportable segments: footwear, apparel, and other sales; elastic webbing sales; and provision of digital marketing services[125](index=125&type=chunk) - Each business requires different technologies and marketing strategies, so strategic business units are managed independently[122](index=122&type=chunk)[124](index=124&type=chunk) - Over **90%** of the Group's non-current assets (excluding right-of-use assets and investment in an associate) are located in China[131](index=131&type=chunk) [Revenue](index=30&type=section&id=Revenue) The Group's revenue from continuing operations primarily derives from footwear, apparel, and other sales, elastic webbing sales, and digital marketing services, with digital marketing services experiencing the fastest growth and becoming the main revenue source Revenue by Business Segment | Business Segment | 2025 First Half (RMB thousand) | 2024 First Half (RMB thousand) | | :--- | :--- | :--- | | Footwear, apparel and other sales | 23,773 | 25,061 | | Elastic webbing sales | 19,170 | 12,418 | | Digital marketing services | 43,490 | 17,393 | | **Total** | **86,433** | **54,872** | - Digital marketing services revenue grew significantly, becoming the largest source of income for the period[136](index=136&type=chunk) [Finance Costs](index=30&type=section&id=Finance%20Costs) The Group's finance costs from continuing operations primarily consist of interest expenses on borrowings, amounting to **RMB 664 thousand** for the six months ended June 30, 2025, a decrease from the prior year Finance Costs Breakdown | Item | 2025 First Half (RMB thousand) | 2024 First Half (RMB thousand) | | :--- | :--- | :--- | | Interest expense on borrowings | 664 | 1,014 | - The decrease in finance costs was primarily due to reduced interest expenses on borrowings[135](index=135&type=chunk) [Income Tax Expense](index=31&type=section&id=Income%20Tax%20Expense) Income tax expense of approximately **RMB 7,000** from continuing operations was recognized during the period, mainly for China corporate income tax provision Income Tax Expense | Item | 2025 First Half (RMB thousand) | 2024 First Half (RMB thousand) | | :--- | :--- | :--- | | Income tax expense | 7 | 4 | - Income tax expense primarily refers to the provision for China corporate income tax[137](index=137&type=chunk)[138](index=138&type=chunk) [Loss for the Period](index=31&type=section&id=Loss%20for%20the%20Period) The loss for the period is derived after deducting cost of inventories, depreciation, staff costs, provision for expected credit losses on trade receivables, and net foreign currency exchange differences, with the latter shifting from a gain to a loss, negatively impacting the period's loss Key Components of Loss for the Period | Item | 2025 First Half (RMB thousand) | 2024 First Half (RMB thousand) | | :--- | :--- | :--- | | Cost of inventories | 32,771 | 32,486 | | Depreciation of property, plant and equipment | 1,575 | 2,086 | | Depreciation of right-of-use assets | 312 | 203 | | Staff costs | 6,191 | 4,661 | | Provision for expected credit losses on trade receivables | 50 | 49 | | Net foreign currency exchange differences | 2,405 | (2,376) | - Net foreign currency exchange differences shifted from a gain in the first half of 2024 to a loss in the first half of 2025, negatively impacting the loss for the period[139](index=139&type=chunk) - Staff costs increased significantly, reflecting the Group's increase in headcount[139](index=139&type=chunk) [Loss Per Share](index=32&type=section&id=Loss%20Per%20Share) For the six months ended June 30, 2025, basic loss per share attributable to owners of the Company was **RMB 0.0049**, an increase from **RMB 0.0041** in the prior year, with diluted loss per share being the same as basic loss per share due to the absence of potential dilutive shares Loss Per Share | Indicator | 2025 First Half | 2024 First Half | | :--- | :--- | :--- | | Basic loss per share (RMB) | 0.0049 | 0.0041 | | Diluted loss per share (RMB) | 0.0049 | 0.0041 | - As there were no potential dilutive shares for the six months ended June 30, 2025 and 2024, diluted loss per share was the same as basic loss per share[141](index=141&type=chunk) [Dividends](index=33&type=section&id=Dividends) The Company neither paid nor declared any dividends for the six months ended June 30, 2025 - The Company neither paid nor declared any dividends for the six months ended June 30, 2025 (2024: nil)[142](index=142&type=chunk)[145](index=145&type=chunk) [Property, Plant and Equipment](index=33&type=section&id=Property%20%2C%20Plant%20and%20Equipment) For the six months ended June 30, 2025, the Group acquired property, plant, and equipment amounting to approximately **RMB 1.3 million**, compared to no acquisitions in the prior year Property, Plant and Equipment Acquisitions | Item | 2025 First Half (RMB million) | 2024 First Half (RMB million) | | :--- | :--- | :--- | | Acquisition amount | 1.3 | 0 | - The Group acquired property, plant, and equipment of approximately **RMB 1.3 million** in the first half of 2025[143](index=143&type=chunk)[145](index=145&type=chunk) [Right-of-Use Assets](index=33&type=section&id=Right-of-Use%20Assets) As of June 30, 2025, the Group's right-of-use assets with a carrying amount of approximately **RMB 10.3 million** were pledged as collateral for certain bank borrowings Pledged Right-of-Use Assets | Indicator | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :--- | :--- | | Carrying amount of pledged right-of-use assets | 10.3 | 0.5 | - The carrying amount of pledged right-of-use assets increased significantly[144](index=144&type=chunk)[145](index=145&type=chunk) [Inventories](index=33&type=section&id=Inventories) As of June 30, 2025, the Group's total inventories amounted to **RMB 42.7 million**, a slight increase from the end of 2024, with a notable increase in finished goods inventories Inventories Breakdown | Inventory Category | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Raw materials | 3,288 | 6,654 | | Work in progress | 17,078 | 21,250 | | Finished goods | 22,336 | 12,333 | | **Total** | **42,702** | **40,237** | - Finished goods inventories increased significantly, while raw materials and work-in-progress inventories decreased[147](index=147&type=chunk) [Trade and Other Receivables](index=34&type=section&id=Trade%20and%20Other%20Receivables) As of June 30, 2025, the Group's total trade and other receivables amounted to **RMB 19.7 million**, a decrease from the end of 2024, primarily due to higher provisions for prepayments and other receivables Trade and Other Receivables Breakdown | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade receivables (net) | 15,804 | 15,125 | | Prepayments (net) | 215 | 1,172 | | Other receivables (net) | 3,002 | 9,010 | | Deposits | 640 | 935 | | **Total** | **19,661** | **26,242** | - Net trade receivables slightly increased, but net prepayments and other receivables significantly decreased[148](index=148&type=chunk) Trade Receivables Ageing Analysis | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 6 months | 14,287 | 13,429 | | Over 6 months but less than 12 months | 866 | 709 | | Over 12 months | 651 | 987 | | **Total** | **15,804** | **15,125** | [Trade and Other Payables](index=35&type=section&id=Trade%20and%20Other%20Payables) As of June 30, 2025, the Group's total trade and other payables amounted to **RMB 212.7 million**, a slight decrease from the end of 2024, with a significant increase in interest payable and a decrease in other payables and accrued expenses Trade and Other Payables Breakdown | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade payables | 35,800 | 34,584 | | Accrued payroll | 24,622 | 26,147 | | Interest payable | 96,483 | 88,218 | | Other payables and accrued expenses | 55,843 | 70,541 | | **Total** | **212,748** | **219,490** | - Interest payable increased significantly, while other payables and accrued expenses decreased[152](index=152&type=chunk) Trade Payables Ageing Analysis | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 3 months | 5,376 | 6,780 | | Over 3 months but less than 12 months | 2,620 | 0 | | Over 12 months | 27,804 | 27,804 | | **Total** | **35,800** | **34,584** | [Borrowings](index=36&type=section&id=Borrowings) As of June 30, 2025, the Group's total borrowings were **RMB 131.2 million**, of which approximately **RMB 97.0 million** in bank borrowings were overdue, with some borrowings secured by property, plant and equipment, right-of-use assets, and corporate guarantees from non-controlling shareholders Borrowings Breakdown | Borrowing Category | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Current borrowings | 102,501 | 103,469 | | Non-current borrowings | 28,716 | 18,691 | | **Total** | **131,217** | **122,160** | - Approximately **RMB 97.0 million** of bank borrowings were overdue, resulting in penalty interest expenses[159](index=159&type=chunk)[162](index=162&type=chunk) - Some bank borrowings are secured by property, plant and equipment, right-of-use assets, and corporate guarantees provided by non-controlling shareholders[160](index=160&type=chunk)[162](index=162&type=chunk) [Share Capital](index=38&type=section&id=Share%20Capital) As of June 30, 2025, the Company's issued and fully paid share capital comprised **3,801,767 thousand** shares with a par value of **HKD 0.10**, equivalent to **RMB 336,995 thousand**, following a placement of **200,000 thousand** new shares under a general mandate in 2024 Share Capital Composition | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Number of authorized ordinary shares (thousand shares) | 10,000,000 | 10,000,000 | | Number of issued and fully paid ordinary shares (thousand shares) | 3,801,767 | 3,801,767 | | Issued and fully paid share capital (RMB thousand) | 336,995 | 336,995 | - On June 5, 2024, the Company completed the placement of **200,000,000** new shares[167](index=167&type=chunk)[169](index=169&type=chunk) [Capital Commitments](index=39&type=section&id=Capital%20Commitments) The Group had no capital commitments as of June 30, 2025, and December 31, 2024 - The Group had no capital commitments as of June 30, 2025, and December 31, 2024[168](index=168&type=chunk)[169](index=169&type=chunk) [Related Party Transactions](index=39&type=section&id=Related%20Party%20Transactions) During the period ended June 30, 2025, the Group did not engage in any transactions with related parties - During the periods ended June 30, 2025 and 2024, no transactions with related parties occurred[169](index=169&type=chunk) [Events After the Reporting Period](index=40&type=section&id=Events%20After%20the%20Reporting%20Period) The Group agreed to sell a fabric manufacturing subsidiary for **HKD 1** on July 29, 2025, which had a **RMB 8.6 million net loss** and **RMB 282.7 million net current liabilities**, expecting a positive impact on the Group's financial position - On July 29, 2025, the Group agreed to sell the entire equity of Moody Group (International) Company Limited, which directly and indirectly owns subsidiaries engaged in the fabric manufacturing business (the "Disposal Group"), for **HKD 1**[170](index=170&type=chunk)[171](index=171&type=chunk)[172](index=172&type=chunk) - The Disposal Group incurred a net loss of approximately **RMB 8.6 million** for the six months ended June 30, 2025[174](index=174&type=chunk)[176](index=176&type=chunk) - The Disposal Group recorded net current liabilities of approximately **RMB 282.7 million** as of June 30, 2025, including bank borrowings and accrued interest totaling approximately **RMB 200.8 million**[174](index=174&type=chunk)[176](index=176&type=chunk) - Given the Disposal Group's net liabilities position, the disposal is expected to have a positive impact on the Group's financial position[175](index=175&type=chunk)[176](index=176&type=chunk)