格隆汇8月11日丨应星控股(01440.HK)发布公告，公司一间全资附属公司与一间实体订立分授权协议， 该实体拥有于香港及澳门经营巴黎圣日耳门学院及生产「巴黎圣日耳门学院」（PSGA）品牌商品的独 家权利。该战略伙伴关系让附属公司生产可供香港及澳门使用的PSGA品牌商品，并可能扩展至广东 省。 PSGA为巴黎圣日耳门足球俱乐部于2005年成立的足球与运动训练计划的全球网络，巴黎圣日耳门足球 俱乐部是世界顶尖足球俱乐部之一，亦为法国足球甲级联赛(Ligue 1)的劲旅、2025年欧洲足球协会联盟 (UEFA)冠军联赛的冠军。PSGA为3至17岁的儿童提供精英及专业的足球训练，所有教练均获得巴黎圣 日耳门认证及╱或UEFA许可，并执行于法国专为全球最佳球员设计的巴黎圣日耳门官方课程。PSGA 于15个国家营运超过130间学院，提供全年课程及假日营，专注于技术、战术及个人发展。其强调巴黎 圣日耳门的价值观，并为年轻球员准备高阶比赛，一流的设施确保安全及充实的环境。PSGA是青少年 足球发展的基石。 董事会认为，此次合作为集团提供宝贵机会，与享负盛名的全球知名运动品牌建立战略合作关系。预期 该合作关系可巩固集团企业形 ...

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 就 因 本 公 告 全 部 或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 STAR SHINE HOLDINGS GROUP LIMITED 應星控股集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1440） 自願公告 業務更新 – 1 – 粵 港 澳 大 灣 區（「大灣區」）的 體 育 市 場 正 經 歷 穩 定 增 長，這 主 要 由 健 康、保 健 及 青 少年發展活動的需求上升所帶動。根據Statista Market Insights的數據，香港作為主 要 樞 紐，其 運 動 器 材 市 場 預 期 於2025年達到564.08百 萬 美 元，並 預 期 於2025年 至 2029年間的年度增長率為4.36%。根 據 粵 港 澳 大 灣 區 發 展 辦 公 室 的 數 據，大 灣 區 擁有超過8,700萬 人 口，在 經 濟 一 體 化 及 跨 區 域 合 作 的 支 持 下，為 青 少 年 運 動 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 應星控股集團有限公司 呈交日期: 2025年8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) | 01440 | 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/ ...

Group 1 - The company is actively taking measures to maintain a diversified equity structure, including hiring a public relations firm to implement an investor relations plan [1] - The company is enhancing corporate governance by appointing a CEO with extensive experience in finance and banking, separating the roles of the chairman and CEO, and increasing the number and gender diversity of independent non-executive directors [1] - The company is expanding domestic consumer channels through intellectual property-driven product sales and is in discussions with several well-known intellectual property holders to establish long-term partnerships [1] Group 2 - The company plans to host the "CR7®LIFE Hong Kong Museum" at K11 MUSEA starting July 2025, with ticket sales already underway [2] - The board believes that these actions will help maintain a broad shareholder base and that the diversified shareholding structure will remain close to the level as of November 15, 2024 [2]

Group 1: Market Overview - The Hong Kong stock market is experiencing a rebound as investor sentiment improves, with the Hang Seng Index recovering from the gap caused by the "tariff war" initiated by Trump [1] - The Hang Seng Technology Index has recovered 93%, leading the rebound trend despite ongoing "tariff noise" affecting market sentiment [1][10] - The focus of investment is shifting towards "foreign trade support" concepts, driven by expectations of policies promoting domestic consumption [1] Group 2: Company Performance - Yingxing Holdings (01440) has shown significant revenue growth, with projected revenues of 317 million and 585 million in 2023 and 2024, respectively, representing year-on-year growth of 136.56% and 84.2% [2] - The company's footwear products are performing strongly, with expected revenue of 505 million in 2024, a year-on-year increase of 107.6%, contributing to 86.4% of total revenue [2][3] - The company is actively transforming its business model by integrating IP operations, with a notable collaboration with football star Cristiano Ronaldo to enhance brand value [4][7] Group 3: Strategic Initiatives - Yingxing Holdings is establishing partnerships in Southeast Asia to mitigate geographical concentration risks, as this region is not affected by the tariff war [3] - The company is exploring opportunities in the domestic consumption market and is in discussions with several well-known IP holders to enhance product differentiation [3][7] - The collaboration with Ronaldo is expected to generate significant commercial value, leveraging his global fan base of over 1 billion across social media platforms [4][5] Group 4: Market Position and Future Outlook - Yingxing Holdings is currently a small-cap stock with a market capitalization of approximately 6 billion HKD, but it has high growth potential [8] - The stock has shown a substantial increase since its IPO, with a cumulative increase of 44.3 times from the issue price [8] - The company is expected to maintain high revenue growth levels in 2025 by capitalizing on domestic demand policies and expanding into Southeast Asia [10]

Financial Performance - Revenue for the year ended December 31, 2024, was RMB 584,541,000, representing a 84.2% increase from RMB 317,353,000 in 2023[12]. - Gross profit for 2024 was RMB 57,494,000, up from RMB 23,846,000 in 2023, indicating a significant improvement in profitability[12]. - Loss before income tax for 2024 was RMB 12,763,000, compared to a loss of RMB 8,665,000 in 2023, reflecting ongoing challenges[12]. - Loss attributable to owners of the Company for 2024 was RMB 12,753,000, an increase from RMB 10,091,000 in 2023[12]. - The Group recorded a net loss of approximately RMB 12.8 million for the Reporting Period, compared to a net loss of approximately RMB 10.1 million in FY2023[65][69]. - Basic and diluted loss per share for 2024 was RMB 1.01, compared to RMB 0.80 in 2023, indicating worsening per-share performance[19]. Assets and Liabilities - Total assets as of December 31, 2024, were RMB 492,840,000, slightly up from RMB 492,175,000 in 2023[14]. - Total liabilities increased to RMB 189,162,000 in 2024 from RMB 176,291,000 in 2023, indicating rising financial obligations[14]. - Total equity decreased to RMB 303,678,000 in 2024 from RMB 315,884,000 in 2023, showing a decline in shareholder value[14]. - Net current assets decreased to approximately RMB 158.3 million from RMB 191.4 million in FY2023, with the current ratio declining from approximately 2.1 times to 1.9 times[67][71]. - The Group's borrowings increased to approximately RMB 52.3 million in 2024, up 41.0% from RMB 36.9 million in 2023[74]. - The gearing ratio as of December 31, 2024, was 0.2, compared to 0.1 in 2023, indicating a higher level of debt relative to equity[75]. Revenue Segmentation - Revenue from the footwear business segment accounted for approximately 86.4% of the total revenue of the Group during the Reporting Period, compared to approximately 76.7% in 2023[23]. - Footwear revenue surged to approximately RMB505.2 million, representing a remarkable increase of approximately 107.6% from RMB243.4 million in FY2023[46][52]. - Dyeing revenue increased by approximately 21.9% to approximately RMB64.9 million from RMB53.3 million in FY2023, driven by a rise in customer orders[44][50]. - Lace revenue decreased by approximately 30.3% to approximately RMB14.4 million from RMB20.7 million in FY2023, attributed to intense competition and reduced customer orders[45][51]. Operational Strategies - The Company is focusing on expanding its market presence and enhancing product offerings to drive future growth[15]. - New strategies are being implemented to address operational challenges and improve financial performance moving forward[15]. - The Group is strategically reallocating resources to reduce investments in lace manufacturing and dyeing operations while focusing on the growing footwear segment[26]. - The Group is establishing manufacturing partnerships in Southeast Asia to mitigate geographic concentration risk due to U.S. tariffs on Chinese imports[29]. - The Group is expanding into domestic consumption channels through IP-driven merchandising and enhancing digital distribution capabilities[30]. Expenses and Investments - Selling and distribution expenses rose approximately 1.1 times to RMB34.2 million from RMB16.2 million in FY2023, primarily due to increased commission expenses aligned with footwear revenue growth[56][60]. - Administrative expenses increased approximately 1.2 times to RMB39.5 million from RMB17.8 million in FY2023, mainly due to higher staff costs from increased headcount[57][61]. - Capital expenditures for the reporting period amounted to approximately RMB 1.7 million, an increase of 13.3% from RMB 1.5 million in 2023[77]. - The Group had capital commitments of approximately RMB 32.4 million related to financial support for a joint venture, a new commitment compared to nil in 2023[83]. Governance and Management - The company has a strong governance structure with independent non-executive directors overseeing management[146]. - The board includes members with extensive experience in various sectors, enhancing strategic decision-making capabilities[150]. - The company is focused on maintaining compliance and governance standards through its experienced board members[156]. - The Group's management is responsible for daily operations, with periodic reporting to the Board on business decisions[196]. - The Board is committed to improving operational efficiency and strengthening risk control measures during the reporting period[171]. Future Plans and Developments - The Group plans to host the CR7® LIFE Museum Hong Kong starting July 2025, aiming to contribute to Hong Kong's sports tourism and cultural sectors[32]. - The Group continues to seek new business development opportunities[103]. - The Group has no specific plans for major investments or acquisitions at the date of this annual report but will continue to seek new business development opportunities[99]. Employee Information - As of December 31, 2024, the Group had 512 employees, a decrease from 527 employees in 2023[86]. - Total employee benefit expenses for the reporting period were approximately RMB 54.0 million, an increase of 48.6% from RMB 36.4 million in 2023[86].

Financial Performance - The group's revenue for the year ended December 31, 2024, was approximately RMB 584.5 million, an increase of about 84.2% compared to the fiscal year 2023[5] - The gross profit for the same period was approximately RMB 57.5 million, representing an increase of approximately 141.1% from the previous year[5] - The loss attributable to the owners of the company was approximately RMB 12.8 million, an increase of about 26.4% compared to the fiscal year 2023[5] - The basic and diluted loss per share for the year was approximately RMB 1.01[5] - The company reported a net loss for the year of RMB 12.8 million, compared to a net loss of RMB 10.1 million in 2023[7] - The net loss attributable to the owners of the company for 2024 was RMB 12,753,000, compared to RMB 10,091,000 in 2023, indicating an increase in losses of 26.3%[33] - The basic and diluted loss per share for 2024 was RMB 1.01, compared to RMB 0.80 in 2023, reflecting a 26.3% increase in loss per share[33] Assets and Liabilities - Total assets as of December 31, 2024, amounted to RMB 492.8 million, slightly up from RMB 492.2 million in 2023[8] - Total liabilities increased to RMB 189.2 million in 2024 from RMB 176.3 million in 2023[9] - The company's cash and cash equivalents decreased to RMB 231.9 million from RMB 269.0 million in the previous year[8] - The company’s equity attributable to owners decreased to RMB 303.7 million from RMB 315.9 million in 2023[8] - Current assets net value decreased to approximately RMB 158.3 million as of December 31, 2024, down from RMB 191.4 million as of December 31, 2023[91] - The group's total borrowings increased to approximately RMB 52.3 million as of December 31, 2024, up from RMB 36.9 million as of December 31, 2023[93] Revenue Segmentation - The footwear segment generated revenue of RMB 505,188 thousand in 2024, up 107.5% from RMB 243,376 thousand in 2023[19] - The footwear segment accounted for approximately 86.4% of total revenue, up from 76.7% in 2023[68] - Revenue from dyeing services was RMB 64.9 million, accounting for 11.1% of total revenue, while lace production and sales generated RMB 14.4 million, accounting for 2.5%[76] - The group's dyeing and finishing revenue increased by approximately 21.9% to RMB 64.9 million during the reporting period, up from RMB 53.3 million in the fiscal year 2023[78] - Lace product revenue decreased by approximately 30.3% to RMB 14.4 million, down from RMB 20.7 million in the fiscal year 2023 due to intense market competition[79] - Footwear business revenue surged by approximately 107.6% to RMB 505.2 million, compared to RMB 243.4 million in the fiscal year 2023[80] Expenses - In 2024, the cost of raw materials and goods consumed increased to RMB 477,110,000 from RMB 242,584,000 in 2023, representing a 96.5% increase[24] - Employee benefits expenses, including director remuneration, rose to RMB 54,022,000 in 2024 from RMB 36,449,000 in 2023, a 48.2% increase[24] - Total sales cost, sales and distribution expenses, and administrative expenses amounted to RMB 601,355,000 in 2024, compared to RMB 334,830,000 in 2023, reflecting an increase of 79.6%[24] - Other income decreased by approximately 59.2% to RMB 1.8 million, down from RMB 4.4 million in the fiscal year 2023, mainly due to reduced government subsidies[82] Research and Development - The group incurred research and development expenses of RMB 12,112 thousand in 2024, an increase from RMB 8,659 thousand in 2023[19] - Research and development expenses for 2024 were approximately RMB 12,112,000, up from RMB 8,659,000 in 2023, marking an increase of 39.5%[24] Joint Ventures and Investments - The group's investment in joint ventures amounted to RMB 32,410,000 as of December 31, 2024, with no prior investments recorded in 2023[38] - The total current assets of the joint venture as of December 31, 2024, were RMB 32,216,000, while current liabilities were RMB 32,416,000, resulting in a net liability of RMB 200,000[45] - The total comprehensive loss for the joint venture during the period from October 25, 2024, to December 31, 2024, was RMB 200,000, with the group's share of the loss being RMB 100,000[45] - The company has committed to providing a loan of up to HKD 70,000,000 (approximately RMB 64,820,000) to the joint venture for operational funding[41] - The group has committed to provide financial support of RMB 32,410,000 to joint ventures in 2024, compared to no such commitments in 2023[48] Corporate Governance and Compliance - The group has adhered to corporate governance codes during the reporting period, ensuring the protection of shareholder interests[110] - The audit committee was established on December 16, 2020, in accordance with the listing rules, consisting of three independent non-executive directors[114] - The group's auditor, Fuhua Mazhe CPA Limited, confirmed the consistency of the financial statements for the year ending December 31, 2024, with the draft financial statements[115] Future Plans and Strategies - The company is strategically reallocating resources to reduce further investment in lace manufacturing due to strong growth in the footwear business[71] - The company plans to establish manufacturing partnerships in Southeast Asia to mitigate geographical concentration risks due to new tariff policies[72] - The company is actively negotiating with well-known IP holders to enhance product differentiation and brand value[72] - The group has no specific plans for significant investments or acquisitions of major capital assets or other businesses as of the announcement date[106] Miscellaneous - The group has not declared or paid any dividends for the years ended December 31, 2024, and 2023[67] - The group has maintained the public float required by the listing rules as of the announcement date[113] - The group has not engaged in any purchases, sales, or redemptions of its listed securities during the reporting period[112] - The group has a share option plan in place, with a total of 126 million shares available for issuance, representing 10% of the issued share capital as of the adoption date[108] - No significant events occurred from the reporting period to the date of this announcement[116] - The annual performance announcement and annual report will be published on the Hong Kong Stock Exchange and the company's website[117] - The board expressed gratitude to all employees, shareholders, customers, suppliers, banks, and business partners for their support[118] - Changes in the nomination committee include the appointment of executive director Cai Linqi and independent non-executive director Zhou Jieting, effective March 28, 2025[119] - The board of directors includes executive directors and independent non-executive directors as of the announcement date[121]

Core Viewpoint - The Hong Kong Securities and Futures Commission has conducted an inquiry into the shareholding distribution of Yingxing Holdings, revealing significant concentration of ownership among a small number of shareholders [1][2]. Group 1: Shareholding Structure - As of November 15, 2024, a total of 25 shareholders and their associates collectively hold 279 million shares, representing 22.13% of the company's issued share capital [1]. - Additionally, 431 million shares, accounting for 34.17% of the issued share capital, are held by shareholders who acquired these shares directly or indirectly from the controlling shareholder through over-the-counter transactions [1]. - The total shares held by the controlling shareholder amount to 389 million shares, which is 30.83% of the issued share capital, along with 53.135 million shares held by two executive directors, representing 4.22% of the issued share capital. This brings the total ownership concentration to 91.35% of the company's issued share capital [1]. Group 2: Minority Shareholding - Only 109 million shares, which is 8.65% of the issued share capital, are held by other shareholders, indicating a highly concentrated ownership structure [2].

[Corporate Information](index=3&type=section&id=Corporate%20Information) This section provides essential company details and contact information [Key Financial Highlights](index=6&type=section&id=Key%20Financial%20Highlights) The company achieved significant revenue growth and a substantial reduction in net loss for the six months ended June 30 Financial Highlights for the Six Months Ended June 30 | Metric | 2024 (Unaudited) | 2023 (Unaudited) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | **Revenue (RMB thousands)** | 273,397 | 47,065 | +480.9% | | **Gross Profit/(Loss) (RMB thousands)** | 28,158 | (1,432) | Turned to Profit | | **Loss Before Income Tax (RMB thousands)** | (631) | (5,555) | Loss narrowed by 88.6% | | **Loss for the Period Attributable to Owners of the Company (RMB thousands)** | (948) | (5,552) | Loss narrowed by 82.9% | | **Loss Per Share - Basic and Diluted (RMB cents)** | (0.08) | (0.44) | Loss narrowed | [Management Discussion and Analysis](index=7&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an in-depth review of the company's operational performance, financial results, and strategic outlook [Business Review and Outlook](index=7&type=section&id=Business%20Review%20and%20Outlook) The Group, a lace manufacturer and dyeing and finishing service provider, also engages in footwear business, with footwear revenue experiencing explosive growth, driving a 480.9% increase in total revenue and an 82.9% reduction in net loss, leading to a strategic shift towards the footwear segment - Strategic focus shifts: Due to the uncertain outlook for traditional lace manufacturing and dyeing and finishing businesses and the explosive growth in footwear, the Group will gradually reduce resource allocation to the former, redirecting its focus to the footwear business[9](index=9&type=chunk) - Future operational strategy: The company will adopt a prudent approach to existing operations while actively seeking new business opportunities, continuously improving production efficiency, reducing operating costs, and strengthening R&D and quality control[10](index=10&type=chunk) [Financial Review](index=9&type=section&id=Financial%20Review) The Group's financial performance significantly improved, with total revenue increasing from RMB 47.1 million to RMB 273.4 million, primarily driven by footwear, leading to a gross profit turnaround and a substantial reduction in net loss to RMB 0.9 million [Revenue Analysis](index=9&type=section&id=Revenue%20Analysis) The Group's total revenue increased by 480.9% to RMB 273 million, primarily driven by a significant surge in footwear business revenue to RMB 234 million, while dyeing and finishing services grew and lace business declined Revenue by Product Category (RMB thousands) | Product Category | H1 2024 | % of Total Revenue | H1 2023 | % of Total Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Dyeing and Finishing | 31,656 | 11.6% | 21,803 | 46.4% | +45.2% | | Lace | 7,342 | 2.7% | 11,876 | 25.2% | -38.2% | | Footwear | 234,399 | 85.7% | 13,386 | 28.4% | +1651.1% | | **Total** | **273,397** | **100.0%** | **47,065** | **100.0%** | **+480.9%** | - The explosive growth in footwear business revenue was primarily attributable to the contribution from a new customer[16](index=16&type=chunk) - All revenue was derived from Mainland China and Hong Kong[16](index=16&type=chunk) [Profitability Analysis](index=11&type=section&id=Profitability%20Analysis) The Group's profitability significantly improved, with gross profit turning from a RMB 1.4 million loss to a RMB 28.2 million profit, driven by footwear business growth, despite increased selling and administrative expenses, leading to an 82.9% reduction in net loss to RMB 0.9 million - The Group's gross profit position turned from a gross loss of **RMB 1.4 million** in the prior period to a gross profit of **RMB 28.2 million**, achieving a turnaround primarily due to the strong growth in the footwear business[17](index=17&type=chunk) - Selling and distribution expenses and administrative expenses significantly increased to **RMB 16.2 million** and **RMB 16.1 million**, respectively, primarily matching the revenue growth and increased headcount in the footwear business[17](index=17&type=chunk)[18](index=18&type=chunk) - Considering all factors, the Group's net loss for the period significantly decreased by **82.9%** from **RMB 5.5 million** in the prior period to **RMB 0.9 million**[18](index=18&type=chunk) [Liquidity, Capital Resources and Gearing](index=13&type=section&id=Liquidity%2C%20Capital%20Resources%20and%20Gearing) The Group maintained a robust financial position as of June 30, 2024, with net current assets increasing to RMB 195.2 million, a liquidity ratio of 2.6 times, and a low gearing ratio of 0.1 Key Capital and Liquidity Ratios | Metric | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Net Current Assets (RMB) | approx. RMB 195.2 million | approx. RMB 191.4 million | | Current Ratio | approx. 2.6 times | approx. 2.1 times | | Cash and Cash Equivalents (RMB) | approx. RMB 212.4 million | approx. RMB 269.0 million | | Borrowings (RMB) | approx. RMB 37.2 million | approx. RMB 36.9 million | | Gearing Ratio | 0.1 | 0.1 | - The Group's assets and liabilities are primarily denominated in RMB, USD, and HKD; foreign exchange risk was not hedged during the period but is regularly monitored, with hedging considered as needed[22](index=22&type=chunk) [Human Resources](index=15&type=section&id=Human%20Resources) As of June 30, 2024, the Group had 472 employees, a decrease from 527 at the end of 2023, with total employee benefit expenses significantly increasing to RMB 26.1 million Employees and Staff Costs | Metric | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Number of Employees | 472 | 527 | | **Metric** | **H1 2024** | **H1 2023** | | Total Employee Benefit Expenses (RMB) | approx. RMB 26.1 million | approx. RMB 13.5 million | [Change in Use of Proceeds from IPO](index=16&type=section&id=Change%20in%20Use%20of%20Proceeds%20from%20IPO) The Board resolved to reallocate approximately HKD 16.9 million of unutilized IPO net proceeds from expanding dyeing and finishing capacity to repaying interest-bearing borrowings by December 31, 2024, due to weak market demand and sufficient existing capacity - The Board resolved to reallocate approximately **HKD 16.9 million** of unutilized net proceeds from the IPO to repay interest-bearing borrowings[29](index=29&type=chunk) - Reasons for the change in use include: weak market demand and unstable orders for dyeing and finishing and lace businesses; low utilization of existing production lines, sufficient to meet anticipated orders, making expansion not urgent; and existing boiler systems being adequate for production, without the need for further capacity enhancement[32](index=32&type=chunk)[33](index=33&type=chunk) - The Board believes that reallocating funds to repay borrowings will help reduce financial costs, improve the debt position, and align with the overall interests of the company and its shareholders[35](index=35&type=chunk) [Corporate Governance and Other Information](index=20&type=section&id=Corporate%20Governance%20and%20Other%20Information) This section details the company's governance structure, director and shareholder interests, and securities-related information [Directors' and Shareholders' Interests](index=20&type=section&id=Directors'%20and%20Shareholders'%20Interests) As of June 30, 2024, Executive Director Mr. Cai Rongxing held a 35.99% stake, while other key shareholders included Mr. Lin Minqiang with 4.0% and Glorious Way Investments Limited with 34.01% Major Directors' and Shareholders' Interests (as of June 30, 2024) | Name/Entity | Capacity/Nature | Shareholding Percentage (Approx.) | | :--- | :--- | :--- | | Mr. Cai Rongxing | Interests in controlled corporations and beneficial owner | 35.99% | | Mr. Lin Minqiang | Interests in controlled corporations | 4.0% | | Glorious Way Investments Limited | Beneficial owner | 34.01% | | Ms. Hu Qiuxia | Spouse's interest (spouse of Mr. Cai Rongxing) | 35.99% | [Share Option Scheme and Securities](index=25&type=section&id=Share%20Option%20Scheme%20and%20Securities) The company adopted a share option scheme on December 16, 2020, but no options have been granted as of June 30, 2024, and no listed securities were purchased, sold, or redeemed during the period - As of the end of the reporting period, the company had not granted any share options under its share option scheme[53](index=53&type=chunk)[56](index=56&type=chunk) - During the reporting period, the company did not conduct any repurchase, sale, or redemption of its listed securities, nor did it issue any new equity securities[54](index=54&type=chunk)[55](index=55&type=chunk)[57](index=57&type=chunk) [Report on Review of Interim Financial Information](index=27&type=section&id=Report%20on%20Review%20of%20Interim%20Financial%20Information) The company's interim financial information has been reviewed by its auditor, Freema & Mazars CPA Limited, who found no material non-compliance with HKAS 34 - The company's auditor, Freema & Mazars CPA Limited, has reviewed the interim financial information in accordance with Hong Kong Review Engagements Standards and concluded that nothing has come to their attention to suggest that the interim financial information is not prepared, in all material respects, in accordance with Hong Kong Accounting Standard 34 'Interim Financial Reporting'[67](index=67&type=chunk) [Condensed Consolidated Financial Statements](index=29&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents the Group's condensed consolidated financial statements, including income, comprehensive income, financial position, equity changes, and cash flows [Condensed Consolidated Income Statement](index=29&type=section&id=Condensed%20Consolidated%20Income%20Statement) For the six months ended June 30, 2024, the Group reported RMB 273 million in revenue, RMB 28.16 million in gross profit, an operating loss of RMB 0.574 million, a pre-tax loss of RMB 0.631 million, and a loss attributable to owners of RMB 0.948 million [Condensed Consolidated Statement of Comprehensive Income](index=30&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) After accounting for an exchange difference loss of RMB 0.17 million, the total comprehensive loss attributable to owners for the six months ended June 30, 2024, was RMB 1.118 million [Condensed Consolidated Statement of Financial Position](index=31&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2024, the Group's total assets were RMB 443 million, total liabilities RMB 128 million, and total equity RMB 315 million, with non-current assets primarily property, plant, and equipment, and current assets mainly cash and trade receivables [Condensed Consolidated Statement of Changes in Equity](index=33&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) As of June 30, 2024, the Group's total equity was RMB 315 million, a slight decrease from RMB 316 million at the beginning of the year, primarily reflecting the total comprehensive loss of RMB 1.118 million for the period [Condensed Consolidated Statement of Cash Flows](index=36&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2024, the Group experienced net cash outflows of RMB 53.06 million from operating activities, RMB 1.43 million from investing activities, and RMB 2.12 million from financing activities, resulting in a net decrease of RMB 56.61 million in cash and cash equivalents [Notes to the Condensed Consolidated Interim Financial Information](index=38&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Information) This section provides detailed explanatory notes to the condensed consolidated interim financial information, offering further context and breakdown of reported figures

Financial Performance - The group's revenue for the six months ended June 30, 2024, was approximately RMB 273.4 million, an increase of about 480.9% compared to RMB 47.1 million for the same period in 2023[2] - The gross profit for the same period was approximately RMB 28.2 million, compared to a gross loss of approximately RMB 1.4 million in 2023[2] - The loss attributable to the company's owners was approximately RMB 0.9 million, a decrease of about 82.9% from RMB 5.6 million in the same period of 2023[2] - The basic and diluted loss per share attributable to the company's owners was approximately RMB 0.08, compared to RMB 0.44 in 2023[3] - The company reported a total segment performance of RMB 28,158 thousand for the six months ended June 30, 2024, compared to a loss of RMB 1,432 thousand in the same period of 2023[11] - The company recorded a net loss attributable to owners of RMB 948,000 for the six months ended June 30, 2024, compared to a net loss of RMB 5,552,000 for the same period in 2023[25] - The group recorded a net loss of approximately RMB 0.9 million during the interim period, a decrease of about 82.9% compared to the same period in 2023[51] Revenue Breakdown - The revenue from the manufacturing lace segment was RMB 7,342 thousand, down from RMB 11,876 thousand in 2023, indicating a decline of about 38%[11] - The revenue from the dyeing and finishing services segment increased to RMB 31,656 thousand from RMB 21,803 thousand, reflecting a growth of approximately 45%[11] - The footwear segment generated revenue of RMB 234,399 thousand, a substantial increase from RMB 13,386 thousand in the previous year, marking a growth of around 1,600%[11] - Revenue recognized over time from service provision was RMB 38,998 thousand for the six months ended June 30, 2024, compared to RMB 33,679 thousand in 2023, showing an increase of about 16%[12] - Revenue from product sales at a point in time was RMB 234,399 thousand, a significant rise from RMB 13,386 thousand in the previous year, indicating a growth of approximately 1,600%[12] Assets and Liabilities - Total assets as of June 30, 2024, amounted to RMB 442.7 million, down from RMB 492.2 million as of December 31, 2023[5] - Total liabilities decreased to RMB 127.9 million as of June 30, 2024, from RMB 176.3 million as of December 31, 2023[6] - The company's cash and cash equivalents were RMB 212.4 million as of June 30, 2024, compared to RMB 269.0 million at the end of 2023[5] - Trade receivables as of June 30, 2024, were RMB 84,568,000, an increase from RMB 81,377,000 as of December 31, 2023, representing a growth of about 3%[29] - The total trade payables as of June 30, 2024, were RMB 68,164,000, down from RMB 108,793,000 as of December 31, 2023, reflecting a decrease of approximately 37.3%[36] Expenses - Total expenses for the six months ended June 30, 2024, amounted to RMB 277,675,000, a significant increase from RMB 56,375,000 in the same period of 2023[17] - Research and development expenses for the six months ended June 30, 2024, amounted to RMB 8,603 thousand, compared to RMB 6,546 thousand in 2023, representing an increase of approximately 31%[11] - Selling and distribution expenses increased 23.7 times to approximately RMB 16.2 million, correlating with the rise in footwear revenue[48] - Administrative expenses rose significantly to RMB 1,377,000 for the six months ended June 30, 2024, compared to RMB 443,000 for the same period in 2023, marking an increase of approximately 211%[28] Cash Flow and Financing - The group had borrowings of approximately RMB 37.2 million as of June 30, 2024, compared to RMB 36.9 million as of December 31, 2023[52] - The net financing cost for the interim period was approximately RMB 0.1 million, compared to a net financing income of about RMB 1.1 million in the same period of 2023[50] - The group plans to reallocate approximately HKD 16.9 million of unutilized proceeds for repaying interest-bearing borrowings by December 31, 2024[60] Corporate Governance and Compliance - The company has adopted a set of corporate governance practices in compliance with the corporate governance code[69] - The audit committee reviewed the group's unaudited interim financial information during the interim period[67] Future Outlook - The company plans to gradually reduce investments in lace manufacturing and dyeing services, focusing more on the footwear business to mitigate risks and improve financial performance[40] - The company aims to enhance production efficiency and reduce operating costs while adhering to environmental policies and strengthening R&D capabilities[40] - The demand for dyeing services and lace products is still recovering and has not yet returned to pre-pandemic levels[62]