FF301 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 致：香港交易及結算所有限公司 公司名稱: 眾淼控股（青島）股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 第 2 頁 共 10 頁 v 1.1.1 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01471 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 35,300,000 | RMB | | 1 RMB | | | 35,300,000 | | 增加 / 減少 (-) | | | | | | RMB | | | | | 本月底結存 | | | 35,300,000 | RMB ...

此乃要件 請即處理 閣下如 對本通函或應採取的行動 有任何疑問，應諮詢 閣下的股票經紀或其他註冊證券交 易商、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已售出或轉讓 名下所有 眾 淼 控 股（青 島）股 份 有 限 公 司 股份，應立即將本通函連同隨 附的代表委任表格送交買方或承讓人，或經手買賣或轉讓之銀行、持牌證券交易商或其他 代理商，以便轉交買方或承讓人。 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通函的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本通函全部或任何部分內容而產 生或因倚賴該等內容而引致的任何損失承擔任何責任。 Zhongmiao Holdings (Qingdao) Co., Ltd. 眾淼控股（青島）股份有限公司 （於中華人民共和國註冊成立之股份有限公司） （股份代號：1471) 有關收購目標公司55%股權的主要交易 董事會函件載於本通函第6頁至第23頁。 本 通 函 寄 發 予 股 東，僅 供 參 考，並 已 根 據 上 市 規 則 取 得 股 東 書 面 批 准，以 代 替 舉 行 本 公 司 股東大會。 2025年9月25日 | 釋 | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於中華人民共和國註冊成立之股份有限公司） （股份代號：1471) 延遲寄發通函 承董事會命 Zhongmiao Holdings (Qingdao) Co., Ltd. 眾 淼 控 股（青 島）股 份 有 限 公 司 眾淼控股（青島）股份有限公司 茲 提 述 眾 淼 控 股（青 島）股 份 有 限 公 司（「本公司」）日 期 為2025年8月22日 之 公 告（「該 公 告」），內 容 有 關 本 公 司 主 要 交 易。除 文 義 另 有 所 指 外，本 公 告 所 用 詞 彙 與 該 公 告所界定者具有相同涵義。 誠 如 該 公 告 所 述，一 份 載 有（其 中 包 括）：(i)收購事項及其項下擬進行的交易的詳 情；及(ii)根 據 上 市 規 則 規 定 須 納 入 通 函 的 其 他 資 料 的 通 函（「該通函」）須 於 刊 發 該公告後十五(15)個營業日內寄發予股東。 由 於 需 要 ...

Company Information [Board of Directors](index=3&type=section&id=Board%20of%20Directors) The company's Board of Directors comprises executive directors Lu Yao (Chairman), Zhang Zhiquan, Li Tian, Wang Heping, and independent non-executive directors Fang Qiaoling, Zhong Weiwen, Wu Xianqiao - Executive Directors include **Lu Yao (Chairman), Zhang Zhiquan, Li Tian, Wang Heping**[7](index=7&type=chunk) - Independent Non-Executive Directors include **Fang Qiaoling, Zhong Weiwen, Wu Xianqiao**[7](index=7&type=chunk) [Supervisors](index=3&type=section&id=Supervisors) The company's Board of Supervisors members include Zhu Rongwei, Wang Jiesi, and Wang Yangyang - Members of the Board of Supervisors are **Zhu Rongwei, Wang Jiesi, Wang Yangyang**[7](index=7&type=chunk) [Audit Committee](index=3&type=section&id=Audit%20Committee) The company's Audit Committee consists of Zhong Weiwen (Chairman), Fang Qiaoling, and Wu Xianqiao - The Audit Committee Chairman is **Zhong Weiwen**, with members including **Fang Qiaoling and Wu Xianqiao**[7](index=7&type=chunk) [Remuneration Committee](index=3&type=section&id=Remuneration%20Committee) The company's Remuneration Committee consists of Fang Qiaoling (Chairman), Zhong Weiwen, and Li Tian - The Remuneration Committee Chairman is **Fang Qiaoling**, with members including **Zhong Weiwen and Li Tian**[7](index=7&type=chunk) [Nomination Committee](index=3&type=section&id=Nomination%20Committee) The company's Nomination Committee consists of Lu Yao (Chairman), Wu Xianqiao, and Fang Qiaoling - The Nomination Committee Chairman is **Lu Yao**, with members including **Wu Xianqiao and Fang Qiaoling**[7](index=7&type=chunk) [Joint Company Secretaries](index=3&type=section&id=Joint%20Company%20Secretaries) The company's Joint Company Secretaries are Chen Xiuling and Sun Yanlu - The Joint Company Secretaries are **Chen Xiuling and Sun Yanlu**[7](index=7&type=chunk) [Authorized Representatives](index=3&type=section&id=Authorized%20Representatives) The company's Authorized Representatives are Lu Yao and Chen Xiuling - The Authorized Representatives are **Lu Yao and Chen Xiuling**[7](index=7&type=chunk) [Registered Office](index=3&type=section&id=Registered%20Office) The company's registered office is located at No. 187 Jinshui Road, Licang District, Qingdao City, Shandong Province, China - The registered office is located at **No. 187 Jinshui Road, Licang District, Qingdao City, Shandong Province, China**[7](index=7&type=chunk) [Headquarters](index=3&type=section&id=Headquarters) The company's headquarters is located at No. 1 Haier Road, Laoshan District, Qingdao City, Shandong Province, China - The headquarters is located at **No. 1 Haier Road, Laoshan District, Qingdao City, Shandong Province, China**[7](index=7&type=chunk) [Principal Place of Business in Hong Kong](index=4&type=section&id=Principal%20Place%20of%20Business%20in%20Hong%20Kong) The company's principal place of business in Hong Kong is located at Room 1917, 19th Floor, Lee Garden One, 33 Hysan Avenue, Causeway Bay, Hong Kong - The principal place of business in Hong Kong is located at **Room 1917, 19th Floor, Lee Garden One, 33 Hysan Avenue, Causeway Bay, Hong Kong**[8](index=8&type=chunk) [H Share Registrar](index=4&type=section&id=H%20Share%20Registrar) The company's H Share Registrar is Tricor Investor Services Limited - The H Share Registrar is **Tricor Investor Services Limited**[8](index=8&type=chunk) [Principal Bankers](index=4&type=section&id=Principal%20Bankers) The company's principal bankers include China Construction Bank Corporation, Qingdao Haier Road Branch - The principal bankers include **China Construction Bank Corporation, Qingdao Haier Road Branch**[8](index=8&type=chunk) [Stock Code](index=4&type=section&id=Stock%20Code) The company's stock code is 1471 - The stock code is **1471**[8](index=8&type=chunk) [Company Website](index=4&type=section&id=Company%20Website) The company's website is www.haierbx.net - The company website is **www.haierbx.net**[8](index=8&type=chunk) [Compliance Adviser](index=4&type=section&id=Compliance%20Adviser) The company's compliance adviser is China Ping An Capital (Hong Kong) Company Limited - The compliance adviser is **China Ping An Capital (Hong Kong) Company Limited**[8](index=8&type=chunk) [Auditor](index=4&type=section&id=Auditor) The company's auditor is KPMG - The auditor is **KPMG**[8](index=8&type=chunk) [Hong Kong Legal Adviser](index=4&type=section&id=Hong%20Kong%20Legal%20Adviser) The company's Hong Kong legal adviser is Norton Rose Fulbright Hong Kong - The Hong Kong legal adviser is **Norton Rose Fulbright Hong Kong**[8](index=8&type=chunk) Operational Highlights [Operational Highlights](index=5&type=section&id=Operational%20Highlights) The company's revenue increased by **28.4%** to **RMB 113.6 million** and net profit grew by **16.2%** to **RMB 25.1 million** in the first half of 2025, driven by significant growth in insurance agency business, especially property and casualty insurance products Operational Highlights Summary | Indicator | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | YoY Growth | | :--- | :--- | :--- | :--- | | Operating Revenue | 113,580 | 88,456 | 28.4% | | Net Profit Attributable to Equity Holders of the Company | 25,063 | 21,588 | 16.2% | | Insurance Agency Business Revenue | 109,204 | 82,213 | 32.8% | | Property and Casualty Insurance Product Commission Income | 52,943 | 35,878 | 47.4% | | Total Premiums from Insurance Agency Business | 935,950 | 666,170 | 40.5% | | Total Premiums from Property and Casualty Insurance Products | 473,421 | 333,276 | 58.2% | Management Discussion and Analysis [Management Discussion and Analysis](index=6&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews the company's business performance, strategic progress, and financial condition for the first half of 2025, highlighting significant growth driven by its "co-creation and win-win" ecosystem and AI technology, with future plans for ecosystem expansion, AI application, and strategic investments, while noting increased revenue and net profit despite a decline in gross margin and a slight decrease in cash and cash equivalents [Business Review](index=6&type=section&id=Business%20Review) The company is committed to building a one-stop intelligent insurance service platform, achieving significant growth in operating revenue and net profit through digital upgrades and increased investment in AI and big data technologies - The Group is dedicated to building and improving a one-stop intelligent insurance service platform, continuously advancing full-process digital upgrades, and increasing resource investment in cutting-edge technologies such as artificial intelligence, big data, and blockchain[18](index=18&type=chunk) - For the six months ended June 30, 2025, operating revenue reached approximately **RMB 113.6 million**, an increase of approximately **28.4%** year-on-year; net profit reached approximately **RMB 25.1 million**, an increase of approximately **16.2%** year-on-year[18](index=18&type=chunk) [Dual-Engine Drive of Co-creation and Win-win Philosophy and Technological Innovation for Business Development](index=6&type=section&id=Dual-Engine%20Drive%20of%20Co-creation%20and%20Win-win%20Philosophy%20and%20Technological%20Innovation%20for%20Business%20Development) The company adheres to a "co-creation and win-win" philosophy, building an ecosystem covering insurance product sales, claims services, and risk management, while increasing AI technology R&D investment, achieving significant progress in smart claims and smart customer service - A complete ecosystem covering multiple aspects such as insurance product sales, claims services, and risk management has been established, linking with **80 insurance companies** and **30 strategic channel partners**[19](index=19&type=chunk) - Professional insurance services are provided to over **32,000 enterprise insurance users** and **546,000 household insurance users**[19](index=19&type=chunk) - Through deep application of AI technology, the "Zhonghui Bao" claims service platform has been fully upgraded, improving average claims efficiency by nearly **30%** and supporting **24/7 online claims application and tracking**[20](index=20&type=chunk) - An enterprise-level smart customer service system based on large models has been built, achieving zero logical discontinuity and millisecond response times for customer service inquiries, with an answer accuracy rate of **99%** and a complex problem resolution rate increased to **92%**[22](index=22&type=chunk) [Our Business Development](index=7&type=section&id=Our%20Business%20Development) Technology-driven insurance agency business achieved rapid growth with significant increases in total premiums and commission income, though life and health insurance product commission income declined due to market and policy impacts, and IT service revenue decreased due to project acceptance timelines Insurance Agency and IT Services Performance | Indicator | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | YoY Growth | | :--- | :--- | :--- | :--- | | Total Premiums from Insurance Agency Business | 936,000 | 666,200 | 40.5% | | Commission Income from Insurance Agency Business | 109,200 | 82,200 | 32.8% | | Commission Income from Property and Casualty Insurance Products | 52,900 | 35,900 | 47.4% | | Commission Income from Accident and Auto Insurance Premiums | 47,400 | 34,200 | 38.6% | | Commission Income from Life and Health Insurance Products | 8,900 | 12,100 | -26.4% | | IT Service Revenue | 4,300 | 5,500 | -21.8% | - Commission income from insurance agency business accounts for **96.1%** of total revenue[22](index=22&type=chunk) - The decrease in IT service revenue is primarily due to the timing of IT project acceptance, accounting for **3.8%** of total revenue[23](index=23&type=chunk) - Consulting services include human resource consulting and marketing promotion services[24](index=24&type=chunk) [Outlook](index=8&type=section&id=Outlook) The company's future strategic goals include deepening the "technology + scenario + ecosystem" model, continuously expanding its ecosystem, actively embracing AI technology for risk reduction and smart claims, and seeking strategic investment and acquisition opportunities in the insurance intermediary and fintech industries - The long-term strategic goal is to leverage a differentiated "technology + scenario + ecosystem" model to support user experience iteration and actively expand the fintech business ecosystem[25](index=25&type=chunk) - The "Zhongmiao Ecosystem Co-creation" model will be used to continuously expand the ecosystem, providing "more than insurance" ecological services and cultivating lifelong insurance users[25](index=25&type=chunk) - The "AI+" strategy will be deepened, focusing on AI+ risk reduction (achieving立体化 risk monitoring through large models and IoT technology) and smart claims (achieving automated claims review through large language models and business rule engines)[25](index=25&type=chunk)[29](index=29&type=chunk) - The company plans to actively seek strategic investment and acquisition opportunities in the insurance intermediary and fintech industries to accelerate business development and enhance competitiveness[29](index=29&type=chunk) [Financial Review](index=9&type=section&id=Financial%20Review) In the first half of 2025, the company's revenue and gross profit increased, but the overall gross margin declined due to a higher proportion of lower-margin property and casualty insurance products; R&D costs and general and administrative expenses increased, while sales and marketing costs and finance costs decreased, and income tax rose with increased profit, resulting in higher profit for the period but a lower net profit margin Financial Performance Summary | Indicator | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | YoY Growth/Change | | :--- | :--- | :--- | :--- | | Revenue | 113,580 | 88,456 | 28.4% | | Gross Profit | 42,113 | 37,208 | 13.2% | | Overall Gross Margin | 37.1% | 42.0% | -4.9 percentage points | | Other Income | 4,260 | 4,389 | -3.0% | | R&D Costs | 4,714 | 4,385 | 7.5% | | General and Administrative Expenses | 8,139 | 6,874 | 18.4% | | Sales and Marketing Costs | 2,827 | 4,099 | -31.1% | | Finance Costs | 12 | 149 | -91.9% | | Income Tax | 5,598 | 4,844 | 15.6% | | Profit for the Period | 25,099 | 21,258 | 18.1% | | Net Profit Margin | 22.1% | 24.1% | -2.0 percentage points | - The decline in gross margin is primarily attributable to an increased proportion of commission income from property and casualty insurance products, which have relatively lower gross margins[30](index=30&type=chunk) - The decrease in sales and marketing costs is mainly due to business process optimization and improved organizational efficiency[34](index=34&type=chunk) [Financial Position](index=11&type=section&id=Financial%20Position) As of June 30, 2025, the company's net assets slightly increased, but total cash and cash equivalents and term deposits slightly decreased, mainly due to dividend payments and delayed collection of trade receivables; the company maintains ample liquidity, an extremely low capital-to-debt ratio, no bank borrowings, and no significant contingent liabilities Financial Position Summary | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Net Assets | 604,410 | 598,372 | 1.0% | | Total Cash and Cash Equivalents and Term Deposits in Other Financial Assets | 559,089 | 568,641 | -1.7% | | Net Current Assets | 500,300 | 452,400 | 10.6% | | Capital-to-Debt Ratio | 0.0035% | - | - | - The decrease in total cash and cash equivalents and term deposits in other financial assets was mainly due to **cash dividend payments** and **delayed collection of trade receivables**[40](index=40&type=chunk) - The company has sufficient liquidity to meet working capital requirements for the next year and financial flexibility for future strategic investment opportunities[41](index=41&type=chunk) - As of June 30, 2025, the company had **zero bank borrowings** and **no significant contingent liabilities**[43](index=43&type=chunk)[44](index=44&type=chunk) - For the six months ended June 30, 2025, the company incurred **no capital expenditure**[45](index=45&type=chunk) - The company manages idle cash by utilizing wealth management products and term deposits, and adopts comprehensive internal policies and guidelines to manage investment risks[46](index=46&type=chunk) - The company primarily operates in China, with the vast majority of transactions settled in RMB, and does not face any significant foreign exchange risk[47](index=47&type=chunk) [Human Resources](index=13&type=section&id=Human%20Resources) As of June 30, 2025, the company had 127 employees, with total staff costs of approximately RMB 14.7 million; the company values employee development, offering training courses and implementing evaluation programs to enhance skills and satisfaction - As of June 30, 2025, the Group had **127 employees**, with total staff costs of approximately **RMB 14.7 million**[49](index=49&type=chunk) - The company has established mandatory provident fund contribution schemes for all employees and purchased medical, work injury, unemployment, and maternity insurance, in addition to making contributions to housing provident funds[49](index=49&type=chunk) - The company provides continuing education and training courses to employees and adopts evaluation programs to enhance their skills and unleash their potential[49](index=49&type=chunk) [Pledge of Assets](index=13&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, the company's assets were not subject to any pledge - As of June 30, 2025, the Group's assets were **not pledged**[50](index=50&type=chunk) [Material Investments, Acquisitions and Disposals](index=13&type=section&id=Material%20Investments,%20Acquisitions%20and%20Disposals) As of June 30, 2025, the company held no material investments and had not undertaken any material acquisitions or disposals of subsidiaries, associates, or joint ventures - As of June 30, 2025, the Group held **no material investments**[52](index=52&type=chunk) - For the six months ended June 30, 2025, the Group had **no material acquisitions or disposals** of subsidiaries, associates, or joint ventures[52](index=52&type=chunk) [Future Plans for Material Investments and Capital Assets](index=13&type=section&id=Future%20Plans%20for%20Material%20Investments%20and%20Capital%20Assets) The company intends to use the net proceeds from the global offering as outlined in the "Future Plans and Use of Proceeds" section of the prospectus, with no other future material investments or new capital asset plans currently, apart from post-balance sheet events - The company intends to use the net proceeds from the global offering as planned in the "Future Plans and Use of Proceeds" section of the prospectus[53](index=53&type=chunk) - As of the date of this interim report, apart from post-balance sheet events, the company has **no other future material investments or new capital asset plans**[53](index=53&type=chunk) [Post Balance Sheet Events](index=16&type=section&id=Post%20Balance%20Sheet%20Events) On August 22, 2025, the company agreed to acquire a total of 55% equity interest in Beijing Kechuang Rongxin Technology Co., Ltd. for RMB 165 million in cash - On August 22, 2025, the company, Li Yanbai, and Chai Hong entered into a share transfer agreement, whereby the company conditionally agreed to acquire a total of **55% equity interest** in Beijing Kechuang Rongxin Technology Co., Ltd. for **RMB 165 million in cash**[65](index=65&type=chunk)[66](index=66&type=chunk) Corporate Governance and Other Information [Corporate Governance and Other Information](index=14&type=section&id=Corporate%20Governance%20and%20Other%20Information) The company complies with the Corporate Governance Code, though the roles of Chairman and CEO are combined, which the Board will continue to review; Directors and Supervisors adhere to the Standard Code for Securities Transactions; no interim dividend is recommended; net proceeds from the global offering are primarily for insurance agency business development and IT service enhancement, with a significant acquisition announced post-period [Corporate Governance Code](index=14&type=section&id=Corporate%20Governance%20Code) The company has adopted and complied with the Corporate Governance Code, but the roles of Chairman and Chief Executive Officer are combined by Mr. Lu Yao, an arrangement the Board believes ensures consistent internal leadership and will continue to review - The company has adopted the Corporate Governance Code and complied with all principles and code provisions during the reporting period[54](index=54&type=chunk)[55](index=55&type=chunk) - The roles of Chairman and Chief Executive Officer are combined by **Mr. Lu Yao**, an arrangement the Board believes ensures consistent internal leadership and enhances overall strategic planning efficiency[55](index=55&type=chunk) - The Board will continue to review and consider separating the roles of Chairman and Chief Executive Officer at an appropriate time[55](index=55&type=chunk) [Standard Code for Securities Transactions](index=14&type=section&id=Standard%20Code%20for%20Securities%20Transactions) The company has adopted a code of conduct for securities transactions by Directors and Supervisors, and all Directors and Supervisors confirmed compliance with the required standards during the reporting period - The company has adopted a code of conduct for securities transactions by Directors and Supervisors, which is no less stringent than the Standard Code set out in Appendix C3 of the Listing Rules[56](index=56&type=chunk) - All Directors and Supervisors confirmed compliance with the required standards of the Standard Code throughout the six months ended June 30, 2025[56](index=56&type=chunk) [Interim Dividend](index=14&type=section&id=Interim%20Dividend) The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025[57](index=57&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=15&type=section&id=Purchase,%20Sale%20or%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, and the company held no treasury shares - For the entire 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[59](index=59&type=chunk) - As of June 30, 2025, the company held **no treasury shares**[60](index=60&type=chunk) [Review of Interim Financial Information](index=15&type=section&id=Review%20of%20Interim%20Financial%20Information) The company's unaudited condensed consolidated interim results have been reviewed by KPMG, the company's auditor, in accordance with Hong Kong Standard on Review Engagements 2410, and also by the Board's Audit Committee - The company's unaudited condensed consolidated interim results have been reviewed by the company's auditor, **KPMG**, in accordance with Hong Kong Standard on Review Engagements 2410[61](index=61&type=chunk) - The interim results have also been reviewed by the Board's Audit Committee[61](index=61&type=chunk) [Use of Net Proceeds from Global Offering](index=15&type=section&id=Use%20of%20Net%20Proceeds%20from%20Global%20Offering) The net proceeds from the global offering amounted to approximately HKD 198.9 million; as of June 30, 2025, HKD 1.2 million was utilized for enhancing IT service products and R&D capabilities, with the remaining funds planned for developing insurance agency business, seeking prudent investments, and general working capital - The net proceeds from the global offering amounted to approximately **HKD 198.9 million**[62](index=62&type=chunk) Use of Net Proceeds from Global Offering | Primary Use | Approximate Percentage of Net Proceeds | Total Net Proceeds Allocated (HKD millions) | Amount Utilized (as of June 30, 2025) (HKD millions) | Unutilized Amount (as of June 30, 2025) (HKD millions) | Expected Timeline for Unutilized Net Proceeds | | :--- | :--- | :--- | :--- | :--- | :--- | | Developing insurance agency business | 53.8% | 107.0 | – | 107.0 | Before end of 2027 | | Enhancing IT service products and R&D capabilities | 26.2% | 52.1 | 1.2 | 50.9 | Before end of 2029 | | Seeking prudent investments and acquisitions | 10.0% | 19.9 | – | 19.9 | Before end of 2026 | | General working capital and general corporate purposes | 10.0% | 19.9 | – | 19.9 | Before end of 2027 | | **Total** | **100.0%** | **198.9** | **1.2** | **197.7** | | - Unutilized net proceeds will be deposited into short-term interest-bearing accounts with licensed commercial banks and/or other recognized financial institutions[63](index=63&type=chunk) [Changes in Information of Directors, Supervisors and Senior Management](index=16&type=section&id=Changes%20in%20Information%20of%20Directors,%20Supervisors%20and%20Senior%20Management) Since the publication of the 2024 annual report, Mr. Zhong Weiwen ceased to be an independent non-executive director of Shandong Fengxiang Co., Ltd. on August 22, 2025, with no other changes in the information of directors, supervisors, and senior management - Mr. Zhong Weiwen ceased to be an independent non-executive director of Shandong Fengxiang Co., Ltd. (a company formerly listed on the Stock Exchange) on **August 22, 2025**[64](index=64&type=chunk) - Apart from the above disclosure, there have been **no other changes** in the information of Directors, Supervisors, and Senior Management from the 2024 annual report to the date of this interim report[64](index=64&type=chunk) [Continuing Disclosure Obligations under Listing Rules](index=16&type=section&id=Continuing%20Disclosure%20Obligations%20under%20Listing%20Rules) The company has no other disclosure obligations under Listing Rules 13.20, 13.21, and 13.22 - The company has **no other disclosure obligations** under Listing Rules 13.20, 13.21, and 13.22[67](index=67&type=chunk) [Acknowledgement](index=16&type=section&id=Acknowledgement) The Chairman of the Board, Lu Yao, on behalf of the Board, expresses gratitude to all fellow Directors and employees for their dedicated service, contributions, and support during the period - The Chairman of the Board, **Lu Yao**, thanks all fellow Directors and employees for their dedicated service, contributions, and support during the period[68](index=68&type=chunk)[69](index=69&type=chunk) Disclosure of Interests [Disclosure of Interests](index=17&type=section&id=Disclosure%20of%20Interests) This section discloses the interests and short positions of Directors, Supervisors, Chief Executive, and substantial shareholders in the company's shares, with Lu Yao and Zhang Zhiquan holding domestic shares through controlled corporations, and Haier Group Corporation and its affiliates being the largest substantial shareholders [Interests and Short Positions of Directors, Supervisors and Chief Executive in Shares, Underlying Shares and Debentures](index=17&type=section&id=Interests%20and%20Short%20Positions%20of%20Directors,%20Supervisors%20and%20Chief%20Executive%20in%20Shares,%20Underlying%20Shares%20and%20Debentures) As of June 30, 2025, the company's Chairman and Executive Director Lu Yao, and Executive Director and Deputy General Manager Zhang Zhiquan, held domestic shares through controlled corporations, representing **19.48%** and **17.00%** respectively of the total issued shares Directors' and Chief Executive's Interests | Name | Position | Nature of Interest | Shares Held and Class | Approximate Percentage of Total Issued Shares (%) | | :--- | :--- | :--- | :--- | :--- | | Lu Yao | Chairman, Executive Director and General Manager | Interest in controlled corporation | 27,501,600 Domestic Shares (L) | 19.48 | | Zhang Zhiquan | Executive Director and Deputy General Manager | Interest in controlled corporation | 24,000,000 Domestic Shares (L) | 17.00 | - Lu Yao, through his wholly-owned Qingdao Haichuang Management Consulting Co., Ltd., is deemed to have an interest in the shares held by Shanghai Zhaoqi, Qingdao Haizhongjie, and Qingdao Haixinsheng, respectively[71](index=71&type=chunk) - Zhang Zhiquan, through his **31.40%** interest in Shanghai Zhaoqi and Beijing Quanzhanggui Internet Technology Co., Ltd. (in which Zhang Zhiquan holds a **70.00%** interest), is deemed to have an interest in the shares held by Shanghai Zhaoqi[71](index=71&type=chunk) [Interests and Short Positions of Substantial Shareholders in Shares and Underlying Shares](index=18&type=section&id=Interests%20and%20Short%20Positions%20of%20Substantial%20Shareholders%20in%20Shares%20and%20Underlying%20Shares) As of June 30, 2025, Haier Group Corporation and its affiliates, through interests in controlled corporations, held **64,000,000 domestic shares**, representing **45.33%** of the total issued shares, making them the largest substantial shareholders; additionally, Qingdao Haiyinghui Management Consulting Co., Ltd. directly held **56,000,000 domestic shares**, and Qu Pengcheng beneficially held **4,142,500 H shares** Substantial Shareholders' Interests | Shareholder Name | Nature of Interest | Shares Held and Class | Approximate Percentage of Total Issued Shares (%) | | :--- | :--- | :--- | :--- | | Haier Group Corporation | Interest in controlled corporation | 64,000,000 Domestic Shares (L) | 45.33 | | Qingdao Haichuangke Management Consulting Enterprise (Limited Partnership) | Interest in controlled corporation | 64,000,000 Domestic Shares (L) | 45.33 | | Qingdao Haichuanghui IoT Co., Ltd. | Interest in controlled corporation | 64,000,000 Domestic Shares (L) | 45.33 | | Qingdao Haichuanghui Investment Co., Ltd. | Interest in controlled corporation | 64,000,000 Domestic Shares (L) | 45.33 | | Haichuanghui Holdings Limited | Interest in controlled corporation | 8,000,000 Domestic Shares (L) | 5.67 | | Ningbo Meishan Bonded Port Area Haichuanghui Investment Management Co., Ltd. | Interest in controlled corporation | 8,000,000 Domestic Shares (L) | 5.67 | | Qingdao Haichuanghui Venture Capital Co., Ltd. | Interest in controlled corporation | 8,000,000 Domestic Shares (L) | 5.67 | | Qingdao Haichuanghui Ronghai Venture Capital Center (Limited Partnership) | Beneficial interest | 8,000,000 Domestic Shares (L) | 5.67 | | Qingdao Haiyinghui Management Consulting Co., Ltd. | Beneficial interest | 56,000,000 Domestic Shares (L) | 39.66 | | Qingdao Haichuang Management Consulting Co., Ltd. | Interest in controlled corporation | 27,501,600 Domestic Shares (L) | 19.48 | | Shanghai Zhaoqi | Beneficial interest | 24,000,000 Domestic Shares (L) | 17.00 | | Li Jia | Spouse's interest | 24,000,000 Domestic Shares (L) | 17.00 | | Qingdao Haizhihuiying Equity Investment Management Co., Ltd. | Interest in controlled corporation | 14,394,000 Domestic Shares (L) | 10.19 | | Qingdao Haichuangying Equity Investment Partnership (Limited Partnership) | Beneficial interest | 14,394,000 Domestic Shares (L) | 10.19 | | Qu Pengcheng | Beneficial interest | 4,142,500 H Shares (L) | 2.93 | - Haier Group Corporation, through a voting rights entrustment arrangement, is entitled to exercise **48.80%** of the voting rights held by Qingdao Haichuanghui IoT Co., Ltd. for Haichuangke Management Consulting Enterprise (Limited Partnership)[77](index=77&type=chunk) - Li Jia, as the spouse of Zhang Zhiquan, is deemed to have an interest in the shares in which Zhang Zhiquan has an interest, in accordance with the Securities and Futures Ordinance[75](index=75&type=chunk) Review Report [Review Report](index=21&type=section&id=Review%20Report) KPMG reviewed the interim financial information and found no matters leading them to believe that the information was not prepared in all material respects in accordance with International Accounting Standard 34 – Interim Financial Reporting - KPMG reviewed the interim financial information in accordance with Hong Kong Standard on Review Engagements 2410[81](index=81&type=chunk) - Review conclusion: Nothing has come to our attention that causes us to believe that the interim financial information as of June 30, 2025, is not prepared, in all material respects, in accordance with International Accounting Standard 34 – Interim Financial Reporting[82](index=82&type=chunk) Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income [Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=22&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the company achieved revenue of **RMB 113,580 thousand**, a **28.4%** year-on-year increase, and profit for the period of **RMB 25,099 thousand**, an **18.1%** year-on-year increase, with basic earnings per share of **RMB 0.18** Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Summary | Indicator | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | YoY Growth | | :--- | :--- | :--- | :--- | | Revenue | 113,580 | 88,456 | 28.4% | | Cost of Sales | (71,467) | (51,248) | 39.5% | | Gross Profit | 42,113 | 37,208 | 13.2% | | Operating Profit | 30,709 | 26,251 | 17.0% | | Profit Before Tax | 30,697 | 26,102 | 17.6% | | Income Tax | (5,598) | (4,844) | 15.6% | | Profit for the Period | 25,099 | 21,258 | 18.1% | | Net Profit Attributable to Equity Holders of the Company | 25,063 | 21,588 | 16.1% | | Basic and Diluted Earnings Per Share (RMB) | 0.18 | 0.20 | -10.0% | Interim Condensed Consolidated Statement of Financial Position [Interim Condensed Consolidated Statement of Financial Position](index=23&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's total assets less current liabilities amounted to **RMB 604,410 thousand**, with net current assets of **RMB 500,332 thousand**; non-current assets decreased while current assets increased, primarily reflecting changes in cash and cash equivalents and trade receivables Interim Condensed Consolidated Statement of Financial Position Summary | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Non-current Assets | 104,078 | 145,953 | -28.7% | | Current Assets | 543,300 | 489,440 | 10.9% | | Current Liabilities | 42,968 | 37,021 | 16.1% | | Net Current Assets | 500,332 | 452,419 | 10.6% | | Total Assets Less Current Liabilities | 604,410 | 598,372 | 1.0% | | Net Assets | 604,410 | 598,372 | 1.0% | | Cash and Cash Equivalents | 286,923 | 169,721 | 69.1% | | Term Deposits (Current Portion) | 177,457 | 262,638 | -32.5% | | Term Deposits (Non-current Portion) | 94,709 | 136,282 | -30.5% | | Trade and Bills Receivables | 56,388 | 41,965 | 34.4% | Interim Condensed Consolidated Statement of Changes in Equity [Interim Condensed Consolidated Statement of Changes in Equity](index=25&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) As of June 30, 2025, the company's total equity increased to **RMB 604,410 thousand**, with a net profit for the period of **RMB 25,063 thousand** and cash dividends of **RMB 19,061 thousand** paid Interim Condensed Consolidated Statement of Changes in Equity Summary | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Share Capital | 141,196 | 141,196 | 0.0% | | Reserves | 465,001 | 458,999 | 1.3% | | Total Equity Attributable to Equity Holders of the Company | 606,197 | 600,195 | 1.0% | | Non-controlling Interests | (1,787) | (1,823) | -2.0% | | Total Equity | 604,410 | 598,372 | 1.0% | | Net Profit for the Period (Attributable to Equity Holders of the Company) | 25,063 | 46,657 (Full Year) | - | | Cash Dividends Declared and Paid for the Period | (19,061) | - | - | Interim Condensed Consolidated Statement of Cash Flows [Interim Condensed Consolidated Statement of Cash Flows](index=27&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash generated from operating activities was **RMB 7,141 thousand**, net cash generated from investing activities was **RMB 130,958 thousand**, and net cash used in financing activities was **RMB 20,038 thousand**, with cash and cash equivalents increasing to **RMB 286,923 thousand** at period-end Interim Condensed Consolidated Statement of Cash Flows Summary | Indicator | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Net Cash Generated from Operating Activities | 7,141 | 19,306 | -63.0% | | Net Cash Generated from/(Used in) Investing Activities | 130,958 | (150,011) | 187.3% | | Net Cash (Used in)/Generated from Financing Activities | (20,038) | (7,335) | 173.2% | | Net Increase/(Decrease) in Cash and Cash Equivalents | 118,061 | (138,040) | 185.5% | | Cash and Cash Equivalents at End of Period | 286,923 | 65,598 | 337.4% | Notes to the Unaudited Interim Financial Report [Notes to the Unaudited Interim Financial Report](index=28&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Report) The financial report notes detail the basis of preparation, revenue and segment reporting, various expenses, taxes, earnings per share, balance sheet items, capital and reserves, capital commitments, and material related party transactions, also disclosing a significant post-period acquisition [1 Basis of Preparation](index=28&type=section&id=1%20Basis%20of%20Preparation) This interim financial report is prepared in accordance with applicable disclosure provisions of the Hong Kong Stock Exchange Listing Rules and International Accounting Standard 34 – Interim Financial Reporting, and has been reviewed by KPMG but is unaudited - The interim financial report is prepared in accordance with the applicable disclosure provisions of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and International Accounting Standard 34 Interim Financial Reporting issued by the International Accounting Standards Board[97](index=97&type=chunk) - This interim financial report is unaudited but has been reviewed by KPMG, the company's auditor, in accordance with Hong Kong Standard on Review Engagements 2410 issued by the Hong Kong Institute of Certified Public Accountants[98](index=98&type=chunk) [2 Revenue and Segment Reporting](index=29&type=section&id=2%20Revenue%20and%20Segment%20Reporting) The company's revenue primarily derives from insurance agency services, IT services, and consulting services, with insurance agency business being the main source, showing significant growth from enterprise insurance users and strong performance in property and casualty products; the company reports by these three business lines, using gross profit as the segment performance measure - The Group's principal activities are the provision of insurance agency services, IT services, and consulting services in China[99](index=99&type=chunk) Revenue by Source | Revenue Source | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | YoY Growth | | :--- | :--- | :--- | :--- | | Insurance Agency Business | 109,204 | 82,213 | 32.8% | | IT Services | 4,340 | 5,486 | -21.0% | | Consulting Services | 36 | 757 | -95.2% | | **Total** | **113,580** | **88,456** | **28.4%** | Revenue by Insurance Product Purchaser | Insurance Product Purchaser | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | YoY Growth | | :--- | :--- | :--- | :--- | | Household Insurance Users | 51,181 | 45,500 | 12.5% | | Enterprise Insurance Users | 58,023 | 36,713 | 58.0% | | **Total** | **109,204** | **82,213** | **32.8%** | Revenue by Major Product | Major Product | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | YoY Growth | | :--- | :--- | :--- | :--- | | Property and Casualty Insurance Products | 52,943 | 35,878 | 47.6% | | Life and Health Insurance Products | 8,887 | 12,091 | -26.4% | | Accident Insurance Products | 18,543 | 15,328 | 21.0% | | Auto Insurance Products | 28,831 | 18,916 | 52.4% | | **Total** | **109,204** | **82,213** | **32.8%** | - The Group manages its business by business lines, presenting three reportable segments: insurance agency services, IT services, and consulting services[103](index=103&type=chunk)[104](index=104&type=chunk)[105](index=105&type=chunk)[106](index=106&type=chunk) - The measure used to evaluate the performance of reportable segments is gross profit[107](index=107&type=chunk) Segment Gross Profit | Segment | H1 2025 Gross Profit (RMB thousands) | H1 2024 Gross Profit (RMB thousands) | YoY Growth | | :--- | :--- | :--- | :--- | | Insurance Agency Services | 39,627 | 33,260 | 19.1% | | IT Services | 2,450 | 3,413 | -28.2% | | Consulting Services | 36 | 535 | -93.3% | | **Total** | **42,113** | **37,208** | **13.2%** | [3 Other Income](index=32&type=section&id=3%20Other%20Income) The company's total other income was **RMB 4,260 thousand**, a slight decrease from the prior period, primarily due to increased exchange losses partially offset by higher interest income Other Income Items | Other Income Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Interest Income | 5,098 | 3,959 | 28.8% | | Government Grants | – | 400 | -100.0% | | Others | (838) | 30 | - | | **Total** | **4,260** | **4,389** | -3.0% | [4 Profit Before Tax](index=32&type=section&id=4%20Profit%20Before%20Tax) During the reporting period, the company's finance costs significantly decreased, staff costs slightly increased, and other major costs such as referral fees, commission fees, and service fees all experienced changes - Finance costs decreased from **RMB 149 thousand** to **RMB 12 thousand**, primarily due to reduced interest expense on lease liabilities[111](index=111&type=chunk) Staff Costs | Staff Cost Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Salaries, Wages and Other Benefits | 13,581 | 12,998 | | Contributions to Defined Contribution Retirement Plans | 1,110 | 1,287 | | **Total** | **14,691** | **14,285** | Other Items | Other Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Referral Fees | 62,051 | 40,228 | 54.2% | | Commission Fees | 2,990 | 4,855 | -38.4% | | Service Fees | 2,500 | 2,340 | 6.8% | | IT Subcontracting Fees | 1,015 | 376 | 169.9% | | Listing Expenses | – | 676 | -100.0% | | Depreciation and Amortisation Expenses | 930 | 713 | 30.4% | [5 Income Tax in the Consolidated Statement of Profit or Loss](index=34&type=section&id=5%20Income%20Tax%20in%20the%20Consolidated%20Statement%20of%20Profit%20or%20Loss) The company's income tax expense increased due to higher profit before tax, but it benefits from a **15%** preferential tax rate as a high-tech enterprise, with some subsidiaries also enjoying tax incentives as small-profit enterprises Income Tax Expense | Tax Type | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Current Tax - PRC Enterprise Income Tax | 5,595 | 4,845 | 15.5% | | Deferred Tax - Temporary Differences | 3 | (1) | - | | **Total** | **5,598** | **4,844** | **15.6%** | - The company is entitled to a **15%** preferential income tax rate for the six months ended June 30, 2024 and 2025, due to its "High and New Technology Enterprise" qualification[115](index=115&type=chunk) - Small-profit enterprise subsidiaries enjoy a preferential tax rate where the portion of annual taxable income not exceeding **RMB 3 million** is reduced by **25%** and taxed at a **20%** enterprise income tax rate[116](index=116&type=chunk) [6 Earnings Per Share](index=35&type=section&id=6%20Earnings%20Per%20Share) For the six months ended June 30, 2025, the company's basic earnings per share were **RMB 0.18**, a decrease from **RMB 0.20** in the prior period; diluted earnings per share were equal to basic earnings per share due to the absence of potentially dilutive ordinary shares Earnings Per Share Data | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Profit Attributable to Equity Holders of the Company (RMB thousands) | 25,063 | 21,588 | | Weighted Average Number of Ordinary Shares in Issue (thousands of shares) | 141,196 | 105,896 | | Basic Earnings Per Share Attributable to Equity Holders of the Company (RMB) | 0.18 | 0.20 | - For the six months ended June 30, 2025 and 2024, there were **no potentially dilutive ordinary shares**, thus diluted earnings per share were equal to basic earnings per share[119](index=119&type=chunk) [7 Property, Plant and Equipment](index=36&type=section&id=7%20Property,%20Plant%20and%20Equipment) As of June 30, 2025, the company's net book value of property, plant and equipment was **RMB 138 thousand**, a decrease from **RMB 192 thousand** as of December 31, 2024 Property, Plant and Equipment Net Book Value | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Net Book Value of Electronic Equipment | 96 | 146 | | Net Book Value of Office and Other Equipment | 42 | 46 | | **Total Net Book Value** | **138** | **192** | [8 Right-of-Use Assets](index=37&type=section&id=8%20Right-of-Use%20Assets) As of June 30, 2025, the company's net book value of right-of-use assets was **RMB 894 thousand**, a decrease from **RMB 1,724 thousand** as of December 31, 2024 Right-of-Use Assets Net Book Value | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Net Book Value of Right-of-Use Assets | 894 | 1,724 | - The Group has obtained the right to use other properties as its operating premises through lease agreements[121](index=121&type=chunk) [9 Trade and Bills Receivables](index=37&type=section&id=9%20Trade%20and%20Bills%20Receivables) As of June 30, 2025, the company's net trade and bills receivables amounted to **RMB 56,388 thousand**, an increase of **34.4%** from December 31, 2024, with most amounts due within three months Trade and Bills Receivables Net Amount | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Net Trade and Bills Receivables | 56,388 | 41,965 | 34.4% | Ageing Analysis of Trade and Bills Receivables | Ageing | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 3 months (inclusive) | 53,711 | 41,277 | | 3 to 6 months (inclusive) | 1,136 | 596 | | Over 6 months | 1,541 | 92 | | **Total** | **56,388** | **41,965** | [10 Contract Costs and Other Assets](index=38&type=section&id=10%20Contract%20Costs%20and%20Other%20Assets) As of June 30, 2025, the company's total contract costs and other assets amounted to **RMB 6,426 thousand**, a decrease from December 31, 2024, primarily comprising contract fulfillment costs Contract Costs and Other Assets | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Contract Fulfillment Costs | 5,352 | 2,508 | | Input VAT to be Deducted | 461 | 788 | | Prepayments to Suppliers | – | 4,319 | | Others | 613 | 129 | | **Total** | **6,426** | **7,744** | [11 Cash and Cash Equivalents, Restricted Cash and Term Deposits](index=38&type=section&id=11%20Cash%20and%20Cash%20Equivalents,%20Restricted%20Cash%20and%20Term%20Deposits) The company's cash and cash equivalents significantly increased, while both current and non-current term deposits decreased; restricted cash increased, primarily for insurance agency working capital reserves and funds collected on behalf of others Cash and Deposits | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 286,923 | 169,721 | 69.1% | | Current Term Deposits | 177,457 | 262,638 | -32.5% | | Non-current Term Deposits | 94,709 | 136,282 | -30.5% | | Restricted Cash | 24,427 | 15,108 | 61.7% | - Restricted cash includes **RMB 7,826 thousand** as working capital reserve deposits for insurance agencies and **RMB 16,601 thousand** for funds collected and paid on behalf of others[127](index=127&type=chunk) [12 Trade and Other Payables](index=40&type=section&id=12%20Trade%20and%20Other%20Payables) As of June 30, 2025, the company's total trade and other payables amounted to **RMB 33,375 thousand**, an increase of **24.1%** from December 31, 2024, primarily comprising amounts due to suppliers and premiums payable Trade and Other Payables | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Amounts Due to Suppliers | 15,899 | 16,329 | -2.6% | | Premiums Payable | 12,429 | 2,474 | 402.4% | | Dividends Payable | 77 | – | - | | Accrued Listing Expenses | – | 1,029 | -100.0% | | Others | 4,970 | 7,064 | -29.6% | | **Total** | **33,375** | **26,896** | **24.1%** | - Premiums payable represent premiums collected on behalf of insurance companies but not yet remitted as of the balance sheet date[128](index=128&type=chunk) [13 Contract Liabilities](index=40&type=section&id=13%20Contract%20Liabilities) As of June 30, 2025, the company's total contract liabilities amounted to **RMB 2,536 thousand**, a significant increase of **123.8%** from December 31, 2024, driven by increased contract liabilities for insurance agency services and IT services Contract Liabilities | Category | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Insurance Agency Services | 1,325 | 781 | 69.7% | | IT Services | 1,211 | 352 | 244.0% | | **Total** | **2,536** | **1,133** | **123.8%** | - The increase in contract liabilities primarily resulted from an increase of **RMB 1,137 thousand** in insurance agency service contract liabilities and an increase of **RMB 1,351 thousand** in IT service contract liabilities[130](index=130&type=chunk) [14 Lease Liabilities](index=41&type=section&id=14%20Lease%20Liabilities) As of June 30, 2025, the company's lease liabilities amounted to **RMB 21 thousand**, all due within one year Lease Liabilities | Term | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 1 year | 21 | – | [15 Accrued Expenses](index=41&type=section&id=15%20Accrued%20Expenses) As of June 30, 2025, the company's total accrued expenses amounted to **RMB 3,967 thousand**, a slight decrease from December 31, 2024, with accrued staff costs forming the major portion Accrued Expenses | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Accrued Staff Costs | 3,701 | 4,072 | | VAT and Surcharges Payable | 259 | 176 | | Others | 7 | 21 | | **Total** | **3,967** | **4,269** | [16 Income Tax in the Consolidated Statement of Financial Position](index=42&type=section&id=16%20Income%20Tax%20in%20the%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's current tax payable was **RMB 3,069 thousand**, a decrease from December 31, 2024, and net deferred tax assets were **RMB 16 thousand**, a slight decrease Income Tax Balances | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Current Tax Payable | 3,069 | 4,723 | -35.0% | | Net Deferred Tax Assets | 16 | 19 | -15.8% | [17 Capital and Reserves](index=43&type=section&id=17%20Capital%20and%20Reserves) The company's share capital and capital reserves remained stable, Chinese statutory reserves were appropriated in accordance with regulations, and a final dividend of **RMB 19,061 thousand** for 2024 was paid during the period - As of June 30, 2025, paid-in capital/share capital was **RMB 141,196 thousand**, and capital reserves were **RMB 280,009 thousand**[136](index=136&type=chunk) - In accordance with the PRC Company Law, the Group is required to appropriate **10%** of its after-tax profit, as determined under relevant PRC accounting standards, to the statutory reserve until the reserve reaches **50%** of its registered capital[137](index=137&type=chunk) - The final dividend of **RMB 0.135 per share** for the year ended December 31, 2024, totaling **RMB 19,061,406**, was paid before July 4, 2025[138](index=138&type=chunk) [18 Capital Commitments](index=43&type=section&id=18%20Capital%20Commitments) As of June 30, 2025, the company's capital commitments contracted but not provided for amounted to **RMB 52,000 thousand** Capital Commitments | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Contracted but not provided for | 52,000 | – | [19 Material Related Party Transactions](index=44&type=section&id=19%20Material%20Related%20Party%20Transactions) The company engaged in several material related party transactions with its controlling shareholder, Haier Group Corporation, and its affiliates, including IT and consulting service income, referral and service fees, and interest income, with related receivables, payables, and cash balances disclosed; key management personnel compensation increased - Key related parties include the controlling shareholder, **Haier Group Corporation**, and its subsidiaries and affiliates[140](index=140&type=chunk) Key Management Personnel Compensation | Key Management Personnel Compensation Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Salaries, Allowances and Benefits in Kind | 1,275 | 1,347 | | Discretionary Bonuses | 1,001 | 730 | | Contributions to Retirement Plans | 127 | 120 | | **Total** | **2,403** | **2,197** | Related Party Transactions (with Haier Group Corporation and its affiliates) | Transaction Type | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | IT and Consulting Service Income | 2,858 | 3,577 | | Referral and Service Fees | (1,305) | (396) | | Interest Income | 124 | 3 | | Finance Costs | – | (16) | | Sales and Marketing Expenses | – | (14) | | General and Administrative Expenses and Others | (1,094) | (680) | Related Party Balances (with Haier Group Corporation and its affiliates) | Balance Type | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade-related Trade and Bills Receivables | 3,797 | 7,249 | | Cash and Cash Equivalents and Restricted Cash Placed with Related Parties | 25,013 | 20,040 | | Trade and Other Payables | (660) | (1,937) | [20 Non-Adjusting Post Balance Sheet Events](index=45&type=section&id=20%20Non-Adjusting%20Post%20Balance%20Sheet%20Events) On August 22, 2025, the company agreed to acquire a total of 55% equity interest in Beijing Kechuang Rongxin Technology Co., Ltd. for RMB 165 million in cash - On August 22, 2025, the company, Li Yanbai, and Chai Hong entered into a share transfer agreement, whereby the company conditionally agreed to acquire a total of **55% equity interest** in Beijing Kechuang Rongxin Technology Co., Ltd. for **RMB 165 million in cash**[144](index=144&type=chunk) Definitions [Definitions](index=46&type=section&id=Definitions) This section provides definitions for terms used throughout the report

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 FF301 致：香港交易及結算所有限公司 公司名稱: 眾淼控股（青島）股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 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 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01471 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 35,300,000 | RMB | | 1 RMB | | 35,300,000 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 35,300,000 | RMB | | 1 RMB | | 35,300,000 | | 2. 股份分類 ...

Core Viewpoint - Zhongmiao Holdings (01471.HK) reported a revenue of approximately RMB 110 million for the six months ending June 30, 2025, representing a year-on-year increase of about 28.4% [1] - The profit attributable to equity shareholders was approximately RMB 25.1 million, reflecting a year-on-year increase of 16.2% [1] - Basic and diluted earnings per share were RMB 0.18 [1] Group 1 - The company is focused on building and enhancing a one-stop intelligent insurance service platform [1] - Continuous efforts are being made to digitize the entire process from insurance application to policy management and claims service [1] - The company is increasing its investment in cutting-edge technologies such as artificial intelligence, big data, and blockchain [1] Group 2 - The aim is to empower insurance services while developing standardized technological products for smart claims and risk reduction [1] - The company is expanding its diverse technological service landscape [1]

Core Viewpoint - Zhongmiao Holdings (01471) reported a significant increase in revenue and profit for the six months ending June 30, 2025, driven by technological capabilities and diverse insurance products [1] Financial Performance - The company achieved a revenue of 114 million yuan, representing a year-on-year increase of 28.4% [1] - Profit attributable to equity shareholders was 25.063 million yuan, up 16.1% year-on-year [1] - Earnings per share stood at 0.18 yuan [1] Insurance Agency Business Growth - The total premium facilitated by the group increased approximately 40.5%, rising from about 666 million yuan for the six months ending June 30, 2024, to approximately 936 million yuan for the same period in 2025 [1] - Commission income generated from the insurance agency business rose about 32.8%, from approximately 82.2 million yuan to about 109 million yuan [1]

Core Viewpoint - Zhongmiao Holdings (01471) reported a significant increase in revenue and profit for the six months ending June 30, 2025, driven by technological capabilities and diverse insurance products [1] Financial Performance - The company achieved revenue of 114 million yuan, representing a year-on-year increase of 28.4% [1] - Profit attributable to equity shareholders was 25.063 million yuan, up 16.1% year-on-year [1] - Earnings per share stood at 0.18 yuan [1] Insurance Agency Business Growth - Total premiums facilitated by the group rose approximately 40.5% from about 666 million yuan for the six months ending June 30, 2024, to approximately 936 million yuan for the same period in 2025 [1] - Commission income generated from the insurance agency business increased by about 32.8%, from approximately 82.2 million yuan to about 109 million yuan [1]

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) This section presents key financial indicators for the first half of 2025 and 2024, highlighting growth in revenue, gross profit, and net profit 2025 H1 Key Financial Indicators | Indicator | 2025 H1 (RMB million) | 2024 H1 (RMB million) | YoY Growth | | :--- | :--- | :--- | :--- | | Revenue | 113.6 | 88.5 | 28.4% | | Gross Profit | 42.1 | 37.2 | 13.2% | | Profit for the Period | 25.1 | 21.3 | 17.8% | | Profit Attributable to Equity Holders | 25.1 | 21.6 | 16.2% | [Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This statement provides a summary of the Group's financial performance, including revenue, gross profit, operating profit, and net profit for the six months ended June 30, 2025 and 2024 Summary of Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 113,580 | 88,456 | | Cost of Sales | (71,467) | (51,248) | | Gross Profit | 42,113 | 37,208 | | Operating Profit | 30,709 | 26,251 | | Profit for the Period | 25,099 | 21,258 | | Basic and Diluted Earnings Per Share (RMB) | 0.18 | 0.20 | [Interim Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This statement presents the Group's financial position, detailing non-current assets, current assets, current liabilities, and total equity as of June 30, 2025, and December 31, 2024 Summary of Condensed Consolidated Statement of Financial Position | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Non-current Assets | 104,078 | 145,953 | | Current Assets | 543,300 | 489,440 | | Current Liabilities | 42,968 | 37,021 | | Net Current Assets | 500,332 | 452,419 | | Total Assets Less Current Liabilities | 604,410 | 598,372 | | Total Equity | 604,410 | 598,372 | [Notes to the Interim Condensed Consolidated Financial Information](index=6&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Information) This section provides detailed explanatory notes to the interim condensed consolidated financial statements, covering accounting policies, revenue, expenses, and other financial items [1 Basis of Preparation](index=6&type=section&id=1%20Basis%20of%20Preparation) This chapter outlines that the interim financial report is prepared in accordance with HKEX Listing Rules and IAS 34, using consistent accounting policies with the 2024 annual financial statements, and has been reviewed by KPMG - The report is prepared in accordance with the Listing Rules of the Stock Exchange of Hong Kong and International Accounting Standard 34, with accounting policies consistent with the 2024 annual financial statements[9](index=9&type=chunk) - This interim financial report is unaudited but has been reviewed by KPMG in accordance with Hong Kong Standard on Review Engagements 2410[10](index=10&type=chunk) [2 Revenue and Segment Reporting](index=7&type=section&id=2%20Revenue%20and%20Segment%20Reporting) The Group generates revenue primarily from three business segments: insurance agency, IT services, and consulting services, with insurance agency being the main revenue driver showing significant growth - The Group's principal activities are providing insurance agency services, IT services, and consulting services in China[11](index=11&type=chunk) [(a) Disaggregation of Revenue](index=7&type=section&id=2(a)%20Disaggregation%20of%20Revenue) This section disaggregates the Group's revenue by business segment and by the timing of revenue recognition from customer contracts for the periods presented Revenue by Business Segment | Business Segment | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | | :--- | :--- | :--- | | Insurance Agency Business | 109,204 | 82,213 | | IT Services | 4,340 | 5,486 | | Consulting Services | 36 | 757 | | **Total** | **113,580** | **88,456** | Revenue from Contracts with Customers by Timing of Revenue Recognition | Timing of Revenue Recognition | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | | :--- | :--- | :--- | | At a point in time | 107,435 | 80,464 | | Over time | 6,145 | 7,992 | | **Total** | **113,580** | **88,456** | [(b) Segment Reporting](index=7&type=section&id=2(b)%20Segment%20Reporting) This section details the Group's management of its business across insurance agency, IT services, and consulting segments, with gross profit used as the key performance indicator - The Group manages its business through three reportable segments: insurance agency business, IT services, and consulting services, with gross profit used as the performance indicator for each segment[14](index=14&type=chunk)[18](index=18&type=chunk) Gross Profit by Business Segment | Business Segment | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | | :--- | :--- | :--- | | Insurance Agency Services | 39,627 | 33,260 | | IT Services | 2,450 | 3,413 | | Consulting Services | 36 | 535 | | **Total** | **42,113** | **37,208** | - The majority of the Group's operating assets and results are derived from China, thus no geographical segment analysis is provided[20](index=20&type=chunk) [3 Other Income](index=9&type=section&id=3%20Other%20Income) Other income for the six months ended June 30, 2025, totaled RMB 4,260 thousand, a slight decrease from the prior year, mainly due to reduced government grants and negative other income items, partially offset by increased interest income Other Income Details | Item | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | | :--- | :--- | :--- | | Interest Income | 5,098 | 3,959 | | Government Grants | – | 400 | | Others | (838) | 30 | | **Total** | **4,260** | **4,389** | [4 Profit Before Tax](index=9&type=section&id=4%20Profit%20Before%20Tax) Profit before tax for the six months ended June 30, 2025, was RMB 30,697 thousand, influenced by a significant decrease in finance costs and an increase in staff costs and other items like referral fees [(a) Finance Costs](index=9&type=section&id=4(a)%20Finance%20Costs) This section details the components of the Group's finance costs for the six months ended June 30, 2025, and 2024 Finance Costs Details | Item | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | | :--- | :--- | :--- | | Interest expense on lease liabilities | – | 131 | | Others | 12 | 18 | | **Total** | **12** | **149** | [(b) Staff Costs](index=10&type=section&id=4(b)%20Staff%20Costs) This section details the Group's staff costs, including salaries, wages, other benefits, and contributions to defined contribution retirement plans Staff Costs Details | Item | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | | :--- | :--- | :--- | | Salaries, wages and other benefits | 13,581 | 12,998 | | Contributions to defined contribution retirement plans | 1,110 | 1,287 | | **Total** | **14,691** | **14,285** | [(c) Other Items](index=10&type=section&id=4(c)%20Other%20Items) This section provides a breakdown of other operating expenses, including referral fees, commission fees, service fees, and depreciation Other Items Details | Item | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | | :--- | :--- | :--- | | Referral fees | 62,051 | 40,228 | | Commission fees | 2,990 | 4,855 | | Service fees | 2,500 | 2,340 | | IT subcontracting fees | 1,015 | 376 | | Listing expenses | – | 676 | | Depreciation of property, plant and equipment | 54 | 76 | | Depreciation of right-of-use assets | 876 | 637 | [5 Income Tax in the Consolidated Statement of Profit or Loss](index=11&type=section&id=5%20Income%20Tax%20in%20the%20Consolidated%20Statement%20of%20Profit%20or%20Loss) Income tax expense for the six months ended June 30, 2025, was RMB 5,598 thousand, an increase from the prior year, primarily due to higher profit before tax and the company benefiting from high-tech enterprise and small-profit enterprise tax incentives [(a) Tax in the Consolidated Statement of Profit or Loss](index=11&type=section&id=5(a)%20Tax%20in%20the%20Consolidated%20Statement%20of%20Profit%20or%20Loss) This section details the components of income tax expense recognized in the consolidated statement of profit or loss Tax in Consolidated Statement of Profit or Loss Details | Item | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | | :--- | :--- | :--- | | Current tax – PRC Enterprise Income Tax | 5,595 | 4,845 | | Deferred tax – Temporary differences | 3 | (1) | | **Total** | **5,598** | **4,844** | [(b) Reconciliation of Tax Expense to Accounting Profit at Applicable Tax Rate](index=11&type=section&id=5(b)%20Reconciliation%20of%20Tax%20Expense%20to%20Accounting%20Profit%20at%20Applicable%20Tax%20Rate) This section reconciles the Group's tax expense with the accounting profit calculated at the applicable tax rate, considering various tax adjustments and incentives Tax Expense Reconciliation | Item | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | | :--- | :--- | :--- | | Profit before tax | 30,697 | 26,102 | | Income tax at statutory tax rate | 6,190 | 5,376 | | Super deduction for R&D expenses | (785) | (643) | | Tax effect of non-deductible expenses and others | 193 | 111 | | **Total** | **5,598** | **4,844** | - The Company, as a high-tech enterprise, enjoys a preferential income tax rate of **15%**[26](index=26&type=chunk) - Certain PRC subsidiaries are recognized as small-profit enterprises, benefiting from a preferential tax policy where the portion of taxable income not exceeding **RMB 3 million** is subject to a **25% reduction** and taxed at a **20%** enterprise income tax rate[27](index=27&type=chunk) [6 Earnings Per Share](index=12&type=section&id=6%20Earnings%20Per%20Share) Net profit attributable to equity holders for the six months ended June 30, 2025, was RMB 25,063 thousand, resulting in basic and diluted earnings per share of RMB 0.18, a decrease from RMB 0.20 in the prior period, despite increased net profit, due to an increase in the weighted average number of ordinary shares outstanding Earnings Per Share Calculation | Indicator | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | Net profit attributable to equity holders (RMB thousand) | 25,063 | 21,588 | | Weighted average number of ordinary shares outstanding (thousand shares) | 141,196 | 105,896 | | Basic earnings per share attributable to equity holders (RMB) | 0.18 | 0.20 | - The weighted average number of ordinary shares outstanding increased due to the Company's listing on the Main Board of the Stock Exchange on August 6, 2024, with the issuance of **35,300,000 ordinary shares**[28](index=28&type=chunk) [7 Trade and Bills Receivables](index=13&type=section&id=7%20Trade%20and%20Bills%20Receivables) Net trade and bills receivables as of June 30, 2025, increased significantly to RMB 56,388 thousand from RMB 41,965 thousand at the end of 2024, with the majority of receivables aged within three months Net Trade and Bills Receivables | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade and bills receivables | 56,455 | 42,048 | | Less: Impairment allowance | (67) | (83) | | **Net Amount** | **56,388** | **41,965** | Ageing Analysis of Trade Receivables | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 3 months (inclusive) | 53,711 | 41,277 | | 3 to 6 months (inclusive) | 1,136 | 596 | | Over 6 months | 1,541 | 92 | | **Net Amount** | **56,388** | **41,965** | [8 Cash and Cash Equivalents, Restricted Cash and Time Deposits](index=13&type=section&id=8%20Cash%20and%20Cash%20Equivalents%2C%20Restricted%20Cash%20and%20Time%20Deposits) As of June 30, 2025, cash and cash equivalents significantly increased to RMB 286,923 thousand, while total time deposits (current and non-current) decreased, and restricted cash notably increased, primarily due to funds collected on behalf of others [(a) Cash and Cash Equivalents](index=13&type=section&id=8(a)%20Cash%20and%20Cash%20Equivalents) This section provides a breakdown of the Group's cash and cash equivalents, including bank deposits and amounts placed with other financial institutions Cash and Cash Equivalents Details | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Bank deposits | 286,803 | 169,691 | | Amounts placed with other financial institutions | 120 | 30 | | **Total** | **286,923** | **169,721** | [(b) Time Deposits](index=14&type=section&id=8(b)%20Time%20Deposits) This section details the Group's time deposits, categorized into current and non-current assets Time Deposits Details | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Current assets – Time deposits | 177,457 | 262,638 | | Non-current assets – Time deposits | 94,709 | 136,282 | | **Total** | **272,166** | **398,920** | [(c) Restricted Cash](index=14&type=section&id=8(c)%20Restricted%20Cash) This section details the components of restricted cash, including margins and funds collected on behalf of others Restricted Cash Details | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Non-current assets – Margin deposits | 7,826 | 7,736 | | Current assets – Funds collected on behalf of others | 16,601 | 7,372 | | **Total** | **24,427** | **15,108** | - Funds collected on behalf of others primarily include premiums collected on behalf of insurance companies but not yet remitted[37](index=37&type=chunk) - Qingdao Haier Insurance Agency Co., Ltd. is required to maintain **15%** of its registered capital as working capital reserves[37](index=37&type=chunk) [9 Trade and Other Payables](index=15&type=section&id=9%20Trade%20and%20Other%20Payables) Total trade and other payables as of June 30, 2025, increased to RMB 33,375 thousand from RMB 26,896 thousand at the end of 2024, primarily driven by a substantial increase in premiums payable Trade and Other Payables Details | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Amounts due to suppliers | 15,899 | 16,329 | | Premiums payable | 12,429 | 2,474 | | Dividends payable | 77 | – | | Accrued listing expenses | – | 1,029 | | Others | 4,970 | 7,064 | | **Total** | **33,375** | **26,896** | - Premiums payable represent premiums collected on behalf of insurance companies but not yet remitted as of the balance sheet date[38](index=38&type=chunk) [10 Capital and Reserves](index=16&type=section&id=10%20Capital%20and%20Reserves) As of June 30, 2025, total equity attributable to the Company's equity holders was RMB 606,197 thousand, with this section detailing share capital issuance, PRC statutory reserve requirements, and dividends paid [(a) Contributed Capital/Share Capital and Capital Reserve](index=16&type=section&id=10(a)%20Contributed%20Capital%2FShare%20Capital%20and%20Capital%20Reserve) This section outlines the issuance of ordinary shares and the allocation of proceeds to share capital and capital reserve - On August 6, 2024, the Company issued **35,300,000 ordinary shares** with a par value of RMB 1 each, with proceeds of **RMB 35,300,000** credited to share capital[39](index=39&type=chunk) - After deducting share issue costs, approximately **RMB 153,028,003** was credited to the capital reserve account[39](index=39&type=chunk) [(b) PRC Statutory Reserves](index=16&type=section&id=10(b)%20PRC%20Statutory%20Reserves) This section explains the requirements for the Group's PRC subsidiaries to appropriate 10% of their after-tax profit to statutory reserves until the reserve reaches 50% of registered capital - The Group is required to appropriate **10%** of its after-tax profit to statutory reserves until the reserve reaches **50%** of its registered capital[40](index=40&type=chunk) - Statutory reserves can be used to offset prior year losses and may be converted into capital in proportion to equity, provided that the remaining reserve balance is not less than **25%** of the entity's registered capital after conversion[40](index=40&type=chunk) [(c) Dividends](index=16&type=section&id=10(c)%20Dividends) This section details the final dividend for 2024 of RMB 0.135 per share, totaling RMB 19,061,406, which was paid before July 4, 2025 - The 2024 final dividend of **RMB 0.135 per share**, totaling **RMB 19,061,406**, was paid before July 4, 2025[41](index=41&type=chunk) [11 Non-Adjusting Post Balance Sheet Events](index=16&type=section&id=11%20Non-Adjusting%20Post%20Balance%20Sheet%20Events) On August 22, 2025, the Company entered into an agreement to conditionally acquire a 55% equity interest in Beijing Kechuang Rongxin Technology Co., Ltd. for RMB 165 million in cash - On August 22, 2025, the Company entered into an agreement to conditionally acquire a **55% equity interest** in Beijing Kechuang Rongxin Technology Co., Ltd. for **RMB 165 million** in cash[42](index=42&type=chunk) [Management Discussion and Analysis](index=17&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an overview of the Group's business performance, financial results, and future outlook, emphasizing its commitment to an intelligent insurance service platform and AI technology [Business Review](index=17&type=section&id=Business%20Review) The Group is dedicated to building a one-stop intelligent insurance service platform, promoting full-process digital upgrades, and increasing investment in AI and big data technologies, achieving significant growth in revenue and net profit for the six months ended June 30, 2025 - The Group is committed to building and improving a one-stop intelligent insurance service platform, promoting full-process digital upgrades from underwriting to policy management and claims services[43](index=43&type=chunk) - Continuous investment in cutting-edge technologies such as artificial intelligence, big data, and blockchain is a key focus[43](index=43&type=chunk) 2025 H1 Business Review Key Indicators | Indicator | 2025 H1 (RMB million) | 2024 H1 (RMB million) | YoY Growth | | :--- | :--- | :--- | :--- | | Operating Revenue | 113.6 | 88.5 | 28.4% | | Net Profit Attributable to Equity Holders | 25.1 | 21.6 | 16.2% | [Insurance Agency Business](index=17&type=section&id=Insurance%20Agency%20Business) This section reviews the performance of the insurance agency business, highlighting significant increases in gross premiums and commission income, driven by platform optimization and new partnerships, despite a decline in life and health insurance - Gross premiums facilitated by the insurance agency business increased by **40.5%** from **RMB 666.2 million** to **RMB 936.0 million** in the first half of the year[44](index=44&type=chunk) - Insurance agency business commission income rose by **32.8%** from **RMB 82.2 million** to **RMB 109.2 million**, accounting for **96.1%** of total revenue[44](index=44&type=chunk) - Commission income from property insurance products grew by **47.4%** to **RMB 52.9 million**, driven by optimization of the enterprise insurance interactive service platform and product iterations[44](index=44&type=chunk) - Commission income from accident and auto insurance products increased by **38.6%** to **RMB 47.4 million**, primarily due to the introduction of new strategic channel partners[44](index=44&type=chunk) - Commission income from life and health insurance products decreased by **26.4%** to **RMB 8.9 million**, affected by the overall economic situation in China, weakened consumer demand, and the "reporting and execution in one" policy[44](index=44&type=chunk) [IT Services](index=18&type=section&id=IT%20Services) This section reviews the performance of IT services, noting a decrease in revenue primarily due to the timing of IT project acceptance milestones - IT services revenue decreased by **21.8%** from **RMB 5.5 million** to **RMB 4.3 million**[45](index=45&type=chunk) - The decline in revenue was mainly due to the timing of IT project acceptance milestones[45](index=45&type=chunk) - IT services revenue accounted for **3.8%** of total revenue[45](index=45&type=chunk) [Consulting Services](index=18&type=section&id=Consulting%20Services) This section describes the consulting services offered by the Group, including human resources consulting, management and recruitment strategy advice, and marketing and promotion services - The Group provides human resources consulting services and marketing and promotion services, including management and recruitment strategy advice, direct recruitment services, and design of promotional materials and advertisements[46](index=46&type=chunk) [Outlook](index=18&type=section&id=Outlook) The Group's long-term strategic goals include achieving sustainable development by expanding its ecosystem, proactively embracing AI technology, particularly in risk reduction and smart claims, and making prudent investments and acquisitions in the insurance intermediary and FinTech industries [Continuous Expansion of Ecosystem](index=18&type=section&id=Continuous%20Expansion%20of%20Ecosystem) This section outlines the strategy to expand the ecosystem through collaborative models, offering extended services beyond insurance, and actively developing a comprehensive FinTech business ecosystem - The Group aims to expand its ecosystem through a co-creation model, establishing connections with more companies to offer a wider range of insurance product solutions[47](index=47&type=chunk) - Services will extend beyond insurance, providing ecosystem services that originate from but are not limited to insurance, thereby enhancing user stickiness[47](index=47&type=chunk) - The Group plans to seize opportunities in financial digital development, actively expand its FinTech business landscape, and build a comprehensive FinTech business ecosystem[47](index=47&type=chunk) [Proactive Embrace of AI](index=19&type=section&id=Proactive%20Embrace%20of%20AI) This section details the Group's "AI+" strategy, focusing on enhancing risk reduction through comprehensive information collection and smart management, and improving smart claims processing with large models and rule engines for higher accuracy and efficiency - The "AI+" strategy will be deepened, with a focus on **AI+ risk reduction** through large models and big data technology to build a comprehensive information collection network, enabling intelligent hierarchical management, real-time warnings, and interventions to enhance warehouse safety management and emergency response efficiency[48](index=48&type=chunk) - **Smart claims processing** will be advanced using large models and rule engines to achieve intelligent collection of all medical bill details nationwide, dynamic correction of standard databases, improving collection accuracy, and adapting precise claims assessment algorithms to enhance claims efficiency and reasonably reduce losses[48](index=48&type=chunk) [Prudent Investments and Acquisitions in the Insurance Intermediary and FinTech Industries](index=19&type=section&id=Prudent%20Investments%20and%20Acquisitions%20in%20the%20Insurance%20Intermediary%20and%20FinTech%20Industries) This section outlines the Group's intention to actively seek strategic investment and acquisition opportunities in the insurance intermediary and FinTech sectors to accelerate business development and enhance overall competitiveness - The Group intends to actively seek strategic investment and acquisition opportunities in the insurance intermediary and FinTech industries to accelerate business development and enhance overall competitiveness[48](index=48&type=chunk) - Key considerations for investment and acquisition targets include their ability to strategically complement the Group's business in terms of technological capabilities, resource channels, or talent teams[48](index=48&type=chunk) [Financial Review](index=20&type=section&id=Financial%20Review) For the six months ended June 30, 2025, the Group experienced increases in revenue, gross profit, R&D costs, general and administrative expenses, and income tax, while selling and marketing costs and finance costs decreased, leading to a slight decline in overall net profit margin [Revenue](index=20&type=section&id=Revenue) This section reviews the Group's total revenue, which increased by 28.4% to RMB 113.6 million, primarily driven by higher insurance agency business income, despite a decrease in IT services revenue - Total revenue increased by **28.4%** from **RMB 88.5 million** to **RMB 113.6 million**, primarily due to increased revenue from the insurance agency business[49](index=49&type=chunk) - The increase in insurance agency business commission income was mainly attributable to the optimization and upgrade of the enterprise insurance interactive service platform and the addition of new strategic channel partners[49](index=49&type=chunk) - IT services revenue decreased, primarily due to the timing of IT project acceptance milestones[49](index=49&type=chunk) [Gross Profit and Gross Profit Margin](index=20&type=section&id=Gross%20Profit%20and%20Gross%20Profit%20Margin) This section reviews the Group's gross profit, which increased to RMB 42.1 million, while the overall gross profit margin decreased to 37.1%, mainly due to a higher proportion of lower-margin property insurance products within the insurance agency business - Overall gross profit increased from **RMB 37.2 million** to **RMB 42.1 million**[50](index=50&type=chunk) - The overall gross profit margin decreased from **42.0%** to **37.1%**[50](index=50&type=chunk) - The decrease in gross profit margin was mainly attributable to a decline in the gross profit margin of the insurance agency business, due to an increased proportion of commission income from property insurance products, which have relatively lower distribution gross margins[50](index=50&type=chunk) [Other Income](index=21&type=section&id=Other%20Income) This section reviews the Group's other income, which slightly decreased to RMB 4.3 million, primarily due to increased exchange losses, partially offset by higher interest income from time deposits - Other income decreased from **RMB 4.4 million** to **RMB 4.3 million**[51](index=51&type=chunk) - The decrease was mainly due to increased exchange losses, partially offset by increased interest income from time deposits[51](index=51&type=chunk) [Research and Development Costs](index=21&type=section&id=Research%20and%20Development%20Costs) This section reviews the Group's R&D costs, which slightly increased to RMB 4.7 million, primarily due to higher staff costs resulting from an increased number of R&D employees - Research and development costs slightly increased from **RMB 4.4 million** to **RMB 4.7 million**[52](index=52&type=chunk) - The increase was due to higher staff costs resulting from an increased number of R&D employees[52](index=52&type=chunk) [General and Administrative Expenses](index=21&type=section&id=General%20and%20Administrative%20Expenses) This section reviews the Group's general and administrative expenses, which increased to RMB 8.1 million, mainly due to higher personnel costs aimed at improving corporate governance and motivating management - General and administrative expenses increased from **RMB 6.9 million** to **RMB 8.1 million**[53](index=53&type=chunk) - The increase was mainly due to higher personnel costs aimed at improving corporate governance and enhancing the motivation of management personnel[53](index=53&type=chunk) [Selling and Marketing Costs](index=21&type=section&id=Selling%20and%20Marketing%20Costs) This section reviews the Group's selling and marketing costs, which decreased to RMB 2.8 million, primarily attributed to optimized business processes and enhanced organizational efficiency - Selling and marketing costs decreased from **RMB 4.1 million** to **RMB 2.8 million**[54](index=54&type=chunk) - The decrease was mainly attributable to optimized business processes and enhanced organizational efficiency[54](index=54&type=chunk) [Finance Costs](index=21&type=section&id=Finance%20Costs) This section reviews the Group's finance costs, which significantly decreased to RMB 12 thousand, mainly due to reduced interest expenses on lease liabilities - Finance costs decreased from **RMB 149 thousand** to **RMB 12 thousand**[55](index=55&type=chunk) - The decrease was mainly due to reduced interest expenses on lease liabilities[55](index=55&type=chunk) [Income Tax](index=21&type=section&id=Income%20Tax) This section reviews the Group's income tax, which increased to RMB 5.6 million, primarily due to higher profit before tax resulting from business growth - Income tax increased from **RMB 4.8 million** to **RMB 5.6 million**[56](index=56&type=chunk) - The increase was mainly due to higher profit before tax resulting from business growth[56](index=56&type=chunk) [Profit](index=22&type=section&id=Profit) This section reviews the Group's profit for the period, which increased to RMB 25.1 million, although the net profit margin decreased to 22.1% - Profit for the period increased from **RMB 21.3 million** to **RMB 25.1 million**[57](index=57&type=chunk) - The net profit margin decreased from **24.1%** to **22.1%**[57](index=57&type=chunk) [Financial Position](index=22&type=section&id=Financial%20Position) The Group's net assets slightly increased from RMB 598.4 million at the end of 2024 to RMB 604.4 million as of June 30, 2025, primarily due to increased operating profit during the period, partially offset by cash dividends paid Financial Position Summary | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Non-current Assets | 104,078 | 145,953 | | Current Assets | 543,300 | 489,440 | | Current Liabilities | 42,968 | 37,021 | | Net Assets | 604,410 | 598,372 | - Net assets slightly increased due to higher operating profit during the period, partially offset by cash dividends paid[58](index=58&type=chunk) [Cash and Cash Equivalents and Time Deposits in Other Financial Assets](index=22&type=section&id=Cash%20and%20Cash%20Equivalents%20and%20Time%20Deposits%20in%20Other%20Financial%20Assets) The total of cash and cash equivalents and time deposits in other financial assets decreased from RMB 568.6 million at the end of 2024 to RMB 559.1 million as of June 30, 2025, mainly due to cash dividends paid and delayed collection of trade receivables, partially offset by increased operating profit Total Cash and Other Financial Assets in Time Deposits | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Cash and cash equivalents | 286,923 | 169,721 | | Time deposits in other financial assets – Current portion | 177,457 | 262,638 | | Time deposits in other financial assets – Non-current portion | 94,709 | 136,282 | | **Total** | **559,089** | **568,641** | - The total amount decreased mainly due to cash dividends paid and delayed collection of trade receivables, partially offset by increased operating profit during the period[60](index=60&type=chunk) [Liquidity and Financial Resources](index=23&type=section&id=Liquidity%20and%20Financial%20Resources) As of June 30, 2025, the Group's net current assets were RMB 500.3 million, with total cash and cash equivalents and time deposits in other financial assets amounting to RMB 559.1 million, indicating sufficient liquidity for operations and strategic investments in the coming year - As of June 30, 2025, net current assets were **RMB 500.3 million** (December 31, 2024: RMB 452.4 million)[61](index=61&type=chunk) - Total cash and cash equivalents and time deposits in other financial assets amounted to **RMB 559.1 million**[61](index=61&type=chunk) - The Group will have sufficient liquidity to meet its working capital requirements for the next year and maintain financial flexibility for future strategic investment opportunities[61](index=61&type=chunk) [Gearing Ratio](index=23&type=section&id=Gearing%20Ratio) As of June 30, 2025, the Group's gearing ratio was 0.0035%, reflecting a very low level of leverage - As of June 30, 2025, the gearing ratio was **0.0035%**[62](index=62&type=chunk) [Bank Borrowings](index=23&type=section&id=Bank%20Borrowings) As of June 30, 2025, the Group had no bank borrowings - As of June 30, 2025, the Group had **zero bank borrowings**[63](index=63&type=chunk) [Contingent Liabilities](index=23&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities - As of June 30, 2025, the Group had **no significant contingent liabilities**[64](index=64&type=chunk) [Capital Commitments](index=23&type=section&id=Capital%20Commitments) For the six months ended June 30, 2025, the Group incurred no capital commitments - For the six months ended June 30, 2025, the Group incurred **no capital commitments** (RMB 11 thousand for the same period last year)[65](index=65&type=chunk) [Dividends](index=24&type=section&id=Dividends) The Board of Directors does not recommend the payment of any interim dividend for the six months ended June 30, 2025 - The Board of Directors does not recommend the payment of any interim dividend for the six months ended June 30, 2025[66](index=66&type=chunk) [Use of Net Proceeds from Global Offering](index=24&type=section&id=Use%20of%20Net%20Proceeds%20from%20Global%20Offering) The net proceeds from the global offering were approximately HKD 198.9 million, with HKD 1.2 million utilized by June 30, 2025, for enhancing IT service products and R&D capabilities, while the majority remains unutilized and is planned for developing insurance agency business, improving IT services, prudent investments, and general working capital - The net proceeds from the global offering were approximately **HKD 198.9 million**[67](index=67&type=chunk) Use of Net Proceeds from Global Offering and Utilization Status | Main Use | Approximate Percentage | Total Net Proceeds Allocated (HKD million) | Amount Utilized (June 30, 2025) (HKD million) | Unutilized Amount (June 30, 2025) (HKD million) | Expected Timeline for Unutilized Proceeds | | :--- | :--- | :--- | :--- | :--- | :--- | | Development of insurance agency business | 53.8% | 107.0 | – | 107.0 | Before end of 2027 | | Enhancement of IT service products and R&D capabilities | 26.2% | 52.1 | 1.2 | 50.9 | Before end of 2029 | | Seeking prudent investments and acquisitions | 10.0% | 19.9 | – | 19.9 | Before end of 2026 | | General working capital and general corporate purposes | 10.0% | 19.9 | – | 19.9 | Before end of 2027 | | **Total** | **100.0%** | **198.9** | **1.2** | **197.7** | | [Corporate Governance Code](index=25&type=section&id=Corporate%20Governance%20Code) The Company has adopted and complied with all principles and code provisions of the Corporate Governance Code as set out in Appendix C1 of the Listing Rules during the reporting period - The Company has adopted the Corporate Governance Code as set out in Appendix C1 of the Listing Rules and has complied with all principles and code provisions during the reporting period[69](index=69&type=chunk) - The roles of Chairman and Chief Executive Officer are combined and held by Mr. Lu Yao, an arrangement the Board believes ensures consistent internal leadership and enhances overall strategic planning efficiency[70](index=70&type=chunk) [Standard Code for Securities Transactions](index=26&type=section&id=Standard%20Code%20for%20Securities%20Transactions) The Company has adopted a code of conduct for securities transactions by directors and supervisors that is no less exacting than the Standard Code set out in Appendix C3 of the Listing Rules, with all directors and supervisors confirming compliance during the period - The Company has adopted a code of conduct for securities transactions by directors and supervisors that is no less exacting than the Standard Code set out in Appendix C3 of the Listing Rules[71](index=71&type=chunk) - All directors and supervisors confirmed compliance with the required standards of the Standard Code for the six months ended June 30, 2025[71](index=71&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=26&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%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[72](index=72&type=chunk) [Review of Interim Financial Information](index=26&type=section&id=Review%20of%20Interim%20Financial%20Information) The Company's unaudited condensed consolidated interim results have been reviewed by KPMG in accordance with Hong Kong Standard on Review Engagements 2410 and by the Audit Committee of the Board - The Company's unaudited condensed consolidated interim results have been reviewed by KPMG in accordance with Hong Kong Standard on Review Engagements 2410[73](index=73&type=chunk) - The interim results have also been reviewed by the Audit Committee of the Board[73](index=73&type=chunk) [Post Balance Sheet Events](index=26&type=section&id=Post%20Balance%20Sheet%20Events) On August 22, 2025, the Company entered into an agreement to conditionally acquire a 55% equity interest in Beijing Kechuang Rongxin Technology Co., Ltd. for RMB 165 million in cash - On August 22, 2025, the Company entered into an agreement to conditionally acquire a **55% equity interest** in Beijing Kechuang Rongxin Technology Co., Ltd. for **RMB 165 million** in cash[74](index=74&type=chunk) [Publication of Results Announcement and Interim Report](index=27&type=section&id=Publication%20of%20Results%20Announcement%20and%20Interim%20Report) This interim results announcement has been published on the HKEX website and the Company's website, with the full 2025 interim report to be dispatched to shareholders and posted online in due course - This interim results announcement has been published on the HKEX website (www.hkexnews.hk) and the Company's website (www.haierbx.net)[76](index=76&type=chunk) - The 2025 interim report, containing all information required by the Listing Rules, will be dispatched to shareholders and posted on the respective websites of the Stock Exchange and the Company in due course[76](index=76&type=chunk) [Acknowledgement](index=27&type=section&id=Acknowledgement) The Board extends its sincere gratitude to the Group's management and all employees for their efforts and contributions during the period, as well as to shareholders, business partners, and other professionals for their support - The Board extends its sincere gratitude to the Group's management and all employees for their efforts and contributions during the period, as well as to shareholders, business partners, and other professionals for their support[77](index=77&type=chunk) [By Order of the Board](index=27&type=section&id=By%20Order%20of%20the%20Board) This section lists the executive directors, Mr. Lu Yao, Mr. Zhang Zhiquan, Ms. Li Tian, and Mr. Wang Heping, and independent non-executive directors, Ms. Fang Qiaoling, Mr. Zhong Weiwen, and Ms. Wu Xianqiao - The executive directors are Mr. Lu Yao, Mr. Zhang Zhiquan, Ms. Li Tian, and Mr. Wang Heping[78](index=78&type=chunk) - The independent non-executive directors are Ms. Fang Qiaoling, Mr. Zhong Weiwen, and Ms. Wu Xianqiao[78](index=78&type=chunk)

Core Viewpoint - Zhongmiao Holdings (01471) plans to acquire a financial digitalization company, Kexinrongxin Technology, for 165 million yuan, valuing the company at approximately 300 million yuan for a 55% stake, indicating a strategic move into the financial asset digitalization sector [1][3]. Group 1: Company Overview - Kexinrongxin Technology, previously listed on the New Third Board, is based in Beijing and specializes in financial asset digitalization, transforming traditional financial operations into digital management systems [2]. - The company primarily serves banks and non-bank financial institutions, offering solutions like a second-generation currency issuance logistics management system that automates and tracks currency distribution [2]. Group 2: Benefits of Acquisition - The acquisition will enrich Zhongmiao Holdings' product line by adding financial asset digitalization services to its core insurance agency offerings, enhancing its overall service portfolio [4]. - Kexinrongxin's technology can facilitate the digital upgrade of Zhongmiao's insurance services, improving processes such as insurance claims [6]. Group 3: Industry Trends - The financial asset digitalization sector is significantly influenced by AI, with a growing percentage of finance professionals recognizing the potential for AI applications in their field, increasing from 64.73% in 2024 to 69.03% in 2025 [8]. - Research indicates that AI models like GPT-4 excel in financial report analysis, potentially surpassing human analysts [10]. - There is a notable market opportunity for smaller financial institutions that are slower in digital transformation due to resource constraints, creating a demand for digitalization services [11]. Group 4: Application Cases - Jiangsu Bank has implemented an AI-driven "intelligent document assistant" to enhance efficiency in credit approval processes, achieving a 42% increase in efficiency and saving 15,000 hours of work annually [13]. - Hengsheng Electronics upgraded its non-performing asset management system using AI to streamline decision-making processes [14]. - The AI model "Hongxiaozhi" has significantly improved the efficiency of state-owned asset management, reducing the asset verification cycle from monthly to daily [15]. - Changjietong has introduced an AI solution for small and micro enterprises that automates tax-related tasks, drastically reducing the need for human resources [16].