(於開曼群島註冊成立的有限公司) 股份代號: 1522 行穩致遠 中期報告 2025 6.6mm 2025 目錄 | 公司資料 | 2 | | --- | --- | | 公司概覽 | 3 | | 管理層討論及分析 | 5 | | 其他資料 | 19 | | 釋義 | 24 | | 中期審閱報告 | 26 | | 簡明綜合損益表 | 27 | | 簡明綜合損益及其他全面收益表 | 28 | | 簡明綜合財務狀況表 | 29 | | 簡明綜合權益變動表 | 31 | | 簡明綜合現金流量表 | 32 | | 未經審核中期財務報告附註 | 33 | 公司資料 董事會 執行董事 劉瑜先生 （行政總裁） 趙婧媛女士 非執行董事 任宇航先生 （主席） 孫方女士 曹明達先生 方志偉先生 獨立非執行董事 羅振邦先生 (CPA) 黃立新先生 伍穎恩女士 授權代表（根據上市規則第3.05條） 劉瑜先生 吳嘉雯女士 公司秘書 吳嘉雯女士 劉野菲先生 審核委員會 羅振邦先生 (CPA)（主席） 黃立新先生 伍穎恩女士 薪酬委員會 伍穎恩女士 （主席） 任宇航先生 黃立新先生 提名委員會 任宇航先生 （主席） 黃立新先生 伍穎恩女士 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 京投軌道交通科技控股有限公司 (於開曼群島註冊成立的有限公司) 呈交日期: 2025年9月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01522 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | HKD | | 0.01 HKD | | | 50,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | | 本月底結存 | | | 5,000,000,000 | HKD | | 0.01 HKD | | | 50 ...

Core Viewpoint - 京投交通科技 (01522.HK) reported a significant increase in revenue and profit for the six months ending June 30, 2025, indicating strong financial performance and growth potential [1] Financial Performance - The company achieved revenue of HKD 566 million, representing a year-on-year increase of 20.7% [1] - Gross profit amounted to HKD 207 million, reflecting an 8.9% year-on-year increase [1] - Profit attributable to owners of the company was HKD 24.876 million, which is a substantial increase of 158.2% year-on-year [1] - Basic earnings per share were HKD 0.0119 [1]

[Company Information](index=1&type=section&id=Company%20Information) [Disclaimer](index=1&type=section&id=Disclaimer) Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited are not responsible for the content of this announcement, make no representation as to its accuracy or completeness, and accept no liability for any loss arising from reliance on its contents - Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited bear no responsibility for the content of this announcement[1](index=1&type=chunk) [Company Overview](index=1&type=section&id=Company%20Overview) Beijing-Shanghai High-Speed Railway Technology Holdings Limited (Stock Code: 1522) is pleased to announce its unaudited condensed consolidated results for the six months ended June 30, 2025 - Beijing-Shanghai High-Speed Railway Technology Holdings Limited (Stock Code: 1522) released its unaudited condensed consolidated results for the six months ended June 30, 2025[2](index=2&type=chunk) [Condensed Consolidated Financial Statements](index=2&type=section&id=Condensed%20Consolidated%20Financial%20Statements) [Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the company's revenue significantly increased by 20.7% to 565,862 thousand HKD, and net profit surged from 3,645 thousand HKD to 23,172 thousand HKD, primarily driven by improved operating profit and share of results of joint ventures and associates Condensed Consolidated Statement of Profit or Loss Key Data (For the six months ended June 30) | Indicator | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Revenue | 565,862 | 468,982 | | Cost of sales | (359,320) | (279,332) | | Gross profit | 206,542 | 189,650 | | Operating profit | 27,777 | 7,605 | | Profit before tax | 31,031 | 3,627 | | Profit for the period | 23,172 | 3,645 | | Profit attributable to equity holders of the company | 24,876 | 9,636 | | Basic and diluted earnings per share (HKD) | 0.0119 | 0.0046 | - Revenue increased by **20.7% year-on-year**, from **468,982 thousand HKD** to **565,862 thousand HKD**[3](index=3&type=chunk) - Profit for the period significantly increased to **23,172 thousand HKD**, compared to **3,645 thousand HKD** in the same period last year[3](index=3&type=chunk) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the company's total comprehensive income turned from a loss of 18,211 thousand HKD in the prior year to a gain of 52,956 thousand HKD, mainly due to the reversal of foreign currency translation differences from overseas operations Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Key Data (For the six months ended June 30) | Indicator | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Profit for the period | 23,172 | 3,645 | | Exchange differences on translation of overseas operations | 52,392 | (17,174) | | Total comprehensive income/(expense) for the period | 52,956 | (18,211) | | Total comprehensive income/(expense) attributable to equity holders of the company | 46,913 | (11,856) | - Total comprehensive income for the period turned from a loss of **18,211 thousand HKD** in 2024 to a gain of **52,956 thousand HKD** in 2025[4](index=4&type=chunk) - Exchange differences on translation of overseas operations turned from a loss of **17,174 thousand HKD** in 2024 to a gain of **52,392 thousand HKD** in 2025, which is the main reason for the positive total comprehensive income[4](index=4&type=chunk) [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's total assets less current liabilities were 3,257,328 thousand HKD, and net assets were 2,942,349 thousand HKD, remaining stable compared to the end of 2024, with net current assets increasing to 1,690,000 thousand HKD, indicating good liquidity Condensed Consolidated Statement of Financial Position Key Data (As of June 30) | Indicator | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | | :--- | :--- | :--- | | Non-current assets | 1,599,956 | 1,510,193 | | Current assets | 3,233,160 | 3,269,578 | | Current liabilities | 1,575,788 | 1,579,613 | | Net current assets | 1,657,372 | 1,689,965 | | Total assets less current liabilities | 3,257,328 | 3,200,158 | | Non-current liabilities | 257,809 | 316,385 | | Net assets | 2,942,349 | 2,940,943 | | Total equity attributable to equity holders of the company | 2,772,182 | 2,775,601 | - Net current assets increased from **1,657,372 thousand HKD** as of December 31, 2024, to **1,689,965 thousand HKD** as of June 30, 2025[5](index=5&type=chunk) - Non-current liabilities decreased from **316,385 thousand HKD** as of December 31, 2024, to **257,809 thousand HKD** as of June 30, 2025[6](index=6&type=chunk) [Notes to the Unaudited Interim Financial Information](index=6&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Information) [1 General Information](index=6&type=section&id=1%20General%20Information) Beijing-Shanghai High-Speed Railway Technology Holdings Limited was incorporated in the Cayman Islands in 2011 and transferred its listing from GEM to the Main Board of the Stock Exchange on December 6, 2013 - The company was incorporated in the Cayman Islands on **January 7, 2011**[7](index=7&type=chunk) - The company's shares were transferred from the GEM Board to the Main Board of the Stock Exchange on **December 6, 2013**[7](index=7&type=chunk) [2 Basis of Preparation](index=6&type=section&id=2%20Basis%20of%20Preparation) This interim financial information is prepared in accordance with the Listing Rules of the Stock Exchange and International Accounting Standard 34, adopting the same accounting policies as the 2024 annual consolidated financial report, except for changes expected to be reflected in the 2025 annual consolidated financial statements - The interim financial information is prepared in accordance with the Listing Rules of The Stock Exchange of Hong Kong Limited and International Accounting Standard 34 "Interim Financial Reporting"[8](index=8&type=chunk) - The same accounting policies are adopted as those used in the 2024 annual consolidated financial report, except for changes in accounting policies expected to be reflected in the 2025 annual consolidated financial statements[8](index=8&type=chunk) [3 Changes in Accounting Policies](index=6&type=section&id=3%20Changes%20in%20Accounting%20Policies) The Group has applied amendments to IAS 21 regarding foreign currency changes, but these amendments have no significant impact on the interim financial information as the Group has no non-exchangeable foreign currency transactions - The Group has applied the amendments to International Accounting Standard 21 "The Effects of Changes in Foreign Exchange Rates – Lack of Exchangeability"[10](index=10&type=chunk) - These amendments have no significant impact on this interim financial information as the Group has not entered into any foreign currency transactions that are not exchangeable into other currencies[10](index=10&type=chunk) [4 Revenue and Segment Reporting](index=7&type=section&id=4%20Revenue%20and%20Segment%20Reporting) The Group's principal businesses include software and hardware products and services for high-speed rail, intercity rail, suburban rail, and subway, as well as professional data integration services and smart software and hardware products and services in the railway transportation sector, with total revenue of 565,862 thousand HKD for the six months ended June 30, 2025, representing a 20.7% year-on-year increase - The Group's principal businesses include providing high-speed rail, intercity rail, suburban rail, and subway software and hardware products and services, as well as professional data integration services and smart software and hardware products and services in the railway transportation sector[12](index=12&type=chunk) Revenue Breakdown by Major Service Items and Customer Geographical Location (For the six months ended June 30) | Revenue Source | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | **By Major Service Items** | | | | Smart Passenger Information Services | 251,791 | 156,395 | | Digital Urban Rail Services | 176,686 | 165,240 | | Innovation and Development | 137,385 | 147,347 | | **By Customer Geographical Location** | | | | Mainland China | 547,825 | 455,541 | | Hong Kong, China | 10,702 | 10,979 | | Overseas | 7,335 | 2,462 | | **Total Revenue** | **565,862** | **468,982** | [4(a) Revenue](index=7&type=section&id=4(a)%20Revenue) The Group's revenue primarily derives from Smart Passenger Information Services, Digital Urban Rail Services, and Innovation and Development businesses, with total revenue reaching 565,862 thousand HKD for the period, a 20.7% year-on-year increase, driven by significant growth in Smart Passenger Information Services revenue and a slight decrease in Innovation and Development business revenue Revenue Breakdown by Major Service Items (For the six months ended June 30) | Service Item | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Smart Passenger Information Services | 251,791 | 156,395 | | Digital Urban Rail Services | 176,686 | 165,240 | | Innovation and Development | 137,385 | 147,347 | | **Total** | **565,862** | **468,982** | - Revenue from Smart Passenger Information Services increased by **61.0% year-on-year**, from **156,395 thousand HKD** to **251,791 thousand HKD**[13](index=13&type=chunk) - Revenue from Innovation and Development business decreased by **6.8% year-on-year**, from **147,347 thousand HKD** to **137,385 thousand HKD**[13](index=13&type=chunk) [4(b) Segment Reporting](index=8&type=section&id=4(b)%20Segment%20Reporting) The Group has reorganized its internal reporting structure and now presents four reportable segments: Smart Passenger Information Services, Digital Urban Rail Services, Innovation and Development, and Investments in Business Expansion, with segment results measured by gross profit and other expenses not allocated to segments, showing significant profit growth in the Smart Passenger Information Services segment - The Group has reorganized its internal reporting structure and now presents four reportable segments: Smart Passenger Information Services, Digital Urban Rail Services, Innovation and Development, and Investments in Business Expansion[14](index=14&type=chunk) - Segment results are measured by gross profit, and other income and expense items are not allocated to individual segments[15](index=15&type=chunk) Reportable Segment Profit (For the six months ended June 30) | Segment | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Smart Passenger Information Services | 125,724 | 84,248 | | Digital Urban Rail Services | 31,527 | 30,429 | | Innovation and Development | 49,291 | 74,973 | | Investments in Business Expansion (Share of results of joint ventures and associates) | 16,436 | 2,429 | | **Total Reportable Segment Profit** | **206,542** | **189,650** | [4(c) Operating Seasonality](index=10&type=section&id=4(c)%20Operating%20Seasonality) The Group's business is affected by industry seasonality, with revenue and segment profit typically higher in the second half of the year than in the first half, and both revenue and gross profit increased for the 12 months ended June 30, 2025 - The Group's business is affected by industry seasonality, with revenue and segment profit typically higher in the second half of the year than in the first half[21](index=21&type=chunk) Revenue and Gross Profit for the Past 12 Months (As of June 30) | Indicator | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Revenue | 1,753,653 | 1,632,975 | | Gross profit | 636,579 | 592,282 | [5 Profit Before Tax](index=10&type=section&id=5%20Profit%20Before%20Tax) For the six months ended June 30, 2025, profit before tax was 31,031 thousand HKD, a significant increase from 3,627 thousand HKD in the prior year, primarily due to increased finance costs, higher inventory costs, and increased staff costs Profit Before Tax Components (For the six months ended June 30) | Indicator | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Finance costs | (7,107) | (4,599) | | Amortisation of intangible assets | 8,644 | 9,125 | | Cost of inventories | 228,818 | 135,504 | | Depreciation expenses | 26,524 | 23,966 | | Staff costs | 125,951 | 114,281 | | Government grants | (8,810) | (6,420) | - Finance costs increased by **54.5% year-on-year**, from **4,599 thousand HKD** to **7,107 thousand HKD**[22](index=22&type=chunk) - Inventory costs significantly increased by **68.8% year-on-year**, from **135,504 thousand HKD** to **228,818 thousand HKD**[23](index=23&type=chunk) [5(a) Finance Costs](index=10&type=section&id=5(a)%20Finance%20Costs) For the six months ended June 30, 2025, total finance costs amounted to 7,107 thousand HKD, a 54.5% increase from the prior year, mainly due to higher interest on other borrowings and bank borrowings Finance Costs Details (For the six months ended June 30) | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Interest on bank borrowings | 1,572 | 1,429 | | Interest on other borrowings | 4,696 | 2,297 | | Interest on lease liabilities | 839 | 873 | | **Total** | **7,107** | **4,599** | - Interest on other borrowings increased by **104.4% year-on-year**, from **2,297 thousand HKD** to **4,696 thousand HKD**[22](index=22&type=chunk) [Other Expenses/Income](index=11&type=section&id=Other%20Expenses%2FIncome) During the period, inventory costs significantly increased, staff costs and depreciation expenses also rose, while government grants and interest income both grew, and net foreign exchange losses decreased Other Expenses/Income Details (For the six months ended June 30) | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Cost of inventories | 228,818 | 135,504 | | Staff costs | 125,951 | 114,281 | | Depreciation expenses | 26,524 | 23,966 | | Interest income | (3,260) | (2,658) | | Government grants | (8,810) | (6,420) | | Net foreign exchange losses | 612 | 996 | - Inventory costs increased by **68.8% year-on-year**, from **135,504 thousand HKD** to **228,818 thousand HKD**[23](index=23&type=chunk) - Staff costs increased by **10.2% year-on-year**, from **114,281 thousand HKD** to **125,951 thousand HKD**[23](index=23&type=chunk) [6 Income Tax](index=11&type=section&id=6%20Income%20Tax) For the six months ended June 30, 2025, income tax expense was 7,859 thousand HKD, compared to a credit of 18 thousand HKD in the prior year, primarily comprising China corporate income tax provision and withholding tax on equity transfers, with some Chinese subsidiaries enjoying a preferential tax rate of 15% as high-tech enterprises Income Tax Details (For the six months ended June 30) | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Current tax – China corporate income tax | 10,472 | 6,122 | | Current tax – Hong Kong profits tax | 522 | 807 | | Deferred tax | (3,135) | (6,947) | | **Total** | **7,859** | **(18)** | - China corporate income tax provision increased from **6,122 thousand HKD** in 2024 to **10,472 thousand HKD** in 2025[25](index=25&type=chunk) - Some Chinese subsidiaries, as high-tech enterprises, enjoy a preferential China corporate income tax rate of **15%**[28](index=28&type=chunk) [7 Basic and Diluted Earnings Per Share](index=12&type=section&id=7%20Basic%20and%20Diluted%20Earnings%20Per%20Share) For the six months ended June 30, 2025, basic earnings per share significantly increased to 0.0119 HKD from 0.0046 HKD in the prior year, with no difference between basic and diluted earnings per share as the Group has no dilutive ordinary shares Earnings Per Share (For the six months ended June 30) | Indicator | 2025 (HKD) | 2024 (HKD) | | :--- | :--- | :--- | | Basic and diluted earnings per share | 0.0119 | 0.0046 | | Profit attributable to ordinary equity holders of the company | 24,876 thousand | 9,636 thousand | | Weighted average number of ordinary shares in issue | 2,097,146,727 | 2,097,146,727 | - Basic earnings per share increased by **158.7% year-on-year**, from **0.0046 HKD** to **0.0119 HKD**[27](index=27&type=chunk) - The Group has no dilutive ordinary shares in circulation, thus there is no difference between basic and diluted earnings per share[27](index=27&type=chunk) [8 Contract Assets and Contract Liabilities](index=13&type=section&id=8%20Contract%20Assets%20and%20Contract%20Liabilities) As of June 30, 2025, net contract assets increased to 848,356 thousand HKD, and contract liabilities for advances received for performance obligations significantly grew to 80,562 thousand HKD, reflecting increased business activities Contract Assets and Contract Liabilities (As of June 30) | Item | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | | :--- | :--- | :--- | | Contract assets (net) | 848,356 | 735,056 | | Contract liabilities (advances received for performance obligations) | 80,562 | 38,604 | - Net contract assets increased from **735,056 thousand HKD** as of December 31, 2024, to **848,356 thousand HKD** as of June 30, 2025[29](index=29&type=chunk) - Contract liabilities (advances received for performance obligations) increased by **108.7% year-on-year**, from **38,604 thousand HKD** to **80,562 thousand HKD**[29](index=29&type=chunk) [9 Trade and Other Receivables](index=14&type=section&id=9%20Trade%20and%20Other%20Receivables) As of June 30, 2025, total trade and other receivables amounted to 1,201,534 thousand HKD, a decrease from the end of 2024, with net trade receivables decreasing but bills receivable increasing, and a new receivable of 74,564 thousand HKD from the disposal of a joint venture Trade and Other Receivables (As of June 30) | Item | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | | :--- | :--- | :--- | | Trade receivables | 807,660 | 1,031,338 | | Bills receivable | 273,346 | 230,281 | | Trade receivables and bills receivable (net) | 1,036,781 | 1,213,638 | | Consideration receivable from disposal of a joint venture | 74,564 | – | | **Total** | **1,201,534** | **1,285,764** | - Trade receivables decreased from **1,031,338 thousand HKD** as of December 31, 2024, to **807,660 thousand HKD** as of June 30, 2025[30](index=30&type=chunk) - Bills receivable increased from **230,281 thousand HKD** as of December 31, 2024, to **273,346 thousand HKD** as of June 30, 2025[30](index=30&type=chunk) [10 Trade and Other Payables](index=15&type=section&id=10%20Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables amounted to 1,311,695 thousand HKD, a slight decrease from the end of 2024, with new dividends payable to equity holders of 50,332 thousand HKD, while payables for the acquisition of a subsidiary were settled Trade and Other Payables (As of June 30) | Item | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | | :--- | :--- | :--- | | Trade payables and bills payable | 1,102,053 | 1,093,566 | | Accrued expenses and other payables | 95,644 | 123,804 | | Payables for acquisition of a subsidiary | – | 80,730 | | Dividends payable to equity holders | 50,332 | – | | **Total** | **1,311,695** | **1,356,920** | - Payables for the acquisition of a subsidiary decreased from **80,730 thousand HKD** as of December 31, 2024, to **zero** as of June 30, 2025[33](index=33&type=chunk) - New dividends payable to equity holders of **50,332 thousand HKD**[33](index=33&type=chunk) [11 Dividends](index=15&type=section&id=11%20Dividends) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025, while a final dividend of 2.4 HK cents per ordinary share, totaling 50,332 thousand HKD, attributable to the previous financial year, was approved during the period - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[35](index=35&type=chunk) Dividends Approved Attributable to Prior Financial Year (For the six months ended June 30) | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Final dividend per ordinary share | 2.4 cents | 2.5 cents | | Total | 50,332 | 52,429 | [Management Discussion and Analysis](index=16&type=section&id=Management%20Discussion%20and%20Analysis) [Market and Operating Environment](index=16&type=section&id=Market%20and%20Operating%20Environment) In the first half of 2025, the rail transit industry maintained steady growth with increased domestic railway fixed asset investment and passenger volume, and new urban rail lines opened, while overseas markets, especially in Africa and Asia, showed considerable growth potential, and technological innovations like AI and demand for existing line upgrades presented opportunities, but challenges included local procurement preferences, intensified industry competition, and pressure on civil communication business revenue - National railway fixed asset investment completed approximately **RMB 355.9 billion** in the first half, an increase of approximately **5.5% year-on-year**[37](index=37&type=chunk) - National railway passenger traffic reached approximately **2.24 billion trips** in the first half, an increase of approximately **6.7% year-on-year**[37](index=37&type=chunk) - Artificial intelligence provides impetus for intelligent upgrades in rail transit, demand for renovation of existing lines continues to be released, and overseas market expansion has considerable potential[38](index=38&type=chunk) - Market challenges include customer preference for local procurement, intensified industry competition, uncertainty in AI technology implementation, and downward pressure on civil communication business revenue[38](index=38&type=chunk) [Performance Overview](index=17&type=section&id=Performance%20Overview) In the first half, the Group's revenue grew by 20.7% to 565.9 million HKD, and profit attributable to equity holders significantly increased by 158.2% to 24.9 million HKD, with the Group reorganizing its business segments, establishing an Innovation and Development Business Unit, and renaming the "Data and Integration Services Business Unit" to "Digital Urban Rail Services Business Unit," while new contracts and successful bids amounted to approximately RMB 1.14 billion, and orders on hand increased by 11.8% to 3.61 billion HKD First Half Performance Overview (As of June 30) | Indicator | 2025 (million HKD) | Year-on-year Growth Rate | | :--- | :--- | :--- | | Revenue | 565.9 | 20.7% | | Gross profit | 206.5 | 8.9% | | Gross profit margin | 36.5% | Down 3.9 percentage points | | Profit attributable to equity holders | 24.9 | 158.2% | - The Group reorganized its business segments, established an Innovation and Development Business Unit, and renamed the "Data and Integration Services Business Unit" to "Digital Urban Rail Services Business Unit"[40](index=40&type=chunk) - New contracts and successful bids amounted to approximately **RMB 1.14 billion**; orders on hand were approximately **3.61 billion HKD**, an increase of approximately **11.8%** compared to the end of 2024[40](index=40&type=chunk) [Financial Review](index=17&type=section&id=Financial%20Review) The Group's revenue increased by 20.7% in the first half, primarily driven by strong growth in Smart Passenger Information Services, while gross profit margin decreased due to the cooperation agreement with Beijing Infrastructure Investment Co., Ltd. taking effect, sales, general and administrative expenses remained stable, R&D expenses slightly increased, share of results of joint ventures and associates significantly improved, but foreign exchange losses were incurred from the disposal of Metro Technology equity, fair value change gains increased, and profit attributable to equity holders significantly grew by 158.2% - The Group's revenue for the period was approximately **565.9 million HKD**, an increase of approximately **96.9 million HKD** or **20.7%** compared to the same period last year[41](index=41&type=chunk) - Gross profit margin was approximately **36.5%**, a decrease of **3.9 percentage points** compared to the same period last year, mainly due to the cooperation agreement signed with Beijing Infrastructure Investment Co., Ltd. taking effect, leading to the accrual of resource occupation fees[44](index=44&type=chunk) - Profit attributable to equity holders of the company was approximately **24.9 million HKD**, an increase of approximately **158.2%** compared to the same period last year[49](index=49&type=chunk) [Revenue](index=17&type=section&id=Revenue%20(Financial%20Review)) Total revenue for the period reached 565.9 million HKD, a 20.7% year-on-year increase, with Smart Passenger Information Services revenue growing by 61.0%, Digital Urban Rail Services revenue by 6.9%, and Innovation and Development business revenue decreasing by 6.8%, while revenue from mainland China increased by 20.3% and overseas market revenue by 197.9% Revenue by Business Segment (As of June 30) | Business Segment | 2025 (million HKD) | % of Total Revenue | Year-on-year Growth Rate | | :--- | :--- | :--- | :--- | | Smart Passenger Information Services | 251.8 | 44.5% | 61.0% | | Digital Urban Rail Services | 176.7 | 31.2% | 6.9% | | Innovation and Development | 137.4 | 24.3% | -6.8% | - Overseas market revenue was approximately **7.3 million HKD**, an increase of approximately **4.9 million HKD** or **197.9%** compared to the same period last year, mainly affected by the delivery cycle of Indian projects[43](index=43&type=chunk) [Cost of Sales and Gross Profit](index=18&type=section&id=Cost%20of%20Sales%20and%20Gross%20Profit) During the period, cost of sales increased by 28.6% to 359.3 million HKD, and gross profit increased by 8.9% to 206.5 million HKD, while gross profit margin decreased by 3.9 percentage points to 36.5%, primarily due to the accrual of resource occupation fees following the cooperation agreement with Beijing Infrastructure Investment Co., Ltd. taking effect - Cost of sales was approximately **359.3 million HKD**, an increase of approximately **80.0 million HKD** or **28.6%** compared to the same period last year[44](index=44&type=chunk) - Gross profit was approximately **206.5 million HKD**, an increase of approximately **16.9 million HKD** or **8.9%** compared to the same period last year[44](index=44&type=chunk) - Gross profit margin was approximately **36.5%**, a decrease of **3.9 percentage points** compared to the same period last year, mainly due to the accrual of resource occupation fees[44](index=44&type=chunk) [Selling, General and Administrative Expenses](index=19&type=section&id=Selling%2C%20General%20and%20Administrative%20Expenses) During the period, selling, general and administrative expenses were approximately 109.2 million HKD, a 2.9% year-on-year increase, maintaining overall stability - Selling, general and administrative expenses were approximately **109.2 million HKD**, an increase of approximately **3.1 million HKD** or **2.9%** compared to the same period last year[45](index=45&type=chunk) [Research and Development Expenses](index=19&type=section&id=Research%20and%20Development%20Expenses) During the period, research and development expenses were approximately 84.9 million HKD, a 2.1% year-on-year increase, mainly due to new R&D projects for business expansion - Research and development expenses were approximately **84.9 million HKD**, an increase of approximately **1.8 million HKD** or **2.1%** compared to the same period last year[46](index=46&type=chunk) - The increase in research and development expenses was mainly due to new R&D projects for business expansion[46](index=46&type=chunk) [Share of Results of Joint Ventures and Associates](index=19&type=section&id=Share%20of%20Results%20of%20Joint%20Ventures%20and%20Associates) During the period, investment income was approximately 16.4 million HKD, an increase of 14.0 million HKD year-on-year, mainly due to improved performance of some joint ventures and associates, while a loss of approximately 6.4 million HKD was incurred from the disposal of 49% equity in Metro Technology, primarily due to exchange losses - Investment income was approximately **16.4 million HKD**, an increase of approximately **14.0 million HKD** compared to the same period last year[47](index=47&type=chunk) - A loss of approximately **6.4 million HKD** was incurred from the disposal of 49% equity in Beijing Metro Technology Development Co., Ltd., mainly due to exchange losses[47](index=47&type=chunk) [Fair Value Changes in Financial Instruments](index=19&type=section&id=Fair%20Value%20Changes%20in%20Financial%20Instruments) During the period, fair value change gains were approximately 0.4 million HKD, an increase of approximately 2.2 million HKD compared to the prior year, mainly due to fair value changes in associate companies Youdao Technology and Jishi Huiying - Fair value change gains were approximately **0.4 million HKD**, an increase of approximately **2.2 million HKD** compared to the same period last year[48](index=48&type=chunk) - The increase in gains was mainly due to fair value changes in associate companies Youdao Technology and Beijing Jishi Huiying Venture Capital Center (Limited Partnership)[48](index=48&type=chunk) [Profit Attributable to Equity Holders of the Company](index=19&type=section&id=Profit%20Attributable%20to%20Equity%20Holders%20of%20the%20Company) During the period, profit attributable to equity holders of the company was approximately 24.9 million HKD, a significant increase of 158.2% compared to the prior year - Profit attributable to equity holders of the company was approximately **24.9 million HKD**, an increase of approximately **158.2%** compared to the same period last year[49](index=49&type=chunk) [Liquidity, Financial and Capital Resources](index=19&type=section&id=Liquidity%2C%20Financial%20and%20Capital%20Resources) As of June 30, 2025, the company's capital structure remained stable with no change in issued shares, cash and bank balances decreased, but net cash from operating activities significantly increased, total borrowings decreased, gearing ratio dropped to 38.4%, and current ratio remained at 2.1, indicating a robust financial position, with foreign exchange risk deemed insignificant and no material contingent liabilities - As of June 30, 2025, the company's issued shares were **2,097,146,727** with a par value of **0.01 HKD** per share, consistent with the end of 2024[50](index=50&type=chunk) - As of June 30, 2025, the Group's cash and bank balances were approximately **678.2 million HKD**, a decrease from **761.2 million HKD** at the end of 2024[51](index=51&type=chunk) - Net cash generated from operating activities for the period was approximately **28.3 million HKD**, an increase of approximately **32.4 million HKD** in net inflow compared to the same period last year, mainly due to increased collections during the period[51](index=51&type=chunk) - As of June 30, 2025, the Group's gearing ratio was approximately **38.4%**, a decrease from **39.2%** as of December 31, 2024[54](index=54&type=chunk) [Capital Structure](index=19&type=section&id=Capital%20Structure) As of June 30, 2025, the company's issued shares totaled 2,097,146,727 with a par value of 0.01 HKD per share, consistent with the end of 2024 - As of June 30, 2025, the company's issued shares were **2,097,146,727** with a par value of **0.01 HKD** per share, consistent with December 31, 2024[50](index=50&type=chunk) [Cash Position](index=20&type=section&id=Cash%20Position) As of June 30, 2025, cash and bank balances were approximately 678.2 million HKD, a decrease from the end of 2024, while net cash from operating activities significantly increased, net cash used in investing activities increased, and net cash used in financing activities increased Cash Flow Overview (As of June 30) | Item | 2025 (million HKD) | 2024 (million HKD) | | :--- | :--- | :--- | | Cash and bank balances (end of period) | 678.2 | 761.2 | | Net cash from operating activities | 28.3 | -4.1 (net outflow) | | Net cash used in investing activities | 87.6 | 8.5 | | Net cash used in financing activities | 32.1 | 5.2 | - Net cash generated from operating activities was approximately **28.3 million HKD**, an increase of approximately **32.4 million HKD** in net inflow compared to the same period last year, mainly due to increased collections during the period[51](index=51&type=chunk) - Net cash used in investing activities was approximately **87.6 million HKD**, an increase of approximately **79.1 million HKD** in net outflow compared to the same period last year, mainly due to the payment of the fourth installment of approximately **83.9 million HKD** for the acquisition of 95% equity in Huaqi Smart[51](index=51&type=chunk) [Borrowings and Pledges of Group's Assets](index=20&type=section&id=Borrowings%20and%20Pledges%20of%20Group%27s%20Assets) As of June 30, 2025, the Group's total borrowings were approximately 345.4 million HKD, a decrease from 2024, with 210 million HKD being a loan from a subsidiary of the ultimate holding company, secured by a 30% equity interest in Huajun Development Co., Ltd. - As of June 30, 2025, the Group's borrowings were approximately **345.4 million HKD**, a decrease from **384.8 million HKD** in 2024[52](index=52&type=chunk) - Of this, **210 million HKD** was a loan from a subsidiary of Beijing Infrastructure Investment Co., Ltd., the company's ultimate holding company[52](index=52&type=chunk) - The rights and interests in **30%** of the issued share capital of Huajun Development Co., Ltd. held by the company have been pledged to a subsidiary of the company's ultimate holding company[52](index=52&type=chunk) [Working Capital and Gearing Ratio](index=20&type=section&id=Working%20Capital%20and%20Gearing%20Ratio) As of June 30, 2025, the Group's net current assets were approximately 1,690.0 million HKD, current ratio was approximately 2.1, and gearing ratio was approximately 38.4%, indicating robust working capital and a low leverage level Working Capital and Gearing Ratio (As of June 30) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Current assets | 3,269.6 million HKD | 3,233.2 million HKD | | Current liabilities | 1,579.6 million HKD | 1,575.8 million HKD | | Net current assets | 1,690.0 million HKD | 1,657.4 million HKD | | Current ratio | 2.1 | 2.1 | | Gearing ratio | 38.4% | 39.2% | - The gearing ratio decreased from **39.2%** as of December 31, 2024, to **38.4%** as of June 30, 2025[54](index=54&type=chunk) [Foreign Exchange Risk](index=21&type=section&id=Foreign%20Exchange%20Risk) The Group's principal subsidiaries earn revenue and incur costs in their local currencies, and the directors believe that foreign exchange risk has no significant impact - The Group's principal subsidiaries earn revenue and incur costs in their local currencies[55](index=55&type=chunk) - The directors believe that the Group's foreign exchange risk has no significant impact[55](index=55&type=chunk) [Contingent Liabilities](index=21&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no material contingent liabilities - As of June 30, 2025, the Group had no material contingent liabilities[56](index=56&type=chunk) [Segment Business Analysis](index=21&type=section&id=Segment%20Business%20Analysis) The Group adheres to a "3+2" business structure, focusing on Smart Passenger Information Services, Digital Urban Rail Services, and Innovation and Development as its three core business segments, continuously enhancing product competitiveness and service quality through R&D innovation and customer orientation, with significant growth in Smart Passenger Information Services revenue and gross profit, steady improvement in Digital Urban Rail Services revenue and gross profit, and a decrease in Innovation and Development business revenue and gross profit but active expansion into emerging markets - The Group focuses on three core business segments: Smart Passenger Information Services, Digital Urban Rail Services, and Innovation and Development businesses[57](index=57&type=chunk) - Smart Passenger Information Services business revenue increased by **61.0%**, and gross profit increased by **49.2%**, mainly due to key projects reaching delivery milestones[58](index=58&type=chunk) - Innovation and Development business revenue decreased by **6.8%**, and gross profit decreased by **34.3%**, mainly due to the completion of large-scale projects in the prior period and new projects not yet delivered[62](index=62&type=chunk) [Smart Passenger Information Services Business](index=21&type=section&id=Smart%20Passenger%20Information%20Services%20Business) This business provides PIS systems, integrated in-vehicle cloud platforms, and other software and hardware products for passenger travel scenarios in high-speed rail, intercity rail, and subway, with revenue growing by 61.0% to 251.8 million HKD and gross profit by 49.2% to 125.7 million HKD during the period, primarily due to the delivery of key projects, while new contracts and successful bids amounted to approximately RMB 350 million, and the company actively expanded into new data security segments and overseas markets - Smart Passenger Information Services business revenue for the period was approximately **251.8 million HKD**, an increase of approximately **61.0%** compared to the same period last year[58](index=58&type=chunk) - Gross profit achieved was approximately **125.7 million HKD**, an increase of approximately **49.2%** compared to the same period last year[58](index=58&type=chunk) - New contracts and successful bids amounted to approximately **RMB 350 million**, including the Beijing Rail Transit Line 22 CCTV, PIS, and PA system integration project[58](index=58&type=chunk)[59](index=59&type=chunk) - Leveraging its advantages in commercial cryptography application security assessment qualifications, the company implemented cryptographic assessment projects in Guiyang, Urumqi, and other regions, opening up new data security segments[59](index=59&type=chunk) [Digital Urban Rail Services Business](index=22&type=section&id=Digital%20Urban%20Rail%20Services%20Business) This business provides AFC, TCC, weak current and communication professional integration services, as well as smart products like rail cloud and urban rail big data for subway owners and operators, with revenue growing by 6.9% to 176.7 million HKD and gross profit increasing by 3.6% to 31.5 million HKD during the period, mainly due to revenue recognition from projects such as the Beijing Subway Line 13 capacity upgrade project, while new contracts and successful bids amounted to approximately RMB 760 million, and the company achieved an independent subsystem procurement management model for communication integration projects outside Beijing - Digital Urban Rail Services business revenue for the period was approximately **176.7 million HKD**, an increase of approximately **6.9%** compared to the same period last year[60](index=60&type=chunk) - Gross profit achieved was approximately **31.5 million HKD**, an increase of approximately **3.6% year-on-year**[60](index=60&type=chunk) - New contracts and successful bids amounted to approximately **RMB 760 million**, including the automatic fare collection system equipment procurement project for Beijing Subway Line 22[60](index=60&type=chunk)[61](index=61&type=chunk) - Won bids for the Beijing Subway existing line structural safety assurance platform construction project and the Line 22 vehicle health management system and big data analysis platform project, promoting intelligent operation and maintenance of rail transit equipment[61](index=61&type=chunk) [Innovation and Development Business](index=23&type=section&id=Innovation%20and%20Development%20Business) This business explores new incremental businesses through engineering support, technology services, etc., based on existing civil communication and "Smart+" businesses, with revenue decreasing by 6.8% to 137.4 million HKD and gross profit decreasing by 34.3% to 49.3 million HKD during the period, mainly due to the completion of large-scale PPP projects, while new contracts and successful bids amounted to approximately RMB 25 million, and the company accelerated expansion into emerging markets such as subway edge cloud business, computing power services, IoT, and park dedicated lines - Innovation and Development business revenue for the period was approximately **137.4 million HKD**, a decrease of approximately **6.8%** compared to the same period last year[62](index=62&type=chunk) - Gross profit achieved was approximately **49.3 million HKD**, a decrease of approximately **34.3%** compared to the same period last year[62](index=62&type=chunk) - New contracts and successful bids amounted to approximately **RMB 25 million**[62](index=62&type=chunk) - Accelerated expansion of subway edge cloud business scale and actively deployed in emerging markets such as computing power services, IoT, and park dedicated lines[63](index=63&type=chunk) [Investments and Joint Ventures](index=24&type=section&id=Investments%20and%20Joint%20Ventures) In the first half, the Group aimed to improve its industrial layout and strengthen its industrial ecosystem, enhancing post-investment management and strategic synergy, completing the disposal of 49% equity in Metro Technology and no longer holding any equity, while invested companies such as Jingcheng Metro, Beijing Ruyixing Technology, and Youdao Technology made progress in their respective fields, including optimizing operational services, deepening business innovation, promoting industry-education integration, and participating in smart city construction - In the first half, the Group publicly listed and disposed of its **49%** equity interest in Metro Technology on the Beijing Stock Exchange, and all equity transfer procedures have been completed, with the Group no longer holding any equity interest in Metro Technology[66](index=66&type=chunk) - Beijing Ruyixing Technology deepened cooperation with Douyin APP, launching a "short video platform QR code payment for rides" service and enabling payment services for five major international card organizations[67](index=67&type=chunk) - Beijing Jingzhiwang Smart Technology Development Co., Ltd. deeply participated in the construction of Beijing's new smart city, completing the cloud platform software R&D for the sub-center hub project and making significant progress in the dual-smart dedicated network project[67](index=67&type=chunk) [Research and Development Innovation](index=26&type=section&id=Research%20and%20Development%20Innovation) The Group adheres to a "R&D + Innovation" core strategy, focusing on rail transit industry development trends and advancing scientific research projects, with significant progress in key projects, orderly deployment and breakthroughs in AI technology, especially in foundational models, development platforms, and security solutions, and in terms of technical applications, building systematic AI solutions, upgrading pantograph video analysis algorithm libraries, and releasing a preview version of rDAS to empower digital and intelligent upgrades for rail transit enterprises, with R&D investment of approximately 84.9 million HKD during the period, holding 158 patents and 657 software copyrights - The project "Research and Demonstration of Key Technologies for One-Network Operation of Regional (Suburban) Railways and Urban Rail Transit" undertaken by the Group for the Beijing Municipal Science and Technology Commission has completed the initial drafts of demand documents, research reports, integrated clearing rules documents, and preliminary design work[69](index=69&type=chunk) - AI technology layout and breakthroughs are progressing in an orderly manner, with continuous investment and key breakthroughs in foundational models, development platforms, and security solutions[69](index=69&type=chunk) - Released a preview version of rDAS, achieving a closed loop of data management, analysis, and intelligent decision-making, which has been implemented in the Beijing Rail Transit Network iTCC renovation project[70](index=70&type=chunk) - R&D investment for the period was approximately **84.9 million HKD**, an increase of approximately **2.1%** compared to the same period last year[71](index=71&type=chunk) - As of June 30, 2025, the Group held **158 patents** and **657 software copyrights**[71](index=71&type=chunk) [Outlook](index=27&type=section&id=Outlook) Looking ahead, the Group will seize the opportunities for industry digitalization and intelligence brought by the "AI+" initiative, accelerating the application of large model technology in rail transit scenarios, while capitalizing on the market expansion for renovation and upgrades driven by the resonance of policies and equipment cycles, and deeply exploring the potential of the maintenance and upgrade incremental market, and in terms of overseas business expansion, deepening the "localization cooperation" and "following vehicle manufacturers" models, focusing on "Belt and Road" regional markets, and enhancing international market share and brand influence - The government work report proposes to continuously advance the "AI+" initiative and support the widespread application of large models, injecting strong momentum into the integration of AI technology with real industries such as rail transit[72](index=72&type=chunk) - The resonance of policies and equipment cycles drives the accelerated expansion of the rail transit renovation and upgrade market, with demand for equipment replacement in old lines gradually being released, and the market space for maintenance and upgrades continuously expanding[73](index=73&type=chunk) - The "Belt and Road" initiative continues to deepen, and the international rail transit market shows strong growth potential, with huge potential investment space in Southeast Asia, the Middle East, and Africa before 2030[74](index=74&type=chunk) - The Group will focus on innovative applications of AI and large model technologies, accelerating the transformation of results, empowering products and services, and building a new paradigm for cost reduction and efficiency improvement[72](index=72&type=chunk) - The Group will deepen the "localization cooperation" and "following vehicle manufacturers" dual-track model, focusing on expanding into "Belt and Road" regional markets such as Southeast Asia, and enhancing international market share and brand influence[74](index=74&type=chunk) [Other Information](index=29&type=section&id=Other%20Information) [Employees and Remuneration Policy](index=29&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had 609 employees, with total staff costs of approximately 126.0 million HKD, and the Group reviews its remuneration system based on market wage levels and employee performance, offering various benefits and professional training - As of June 30, 2025, the Group had **609 employees**, a decrease from **623** as of December 31, 2024[75](index=75&type=chunk) - In the first half of 2025, total staff costs (including directors' emoluments) were approximately **126.0 million HKD**, an increase from **114.3 million HKD** in the first half of 2024[75](index=75&type=chunk) - The remuneration system is reviewed with reference to market wage levels and employee performance, and in addition to basic salaries, bonuses are paid based on the Group's performance and employee contributions[75](index=75&type=chunk) [Interim Dividend](index=29&type=section&id=Interim%20Dividend) The Board does not declare an interim dividend for the six months ended June 30, 2025, to retain cash for ongoing business development and future investment opportunities - The Board does not declare an interim dividend for the six months ended June 30, 2025[76](index=76&type=chunk) - The Group will retain cash to fund its ongoing business development and future investment opportunities[76](index=76&type=chunk) [Significant Acquisitions or Disposals](index=29&type=section&id=Significant%20Acquisitions%20or%20Disposals) On March 27, 2025, the company's subsidiary, Urban Rail Investment, sold 49% equity in Metro Technology to Beijing Metro for a consideration of RMB 68,332,215, and upon completion of the disposal, the Group no longer holds any equity in Metro Technology - The company's subsidiary, Urban Rail Investment, sold **49%** equity in Metro Technology to Beijing Metro for a consideration of **RMB 68,332,215** (approximately **74,208,785 HKD**)[77](index=77&type=chunk) - Upon completion of the disposal, the Group no longer holds any equity interest in Metro Technology[77](index=77&type=chunk) [Material Investments Held and Future Plans](index=29&type=section&id=Material%20Investments%20Held%20and%20Future%20Plans) The Group holds a 49% equity interest in Jingcheng Metro, which is primarily engaged in subway line investment, construction, operation, and management, with the Group's share of Jingcheng Metro's net assets amounting to approximately 266.1 million HKD and share of profit approximately 10.9 million HKD as of June 30, 2025, and no other material investments or capital asset plans during the period apart from those disclosed - The Group holds a **49%** equity interest in Beijing Jingcheng Metro Co., Ltd., which is primarily engaged in subway line investment, construction, operation, management, and value-added services[78](index=78&type=chunk) - As of June 30, 2025, the carrying value of the Group's share of Jingcheng Metro's net assets accounted for using the equity method was approximately **266.1 million HKD**[78](index=78&type=chunk) - In the first half of 2025, the Group's share of Jingcheng Metro's profit was approximately **10.9 million HKD**[78](index=78&type=chunk) - For the six months ended June 30, 2025, there were no other material investments, significant acquisitions or disposals of subsidiaries and associates, or other material investment or capital asset plans[79](index=79&type=chunk) [Standard Code for Securities Transactions](index=30&type=section&id=Standard%20Code%20for%20Securities%20Transactions) The company has adopted a code of conduct for securities transactions that is no less stringent than the Model Code set out in Appendix C3 of the Listing Rules, and the directors have confirmed compliance with this code for the six months ended June 30, 2025, with no instances of non-compliance by any employees observed - The company has adopted a code of conduct for securities transactions by directors and employees that is no less stringent than the Model Code set out in Appendix C3 of the Listing Rules[80](index=80&type=chunk) - The directors have confirmed compliance with the code for securities transactions and the Model Code for the six months ended June 30, 2025[80](index=80&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=30&type=section&id=Purchase%2C%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 no treasury shares were held during the period - 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[81](index=81&type=chunk) - During the period, neither the company nor its subsidiaries held any treasury shares[81](index=81&type=chunk) [Audit Committee](index=30&type=section&id=Audit%20Committee) The company has established an Audit Committee in accordance with the Listing Rules, with primary responsibilities including advising on audit scope and external auditor appointment, reviewing financial statements, monitoring internal control and risk management systems, and reviewing internal audit functions, and as of June 30, 2025, the Audit Committee comprised three independent non-executive directors - The company has established an Audit Committee in accordance with the Listing Rules, and its terms of reference have been adopted with reference to the Corporate Governance Code[82](index=82&type=chunk) - The Audit Committee's primary responsibilities include advising on the audit scope and the appointment of external auditors, reviewing financial statements, and monitoring internal control and risk management systems[82](index=82&type=chunk) - As of June 30, 2025, the Audit Committee comprised Mr. Luo Zhenbang (Chairman), Mr. Huang Lixin, and Ms. Wu Ying'en, three independent non-executive directors[82](index=82&type=chunk) [Review of Interim Financial Report](index=31&type=section&id=Review%20of%20Interim%20Financial%20Report) The interim financial report is unaudited but has been reviewed by the company's independent auditor, BDO Limited, in accordance with Hong Kong Standard on Review Engagements 2410, and the Audit Committee has reviewed the report and deemed it compliant with applicable accounting standards, Listing Rules, and other statutory requirements - The interim financial report is unaudited but has been reviewed by the company's independent auditor, BDO Limited, in accordance with Hong Kong Standard on Review Engagements 2410[83](index=83&type=chunk) - The Audit Committee has reviewed the Group's interim financial report for the six months ended June 30, 2025, and considers it to have complied with applicable accounting standards, the requirements of the Listing Rules, and other applicable statutory requirements[83](index=83&type=chunk) [Compliance with Corporate Governance Code](index=31&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The Board believes that the company has complied with the Corporate Governance Code for the six months ended June 30, 2025 - The Board believes that the company has complied with the Corporate Governance Code for the six months ended June 30, 2025[84](index=84&type=chunk) [Events After Reporting Period](index=31&type=section&id=Events%20After%20Reporting%20Period) As of the date of this announcement, no other material events have occurred after the reporting period - As of the date of this announcement, no other material events have occurred after the reporting period[85](index=85&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=31&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) This interim results announcement has been published on the company's website and the website of Hong Kong Exchanges and Clearing Limited, and the company's 2025 interim report will be published on the aforementioned websites at a later date - This interim results announcement is published on the company's website (www.biitt.cn) and the website of Hong Kong Exchanges and Clearing Limited (www.hkexnews.hk)[86](index=86&type=chunk) - The company's 2025 interim report will be published on the aforementioned websites at a later date[86](index=86&type=chunk)

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之任何損失承擔任何責 任。 京投軌道交通科技控股有限公司 BII Railway Transportation Technology Holdings Company Limited （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） 香 港，2025年8月15日 京投軌道交通科技控股有限公司（「本公司」及其附屬公司「本集團」）董事會（「董 事 會」）茲通告謹定於2025年8月27日（星 期 三）舉 行 董 事 會 會 議，以 考 慮 及 通 過 本 集團截至2025年6月30日 止 六 個 月 中 期 業 績，以 及 處 理 其 他 事 項。 於 本 公 告 日 期，執 行 董 事 為 劉 瑜 先 生 及 趙 婧 媛 女 士；非 執 行 董 事 為 任 宇 航 先 生、孫方女士、曹明達先生及方志偉先生；以及獨立非執行董事為羅振邦先生、 黃 立 新 先 生 及 伍 穎 ...

Core Viewpoint - 京投交通科技 (01522) expects revenue for the six months ending June 30, 2025, to be between HKD 550 million and HKD 600 million, compared to approximately HKD 467 million in the same period last year. The expected profit attributable to equity shareholders is projected to be between HKD 23 million and HKD 25 million, up from approximately HKD 9.6 million in the previous year [1] Revenue Expectations - The company anticipates revenue for the upcoming period to be between HKD 550 million and HKD 600 million [1] - Last year's revenue for the same period was approximately HKD 467 million, indicating a significant increase [1] Profit Projections - The expected profit attributable to equity shareholders is projected to be between HKD 23 million and HKD 25 million [1] - This is a notable increase from last year's profit of approximately HKD 9.6 million [1] Factors Influencing Performance - The increase in expected profit is primarily due to the impact of project delivery cycles, with a higher number of projects accepted during the period compared to the previous year [1] - Additionally, profits from joint ventures and associates have increased, leading to a rise in investment income recognized by the group [1]

Group 1 - The company, Beijing Investment Transportation Technology (01522.HK), expects to achieve revenue between HKD 550 million and HKD 600 million for the six months ending June 30, 2025, compared to approximately HKD 467 million in the same period last year [1] - The expected profit attributable to equity shareholders of the company is projected to be between HKD 23 million and HKD 25 million, significantly higher than the approximately HKD 9.6 million recorded in the same period last year [1]

Group 1 - The company, Jingtou Transportation Technology (01522), expects revenue for the six months ending June 30, 2025, to be between HKD 550 million and HKD 600 million, compared to approximately HKD 467 million in the same period last year [1] - The expected profit attributable to equity shareholders of the company is projected to be between HKD 23 million and HKD 25 million, up from approximately HKD 9.6 million in the same period last year [1] - The increase in profit attributable to equity shareholders is primarily due to an increase in the number of projects accepted during the period, influenced by project delivery cycles, as well as increased profits from joint ventures and associates leading to higher investment income recognition [1]

Core Viewpoint - The company, 京投交通科技 (01522.HK), expects to report a revenue between HKD 550 million and HKD 600 million for the six months ending June 30, 2025, showing an increase from approximately HKD 467 million in the same period last year [1] Financial Performance - The anticipated profit attributable to equity shareholders is expected to be between HKD 23 million and HKD 25 million, compared to approximately HKD 9.6 million in the same period last year [1] - The increase in profit is primarily due to a higher number of project deliveries and increased investment income from joint ventures and associates [1]

本公告由京投軌道交通科技控股有限公司（「本公司」，連 同 其 附 屬 公 司 為「本 集 團」），根 據 香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則（「上市規則」）第13.09條及證 券及期貨條例（香 港 法 例 第571章）（「證券及期貨條例」）第XIVA部項下內幕消息 條 文（定 義 見 上 市 規 則）作 出。 本公司董事（「董 事」）會（「董事會」）謹 此 通 知 股 東 及 潛 在 投 資 者，根 據 對 本 集 團 截至二零二五年六月三十日止六個月（「期 內」）未經審核綜合管理賬目的初步 審 閱，預 期 本 集 團 期 內 將 錄 得 收 入 介 乎 港 幣550百萬元至600百 萬 元，去 年 同 期 收入約為港幣467百 萬 元，預 期 本 集 團 歸 屬 於 本 公 司 權 益 股 東 應 佔 溢 利 將 介 乎 港 幣23百萬元至港幣25百 萬 元，去 年 同 期 歸 屬 於 本 公 司 權 益 股 東 應 佔 溢 利 約 為 港 幣9.6百 萬 元。本 公 司 權 益 股 東 應 佔 溢 利 預 期 增 加 主 要 由 於 受 項 目 交 付 周 期 影 響，期 ...