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: 樂氏國際控股集團有限公司（於開曼群島註冊成立之有限公司） | 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) | 01529 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | HKD | | 0.1 HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.1 HKD | | 100,000,000 | 本月底法定/註冊股本總額： HKD 100,000,000 第 1 ...

Corporate Information [Board of Directors and Committees](index=3&type=section&id=Board%20of%20Directors%20and%20Committees) This section discloses the company's board members, their committee roles, and updates on resignations and appointments - Mr. Du Yingyou resigned as an executive director on **March 17, 2025**[3](index=3&type=chunk) - Mr. Chen Guanyong resigned as an independent non-executive director and exited the audit, remuneration, and nomination committees on **May 22, 2025**[3](index=3&type=chunk)[4](index=4&type=chunk)[5](index=5&type=chunk) - Mr. Zhang Yao was appointed as a member of the audit and remuneration committees, and the nomination committee on **May 22, 2025**[3](index=3&type=chunk)[4](index=4&type=chunk)[5](index=5&type=chunk) - Ms. Liu Ping and Dr. Wang Yi were appointed as members of the nomination committee on **June 19, 2025**[4](index=4&type=chunk)[5](index=5&type=chunk) [Company Details and Contact Information](index=4&type=section&id=Company%20Details%20and%20Contact%20Information) This section provides the company's basic registration information, headquarters, Hong Kong principal place of business, share registrar, principal bankers, stock exchange code, and website - The company secretary is Mr. Chen Zengwu[6](index=6&type=chunk) - The company's headquarters are located at CITIC Plaza, Tianhe North Road, Guangzhou, China[6](index=6&type=chunk)[7](index=7&type=chunk) - The company's shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited, stock code **1529**[7](index=7&type=chunk)[8](index=8&type=chunk) Financial Statements [Condensed Consolidated Statement of Profit or Loss](index=5&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, revenue significantly increased by **96.1%** to **RMB 185.7 million**, while loss for the period narrowed to **RMB 3.5 million**, driven by cost control and strong growth in transportation services Condensed Consolidated Statement of Profit or Loss Key Data | Indicator | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 185,656 | 94,701 | | Other income and net gains | 2,983 | 3,895 | | Loss on disposal of subsidiaries | (2,075) | – | | Employee benefits expenses | (26,848) | (36,793) | | Sub-contracting expenses | (137,789) | (48,070) | | Finance costs | (523) | (2,145) | | Other expenses | (17,962) | (21,498) | | Loss before tax | (1,282) | (13,463) | | Loss for the period | (3,454) | (13,224) | | Basic loss per share (RMB cents) | (0.5445) | (7.6560) | [Condensed Consolidated Statement of Comprehensive Income](index=6&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, total comprehensive expense significantly decreased to **RMB 2.9 million**, a notable improvement from **RMB 14.8 million** in the prior period, primarily due to a narrower loss and positive exchange differences Condensed Consolidated Statement of Comprehensive Income Key Data | Indicator | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Loss for the period | (3,454) | (13,224) | | Exchange differences arising from translation of overseas operations | 598 | (1,604) | | Total comprehensive expense for the period | (2,856) | (14,828) | | Attributable to owners of the Company | (1,714) | (12,192) | | Attributable to non-controlling interests | (1,142) | (2,636) | [Condensed Consolidated Statement of Financial Position](index=7&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets increased to **RMB 276.1 million**, total equity significantly grew to **RMB 190.0 million** mainly due to rights issue proceeds, while non-current liabilities substantially decreased Condensed Consolidated Statement of Financial Position Key Data | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Total non-current assets | 33,349 | 85,722 | | Total current assets | 242,719 | 171,105 | | Total assets | 276,068 | 256,827 | | Total equity | 190,023 | 133,418 | | Total non-current liabilities | 723 | 12,696 | | Total current liabilities | 85,322 | 110,713 | | Total liabilities | 86,045 | 123,409 | [Condensed Consolidated Statement of Changes in Equity](index=9&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, total equity increased to **RMB 190.0 million**, primarily driven by **RMB 59.8 million** from rights issue proceeds, despite a loss for the period Condensed Consolidated Statement of Changes in Equity Key Data | Indicator | June 30, 2025 (RMB thousand) | January 1, 2024 (RMB thousand) | | :--- | :--- | :--- | | Total equity at beginning of period | 133,418 | 143,808 | | Loss for the period | (3,454) | (13,224) | | Exchange differences arising from translation of overseas operations | 598 | (1,604) | | Proceeds from rights issue | 59,759 | N/A | | Reversal of non-controlling interests on disposal of subsidiaries | (298) | N/A | | Total equity at end of period | 190,023 | 145,454 | [Condensed Consolidated Statement of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash from operating activities turned into a net inflow of **RMB 20.3 million**, cash flow from financing activities significantly increased, and cash and cash equivalents at period-end rose to **RMB 123.7 million** Condensed Consolidated Statement of Cash Flows Key Data | Indicator | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Net cash generated from/(used in) operating activities | 20,345 | (25,694) | | Net cash (used in)/generated from investing activities | (664) | 25,450 | | Net cash generated from financing activities | 53,662 | 6,447 | | Net increase in cash and cash equivalents | 73,343 | 6,203 | | Cash and cash equivalents at end of period | 123,664 | 82,796 | Notes to the Condensed Consolidated Financial Statements [1. GENERAL INFORMATION](index=11&type=section&id=1.%20GENERAL%20INFORMATION) This section outlines Le Shi International Holdings Group Limited's registration, principal places of business, business scope (transportation, warehousing, logistics, customized services, and goat milk powder sales), and its listing on the Hong Kong Stock Exchange Main Board - The company is incorporated in the Cayman Islands, with its headquarters in Guangzhou, China, and a principal place of business in Hong Kong[17](index=17&type=chunk)[20](index=20&type=chunk) - Its principal activities include transportation, warehousing, in-plant logistics, customized services, and the sale of goat milk powder and other products[18](index=18&type=chunk)[20](index=20&type=chunk) - The condensed consolidated financial statements for the six months ended June 30, 2025, are unaudited but have been reviewed by the audit committee[19](index=19&type=chunk)[20](index=20&type=chunk) [2. BASIS OF PREPARATION AND ACCOUNTING POLICIES](index=12&type=section&id=2.%20BASIS%20OF%20PREPARATION%20AND%20ACCOUNTING%20POLICIES) This section explains that the condensed consolidated financial statements are prepared in accordance with HKFRSs, adopting all newly revised HKFRSs, which have no material impact on the current period's financial information - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards (HKFRSs) and adopt all new and revised standards effective January 1, 2025[21](index=21&type=chunk)[22](index=22&type=chunk)[24](index=24&type=chunk) - The accounting policies applied in this period are consistent with the consolidated financial statements for the year ended December 31, 2024, with no material impact from new standards[23](index=23&type=chunk)[24](index=24&type=chunk) [3. REVENUE](index=13&type=section&id=3.%20REVENUE) This section details the company's revenue from customer contracts, including transportation, warehousing, in-plant logistics, customized services, and goat milk powder sales, explaining performance obligations and revenue recognition timing for each service type Revenue by Service Type | Service Type | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Transportation services | 148,780 | 48,746 | | Warehousing services | 7,440 | 17,509 | | In-plant logistics services | 26,757 | 27,617 | | Customized services | 740 | 829 | | Sales of goat milk powder and other products | 1,939 | – | | **Total** | **185,656** | **94,701** | - Revenue from transportation, warehousing, and in-plant logistics services is recognized over time, while customized services and goat milk powder sales revenue are recognized at a point in time[30](index=30&type=chunk)[31](index=31&type=chunk) - Transportation services primarily cover various regions in China, warehousing services are provided in China's warehouses, and in-plant logistics services are offered at customer production facilities[29](index=29&type=chunk) - Customized services include labeling and packaging, and goat milk powder sales primarily involve dairy product sales[32](index=32&type=chunk) [4. SEGMENT INFORMATION](index=16&type=section&id=4.%20SEGMENT%20INFORMATION) This section discloses operating segment revenue and results by service type, based on internal reports reviewed by the chief operating decision maker, and provides non-current asset information by geographical location, indicating the group primarily operates in China Segment Revenue and Results for the Six Months Ended June 30, 2025 | Segment | Revenue (RMB thousand) | Segment Results (RMB thousand) | | :--- | :--- | :--- | | Transportation services | 148,780 | 12,485 | | Warehousing services | 7,440 | (1,019) | | In-plant logistics services | 26,757 | 3,668 | | Customized services | 740 | 477 | | Sales of goat milk powder and other products | 1,939 | 48 | | **Total** | **185,656** | **15,659** | Segment Revenue and Results for the Six Months Ended June 30, 2024 | Segment | Revenue (RMB thousand) | Segment Results (RMB thousand) | | :--- | :--- | :--- | | Transportation services | 48,746 | 3,305 | | Warehousing services | 17,509 | (55) | | In-plant logistics services | 27,617 | 3,249 | | Customized services | 829 | 182 | | **Total** | **94,701** | **6,681** | - For the six months ended June 30, 2025, approximately **100%** of external customer revenue was derived from China (2024: approximately **96%**)[42](index=42&type=chunk)[44](index=44&type=chunk) Non-current Assets by Geographical Location | Region | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | China | 19,373 | 63,175 | | Hong Kong | 188 | 306 | | **Total** | **19,561** | **63,481** | [5. OTHER INCOME AND NET GAINS](index=19&type=section&id=5.%20OTHER%20INCOME%20AND%20NET%20GAINS) For the six months ended June 30, 2025, other income and net gains amounted to **RMB 3.0 million**, a decrease from **RMB 3.9 million** in the prior period, primarily due to reduced interest income from loans receivable Other Income and Net Gains | Item | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Interest income from bank deposits | 205 | 313 | | Interest income from loans receivable | 1,055 | 1,676 | | Interest income from rental deposits | – | 17 | | Net exchange gains | 1,751 | 1,730 | | Others | (28) | 159 | | **Total** | **2,983** | **3,895** | [6. FINANCE COSTS](index=19&type=section&id=6.%20FINANCE%20COSTS) For the six months ended June 30, 2025, finance costs significantly decreased by **75.6%** to **RMB 0.5 million**, primarily attributable to reduced bank loan interest following the disposal of Haihui Group Finance Costs | Item | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Interest on bank borrowings | 260 | 1,470 | | Interest on lease liabilities | 263 | 675 | | **Total** | **523** | **2,145** | [7. OTHER EXPENSES](index=20&type=section&id=7.%20OTHER%20EXPENSES) For the six months ended June 30, 2025, total other expenses were **RMB 18.0 million**, a decrease from **RMB 21.5 million** in the prior period, mainly due to optimization of various operating expenses Other Expenses Details | Item | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Auditor's remuneration | 380 | 1,364 | | Cost of inventories | 1,891 | – | | Entertainment expenses | 641 | 1,030 | | Lease payments relating to short-term leases | 2,009 | 2,861 | | Fleet operating expenses | 1,825 | 289 | | Insurance expenses | 315 | 301 | | Legal and professional fees | 2,139 | 1,357 | | Other taxes and surcharges | 269 | 156 | | Outsourcing labor costs | 5,658 | 4,426 | | Repair and maintenance expenses | 224 | 899 | | Telephone and telecommunication expenses | 177 | 185 | | Travel expenses | 435 | 714 | | Utility expenses | 292 | 251 | | Other operating expenses | 1,707 | 7,665 | | **Total** | **17,962** | **21,498** | [8. INCOME TAX (EXPENSE)/CREDIT](index=21&type=section&id=8.%20INCOME%20TAX%20%28EXPENSE%29%2FCREDIT) For the six months ended June 30, 2025, the company recorded an income tax expense of **RMB 2.2 million**, compared to an income tax credit of **RMB 0.2 million** in the prior period, primarily due to current period China corporate income tax Income Tax (Expense)/Credit | Item | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | China corporate income tax — Current period | (2,172) | – | | China corporate income tax — Over-provision | – | 29 | | Other jurisdictions — Current period | – | (575) | | Deferred tax — Current period | – | 785 | | **Income tax (expense)/credit** | **(2,172)** | **239** | - Hong Kong profits tax is calculated at **16.5%**, but no provision was made as no income arose in Hong Kong[51](index=51&type=chunk)[54](index=54&type=chunk) - China corporate income tax is calculated at **25%**, but some subsidiaries enjoy a **15%** preferential tax rate due to high-tech enterprise status, and no provision was made due to tax losses[52](index=52&type=chunk)[54](index=54&type=chunk) [9. LOSS PER SHARE](index=22&type=section&id=9.%20LOSS%20PER%20SHARE) For the six months ended June 30, 2025, basic and diluted loss per share was **RMB 0.5445 cents**, a significant reduction from **RMB 7.6560 cents** in the prior period, mainly due to a decrease in loss and the impact of share consolidation and rights issue Loss Per Share Calculation Data | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 (Restated) | | :--- | :--- | :--- | | Loss for the period attributable to owners of the Company (RMB thousand) | (2,312) | (10,588) | | Weighted average number of ordinary shares for basic loss per share | 424,599,431 | 138,297,073 | | Basic loss per share (RMB cents) | (0.5445) | (7.6560) | | Diluted loss per share (RMB cents) | (0.5445) | (7.6560) | - Basic loss per share for **2025** and **2024** has been adjusted to reflect the bonus element in the rights issue completed in May **2025**[58](index=58&type=chunk)[59](index=59&type=chunk) - The weighted average number of shares for basic and diluted loss per share for **2024** has also been retrospectively adjusted to reflect the impact of the share consolidation completed in November **2024**[58](index=58&type=chunk)[59](index=59&type=chunk) - For the six months ended June 30, 2025, no share options were exercised, lapsed, cancelled, or forfeited, and there were no potential ordinary shares arising from share options[58](index=58&type=chunk)[59](index=59&type=chunk) [10. TRADE AND OTHER RECEIVABLES](index=23&type=section&id=10.%20TRADE%20AND%20OTHER%20RECEIVABLES) As of June 30, 2025, current trade and other receivables increased to **RMB 107.0 million**, primarily due to higher trade receivables from customer contracts, with detailed disclosures on loans receivable and rental deposits Trade and Other Receivables | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade receivables from contracts with customers | 81,365 | 67,832 | | Prepayments | 15,301 | 8,439 | | Other receivables | 2,854 | 3,279 | | Rental deposits | 2,781 | 3,602 | | Loans receivable | 18,218 | 18,635 | | Less: Non-current portion | (13,511) | (20,563) | | **Current portion** | **107,008** | **81,224** | Ageing Analysis of Trade Receivables (Net of Impairment) | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 30 days | 75,362 | 63,292 | | 31 to 90 days | 2,883 | 3,141 | | 91 to 180 days | 894 | 206 | | Over 180 days | 2,226 | 1,193 | | **Total** | **81,365** | **67,832** | - As of June 30, 2025, total loans receivable amounted to approximately **RMB 24.8 million**, comprising **3** corporate loans and **1** individual loan, with annual interest rates ranging from approximately **6%** to **12%**, all unsecured[66](index=66&type=chunk)[67](index=67&type=chunk) [11. TRADE AND OTHER PAYABLES](index=26&type=section&id=11.%20TRADE%20AND%20OTHER%20PAYABLES) As of June 30, 2025, total trade and other payables increased to **RMB 75.8 million**, primarily due to a significant rise in trade payables, with supplier credit terms mainly ranging from **30** to **90** days Trade and Other Payables | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade payables | 71,659 | 38,695 | | Accrued employee benefits | 780 | 5,252 | | Other accrued expenses and other taxes payable | 489 | 1,829 | | Other payables | 2,902 | 2,518 | | **Total** | **75,830** | **48,294** | Ageing Analysis of Trade Payables | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | 1 to 30 days | 40,785 | 28,757 | | 31 to 60 days | 11,558 | 4,012 | | 61 to 90 days | 17,890 | 1,616 | | Over 90 days | 1,426 | 4,310 | | **Total** | **71,659** | **38,695** | [12. SHARE CAPITAL](index=27&type=section&id=12.%20SHARE%20CAPITAL) As of June 30, 2025, the company's issued share capital increased to **667,080,000** shares with a par value of **HKD 0.1**, primarily due to the rights issue completed in May **2025**, raising net proceeds of approximately **HKD 67.6 million** Share Capital Movement | Item | Number of Shares | Share Capital (HKD) | | :--- | :--- | :--- | | Authorized share capital at January 1, 2024 | 10,000,000,000 | 100,000,000 | | Share consolidation (effective November 8, 2024) | (9,000,000,000) | – | | Authorized share capital at June 30, 2025 | 1,000,000,000 | 100,000,000 | | Issued and fully paid share capital at January 1, 2024 | 1,141,280,000 | 11,412,800 | | Shares issued through placing | 192,880,000 | 1,928,800 | | Share consolidation | (1,200,744,000) | – | | Issued and fully paid share capital at January 1, 2025 | 133,416,000 | 13,341,600 | | Shares to be issued under rights issue (May 16, 2025) | 533,664,000 | 53,366,400 | | Issued and fully paid share capital at June 30, 2025 | 667,080,000 | 66,708,000 | - On November 8, 2024, the company completed a share consolidation, where every **ten** shares of **HKD 0.01** par value were consolidated into **one** share of **HKD 0.10** par value[74](index=74&type=chunk) - On May 16, 2025, the company completed a rights issue, issuing **533,664,000** rights shares on a "one-for-four" basis, raising net proceeds of approximately **HKD 67.6 million**[74](index=74&type=chunk)[75](index=75&type=chunk) [13. DISPOSAL OF SUBSIDIARIES](index=29&type=section&id=13.%20DISPOSAL%20OF%20SUBSIDIARIES) This section discloses the company's disposal of a **60%** equity interest in Zhongshan Haihui Keqi Logistics (Group) Co., Ltd. for **RMB 1** and the transfer of a shareholder loan for **RMB 7 million** in January **2025**, resulting in a recognized disposal loss of approximately **RMB 2.1 million** for the period - On December 20, 2024, the company entered into an agreement to dispose of a **60%** equity interest in Zhongshan Haihui Keqi Logistics (Group) Co., Ltd. for a consideration of **RMB 1**[76](index=76&type=chunk)[80](index=80&type=chunk) - On the same day, the company entered into a loan transfer agreement with the buyer to transfer a shareholder loan for **RMB 7 million**[77](index=77&type=chunk)[80](index=80&type=chunk) - The disposal was approved at an extraordinary general meeting held on January 27, 2025, and the consideration was received before June 30, 2025[79](index=79&type=chunk)[80](index=80&type=chunk) - A loss on disposal of approximately **RMB 2.1 million** was recognized for the period ended June 30, 2025[11](index=11&type=chunk) [14. DIVIDEND](index=30&type=section&id=14.%20DIVIDEND) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 (2024: nil) - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[82](index=82&type=chunk)[84](index=84&type=chunk) [15. EVENTS AFTER THE REPORTING PERIOD](index=30&type=section&id=15.%20EVENTS%20AFTER%20THE%20REPORTING%20PERIOD) Subsequent to the reporting period, on July 8, 2025, the company acquired a **100%** equity interest in Bozhou Lelaohao Pharmaceutical Co., Ltd. for **RMB 0.9 million** to expand its pharmaceutical wholesale and distribution business and diversify operations - On July 8, 2025, the Group acquired a **100%** equity interest in Bozhou Lelaohao Pharmaceutical Co., Ltd. for a total consideration of **RMB 0.9 million**[83](index=83&type=chunk)[85](index=85&type=chunk) - The target company primarily engages in the wholesale and distribution of pharmaceuticals, sales of Class I and Class II medical devices, and wholesale of protective medical supplies for healthcare personnel[83](index=83&type=chunk)[85](index=85&type=chunk) - Upon completion of the acquisition, the target company became an indirect wholly-owned subsidiary of the Company, and its financial results are consolidated into the Group's financial statements[83](index=83&type=chunk)[85](index=85&type=chunk) Management Discussion and Analysis [BUSINESS REVIEW](index=31&type=section&id=BUSINESS%20REVIEW) This section outlines the Group's logistics services in China, including transportation, warehousing, in-plant logistics, customized services, and goat milk powder sales, noting a **96.1%** revenue increase in H1 2025 despite challenges like slowing manufacturing investment and rising outsourcing costs - The Group provides diversified logistics services including transportation, warehousing, in-plant logistics, customized services, and goat milk powder sales[87](index=87&type=chunk)[90](index=90&type=chunk) - In H1 2025, China's total social logistics volume grew by **5.6%**, and the Group's revenue significantly increased year-on-year, confirming successful strategic transformation[89](index=89&type=chunk)[91](index=91&type=chunk) - The Group faces challenges such as weakened manufacturing investment, insufficient market momentum leading to decreased warehouse utilization and transport volumes, and rising outsourcing costs and diesel prices[92](index=92&type=chunk)[94](index=94&type=chunk) - Through strict cost control, optimized organizational efficiency, digital approval implementation, and centralized procurement, the Group successfully narrowed its net loss in H1 2025[93](index=93&type=chunk)[94](index=94&type=chunk) [OUTLOOK](index=33&type=section&id=OUTLOOK) Looking ahead to H2 2025, China's logistics and warehousing sector will continue its transformation, with opportunities in intelligent upgrades, urban-rural network optimization, and emerging logistics (cold chain, pharmaceutical), as the Group pursues innovation-driven, efficiency-centric strategies - China's logistics and warehousing sector is expected to continue structural growth driven by government policies and market demand, with opportunities in intelligent upgrades and urban-rural network optimization[95](index=95&type=chunk)[97](index=97&type=chunk) - Emerging sectors like cold chain and pharmaceutical logistics will accelerate development, digital technologies (IoT, AI) will be deeply integrated, and green, low-carbon measures will become core competitive advantages[95](index=95&type=chunk)[97](index=97&type=chunk) - The industry faces challenges including regional supply-demand imbalance in warehousing facilities, energy price volatility, labor shortages, and accelerating market consolidation[96](index=96&type=chunk)[98](index=98&type=chunk) - The Group will implement an innovation-driven, efficiency-centric strategy, optimizing its warehousing network, introducing smart equipment, and expanding its Inner Mongolia goat milk product business and Fuzhou traditional Chinese medicine logistics facilities[99](index=99&type=chunk)[100](index=100&type=chunk) [FINANCIAL REVIEW](index=35&type=section&id=FINANCIAL%20REVIEW) This section provides a detailed review of the financial performance for the six months ended June 30, 2025, covering revenue, other income and net gains, loss on disposal of subsidiaries, various expenses, loss for the period, total comprehensive expense, liquidity, funding and treasury policies, gearing ratio, and capital structure [Revenue Analysis](index=35&type=section&id=Revenue%20Analysis) For the six months ended June 30, 2025, Group revenue surged by **96.1%** to **RMB 185.7 million**, primarily driven by a **205.5%** increase in transportation services revenue and expansion into new regions like Hangzhou and Inner Mongolia, while warehousing and in-plant logistics revenues declined, and goat milk powder business contributed **RMB 1.9 million** - For the six months ended June 30, 2025, revenue increased by **96.1%** year-on-year to **RMB 185.7 million**[101](index=101&type=chunk)[104](index=104&type=chunk) - Transportation services revenue grew by **205.5%** to **RMB 148.8 million**, benefiting from domestic demand recovery, government policy support, and business expansion into Hangzhou and Inner Mongolia[101](index=101&type=chunk)[104](index=104&type=chunk) - Warehousing services revenue decreased by **57.7%** to **RMB 7.4 million**, mainly due to reduced demand and the disposal of Haihui Group[102](index=102&type=chunk)[104](index=104&type=chunk) - Sales of goat milk powder and other products commenced in H1 2025, contributing **RMB 1.9 million** in revenue, representing a strategic move towards business diversification[107](index=107&type=chunk)[110](index=110&type=chunk) [Other income and net gains analysis](index=36&type=section&id=Other%20income%20and%20net%20gains%20analysis) For the six months ended June 30, 2025, other income and net gains amounted to **RMB 3.0 million**, a decrease from **RMB 3.9 million** in the prior period, primarily due to a decline of approximately **RMB 0.6 million** in interest income from loans receivable - Other income and net gains amounted to **RMB 3.0 million** (2024: **RMB 3.9 million**)[108](index=108&type=chunk)[111](index=111&type=chunk) - The primary reason for the decrease was a reduction of approximately **RMB 0.6 million** in interest income from loans receivable[108](index=108&type=chunk)[111](index=111&type=chunk) [Loss on disposal of subsidiaries](index=36&type=section&id=Loss%20on%20disposal%20of%20subsidiaries) Due to the disposal of a **60%** equity interest in Zhongshan Haihui Keqi Logistics (Group) Co., Ltd. in January **2025**, the Group recognized a disposal loss of approximately **RMB 2.1 million**, and its financial results are no longer consolidated - The disposal of a **60%** equity interest in Zhongshan Haihui Keqi Logistics (Group) Co., Ltd. in January **2025** resulted in a recognized disposal loss of approximately **RMB 2.1 million**[109](index=109&type=chunk)[112](index=112&type=chunk) [Employee benefits expenses](index=37&type=section&id=Employee%20benefits%20expenses) For the six months ended June 30, 2025, employee benefits expenses decreased by **27.0%** to **RMB 26.8 million**, primarily due to stringent cost control measures and reduced labor costs following the disposal of Haihui Group - Employee benefits expenses decreased from **RMB 36.8 million** to **RMB 26.8 million**[113](index=113&type=chunk)[115](index=115&type=chunk) - The decrease was due to stringent cost control and reduced labor costs after the disposal of Haihui Group[113](index=113&type=chunk)[115](index=115&type=chunk) [Sub-contracting expenses](index=37&type=section&id=Sub-contracting%20expenses) For the six months ended June 30, 2025, sub-contracting expenses significantly increased to **RMB 137.8 million**, primarily due to higher revenue during the period, particularly from growth in domestic transportation services and international freight forwarding orders - Sub-contracting expenses significantly increased from **RMB 48.1 million** to **RMB 137.8 million**[114](index=114&type=chunk)[116](index=116&type=chunk) - The increase was primarily attributable to higher revenue during the period, especially from domestic transportation services and international freight forwarding orders[114](index=114&type=chunk)[116](index=116&type=chunk) [Depreciation of right-of-use assets](index=38&type=section&id=Depreciation%20of%20right-of-use%20assets) For the six months ended June 30, 2025, depreciation of right-of-use assets was approximately **RMB 3.0 million**, slightly lower than **RMB 3.2 million** in the prior period, mainly related to leases of warehouses, office properties, and plant and machinery - Depreciation of right-of-use assets was approximately **RMB 3.0 million** (2024: **RMB 3.2 million**)[117](index=117&type=chunk)[120](index=120&type=chunk) - Depreciated assets include warehouses, office properties, temporary staff dormitories, and plant and machinery such as forklifts[117](index=117&type=chunk)[120](index=120&type=chunk) [Finance costs analysis](index=38&type=section&id=Finance%20costs%20analysis) For the six months ended June 30, 2025, finance costs significantly decreased from **RMB 2.1 million** to **RMB 0.5 million**, primarily due to reduced bank loan interest following the disposal of Haihui Group - Finance costs decreased from **RMB 2.1 million** to **RMB 0.5 million**[118](index=118&type=chunk)[121](index=121&type=chunk) - This was primarily attributable to reduced bank loan interest following the disposal of Haihui Group[118](index=118&type=chunk)[121](index=121&type=chunk) [Other expenses analysis](index=38&type=section&id=Other%20expenses%20analysis) For the six months ended June 30, 2025, total other expenses amounted to **RMB 18.0 million**, a decrease from **RMB 21.5 million** in the prior period, primarily comprising outsourcing labor costs, short-term lease payments, and legal and professional fees - Total other expenses amounted to **RMB 18.0 million** (2024: **RMB 21.5 million**)[119](index=119&type=chunk)[122](index=122&type=chunk) - Key components include outsourcing labor costs, short-term lease payments, auditor's remuneration, legal and professional fees, fleet operating expenses, and cost of inventories[119](index=119&type=chunk)[122](index=122&type=chunk) [Loss and total comprehensive expense for the period](index=39&type=section&id=Loss%20and%20total%20comprehensive%20expense%20for%20the%20period) For the six months ended June 30, 2025, the Group recorded a loss for the period of approximately **RMB 3.5 million** and total comprehensive expense of approximately **RMB 2.9 million**, significantly narrowed from **RMB 13.2 million** and **RMB 14.8 million** respectively in the prior period - Loss for the period was approximately **RMB 3.5 million** (2024: **RMB 13.2 million**)[123](index=123&type=chunk)[126](index=126&type=chunk) - Total comprehensive expense was approximately **RMB 2.9 million** (2024: **RMB 14.8 million**)[123](index=123&type=chunk)[126](index=126&type=chunk) [LIQUIDITY AND FINANCIAL RESOURCES](index=39&type=section&id=LIQUIDITY%20AND%20FINANCIAL%20RESOURCES) As of June 30, 2025, the Group's net current assets were approximately **RMB 157.4 million**, with cash and cash equivalents of approximately **RMB 123.7 million**, and the directors confirm sufficient financial resources to meet future obligations - As of June 30, 2025, net current assets were approximately **RMB 157.4 million** (December 31, 2024: **RMB 60.4 million**)[124](index=124&type=chunk)[127](index=127&type=chunk) - Cash and cash equivalents were approximately **RMB 123.7 million** (December 31, 2024: **RMB 49.7 million**), primarily denominated in HKD and RMB[124](index=124&type=chunk)[127](index=127&type=chunk) - The directors confirm that the Group will have sufficient financial resources to meet its obligations as they fall due in the foreseeable future[124](index=124&type=chunk)[127](index=127&type=chunk) [FUNDING AND TREASURY POLICIES](index=39&type=section&id=FUNDING%20AND%20TREASURY%20POLICIES) The Group's funding and treasury policies aim to ensure adequate financial resources for business and investment activities, prudently manage interest rate and foreign exchange risks, and maintain a robust balance sheet with ample liquidity - The policy objective is to ensure adequate financial resources for business and investment support, and prudent management of financial risks[125](index=125&type=chunk)[128](index=128&type=chunk) - Interest rate and foreign exchange risks are managed through a diversified funding base and financial instruments[125](index=125&type=chunk)[128](index=128&type=chunk) - The Group is committed to maintaining a robust balance sheet and ample liquidity to enhance financial flexibility and resilience[125](index=125&type=chunk)[128](index=128&type=chunk) [GEARING RATIO](index=40&type=section&id=GEARING%20RATIO) As of June 30, 2025, the Group was in a net cash position, with time deposits and cash equivalents exceeding bank and other borrowings and lease liabilities, thus the gearing ratio was not applicable (December 31, 2024: **4.9%**) - As of June 30, 2025, the Group was in a **net cash position**, and the gearing ratio was not applicable[130](index=130&type=chunk)[134](index=134&type=chunk) - The gearing ratio as of December 31, 2024, was **4.9%**[130](index=130&type=chunk)[134](index=134&type=chunk) [CAPITAL STRUCTURE](index=40&type=section&id=CAPITAL%20STRUCTURE) The Group's capital structure comprises issued share capital and reserves, which the Board regularly reviews and balances through dividends, new share issues, share repurchases, and debt management; a rights issue completed in May **2025** issued **533,664,000** new shares, raising net proceeds of approximately **HKD 67.6 million** - The capital structure consists of issued share capital and reserves, which the Board regularly reviews[131](index=131&type=chunk)[135](index=135&type=chunk) - On February 14, 2025, the company announced a rights issue to issue up to **533,664,000** rights shares on a "one-for-four" basis at a subscription price of **HKD 0.13** per share[133](index=133&type=chunk)[135](index=135&type=chunk) - The rights issue was completed on May 16, 2025, raising net proceeds of approximately **HKD 67.6 million** and issuing **533,664,000** rights shares[136](index=136&type=chunk)[142](index=142&type=chunk) - As of June 30, 2025, the company had **667,080,000** shares of **HKD 0.1** par value in issue[137](index=137&type=chunk)[142](index=142&type=chunk) [FOREIGN CURRENCY EXPOSURE](index=41&type=section&id=FOREIGN%20CURRENCY%20EXPOSURE) The Group's operations are primarily RMB-denominated in China, with some subsidiaries having foreign currency sales and purchases, exposing them to foreign exchange risk; currently, there is no hedging policy, but the Board will continue to monitor and consider hedging significant exposures - The Group's operations are primarily RMB-denominated in China, with some subsidiaries engaging in foreign currency transactions, leading to foreign exchange risk[138](index=138&type=chunk)[143](index=143&type=chunk) - Currently, there is no foreign currency hedging policy, but the Board will continue to monitor and consider hedging significant foreign exchange exposures[138](index=138&type=chunk)[143](index=143&type=chunk) [CHARGE ON THE GROUP'S ASSETS](index=41&type=section&id=CHARGE%20ON%20THE%20GROUP%27S%20ASSETS) As of June 30, 2025, the Group had no charges on its assets, except as disclosed in the report (December 31, 2024: nil) - As of June 30, 2025, the Group had no charges on its assets[139](index=139&type=chunk)[144](index=144&type=chunk) [CONTINGENT LIABILITIES](index=41&type=section&id=CONTINGENT%20LIABILITIES) As of June 30, 2025, the Group had no significant contingent liabilities, except as disclosed in the report (December 31, 2024: nil) - As of June 30, 2025, the Group had no significant contingent liabilities[140](index=140&type=chunk)[145](index=145&type=chunk) [CAPITAL COMMITMENTS](index=41&type=section&id=CAPITAL%20COMMITMENTS) As of June 30, 2025, the Group had no significant capital commitments (December 31, 2024: nil) - As of June 30, 2025, the Group had no significant capital commitments[141](index=141&type=chunk)[146](index=146&type=chunk) [SIGNIFICANT INVESTMENTS, MATERIAL ACQUISITIONS AND DISPOSALS OF SUBSIDIARIES AND AFFILIATED COMPANIES](index=42&type=section&id=SIGNIFICANT%20INVESTMENTS%2C%20MATERIAL%20ACQUISITIONS%20AND%20DISPOSALS%20OF%20SUBSIDIARIES%20AND%20AFFILIATED%20COMPANIES) For the six months ended June 30, 2025, the Group had no significant investments, material acquisitions, or disposals of subsidiaries and affiliated companies, except as disclosed in the report - For the six months ended June 30, 2025, the Group had no significant investments, material acquisitions, or disposals of subsidiaries and affiliated companies, except as disclosed in the report[147](index=147&type=chunk)[150](index=150&type=chunk) [EMPLOYEES AND REMUNERATION POLICIES](index=42&type=section&id=EMPLOYEES%20AND%20REMUNERATION%20POLICIES) As of June 30, 2025, the Group employed **574** full-time employees, with remuneration determined by qualifications, responsibilities, contributions, market conditions, and company policies, offering retirement scheme contributions, share options, and training - As of June 30, 2025, the Group employed **574** full-time employees (June 30, 2024: **640** employees)[148](index=148&type=chunk)[151](index=151&type=chunk) - Employee remuneration is determined based on qualifications, responsibilities, contributions, work experience, market conditions, and company policies[148](index=148&type=chunk)[151](index=151&type=chunk) - Employee benefits include retirement scheme contributions and share options, with both on-the-job training and external training sponsorships provided[148](index=148&type=chunk)[151](index=151&type=chunk) [FUTURE PLANS FOR MATERIAL INVESTMENTS OR CAPITAL ASSETS](index=42&type=section&id=FUTURE%20PLANS%20FOR%20MATERIAL%20INVESTMENTS%20OR%20CAPITAL%20ASSETS) As of June 30, 2025, the Group had no specific future plans for material investments or capital assets, except as disclosed in the report - As of June 30, 2025, the Group had no specific plans for material investments or capital assets, except as disclosed in the report[149](index=149&type=chunk)[152](index=152&type=chunk) [USE OF PROCEEDS](index=43&type=section&id=USE%20OF%20PROCEEDS) This section details the planned and actual use of proceeds from the **2023** Placing, **2024** Placing, and **2025** Rights Issue, covering smart logistics development, infrastructure investment, general working capital, Inner Mongolia goat milk product business, and Jiangxi traditional Chinese medicine logistics park warehouse construction [Use of proceeds from placing of new shares (2023 Placing)](index=43&type=section&id=Use%20of%20proceeds%20from%20placing%20of%20new%20shares%20%282023%20Placing%29) Net proceeds from the **2023** Placing were approximately **HKD 34.2 million**, of which **HKD 30.0 million** remained unutilized as of June 30, 2025, originally planned for smart logistics services, but the Board decided on July 25, 2025, to reallocate it to traditional Chinese medicine business development and general working capital - Net proceeds from the **2023** Placing were approximately **HKD 34.2 million**[153](index=153&type=chunk)[154](index=154&type=chunk) 2023 Placing Net Proceeds Utilization Analysis | Intended Use | Unutilized as of December 31, 2024 (HKD million) | Actually Utilized in Current Period (HKD million) | Unutilized as of June 30, 2025 (HKD million) | | :--- | :--- | :--- | :--- | | Development of smart logistics services business | 30.0 | – | 30.0 | - On July 25, 2025, the Board resolved to change the use of unutilized proceeds from "development of smart logistics services business" to "development of traditional Chinese medicine business" and "general working capital"[156](index=156&type=chunk) [Use of proceeds from placing of new shares (2024 Placing)](index=44&type=section&id=Use%20of%20proceeds%20from%20placing%20of%20new%20shares%20%282024%20Placing%29) Net proceeds from the **2024** Placing were approximately **HKD 18.5 million**, of which **HKD 7.7 million** remained unutilized as of June 30, 2025, planned for investment in logistics business infrastructure, expected to be utilized by the end of **2026** - Net proceeds from the **2024** Placing were approximately **HKD 18.5 million**[157](index=157&type=chunk)[158](index=158&type=chunk) 2024 Placing Net Proceeds Utilization Analysis | Intended Use | Unutilized as of December 31, 2024 (HKD million) | Actually Utilized in Current Period (HKD million) | Unutilized as of June 30, 2025 (HKD million) | | :--- | :--- | :--- | :--- | | Investment in logistics business infrastructure | 7.7 | – | 7.7 | - The remaining proceeds are expected to be utilized by or before the year ending December 31, 2026[160](index=160&type=chunk) [Use of proceeds from Rights Issue](index=45&type=section&id=Use%20of%20proceeds%20from%20Rights%20Issue) The **2025** Rights Issue raised net proceeds of approximately **HKD 67.6 million**, allocated for general working capital, Inner Mongolia goat milk product business development, and warehouse construction in Jiangxi's traditional Chinese medicine logistics industrial park; most funds remained unutilized as of June 30, 2025, and will be used as planned over the next one to two years - The Rights Issue raised net proceeds of approximately **HKD 67.6 million**[167](index=167&type=chunk)[169](index=169&type=chunk) Rights Issue Net Proceeds Utilization Analysis | Intended Use | Actually Utilized in Current Period (HKD million) | Unutilized as of June 30, 2025 (HKD million) | | :--- | :--- | :--- | | General working capital | 0.9 | 26.7 | | Development of goat milk product business in Inner Mongolia Autonomous Region | 4.7 | 15.3 | | Construction of warehouses and/or other logistics-related facilities in the Traditional Chinese Medicine Logistics Industrial Park in Jiangxi Province, China | – | 20.0 | - The remaining proceeds for general working capital and Jiangxi traditional Chinese medicine logistics facilities are expected to be utilized by the end of **2026**, while those for the goat milk product business are expected to be utilized by the end of **2025**[172](index=172&type=chunk) Corporate Governance and other Information [SHARE OPTION SCHEME](index=48&type=section&id=SHARE%20OPTION%20SCHEME) The company adopted a new share option scheme on November 23, 2023, replacing the previous one; as of June 30, 2025, no share options have been granted under the new scheme, with **11,412,800** options available for grant - The company adopted a new share option scheme on November 23, 2023, which became effective on November 29, 2023[173](index=173&type=chunk)[177](index=177&type=chunk) - The new scheme allows the Board to invite employees, directors, consultants, etc., to subscribe for shares, up to **10%** of the issued shares on the listing date[174](index=174&type=chunk)[177](index=177&type=chunk) - As of June 30, 2025, no share options have been granted, exercised, cancelled, or lapsed under the new share option scheme, and no outstanding share options exist[179](index=179&type=chunk)[181](index=181&type=chunk) - As of June 30, 2025, the number of share options available for grant under the scheme was **11,412,800**[176](index=176&type=chunk)[178](index=178&type=chunk) [DIRECTORS' AND CHIEF EXECUTIVE'S INTERESTS AND SHORT POSITIONS IN SHARES, UNDERLYING SHARES AND DEBENTURES](index=49&type=section&id=DIRECTORS%27%20AND%20CHIEF%20EXECUTIVE%27S%20INTERESTS%20AND%20SHORT%20POSITIONS%20IN%20SHARES%2C%20UNDERLYING%20SHARES%20AND%20DEBENTURES) As of June 30, 2025, no directors, chief executive, or their associates held any interests or short positions in the shares, underlying shares, or debentures of the company or any associated corporation that are required to be disclosed under the Securities and Futures Ordinance - As of June 30, 2025, no directors, chief executive, or their associates held any disclosable interests or short positions in the company's shares, underlying shares, or debentures[180](index=180&type=chunk)[182](index=182&type=chunk) [SUBSTANTIAL SHAREHOLDERS' INTERESTS AND SHORT POSITIONS IN SHARES AND UNDERLYING SHARES](index=50&type=section&id=SUBSTANTIAL%20SHAREHOLDERS%27%20INTERESTS%20AND%20SHORT%20POSITIONS%20IN%20SHARES%20AND%20UNDERLYING%20SHARES) As of June 30, 2025, to the best knowledge of the directors, no person other than a director or chief executive held any interests or short positions in the company's shares or underlying shares that are required to be disclosed under the Securities and Futures Ordinance - As of June 30, 2025, to the best knowledge of the directors, no person other than a director or chief executive held any disclosable interests or short positions in the company's shares or underlying shares[183](index=183&type=chunk)[186](index=186&type=chunk) [DIRECTORS' RIGHTS TO ACQUIRE SHARES OR DEBENTURES](index=50&type=section&id=DIRECTORS%27%20RIGHTS%20TO%20ACQUIRE%20SHARES%20OR%20DEBENTURES) For the six months ended June 30, 2025, except for the share option scheme, neither the company nor any of its subsidiaries was a party to any arrangement that would enable directors to acquire benefits by acquiring shares or debentures of the company or any other body corporate - For the six months ended June 30, 2025, except for the share option scheme, the company had no arrangements enabling directors to acquire benefits by acquiring shares or debentures[184](index=184&type=chunk)[187](index=187&type=chunk) [PURCHASE, SALE OR REDEMPTION OF THE COMPANY'S LISTED SECURITIES](index=50&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 the company held no treasury shares - For the six months ended June 30, 2025, neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities[185](index=185&type=chunk)[188](index=188&type=chunk) - As of June 30, 2025, the company held no treasury shares[185](index=185&type=chunk)[188](index=188&type=chunk) [CORPORATE GOVERNANCE](index=51&type=section&id=CORPORATE%20GOVERNANCE) The Board is committed to maintaining high standards of corporate governance, has adopted the principles and provisions of the Corporate Governance Code set out in Appendix C1 of the Listing Rules, and complied with the relevant code during the six months ended June 30, 2025 - The Board is committed to maintaining high standards of corporate governance and has adopted the Corporate Governance Code in Appendix C1 of the Listing Rules[189](index=189&type=chunk)[193](index=193&type=chunk) - For the six months ended June 30, 2025, the company complied with the provisions of the Corporate Governance Code[190](index=190&type=chunk)[193](index=193&type=chunk) [COMPETING INTERESTS](index=51&type=section&id=COMPETING%20INTERESTS) For the six months ended June 30, 2025, to the best knowledge of the directors, no director, substantial shareholder, or their associates had any business or interest that competes directly or indirectly with the Group's business, nor any other conflicts of interest - For the six months ended June 30, 2025, no directors, substantial shareholders, or their associates had competing interests or conflicts of interest with the Group's business[191](index=191&type=chunk)[194](index=194&type=chunk) [DIRECTORS' SECURITIES TRANSACTIONS](index=51&type=section&id=DIRECTORS%27%20SECURITIES%20TRANSACTIONS) The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules; all directors confirmed full compliance with this code during the six months ended June 30, 2025, with no non-compliance incidents - The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as its code of conduct for directors' securities transactions[192](index=192&type=chunk)[195](index=195&type=chunk) - All directors confirmed full compliance with the code during the reporting period, with no non-compliance incidents[192](index=192&type=chunk)[195](index=195&type=chunk) [AUDIT COMMITTEE](index=52&type=section&id=AUDIT%20COMMITTEE) The Audit Committee, comprising three independent non-executive directors, is responsible for recommending external auditors, reviewing financial statements, and overseeing internal controls and risk management; the committee has reviewed the unaudited consolidated financial statements for the six months ended June 30, 2025, deeming them compliant with applicable accounting standards and adequately disclosed - The Audit Committee comprises three independent non-executive directors: Mr. Liu Weibiao (Chairman), Dr. Wang Yi, and Mr. Zhang Yao[196](index=196&type=chunk)[199](index=199&type=chunk) - Its primary responsibilities include recommending external auditors, reviewing financial statements, and overseeing internal controls and risk management[196](index=196&type=chunk)[199](index=199&type=chunk) - The committee has reviewed the unaudited consolidated financial statements for the six months ended June 30, 2025, and considers them compliant with accounting standards and adequately disclosed[196](index=196&type=chunk)[199](index=199&type=chunk) [RESIGNATION OF DIRECTORS](index=52&type=section&id=RESIGNATION%20OF%20DIRECTORS) During the reporting period, Mr. Du Yingyou resigned as an executive director on March 17, 2025, and Mr. Chen Guanyong resigned as an independent non-executive director and exited all committees on May 22, 2025 - Mr. Du Yingyou resigned as an executive director on **March 17, 2025**[197](index=197&type=chunk)[200](index=200&type=chunk) - Mr. Chen Guanyong resigned as an independent non-executive director on **May 22, 2025**, and ceased to be a member of the audit, remuneration, and nomination committees[197](index=197&type=chunk)[200](index=200&type=chunk) [UPDATE ON DIRECTORS' INFORMATION UNDER RULE 13.51B(1) OF THE LISTING RULES](index=52&type=section&id=UPDATE%20ON%20DIRECTORS%27%20INFORMATION%20UNDER%20RULE%2013.51B%281%29%20OF%20THE%20LISTING%20RULES) During the reporting period, no other information was required to be disclosed under Rule 13.51B(1) of the Listing Rules - During the reporting period, no director information updates were required to be disclosed under Rule 13.51B(1) of the Listing Rules[198](index=198&type=chunk)[201](index=201&type=chunk) [EVENTS AFTER THE REPORTING PERIOD](index=53&type=section&id=EVENTS%20AFTER%20THE%20REPORTING%20PERIOD) No significant events occurred after the reporting period, other than those already disclosed in this report - No significant events occurred after the reporting period, other than those already disclosed in this report[202](index=202&type=chunk)[204](index=204&type=chunk)

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8月31日 狀態: 新提交 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01529 | | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 667,080,000 | | 0 | | 667,080,000 | | 增加 / 減少 (-) | | | | | | | | | | 本月底結存 | | | | 667,080,000 | | 0 | | 667,080,000 | 致：香港交易及結算所有限公司 公司名稱: 樂氏國際控股集團有限公司（於開曼群島註冊成立之有限公司） 呈交日期: 2025年9月1日 I. 法定/註冊股 ...

Core Viewpoint - Le Shi International Holdings (01529) reported a significant increase in revenue for the six months ending June 30, 2025, with earnings reaching 186 million, a year-on-year increase of 96.04% [1] - The company reported a loss attributable to owners of 2.312 million, which is a reduction of 78.16% compared to the previous year [1] - The increase in revenue is primarily attributed to the growth in transportation service earnings [1] Financial Performance - Revenue for the period was 186 million, reflecting a 96.04% year-on-year increase [1] - Loss attributable to owners was 2.312 million, a decrease of 78.16% year-on-year [1] - Earnings per share were reported at a loss of 0.5445 cents [1] Business Operations - The increase in revenue is mainly due to enhanced earnings from transportation services [1]

Core Viewpoint - Le Shi International Holdings (01529) reported a significant increase in revenue for the six months ending June 30, 2025, with earnings reaching 186 million, a year-on-year increase of 96.04% [1] - The company reported a loss attributable to shareholders of 2.312 million, which is a reduction of 78.16% compared to the previous year [1] - The increase in revenue is primarily attributed to the growth in transportation service earnings [1] Financial Performance - Revenue for the period was 186 million, reflecting a 96.04% year-on-year increase [1] - Loss attributable to shareholders was 2.312 million, a decrease of 78.16% year-on-year [1] - Earnings per share were reported at a loss of 0.5445 cents [1] Business Operations - The increase in revenue is mainly due to the rise in earnings from transportation services [1]

[Corporate Information](index=2&type=section&id=Corporate%20Information) [Board of Directors and Committee Composition](index=3&type=section&id=Board%20of%20Directors%20and%20Committees) The company's board members changed during the reporting period, with Mr. Du Yingyou and Mr. Chen Guanyong resigning, leading to corresponding adjustments in audit, remuneration, and nomination committee memberships - Executive Director Mr. Du Yingyou resigned on March 17, 2025[6](index=6&type=chunk)[8](index=8&type=chunk)[200](index=200&type=chunk) - Independent Non-executive Director Mr. Chen Guanyong resigned on May 22, 2025, and ceased to be a member of the Audit, Remuneration, and Nomination Committees[6](index=6&type=chunk)[7](index=7&type=chunk)[8](index=8&type=chunk)[200](index=200&type=chunk) - Mr. Zhang Yao was appointed as a member of the Audit and Remuneration Committees on May 22, 2025, and as a member of the Nomination Committee on the same day[6](index=6&type=chunk)[7](index=7&type=chunk)[8](index=8&type=chunk) - Ms. Liu Ping and Dr. Wang Yi were appointed as members of the Nomination Committee on June 19, 2025[7](index=7&type=chunk)[8](index=8&type=chunk) [Company Details](index=4&type=section&id=Company%20Details) Lecoo International Holdings Group Limited is registered in the Cayman Islands, with its headquarters in Guangzhou, China, and shares listed on the Hong Kong Stock Exchange - The company's registered office is in the Cayman Islands, with its headquarters and principal place of business in CITIC Plaza, Tianhe North Road, Guangzhou, China[9](index=9&type=chunk)[11](index=11&type=chunk)[20](index=20&type=chunk) - The principal place of business in Hong Kong is Wing Yip Centre, Queen's Road Central[9](index=9&type=chunk)[11](index=11&type=chunk)[20](index=20&type=chunk) - The company's shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited, stock code 1529[10](index=10&type=chunk)[11](index=11&type=chunk)[21](index=21&type=chunk) [Unaudited Interim Results](index=5&type=section&id=Unaudited%20Interim%20Results) The company announced its unaudited consolidated results for the six months ended June 30, 2025, with comparative figures for the same period in 2024 - This announcement contains the full text of the Group's 2025 interim report, complying with relevant Listing Rules requirements for preliminary announcements of interim results[3](index=3&type=chunk) - The condensed consolidated financial statements for the six months ended June 30, 2025, are unaudited but have been reviewed by the company's Audit Committee[22](index=22&type=chunk)[23](index=23&type=chunk) [Condensed Consolidated Statement of Profit or Loss](index=5&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) The Group's revenue significantly grew by 96.1% to RMB 185.7 million in H1 2025, driven by transportation services, while loss for the period narrowed substantially to RMB 3.5 million Condensed Consolidated Statement of Profit or Loss Key Data (Six Months Ended June 30) | Indicator | 2025 H1 (RMB'000) | 2024 H1 (RMB'000) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 185,656 | 94,701 | +96.1% | | Other income and net gains | 2,983 | 3,895 | -23.4% | | Loss on disposal of subsidiaries | (2,075) | – | N/A | | Employee benefits expenses | (26,848) | (36,793) | -27.0% | | Sub-contracting expenses | (137,789) | (48,070) | +186.6% | | Depreciation & Amortisation | (3,312) | (3,571) | -7.2% | | Impairment loss | (1,412) | – | N/A | | Finance costs | (523) | (2,145) | -75.6% | | Other expenses | (17,962) | (21,498) | -16.5% | | Loss before taxation | (1,282) | (13,463) | -90.5% | | Income tax (expense)/credit | (2,172) | 239 | N/A | | Loss for the period | (3,454) | (13,224) | -73.9% | | Attributable to Owners | (2,312) | (10,588) | -78.2% | | Attributable to Non-controlling interests | (1,142) | (2,636) | -56.7% | | Basic Loss per share (RMB cents) | (0.5445) | (7.6560) | -92.9% | - Loss for the period significantly narrowed by **73.9%**, primarily due to substantial revenue growth and reduced finance costs, employee benefits expenses, and other expenses[14](index=14&type=chunk)[126](index=126&type=chunk) - Basic loss per share decreased by **92.9%** from **RMB 7.6560 cents** in the same period of 2024 to **RMB 0.5445 cents** in H1 2025[14](index=14&type=chunk) [Condensed Consolidated Statement of Comprehensive Income](index=6&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) The Group's total comprehensive expense for H1 2025 significantly decreased by 80.7% to RMB 2.9 million, mainly due to a narrower loss for the period and a favorable exchange difference Condensed Consolidated Statement of Comprehensive Income Key Data (Six Months Ended June 30) | Indicator | 2025 H1 (RMB'000) | 2024 H1 (RMB'000) | Change (%) | | :--- | :--- | :--- | :--- | | Loss for the period | (3,454) | (13,224) | -73.9% | | Other comprehensive income/(expense) | 598 | (1,604) | N/A | | Total comprehensive expense for the period | (2,856) | (14,828) | -80.7% | | Attributable to Owners | (1,714) | (12,192) | -85.9% | | Attributable to Non-controlling interests | (1,142) | (2,636) | -56.7% | - Total comprehensive expense for the period significantly decreased by **80.7%** from approximately **RMB 14.8 million** in the same period of 2024 to approximately **RMB 2.9 million** in H1 2025[15](index=15&type=chunk)[126](index=126&type=chunk) - Exchange differences arising from translation of overseas operations turned from an expense of **RMB 1.6 million** in H1 2024 to an income of **RMB 0.6 million** in H1 2025[15](index=15&type=chunk) [Condensed Consolidated Statement of Financial Position](index=7&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets increased by 7.5% to RMB 276.1 million, driven by a 41.9% rise in current assets, while total equity grew by 42.4% to RMB 190.0 million Condensed Consolidated Statement of Financial Position Key Data (As of June 30, 2025) | Indicator | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | Change (%) | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Total non-current assets | 33,349 | 85,722 | -61.1% | | Total current assets | 242,719 | 171,105 | +41.9% | | Total assets | 276,068 | 256,827 | +7.5% | | **Equity** | | | | | Equity attributable to owners of the Company | 187,988 | 129,943 | +44.7% | | Non-controlling interests | 2,035 | 3,475 | -41.4% | | Total equity | 190,023 | 133,418 | +42.4% | | **Liabilities** | | | | | Total non-current liabilities | 723 | 12,696 | -94.3% | | Total current liabilities | 85,322 | 110,713 | -23.0% | | Total liabilities | 86,045 | 123,409 | -30.3% | - Total current assets increased by **41.9%** to **RMB 242.7 million**, primarily due to a significant increase in cash and cash equivalents[16](index=16&type=chunk) - Total non-current assets decreased by **61.1%** to **RMB 33.3 million**, mainly due to reduced deposits for property, plant and equipment purchases, and amortization of goodwill and intangible assets[16](index=16&type=chunk) - Total equity increased by **42.4%** to **RMB 190.0 million**, reflecting the impact of proceeds from the rights issue[16](index=16&type=chunk)[18](index=18&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=9&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) Equity attributable to owners increased by 44.7% to RMB 188.0 million for H1 2025, primarily due to net proceeds from the rights issue, despite a loss for the period Condensed Consolidated Statement of Changes in Equity Key Data (Six Months Ended June 30) | Indicator | 2025 H1 (RMB'000) | 2024 H1 (RMB'000) | | :--- | :--- | :--- | | At beginning of period (audited) | 129,943 | 138,456 | | Loss for the period | (2,312) | (10,588) | | Exchange differences arising from translation of overseas operations | 598 | (1,604) | | Total comprehensive expense | (1,714) | (12,192) | | Proceeds from rights issue | 59,759 | – | | Reversal of non-controlling interests on disposal of subsidiaries | (298) | – | | Shares issued through placing | – | 16,474 | | At end of period (unaudited) | 187,988 | 142,738 | - Equity attributable to owners of the Company increased from approximately **RMB 129.9 million** as of January 1, 2025, to approximately **RMB 188.0 million** as of June 30, 2025[18](index=18&type=chunk) - The rights issue generated **RMB 59.8 million** in proceeds for the Group, significantly enhancing share capital[18](index=18&type=chunk) - Loss for the period was **RMB 2.3 million**, but this was offset by the proceeds from the rights issue, leading to an overall increase in total equity[18](index=18&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) The Group's operating cash flow turned positive with a net inflow of RMB 20.3 million in H1 2025, and financing cash inflow surged by 732.4% to RMB 53.7 million, boosting cash and cash equivalents by 49.4% Condensed Consolidated Statement of Cash Flows Key Data (Six Months Ended June 30) | Indicator | 2025 H1 (RMB'000) | 2024 H1 (RMB'000) | Change (%) | | :--- | :--- | :--- | :--- | | Net cash generated from/(used in) operating activities | 20,345 | (25,694) | N/A (turned positive) | | Net cash (used in)/generated from investing activities | (664) | 25,450 | N/A (turned negative) | | Net cash generated from financing activities | 53,662 | 6,447 | +732.4% | | Net increase in cash and cash equivalents | 73,343 | 6,203 | +1082.4% | | Cash and cash equivalents at end of the period | 123,664 | 82,796 | +49.4% | - Net cash generated from operating activities turned from a net outflow of **RMB 25.7 million** in H1 2024 to a net inflow of **RMB 20.3 million** in H1 2025, indicating improved operational performance[19](index=19&type=chunk) - Net cash generated from financing activities significantly increased by **732.4%** to **RMB 53.7 million**, primarily influenced by the proceeds from the rights issue[19](index=19&type=chunk) - Cash and cash equivalents at the end of the period increased by **49.4%** to **RMB 123.7 million**[19](index=19&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) [General Information](index=11&type=section&id=1.%20GENERAL%20INFORMATION) Lecoo International Holdings Group Limited is an investment holding company primarily engaged in transportation, warehousing, in-plant logistics, customized services, and sales of goat milk powder and other products - The company is an investment holding company, with principal activities including transportation, warehousing, in-plant logistics, customized services, and sales of goat milk powder and other products[21](index=21&type=chunk)[23](index=23&type=chunk) - The condensed consolidated financial statements are presented in RMB and have been reviewed by the Audit Committee but are unaudited by the company's auditor[22](index=22&type=chunk)[23](index=23&type=chunk) [Basis of Preparation and Accounting Policies](index=12&type=section&id=2.%20BASIS%20OF%20PREPARATION%20AND%20ACCOUNTING%20POLICIES) The condensed consolidated financial statements are prepared in accordance with HKFRSs, adopting all new and revised standards, with no significant impact from new standards this period - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards (HKFRSs) and have adopted all relevant new and revised standards[24](index=24&type=chunk)[25](index=25&type=chunk)[27](index=27&type=chunk) - The new or revised standards adopted during the period had no significant impact on the Group's condensed consolidated interim financial information[26](index=26&type=chunk)[27](index=27&type=chunk) [Revenue](index=13&type=section&id=3.%20REVENUE) The Group's H1 2025 revenue surged by 96.1% to RMB 185.7 million, primarily driven by strong growth in transportation services, with goat milk powder sales as a new revenue stream Revenue by Service Type (Six Months Ended June 30) | Service Type | 2025 (RMB'000) | 2024 (RMB'000) | Change (%) | | :--- | :--- | :--- | :--- | | Transportation services | 148,780 | 48,746 | +205.2% | | Warehousing services | 7,440 | 17,509 | -57.5% | | In-plant logistics services | 26,757 | 27,617 | -3.1% | | Customized services | 740 | 829 | -10.8% | | Sales of goat milk powder and other products | 1,939 | – | N/A | | **Total** | **185,656** | **94,701** | **+96.1%** | - Transportation services revenue significantly increased by **205.2%** to **RMB 148.8 million**, being the main contributor to total revenue growth[29](index=29&type=chunk) - Warehousing services revenue decreased by **57.5%**, while in-plant logistics services revenue slightly decreased by **3.1%**[29](index=29&type=chunk) - Sales of goat milk powder and other products is a new business in H1 2025, contributing **RMB 1.9 million** in revenue[29](index=29&type=chunk) [Segment Information](index=16&type=section&id=4.%20SEGMENT%20INFORMATION) The Group's operating segments include transportation, warehousing, in-plant logistics, customized services, and goat milk powder sales, with transportation services showing significant growth in H1 2025 Revenue and Results by Operating Segment (Six Months Ended June 30) | Segment | 2025 Revenue (RMB'000) | 2025 Segment Results (RMB'000) | 2024 Revenue (RMB'000) | 2024 Segment Results (RMB'000) | | :--- | :--- | :--- | :--- | :--- | | Transportation services | 148,780 | 12,485 | 48,746 | 3,305 | | Warehousing services | 7,440 | (1,019) | 17,509 | (55) | | In-plant logistics services | 26,757 | 3,668 | 27,617 | 3,249 | | Customized services | 740 | 477 | 829 | 182 | | Sales of goat milk powder and other products | 1,939 | 48 | – | – | | **Total** | **185,656** | **15,659** | **94,701** | **6,681** | - The transportation services segment saw significant growth in both revenue and results, with segment results reaching **RMB 12.5 million** in H1 2025[40](index=40&type=chunk) - The warehousing services segment recorded a loss of **RMB 1.0 million** in H1 2025, compared to a slight loss in the same period of 2024[40](index=40&type=chunk) - Approximately **100%** (2024: approximately 96%) of the Group's revenue from external customers was derived from China[45](index=45&type=chunk)[47](index=47&type=chunk) [Other Income and Net Gains](index=19&type=section&id=5.%20OTHER%20INCOME%20AND%20NET%20GAINS) The Group's other income and net gains for H1 2025 amounted to RMB 3.0 million, a decrease from RMB 3.9 million in the prior year, mainly due to reduced interest income from loans receivable Other Income and Net Gains Details (Six Months Ended June 30) | Indicator | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Bank deposit interest income | 205 | 313 | | Interest income from loans receivable | 1,055 | 1,676 | | Interest income on lease deposits | – | 17 | | Net exchange gains | 1,751 | 1,730 | | Others | (28) | 159 | | **Total** | **2,983** | **3,895** | - Interest income from loans receivable decreased from approximately **RMB 1.7 million** in H1 2024 to approximately **RMB 1.1 million** in H1 2025[49](index=49&type=chunk)[111](index=111&type=chunk) - Net exchange gains remained stable at approximately **RMB 1.75 million**[49](index=49&type=chunk) [Finance Costs](index=19&type=section&id=6.%20FINANCE%20COSTS) The Group's finance costs significantly decreased by 75.6% to RMB 0.5 million in H1 2025, primarily due to reduced bank loan interest following the disposal of Haihui Group Finance Costs Details (Six Months Ended June 30) | Indicator | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Interest on bank borrowings | 260 | 1,470 | | Interest on lease liabilities | 263 | 675 | | **Total** | **523** | **2,145** | - Bank borrowing interest significantly decreased from approximately **RMB 1.5 million** in H1 2024 to approximately **RMB 0.3 million** in H1 2025[51](index=51&type=chunk)[121](index=121&type=chunk) - Interest on lease liabilities also decreased from approximately **RMB 0.7 million** in H1 2024 to approximately **RMB 0.3 million**[51](index=51&type=chunk) [Other Expenses](index=20&type=section&id=7.%20OTHER%20EXPENSES) The Group's total other expenses decreased by 16.5% to RMB 18.0 million in H1 2025, mainly due to reduced auditor's remuneration, entertainment, and other operating expenses, despite increased outsourced labor and fleet operating costs Other Expenses Details (Six Months Ended June 30) | Indicator | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Auditor's remuneration | 380 | 1,364 | | Cost of inventories | 1,891 | – | | Entertainment expenses | 641 | 1,030 | | Lease payments relating to short-term leases | 2,009 | 2,861 | | Fleet operating expenses | 1,825 | 289 | | Insurance expenses | 315 | 301 | | Legal and professional fees | 2,139 | 1,357 | | Other taxes and surcharges | 269 | 156 | | Outsourced labor costs | 5,658 | 4,426 | | Repair and maintenance expenses | 224 | 899 | | Telephone and telecommunication charges | 177 | 185 | | Travel expenses | 435 | 714 | | Utilities expenses | 292 | 251 | | Other operating expenses | 1,707 | 7,665 | | **Total** | **17,962** | **21,498** | - Outsourced labor costs increased from approximately **RMB 4.4 million** in H1 2024 to approximately **RMB 5.7 million** in H1 2025[53](index=53&type=chunk) - Fleet operating expenses significantly increased from **RMB 0.3 million** to **RMB 1.8 million**[53](index=53&type=chunk) - Other operating expenses significantly decreased from approximately **RMB 7.7 million** in H1 2024 to approximately **RMB 1.7 million** in H1 2025[53](index=53&type=chunk) [Income Tax (Expense)/Credit](index=21&type=section&id=8.%20INCOME%20TAX%20(EXPENSE)%2FCREDIT) The Group recorded an income tax expense of RMB 2.2 million in H1 2025, compared to an income tax credit of RMB 0.2 million in the prior year, with Chinese subsidiaries not accruing corporate income tax due to tax losses Income Tax (Expense)/Credit Details (Six Months Ended June 30) | Indicator | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | China corporate income tax — Current period | (2,172) | – | | China corporate income tax — Over-provision | – | 29 | | Other jurisdictions — Current period | – | (575) | | Deferred tax — Current period | – | 785 | | **Income tax (expense)/credit** | **(2,172)** | **239** | - Hong Kong profits tax is calculated at **16.5%**, but no provision was made as no income was generated in Hong Kong[54](index=54&type=chunk)[57](index=57&type=chunk) - China corporate income tax is calculated at **25%**, but one high-tech enterprise subsidiary enjoys a preferential tax rate of **15%**[55](index=55&type=chunk)[57](index=57&type=chunk) - Chinese-established subsidiaries did not accrue corporate income tax provision for the current and prior periods due to tax losses[55](index=55&type=chunk)[57](index=57&type=chunk) [Loss Per Share](index=22&type=section&id=9.%20LOSS%20PER%20SHARE) The Group's basic and diluted loss per share for H1 2025 was RMB 0.5445 cents, a significant reduction from RMB 7.6560 cents in H1 2024, due to narrower loss and increased weighted average shares from the rights issue Loss Per Share Calculation Data (Six Months Ended June 30) | Indicator | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Loss for the period attributable to owners of the Company | (2,312) | (10,588) | | Weighted average number of ordinary shares for basic loss per share | 424,599,431 | 138,297,073 | | Weighted average number of ordinary shares for diluted loss per share | 424,599,431 | 138,297,073 | | **Basic Loss per share (RMB cents)** | **(0.5445)** | **(7.6560)** | | **Diluted Loss per share (RMB cents)** | **(0.5445)** | **(7.6560)** | - Basic loss per share has been adjusted to reflect the bonus element in the rights issue in May 2025[61](index=61&type=chunk)[62](index=62&type=chunk) - The weighted average number of ordinary shares for the same period in 2024 has been retrospectively adjusted to reflect the share consolidation completed in November 2024[61](index=61&type=chunk)[62](index=62&type=chunk) - No share options were exercised, lapsed, cancelled, or forfeited, and no potential ordinary shares arose from share options for the six months ended June 30, 2025[61](index=61&type=chunk)[62](index=62&type=chunk) [Trade and Other Receivables](index=23&type=section&id=10.%20TRADE%20AND%20OTHER%20RECEIVABLES) As of June 30, 2025, the Group's current portion of trade and other receivables increased by 31.7% to RMB 107.0 million, mainly due to higher trade receivables from customer contracts Trade and Other Receivables Details (As of June 30, 2025) | Indicator | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | Trade receivables from contracts with customers | 81,365 | 67,832 | | Prepayments | 15,301 | 8,439 | | Other receivables | 2,854 | 3,279 | | Lease deposits | 2,781 | 3,602 | | Loans receivable | 18,218 | 18,635 | | Less: Non-current portion — Loans receivable | (11,623) | (17,892) | | Less: Non-current portion — Lease deposits | (1,888) | (2,671) | | **Current portion** | **107,008** | **81,224** | Trade Receivables Ageing Analysis (As of June 30, 2025) | Ageing | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Within 30 days | 75,362 | 63,292 | | 31 to 90 days | 2,883 | 3,141 | | 91 to 180 days | 894 | 206 | | Over 180 days | 2,226 | 1,193 | | **Total** | **81,365** | **67,832** | - Trade receivables (net of impairment) increased by **20.0%** to **RMB 81.4 million**, with the largest portion due within 30 days[64](index=64&type=chunk)[66](index=66&type=chunk) - As of June 30, 2025, the Group's total outstanding loan principal was approximately **RMB 24.8 million**, comprising 3 corporate loans and 1 individual loan, with annual interest rates ranging from approximately **6% to 12%**, all unsecured[69](index=69&type=chunk)[70](index=70&type=chunk) [Trade and Other Payables](index=26&type=section&id=11.%20TRADE%20AND%20OTHER%20PAYABLES) As of June 30, 2025, the Group's total trade and other payables increased by 57.0% to RMB 75.8 million, primarily due to a significant rise in trade payables, with the largest portion due within 30 days Trade and Other Payables Details (As of June 30, 2025) | Indicator | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | Trade payables | 71,659 | 38,695 | | Accrued employee benefits | 780 | 5,252 | | Other accrued expenses and other taxes payable | 489 | 1,829 | | Other payables | 2,902 | 2,518 | | **Total** | **75,830** | **48,294** | Trade Payables Ageing Analysis (As of June 30, 2025) | Ageing | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | 1 to 30 days | 40,785 | 28,757 | | 31 to 60 days | 11,558 | 4,012 | | 61 to 90 days | 17,890 | 1,616 | | Over 90 days | 1,426 | 4,310 | | **Total** | **71,659** | **38,695** | - Trade payables increased by **85.2%** from approximately **RMB 38.7 million** as of December 31, 2024, to approximately **RMB 71.7 million** as of June 30, 2025[71](index=71&type=chunk) - Credit terms granted by suppliers primarily range from **30 to 90 days**[72](index=72&type=chunk) [Share Capital](index=27&type=section&id=12.%20SHARE%20CAPITAL) The company completed a rights issue in May 2025, issuing 533,664,000 rights shares and raising net proceeds of approximately HK$67.6 million, significantly increasing total issued shares to 667,080,000 Share Capital Movement (As of June 30, 2025) | Indicator | Number of Shares | Share Capital (HK$) | | :--- | :--- | :--- | | Authorized share capital at January 1, 2024 | 10,000,000,000 | 100,000,000 | | Share consolidation | (9,000,000,000) | – | | Authorized share capital at June 30, 2025 | 1,000,000,000 | 100,000,000 | | Issued and fully paid at January 1, 2024 | 1,141,280,000 | 11,412,800 | | Shares issued through placing | 192,880,000 | 1,928,800 | | Share consolidation | (1,200,744,000) | – | | Issued and fully paid at January 1, 2025 | 133,416,000 | 13,341,600 | | Shares to be issued under rights issue | 533,664,000 | 53,366,400 | | **Issued and fully paid at June 30, 2025** | **667,080,000** | **66,708,000** | - On November 6, 2024, every ten shares of **HK$0.01** par value were consolidated into one share of **HK$0.10** par value[77](index=77&type=chunk) - The company completed a rights issue on May 16, 2025, issuing **533,664,000** rights shares and raising net proceeds of approximately **HK$67.6 million**[77](index=77&type=chunk)[78](index=78&type=chunk)[139](index=139&type=chunk) - As of June 30, 2025, the company had a total of **667,080,000** issued shares of **HK$0.1** par value[76](index=76&type=chunk)[140](index=140&type=chunk) [Disposal of Subsidiaries](index=29&type=section&id=13.%20DISPOSAL%20OF%20SUBSIDIARIES) The Group disposed of a 60% equity interest in Zhongshan Haihui Keqi Logistics (Group) Co., Ltd. for RMB 1 in January 2025, resulting in a recognized loss on disposal of approximately RMB 2.1 million - The Group entered into an agreement on December 20, 2024, to dispose of a **60%** equity interest in Zhongshan Haihui Keqi Logistics (Group) Co., Ltd. for a consideration of **RMB 1**[79](index=79&type=chunk)[83](index=83&type=chunk) - The buyer acquired the shareholder loan for **RMB 7,000,000**[80](index=80&type=chunk)[83](index=83&type=chunk) - The disposal was approved by an extraordinary general meeting of shareholders on January 27, 2025, and a loss on disposal of approximately **RMB 2.1 million** was recognized for the period ended June 30, 2025[82](index=82&type=chunk)[83](index=83&type=chunk)[115](index=115&type=chunk) [Dividend](index=30&type=section&id=14.%20DIVIDEND) The Board of Directors does not recommend the payment of an interim dividend for the six months ended June 30, 2025 (2024: nil) - The Board of Directors does not recommend the payment of an interim dividend for the six months ended June 30, 2025[85](index=85&type=chunk)[87](index=87&type=chunk) [Events After the Reporting Period](index=30&type=section&id=15.%20EVENTS%20AFTER%20THE%20REPORTING%20PERIOD) On July 8, 2025, the Group acquired 100% equity of Bozhou Lelaohao Pharmaceutical Co., Ltd. for RMB 900,000 to diversify into pharmaceutical wholesale and medical device sales - On July 8, 2025, the Group acquired **100%** equity interest in Bozhou Lelaohao Pharmaceutical Co., Ltd. for a total consideration of **RMB 900,000**[86](index=86&type=chunk)[88](index=88&type=chunk) - The target company is primarily engaged in wholesale and distribution of pharmaceuticals, sales of Class I and Class II medical devices, and wholesale of protective medical supplies for healthcare personnel[86](index=86&type=chunk)[88](index=88&type=chunk) - Upon completion of the acquisition, the target company became an indirect wholly-owned subsidiary of the company, and its financial results will be consolidated[86](index=86&type=chunk)[88](index=88&type=chunk) [Management Discussion and Analysis](index=31&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=31&type=section&id=BUSINESS%20REVIEW) In H1 2025, the Group's revenue significantly increased amidst China's logistics sector recovery, validating its strategic transformation, while strict cost controls helped narrow net losses despite market challenges - The Group is a logistics service provider in China, offering transportation, warehousing, in-plant logistics, customized services, and sales of goat milk powder[90](index=90&type=chunk)[93](index=93&type=chunk) - In H1 2025, China's total social logistics volume grew by **5.6%** year-on-year, indicating a continuous recovery in the logistics industry, which presented opportunities for the Group[92](index=92&type=chunk)[94](index=94&type=chunk) - The Group's revenue significantly increased compared to the same period last year, confirming the success of its strategic transformation, primarily through expanding high-value customer relationships and strengthening its core hub network[92](index=92&type=chunk)[94](index=94&type=chunk) - Challenges included weakened manufacturing investment sentiment, significantly increased outsourcing costs, and rising diesel prices due to international crude oil price fluctuations[95](index=95&type=chunk)[97](index=97&type=chunk) - Through strict cost control measures, optimizing organizational efficiency, reducing payroll and administrative costs, and implementing digital approval and centralized procurement, the Group's net loss significantly narrowed[96](index=96&type=chunk)[97](index=97&type=chunk) [Outlook](index=33&type=section&id=OUTLOOK) For H2 2025, China's logistics and warehousing sector will continue its intelligent transformation, offering growth in cold chain and pharmaceutical logistics, while the Group plans to optimize its network, introduce smart equipment, and diversify into goat milk products and traditional Chinese medicine logistics - China's logistics and warehousing industry is expected to continue structural growth, driven by government policies and market demand[98](index=98&type=chunk)[100](index=100&type=chunk) - Intelligent upgrades, improved urban-rural distribution networks, and emerging sectors like cold chain and pharmaceutical logistics will create development opportunities[98](index=98&type=chunk)[100](index=100&type=chunk) - The industry faces challenges such as supply-demand imbalance in warehousing facilities, energy price volatility, labor shortages, and accelerating market consolidation[99](index=99&type=chunk)[101](index=101&type=chunk) - The Group will implement an innovation-driven, efficiency-centric strategy, optimizing its warehousing network and introducing smart equipment and digital management platforms[102](index=102&type=chunk)[103](index=103&type=chunk) - To diversify its business, the Group commenced goat milk product operations in Inner Mongolia at the end of 2024 and began selling goat milk powder in H1 2025[102](index=102&type=chunk)[103](index=103&type=chunk) - The Group will deepen cooperation with Traditional Chinese Medicine stakeholders to develop storage and distribution services for TCM products, including developing logistics facilities on its Fuzhou land use rights[102](index=102&type=chunk)[103](index=103&type=chunk) [Financial Review](index=35&type=section&id=FINANCIAL%20REVIEW) The Group's H1 2025 financial performance significantly improved, with substantial revenue growth and a narrower loss. Transportation services were the main growth driver, and the goat milk powder business was a new contributor. Cost control measures effectively reduced employee benefits and finance costs, but sub-contracting expenses increased due to business expansion [Revenue](index=35&type=section&id=Revenue) The Group's H1 2025 revenue surged by 96.1% to RMB 185.7 million, primarily driven by a 205.5% increase in transportation services revenue and expansion into new regions, with goat milk powder sales as a new revenue source - For the six months ended June 30, 2025, the Group's revenue significantly increased by **96.1%** to approximately **RMB 185.7 million**[104](index=104&type=chunk) - Transportation services revenue increased by **205.5%** to approximately **RMB 148.8 million**, benefiting from the recovery in domestic logistics service demand in China and business expansion into Hangzhou and Inner Mongolia[104](index=104&type=chunk) - Warehousing services revenue decreased by **57.7%** to approximately **RMB 7.4 million**, mainly due to reduced demand after the disposal of Haihui Group[105](index=105&type=chunk)[107](index=107&type=chunk) - Starting from H1 2025, the Group commenced sales of goat milk powder and other products in Inner Mongolia Autonomous Region, contributing approximately **RMB 1.9 million** in revenue[110](index=110&type=chunk)[113](index=113&type=chunk) [Other income and net gains](index=36&type=section&id=Other%20income%20and%20net%20gains) The Group's other income and net gains for H1 2025 were approximately RMB 3.0 million, a decrease from the prior year, mainly due to a reduction of approximately RMB 0.6 million in interest income from loans receivable - Net gains of approximately **RMB 3.0 million** were recognized for the six months ended June 30, 2025 (2024: approximately **RMB 3.9 million**)[111](index=111&type=chunk)[114](index=114&type=chunk) - This was primarily due to a decrease of approximately **RMB 0.6 million** in interest income from loans receivable during the period[111](index=111&type=chunk)[114](index=114&type=chunk) [Loss on disposal of subsidiaries](index=36&type=section&id=Loss%20on%20disposal%20of%20subsidiaries) The Group recognized a loss on disposal of approximately RMB 2.1 million for the period ended June 30, 2025, due to the disposal of a 60% equity interest in Zhongshan Haihui Keqi Logistics (Group) Co., Ltd - A loss on disposal of approximately **RMB 2.1 million** was recognized for the period ended June 30, 2025, due to the disposal of a **60%** equity interest in Zhongshan Haihui Keqi Logistics (Group) Co., Ltd.[112](index=112&type=chunk)[115](index=115&type=chunk) [Employee benefits expenses](index=37&type=section&id=Employee%20benefits%20expenses) The Group's employee benefits expenses decreased by 27.0% to approximately RMB 26.8 million in H1 2025, mainly due to strict cost control measures and reduced labor costs after the disposal of Haihui Group - Employee benefits expenses were approximately **RMB 26.8 million** for the six months ended June 30, 2025 (2024: approximately **RMB 36.8 million**)[116](index=116&type=chunk)[118](index=118&type=chunk) - The decrease was primarily due to strict cost control measures implemented by the Group's subsidiaries and reduced labor costs following the disposal of Haihui Group during the period[116](index=116&type=chunk)[118](index=118&type=chunk) [Sub-contracting expenses](index=37&type=section&id=Sub-contracting%20expenses) The Group's sub-contracting expenses significantly increased by 186.6% to approximately RMB 137.8 million in H1 2025, driven by higher revenue and increased demand for outsourced local transportation and international freight forwarding services - Sub-contracting expenses were approximately **RMB 137.8 million** for the six months ended June 30, 2025 (2024: approximately **RMB 48.1 million**)[117](index=117&type=chunk)[119](index=119&type=chunk) - The significant increase in sub-contracting expenses was primarily due to higher revenue during the period and increased customer orders for local transportation services and international freight forwarding services[117](index=117&type=chunk)[119](index=119&type=chunk) [Depreciation of right-of-use assets](index=38&type=section&id=Depreciation%20of%20right-of-use%20assets) The Group's depreciation of right-of-use assets was approximately RMB 3.0 million in H1 2025, a slight decrease from the prior year, mainly related to leases for warehouses, office properties, and plant machinery - Depreciation of right-of-use assets was approximately **RMB 3.0 million** for the six months ended June 30, 2025 (2024: approximately **RMB 3.2 million**)[120](index=120&type=chunk)[123](index=123&type=chunk) - Right-of-use assets include leases for warehouses, office properties, temporary staff dormitories, and plant machinery such as forklifts[120](index=120&type=chunk)[123](index=123&type=chunk) [Finance costs](index=38&type=section&id=Finance%20costs) The Group's finance costs significantly decreased by 75.6% to approximately RMB 0.5 million in H1 2025, primarily due to reduced bank loan interest following the disposal of Haihui Group in January 2025 - Finance costs decreased from approximately **RMB 2.1 million** in H1 2024 to approximately **RMB 0.5 million** in H1 2025[121](index=121&type=chunk)[124](index=124&type=chunk) - This was primarily attributable to reduced bank loan interest following the disposal of Haihui Group in January 2025[121](index=121&type=chunk)[124](index=124&type=chunk) [Other expenses](index=38&type=section&id=Other%20expenses) The Group's total other expenses were approximately RMB 18.0 million in H1 2025, a decrease from RMB 21.5 million in the prior year, primarily comprising outsourced labor costs, short-term lease payments, and legal and professional fees - Other expenses were approximately **RMB 18.0 million** for the six months ended June 30, 2025 (2024: approximately **RMB 21.5 million**)[122](index=122&type=chunk)[125](index=125&type=chunk) - Key expense items include outsourced labor costs, short-term lease-related payments, auditor's remuneration, legal and professional fees, fleet vehicle operating expenses, and inventory costs[122](index=122&type=chunk)[125](index=125&type=chunk) [Loss and total comprehensive expense for the period](index=39&type=section&id=Loss%20and%20total%20comprehensive%20expense%20for%20the%20period) The Group's loss for the period and total comprehensive expense for H1 2025 significantly narrowed to approximately RMB 3.5 million and RMB 2.9 million, respectively, from RMB 13.2 million and RMB 14.8 million in H1 2024 - Loss for the period was approximately **RMB 3.5 million** for the six months ended June 30, 2025 (2024: approximately **RMB 13.2 million**)[126](index=126&type=chunk)[129](index=129&type=chunk) - Total comprehensive expense for the period was approximately **RMB 2.9 million** (2024: approximately **RMB 14.8 million**)[126](index=126&type=chunk)[129](index=129&type=chunk) [Liquidity and Financial Resources](index=39&type=section&id=LIQUIDITY%20AND%20FINANCIAL%20RESOURCES) As of June 30, 2025, the Group had net current assets of approximately RMB 157.4 million and cash and cash equivalents of RMB 123.7 million, primarily denominated in HKD and RMB, with the directors confirming sufficient financial resources - As of June 30, 2025, the Group's net current assets were approximately **RMB 157.4 million** (December 31, 2024: approximately **RMB 60.4 million**)[127](index=127&type=chunk)[130](index=130&type=chunk) - Cash and cash equivalents were approximately **RMB 123.7 million** (December 31, 2024: approximately **RMB 49.7 million**), primarily denominated in HKD and RMB[127](index=127&type=chunk)[130](index=130&type=chunk) - The directors confirm that the Group will have sufficient financial resources to meet its liabilities as they fall due in the foreseeable future[127](index=127&type=chunk)[130](index=130&type=chunk) [Funding and Treasury Policies](index=39&type=section&id=FUNDING%20AND%20TREASURY%20POLICIES) The Group's funding and treasury policies aim to ensure sufficient financial resources for business and investment activities, prudently manage financial risks like interest rate and foreign exchange risks, and maintain a robust balance sheet with ample liquidity - The Group's policy aims to ensure sufficient financial resources to support business and investment activities and to prudently and effectively manage financial risks[128](index=128&type=chunk)[131](index=131&type=chunk) - Interest rate risk and foreign exchange risk are managed through the use of financial instruments and risk management strategies[128](index=128&type=chunk)[131](index=131&type=chunk) - The Group is committed to maintaining a robust balance sheet and ample liquidity to enhance financial flexibility and resilience[128](index=128&type=chunk)[131](index=131&type=chunk) [Gearing Ratio](index=40&type=section&id=GEARING%20RATIO) As of June 30, 2025, the Group was in a net cash position, rendering the gearing ratio not applicable (December 31, 2024: 4.9%) - The Group monitors its capital based on the percentage of net debt to equity attributable to owners of the Company[132](index=132&type=chunk)[137](index=137&type=chunk) - As of June 30, 2025, the Group was in a net cash position as the amount of time deposits and cash and cash equivalents exceeded the amount of bank and other borrowings and lease liabilities[133](index=133&type=chunk)[137](index=137&type=chunk) - Therefore, the gearing ratio was not applicable as of June 30, 2025 (December 31, 2024: **4.9%**)[133](index=133&type=chunk)[137](index=137&type=chunk) [Capital Structure](index=40&type=section&id=CAPITAL%20STRUCTURE) The Group's capital structure comprises issued share capital and reserves, with no change in authorized share capital as of June 30, 2025, and a rights issue in May 2025 raising HK$67.6 million and increasing issued shares to 667,080,000 - The Group's capital structure comprises issued share capital and reserves, with the Board of Directors regularly reviewing the capital structure[134](index=134&type=chunk)[138](index=138&type=chunk) - For the six months ended June 30, 2025, there was no change in the company's authorized share capital of **HK$100,000,000**[135](index=135&type=chunk)[138](index=138&type=chunk) - The company completed a rights issue on May 16, 2025, issuing **533,664,000** rights shares and raising net proceeds of approximately **HK$67.6 million**[139](index=139&type=chunk)[145](index=145&type=chunk) - Upon completion of the rights issue, as of June 30, 2025, the company had a total of **667,080,000** issued shares of **HK$0.1** par value[140](index=140&type=chunk)[145](index=145&type=chunk) [Foreign Currency Exposure](index=41&type=section&id=FOREIGN%20CURRENCY%20EXPOSURE) The Group's operations are primarily RMB-denominated in China, but some subsidiaries face foreign exchange risk from foreign currency sales and purchases, with no current hedging policy, though the Board monitors and considers hedging significant exposures - The Group's business activities are primarily conducted in China and mainly denominated in RMB[141](index=141&type=chunk)[146](index=146&type=chunk) - Certain subsidiaries have sales and purchases denominated in foreign currencies, exposing the Group to foreign exchange risk[141](index=141&type=chunk)[146](index=146&type=chunk) - The Group currently has no foreign currency hedging policy, but the directors will continue to monitor relevant foreign exchange risks and consider hedging when necessary[141](index=141&type=chunk)[146](index=146&type=chunk) [Charge on the Group's Assets](index=41&type=section&id=CHARGE%20ON%20THE%20GROUP'S%20ASSETS) As of June 30, 2025, the Group had no assets charged, other than those disclosed in this report - As of June 30, 2025, the Group had no charged assets[142](index=142&type=chunk)[147](index=147&type=chunk) [Contingent Liabilities](index=41&type=section&id=CONTINGENT%20LIABILITIES) As of June 30, 2025, the Group had no significant contingent liabilities, other than those disclosed in this report - As of June 30, 2025, the Group had no significant contingent liabilities[143](index=143&type=chunk)[148](index=148&type=chunk) [Capital Commitments](index=41&type=section&id=CAPITAL%20COMMITMENTS) As of June 30, 2025, the Group had no significant capital commitments - As of June 30, 2025, the Group had no significant capital commitments[144](index=144&type=chunk)[149](index=149&type=chunk) [Significant Investments, Material Acquisitions and Disposals of Subsidiaries and Affiliated Companies](index=42&type=section&id=SIGNIFICANT%20INVESTMENTS,%20MATERIAL%20ACQUISITIONS%20AND%20DISPOSALS%20OF%20SUBSIDIARIES%20AND%20AFFILIATED%20COMPANIES) For the six months ended June 30, 2025, the Group had no significant investments, material acquisitions, or disposals of subsidiaries and affiliated companies, other than those disclosed in this report - For the six months ended June 30, 2025, the Group had no significant investments, material acquisitions, or disposals of subsidiaries and affiliated companies (other than those disclosed elsewhere in this report)[150](index=150&type=chunk)[153](index=153&type=chunk) [Employees and Remuneration Policies](index=42&type=section&id=EMPLOYEES%20AND%20REMUNERATION%20POLICIES) As of June 30, 2025, the Group employed 574 full-time employees, with remuneration based on qualifications, responsibilities, contributions, and market conditions, offering retirement plans and share options, alongside training - As of June 30, 2025, the Group employed **574** full-time employees (June 30, 2024: **640** employees)[151](index=151&type=chunk)[154](index=154&type=chunk) - Employee remuneration is determined based on factors such as qualifications, responsibilities, contributions, work experience, prevailing market conditions, and the Group's remuneration policy[151](index=151&type=chunk)[154](index=154&type=chunk) - Employee benefits include contributions to retirement schemes and share options under the company's share option scheme, with both on-the-job and sponsored external training provided[151](index=151&type=chunk)[154](index=154&type=chunk) [Future Plans for Material Investments or Capital Assets](index=42&type=section&id=FUTURE%20PLANS%20FOR%20MATERIAL%20INVESTMENTS%20OR%20CAPITAL%20ASSETS) As of June 30, 2025, the Group had no specific future plans for material investments or capital assets, other than those disclosed in this report - As of June 30, 2025, the Group had no specific future plans for material investments or capital assets (other than those disclosed elsewhere in this report)[152](index=152&type=chunk)[155](index=155&type=chunk) [Use of Proceeds](index=43&type=section&id=USE%20OF%20PROCEEDS) The Group detailed the use of proceeds from new share placements in 2023 and 2024, and the 2025 rights issue, with the 2023 proceeds reallocated to TCM business and general working capital, and 2025 proceeds for working capital, goat milk products, and TCM logistics park facilities [Use of proceeds from placing of new shares](index=43&type=section&id=Use%20of%20proceeds%20from%20placing%20of%20new%20shares) Net proceeds of approximately HK$34.2 million from the 2023 placement, with HK$30.0 million originally for smart logistics, were reallocated on July 25, 2025, to TCM business and general working capital; 2024 placement net proceeds of HK$18.5 million include HK$7.7 million for logistics infrastructure Use of Net Proceeds from 2023 Placing (As of June 30, 2025) | Intended Use | Unutilized as of Dec 31, 2024 (HK$'million) | Actual Utilized during the Period (HK$'million) | Unutilized as of June 30, 2025 (HK$'million) | | :--- | :--- | :--- | :--- | | Development of smart logistics services business | 30.0 | – | 30.0 | - Net proceeds from the 2023 placing were approximately **HK$34.2 million**, with **HK$30.0 million** unutilized[156](index=156&type=chunk)[158](index=158&type=chunk) - On July 25, 2025, the Board decided to change the use of unutilized net proceeds from the 2023 placing from 'development of smart logistics services business' to 'development of Traditional Chinese Medicine business' and general working capital[159](index=159&type=chunk) Use of Net Proceeds from 2024 Placing (As of June 30, 2025) | Intended Use | Unutilized as of Dec 31, 2024 (HK$'million) | Actual Utilized during the Period (HK$'million) | Unutilized as of June 30, 2025 (HK$'million) | | :--- | :--- | :--- | :--- | | Investment in logistics business infrastructure | 7.7 | – | 7.7 | - Net proceeds from the 2024 placing were approximately **HK$18.5 million**, with **HK$7.7 million** allocated for infrastructure investment in logistics business, expected to be utilized by December 31, 2026[160](index=160&type=chunk)[162](index=162&type=chunk)[163](index=163&type=chunk) [Use of proceeds from Rights Issue](index=45&type=section&id=Use%20of%20proceeds%20from%20Rights%20Issue) The company completed a rights issue on May 16, 2025, issuing 533,664,000 rights shares and raising net proceeds of approximately HK$67.6 million, allocated for general working capital, Inner Mongolia goat milk product business, and construction of TCM logistics park facilities in Jiangxi, China - The company proposed a rights issue on February 14, 2025, to issue up to **533,664,000** rights shares at a subscription price of **HK$0.13** per share, raising approximately **HK$69.4 million** (before expenses)[164](index=164&type=chunk)[168](index=168&type=chunk) - The rights issue was completed on May 16, 2025, with all **533,664,000** rights shares fully subscribed, raising net proceeds of approximately **HK$67.6 million**[139](index=139&type=chunk)[170](index=170&type=chunk)[172](index=172&type=chunk) Use of Net Proceeds from Rights Issue (As of June 30, 2025) | Intended Use | Intended Use (HK$'million) | Actual Utilized during the Period (HK$'million) | Unutilized as of June 30, 2025 (HK$'million) | | :--- | :--- | :--- | :--- | | General working capital | 27.6 | 26.7 | 0.9 | | Development of goat milk product business in Inner Mongolia Autonomous Region | 20.0 | 15.3 | 4.7 | | Construction of warehouses and/or other logistics-related facilities in the Traditional Chinese Medicine Logistics Industrial Park in Jiangxi Province, China | 20.0 | 20.0 | – | - The proceeds will be used for general working capital, developing the goat milk product business in Inner Mongolia, and constructing warehouses and other logistics-related facilities in the Traditional Chinese Medicine Logistics Industrial Park in Jiangxi Province, China[175](index=175&type=chunk) [Corporate Governance and other Information](index=48&type=section&id=Corporate%20Governance%20and%20other%20Information) [Share Option Scheme](index=48&type=section&id=SHARE%20OPTION%20SCHEME) The company adopted a new share option scheme in November 2023, replacing the previous one, with no options granted or outstanding as of June 30, 2025 - The company adopted a new share option scheme on November 23, 2023, replacing the previous share option scheme[176](index=176&type=chunk)[180](index=180&type=chunk) - Under the new share option scheme, the Board may invite employees, directors, consultants, etc., to subscribe for shares, up to **10%** of the issued shares on the listing date[177](index=177&type=chunk)[180](index=180&type=chunk) - As of June 30, 2025, no share options had been granted, exercised, cancelled, or lapsed under the new share option scheme, and no share options remained outstanding[182](index=182&type=chunk)[184](index=184&type=chunk) [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures](index=49&type=section&id=DIRECTORS'%20AND%20CHIEF%20EXECUTIVE'S%20INTERESTS%20AND%20SHORT%20POSITIONS%20IN%20SHARES,%20UNDERLYING%20SHARES%20AND%20DEBENTURES) As of June 30, 2025, no directors, chief executive, or their associates held any disclosable interests or short positions in the company's or any associated corporation's shares, underlying shares, or debentures under the SFO - As of June 30, 2025, no directors, chief executive, or their associates had any interests or short positions in the shares, underlying shares, or debentures of the company or any associated corporation that were required to be disclosed under the Securities and Futures Ordinance[183](index=183&type=chunk)[185](index=185&type=chunk) [Substantial Shareholders' Interests and Short Positions in Shares and Underlying Shares](index=50&type=section&id=SUBSTANTIAL%20SHAREHOLDERS'%20INTERESTS%20AND%20SHORT%20POSITIONS%20IN%20SHARES%20AND%20UNDERLYING%20SHARES) As of June 30, 2025, to the best knowledge of the directors, no person (other than a director or chief executive) held any disclosable interests or short positions in the company's shares or underlying shares under the SFO - As of June 30, 2025, to the best knowledge of the directors, no person (other than a director or the chief executive of the company) had or was deemed to have any interests or short positions in the shares or underlying shares that were required to be disclosed under the Securities and Futures Ordinance[186](index=186&type=chunk)[189](index=189&type=chunk) [Directors' Rights to Acquire Shares or Debentures](index=50&type=section&id=DIRECTORS'%20RIGHTS%20TO%20ACQUIRE%20SHARES%20OR%20DEBENTURES) Other than as disclosed in the share option scheme, for the six months ended June 30, 2025, neither the company nor its subsidiaries participated in any arrangements enabling directors to acquire benefits by acquiring shares or debentures of the company or any other body corporate - Other than as disclosed in the share option scheme, for the six months ended June 30, 2025, neither the company nor any of its subsidiaries was a party to any arrangement to enable the directors to acquire benefits by means of the acquisition of shares in or debentures of the company or any other body corporate[187](index=187&type=chunk)[190](index=190&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=50&type=section&id=PURCHASE,%20SALE%20OR%20REDEMPTION%20OF%20THE%20COMPANY'S%20LISTED%20SECURITIES) For the six months ended June 30, 2025, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities, and the company held no treasury shares - 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[191](index=191&type=chunk) - As of June 30, 2025, the company held no treasury shares[191](index=191&type=chunk) [Corporate Governance](index=51&type=section&id=CORPORATE%20GOVERNANCE) The Board is committed to maintaining high corporate governance standards, having adopted the Corporate Governance Code in Appendix C1 of the Listing Rules, and confirms compliance with its code provisions during the reporting period - The Board is committed to maintaining a high level of corporate governance to uphold the Group's transparency and safeguard shareholders' interests[192](index=192&type=chunk)[196](index=196&type=chunk) - The company has adopted the principles and code provisions of the Corporate Governance Code and Corporate Governance Report as set out in Appendix C1 to the Listing Rules[192](index=192&type=chunk)[196](index=196&type=chunk) - To the best knowledge of the Board, the company has complied with the code provisions of the Corporate Governance Code for the six months ended June 30, 2025, and up to the date of this report[193](index=193&type=chunk)[196](index=196&type=chunk) [Competing Interests](index=51&type=section&id=COMPETING%20INTERESTS) For the six months ended June 30, 2025, to the best knowledge of the directors, no director, substantial shareholder, or their associates had any business or interest directly or indirectly competing with the Group's business, nor any other conflicts of interest with the company - For the six months ended June 30, 2025, to the best knowledge of the directors, no director, substantial shareholder, or any of their respective associates had any business or interest that competed or might compete, directly or indirectly, with the Group's business[194](index=194&type=chunk)[197](index=197&type=chunk) - There were no other conflicts of interest between any such persons and the company[194](index=194&type=chunk)[197](index=197&type=chunk) [Directors' Securities Transactions](index=51&type=section&id=DIRECTORS'%20SECURITIES%20TRANSACTIONS) The company adopted the Model Code for Securities Transactions by Directors of Listed Issuers, and all directors confirmed full compliance for the six months ended June 30, 2025, with no non-compliance incidents - The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 to the Listing Rules as its code of conduct[195](index=195&type=chunk)[198](index=198&type=chunk) - All directors have confirmed full compliance with the Model Code for the six months ended June 30, 2025, and throughout the period up to the date of this report, with no incidents of non-compliance[195](index=195&type=chunk)[198](index=198&type=chunk) [Audit Committee](index=52&type=section&id=AUDIT%20COMMITTEE) The Audit Committee, comprising three independent non-executive directors chaired by Mr. Liu Weibiao, reviewed the Group's unaudited consolidated financial statements for H1 2025, confirming compliance with applicable accounting standards and adequate disclosure - The primary responsibilities of the Audit Committee include making recommendations on the appointment and removal of external auditors, reviewing financial statements, and overseeing internal control and risk management procedures[199](index=199&type=chunk)[202](index=202&type=chunk) - The Audit Committee comprises three independent non-executive directors: Mr. Liu Weibiao (Chairman), Dr. Wang Yi, and Mr. Zhang Yao[199](index=199&type=chunk)[202](index=202&type=chunk) - The committee has reviewed the Group's unaudited consolidated financial statements for the six months ended June 30, 2025, and is of the opinion that they have been prepared in compliance with applicable accounting standards and made adequate disclosures[199](index=199&type=chunk)[202](index=202&type=chunk) [Resignation of Directors](index=52&type=section&id=RESIGNATION%20OF%20DIRECTORS) Executive Director Mr. Du Yingyou resigned on March 17, 2025, and Independent Non-executive Director Mr. Chen Guanyong resigned on May 22, 2025, ceasing his committee memberships - Executive Director Mr. Du Yingyou resigned on March 17, 2025[200](index=200&type=chunk)[203](index=203&type=chunk) - Independent Non-executive Director Mr. Chen Guanyong resigned on May 22, 2025, and ceased to be a member of the Board's Audit Committee, Remuneration Committee, and Nomination Committee[200](index=200&type=chunk)[203](index=203&type=chunk) [Update on Directors' Information Under Rule 13.51B(1) of the Listing Rules](index=52&type=section&id=UPDATE%20ON%20DIRECTORS'%20INFORMATION%20UNDER%20RULE%2013.51B(1)%20OF%20THE%20LISTING%20RULES) During the reporting period, no other information was required to be disclosed under Rule 13.51B(1) of the Listing Rules - During the reporting period, no other information was required to be disclosed under Rule 13.51B(1) of the Listing Rules[201](index=201&type=chunk)[204](index=204&type=chunk) [Events After the Reporting Period](index=53&type=section&id=EVENTS%20AFTER%20THE%20REPORTING%20PERIOD) No significant events occurred after the reporting period, other than those disclosed elsewhere in this report - No significant events occurred after the reporting period, other than those disclosed in this report[205](index=205&type=chunk)[207](index=207&type=chunk)

Group 1 - The board meeting of Le Shi International Holdings (01529.HK) is scheduled for August 28, 2025, to discuss and approve the interim results for the six months ending June 30, 2025 [1] - The meeting will also consider the declaration of an interim dividend, if any [1]

Yues International Holdings Group Limited 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，概不就因本公告全部 或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 樂 氏 國 際 控 股 集 團 有 限 公 司 樂氏國際控股集團有限公司 主席 樂康 香港，二零二五年八月十八日 （於開曼群島註冊成立的有限公司） （股份代號：1529） 董事會會議通告 樂氏國際控股集團有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈，董 事會會議將於二零二五年八月二十八日（ 星期四 ）舉行，藉以處理（ 其中包括 ）考慮 及批准本公司及其附屬公司截至二零二五年六月三十日止六個月之中期業績及其 刊發，並考慮派付中期股息（ 如有 ）。 承董事會命 於本公告日期，董事會包括四名執行董事樂康先生、李志剛先生、黎嘉浩先生及 劉萍女士；以及三名獨立非執行董事劉偉彪先生、王軼博士及張耀先生。 ...

[Supplementary Information Regarding the 2024 Annual Report](index=1&type=section&id=Supplementary%20Information%20Regarding%20the%202024%20Annual%20Report) This section provides supplementary details on the company's 2024 annual report, primarily focusing on share option scheme changes and participant eligibility [Details of Share Option Scheme](index=1&type=section&id=Details%20of%20Share%20Option%20Scheme) This chapter provides supplementary information on the company's share option scheme for the year ended December 31, 2024, detailing changes in options granted to directors and employees and defining eligible participants for new schemes Details of Share Option Changes for the Year Ended December 31, 2024 | Participant Category | Grant Date | Exercise Price (HKD) | Balance as of January 1, 2024 | Expired During Year | Cancelled During Year | Balance as of December 31, 2024 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Directors | June 1, 2020 | 0.188 | 11,200,000 | (2,400,000) | (8,800,000) | — | | Employees | June 1, 2020 | 0.188 | 57,000,000 | — | (57,000,000) | — | - The new share option scheme's eligible participants include directors and employees of the Group and its associated entities, as well as contractors, suppliers, and consultants beneficial to the Group's long-term development[4](index=4&type=chunk) [Change in Use of Proceeds](index=2&type=section&id=Change%20in%20Use%20of%20Proceeds) This section outlines the company's plan to reallocate unused proceeds to support the development of its Traditional Chinese Medicine business [Proceeds Reallocation Plan and Rationale](index=2&type=section&id=Proceeds%20Reallocation%20Plan%20and%20Rationale) The company plans to reallocate approximately **HKD 20 million** of unutilized proceeds to support Traditional Chinese Medicine business development, primarily for supply chain and drug procurement, following the acquisition of Bozhou Lelaohao Pharmaceutical Co., Ltd. in July 2025, with all funds expected to be utilized by December 31, 2026 Proceeds Use Change Plan | Proposed Use | Amount (HKD) | Estimated Completion Date of Utilization | | :--- | :--- | :--- | | Traditional Chinese Medicine Business Development | Approx. 20 Million | December 31, 2026 | | General Working Capital | Remaining Unutilized Net Proceeds | December 31, 2026 | - The primary reason for changing the use of proceeds is to support the business development of the newly acquired **Bozhou Lelaohao Pharmaceutical Co., Ltd.**, which holds a drug operating license and engages in wholesale and retail distribution of pharmaceuticals[7](index=7&type=chunk) - Reallocated funds will primarily be used for supply chain development and drug procurement to support the Group's Traditional Chinese Medicine business, leveraging the acquisition to explore upstream and downstream opportunities in the pharmaceutical value chain[7](index=7&type=chunk)

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7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 樂氏國際控股集團有限公司（於開曼群島註冊成立之有限公司） 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01529 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | HKD | | 0.1 HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.1 HKD | | 100,000,000 | 本月底法 ...