Economic Performance - In the first half of 2025, China's GDP reached RMB 66,053.6 billion, reflecting a year-on-year increase of 5.3% at constant prices[11] - GDP growth was 5.4% in Q1 and 5.2% in Q2 2025 compared to the same periods in the previous year[11] - On a quarter-on-quarter basis, GDP grew by 1.1% in Q2 2025[11] - The contributions to GDP from final consumption expenditure, gross capital formation, and net exports were 52%, 16.8%, and 31.2% respectively[11] - The overall economic environment remains complex and volatile, with increased demand for stability and new growth momentum[11] Industry and Business Development - The added value of the primary industry was RMB 3,117.2 billion, up 3.7%; the secondary industry increased to RMB 23,905 billion, up 5.3%; and the tertiary industry reached RMB 39,031.4 billion, up 5.5%[11] - The Group has transformed into a credit-centered, industry-based, and finance-driven comprehensive service platform to support SMEs in overcoming growth challenges[17] - The financing guarantee business involves providing guarantees for SMEs and individual business proprietors, highlighting the Group's role in supporting the financial ecosystem[20] - The Group aims to empower enterprises for high-quality economic development through precise matching and efficient response services[12] - The Group's operations are guided by the dual principles of "stability" and "transformation" to ensure long-term sustainable development[18] Financial Performance - The Group's profit for the period increased by approximately RMB 1.47 million, or approximately 5.91%, to approximately RMB 26.36 million for the six months ended 30 June 2025 from approximately RMB 24.89 million for the corresponding period in 2024[73] - The Group's net profit margin increased to approximately 18.63% for the six months ended 30 June 2025 from approximately 14.04% for the corresponding period in 2024[73] - The Group's net guarantee fee income decreased by approximately RMB30.88 million, or approximately 26.41%, from approximately RMB116.92 million for the six months ended 30 June 2024 to approximately RMB86.04 million for the six months ended 30 June 2025[51][53] - The Group's net interest income for the six months ended June 30, 2025, was approximately RMB 44.56 million, representing a decrease of about 5.43% compared to RMB 47.12 million for the same period in 2024[32] - The Group's total revenue for the six months ended June 30, 2025, was RMB 141,456,000, down 20.2% from RMB 177,208,000 in 2024[198] Risk Management - The Company conducts regular post-transaction supervision based on project risk profiles, with monitoring frequency ranging from every half month to every six months[36] - Risk assessment is performed periodically, focusing on high-risk industries and projects with abnormal counter-guarantee conditions, implementing stricter standards[37] - The Company classifies customer risk profiles into five categories: "normal," "special-attention," "substandard," "suspicious," and "loss," adjusting supervision levels accordingly[39] - The Group has implemented internal control policies to manage business risks, including post-transaction inspection procedures to identify potential repayment difficulties[33] - The Company enforces rights to collateral when business prospects deteriorate or when customers show no intention to repay, negotiating the disposal of collateral to recover losses[41] SME Support and Financing - The Group aims to build a comprehensive financial service system to support SMEs, stimulate innovation, and contribute to sustainable economic development[101] - The balance of inclusive small and micro-enterprise loans reached RMB 35.57 trillion, marking a 12.3% year-on-year increase and outpacing the growth of various loans by 5.2 percentage points[89] - The National Financial Regulatory Administration and the People's Bank of China issued measures to improve financing conditions for SMEs, proposing 23 work measures to enhance financing supply and reduce costs[87] - The implementation of inclusive finance policies has led to a rapid growth in small and micro-enterprise loans, with an increase of RMB 2.63 trillion in the first half of 2025[89] - The Chinese government emphasized the importance of SMEs in stabilizing the economy and improving livelihoods, continuously enriching policy tools to address financing challenges[86] Corporate Governance - The company complied with the Corporate Governance Code, except for the deviation regarding the roles of Chairman and President being held by the same individual[177] - All directors and supervisors confirmed full compliance with the Model Code during the six months ended June 30, 2025[180] - The company will continue to review and enhance its corporate governance practices[179] - The audit committee reviewed the unaudited consolidated interim financial statements for the six months ended June 30, 2025[175] - There were no interests in competing businesses by directors or controlling shareholders during the reporting period[181] Capital and Investments - The Group's cash and bank deposits amounted to approximately RMB 899.78 million, an increase from RMB 887.15 million as of December 31, 2024[112] - The Group has issued Corporate Bonds with a nominal value of RMB 500.00 million, with coupon rates of 3.4% and 3.5% for different tranches[113] - The Group's investments in the financial industry are subject to stringent regulatory measures, leading to delays in the approval process for certain business expansions[140] - The expected time of utilization of the remaining proceeds has been revised due to the uncertain development of the regulatory regime in the PRC financial industry[141] - The Group's liquidity and capital requirements are primarily related to capital investments, micro-lending, and maintaining security deposits at banks[111]

Core Viewpoint - Zhongying Shengda Financing Guarantee (01543) has entered into a business cooperation agreement with Zhongshan Financial Investment, providing guarantees for clients up to a maximum amount of RMB 100 million [1] Group 1 - The company will provide individual guarantees based on separate guarantee service agreements to be established with Zhongshan Financial Investment [1]

Group 1 - The core point of the article is that Zhongying Shengda Financing Guarantee (01543.HK) has entered into a business cooperation agreement with Zhongshan Financial Investment, under which the company will provide guarantees for clients up to a maximum amount of RMB 100 million [1] - The specific terms of the guarantees, including the method, scope, and duration, will be determined through separate guarantee service agreements between the company and Zhongshan Financial Investment [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 – 1 – 考慮到上述因素，董事（包括獨立非執行董事）認為，業務合作協議乃於本公司日 常及一般業務過程中訂立，並認為業務合作協議的條款乃按一般商業條款訂立， 屬公平合理，且符合本公司及其股東的整體利益。 上市規則的涵義 Guangdong Join-Share Financing Guarantee Investment Co., Ltd.* 廣東中盈盛達融資擔保投資股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1543） 有關提供擔保的關連及須予披露交易 擔保 於2025年9月16日，本公司與中山金融投資訂立業務合作協議，據此，集團公司 將為客戶向中山金融投資集團公司提供擔保，擔保最高額為人民幣100,000,000 元。集團公司提供的各項個別擔保的實際條款（例如擔保方式、範圍及期限）將由 集團公司與中山金融投資集團公司根據將予訂立的單獨擔保服務協議協定。 提供擔保的理由及裨益 ...

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 致：香港交易及結算所有限公司 公司名稱: 廣東中盈盛達融資擔保投資股份有限公司 呈交日期: 2025年9月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | | 其他類別 (請註明) | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 內資股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,006,429,353 | RMB | | 1 | RMB | | 1,006,429,353 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 1,006,429,353 | RMB | | 1 | RMB | | 1,0 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 Guangdong Join-Share Financing Guarantee Investment Co., Ltd.* 廣東中盈盛達融資擔保投資股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1543） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條的規定而發表。附 件為廣東中盈盛達融資擔保投資股份有限公司於深圳證券交易所(www.szse.cn)刊 發之《深圳擔保集團有限公司2025年6月財務報表（擔保人2025年半年度財務報 告）》。 承董事會命 廣東中盈盛達融資擔保投資股份有限公司 吳列進 主席 中國，佛山，2025年8月29日 於本公告日期，本公司執行董事為吳列進先生（主席）；本公司非執行董事為黃偉波 先生、趙偉先生、潘銘堅先生、馮群英女士及歐偉明先生；及本公司獨立非執行董 事為吳向能先生、梁漢文先生及黎霞女士。 * 僅供識別 十年资产负 ...

Core Viewpoint - Zhongying Shengda Financing Guarantee (01543.HK) announced a projected revenue of approximately RMB 141.46 million for the first half of 2025, representing a decrease of about 20.17% compared to the same period in 2024 [1] Financial Summary - The company's projected pre-tax profit is approximately RMB 37.36 million, which is a decrease of about 5.44% from the same period in 2024 [1] - The profit attributable to equity holders of the company is expected to be around RMB 20.76 million, reflecting a decrease of approximately 3.98% compared to the same period in 2024 [1]

Core Viewpoint - Zhongying Shengda Financing Guarantee (01543) reported a decline in revenue and profit for the first half of 2025, indicating potential challenges in its financial performance [1] Financial Performance - The company reported revenue of 141 million RMB, representing a year-on-year decrease of 20.2% [1] - Profit attributable to equity holders was 20.757 million RMB, down 4% compared to the previous year [1] - Basic earnings per share were 0.01 RMB [1]

[Performance Highlights](index=1&type=section&id=Performance%20Highlights) H1 2025 performance saw declines in revenue, pre-tax profit, and profit attributable to equity holders, with no interim dividend declared Performance Summary | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 141.46 | 177.21 | -20.17% | | Profit Before Tax | 37.36 | 39.51 | -5.44% | | Profit Attributable to Equity Holders of the Company | 20.76 | 21.62 | -3.98% | | Interim Dividend | Not Declared | N/A | - | [Consolidated Financial Statements](index=2&type=section&id=Consolidated%20Financial%20Statements) This section presents the group's consolidated financial statements, including the income statement, comprehensive income statement, and financial position, detailing revenue, profit, and asset/liability changes [Consolidated Income Statement](index=2&type=section&id=Consolidated%20Income%20Statement) H1 2025 group revenue decreased **20.17%** to **RMB 141.46 million** due to lower net guarantee fee income, with period profit slightly up despite reduced pre-tax profit Consolidated Income Statement Summary | Metric | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 141,456 | 177,208 | -20.17% | | Net Guarantee Fee Income | 86,037 | 116,918 | -26.41% | | Net Interest Income | 44,562 | 47,122 | -5.43% | | Consulting and Other Business Income | 10,857 | 13,168 | -17.55% | | Profit Before Tax | 37,355 | 39,508 | -5.45% | | Profit for the Period | 26,357 | 24,885 | +5.91% | | Profit Attributable to Equity Holders of the Company | 20,757 | 21,619 | -3.99% | | Basic and Diluted Earnings Per Share (RMB/share) | 0.01 | 0.01 | 0.00% | [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For H1 2025, the group's total comprehensive income for the period increased **20.63%** to **RMB 26.66 million**, driven by a reversal from loss to gain in fair value reserve for equity investments Consolidated Statement of Profit or Loss and Other Comprehensive Income Summary | Metric | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Profit for the Period | 26,357 | 24,885 | +5.91% | | Equity investments at fair value through other comprehensive income — net change in fair value reserve (non-recyclable) | 401 | (3,713) | N/A | | Other Comprehensive Income for the Period | 301 | (2,785) | N/A | | Total Comprehensive Income for the Period | 26,658 | 22,100 | +20.63% | | Total Comprehensive Income Attributable to Equity Holders of the Company | 21,058 | 18,834 | +11.81% | [Consolidated Statement of Financial Position](index=4&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the group's total assets slightly decreased, while net assets increased, with a lower debt-to-asset ratio due to reduced interest-bearing borrowings and guarantee liabilities Consolidated Statement of Financial Position Summary | Metric | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 3,874,319 | 3,884,585 | -0.26% | | Cash and Bank Balances | 899,784 | 887,153 | +1.42% | | Accounts Receivable and Other Receivables | 1,222,410 | 1,114,437 | +9.69% | | Loans and Advances to Customers | 948,990 | 1,002,269 | -5.32% | | Total Liabilities | 1,503,668 | 1,523,500 | -1.30% | | Interest-Bearing Borrowings | 325,309 | 359,852 | -9.59% | | Guarantee Liabilities | 204,337 | 234,397 | -12.82% | | Net Assets | 2,370,651 | 2,361,085 | +0.41% | | Total Equity Attributable to Equity Holders of the Company | 2,021,181 | 2,029,778 | -0.42% | [Notes to the Unaudited Interim Financial Report](index=6&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Report) This section provides detailed notes to the unaudited interim financial report, covering accounting policies, revenue breakdown, and specific financial instrument details [1 Basis of Preparation](index=6&type=section&id=1%20Basis%20of%20Preparation) This interim financial report is prepared in accordance with HKAS 34 and authorized for issue on August 28, 2025 - Interim financial report is prepared in accordance with **HKAS 34** and authorized for issue on **August 28, 2025**[9](index=9&type=chunk) [2 Changes in Accounting Policies](index=6&type=section&id=2%20Changes%20in%20Accounting%20Policies) The group adopted HKAS 21 amendments, but it had no significant impact due to the absence of foreign currency non-exchangeable transactions - The group adopted **HKAS 21 amendments**, but it had **no significant impact** due to the absence of foreign currency non-exchangeable transactions[10](index=10&type=chunk) [3 Revenue](index=7&type=section&id=3%20Revenue) The group's revenue, primarily from financing guarantee, lending, factoring, and supply chain services, decreased **20.17%** year-on-year in H1 2025, mainly due to lower net guarantee and consulting service fees Revenue by Category | Revenue Category | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Net Guarantee Fee Income | 86,037 | 116,918 | -26.41% | | Net Interest Income | 44,562 | 47,122 | -5.43% | | Consulting and Other Business Income | 10,857 | 13,168 | -17.55% | | - Supply Chain Services | 8,419 | 6,275 | +34.16% | | - Consulting Service Fees | 2,438 | 6,893 | -64.50% | | **Total Revenue** | **141,456** | **177,208** | **-20.17%** | [4 Other Income](index=8&type=section&id=4%20Other%20Income) Other income significantly decreased by **81.64%** to **RMB 1.12 million** in H1 2025, mainly due to reduced investment income from receivables-backed investments, despite increased government grants Other Income Summary | Income Category | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Government Grants | 2,763 | 1,864 | +48.23% | | Investment Income from Financial Assets at FVTPL | 1,277 | 1,230 | +3.82% | | Investment Income from Receivables-Backed Investments | 129 | 1,154 | -88.82% | | Others | (2,749) | 1,952 | N/A | | **Total Other Income** | **1,117** | **6,104** | **-81.69%** | [5 Profit Before Tax](index=8&type=section&id=5%20Profit%20Before%20Tax) Profit before tax for H1 2025 was **RMB 37.36 million**, a **5.44%** year-on-year decrease, primarily influenced by reduced impairment losses partially offset by lower revenue and stable staff costs [5(a) Impairment and Provisions Made / (Reversed)](index=8&type=section&id=5(a)%20Impairment%20and%20Provisions%20Made%20%2F%20(Reversed)) Total impairment and provisions made decreased **23.76%** to **RMB 45.79 million** in H1 2025, mainly due to a reversal of impairment losses on loans and advances Impairment and Provisions Summary | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Receivables from Defaulted Guarantees | 41,657 | 40,118 | | Receivables from Guaranteed Customers | 5,256 | (1,970) | | Loans and Advances to Customers | (1,425) | 12,653 | | Factoring Receivables | (188) | 1,153 | | **Total** | **45,791** | **60,061** | [5(b) Staff Costs](index=9&type=section&id=5(b)%20Staff%20Costs) Staff costs for H1 2025 decreased **8.01%** to **RMB 34.43 million**, comprising salaries, wages, bonuses, other benefits, and retirement plan contributions Staff Costs Summary | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Salaries, Wages, Bonuses and Other Benefits | 30,091 | 33,469 | -10.10% | | Retirement Scheme Contributions | 4,336 | 3,955 | +9.63% | | **Total** | **34,427** | **37,424** | **-8.01%** | [5(c) Other Items](index=9&type=section&id=5(c)%20Other%20Items) Depreciation and amortization expenses increased **17.80%** to **RMB 7.69 million** in H1 2025, while auditor's remuneration remained stable Other Items Summary | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Depreciation and Amortization | 7,685 | 6,524 | +17.80% | | Auditor's Remuneration | 740 | 740 | 0.00% | [6 Income Tax in Consolidated Income Statement](index=9&type=section&id=6%20Income%20Tax%20in%20Consolidated%20Income%20Statement) Income tax expense for H1 2025 decreased **24.76%** to **RMB 11.00 million**, mainly due to reduced taxable profit and preferential tax rates for certain subsidiaries Income Tax Expense Summary | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | China Income Tax Provision for the Period | 30,258 | 49,705 | -39.12% | | Deferred Tax | (20,122) | (34,388) | -41.49% | | Under-provision / Over-provision in Prior Year | 862 | (694) | N/A | | **Income Tax Expense** | **10,998** | **14,623** | **-24.79%** | - Certain subsidiaries enjoy preferential income tax rates: **High-tech enterprises (15%)** and **small-profit enterprises (20%)**[17](index=17&type=chunk)[20](index=20&type=chunk) [7 Earnings Per Share](index=10&type=section&id=7%20Earnings%20Per%20Share) Basic and diluted earnings per share remained stable at **RMB 0.01** for H1 2025, reflecting consistent outstanding ordinary shares despite a slight decrease in profit attributable to equity holders Earnings Per Share Summary | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit Attributable to Ordinary Equity Holders of the Company (RMB thousand) | 20,757 | 21,619 | | Weighted Average Number of Ordinary Shares Outstanding (shares) | 1,560,793,000 | 1,560,793,000 | | **Basic and Diluted Earnings Per Share (RMB/share)** | **0.01** | **0.01** | [8 Cash and Bank Balances](index=11&type=section&id=8%20Cash%20and%20Bank%20Balances) As of June 30, 2025, total cash and bank balances increased **1.42%** to **RMB 899.78 million**, driven by higher bank deposits, despite a decrease in restricted bank deposits and accrued interest Cash and Bank Balances Summary | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Cash in Hand | 10 | 9 | +11.11% | | Bank Balances | 580,691 | 559,211 | +3.84% | | Bank Time Deposits | 199,515 | 132,000 | +51.15% | | Restricted Bank Deposits | 113,713 | 188,251 | -39.59% | | Accrued Interest | 5,855 | 7,682 | -23.78% | | **Total** | **899,784** | **887,153** | **+1.42%** | - The group's principal activities are conducted in **RMB**, and the remittance of RMB out of China is subject to **foreign exchange control restrictions**[21](index=21&type=chunk) [9 Accounts Receivable and Other Receivables](index=12&type=section&id=Accounts%20Receivable%20and%20Other%20Receivables) As of June 30, 2025, total accounts receivable and other receivables increased **9.69%** to **RMB 1,222.41 million**, with increases in net receivables from defaulted guarantees, guaranteed customers, and repossessed assets [9(a) Ageing Analysis](index=14&type=section&id=9(a)%20Ageing%20Analysis) The ageing structure of receivables from defaulted guarantees, guaranteed customers, supply chain services, and trade receivables as of June 30, 2025, shows a significant portion remains within one year, with some long-term overdue balances persisting Ageing Analysis Summary | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Receivables from Defaulted Guarantees (net) | 412,630 | 343,984 | | Receivables from Guaranteed Customers (net) | 89,192 | 62,788 | | Receivables from Supply Chain Services (net) | 251,937 | 246,232 | | Trade Receivables (net) | 42,799 | 35,503 | [9(b) Impairment of Receivables from Defaulted Guarantees, Receivables from Guaranteed Customers and Receivables from Supply Chain Services](index=15&type=section&id=9(b)%20Impairment%20of%20Receivables%20from%20Defaulted%20Guarantees,%20Receivables%20from%20Guaranteed%20Customers%20and%20Receivables%20from%20Supply%20Chain%20Services) As of June 30, 2025, the allowance for doubtful accounts for receivables from defaulted guarantees increased to **RMB 321.94 million**, for guaranteed customers to **RMB 52.06 million**, while for supply chain services, it slightly decreased to **RMB 6.82 million** Impairment Summary | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Allowance for Doubtful Accounts for Receivables from Defaulted Guarantees | 321,935 | 280,278 | | Allowance for Doubtful Accounts for Receivables from Guaranteed Customers | 52,055 | 46,796 | | Allowance for Doubtful Accounts for Receivables from Supply Chain Services | 6,824 | 7,408 | - Impairment loss on receivables from defaulted guarantees recognized in the consolidated income statement was **RMB 41.66 million**[30](index=30&type=chunk) - Net remeasurement of loss allowance for receivables from guaranteed customers was **negative RMB 913 thousand**, with new receivables from customer guarantees increasing by **RMB 6.17 million**[31](index=31&type=chunk) - **RMB 584 thousand** was reversed for receivables from supply chain services during the period[33](index=33&type=chunk) [10 Loans and Advances to Customers](index=18&type=section&id=10%20Loans%20and%20Advances%20to%20Customers) As of June 30, 2025, net loans and advances to customers decreased **5.32%** to **RMB 948.99 million**, with a reduction in small loans, while the service industry remains the largest loan recipient and secured loans are the primary collateral method [10(a) Analysis by Nature](index=18&type=section&id=10(a)%20Analysis%20by%20Nature) As of June 30, 2025, entrusted loans increased to **RMB 403.12 million**, while small loans decreased to **RMB 654.06 million**, resulting in a slight overall decrease in total loans and advances and impairment loss provisions Loans and Advances by Nature | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Entrusted Loans | 403,121 | 385,460 | +4.58% | | Small Loans | 654,057 | 727,409 | -10.10% | | Total Loans and Advances to Customers | 1,074,370 | 1,129,051 | -4.84% | | Total Impairment Loss Provisions | (125,380) | (126,782) | -1.11% | | **Net Loans and Advances to Customers** | **948,990** | **1,002,269** | **-5.32%** | [10(b) Analysis by Industry](index=18&type=section&id=10(b)%20Analysis%20by%20Industry) As of June 30, 2025, the service industry remained the largest recipient of the group's loans at **42%**, though its proportion decreased, while wholesale and retail trade loans increased and manufacturing remained stable Loans and Advances by Industry | Industry | June 30, 2025 (RMB thousand) | Proportion (%) | December 31, 2024 (RMB thousand) | Proportion (%) | | :--- | :--- | :--- | :--- | :--- | | Service Industry | 439,429 | 42% | 511,346 | 46% | | Wholesale and Retail Trade | 429,119 | 40% | 390,832 | 35% | | Manufacturing | 148,930 | 14% | 170,991 | 15% | | Real Estate and Construction | 39,700 | 4% | 39,700 | 4% | | **Total** | **1,057,178** | **100%** | **1,112,869** | **100%** | [10(c) Analysis by Collateral Method](index=18&type=section&id=10(c)%20Analysis%20by%20Collateral%20Method) As of June 30, 2025, secured loans remained the group's primary collateral method, though their balance decreased, while unsecured and other loan balances both increased Loans and Advances by Collateral Method | Collateral Method | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Secured Loans | 408,805 | 459,383 | -10.99% | | Unsecured Loans | 189,740 | 177,719 | +6.76% | | Other Loans | 458,633 | 475,767 | -3.60% | | **Total** | **1,057,178** | **1,112,869** | **-5.01%** | [10(d) Overdue Loans by Overdue Analysis](index=19&type=section&id=10(d)%20Overdue%20Loans%20by%20Overdue%20Analysis) As of June 30, 2025, total overdue loans slightly decreased to **RMB 285.66 million**, with a reduction in loans overdue within one year, but a significant increase in loans overdue between one and two years Overdue Loans Summary | Overdue Period | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Overdue within one year (inclusive) | 127,949 | 155,990 | -17.98% | | Overdue between one and two years (inclusive) | 56,771 | 26,328 | +115.69% | | Overdue between two and three years (inclusive) | 8,969 | 4,356 | +105.90% | | Overdue over three years | 91,969 | 101,129 | -9.06% | | **Total** | **285,658** | **287,803** | **-0.75%** | [10(e) Analysis by Impairment Loss Provision Assessment Method](index=20&type=section&id=10(e)%20Analysis%20by%20Impairment%20Loss%20Provision%20Assessment%20Method) As of June 30, 2025, total impairment loss provisions for loans and advances slightly decreased to **RMB 125.38 million**, with an increase in 12-month expected credit losses and a decrease in lifetime expected credit losses for credit-impaired loans Impairment Loss Provision Summary | Impairment Stage | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | 12-month Expected Credit Losses | 42,931 | 39,184 | | Lifetime Expected Credit Losses without Credit Impairment | 4,106 | 4,168 | | Lifetime Expected Credit Losses with Credit Impairment | 78,343 | 83,430 | | **Total Impairment Loss Provisions** | **125,380** | **126,782** | - Net remeasurement of loss allowance during the period was **negative RMB 36.28 million**, with new loans and advances increasing by **RMB 34.86 million**[40](index=40&type=chunk) [11 Factoring Receivables](index=22&type=section&id=11%20Factoring%20Receivables) As of June 30, 2025, net factoring receivables increased **4.48%** to **RMB 201.13 million**, with a slight decrease in factoring receivables provision reflecting improved impairment [11(a) Ageing Analysis](index=22&type=section&id=11(a)%20Ageing%20Analysis) As of June 30, 2025, factoring receivables within one year decreased, while those between one and three years increased, and those over three years slightly declined Factoring Receivables Ageing Analysis | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within one year | 101,501 | 135,400 | | One to two years | 52,900 | 22,000 | | Two to three years | 25,000 | 5,000 | | Over three years | 58,060 | 66,619 | | Less: Provision for Factoring Receivables | (36,334) | (36,522) | | **Net Amount** | **201,127** | **192,497** | [11(b) Impairment of Factoring Receivables](index=23&type=section&id=11(b)%20Impairment%20of%20Factoring%20Receivables) As of June 30, 2025, total allowance for doubtful accounts for factoring receivables slightly decreased to **RMB 36.33 million**, with a net remeasurement of loss allowance of **negative RMB 1.18 million** during the period Factoring Receivables Impairment Summary | Impairment Stage | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | 12-month Expected Credit Losses | 2,056 | 1,173 | | Lifetime Expected Credit Losses without Credit Impairment | 559 | — | | Lifetime Expected Credit Losses with Credit Impairment | 33,719 | 35,349 | | **Total Allowance for Doubtful Accounts** | **36,334** | **36,522** | - Net remeasurement of loss allowance during the period was **negative RMB 1.18 million**, with new factoring receivables generated amounting to **RMB 988 thousand**[44](index=44&type=chunk) [12 Financial Assets at Fair Value Through Other Comprehensive Income](index=24&type=section&id=12%20Financial%20Assets%20at%20Fair%20Value%20Through%20Other%20Comprehensive%20Income) As of June 30, 2025, financial assets at fair value through other comprehensive income, primarily unlisted equity investments, slightly increased to **RMB 12.96 million** Financial Assets at Fair Value Through Other Comprehensive Income Summary | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Unlisted Equity Investments | 12,959 | 12,558 | [13 Financial Assets at Fair Value Through Profit or Loss](index=24&type=section&id=13%20Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) As of June 30, 2025, financial assets at fair value through profit or loss decreased **28.70%** to **RMB 109.12 million**, mainly due to a reduction in wealth management products Financial Assets at Fair Value Through Profit or Loss Summary | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Wealth Management Products | 91,090 | 134,161 | | Unlisted Equity Investments | 12,665 | 12,719 | | Financial Assets Arising from Interests in Jointly Controlled Trust Schemes | 5,366 | 6,420 | | **Total** | **109,121** | **153,300** | [14 Receivables-Backed Investments](index=24&type=section&id=14%20Receivables-Backed%20Investments) As of June 30, 2025, net receivables-backed investments slightly increased to **RMB 12.86 million**, comprising certificates of deposit and trust products, with reduced impairment loss provisions Receivables-Backed Investments Summary | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Certificates of Deposit | 10,734 | 10,734 | | Trust Products | 8,364 | 8,364 | | Less: Impairment Loss Provisions | (6,243) | (6,473) | | **Net Amount** | **12,855** | **12,625** | [15 Interest-Bearing Borrowings](index=25&type=section&id=15%20Interest-Bearing%20Borrowings) As of June 30, 2025, total interest-bearing borrowings decreased **9.59%** to **RMB 325.31 million**, primarily due to reduced secured bank loans and other loans, while unsecured bank loans remained stable Interest-Bearing Borrowings Summary | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Bank Loans — Unsecured | 249,990 | 250,490 | -0.20% | | Bank Loans — Secured | — | 40,000 | -100.00% | | Bank Loans — Others | 75,000 | 39,000 | +92.31% | | Other Loans | — | 30,000 | -100.00% | | **Total** | **325,309** | **359,852** | **-9.59%** | - Loans bear interest at **3.05% to 5.0%** (December 31, 2024: 3.05% to 10.00%)[46](index=46&type=chunk) [16 Bonds Payable](index=25&type=section&id=16%20Bonds%20Payable) As of June 30, 2025, total bonds payable slightly increased to **RMB 509.65 million**, following the adjustment of the 2021 corporate bond coupon rate to **3.40%** on February 5, 2024 Bonds Payable Summary | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Corporate Bonds — Face Value | 500,000 | 500,000 | | Corporate Bonds — Interest Adjustment | (46) | (658) | | Corporate Bonds — Accrued Interest | 9,692 | 9,983 | | **Total** | **509,646** | **509,325** | - The coupon rate of the **2021 corporate bonds** was adjusted to **3.40%** on **February 5, 2024**[47](index=47&type=chunk) - For H1 2025, **RMB 8.84 million** in interest was paid on the 2021 corporate bonds[48](index=48&type=chunk) [17 Guarantee Liabilities](index=26&type=section&id=17%20Guarantee%20Liabilities) As of June 30, 2025, total guarantee liabilities decreased **12.82%** to **RMB 204.34 million**, primarily due to reduced deferred income, while guarantee compensation provisions slightly increased Guarantee Liabilities Summary | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Deferred Income | 141,281 | 174,779 | -19.17% | | Guarantee Compensation Provisions | 63,056 | 59,618 | +5.77% | | **Total** | **204,337** | **234,397** | **-12.82%** | - **RMB 3.44 million** was provided for guarantee compensation provisions during the period[49](index=49&type=chunk) [18 Deposits Received and Accruals and Other Payables](index=26&type=section&id=18%20Deposits%20Received%20and%20Accruals%20and%20Other%20Payables) As of June 30, 2025, deposits received slightly decreased, while total accruals and other payables increased **23.55%** to **RMB 228.86 million**, driven by significant increases in accounts payable and dividends payable [18(a) Deposits Received](index=26&type=section&id=18(a)%20Deposits%20Received) Deposits received are interest-free collateral collected from customers for credit guarantees, refundable upon contract expiry - Deposits received are **interest-free**, used as **collateral for credit guarantees**, and are refundable upon contract expiry[50](index=50&type=chunk) [18(b) Accruals and Other Payables](index=27&type=section&id=18(b)%20Accruals%20and%20Other%20Payables) As of June 30, 2025, accounts payable significantly increased **70.76%** to **RMB 57.16 million**, and dividends payable rose from **RMB 2.24 million** to **RMB 32.62 million**, driving the category's growth Accruals and Other Payables Summary | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Accounts Payable | 57,155 | 33,477 | +70.76% | | Advances from Customers | 46,625 | 42,035 | +10.92% | | Accrued Staff Costs | 35,493 | 48,503 | -26.82% | | Dividends Payable | 32,617 | 2,237 | +1358.56% | | Income Tax Payable | 30,668 | 35,955 | -14.69% | | **Total** | **228,860** | **185,239** | **+23.55%** | - Accounts payable primarily relate to **suppliers for supply chain business**, with most balances due within one year[51](index=51&type=chunk) [19 Other Financial Instruments](index=28&type=section&id=19%20Other%20Financial%20Instruments) As of June 30, 2025, total other financial instruments increased **5.35%** to **RMB 157.49 million**, mainly comprising financial liabilities related to Zhongshan Zhongyingshengda, Yunfu Guarantee, and Guangdong Financing Guarantee Other Financial Instruments Summary | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Zhongshan Zhongyingshengda | 106,388 | 108,686 | | Yunfu Guarantee | 10,000 | 10,000 | | Guangdong Financing Guarantee | 40,560 | 30,000 | | **Subtotal** | **156,948** | **148,686** | | Accrued Interest | 540 | 802 | | **Total** | **157,488** | **149,488** | - The company has **contribution return commitments** and **potential repurchase obligations** to specific investors in Zhongshan Zhongyingshengda, Yunfu Guarantee, and Guangdong Financing Guarantee, recognized as financial liabilities[53](index=53&type=chunk)[54](index=54&type=chunk) [20 Financial Liabilities at Fair Value Through Profit or Loss](index=29&type=section&id=20%20Financial%20Liabilities%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) As of June 30, 2025, financial liabilities at fair value through profit or loss decreased **33.13%** to **RMB 7.16 million**, primarily related to interests in jointly controlled trust schemes where the company guarantees losses Financial Liabilities at Fair Value Through Profit or Loss Summary | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Financial Liabilities Arising from Interests in Jointly Controlled Trust Schemes | 7,157 | 10,702 | - The company **jointly controls trust schemes** with third parties and **guarantees losses** exceeding the third parties' share[55](index=55&type=chunk)[56](index=56&type=chunk) - Some trust scheme-related loans have matured, and borrowers failed to repay, leading the group to **partially fulfill its guarantee obligations**[57](index=57&type=chunk) [21 Capital, Reserves and Dividends](index=31&type=section&id=21%20Capital,%20Reserves%20and%20Dividends) The group declared a final cash dividend of **RMB 1.9 cents per share** for FY2024, totaling **RMB 29.66 million**, but the Board recommended no interim dividend for H1 2025 Dividends Declared | Dividend Type | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | 2024 Final Dividend (RMB 1.9 cents per share) | 29,655 | — | | 2023 Final Dividend (RMB 2.0 cents per share) | — | 31,216 | - The Board recommended **no interim dividend** for the six months ended June 30, 2025[4](index=4&type=chunk)[99](index=99&type=chunk) [22 Financial Risk Management and Fair Value of Financial Instruments](index=31&type=section&id=22%20Financial%20Risk%20Management%20and%20Fair%20Value%20of%20Financial%20Instruments) As of June 30, 2025, the group's maximum total guarantees issued (net of counter-guarantees) decreased **17.60%** to **RMB 6,207.64 million**, indicating reduced exposure to guarantee business and potential credit loss risk Maximum Total Guarantees Issued | Guarantee Type | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Financing Guarantees | 3,326,384 | 3,988,892 | -16.61% | | Performance Guarantees | 2,936,727 | 3,603,841 | -18.51% | | **Subtotal** | **6,263,111** | **7,592,733** | **-17.49%** | | Less: Deposits Received | (55,471) | (59,483) | -6.74% | | **Total** | **6,207,640** | **7,533,250** | **-17.60%** | - The maximum total guarantees issued (net of counter-guarantees) represents the **maximum potential loss** to be recognized if counterparties completely fail to perform their contractual obligations[62](index=62&type=chunk) [23 Commitments and Contingent Liabilities](index=32&type=section&id=23%20Commitments%20and%20Contingent%20Liabilities) As of June 30, 2025, the group had no significant capital commitments or outstanding litigation and disputes - The group had **no significant capital commitments** as of June 30, 2025[63](index=63&type=chunk) - The group had **no significant outstanding litigation or disputes** as a defendant as of June 30, 2025[64](index=64&type=chunk) [24 Non-Adjusting Events After the Reporting Period](index=32&type=section&id=24%20Non-Adjusting%20Events%20After%20the%20Reporting%20Period) The group paid the 2024 final dividend of **RMB 29.66 million** to shareholders on July 30, 2025 - The group paid the **2024 final dividend of RMB 29.66 million** to shareholders on **July 30, 2025**[65](index=65&type=chunk) [Management Discussion and Analysis](index=33&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an overview of the group's business performance, financial review, and future outlook, highlighting strategic initiatives and industry trends [Overview](index=33&type=section&id=Overview) In H1 2025, China's economy grew **5.3%**, with resilient SMEs; the group, as a comprehensive service provider, focuses on financing guarantees, loans, and consulting for SMEs, aligning with national policies for high-quality development - China's GDP grew **5.3%** year-on-year in H1 2025, with the Small and Medium-sized Enterprise Development Index (SMEDI) at **89.1**, higher than 2023 and 2024 levels[66](index=66&type=chunk)[67](index=67&type=chunk) - The group has transformed into a **comprehensive service provider** rooted in credit, supported by industry, and driven by finance, offering customized solutions for SMEs[68](index=68&type=chunk) - The group will adhere to a "stable and adaptive" work approach, focusing on its core business, balancing development with risk control, and empowering enterprise growth through innovation[68](index=68&type=chunk) [Business Review](index=34&type=section&id=Business%20Review) The group's H1 2025 business review shows a decline in net guarantee fee income and outstanding guarantees, while entrusted loans grew and small loans decreased, with continued internal control strengthening and AI platform launch [Guarantee Business](index=34&type=section&id=Guarantee%20Business) As of June 30, 2025, the group's outstanding net guarantee balance decreased **17.60%** to **RMB 6,207.64 million**, and net guarantee fee income fell **26.41%** due to reduced outstanding balances and stricter admission standards Guarantee Business Summary | Metric | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Outstanding Net Guarantee Balance | 6,207.64 | 7,533.25 | -17.60% | | Net Guarantee Fee Income (H1) | 86.04 | 116.92 | -26.41% | - The decline in guarantee fee income is primarily due to **reduced outstanding financing guarantee balances**, **tightened guarantee admission standards**, and **decreased deferred income** from the transition between old and new business entities[84](index=84&type=chunk) [SME Lending Business](index=35&type=section&id=SME%20Lending%20Business) The group's SME lending business saw entrusted loans increase **4.58%** to **RMB 403.12 million**, while small loans decreased **10.10%** to **RMB 654.06 million**, resulting in a **5.43%** year-on-year decline in net interest income SME Lending Business Summary | Loan Type | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Entrusted Loan Balance | 403.12 | 385.46 | +4.58% | | Small Loan Balance | 654.06 | 727.41 | -10.10% | | Net Interest Income (H1) | 44.56 | 47.12 | -5.43% | - Entrusted loans have a **monthly fixed interest rate range of 0.5% to 1.15%**, while small loans have a **monthly fixed interest rate range of 0.55% to 2%**[71](index=71&type=chunk)[72](index=72&type=chunk) [Internal Control](index=37&type=section&id=Internal%20Control) The group has established comprehensive internal control policies for guarantee, entrusted loan, and small loan businesses, covering pre-approval, post-lending monitoring, risk assessment, collateral management, and overdue collection - Guarantee business implements **post-event management procedures**, including regular and special post-guarantee monitoring, risk assessment, collateral management, and a **five-level risk classification system**[75](index=75&type=chunk)[76](index=76&type=chunk)[77](index=77&type=chunk) - Entrusted loan business approval involves **project managers, legal reviewers, and the Executive Committee Chairman**, with post-lending management including regular client visits, risk assessment, repayment plan formulation, and collection procedures for overdue loans[78](index=78&type=chunk)[79](index=79&type=chunk)[80](index=80&type=chunk) - Small loan business approval is handled by the **Risk Management Department and Review Committee**, with post-lending management including maturity reminders, overdue visits, repayment plan negotiations, and recourse or collateral foreclosure for overdue loans[81](index=81&type=chunk) [Major Business Activities During the Period](index=43&type=section&id=Major%20Business%20Activities%20During%20the%20Period) In H1 2025, the group facilitated its first cross-city loan transfer, undertook the "Urban Industrial Financing Risk Compensation Fund Project," issued a land reclamation guarantee for a highway project, and launched an AI intelligent platform based on DeepSeek+Qwen3 - Successfully facilitated **Yunfu City's first cross-city loan transfer** for enterprises, alleviating local business difficulties[82](index=82&type=chunk) - Undertook the **Foshan Chancheng "Urban Industrial Financing Risk Compensation Fund Project,"** promoting industrial and financial integration[82](index=82&type=chunk) - Issued a **land reclamation guarantee** for a temporary land use project in Yunfu City, supporting cost reduction and efficiency improvement for real enterprises[82](index=82&type=chunk) - Launched its **self-developed AI intelligent platform**, based on DeepSeek+Qwen3, focusing on financial services, risk prevention, and office efficiency, marking entry into the era of AI-driven intelligence[83](index=83&type=chunk) [Financial Review](index=44&type=section&id=Financial%20Review) The group's H1 2025 financial performance saw reduced revenue and pre-tax profit, mainly from lower net guarantee and interest income, but was partially offset by decreased impairment losses and narrower associate losses, with period profit up but attributable profit down [Net Guarantee Fee Income](index=44&type=section&id=Net%20Guarantee%20Fee%20Income) Net guarantee fee income decreased **26.41%** year-on-year to **RMB 86.04 million**, primarily due to reduced outstanding guarantee balances, cautious business deployment, and lower deferred guarantee fee income Net Guarantee Fee Income Summary | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Net Guarantee Fee Income | 86.04 | 116.92 | -26.41% | - The decline is due to **reduced outstanding financing guarantee balances**, **tightened guarantee admission standards**, and **decreased deferred income** from the transition between old and new business entities[84](index=84&type=chunk) [Net Interest Income](index=44&type=section&id=Net%20Interest%20Income) Net interest income decreased **5.43%** year-on-year to **RMB 44.56 million**, with entrusted loan interest income rising **22.73%**, but small loan interest income falling **10.41%**, and bank cash/deposit interest income decreasing **26.07%** Net Interest Income Summary | Item | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Net Interest Income | 44.56 | 47.12 | -5.43% | | Interest Income from Entrusted Loan Business | 13.77 | 11.22 | +22.73% | | Interest Income from Small Loan Business | 30.30 | 33.82 | -10.41% | | Interest Income from Factoring Business | 10.20 | 9.97 | +2.31% | | Interest Income from Bank Cash and Deposits | 5.36 | 7.25 | -26.07% | - The decrease in interest income from bank cash and deposits is mainly due to the **Central Bank's reduction of commercial bank deposit benchmark interest rates**[90](index=90&type=chunk) [Consulting and Other Business Income](index=45&type=section&id=Consulting%20and%20Other%20Business%20Income) Consulting and other business income decreased **17.54%** year-on-year to **RMB 10.86 million**, primarily due to a **64.59%** drop in consulting business income, which was not fully offset by a **34.16%** increase in supply chain business income Consulting and Other Business Income Summary | Item | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Consulting and Other Business Income | 10.86 | 13.17 | -17.54% | | Supply Chain Business Income | 8.42 | 6.28 | +34.16% | | Consulting Business Income | 2.44 | 6.89 | -64.59% | [Other Income](index=45&type=section&id=Other%20Income) Other income significantly decreased **81.64%** year-on-year to **RMB 1.12 million**, mainly due to a decline in investment income from debt investments Other Income Summary | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Other Income | 1.12 | 6.10 | -81.64% | - The decrease is primarily due to a **decline in investment income from debt investments**[87](index=87&type=chunk) [Share of Loss of Associates](index=45&type=section&id=Share%20of%20Loss%20of%20Associates) Share of loss of associates decreased **41.57%** year-on-year to **RMB 4.09 million**, mainly due to the recovery in operations of some investee companies Share of Loss of Associates Summary | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Share of Loss of Associates | 4.09 | 7.00 | -41.57% | - The reduction in loss is mainly due to the **recovery in operations of some investee companies**[88](index=88&type=chunk) [Guarantee Compensation Provisions](index=45&type=section&id=Guarantee%20Compensation%20Provisions) Guarantee compensation provisions significantly decreased **83.77%** year-on-year to **RMB 3.44 million**, primarily due to a reduction in the group's outstanding net guarantee balance compared to the same period Guarantee Compensation Provisions Summary | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Guarantee Compensation Provisions | 3.44 | 21.20 | -83.77% | - The decrease in provisions is mainly due to a **reduction in the outstanding net guarantee balance**[89](index=89&type=chunk) [Impairment Losses](index=46&type=section&id=Impairment%20Losses) Impairment losses decreased **23.76%** year-on-year to **RMB 45.79 million**, primarily due to a reversal of impairment losses on loans and advances Impairment Losses Summary | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Impairment Losses | 45.79 | 60.06 | -23.76% | - The decrease in impairment losses is mainly due to a **reversal of impairment losses on loans and advances**[91](index=91&type=chunk) [Operating Expenses](index=46&type=section&id=Operating%20Expenses) Operating expenses remained stable year-on-year at **RMB 59.99 million** Operating Expenses Summary | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Expenses | 59.99 | 60.50 | -0.84% | [Profit Before Tax](index=46&type=section&id=Profit%20Before%20Tax) Profit before tax decreased **5.44%** year-on-year to **RMB 37.36 million**, primarily impacted by lower revenue Profit Before Tax Summary | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Profit Before Tax | 37.36 | 39.51 | -5.44% | [Income Tax](index=46&type=section&id=Income%20Tax) Income tax decreased **24.76%** year-on-year to **RMB 11.00 million**, primarily due to reduced taxable profit Income Tax Summary | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Income Tax | 11.00 | 14.62 | -24.76% | - The decrease in income tax is primarily due to **reduced taxable profit**[94](index=94&type=chunk) [Profit for the Period and Profit Attributable to Equity Holders of the Company](index=47&type=section&id=Profit%20for%20the%20Period%20and%20Profit%20Attributable%20to%20Equity%20Holders%20of%20the%20Company) Profit for the period increased **5.91%** year-on-year to **RMB 26.36 million**, while profit attributable to equity holders of the company decreased **3.98%** to **RMB 20.76 million**, with net profit margin rising from **14.04%** to **18.63%** Profit for the Period and Attributable Profit Summary | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Profit for the Period | 26.36 | 24.89 | +5.91% | | Profit Attributable to Equity Holders of the Company | 20.76 | 21.62 | -3.98% | | Net Profit Margin | 18.63% | 14.04% | +4.59pp | [Capital Expenditure](index=47&type=section&id=Capital%20Expenditure) Capital expenditure slightly decreased year-on-year to **RMB 0.92 million**, mainly for office equipment and R&D expenses for business operating system enhancements Capital Expenditure Summary | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Capital Expenditure | 0.92 | 0.97 | -5.15% | - Capital expenditure is primarily related to the **acquisition of office equipment** and **R&D expenses for enhancing business operating systems**[96](index=96&type=chunk) [Capital Commitments and Contingent Liabilities](index=47&type=section&id=Capital%20Commitments%20and%20Contingent%20Liabilities) As of June 30, 2025, the group had no significant capital commitments or contingent liabilities - The group had **no significant capital commitments or contingent liabilities** as of June 30, 2025[97](index=97&type=chunk) [Pledge of Assets](index=47&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, the group had not pledged any assets to obtain bank credit or loans - The group had **not pledged any assets** to obtain bank credit or bank loans as of June 30, 2025[98](index=98&type=chunk) [Interim Dividend](index=47&type=section&id=Interim%20Dividend) The Board recommended no interim dividend for the six months ended June 30, 2025 - The Board recommended **no interim dividend** for the six months ended June 30, 2025[99](index=99&type=chunk) [Outlook and Future Business Development of the Group](index=48&type=section&id=Outlook%20and%20Future%20Business%20Development%20of%20the%20Group) For H2, China's economy is expected to remain stable; the group will formulate its "15th Five-Year Plan" focusing on ecological cooperation, industrial deep cultivation, and digital intelligence to become a leading integrated industrial ecosystem service group [(I) Industry Development Trends](index=48&type=section&id=(I)%20Industry%20Development%20Trends) The Chinese government actively supports SME financing and inclusive finance through policy measures, with the financing guarantee industry transitioning from "scale expansion" to "quality improvement" and prioritizing digital transformation - Eight departments, including the National Financial Regulatory Administration, issued **23 measures to support SME financing**, aiming to improve their financing conditions[101](index=101&type=chunk) - The People's Bank of China lowered **re-lending rates by 0.25 percentage points** and **financial institution reserve requirement ratios by 0.5 percentage points** to encourage greater support for the real economy[103](index=103&type=chunk) - The financing guarantee industry is shifting from **"scale expansion" to "quality improvement,"** focusing on specialized, refined, unique, and innovative enterprises, technological innovation, and green development, with **digital transformation** being key to enhancing competitiveness[105](index=105&type=chunk) [(II) Group Development Strategy](index=51&type=section&id=(II)%20Group%20Development%20Strategy) The group's preliminary "15th Five-Year Plan" outlines a strategy of ecological cooperation, industrial deep cultivation, and digital intelligence, aiming to build a leading integrated industrial ecosystem service group with guarantee enhancement, financial facilitation, and equity investment - The group has formulated its preliminary **"15th Five-Year Plan,"** positioning itself as a **"nationally leading integrated industrial ecosystem service group"** combining financing, intelligence, and business integration[107](index=107&type=chunk) - The development path includes **ecological cooperation, synergistic sharing, industrial deep cultivation, and digital intelligence**[107](index=107&type=chunk) - The new business development framework is based on **guarantee enhancement**, driven by **financial facilitation and value-added services**, and opportunistic **equity investments**[107](index=107&type=chunk) [Other Information](index=52&type=section&id=Other%20Information) This section provides additional information on the group's capital structure, liquidity, financial resources, significant investments, human resources, and corporate governance [Capital Structure, Liquidity and Financial Resources](index=52&type=section&id=Capital%20Structure,%20Liquidity%20and%20Financial%20Resources) The group maintains a robust capital structure, balancing shareholder returns and risk, with **RMB 899.78 million** in cash and bank balances, reduced interest-bearing debt, and a **38.81%** debt-to-asset ratio, while managing foreign exchange risk without hedging [Capital Structure](index=52&type=section&id=Capital%20Structure) The group's primary capital management objective is to ensure continuous operation and provide returns to shareholders and stakeholders through risk-aligned pricing and reasonable financing costs - The group's primary objective is to ensure **continuous operation** and provide returns to shareholders and stakeholders through **risk-aligned pricing and reasonable financing costs**[108](index=108&type=chunk) [Foreign Exchange Risk](index=52&type=section&id=Foreign%20Exchange%20Risk) Operating primarily in RMB, with most cash and deposits in RMB subject to foreign exchange controls, the group holds minor HKD and USD bank deposits, facing foreign exchange risk without a hedging policy - The group primarily operates in **RMB**, and the remittance of RMB out of China is subject to **foreign exchange control restrictions**[109](index=109&type=chunk) - The group holds **minor HKD and USD denominated bank deposits**, facing foreign exchange risk, but currently has **no foreign currency hedging policy**[109](index=109&type=chunk) [Liquidity and Capital Resources](index=52&type=section&id=Liquidity%20and%20Capital%20Resources) The group's liquidity and capital needs are for subsidiary investments, loan disbursements, default payments, and working capital, funded by shareholder contributions, operating cash flow, and bank borrowings, with **RMB 899.78 million** in cash and bank balances as of June 30, 2025 - Liquidity and capital needs are primarily for **subsidiary registered capital investments, loan disbursements, default payments, and working capital**[110](index=110&type=chunk) - Funding sources primarily include **shareholder contributions, operating cash flow, and bank borrowings**[110](index=110&type=chunk) Cash and Bank Balances | Metric | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :--- | :--- | | Cash and Bank Balances | 899.78 | 887.15 | [Indebtedness](index=53&type=section&id=Indebtedness) As of June 30, 2025, the group's interest-bearing borrowings were **RMB 325.31 million**, bonds payable **RMB 509.65 million**, and other financial instruments **RMB 157.49 million**, with the debt-to-asset ratio decreasing to **38.81%** due to reduced interest-bearing debt and fair value changes Indebtedness Summary | Debt Type | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :--- | :--- | | Interest-Bearing Borrowings | 325.31 | 359.85 | | Bonds Payable | 509.65 | 509.33 | | Other Financial Instruments | 157.49 | 149.49 | | Financial Liabilities at Fair Value Through Profit or Loss | 7.16 | 10.70 | | Lease Liabilities | 15.40 | 17.08 | Debt-to-Asset Ratio | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Debt-to-Asset Ratio | 38.81% | 39.22% | - The decrease in the debt-to-asset ratio is primarily due to **reduced interest-bearing borrowings** and **fair value changes in financial liabilities** arising from interests in jointly controlled trust schemes[112](index=112&type=chunk) [Off-Balance Sheet Arrangements](index=53&type=section&id=Off-Balance%20Sheet%20Arrangements) The group enters into guarantee contracts with off-balance sheet risks in its ordinary course of business, with total outstanding guarantees of **RMB 6,207.64 million** as of June 30, 2025, and no other off-balance sheet arrangements Total Outstanding Guarantees | Metric | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :--- | :--- | | Total Outstanding Guarantees | 6,207.64 | 7,533.25 | - Apart from guarantee contracts, the group had **no other off-balance sheet arrangements** as of June 30, 2025[113](index=113&type=chunk) [Significant Investments](index=53&type=section&id=Significant%20Investments) As of June 30, 2025, the group held no other significant investments beyond the major business activities disclosed in the management discussion and analysis - The group held **no significant investments** as of June 30, 2025, other than the major business activities already disclosed[114](index=114&type=chunk) [Significant Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures](index=53&type=section&id=Significant%20Acquisitions%20and%20Disposals%20of%20Subsidiaries,%20Associates%20and%20Joint%20Ventures) For the six months ended June 30, 2025, the group did not undertake any significant acquisitions or disposals of subsidiaries, associates, or joint ventures - For the six months ended June 30, 2025, the group undertook **no significant acquisitions or disposals** of subsidiaries, associates, or joint ventures[115](index=115&type=chunk) [Future Plans for Material Investments or Capital Assets](index=54&type=section&id=Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) As of June 30, 2025, the group had no specific future plans regarding material investments or capital assets - The group had **no specific future plans** regarding material investments or capital assets as of June 30, 2025[116](index=116&type=chunk) [Events After the Reporting Period](index=54&type=section&id=Events%20After%20the%20Reporting%20Period) From June 30, 2025, to the date of this announcement, the group had no other significant events after the reporting period - From June 30, 2025, to the date of this announcement, the group had **no other significant events** after the reporting period[117](index=117&type=chunk) [Human Resources](index=54&type=section&id=Human%20Resources) As of June 30, 2025, the group had **287 employees**, with **87%** holding bachelor's degrees or higher, and staff costs decreased **8.01%** to **RMB 34.43 million**, with efforts to attract and retain talent through competitive compensation and training Human Resources Summary | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Employees | 287 | 291 | | Proportion of Employees with Bachelor's Degree or Above | 87% | N/A | Staff Costs | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | | :--- | :--- | :--- | | Staff Costs | 34.43 | 37.42 | - The group attracts, retains talent, and enhances employee loyalty through **salaries, bonuses, benefits, allowances, and annual training**[118](index=118&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=54&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%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 its subsidiaries **purchased, sold, or redeemed any of the company's listed securities**[119](index=119&type=chunk) - As of June 30, 2025, the company held **no treasury shares**[119](index=119&type=chunk) [Audit Committee](index=55&type=section&id=Audit%20Committee) The Board's Audit Committee, comprising five members with Mr. Wu Xiangneng as Chairman, reviewed the unaudited consolidated interim financial statements for H1 2025, which were also reviewed by KPMG - The Audit Committee consists of **five members**, with **Mr. Wu Xiangneng** serving as Chairman[120](index=120&type=chunk) - The Audit Committee reviewed the interim financial statements, which were also reviewed by **KPMG**[120](index=120&type=chunk) [Corporate Governance](index=55&type=section&id=Corporate%20Governance) The company adheres to the Corporate Governance Code in Appendix C1 of the Listing Rules, with the Board deeming the combined role of Chairman and CEO beneficial for stable leadership and efficient strategy execution, despite deviating from a specific code provision - The company complies with the **Corporate Governance Code in Appendix C1 of the Listing Rules**[121](index=121&type=chunk) - The roles of Chairman and CEO are combined, deviating from **Code Provision C.2.1**, but the Board believes this arrangement fosters **stable leadership and efficient strategy execution**[121](index=121&type=chunk) [Standard Code for Securities Transactions](index=55&type=section&id=Standard%20Code%20for%20Securities%20Transactions) The company adopted the Standard Code for Securities Transactions by Directors of Listed Issuers, with all directors and supervisors confirming compliance for H1 2025 - The company adopted the **Standard Code for Securities Transactions by Directors of Listed Issuers**[122](index=122&type=chunk) - All directors and supervisors confirmed **compliance with the Standard Code** for the period[122](index=122&type=chunk) [Interim Dividend](index=56&type=section&id=Interim%20Dividend) The Board recommended no interim dividend for the six months ended June 30, 2025 - The Board recommended **no interim dividend** for the six months ended June 30, 2025[123](index=123&type=chunk) [Interim Report](index=56&type=section&id=Interim%20Report) The company's interim report for the six months ended June 30, 2025, will be dispatched to shareholders in September 2025 and available on the HKEX and company websites - The interim report will be **dispatched to shareholders in September 2025** and available on the **HKEX website and the company's website**[124](index=124&type=chunk) [By Order of the Board](index=56&type=section&id=By%20Order%20of%20the%20Board) This announcement was issued by Mr. Wu Liejin, Chairman of the Board, on August 28, 2025, on behalf of a Board comprising executive, non-executive, and independent non-executive directors - The announcement was issued by **Mr. Wu Liejin, Chairman of the Board**, on **August 28, 2025**[125](index=125&type=chunk) - The Board comprises **executive, non-executive, and independent non-executive directors**[125](index=125&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 Guangdong Join-Share Financing Guarantee Investment Co., Ltd.* 廣東中盈盛達融資擔保投資股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1543） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條的規定而發表。附 件為廣東中盈盛達融資擔保投資股份有限公司於深圳證券交易所(www.szse.cn)刊 發之《廣東中盈盛達融資擔保投資股份有限公司公司債券半年度報告（2025年）》。 承董事會命 廣東中盈盛達融資擔保投資股份有限公司 吳列進 * 僅供識別 广东中盈盛达融资担保投资股份有限公司公司债券 2025 半年度报告 广东中盈盛达融资担保投资股份有限公司公司债券半年度报 告 （2025 年） 2025 年 08 月 1 广东中盈盛达融资担保投资股份有限公司公司债券 2025 半年度报告 重要提示 ...