Core Viewpoint - The company reported a decline in revenue but achieved profitability due to strategic asset management and operational improvements [1] Financial Performance - Revenue for the first half of 2025 was HKD 612 million, a decrease of 25% year-on-year [1] - Profit attributable to shareholders was HKD 20.683 million, compared to a loss of HKD 138.6 million in the same period last year [1] - Basic earnings per share were HKD 0.031 [1] Business Strategy - The company is steadily advancing its distributed generation market layout, leveraging the strong business network of its controlling shareholder [1] - Ongoing project construction and operational commencement are expected to strengthen the business foundation and improve future profitability [1] - The company is focused on optimizing its business structure and enhancing operational efficiency to achieve long-term development goals [1] Asset Management - Strategic asset management measures have been successfully implemented, leading to effective financial cost reduction and a turnaround from loss to profit [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的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而 引致之任何損失承擔任何責任。 VPOWER GROUP INTERNATIONAL HOLDINGS LIMITED 偉 能 集 團 國 際 控 股 有 限 公 司 ( 於開曼群島註冊成立之有限公司 ) (股份代號 ： 1608) 董事的變更 董事 會 宣布 董 事會 已通 過 決議 案 ，下 列變 更 自2025年9月 1日 起生 效： 辭任董事 偉能 集 團國 際 控股 有限 公 司 (「本公司 」，連 同 其附 屬 公司，「本集團 」)董 事會(「董 事 會 」)宣布，陸衛軍先 生(「陸 先 生 」)因其 他 工作 承 擔，已提 出 辭任 本 公司 執行 董 事，自2025年 9月 1日 起生 效。 陸先 生 已確 認 彼與 董事 會 之間 並 無意 見分 歧 ，且 概 無有 關彼 辭 任的 其 他事 宜須 敦 請本 公 司股 東(「股 東 」)垂 注。 董事 會 謹此 感 謝 陸 先生 在 任期 內 對本 公司 的 寶貴 貢 ...

[Summary](index=1&type=section&id=Summary) Company's H1 2025 revenue decreased by 25.0% to HKD 612.1 million, but achieved a turnaround to profit attributable to owners of the company of approximately HKD 20.7 million through asset sales and reduced interest expenses, with gross margin improving to 20.0% 2025 H1 Key Financial Summary | Metric | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 612,100 | 816,567 | -25.0% | | SI Business Revenue | 150,200 | N/A | -56.5% | | IBO Business Revenue | 461,900 | N/A | -2.0% | | Gross Profit | 122,400 | 140,549 | -12.9% | | Gross Margin | 20.0% | N/A | Improved | | Profit/(Loss) attributable to owners of the company | 20,700 | (138,599) | Turned profitable | [Condensed Consolidated Financial Statements](index=2&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for the six months ended June 30, 2025, including the income statement, statement of comprehensive income, and statement of financial position, compared with 2024 data [Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For H1 2025, revenue decreased by 25.0% to HKD 612.1 million, but the company achieved a pre-tax profit of HKD 21.7 million, reversing last year's loss Condensed Consolidated Statement of Profit or Loss Key Data | Metric | 2025 (HKD thousands) | 2024 (HKD thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 612,100 | 816,567 | -25.0% | | Cost of sales | (489,707) | (676,018) | -27.5% | | Gross Profit | 122,393 | 140,549 | -12.9% | | Other income and gains, net | 169,375 | 30,845 | +450.0% | | Selling and distribution expenses | (9,342) | (5,644) | +65.5% | | Administrative expenses | (116,371) | (152,885) | -23.9% | | Other expenses, net | (54,319) | (7,844) | +592.5% | | Finance costs | (106,800) | (140,708) | -24.1% | | Profit/(Loss) before tax | 21,689 | (131,574) | Turned profitable | | Profit/(Loss) for the period | 21,067 | (138,303) | Turned profitable | | Profit/(Loss) attributable to owners of the company | 20,683 | (138,599) | Turned profitable | | Basic earnings/(loss) per share | 0.31 HK cents | (2.08) HK cents | Turned profitable | [Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For H1 2025, total comprehensive income was HKD 63.9 million, driven by profit for the period and positive exchange differences on overseas operations Condensed Consolidated Statement of Comprehensive Income Key Data | Metric | 2025 (HKD thousands) | 2024 (HKD thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Profit/(Loss) for the period | 21,067 | (138,303) | Turned profitable | | Exchange differences on translation of overseas operations | 42,852 | (40,010) | Turned from negative to positive | | Total comprehensive income/(loss) for the period | 63,919 | (178,313) | Turned profitable | | Attributable to owners of the company | 63,535 | (178,609) | Turned profitable | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets less current liabilities slightly increased, with net assets rising to HKD 1,645.3 million, reflecting asset disposal activities Condensed Consolidated Statement of Financial Position Key Data | Metric | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change | | :--- | :--- | :--- | :--- | | Total non-current assets | 1,660,772 | 1,629,773 | +1.9% | | Total current assets | 3,930,614 | 4,231,051 | -7.1% | | Assets held for sale | 415,463 | 969,328 | -57.1% | | Total current liabilities | 3,782,278 | 4,073,795 | -7.2% | | Net current assets | 148,336 | 157,256 | -5.6% | | Total assets less current liabilities | 1,809,108 | 1,787,029 | +1.2% | | Total non-current liabilities | 163,773 | 205,613 | -20.4% | | Net assets | 1,645,335 | 1,581,416 | +4.0% | | Total equity | 1,645,335 | 1,581,416 | +4.0% | [Notes to the Financial Statements](index=6&type=section&id=Notes%20to%20the%20Financial%20Statements) This section details the basis of preparation, accounting policies, operating segment information, income and expenses, and key balance sheet items, providing supplementary financial insights [Company and Group Information](index=6&type=section&id=Company%20and%20Group%20Information) The company designs, integrates, sells, and installs engine-based generator sets and provides distributed power solutions, with CNTIC as its direct holding company - Company's main businesses are generator set design, integration, sales, and installation (SI business) and distributed power solutions (IBO business)[11](index=11&type=chunk) - The company's direct holding company is CNTIC, and the ultimate holding company is China General Technology (Group) Holding Co., Ltd[11](index=11&type=chunk) [Basis of Preparation](index=6&type=section&id=Basis%20of%20Preparation) Financial statements are prepared under HKAS 34 on a going concern basis, despite significant loan repayment uncertainties, as management has plans to improve liquidity [Going Concern Basis](index=6&type=section&id=Going%20Concern%20Basis) Despite significant uncertainty regarding HKD 1,736.5 million in bank and other borrowings, the board believes the company can continue as a going concern through asset sales and shareholder support - The company faces significant uncertainty regarding the repayment of **HKD 1,736.5 million** in bank and other borrowings according to the repayment schedule[13](index=13&type=chunk) - Management has taken measures including selling power generation assets, leveraging holding shareholder resources to accelerate new projects, and negotiating with creditor banks to extend loan maturities to improve liquidity[13](index=13&type=chunk) [Consolidation Basis](index=7&type=section&id=Consolidation%20Basis) These interim financial statements should be read in conjunction with the annual consolidated financial statements for the year ended December 31, 2024 - These interim financial statements should be read in conjunction with the annual consolidated financial statements for the year ended December 31, 2024[15](index=15&type=chunk) [Changes in Accounting Policies and Disclosures](index=7&type=section&id=Changes%20in%20Accounting%20Policies%20and%20Disclosures) Revised Hong Kong Financial Reporting Standards adopted this period have no significant impact on the Group's financial position or performance - The application of revised HKFRS 21 (Lack of Exchangeability) has no significant impact on the financial position and performance[17](index=17&type=chunk) [Operating Segment Information](index=7&type=section&id=Operating%20Segment%20Information) The company is divided into SI and IBO operating segments, with management separately monitoring their performance, covering generator set and distributed power solutions [Segment Revenue](index=8&type=section&id=Segment%20Revenue) In H1 2025, SI business external customer revenue was HKD 150.2 million, and IBO business was HKD 461.9 million, with SI revenue significantly decreasing Segment Revenue (Sales to external customers) | Segment | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | YoY Change | | :--- | :--- | :--- | :--- | | SI | 150,204 | 345,074 | -56.5% | | IBO | 461,896 | 471,493 | -2.0% | | **Total** | **612,100** | **816,567** | **-25.0%** | [Segment Assets and Liabilities](index=8&type=section&id=Segment%20Assets%20and%20Liabilities) As of June 30, 2025, SI segment assets were HKD 2,053.5 million and IBO segment assets were HKD 2,470.6 million, with corresponding liabilities of HKD 960.5 million and HKD 658.8 million Segment Assets and Liabilities (June 30, 2025) | Metric | SI (HKD thousands) | IBO (HKD thousands) | Total (HKD thousands) | | :--- | :--- | :--- | :--- | | Segment Assets | 2,053,475 | 2,470,599 | 4,524,074 | | Segment Liabilities | 960,539 | 658,837 | 1,619,376 | [Revenue by Geographical Location](index=10&type=section&id=Revenue%20by%20Geographical%20Location) In H1 2025, Latin America was the largest revenue source, contributing HKD 354.7 million or 58.0% of total revenue, while Hong Kong and Mainland China revenue decreased Revenue by Geographical Location (H1 2025) | Region | 2025 (HKD thousands) | % of Total Revenue | 2024 (HKD thousands) | % of Total Revenue | | :--- | :--- | :--- | :--- | :--- | | Hong Kong and Mainland China | 59,928 | 8.3% | 181,711 | 20.7% | | Other Asian Countries | 189,601 | 14.9% | 144,970 | 5.4% | | Latin America | 354,723 | 58.0% | 357,014 | 43.7% | | Other Countries | 7,848 | 1.3% | 132,872 | 16.2% | | **Total** | **612,100** | **100.0%** | **816,567** | **100.0%** | [Non-current Assets by Geographical Location](index=10&type=section&id=Non-current%20Assets%20by%20Geographical%20Location) As of June 30, 2025, Hong Kong and Mainland China held the largest share of non-current assets, followed by Latin America, with other Asian countries showing an increase Non-current Assets by Geographical Location (June 30, 2025) | Region | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Hong Kong and Mainland China | 946,892 | 986,959 | | Other Asian Countries | 130,354 | 92,287 | | Latin America | 491,632 | 443,016 | | Other Countries | 45,426 | 56,875 | | **Total** | **1,614,304** | **1,579,137** | [Revenue, Other Income and Gains, Net](index=11&type=section&id=Revenue%2C%20Other%20Income%20and%20Gains%2C%20Net) In H1 2025, total revenue was HKD 612.1 million, while other income and gains net significantly increased by 450.0% to HKD 169.4 million, mainly from asset sales Revenue Composition | Segment | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | | :--- | :--- | :--- | | SI | 150,204 | 345,074 | | IBO | 461,896 | 471,493 | | **Total** | **612,100** | **816,567** | Other Income and Gains, Net | Item | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Bank interest income | 2,766 | 386 | +616.6% | | Gain on disposal of property, plant and equipment, net | 149,285 | 1,578 | Significant increase | | Fair value gain on derivative financial instruments | — | 21,391 | Turned from positive to negative | | **Total** | **169,375** | **30,845** | **+450.0%** | [Details of Profit/(Loss) Before Tax Items](index=12&type=section&id=Details%20of%20Profit%2F%28Loss%29%20Before%20Tax%20Items) During the reporting period, depreciation of property, plant and equipment significantly decreased, while depreciation of right-of-use assets substantially increased, and fair value losses were recorded Key Items of Profit/(Loss) Before Tax | Item | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Depreciation of property, plant and equipment | 28,287 | 117,561 | -75.9% | | Depreciation of right-of-use assets | 40,176 | 6,378 | +530.0% | | Fair value loss on derivative financial instruments | 1,802 | — | New loss | | Foreign exchange differences, net | 4,641 | 6,861 | -32.4% | [Income Tax](index=12&type=section&id=Income%20Tax) Income tax expense for H1 2025 was HKD 0.6 million, a significant decrease from HKD 6.7 million in the prior year, with no provision for Hong Kong profits tax and an effective tax rate of 2.9% Income Tax Expense | Item | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | | :--- | :--- | :--- | | Current—Other locations | 2,849 | 5,921 | | Deferred | (1,165) | 279 | | **Total tax expense for the period** | **622** | **6,729** | - The effective tax rate for H1 2025 was **2.9%**, while the prior period was not applicable due to pre-tax loss[69](index=69&type=chunk) [Dividends](index=13&type=section&id=Dividends) The Board resolved not to declare an interim dividend for the six months ended June 30, 2025, consistent with the prior year - The Board resolved not to declare an interim dividend for H1 2025[31](index=31&type=chunk) [Earnings/(Loss) Per Share](index=13&type=section&id=Earnings%2F%28Loss%29%20Per%20Share) Basic earnings per share for H1 2025 was 0.31 HK cents, reversing the basic loss per share of 2.08 HK cents from the same period last year Earnings/(Loss) Per Share | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Basic earnings/(loss) per share | 0.31 HK cents | (2.08) HK cents | | Diluted earnings/(loss) per share | 0.31 HK cents | (2.08) HK cents | - Earnings per share turned profitable, primarily based on profit attributable to owners of the company of **HKD 20.7 million**[33](index=33&type=chunk) [Property, Plant and Equipment](index=13&type=section&id=Property%2C%20Plant%20and%20Equipment) During the reporting period, the Group acquired property, plant and equipment totaling HKD 68.1 million, an increase compared to the same period last year Acquisition of Property, Plant and Equipment | Item | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | | :--- | :--- | :--- | | Acquisition of property, plant and equipment | 68,111 | 25,532 | [Interests in Joint Ventures](index=13&type=section&id=Interests%20in%20Joint%20Ventures) The company holds interests in joint ventures and reclassified Genrent Peru Group as a joint venture due to a revised shareholder agreement - The Group invested approximately **HKD 819.7 million** in Tamar VPower Energy Fund I, L.P[36](index=36&type=chunk) - The Group has ceased to recognise its share of losses in CNTIC VPower as losses exceeded its interest and there is no obligation to incur further losses[37](index=37&type=chunk) - Genrent Peru S.A.C. and VPTM Iquitos S.A.C. were reclassified from subsidiaries to joint ventures due to a revised shareholder agreement[38](index=38&type=chunk) [Trade and Bills Receivables](index=14&type=section&id=Trade%20and%20Bills%20Receivables) As of June 30, 2025, net trade and bills receivables increased to HKD 1,693.1 million, with receivables aged over 360 days accounting for the largest proportion Ageing Analysis of Trade and Bills Receivables (Net of impairment) | Ageing | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Within 90 days | 198,308 | 136,693 | | 91 to 180 days | 4,116 | 6,387 | | 181 to 360 days | 12,968 | 11,322 | | Over 360 days | 1,477,667 | 1,464,292 | | **Total** | **1,693,059** | **1,618,694** | [Trade and Bills Payables](index=15&type=section&id=Trade%20and%20Bills%20Payables) As of June 30, 2025, total trade and bills payables increased to HKD 555.6 million, with payables aged over 360 days representing the largest portion Ageing Analysis of Trade and Bills Payables | Ageing | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Within 90 days | 91,830 | 50,504 | | 91 to 180 days | 8,423 | 1,792 | | 181 to 360 days | 3,450 | 112,548 | | Over 360 days | 451,900 | 338,272 | | **Total** | **555,603** | **503,116** | [Interest-bearing Bank and Other Borrowings](index=15&type=section&id=Interest-bearing%20Bank%20and%20Other%20Borrowings) As of June 30, 2025, total interest-bearing bank and other borrowings decreased by 15.7% to HKD 1,916.1 million, with most borrowings denominated in USD Total Interest-bearing Bank and Other Borrowings | Metric | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change | | :--- | :--- | :--- | :--- | | Total | 1,916,080 | 2,272,193 | -15.7% | Interest-bearing Bank and Other Borrowings by Currency (June 30, 2025) | Currency | Amount (HKD thousands) | | :--- | :--- | | USD | 1,614,118 | | BRL | 128,754 | | HKD | 97,674 | | RMB | 50,787 | | EUR | 24,747 | [Assets Held for Sale](index=16&type=section&id=Assets%20Held%20for%20Sale) The company completed the sale of the second batch of power generation assets to an associate of its controlling shareholder, while the third batch of equipment and assets subject to a buy-back arrangement remain classified as held for sale - The sale of the second batch of equipment, valued at approximately **RMB 660.8 million**, to an associate of the controlling shareholder has been completed[43](index=43&type=chunk) - The third batch of equipment with a carrying amount of **HKD 323.9 million** and buy-back assets totaling **HKD 91.5 million** remain classified as assets held for sale[43](index=43&type=chunk) [Management Discussion and Analysis](index=17&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews H1 2025 market environment, SI and IBO operational performance, future outlook, financial indicator changes, liquidity, and significant transactions [Market Review](index=17&type=section&id=Market%20Review) In H1 2025, global electricity demand grew steadily, driven by AI and manufacturing electrification, with emerging markets showing strong performance and distributed gas power gaining importance - Global electricity demand increased by approximately **3.5%** year-on-year, driven by AI/cloud computing, high temperatures, and manufacturing electrification[44](index=44&type=chunk) - Emerging markets (Southeast Asia, Central Asia, South America) are actively promoting energy structure transformation and enhancing electricity self-sufficiency under the "Belt and Road" framework[44](index=44&type=chunk) - The global energy transition is entering a rational adjustment phase, with oil and gas co-developing with renewable energy, and distributed gas power solutions becoming crucial for stable power supply[45](index=45&type=chunk) [Business Review](index=17&type=section&id=Business%20Review) In H1 2025, the company leveraged its controlling shareholder's network to advance its distributed power market strategy and achieved a turnaround to profit through strategic asset management - Leveraging the controlling shareholder's business network, the company steadily advanced its distributed power market strategy, with projects under construction and implementation[46](index=46&type=chunk) - Strategic asset management measures were implemented, including asset disposals, effectively reducing finance costs and driving a turnaround to profit[46](index=46&type=chunk) [System Integration ("SI") Business](index=17&type=section&id=System%20Integration%20%28%22SI%22%29%20Business) In H1 2025, SI business revenue decreased by 56.5% to HKD 150.2 million, as the company prudently adjusted its strategy due to liquidity pressure, leading to an improved gross margin of 18.5% SI Business Key Data | Metric | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 150,200 | 345,074 | -56.5% | | Gross Profit | 27,700 | N/A | N/A | | Gross Margin | 18.5% | 14.0% | Improved | - Due to liquidity pressure, the company prudently adjusted its resource allocation strategy, temporarily suspending some new projects and focusing resources on existing ones[48](index=48&type=chunk) - The customer portfolio was optimized by selecting high-quality customers with good credit, sound financials, and long-term cooperation potential[48](index=48&type=chunk) [Investment, Build and Operate ("IBO") Business](index=18&type=section&id=Investment%2C%20Build%20and%20Operate%20%28%22IBO%22%29%20Business) In H1 2025, IBO business revenue slightly decreased by 2% to HKD 461.9 million, but gross profit increased by 2.7%, improving the gross margin to 20.5%, with steady progress in key markets IBO Business Key Data | Metric | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 461,900 | 471,493 | -2.0% | | Gross Profit | 94,600 | 92,177 | +2.7% | | Gross Margin | 20.5% | 19.6% | Improved | - Approximately **200 MW** of contracted capacity is operating in the Indonesian market, with three 150 MW power stations in Batam performing exceptionally well[49](index=49&type=chunk) - In Brazil, **61.2 MW** of contracted capacity is operating, with two power stations completing or undergoing diesel-solar hybrid upgrade projects[49](index=49&type=chunk) - Construction of the **100 MW** power station in Uzbekistan is progressing smoothly, with civil works completed and major equipment installed[50](index=50&type=chunk) - The Myanmar project continues to scale down in a complex political environment, with the joint venture assessing asset operating strategies[50](index=50&type=chunk) [Significant Investments](index=19&type=section&id=Significant%20Investments) The Group's total investment cost in Tamar VPower Energy Fund I, L.P., a joint venture with CITIC Pacific, was approximately HKD 819.7 million as of June 30, 2025, representing about 12.4% of total assets - The Group's total investment cost in Tamar VPower Energy Fund I, L.P. is approximately **HKD 819.7 million**, with a carrying amount of approximately **HKD 692.9 million**[51](index=51&type=chunk) - Fund investments account for approximately **12.4%** of the Group's total assets, with returns expected through an investment disposal plan[51](index=51&type=chunk) [Outlook](index=19&type=section&id=Outlook) The company anticipates an accelerated structural transformation in the global energy industry, with electricity as a core driver, and plans to expand overseas, optimize asset operations, and leverage SI technical advantages [IBO Business Outlook](index=19&type=section&id=IBO%20Business%20Outlook) The IBO business will expand its overseas footprint, focusing on stable markets, optimizing asset operational efficiency, and bringing projects under construction into operation - The IBO business will continue to expand its overseas footprint, focusing on markets with stable policies or growing electricity demand[52](index=52&type=chunk) - Optimize existing asset operational efficiency and ensure projects under construction are brought into operation as scheduled to improve overall asset returns[52](index=52&type=chunk) - The Uzbekistan project is expected to commence operations in the second half of the year, while Indonesian and Brazilian assets will enhance efficiency through technological upgrades and operational optimization[52](index=52&type=chunk) [SI Business Outlook](index=19&type=section&id=SI%20Business%20Outlook) The SI business will leverage its technical advantages and market network to target high-potential customer groups, prudently improving its customer portfolio and capital utilization efficiency - The SI business will leverage its technical advantages and market network to target high-potential customer groups such as data centers, smart cities, and industrial electrification projects[53](index=53&type=chunk) - Prudently improve the customer portfolio, enhance project success rates and capital utilization efficiency, and further improve gross margin and profitability[53](index=53&type=chunk) [Financial Performance Analysis](index=20&type=section&id=Financial%20Performance%20Analysis) This section analyzes the changes in the company's financial indicators for H1 2025, including revenue, cost of sales, gross profit, various expenses, finance costs, and income tax [Revenue](index=20&type=section&id=Revenue) Total revenue for H1 2025 was HKD 612.1 million, a 25.0% year-on-year decrease, primarily due to reduced SI business revenue Revenue by Business Segment | Segment | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | YoY Change | | :--- | :--- | :--- | :--- | | SI | 150,204 | 345,074 | -56.5% | | IBO | 461,896 | 471,493 | -2.0% | | **Total** | **612,100** | **816,567** | **-25.0%** | [Revenue by Geographical Location](index=20&type=section&id=Revenue%20by%20Geographical%20Location) SI business revenue significantly decreased in Hong Kong and Mainland China but grew substantially in other Asian countries, while IBO business revenue saw growth in Indonesia SI Business Revenue by Geographical Location | Region | H1 2025 (HKD thousands) | % of SI Total Revenue | H1 2024 (HKD thousands) | % of SI Total Revenue | | :--- | :--- | :--- | :--- | :--- | | Hong Kong and Mainland China | 50,752 | 33.8% | 168,942 | 49.0% | | Other Asian Countries | 91,604 | 61.0% | 43,954 | 12.7% | | Other Countries | 7,848 | 5.2% | 132,178 | 38.3% | | **Total** | **150,204** | **100.0%** | **345,074** | **100.0%** | IBO Business Revenue by Geographical Location | Region | H1 2025 (HKD thousands) | % of IBO Total Revenue | H1 2024 (HKD thousands) | % of IBO Total Revenue | | :--- | :--- | :--- | :--- | :--- | | Brazil | 354,724 | 76.8% | 357,013 | 75.7% | | Indonesia | 74,332 | 16.1% | 48,404 | 10.3% | | Myanmar | 23,665 | 5.1% | 52,612 | 11.2% | | China | 9,175 | 2.0% | 12,769 | 2.7% | | United Kingdom | — | — | 695 | 0.1% | | **Total** | **461,896** | **100.0%** | **471,493** | **100.0%** | [Cost of Sales](index=21&type=section&id=Cost%20of%20Sales) Cost of sales for H1 2025 was HKD 489.7 million, a year-on-year decrease of HKD 186.3 million, primarily due to reduced SI business cost of sales Cost of Sales | Metric | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Cost of sales | 489,707 | 676,018 | -27.5% | [Gross Profit and Gross Margin](index=21&type=section&id=Gross%20Profit%20and%20Gross%20Margin) Gross profit for H1 2025 was HKD 122.4 million, a 12.9% year-on-year decrease, while gross margin improved from 17.2% to 20.0%, mainly driven by SI sales Gross Profit and Gross Margin | Segment | H1 2025 Gross Profit (HKD thousands) | H1 2025 Gross Margin | H1 2024 Gross Profit (HKD thousands) | H1 2024 Gross Margin | | :--- | :--- | :--- | :--- | :--- | | SI | 27,746 | 18.5% | 48,372 | 14.0% | | IBO | 94,647 | 20.5% | 92,177 | 19.6% | | **Total** | **122,393** | **20.0%** | **140,549** | **17.2%** | [Profit/(Loss) Before Tax](index=22&type=section&id=Profit%2F%28Loss%29%20Before%20Tax) H1 2025 saw a pre-tax profit of HKD 21.7 million, reversing the HKD 131.6 million loss from the prior year, mainly due to asset sales and reduced interest expenses Profit/(Loss) Before Tax | Metric | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Profit/(Loss) before tax | 21,700 | (131,600) | Turned profitable | - The turnaround to profit was primarily due to other income generated from the sale of power generation assets to an associate of the controlling shareholder and reduced interest expenses from repaying bank borrowings[63](index=63&type=chunk) [Other Income and Gains, Net](index=22&type=section&id=Other%20Income%20and%20Gains%2C%20Net) Other income and gains, net, significantly increased by 450.0% to HKD 169.4 million in H1 2025, primarily driven by gains from the disposal of property, plant and equipment Other Income and Gains, Net | Metric | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Other income and gains, net | 169,400 | 30,800 | +450.0% | - The increase was primarily due to gains from the disposal of property, plant and equipment[64](index=64&type=chunk) [Selling and Distribution Expenses](index=22&type=section&id=Selling%20and%20Distribution%20Expenses) Selling and distribution expenses increased by 65.5% to HKD 9.3 million in H1 2025 Selling and Distribution Expenses | Metric | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Selling and distribution expenses | 9,300 | 5,600 | +65.5% | [Administrative Expenses](index=22&type=section&id=Administrative%20Expenses) Administrative expenses decreased by 23.9% to HKD 116.4 million in H1 2025, mainly due to reduced depreciation expenses Administrative Expenses | Metric | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Administrative expenses | 116,400 | 152,900 | -23.9% | - The decrease was primarily due to reduced depreciation expenses[66](index=66&type=chunk) [Other Expenses, Net](index=23&type=section&id=Other%20Expenses%2C%20Net) Other expenses, net, significantly increased by 596.2% to HKD 54.3 million in H1 2025, mainly due to increased relocation fees for asset disposal Other Expenses, Net | Metric | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Other expenses, net | 54,300 | 7,800 | +596.2% | - The increase was primarily due to increased relocation fees for the disposal of certain power generation assets[67](index=67&type=chunk) [Finance Costs](index=23&type=section&id=Finance%20Costs) Finance costs decreased by 24.1% to HKD 106.8 million in H1 2025, primarily due to a reduction in total interest-bearing bank borrowings Finance Costs | Metric | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Finance costs | 106,800 | 140,700 | -24.1% | - The decrease was primarily due to a reduction in total interest-bearing bank borrowings[68](index=68&type=chunk) [Income Tax Expense](index=23&type=section&id=Income%20Tax%20Expense) Income tax expense for H1 2025 was HKD 0.6 million, a significant decrease from the prior year, with an effective tax rate of 2.9% Income Tax Expense | Metric | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Income tax expense | 600 | 6,700 | Significant decrease | - The effective tax rate for H1 2025 was **2.9%**[69](index=69&type=chunk) [Profit/(Loss) Attributable to Owners and Earnings/(Loss) Per Share](index=23&type=section&id=Profit%2F%28Loss%29%20Attributable%20to%20Owners%20and%20Earnings%2F%28Loss%29%20Per%20Share) Profit attributable to owners of the company for H1 2025 was HKD 20.7 million, reversing the HKD 138.6 million loss from the prior year, with basic earnings per share of 0.31 HK cents Profit/(Loss) Attributable to Owners and Earnings/(Loss) Per Share | Metric | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Profit/(Loss) attributable to owners of the company | 20,700 | (138,600) | Turned profitable | | Basic earnings/(loss) per share | 0.31 HK cents | (2.08) HK cents | Turned profitable | [Liquidity, Financial and Capital Resources](index=23&type=section&id=Liquidity%2C%20Financial%20and%20Capital%20Resources) As of June 30, 2025, cash and cash equivalents increased to HKD 310.2 million, total bank and other borrowings decreased by 15.7%, and liquidity ratios improved [Liquidity Ratios](index=23&type=section&id=Liquidity%20Ratios) As of June 30, 2025, cash and cash equivalents increased to HKD 310.2 million, total bank and other borrowings decreased by 15.7%, and liquidity ratios improved Liquidity Ratios | Metric | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Cash and cash equivalents (HKD thousands) | 310,195 | 122,808 | +152.6% | | Total bank and other borrowings (HKD thousands) | 1,916,080 | 2,272,193 | -15.7% | | Current ratio | 1.0 | 1.0 | Unchanged | | Gearing ratio | 70.6% | 73.0% | Improved | | Net debt ratio | 96.8% | 135.1% | Improved | [Pledge of Assets](index=24&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, certain inventories, property, plant and equipment, pledged deposits, and equity interests in subsidiaries were pledged as security for the company's bank borrowings - Inventories of approximately **HKD 64.4 million**, property, plant and equipment of **HKD 140.9 million**, pledged deposits of **HKD 0.2 million**, and equity interests in subsidiaries were pledged as security for bank borrowings[73](index=73&type=chunk) [Exchange Rate Fluctuation Risk](index=24&type=section&id=Exchange%20Rate%20Fluctuation%20Risk) The company faces foreign exchange risk as its revenue and payments are denominated in multiple currencies and has established hedging policies to manage this risk - The company's revenue and payments are primarily denominated in USD, EUR, BRL, and other currencies, exposing it to foreign exchange risk[74](index=74&type=chunk) - Hedging policies have been established to manage exchange rate fluctuation risk, with regular monitoring to mitigate related risks[76](index=76&type=chunk) [Contingent Liabilities](index=25&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the company had no contingent liabilities - As of June 30, 2025, the company had no contingent liabilities[77](index=77&type=chunk) [Capital Expenditure](index=25&type=section&id=Capital%20Expenditure) Capital expenditure for H1 2025 was HKD 68.1 million, with HKD 68.0 million allocated to IBO projects Capital Expenditure | Item | H1 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Investment in property, plant and equipment | 68,100 | 76,200 | | Of which for IBO projects | 68,000 | 75,900 | [Treasury Policy](index=25&type=section&id=Treasury%20Policy) The company implemented a treasury policy to control treasury management and financial resources, requiring sufficient cash and bank financing for daily operations and funding needs - A treasury policy has been implemented, requiring sufficient cash and cash equivalents and bank financing to fund daily operations and funding needs[79](index=79&type=chunk) [Significant Acquisitions and Disposals](index=25&type=section&id=Significant%20Acquisitions%20and%20Disposals) The company completed the sale of the second batch of equipment, valued at approximately RMB 660.8 million, to an associate of its controlling shareholder, constituting a very substantial disposal - The sale of the second batch of equipment, valued at approximately **RMB 660.8 million**, to an associate of the controlling shareholder has been completed[80](index=80&type=chunk) - The transaction under the equipment purchase agreement constitutes a connected transaction and a very substantial disposal[80](index=80&type=chunk) [Employees](index=25&type=section&id=Employees) As of June 30, 2025, the company had 401 employees, an increase from 2024, with remuneration based on performance, experience, and industry practice, and training provided Number of Employees | Metric | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Number of employees | 401 | 380 | +21 | - The company remunerates employees based on performance, experience, and industry practice, and provides internal and external training[81](index=81&type=chunk) [Other Information](index=26&type=section&id=Other%20Information) This section provides other important information for the reporting period, including interim dividend policy, post-reporting events, corporate governance, and account review [Interim Dividend](index=26&type=section&id=Interim%20Dividend) The Board resolved not to declare an interim dividend for the six months ended June 30, 2025 - The Board resolved not to declare an interim dividend for H1 2025[82](index=82&type=chunk) [Events After Reporting Period](index=26&type=section&id=Events%20After%20Reporting%20Period) There were no significant events after the reporting period up to the date of this announcement - There were no significant events after the reporting period up to the date of this announcement[83](index=83&type=chunk) [Corporate Governance](index=26&type=section&id=Corporate%20Governance) For H1 2025, the company complied with all applicable code provisions of the Corporate Governance Code set out in Appendix C1 to the Listing Rules - The company complied with all applicable code provisions of the Corporate Governance Code set out in Appendix C1 to the Listing Rules[84](index=84&type=chunk) [Standard Code for Securities Transactions by Directors](index=26&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The company adopted the Standard Code as its code of conduct for directors' securities transactions and found no instances of non-compliance - The company adopted the Standard Code as its code of conduct for directors' securities transactions, with no instances of non-compliance found[85](index=85&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=26&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) For H1 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities - For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[86](index=86&type=chunk) [Review of Accounts](index=26&type=section&id=Review%20of%20Accounts) The company's audit committee reviewed the unaudited interim financial statements for the six months ended June 30, 2025 - The company's audit committee reviewed the unaudited interim financial statements for the six months ended June 30, 2025[87](index=87&type=chunk) [Publication of 2025 Interim Results and Interim Report](index=26&type=section&id=Publication%20of%202025%20Interim%20Results%20and%20Interim%20Report) This results announcement has been published on the company's website and HKEXnews website, with the 2025 interim report expected in September 2025 - This results announcement has been published on the company's website and HKEXnews website[88](index=88&type=chunk) - The 2025 interim report is expected to be published in September 2025[88](index=88&type=chunk) [Acknowledgement](index=27&type=section&id=Acknowledgement) The company extends its gratitude to shareholders, customers, suppliers, partners, management, and employees for their support and contributions - The company extends its gratitude to shareholders, customers, suppliers, partners, management, and employees for their support and contributions[89](index=89&type=chunk)

Core Viewpoint - The company, Weinan Group (01608.HK), announced that it will hold a board meeting on August 28, 2025, to consider and approve the unaudited interim results for the six months ending June 30, 2025, and to discuss the potential declaration of an interim dividend, if any [1] Summary by Relevant Categories - **Company Announcement** - Weinan Group will convene a board meeting on August 28, 2025, to review the interim performance and dividend considerations [1] - **Financial Reporting** - The meeting will focus on the unaudited interim results for the six months ending June 30, 2025 [1] - **Dividend Consideration** - The board will also consider the declaration of an interim dividend, subject to approval [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 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明 ，並 明 確 表 示，概 不 對 因 本 公 告 全 部 或 任 何 部 份 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任 。 VPOWER GROUP INTERNATIONAL HOLDINGS LIMITED 承董 事 會命 偉能集團國際控股有限公司 主 席 高 瞻 香港 ，2025年8月18日 於 本 公 告 日 期，董 事 會 成 員 包 括 執 行 董 事 高瞻先生、林 而 聰 先 生、陸 衛 軍 先 生、 靳建堂 先 生 及 王 嘉 昌 先 生；非 執 行 董 事 黃 國 耀 先 生；以 及 獨 立 非 執 行 董 事 孫 懷 宇 先 生 、 王 征 博 士 及 林 暾 博 士 。 偉 能 集 團 國 際 控 股 有 限 公 司 ( 於開曼群島註冊成立之有限公司 ) (股份代號 ： 1608) 董事會召開日期 偉能 集 團國 際 ...

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 | 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) | 01608 | 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 | | | 6,683,150,524 | | 0 | | 6,683,150,524 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 6,683,150,524 | | 0 | | 6,683,150,524 | 致：香港交易及結算所有限公司 公司名稱: 偉能集團國際控股有限公司 呈交日期: 2025年8月6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) | ...

Core Viewpoint - The company expects to report an unaudited consolidated profit attributable to owners of approximately HKD 20 million for the six months ending June 30, 2025, compared to a loss of approximately HKD 139 million for the same period in 2024 [1] Group 1 - The anticipated profit is primarily due to the completion of the sale of certain power generation assets to a contact of the company's controlling shareholder for a price of RMB 661 million, which generated other income [1] - The repayment of bank loans has led to a reduction in interest expenses, contributing to the expected profit [1]

Core Viewpoint - The company expects to report a consolidated profit attributable to owners of approximately HKD 20 million for the six months ending June 30, 2025, a significant turnaround from a consolidated loss of approximately HKD 139 million in the same period of 2024 [1] Financial Performance - The anticipated profit is primarily attributed to the completion of the sale of certain power generation assets to a related party for approximately RMB 661 million, which generated other income [1] - The sale also contributed to a reduction in interest expenses due to the repayment of bank loans [1]

Core Viewpoint - The company, Weinan Group (01608.HK), anticipates a consolidated profit attributable to shareholders of approximately HKD 20 million for the six months ending June 30, 2025, a significant turnaround from a consolidated loss of approximately HKD 139 million in the same period of 2024 [1] Financial Performance - The expected profit is primarily attributed to the completion of the sale of certain power generation assets to a contact of the company's controlling shareholder for approximately RMB 661 million, which generated other income [1] - The sale also contributed to a reduction in interest expenses due to the repayment of bank loans [1]

Core Viewpoint - The company, Weinan Group (01608), anticipates a significant turnaround in its financial performance, projecting an unaudited consolidated profit attributable to shareholders of approximately HKD 20 million for the six months ending June 30, 2025, compared to a loss of approximately HKD 139 million in the same period of 2024 [1] Financial Performance - The expected profit is primarily attributed to the completion of the sale of certain power generation assets to a contact of the company's controlling shareholder for a price of RMB 661 million, which generated other income [1] - Additionally, the repayment of bank loans has led to a reduction in interest expenses, contributing to the improved financial outlook [1]