致：香港交易及結算所有限公司 公司名稱: 高地股份有限公司 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 | | | 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01676 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | HKD | | 0.1 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.1 | HKD | | 100,000,000 | 本月底法定/註冊股本總額： HKD 100,000,000 F ...

Company Overview - Gaodi Holdings Co., Ltd. is headquartered in Xiamen, Fujian Province, China, and operates under the brand "Wofeng," selling dried seafood, algae, mushrooms, seafood snacks, and frozen seafood products to major chain supermarkets and convenience stores across nine provinces and three municipalities in China [3][4] - The company was founded in 2005 and aims to be a "logistics provider from ocean to table," focusing on the green development of ecological dried seafood products [3][4] Financial Performance - As of December 31, 2024, Gaodi Holdings reported total revenue of 180 million yuan, a year-on-year decrease of 8.21%, and a net profit attributable to shareholders of -40.31 million yuan, a decrease of 5.73% [2] - The company's gross profit margin stands at 5.75%, with a debt-to-asset ratio of 35.23% [2] Stock Performance - Over the past month, Gaodi Holdings has seen a cumulative increase of 25%, and since the beginning of the year, the stock has risen by 28.21%, outperforming the Hang Seng Index, which has increased by 25.51% [2] - On July 31, the stock closed at 0.64 HKD per share, marking a 28.0% increase with a trading volume of 6.676 million shares and a turnover of 3.4736 million HKD [1][2] Industry Context - The food and beverage industry has a TTM average price-to-earnings (P/E) ratio of 25.11, with a median of 9.57. Gaodi Holdings has a P/E ratio of -1.06, ranking 84th in the industry [2][3] - Other companies in the same sector have P/E ratios ranging from 4.9 to 6.99, indicating that Gaodi Holdings is significantly undervalued compared to its peers [2][3] Product and Market Strategy - The company has optimized its talent, supply chain, and channels, leading to an upgraded product structure with a portfolio of 203 products across four main categories: dried seafood, algae and mushroom products, seafood snacks, and frozen seafood [4] - Gaodi Holdings has established a stable supply of raw materials through partnerships with fishing fleets and operates a 13-hectare seaweed farming base [4] - The company has also expanded its target customer base to include young consumers with strong purchasing power, aiming for balanced business risk by diversifying into daily necessities and cosmetics through its subsidiary [4]

Core Viewpoint - The 2025 TrendBank (Yinchuan) Long-term Energy Storage Industry Conference aims to build a new ecosystem for long-term energy storage, facilitating discussions among industry authorities, academic institutions, and emerging enterprises to accelerate industry development [3][36]. Group 1: Conference Overview - The conference is jointly organized by TrendBank and Shanghai Electric Energy Storage Technology Co., Ltd., with support from local government and industry associations [2][3]. - The event features a high-level platform for professional exchange, focusing on the strategic layout and development direction of the long-term energy storage industry [3][36]. Group 2: Key Presentations - Summer Jia Biao, Deputy General Manager of Shanghai Electric Energy Storage Technology Co., Ltd., presented on the current status and future outlook of the all-vanadium flow battery industry chain, highlighting the construction of nearly 1 million cubic meters of vanadium electrolyte capacity across the country [20][22]. - The "Blue Book on the Development of Long-term Energy Storage Industry (2025)" was released, with key insights shared by industry leaders [23][24]. Group 3: Innovations and Products - New Hydrogen Power Technology Co., Ltd. introduced solid-state hydrogen storage products, emphasizing their capability to achieve storage scales of hundreds of megawatt-hours, suitable for grid-level peak shaving [26][30]. - The solid-state metal hydrogen storage system can store hydrogen for years without loss, making it ideal for strategic energy reserves and remote energy supply [30]. Group 4: Roundtable Discussion - A roundtable forum discussed the integration of hydrogen energy and storage industries in Yinchuan, addressing challenges and future energy landscape expectations [31][35]. - Key topics included identifying prominent challenges in the current development process and strategic areas for future investment [35].

Core Viewpoint - The 2025 TrendBank (Yinchuan) Long-duration Energy Storage Industry Conference will be held on July 14-15, 2025, in Yinchuan, aiming to discuss the future development of the long-duration energy storage industry and promote knowledge sharing within the sector [1][2]. Conference Details - **Conference Name**: 2025 TrendBank (Yinchuan) Long-duration Energy Storage Industry Conference [2] - **Date**: July 14-15, 2025 [2] - **Location**: Yinchuan City, Xiqing District, at the Yinchuan Lida Shenhang International Hotel [2] - **Expected Attendance**: Over 200 participants [2] - **Organizers**: - Guiding Unit: Yinchuan City Xiqing District People's Government, Su-Yin Industrial Park Management Committee [2] - Main Organizer: TrendBank [2] - Co-organizers include Shanghai Electric Energy Storage Technology Co., Ltd. and others [2]. Agenda Overview - **July 14 Morning**: Visit to Su-Yin Industrial Park [3] - **July 14 Afternoon**: Opening Ceremony [3] - **July 15 Morning**: Specialized sessions on Compressed Air, Molten Salt, and Hydrogen Storage [3] - **July 15 Afternoon**: Specialized session on Flow Batteries [3] - **July 15 Evening**: Closing Ceremony Dinner [3] Su-Yin Industrial Park Introduction - The Su-Yin Industrial Park is a collaborative initiative between Jiangsu and Ningxia provinces, focusing on regional coordinated development and cooperation [4]. - Established in November 2018, the park covers an area of approximately 53 square kilometers and aims to develop industries such as new energy materials, healthcare, and equipment manufacturing [5]. Investment and Services - The park offers a "one-stop service center" to facilitate business operations, including the issuance of business licenses and property registrations [6]. - The focus is on creating a manufacturing industry chain for energy storage batteries and fostering a cluster of new energy industries [5]. Conference Participation - The conference is open for free registration to all industry participants, promoting the sharing of knowledge, technology, and resources in the long-duration energy storage sector [15]. - Attendees must register using their mobile phone numbers to complete on-site check-in and access conference materials [16].

Core Viewpoint - The article highlights the upcoming "2025 TrendBank (Yinchuan) Long-term Energy Storage Industry Conference" scheduled for July 2-3, 2025, in Yinchuan, which aims to promote the development of the long-term energy storage industry and facilitate collaboration among industry players [2][9]. Conference Details - The conference will be held at the Yinchuan Lida Deep Hang International Hotel, with an expected attendance of over 300 participants [9]. - It is organized by TrendBank in collaboration with Shanghai Electric Energy Storage Technology Co., Ltd., and supported by various local government and industry associations [10][9]. - The event will feature the release of the "2025 TrendBank Long-term Energy Storage Industry Development Blue Book" [2]. Key Speakers and Topics - Notable speakers include Zhu Jun'e, Deputy General Manager of Beijing Hydrogen Pu Chuang Neng Technology Co., Ltd., who will present on the development and application of fuel cell stacks for high-power generation [3][8]. - The conference agenda includes specialized sessions on compressed air, molten salt, hydrogen storage, and flow batteries, with various industry experts sharing insights [10][18]. Industry Context - Beijing Hydrogen Pu Chuang Neng Technology Co., Ltd. is recognized for its innovation in hydrogen energy technology, focusing on fuel cell and hydrogen production equipment [7][8]. - The company has established itself as a leader in the industry, having developed products ranging from hundreds of watts to megawatts in power capacity and holding numerous patents and published research [6][8]. Venue and Infrastructure - The Su-Yin Industrial Park, where the conference will take place, is a strategic initiative aimed at fostering regional cooperation and development in new energy and related sectors [11][12]. - The park focuses on developing a manufacturing ecosystem for energy storage batteries and other new energy technologies, aligning with national and local industrial goals [13][14].

Core Viewpoint - The article highlights the upcoming "2025 TrendBank (Yinchuan) Long-term Energy Storage Industry Conference" scheduled for July 2-3, 2025, in Yinchuan, which aims to promote the development of long-term energy storage technologies and industry collaboration [3][11]. Group 1: Conference Details - The conference will be held at the Yinchuan Lida Deep Hang International Hotel and is open to the entire industry with free admission [3][11]. - The event will feature the release of the "2025 TrendBank Long-term Energy Storage Industry Development Blue Paper" in collaboration with the Hangzhou Energy Storage Industry Association [3]. - The conference is expected to attract over 300 participants and is guided by the Yinchuan Municipal Government and the Su-Yin Industrial Park [11][12]. Group 2: Key Speakers and Topics - Notable speakers include Yue Liangchen, the Chief Engineer of the New Energy R&D Department at Xizi Clean Energy Equipment Manufacturing Co., who will present on "Key Technologies in Molten Salt Thermal Storage and Coupled Compressed Air Energy Storage Systems" [4]. - The agenda includes specialized sessions on compressed air, molten salt, hydrogen storage, and flow batteries, with discussions on technological advancements and commercialization challenges [19][20]. Group 3: Su-Yin Industrial Park Overview - The Su-Yin Industrial Park, established in November 2018, focuses on developing new energy, new materials, and equipment manufacturing industries, with a total planned area of approximately 53 square kilometers [14][15]. - The park aims to create a manufacturing chain for energy storage batteries and foster a cluster of new energy industries, including lithium-ion and sodium-ion battery production [15][16].

Core Viewpoint - The article emphasizes the importance of the long-duration energy storage industry and highlights the upcoming 2025 TrendBank Long-Duration Energy Storage Industry Conference, which aims to foster collaboration among industry players and recognize outstanding contributions in the field [2][4][5]. Group 1: Conference Details - The 2025 TrendBank Long-Duration Energy Storage Industry Conference will be held on July 2-3 in Yinchuan, Ningxia, in collaboration with Shanghai Electric Storage Technology Co., Ltd. The event is open to the entire industry and free to attend [2]. - During the conference, the "2025 TrendBank Long-Duration Energy Storage Industry Development Blue Book" will be released for free [2]. Group 2: Industry Recognition - The conference will feature awards such as "Potential Cities for Long-Duration Energy Storage," "Industry Technological Strength," "Industry Product Strength," "Industry Market Strength," and "Industry Rising Star Award" to recognize exemplary cities and enterprises in the long-duration energy storage sector [5]. - The awards aim to promote a healthy ecosystem focused on technology and effectiveness, encouraging industry players to excel and drive technological breakthroughs [4]. Group 3: Award Nominees - **Potential Cities for Long-Duration Energy Storage** include Yinchuan, Quanzhou, Yumen, and others, totaling 20 cities recognized for their potential [6]. - **Industry Market Strength Nominees** feature companies such as China Energy Construction Digital Technology Group and Shanghai Electric Storage Technology Co., Ltd. [7]. - **Industry Product Strength Nominees** include Zhejiang Huayong Technology Co., Ltd. and Shenzhen Zhonghe Storage Technology Co., Ltd. among others [8]. - **Industry Technological Strength Nominees** consist of companies like China National Offshore Oil Corporation and Shanghai Electric Turbine Factory [9].

Core Viewpoint - The article highlights the upcoming 2025 TrendBank Long-term Energy Storage Industry Conference, focusing on advanced technologies such as flow batteries, compressed air storage, and hydrogen storage, aiming to foster discussions among industry stakeholders [3][11]. Conference Details - The conference will take place on July 2-3, 2025, at the Yinda Deep Hang International Hotel in Yinchuan, with an expected attendance of over 300 participants [11][12]. - The event is organized by TrendBank in collaboration with Shanghai Electric Energy Storage Technology Co., and supported by various local government and industry associations [10][11]. Key Participants - New Hydrogen Power Technology Co., Ltd. and Ningxia Hydrogen Energy Technology Co., Ltd. are the main sponsors, showcasing their solid-state hydrogen storage products and engaging in discussions [5][10]. - The conference will feature a series of presentations and discussions from industry experts, including a release of the "2025 TrendBank Long-term Energy Storage Industry Development Blue Book" [3][12]. Industry Focus - The conference will cover various topics related to long-term energy storage, including the development and application of solid-state hydrogen storage systems, which are crucial for safe and efficient hydrogen storage and transportation [6][8]. - New Hydrogen Power is noted for its significant market share in hydrogen fuel cell technology for industrial vehicles, exceeding 95%, and aims to promote its innovative solutions at the conference [6][7]. Agenda Highlights - The agenda includes keynote speeches, specialized sessions on compressed air and hydrogen storage, and discussions on flow battery technologies [12][19]. - Notable speakers include former officials from the National Energy Administration and experts from leading universities and companies in the energy sector [17][19]. Registration Information - Registration fees for the conference are set at RMB 2000 per person, with early bird discounts available [20].

Revenue and Profitability - The Group's revenue decreased to approximately RMB179.8 million for the six months ended 31 December 2024, down from approximately RMB195.9 million for the same period in 2023, representing a decline of about 8.3%[19] - Revenue for the six months ended December 31, 2024, was RMB 179,825,000, a decrease of 8.2% compared to RMB 195,916,000 for the same period in 2023[95] - The Group recorded a loss of approximately RMB40.3 million during the Reporting Period, compared to a loss of RMB38.1 million for the same period in 2023[13] - Loss before income tax for the period was RMB 40,284,000, compared to a loss of RMB 38,127,000 in the same period last year[95] - The company reported a loss for the period attributable to owners of the Company of RMB 40,311,000 for the six months ended December 31, 2024, compared to a loss of RMB 38,127,000 for the same period in 2023, representing an increase in loss of approximately 5.7%[96] - Total comprehensive loss for the period was RMB 40,960,000, slightly higher than RMB 40,312,000 in the previous year[95] Gross Profit and Margins - Gross profit for the Reporting Period was approximately RMB10.3 million, with a gross profit margin of 5.7%, compared to RMB6.6 million and 3.4% respectively for the six months ended 31 December 2023[13] - The gross profit margin for the Group increased to approximately 5.7% for the six months ended December 31, 2024, compared to approximately 3.4% for the same period in 2023, mainly driven by the food and beverage business[30] - The Group's gross margin for food business slightly decreased from 3.4% in the previous year to 3.1% during the Reporting Period[19] Business Segments and Operations - Revenue from the newly commenced food and beverage business in Zhuhai amounted to RMB10.3 million, with no revenue reported for the same period in 2023[20] - The food business generated revenue of approximately RMB 169.5 million, accounting for 94.2% of total revenue for the six months ended December 31, 2024[25] - The Group offered over 100 types of dried seafood, 30 types of algae and fungi, and 60 types of seafood snacks during the Reporting Period, aiming to differentiate itself in the market[14] - The Group sells its products through various channels, including supermarkets, trading companies, convenience stores, and e-commerce retailers[18] Financial Position and Cash Flow - The Group's net current assets decreased from approximately RMB 199.2 million as of June 30, 2024, to approximately RMB 158.4 million as of December 31, 2024[37] - As of December 31, 2024, cash and cash equivalents were approximately RMB 7.3 million, down from approximately RMB 60.9 million as of June 30, 2024[38] - The gearing ratio increased to 0.372 as of December 31, 2024, compared to 0.256 as of June 30, 2024[39] - The company reported a total equity of RMB 150,053,000 as of December 31, 2024, down from RMB 178,375,000, indicating a decrease of about 16.0%[99] - The total cash and cash equivalents at the end of the period decreased to RMB 7,301,000 from RMB 41,982,000 in the previous year, reflecting a decline of approximately 83%[103] Employee and Management Information - The Group had 365 full-time employees as of December 31, 2024, a decrease from 405 employees as of June 30, 2024[49] - Total remuneration for key management personnel increased to RMB 4,927,000 for the six months ended December 31, 2024, up from RMB 2,568,000 for the same period in 2023, reflecting an increase of 92.0%[163] Corporate Governance and Compliance - The company has adopted the Corporate Governance Code as its own code of corporate governance and has complied with it, except for certain provisions regarding committee attendance at the annual general meeting[82][83] - The Audit Committee consists of three independent non-executive directors, with Mr. Shum Ching Hei as the chairman[89] - The company has adopted the Model Code for Securities Transactions, confirming compliance by all directors during the reporting period[88] Future Outlook and Strategic Initiatives - The Group plans to continue developing new businesses, particularly in the Internet sector, to diversify revenue sources and stabilize financial performance[67] - The Group's management anticipates that the changing mentality of domestic consumers will impact actual consumption behavior, focusing more on essential needs[62] Share Capital and Financing Activities - The Group completed a placing of 10,010,000 shares at a price of HK$1.40 per share, raising net proceeds of approximately HK$13.6 million for corporate development and marketing expenses[56] - A proposed rights issue aims to raise approximately HK$30.8 million by issuing 77,005,000 rights shares at a subscription price of HK$0.40 per share[57] - The company issued new shares, raising RMB 12,638,000 during the six months ended December 31, 2024[101] Inventory and Receivables Management - Trade receivables rose sharply to RMB 180,672,000 from RMB 89,913,000, representing an increase of approximately 100.8%[98] - Total inventories decreased to RMB 4,897,000 as of December 31, 2024, from RMB 74,716,000 as of June 30, 2024, reflecting a significant reduction of approximately 93%[146] - The impairment loss on trade receivables rose to RMB 736,000 from RMB 358,000, indicating a higher risk in receivables management[146]

Financial Performance - Revenue for the six months ended 31 December 2024 was RMB 179,825,000, a decrease of 8.2% compared to RMB 195,916,000 for the same period in 2023[5]. - Gross profit increased to RMB 10,348,000, representing a significant improvement from RMB 6,590,000 in the previous year, marking a growth of 57.5%[5]. - Loss before income tax for the period was RMB 40,284,000, slightly higher than the loss of RMB 38,127,000 recorded in the same period last year, indicating a 5.7% increase in losses[5]. - Total comprehensive loss for the period was RMB 40,960,000, compared to RMB 40,312,000 in the previous year, reflecting a 1.6% increase in overall losses[5]. - Revenue from food products sales was RMB 169,523,000, down from RMB 195,916,000, indicating a decline of 13.5%[26]. - The Group recorded a loss of approximately RMB40.3 million for the Reporting Period, compared to a loss of RMB38.1 million for the same period in 2023[65][67]. - Revenue from the food business decreased from approximately RMB195.9 million to approximately RMB169.5 million, accounting for 94.2% of total revenue in the Reporting Period[67][75]. Assets and Liabilities - Trade receivables increased significantly to RMB 180,672,000 from RMB 89,913,000, showing an increase of 100.8%[7]. - Cash and cash equivalents decreased to RMB 7,301,000 from RMB 60,927,000, a decline of 88.0%[7]. - Non-current assets rose to RMB 28,843,000, up from RMB 23,155,000, indicating a growth of 24.0%[7]. - Net assets decreased to RMB 150,053,000 from RMB 178,375,000, a decline of 16.0%[7]. - Total trade receivables as of 31 December 2024 amounted to RMB 181,408,000, significantly up from RMB 90,271,000 as of 30 June 2024, reflecting a growth of approximately 101%[52]. - Net current assets decreased from approximately RMB 199.2 million as of 30 June 2024 to approximately RMB 158.4 million as of 31 December 2024[91][98]. - Cash and cash equivalents dropped to approximately RMB 7.3 million as of 31 December 2024, down from approximately RMB 60.9 million as of 30 June 2024[92][99]. Shareholder Information - The company did not recommend any interim dividend for the six months ended 31 December 2024, consistent with the previous year[44]. - The weighted average number of ordinary shares for calculating basic loss per share increased from 123,000,000 in 2023 to 151,561,902 in 2024, an increase of about 23.3%[47]. - The Group's total issued shares increased from 144,000,000 to 154,010,000 due to a placing of new shares, raising approximately HK$15.7 million[60][61]. - A separate placing agreement on 20 November 2023 raised approximately HK$42.3 million by placing up to 24,000,000 shares at HK$1.80 each[61][62]. - A proposed rights issue was announced to raise approximately HK$30.8 million by issuing 77,005,000 rights shares at HK$0.40 per share, with a completion date of January 3, 2025[114]. Operational Highlights - The Group commenced a new food and beverage business in Zhuhai, PRC, generating revenue of RMB10.3 million during the Reporting Period[68][71]. - The Group's strategy includes sourcing high-quality raw materials and subcontracting processing to enhance product offerings under its brand "Wofan" and expand into the food and beverage sector[64][69]. - The Group offered over 100 types of dried seafood, 30 types of algae and fungi, and 60 types of seafood snacks, aiming to differentiate itself from competitors[66][70]. - The company initiated a fresh pork wholesale business at the beginning of 2025, sourcing from high-quality pig farms[116]. Governance and Compliance - The company has adopted the Corporate Governance Code and is committed to enhancing its governance practices[122]. - The board consists of four executive directors and three independent non-executive directors, ensuring a significant percentage of independent voices[128]. - The Audit Committee, composed entirely of independent non-executive directors, has reviewed the interim results for the six months ended December 31, 2024[131]. - Mr. Shum Ching Hei has been appointed as the chairman of the Audit Committee, which is responsible for overseeing financial reporting and compliance[135]. - The company will continue to enhance its corporate governance practices to meet increasing regulatory requirements and stakeholder expectations[128]. Market Insights - China's total retail sales of consumer goods in 2024 were approximately RMB48.79 trillion, reflecting a 3.5% increase from the previous year, indicating a shift in consumer behavior towards actual needs[115]. - The company plans to actively develop new businesses, particularly in the Internet sector, to diversify revenue sources and stabilize financial performance[121]. - The company will continue to monitor market conditions to identify opportunities for growth and expansion[126].