ZONQING Environmental Limited 中庆環境股份有限公司 有關截至二零二四年十二月三十一日止年度之年報 茲提述中庆環境股份有限公司（「本公司」，連同其附屬公司統稱「本集團」）於二零 二五年四月十一日刊發之截至二零二四年十二月三十一日止年度之年報（「二零 二四年年報」）。除另有說明外，本公告所用詞彙與二零二四年年報所界定者具有 相同涵義。 本公司謹此根據上市規則第17.09(3)條，就本公司於二零二零年十二月十四日採納 之購股權計劃（「購股權計劃」）提供以下進一步資料： 購股權計劃項下可供發行之股份總數為27,500,000股，佔二零二四年年報日期已 發行股份總數（不包括庫存股份）約3.3%。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立之有限公司） （股份代號：1855） 補充公告 承董事會命 中庆環境股份有限公司 主席兼非執行董事 孫舉慶 香港，二零二五年十月十四日 於本公告日期，本公司董事會成員包括執 ...

致：香港交易及結算所有限公司 公司名稱: 中庆环境股份有限公司 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 截至月份: 2025年9月30日 狀態: 新提交 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) | 01855 | 說明 | 普通股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 30,000,000,000 | HKD | 0.000333333333 | HKD | | 10,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 30,000,000,000 | HKD | 0.000333333333 | HKD | | 10,000,000 | 本月底法定/註冊股本總額： HKD ...

Company Information [Board of Directors and Committees](index=3&type=section&id=Board%20of%20Directors%20and%20Committees) This section details the composition of the company's Board of Directors and its Audit, Remuneration, and Nomination Committees - The Board members include Mr. Liu Haitao (Vice Chairman and CEO), Ms. Wang Yan (Executive Director), Mr. Sun Juqing (Chairman), Ms. Lu Hongyan, Mr. Shao Zhangguang (Non-executive Directors), and Mr. Gao Xiangnong, Mr. Yin Jun, Mr. Li Guodong (Independent Non-executive Directors)[5](index=5&type=chunk) - The Audit Committee Chairman is Mr. Li Guodong, the Remuneration Committee Chairman is Mr. Yin Jun, and the Nomination Committee Chairman is Mr. Gao Xiangnong[5](index=5&type=chunk) [Professional Advisors and Banks](index=3&type=section&id=Professional%20Advisors%20and%20Banks) The company appointed KPMG as auditor, Chow & Cheung, Solicitors as Hong Kong legal advisor, and lists its principal bankers - The auditor is KPMG, and the legal advisor is Chow & Cheung, Solicitors in association with Beijing Tongshang Law Firm[5](index=5&type=chunk) - Principal bankers include Bank of China (Hong Kong) Limited, China Everbright Bank Changchun Branch, China Merchants Bank Changchun Branch, and Industrial Bank Changchun Branch[5](index=5&type=chunk) [Offices and Share Information](index=4&type=section&id=Offices%20and%20Share%20Information) This section provides details on the company's offices, stock code, website, and share registrar - The company's stock code is **1855**, and its website is **www.zonqing.net**[6](index=6&type=chunk) - The registered office is in the Cayman Islands, and the Hong Kong share registrar is Boardroom Share Registrars (HK) Limited[6](index=6&type=chunk) Management Discussion and Analysis [Business Review](index=5&type=section&id=Business%20Review) In H1 2025, the Group expanded urban renewal, operation, planning, and cultural tourism services, securing RMB 715.26 million in new contracts - In the first half of 2025, the Group submitted **427 bids**, with a successful bid rate of approximately **18.97%**[8](index=8&type=chunk) New Contract Value in H1 2025 | Indicator | Amount (RMB million) | | :--- | :--- | | New Contract Value | 715.26 | - The Group achieved **7 invention patents**, **15 utility model patents**, and **3 software copyrights** in technological innovation, enhancing its core competitiveness[9](index=9&type=chunk) [Risk Management](index=5&type=section&id=Risk%20Management) Management assists the Board in assessing and implementing risk management and internal controls, with no significant financial reporting deficiencies in H1 2025 - The Group's management assists the Board in assessing significant risks such as investment risk, interest rate risk, and liquidity risk[10](index=10&type=chunk) - There were no material internal control deficiencies in financial reporting for the first half of 2025[10](index=10&type=chunk) [Prospects](index=6&type=section&id=Prospects) Despite reduced new orders, China's economic resilience and urban renewal policies offer growth opportunities for the Group to focus on urban ecology, infrastructure, and cultural tourism - In the first half of 2025, China's GDP grew by **5.3%** year-on-year, and infrastructure investment increased by **4.6%** year-on-year[13](index=13&type=chunk) - National policies support urban renewal initiatives, promoting the transformation of old urban communities, industrial areas, and urban ecological systems, providing broad development space for the Group's business[13](index=13&type=chunk)[14](index=14&type=chunk) - The Group will focus on three key areas: "urban ecology + infrastructure + cultural tourism landscape" to enhance its integrated project solution capabilities[14](index=14&type=chunk) [Financial Review](index=7&type=section&id=Financial%20Review) H1 2025 saw a slight revenue decrease, lower gross and net profits, but reduced expected credit losses and increased net current assets and total equity Key Financial Indicators for H1 2025 | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 761.9 | 775.6 | -1.8% | | Gross Profit | 151.0 | 175.4 | -13.9% | | Operating Profit | 73.9 | 72.0 | +2.6% | | Profit for the Period | 36.3 | 43.4 | -16.4% | | Basic Earnings Per Share (RMB cents) | 4 | 4 | 0% | | Net Current Assets | 339.8 | 321.4 (Dec 31, 2024) | +5.7% | | Gearing Ratio | 1.08 | 1.11 (Dec 31, 2024) | -2.7% | [Revenue](index=7&type=section&id=Revenue) The Group's H1 2025 revenue slightly decreased by 1.8% to RMB 761.9 million, impacted by macroeconomic fluctuations and intensified competition Revenue Overview | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | | Total Revenue | 761.9 | 775.6 | -13.7 | -1.8% | [Segment Revenue](index=7&type=section&id=Segment%20Revenue) Urban renewal services revenue decreased by 5.3%, while other segments like cultural tourism saw significant growth Segment Revenue Changes | Segment | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | | Urban Renewal Services | 580.5 | 613.0 | -32.5 | -5.3% | | Urban Operation and Maintenance Services | 121.6 | 115.6 | +6.0 | +5.2% | | Urban Planning and Design Services | 42.8 | 39.0 | +3.8 | +9.8% | | Cultural Tourism | 17.0 | 8.0 | +9.0 | +112.5% | [Gross Profit and Gross Profit Margin](index=7&type=section&id=Gross%20Profit%20and%20Gross%20Profit%20Margin) Gross profit decreased by 13.9% to RMB 151.0 million in H1 2025, mainly due to reduced operating income from slowing market demand and increased competition Gross Profit Changes | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | | Gross Profit | 151.0 | 175.4 | -24.4 | -13.9% | [Net Other Income](index=7&type=section&id=Net%20Other%20Income) Net other income decreased by 47.2% to RMB 3.8 million, primarily due to lower interest income Net Other Income Changes | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | | Net Other Income | 3.8 | 7.2 | -3.4 | -47.2% | [Selling Expenses](index=8&type=section&id=Selling%20Expenses) Selling expenses increased by 17.6% to RMB 14.7 million, driven by increased investment in market promotion and new business development Selling Expenses Changes | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | | Selling Expenses | 14.7 | 12.5 | +2.2 | +17.6% | [Administrative Expenses](index=8&type=section&id=Administrative%20Expenses) Administrative expenses remained relatively stable, at approximately RMB 37.4 million in H1 2025 Administrative Expenses Changes | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | | Administrative Expenses | 37.4 | 38.0 | -0.6 | -1.6% | [Impairment Losses under Expected Credit Loss Model](index=8&type=section&id=Impairment%20Losses%20under%20Expected%20Credit%20Loss%20Model) Impairment losses significantly decreased by 52.0% to RMB 28.8 million, attributed to improved client financial health, faster repayments, and optimized collection management Impairment Losses Changes | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | | Impairment Losses | 28.8 | 60.0 | -31.2 | -52.0% | [Finance Costs](index=8&type=section&id=Finance%20Costs) Finance costs increased by 26.8% to RMB 31.7 million, mainly due to higher average balances of bank and other loans supporting core projects and operating cash flow Finance Costs Changes | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | | Finance Costs | 31.7 | 25.0 | +6.7 | +26.8% | [Share of (Losses)/Profits of Associates](index=8&type=section&id=Share%20of%20(Losses)%2FProfits%20of%20Associates) Share of associates' results shifted from a RMB 0.4 million profit in H1 2024 to a RMB 1.8 million loss in H1 2025 Share of Associates' Results Changes | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (RMB million) | | :--- | :--- | :--- | :--- | | Share of Associates' Results | -1.8 (Loss) | 0.4 (Profit) | -2.2 | [Share of Profits/(Losses) of a Joint Venture](index=9&type=section&id=Share%20of%20Profits%2F(Losses)%20of%20a%20Joint%20Venture) Share of a joint venture's results turned from a RMB 0.3 million loss in H1 2024 to a RMB 0.1 million profit in H1 2025, driven by reduced expected credit losses Share of Joint Venture's Results Changes | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | | Share of Joint Venture's Results | 0.1 (Profit) | -0.3 (Loss) | +0.4 | +133.3% | [Income Tax](index=9&type=section&id=Income%20Tax) Income tax increased by RMB 0.5 million to RMB 4.2 million, mainly due to reduced deferred tax credits from decreased credit losses Income Tax Changes | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (RMB million) | | :--- | :--- | :--- | :--- | | Income Tax | 4.2 | 3.7 | +0.5 | [Net Current Assets](index=9&type=section&id=Net%20Current%20Assets) Net current assets increased by 5.7% to RMB 339.8 million, primarily due to profit for the period Net Current Assets Changes | Indicator | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | Change (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Net Current Assets | 339.8 | 321.4 | +18.4 | +5.7% | [Liquidity and Financial Resources](index=9&type=section&id=Liquidity%20and%20Financial%20Resources) As of June 30, 2025, cash and cash equivalents decreased to RMB 47.2 million, with most of the RMB 889.5 million total borrowings repayable within one year Liquidity Overview | Indicator | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 47.2 | 122.8 | | Total Borrowings | 889.5 | 884.6 | [Gearing Ratio](index=10&type=section&id=Gearing%20Ratio) The gearing ratio decreased from 1.11 times (Dec 31, 2024) to 1.08 times (June 30, 2025), driven by increased equity from retained earnings Gearing Ratio Changes | Indicator | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Gearing Ratio | 1.08 times | 1.11 times | Decrease | [Material Acquisitions and Disposals](index=10&type=section&id=Material%20Acquisitions%20and%20Disposals) The Group had no material acquisitions or disposals of subsidiaries, associates, and joint ventures in H1 2025 - In the first half of 2025, the Group did not undertake any material acquisitions or disposals of subsidiaries, associates, or joint ventures[36](index=36&type=chunk) [Material Investments Held](index=10&type=section&id=Material%20Investments%20Held) As of June 30, 2025, the Group held no material investments other than its associates and joint ventures - As of June 30, 2025, the Group held no other material investments apart from its associates and joint ventures[37](index=37&type=chunk) [Contingent Liabilities](index=10&type=section&id=Contingent%20Liabilities) The Group provided financial guarantees for bank loans of its joint venture Tianjun Tourism and associate Changchun Xianbang, with outstanding balances of RMB 22.775 million and RMB 9.513 million respectively as of June 30, 2025 - The Group provided a bank loan guarantee of **RMB 310 million** for its joint venture Tianjun Tourism, with an outstanding bank loan balance of **RMB 270 million** as of June 30, 2025[38](index=38&type=chunk) - The Group provided a bank loan guarantee of **RMB 330 million** for its associate Changchun Xianbang, with an outstanding bank loan balance of **RMB 106.5 million** as of June 30, 2025[39](index=39&type=chunk) Outstanding Balances of Financial Guarantees Issued | Guaranteed Party | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Tianjun Tourism | 22,775 | 24,000 | | Changchun Xianbang | 9,513 | 10,600 | | **Total** | **32,288** | **34,600** | [Future Plans for Material Investments or Capital Assets](index=11&type=section&id=Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) As of the report date, the Group has no specific plans for material investments or capital assets - As of the date of this report, the Group has no specific plans for any material investments or capital assets[42](index=42&type=chunk) Other Information [Dividends](index=11&type=section&id=Dividends) The Board recommends not to declare an interim dividend for the first half of 2025 - The Board recommends not to declare an interim dividend for the first half of 2025[43](index=43&type=chunk) [Employees and Remuneration Policy](index=11&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had 806 employees and a "Remuneration Management Policy" to ensure fair compensation, with the Remuneration Committee reviewing policies for directors, senior management, and employees Number of Employees | Indicator | Number | | :--- | :--- | | Total Employees (June 30, 2025) | 806 | - The Group has formulated a "Remuneration Management Policy" and welfare system to establish a systematic remuneration structure, ensuring transparency and fairness[44](index=44&type=chunk) [Directors' and Substantial Shareholders' Interests](index=12&type=section&id=Directors'%20and%20Substantial%20Shareholders'%20Interests) This section discloses directors' and substantial shareholders' interests and short positions in the company's shares and associated corporations Directors' Long Positions in Shares (June 30, 2025) | Director's Name | Nature of Interest | Related Company | Number of Shares | Approximate % of Issued Share Capital | | :--- | :--- | :--- | :--- | :--- | | Mr. Sun Juqing | Spouse's Interest | Zhongqing International Investment Co., Ltd. | 181,202,166 | 65.89% | | Mr. Liu Haitao | Interest in Controlled Corporation | Zhongbang International Investment Co., Ltd. | 14,054,104 | 5.11% | Substantial Shareholders' Long Positions in Shares (June 30, 2025) | Shareholder's Name/Name | Nature of Interest | Number of Shares | Approximate % of Issued Share Capital | | :--- | :--- | :--- | :--- | | Zhongqing International | Beneficial Owner | 181,202,166 | 65.89% | | Ms. Zhao Hongyu | Interest in Controlled Corporation | 181,202,166 | 65.89% | | Mr. Sun Juqing | Spouse's Interest | 181,202,166 | 65.89% | | Zhongbang International | Beneficial Owner | 14,054,104 | 5.11% | | Mr. Liu Haitao | Interest in Controlled Corporation | 14,054,104 | 5.11% | | Ms. Wang Tiannv | Spouse's Interest | 14,054,104 | 5.11% | [Sufficiency of Public Float](index=14&type=section&id=Sufficiency%20of%20Public%20Float) The company maintained a sufficient public float in the first half of 2025 in accordance with the Listing Rules - The company maintained a sufficient public float in the first half of 2025[55](index=55&type=chunk) [Competing Business](index=14&type=section&id=Competing%20Business) The Group and Zhongqing Investment Group have a clear division in municipal construction business and a non-competition undertaking, with no material conflict of interest - The Group's municipal construction business and that of Zhongqing Investment Group are distinguishable by geographical location and nature of services[56](index=56&type=chunk) - The ultimate controlling shareholder and Zhongqing Investment Group have provided a non-competition undertaking to the company[56](index=56&type=chunk) [Shareholders' Rights and Meetings](index=14&type=section&id=Shareholders'%20Rights%20and%20Meetings) To protect shareholder interests, all resolutions are voted by poll, and shareholders with at least one-tenth voting rights can request extraordinary general meetings or agenda items - Each substantially separate issue should be presented as a separate resolution at general meetings and voted on by poll[57](index=57&type=chunk) - Shareholders holding not less than one-tenth of the voting rights in the company's share capital are entitled to request an extraordinary general meeting[58](index=58&type=chunk) [Share Option Scheme](index=15&type=section&id=Share%20Option%20Scheme) The company's share option scheme incentivizes employees and consultants, with no options granted, exercised, expired, cancelled, or lapsed since listing up to June 30, 2025 - The Share Option Scheme aims to provide incentives or rewards to individuals who have contributed to the company and/or any of its subsidiaries[62](index=62&type=chunk) - Since its listing and up to June 30, 2025, no share options have been granted under the Share Option Scheme, nor are there any outstanding share options[62](index=62&type=chunk) [Purchase, Sale and Redemption of Listed Securities](index=15&type=section&id=Purchase%2C%20Sale%20and%20Redemption%20of%20Listed%20Securities) The company held no treasury shares and did not purchase, sell, or redeem any listed securities in the first half of 2025 - In the first half of 2025, the company held no treasury shares and did not purchase, sell, or redeem any listed securities[63](index=63&type=chunk)[64](index=64&type=chunk) [Related Party Transactions](index=16&type=section&id=Related%20Party%20Transactions) Material related party transactions in H1 2025 are detailed in Note 19, complying with Listing Rules disclosure, with no other significant arrangements - Material related party transactions entered into by the Group in the first half of 2025 are set out in Note 19 and comply with the disclosure requirements of the Listing Rules[65](index=65&type=chunk) [Corporate Governance Practices](index=16&type=section&id=Corporate%20Governance%20Practices) The company adopted the Corporate Governance Code in Appendix C1 of the Listing Rules and will continue to strengthen its corporate governance - The company has adopted the Corporate Governance Code in Appendix C1 of the Listing Rules and will continue to review and strengthen its corporate governance[68](index=68&type=chunk) [Review of Interim Financial Information](index=16&type=section&id=Review%20of%20Interim%20Financial%20Information) The Group's unaudited interim results and financial statements for the six months ended June 30, 2025, have been reviewed by the Audit Committee - The Group's unaudited interim results and financial statements for the six months ended June 30, 2025, have been reviewed by the Audit Committee[69](index=69&type=chunk) [Consolidated Statement of Profit or Loss](index=16&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) This statement presents the Group's H1 2025 financial performance, with profit for the period decreasing to RMB 36.332 million from RMB 43.412 million YoY Key Data from Consolidated Statement of Profit or Loss | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | YoY Change (RMB thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 761,932 | 775,648 | -13,716 | -1.8% | | Cost of Sales | (610,937) | (600,287) | -10,650 | +1.8% | | Gross Profit | 150,995 | 175,361 | -24,366 | -13.9% | | Operating Profit | 73,889 | 72,036 | +1,853 | +2.6% | | Profit Before Tax | 40,483 | 47,141 | -6,658 | -14.1% | | Profit for the Period | 36,332 | 43,412 | -7,080 | -16.3% | | Profit Attributable to Equity Holders of the Company | 29,333 | 34,259 | -4,926 | -14.4% | | Basic and Diluted Earnings Per Share (RMB cents) | 4 | 4 | 0 | 0% | [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=17&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This statement shows the Group's H1 2025 total comprehensive income decreased to RMB 35.592 million from RMB 43.916 million YoY Key Data from Consolidated Statement of Profit or Loss and Other Comprehensive Income | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | YoY Change (RMB thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | | Profit for the Period | 36,332 | 43,412 | -7,080 | -16.3% | | Other Comprehensive Income for the Period | (740) | 504 | -1,244 | -246.8% | | Total Comprehensive Income for the Period | 35,592 | 43,916 | -8,324 | -18.9% | | Total Comprehensive Income Attributable to Equity Holders of the Company | 28,593 | 34,763 | -6,170 | -17.8% | [Consolidated Statement of Financial Position](index=18&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) This statement presents the Group's financial position as of June 30, 2025, with total assets less current liabilities of RMB 827.034 million and total equity of RMB 820.880 million Key Data from Consolidated Statement of Financial Position | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Non-current Assets | 487,185 | 483,674 | +3,511 | +0.7% | | Current Assets | 4,026,934 | 3,899,855 | +127,079 | +3.3% | | Current Liabilities | 3,687,085 | 3,578,496 | +108,589 | +3.0% | | Net Current Assets | 339,849 | 321,359 | +18,490 | +5.7% | | Total Assets Less Current Liabilities | 827,034 | 805,033 | +22,001 | +2.7% | | Non-current Liabilities | 6,154 | 9,841 | -3,687 | -37.5% | | Net Assets | 820,880 | 795,192 | +25,688 | +3.2% | | Total Equity | 820,880 | 795,192 | +25,688 | +3.2% | [Consolidated Statement of Changes in Equity](index=20&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Equity) This statement shows the Group's equity movements for H1 2025, with total equity increasing from RMB 795.192 million to RMB 820.880 million Key Data from Consolidated Statement of Changes in Equity | Indicator | January 1, 2025 (RMB thousand) | June 30, 2025 (RMB thousand) | Change (RMB thousand) | | :--- | :--- | :--- | :--- | | Total Equity Attributable to Equity Holders of the Company | 668,974 | 700,732 | +31,758 | | Non-controlling Interests | 126,218 | 120,148 | -6,070 | | Total Equity | 795,192 | 820,880 | +25,688 | | Profit for the Period | - | 36,332 | +36,332 | | Other Comprehensive Income | - | (740) | -740 | | Acquisition of Non-controlling Interests | - | (9,904) | -9,904 | [Condensed Consolidated Statement of Cash Flows](index=23&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) This statement presents the Group's H1 2025 cash flows, with cash and cash equivalents significantly decreasing to RMB 47.159 million at period-end Key Data from Condensed Consolidated Statement of Cash Flows | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Change (RMB thousand) | | :--- | :--- | :--- | :--- | | Net Cash From/(Used In) Operating Activities | 18,722 | (182,791) | +201,513 | | Net Cash Used In Investing Activities | (38,597) | (36,366) | -2,231 | | Net Cash (Used In)/From Financing Activities | (55,732) | 69,938 | -125,670 | | Net Decrease in Cash and Cash Equivalents | (75,607) | (149,219) | +73,612 | | Cash and Cash Equivalents at June 30 | 47,159 | 61,190 | -14,031 | [Notes to the Unaudited Interim Financial Report](index=24&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Report) [1 Company Information](index=25&type=section&id=1%20Company%20Information) The company, incorporated in the Cayman Islands and listed in Hong Kong, primarily provides construction, maintenance, and environmental sanitation services, ultimately controlled by Mr. Sun Juqing and Ms. Zhao Hongyu - The company was incorporated in the Cayman Islands on March 8, 2019, and listed on the Hong Kong Stock Exchange on January 6, 2021[87](index=87&type=chunk) - The Group primarily engages in construction and maintenance services for landscaping, ecological restoration, and public works projects, provides environmental sanitation services, and other related projects[87](index=87&type=chunk) [2 Basis of Preparation](index=25&type=section&id=2%20Basis%20of%20Preparation) This interim financial report is prepared under HKEX Listing Rules and IAS 34, authorized for issue on August 21, 2025 - This interim financial report is prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" and was authorized for issue on August 21, 2025[88](index=88&type=chunk) [3 Changes in Accounting Policies](index=25&type=section&id=3%20Changes%20in%20Accounting%20Policies) The Group applied IAS 21 (Amendment) "The Effects of Changes in Foreign Exchange Rates – Lack of Exchangeability," with no material impact due to no non-exchangeable foreign currency transactions - The Group has applied IAS 21 (Amendment) "The Effects of Changes in Foreign Exchange Rates – Lack of Exchangeability," but it has no material impact on this interim financial report[90](index=90&type=chunk) [4 Revenue and Segment Reporting](index=26&type=section&id=4%20Revenue%20and%20Segment%20Reporting) The Group manages four segments: urban renewal, urban operation, urban planning, and cultural tourism, with H1 2025 total revenue of RMB 761.932 million, primarily from urban renewal, and significant growth in cultural tourism - The Group's business is divided into four reportable segments: urban renewal services, urban operation and maintenance services, urban planning and design services, and cultural tourism[92](index=92&type=chunk) Revenue Breakdown by Major Product or Service Item | Segment | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Urban Renewal Services Revenue | 580,505 | 613,016 | | Urban Operation and Maintenance Services Revenue | 121,635 | 115,586 | | Urban Planning and Design Services Revenue | 42,841 | 39,015 | | Cultural Tourism Revenue | 16,951 | 8,031 | | **Total** | **761,932** | **775,648** | [5 Profit Before Tax](index=29&type=section&id=5%20Profit%20Before%20Tax) This section details profit before tax components, including H1 2025 finance costs of RMB 31.688 million and R&D costs of RMB 52.264 million Finance Costs | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Interest on bank and other loans and related party loans | 31,578 | 24,847 | | Interest on lease liabilities | 110 | 113 | | **Total** | **31,688** | **24,960** | Other Items | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Research and Development Costs | 52,264 | 36,677 | | Cost of Inventories | 176,987 | 242,873 | | Depreciation of Property, Plant and Equipment | 4,429 | 4,773 | [6 Income Tax](index=30&type=section&id=6%20Income%20Tax) The Group's H1 2025 income tax was RMB 4.151 million, with Chinese subsidiaries subject to 25% CIT, and four high-tech enterprises enjoying a 15% preferential rate and 100% R&D deduction Income Tax Components | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Current Tax | 9,575 | 14,102 | | Deferred Tax | (5,424) | (10,373) | | **Total** | **4,151** | **3,729** | - Four of the Group's subsidiaries established in China enjoy a preferential tax rate of **15%** as high-tech enterprises and a **100%** additional deduction for eligible R&D costs[105](index=105&type=chunk) [7 Earnings Per Share](index=31&type=section&id=7%20Earnings%20Per%20Share) Basic earnings per share for H1 2025 remained at RMB 4 cents, consistent with prior year, following a share split on August 1, 2024 Earnings Per Share | Indicator | H1 2025 (RMB cents) | H1 2024 (RMB cents) | | :--- | :--- | :--- | | Basic and Diluted Earnings Per Share | 4 | 4 | - On August 1, 2024, the company split each share of HKD 0.001 par value into three shares of HKD 0.0003 par value, adjusting the number of issued ordinary shares to **825,000,000**[107](index=107&type=chunk) [8 Contract Assets and Contract Liabilities](index=31&type=section&id=8%20Contract%20Assets%20and%20Contract%20Liabilities) As of June 30, 2025, total contract assets were RMB 1,149.451 million and liabilities RMB 1,105.062 million, with most assets billed after one year and all liabilities recognized as revenue within one year Contract Assets and Contract Liabilities | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Contract Assets | 1,149,451 | 1,132,150 | | Contract Liabilities | 1,105,062 | 726,695 | - Despite contractual terms, the directors believe that **RMB 509,304,000** of contract assets are expected to be billed after one year as of the end of the reporting period[110](index=110&type=chunk) - All contract liabilities are expected to be recognized as revenue within one year[113](index=113&type=chunk) [9 Trade and Bills Receivables](index=33&type=section&id=9%20Trade%20and%20Bills%20Receivables) As of June 30, 2025, net trade and bills receivables totaled RMB 2,283.132 million, with RMB 995.621 million due within one year Trade and Bills Receivables | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Gross Trade and Bills Receivables | 2,707,289 | 2,710,091 | | Less: Loss Allowance | (424,157) | (408,413) | | **Net Amount** | **2,283,132** | **2,301,678** | Ageing Analysis of Trade and Bills Receivables | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 1 year | 995,621 | 1,014,258 | | 1 to 2 years | 646,937 | 719,257 | | 2 to 3 years | 334,395 | 203,285 | | 3 to 4 years | 147,891 | 229,910 | | 4 to 5 years | 55,292 | 47,957 | | Over 5 years | 102,996 | 87,011 | | **Total** | **2,283,132** | **2,301,678** | [10 Cash and Cash Equivalents](index=34&type=section&id=10%20Cash%20and%20Cash%20Equivalents) As of June 30, 2025, cash and cash equivalents were RMB 47.159 million, including RMB 27.500 million in restricted bank deposits Cash and Cash Equivalents | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Cash and bank balances | 74,659 | 138,379 | | Less: Restricted bank deposits | (27,500) | (15,600) | | **Net Cash and Cash Equivalents** | **47,159** | **122,779** | - Restricted bank deposits are primarily held as collateral for notes and bank loans issued by the Group[116](index=116&type=chunk) [11 Trade and Bills Payables](index=35&type=section&id=11%20Trade%20and%20Bills%20Payables) As of June 30, 2025, total trade and bills payables amounted to RMB 1,285.561 million, with RMB 297.827 million due within one year Trade and Bills Payables | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade Payables | 1,266,061 | 1,568,645 | | Bills Payables | 19,500 | 9,500 | | **Total** | **1,285,561** | **1,578,145** | Ageing Analysis of Trade and Bills Payables | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 1 year | 297,827 | 721,926 | | 1 to 3 years | 858,080 | 713,244 | | Over 3 years | 129,654 | 142,975 | | **Total** | **1,285,561** | **1,578,145** | [12 Accruals and Other Payables](index=36&type=section&id=12%20Accruals%20and%20Other%20Payables) As of June 30, 2025, total accruals and other payables were RMB 380.688 million, including RMB 32.288 million in financial guarantees issued Accruals and Other Payables | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Amounts due to Zhongqing Investment and its subsidiaries, joint ventures and associates | 83,553 | 78,512 | | Amounts due to third parties | 28,473 | 41,473 | | Staff-related costs payable | 60,758 | 68,495 | | Financial guarantees issued | 32,288 | 34,600 | | Other taxes payable | 114,693 | 76,780 | | **Total** | **380,688** | **353,986** | [13 Bank and Other Borrowings](index=37&type=section&id=13%20Bank%20and%20Other%20Borrowings) As of June 30, 2025, total bank and other borrowings were RMB 889.480 million, mostly repayable within one year, with some loans guaranteed by related parties or secured by Group assets Composition of Bank and Other Borrowings | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Bank Loans | 832,500 | 873,715 | | Other Loans | 56,980 | 10,946 | | **Total** | **889,480** | **884,661** | Bank and Other Borrowings Repayable | Term | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 1 year or on demand | 889,480 | 882,813 | | After 1 year but within 2 years | — | 1,848 | | **Total** | **889,480** | **884,661** | Pledged Assets | Pledged Assets | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade and Contract Assets | 23,106 | 17,473 | | Bank Deposits | 21,900 | 15,000 | [14 Deferred Tax Assets and Liabilities](index=39&type=section&id=14%20Deferred%20Tax%20Assets%20and%20Liabilities) As of June 30, 2025, net deferred tax assets were RMB 110.617 million and net deferred tax liabilities RMB 1.915 million, totaling RMB 108.702 million Reconciliation of Deferred Tax Assets and Liabilities | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Net Deferred Tax Assets | 110,617 | 105,214 | | Net Deferred Tax Liabilities | (1,915) | (1,930) | | **Total** | **108,702** | **103,284** | [15 Capital, Reserves and Dividends](index=40&type=section&id=15%20Capital%2C%20Reserves%20and%20Dividends) As of June 30, 2025, issued ordinary shares totaled 825,000,000 (HKD 0.0003 par value each), and no interim dividend is recommended for H1 2025 Share Capital | Item | Number of Shares | HKD thousand | | :--- | :--- | :--- | | Authorized Ordinary Shares (HKD 0.0003 each) | 30,000,000,000 | 10,000 | | Issued and Fully Paid Ordinary Shares (June 30, 2025) | 825,000,000 | 230 | - The directors do not recommend the payment of a dividend for the six months ended June 30, 2025[130](index=130&type=chunk) [16 Fair Value Measurement of Financial Instruments](index=41&type=section&id=16%20Fair%20Value%20Measurement%20of%20Financial%20Instruments) This section presents the fair value of the Group's financial instruments, categorized into IFRS 13's three fair value hierarchy levels, with other equity investments primarily classified as Level 3 Fair Value Measurements Categorized within Level 3 | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Other Equity Investments | 68,312 | 68,351 | - Valuation techniques for other equity investments include the market comparable company approach (with a **20.4%** discount for lack of marketability) and the discounted cash flow method (with discount rates of **7%** and **9.3%**)[133](index=133&type=chunk) [17 Commitments](index=43&type=section&id=17%20Commitments) As of June 30, 2025, the Group's authorized but not contracted capital commitments amounted to RMB 7.253 million Capital Commitments | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Authorized but not contracted | 7,253 | 15,824 | [18 Contingent Liabilities](index=44&type=section&id=18%20Contingent%20Liabilities) The Group provided financial guarantees for bank loans of its joint venture Tianjun Tourism and associate Changchun Xianbang, with outstanding balances of RMB 22.775 million and RMB 9.513 million respectively as of June 30, 2025 - The Group provided a guarantee for Tianjun Tourism's bank loan, with an outstanding bank loan balance of **RMB 270 million** and an unamortized guarantee balance of **RMB 22.775 million** as of June 30, 2025[140](index=140&type=chunk) - The Group provided a guarantee for Changchun Xianbang's bank loan, with an outstanding bank loan balance of **RMB 106.5 million** and an unamortized guarantee balance of **RMB 9.513 million** as of June 30, 2025[141](index=141&type=chunk) [19 Material Related Party Transactions](index=45&type=section&id=19%20Material%20Related%20Party%20Transactions) This section details the Group's material related party transactions, including key management compensation and transactions/balances with Zhongqing Investment and its affiliates Key Management Personnel Compensation | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Salaries and other emoluments | 5,854 | 6,045 | | Contributions to defined contribution retirement plans | 591 | 509 | | **Total** | **6,445** | **6,554** | - Transactions with Zhongqing Investment and its subsidiaries, joint ventures, and associates include providing construction, surveying, design, technical consulting, and other services, as well as receiving services, purchasing goods, lease expenses, loans, and advances[144](index=144&type=chunk) - As of June 30, 2025, balances with related parties include contract assets, trade receivables, trade payables, contract liabilities, accruals and other payables, prepayments, bank and other borrowings, and guarantees provided by related parties for bank loans[149](index=149&type=chunk)[150](index=150&type=chunk)[151](index=151&type=chunk)[152](index=152&type=chunk) [Definitions and Glossary of Technical Terms](index=48&type=section&id=Definitions%20and%20Glossary%20of%20Technical%20Terms) This section provides definitions for key terms, abbreviations, and technical jargon used in this interim report - This glossary defines key terms used in the report, such as "the Group," "H1 2025," and "Listing Rules"[154](index=154&type=chunk)[155](index=155&type=chunk)[157](index=157&type=chunk)

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 FF301 公司名稱: 中庆环境股份有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 本月底法定/註冊股本總額： HKD 10,000,000 第 1 頁 共 10 頁 v 1.1.1 FF301 | 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) | 01855 | 說明 | 普通股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 30,000,000,000 | HKD | 0.000333333333 | HKD | | 10,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 3 ...

Group 1 - The company Zhongqing Holdings (01855) reported a revenue of RMB 762 million for the six months ending June 30, 2025, representing a year-on-year decrease of 1.77% [1] - The profit attributable to shareholders was RMB 29.33 million, a decline of 14.38% compared to the previous year [1] - Earnings per share stood at 4 cents [1]

[Unaudited Interim Results Announcement](index=1&type=section&id=Unaudited%20Interim%20Results%20Announcement) This section presents the unaudited interim results announcement for the six months ended June 30, 2025, including comparative figures for 2024 [Announcement Details](index=1&type=section&id=Announcement%20Details) The Board of Directors of Zhongqing Environment Co., Ltd. (Stock Code: 1855) announces the unaudited interim results for the six months ended June 30, 2025, with comparative figures for the six months ended June 30, 2024 - This announcement publishes the unaudited interim results of Zhongqing Environment Co., Ltd. for the six months ended June 30, 2025[2](index=2&type=chunk) [Consolidated Statement of Profit or Loss](index=2&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) This section provides an overview of the company's financial performance, highlighting changes in revenue, gross profit, and profit for the period [Profit or Loss Overview](index=2&type=section&id=Profit%20or%20Loss%20Overview) For the six months ended June 30, 2025, the company experienced a slight decrease in revenue, with both gross profit and profit for the period declining, reflecting macroeconomic pressures and increased industry competition Consolidated Statement of Profit or Loss Key Data (Six Months Ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 761,932 | 775,648 | -1.8% | | Cost of sales | (610,937) | (600,287) | 1.8% | | Gross profit | 150,995 | 175,361 | -13.9% | | Operating profit | 73,889 | 72,036 | 2.6% | | Profit before tax | 40,483 | 47,141 | -14.1% | | Profit for the period | 36,332 | 43,412 | -16.3% | | Profit attributable to equity holders of the Company | 29,333 | 34,259 | -14.4% | | Basic and diluted earnings per share (RMB cents) | 4 | 4 | 0.0% | [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) This section details the total comprehensive income for the period, reflecting changes from profit for the period and other comprehensive income components [Comprehensive Income Overview](index=3&type=section&id=Comprehensive%20Income%20Overview) For the six months ended June 30, 2025, total comprehensive income for the period decreased to RMB 35,592 thousand from RMB 43,916 thousand in the prior year, primarily due to reduced profit for the period and changes in other comprehensive income Consolidated Statement of Comprehensive Income Key Data (Six Months Ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Profit for the period | 36,332 | 43,412 | -16.3% | | Other comprehensive income for the period | (740) | 504 | -246.0% | | Total comprehensive income for the period | 35,592 | 43,916 | -19.0% | | Total comprehensive income attributable to equity holders of the Company | 28,593 | 34,763 | -17.7% | - Net change in fair value reserve for equity investments at fair value through other comprehensive income was **RMB (33) thousand** (2024: RMB 66 thousand), and exchange differences on translating financial statements of overseas companies were **RMB (707) thousand** (2024: RMB 438 thousand)[5](index=5&type=chunk) [Consolidated Statement of Financial Position](index=4&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) This section presents the company's financial position, detailing assets, liabilities, and equity, and highlighting improvements in financial structure [Financial Position Overview](index=4&type=section&id=Financial%20Position%20Overview) As of June 30, 2025, the Group's total assets and total equity both increased, net current assets rose, and the gearing ratio decreased, indicating an improved financial structure Consolidated Statement of Financial Position Key Data (As of June 30) | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current assets | 487,185 | 483,674 | 0.7% | | Current assets | 4,026,934 | 3,899,855 | 3.3% | | Current liabilities | 3,687,085 | 3,578,496 | 3.0% | | Net current assets | 339,849 | 321,359 | 5.7% | | Total assets less current liabilities | 827,034 | 805,033 | 2.7% | | Non-current liabilities | 6,154 | 9,841 | -37.5% | | Net assets | 820,880 | 795,192 | 3.2% | | Total equity | 820,880 | 795,192 | 3.2% | - Among current assets, contract assets increased to **RMB 1,149,451 thousand** (December 31, 2024: RMB 1,132,150 thousand), while trade and bills receivables slightly decreased to **RMB 2,282,587 thousand** (December 31, 2024: RMB 2,301,133 thousand)[7](index=7&type=chunk) - Among current liabilities, trade and bills payables significantly decreased to **RMB 1,285,561 thousand** (December 31, 2024: RMB 1,578,145 thousand), while contract liabilities substantially increased to **RMB 1,105,062 thousand** (December 31, 2024: RMB 726,695 thousand)[9](index=9&type=chunk) [Notes to the Interim Financial Information](index=7&type=section&id=Notes%20to%20the%20Interim%20Financial%20Information) This section provides detailed explanatory notes supporting the interim financial statements, covering accounting policies, segment reporting, and financial performance components [1. Basis of Preparation](index=7&type=section&id=1.%20Basis%20of%20Preparation) The interim financial information is prepared in accordance with HKEX Listing Rules and IAS 34, using consistent accounting policies as the 2024 annual financial statements, and was authorized for issue on August 21, 2025 - The interim financial report is prepared in accordance with International Accounting Standard 34 and was authorized for issue on August 21, 2025[12](index=12&type=chunk) - The interim financial information comprises condensed consolidated financial statements and selected explanatory notes, not including all information required for complete financial statements[12](index=12&type=chunk) - The statutory financial statements for the financial year ended December 31, 2024, received an unqualified opinion from the auditor[13](index=13&type=chunk) [2. Changes in Accounting Policies](index=8&type=section&id=2.%20Changes%20in%20Accounting%20Policies) The Group adopted IAS 21 (Amendment) 'The Effects of Changes in Foreign Exchange Rates – Lack of Exchangeability,' which had no material impact on interim financial information as the Group is not involved in transactions with non-exchangeable foreign currencies - The Group has applied International Accounting Standard 21 (Amendment) 'The Effects of Changes in Foreign Exchange Rates – Lack of Exchangeability'[14](index=14&type=chunk) - This amendment had no material impact on the interim financial information as the Group is not involved in foreign currency transactions that cannot be exchanged into another currency[14](index=14&type=chunk) [3. Revenue and Segment Reporting](index=8&type=section&id=3.%20Revenue%20and%20Segment%20Reporting) The Group manages its business across four reportable segments: urban renewal, urban operations and maintenance, urban planning and design, and cultural tourism, with significant growth in cultural tourism revenue and a decline in urban renewal services - The Group's business is divided into four reportable segments: urban renewal services, urban operations and maintenance services, urban planning and design services, and cultural tourism[18](index=18&type=chunk) - The cultural tourism segment generated revenue in 2024 and is expected to contribute to stable cash flow and diversify the business portfolio[17](index=17&type=chunk) [3(a) Revenue Breakdown](index=9&type=section&id=3%28a%29%20Revenue%20Breakdown) Revenue from urban renewal services decreased, while urban operations and maintenance, urban planning and design, and cultural tourism services all saw increases, with cultural tourism showing the largest growth Revenue Breakdown by Major Product or Service (Six Months Ended June 30) | Segment | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Urban Renewal Services | 580,505 | 613,016 | -5.3% | | Urban Operations and Maintenance Services | 121,635 | 115,586 | 5.2% | | Urban Planning and Design Services | 42,841 | 39,015 | 9.8% | | Cultural Tourism | 16,951 | 8,031 | 111.1% | | **Total** | **761,932** | **775,648** | **-1.8%** | [3(b) Segment Reporting](index=9&type=section&id=3%28b%29%20Segment%20Reporting) Segment results are measured by gross profit, with urban renewal services and cultural tourism experiencing a decrease in gross profit, and all Group revenue originating from mainland China - Reportable segment results are measured by gross profit, and the chief executive officer monitors the Group's overall assets and liabilities[21](index=21&type=chunk) Reportable Segment Gross Profit (Six Months Ended June 30) | Segment | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Urban Renewal Services | 117,940 | 143,449 | -17.7% | | Urban Operations and Maintenance Services | 21,476 | 21,934 | -2.1% | | Urban Planning and Design Services | 6,217 | 3,867 | 60.8% | | Cultural Tourism | 5,362 | 6,111 | -12.3% | | **Total** | **150,995** | **175,361** | **-13.9%** | - All of the Group's revenue is derived from the People's Republic of China ('China'), with no significant assets or operations outside China[25](index=25&type=chunk) [4. Profit Before Tax](index=12&type=section&id=4.%20Profit%20Before%20Tax) Profit before tax is determined after deducting finance costs and other items, with finance costs significantly increasing and notable changes in research and development and inventory costs Finance Costs (Six Months Ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Interest on bank and other loans and related party loans | 31,578 | 24,847 | 27.1% | | Interest on lease liabilities | 110 | 113 | -2.7% | | **Total** | **31,688** | **24,960** | **26.9%** | Other Items (Six Months Ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Depreciation of property, plant and equipment | 4,429 | 4,773 | -7.2% | | Depreciation of right-of-use assets | 2,308 | 2,687 | -14.1% | | Amortization of intangible assets | 901 | 381 | 136.5% | | Short-term lease and low-value asset lease expenses | 7,021 | 8,131 | -13.6% | | Research and development costs | 52,264 | 36,677 | 42.5% | | Inventory costs | 176,987 | 242,873 | -27.1% | [5. Income Tax](index=12&type=section&id=5.%20Income%20Tax) The Group's income tax increased from RMB 3.7 million to RMB 4.2 million, primarily due to a reduced deferred tax credit from lower credit losses, with Chinese subsidiaries subject to a 25% corporate income tax rate, and some high-tech enterprises enjoying a 15% preferential rate and 100% additional deductible tax credit for R&D costs Income Tax (Six Months Ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Current tax | 9,575 | 14,102 | -32.1% | | Deferred tax | (5,424) | (10,373) | -47.7% | | **Total** | **4,151** | **3,729** | **11.3%** | - Hong Kong subsidiaries are subject to a **16.5% profits tax rate**, but had no assessable profits during the period[28](index=28&type=chunk) - Chinese subsidiaries are subject to a **25% corporate income tax rate**, with four high-tech enterprises enjoying a **15% preferential tax rate** and a **100% additional deductible tax credit** for eligible R&D costs[28](index=28&type=chunk) [6. Earnings Per Share](index=13&type=section&id=6.%20Earnings%20Per%20Share) Basic earnings per share remained stable at RMB 4 cents for the six months ended June 30, 2025, with diluted earnings per share being identical due to the absence of potentially dilutive shares Basic Earnings Per Share (Six Months Ended June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Profit attributable to equity holders of the Company (RMB thousands) | 29,333 | 34,259 | | Number of ordinary shares issued (shares) | 825,000,000 | 825,000,000 | | Basic earnings per share (RMB cents) | 4 | 4 | - Effective August 1, 2024, the company's shares underwent a subdivision, with each share of HK$0.001 par value split into three subdivided shares of HK$0.0003 par value, adjusting the number of issued ordinary shares to **825,000,000 shares**[29](index=29&type=chunk) - There were no potentially dilutive shares outstanding for the six months ended June 30, 2025, and 2024, thus diluted earnings per share were the same as basic earnings per share[30](index=30&type=chunk) [7. Contract Assets and Contract Liabilities](index=14&type=section&id=7.%20Contract%20Assets%20and%20Contract%20Liabilities) Total contract assets increased, primarily from receivables from third parties, while contract liabilities grew significantly due to increased amounts payable to third parties, with most expected to be billed or recognized as revenue within one year Contract Assets (As of June 30) | Item | 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Receivables from third parties | 1,195,481 | 1,168,054 | 2.3% | | Less: Loss allowance | (179,199) | (166,170) | 7.8% | | **Net contract assets** | **1,149,451** | **1,132,150** | **1.5%** | - Contract assets expected to be billed after one year amounted to **RMB 509,304 thousand** (December 31, 2024: RMB 471,056 thousand)[33](index=33&type=chunk) Contract Liabilities (As of June 30) | Item | 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Payables to third parties | 1,075,960 | 695,283 | 54.7% | | **Total** | **1,105,062** | **726,695** | **52.1%** | - All contract liabilities are expected to be recognized as revenue within one year[34](index=34&type=chunk) [8. Trade Receivables and Bills Receivable](index=16&type=section&id=8.%20Trade%20Receivables%20and%20Bills%20Receivable) Total trade and bills receivables slightly decreased, but loss allowance increased, with aging analysis showing the largest proportion within one year, while receivables aged two to three years and over five years increased Trade Receivables (As of June 30) | Item | 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Receivables from third parties | 2,437,137 | 2,433,812 | 0.1% | | Less: Loss allowance | (424,157) | (408,413) | 3.8% | | **Net trade receivables** | **2,283,132** | **2,301,678** | **-0.8%** | Aging Analysis of Trade Receivables and Bills Receivable (As of June 30) | Aging | 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Within one year | 995,621 | 1,014,258 | -1.8% | | One to two years | 646,937 | 719,257 | -10.1% | | Two to three years | 334,395 | 203,285 | 64.5% | | Three to four years | 147,891 | 229,910 | -35.7% | | Four to five years | 55,292 | 47,957 | 15.3% | | Over five years | 102,996 | 87,011 | 18.4% | [9. Trade Payables and Bills Payable](index=17&type=section&id=9.%20Trade%20Payables%20and%20Bills%20Payable) Total trade and bills payables significantly decreased, mainly due to reduced amounts payable to third parties, with aging analysis showing a substantial drop in payables within one year, while those aged one to three years increased Trade Payables and Bills Payable (As of June 30) | Item | 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Payables to third parties | 1,183,053 | 1,496,232 | -20.9% | | Bills payable | 19,500 | 9,500 | 105.3% | | **Total** | **1,285,561** | **1,578,145** | **-18.6%** | Aging Analysis of Trade Payables and Bills Payable (As of June 30) | Aging | 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Within one year | 297,827 | 721,926 | -58.7% | | One to three years | 858,080 | 713,244 | 20.3% | | Over three years | 129,654 | 142,975 | -9.2% | - All trade and bills payables are expected to be settled or repaid on demand within one year[41](index=41&type=chunk) [10. Dividends](index=18&type=section&id=10.%20Dividends) The Board does not recommend paying a dividend for the first half of 2025, contrasting with the prior year when a final dividend of RMB 0.071 per share was declared - The Board does not recommend paying a dividend for the six months ended June 30, 2025 (first half of 2024: nil HKD)[42](index=42&type=chunk) - For the six months ended June 30, 2024, a final dividend of **RMB 0.071 per share** was declared for the year ended December 31, 2023, totaling **RMB 19,747 thousand**[42](index=42&type=chunk) [Management Discussion and Analysis](index=19&type=section&id=Management%20Discussion%20and%20Analysis) This section provides management's perspective on the Group's operational performance, financial condition, strategic initiatives, and future outlook [Business Overview and Strategy](index=19&type=section&id=Business%20Overview%20and%20Strategy) In the first half of 2025, the Group continued to develop its four core businesses—urban renewal, operations and maintenance, planning and design, and cultural tourism—implementing a national development strategy focused on enhancing competitiveness through quality rather than quantity of bids, resulting in increased bid submissions but a lower success rate, with new contract value of approximately RMB 715.26 million - The Group continues to consolidate and expand its urban renewal services, urban operations and maintenance services, urban planning and design services, and cultural tourism businesses[44](index=44&type=chunk) - In the first half of 2025, **427 bids were submitted**, with a successful bid rate of approximately **18.97%**, and new project contract value of approximately **RMB 715.26 million**[44](index=44&type=chunk) - The decrease in the successful bid rate reflects the Group's more cautious and quality-focused bidding strategy, prioritizing project quality[44](index=44&type=chunk) - The Group achieved **7 invention patents**, **15 utility model patents**, and **3 software copyrights** in technological innovation, enhancing the commercialization of core technological achievements[45](index=45&type=chunk)[46](index=46&type=chunk) [Risk Management](index=20&type=section&id=Risk%20Management) The Group's management assists the Board in assessing significant risks and implementing risk management and internal control measures, with no material internal control deficiencies identified in financial reporting for the first half of 2025 - Management assesses significant risks such as investment risk, interest rate risk, and liquidity risk, and formulates risk management and internal control measures[47](index=47&type=chunk) - There were no material internal control deficiencies in financial reporting for the first half of 2025[47](index=47&type=chunk) [Outlook](index=20&type=section&id=Outlook) New orders decreased in the first half due to macroeconomic conditions, local finances, and intensified industry competition; however, China's economic resilience and supportive national policies for urban renewal and infrastructure investment offer growth opportunities, with local debt optimization expected to ease financial pressure in the second half as the Group focuses on 'urban ecology + infrastructure + cultural tourism landscape' - In the first half of 2025, the number and contract value of new orders decreased due to multiple factors, including the macroeconomic environment, local government finances, and intensified industry competition[48](index=48&type=chunk) - China's GDP grew by **5.3% year-on-year**, infrastructure investment increased by **4.6% year-on-year**, with urban renewal and renovation of old residential areas being key focus areas[48](index=48&type=chunk) - National policies supporting 'urban renewal actions' and urban village renovation provide broad development space for the Group's business[48](index=48&type=chunk)[50](index=50&type=chunk) - Looking ahead to the second half, optimization of local government debt and the implementation of special bonds are expected to alleviate financial pressure, and the Group will continue to focus on the three major directions of 'urban ecology + infrastructure + cultural tourism landscape'[49](index=49&type=chunk)[50](index=50&type=chunk) [Financial Review](index=21&type=section&id=Financial%20Review) The Group's revenue slightly decreased by 1.8% in the first half, with gross profit down 13.9%, driven by reduced urban renewal service revenue and growth in urban operations and maintenance, urban planning and design, and cultural tourism, alongside increased selling expenses, decreased impairment losses, and higher finance costs [Revenue](index=21&type=section&id=Revenue) The Group's revenue slightly decreased by 1.8% to approximately RMB 761.9 million in the first half of 2025 from RMB 775.6 million in the first half of 2024, primarily due to macroeconomic fluctuations, increased industry competition, and fewer newly approved large contracts Revenue Changes (Six Months Ended June 30) | Indicator | 2025 (RMB millions) | 2024 (RMB millions) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 761.9 | 775.6 | -1.8% | - The decrease in revenue was primarily due to macroeconomic fluctuations, intensified industry competition, and a reduction in the number and value of newly approved large contracts[51](index=51&type=chunk) [Urban Renewal Services](index=21&type=section&id=Urban%20Renewal%20Services) Revenue from urban renewal services decreased by 5.3% to RMB 580.5 million, primarily due to fewer newly approved large contracts, reduced contract values, and a decline in average revenue recognized per contract Urban Renewal Services Revenue Changes (Six Months Ended June 30) | Indicator | 2025 (RMB millions) | 2024 (RMB millions) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 580.5 | 613.0 | -5.3% | - The decrease in revenue was primarily attributable to a reduction in the number and value of newly approved large contracts, as well as a decline in the average revenue recognized per contract[52](index=52&type=chunk) [Urban Operations and Maintenance Services](index=21&type=section&id=Urban%20Operations%20and%20Maintenance%20Services) Revenue from urban operations and maintenance services increased by 5.2% to RMB 121.6 million, primarily driven by national policy guidance and industry trends leading to an increase in the number of projects undertaken Urban Operations and Maintenance Services Revenue Changes (Six Months Ended June 30) | Indicator | 2025 (RMB millions) | 2024 (RMB millions) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 121.6 | 115.6 | 5.2% | - The revenue growth was primarily attributable to an increase in the number of urban operations and maintenance projects undertaken, driven by national policy guidance and industry development trends[53](index=53&type=chunk) [Urban Planning and Design Services](index=22&type=section&id=Urban%20Planning%20and%20Design%20Services) Revenue from urban planning and design services increased by 9.8% to RMB 42.8 million, primarily due to the steady release of existing orders in line with project progress Urban Planning and Design Services Revenue Changes (Six Months Ended June 30) | Indicator | 2025 (RMB millions) | 2024 (RMB millions) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 42.8 | 39.0 | 9.8% | - The increase in revenue was primarily due to the steady release of existing orders in line with project progress[54](index=54&type=chunk) [Cultural Tourism](index=22&type=section&id=Cultural%20Tourism) Cultural tourism revenue significantly increased by 112.5% to RMB 17.0 million, primarily benefiting from the Group's enhanced online marketing, membership system operations, and data-driven decision-making, improving customer acquisition efficiency and experience Cultural Tourism Revenue Changes (Six Months Ended June 30) | Indicator | 2025 (RMB millions) | 2024 (RMB millions) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 17.0 | 8.0 | 112.5% | - The revenue growth primarily benefited from the Group's increased investment in online marketing, membership system operations, and data-driven decision-making, enhancing customer acquisition efficiency, management levels, and customer experience[55](index=55&type=chunk) [Gross Profit and Gross Margin](index=22&type=section&id=Gross%20Profit%20and%20Gross%20Margin) Gross profit decreased by 13.9% from RMB 175.4 million to RMB 151.0 million, primarily due to reduced operating revenue caused by slowing market demand and intensified industry competition Gross Profit Changes (Six Months Ended June 30) | Indicator | 2025 (RMB millions) | 2024 (RMB millions) | Change (%) | | :--- | :--- | :--- | :--- | | Gross profit | 151.0 | 175.4 | -13.9% | - The decrease in gross profit was mainly due to slowing market demand and intensified industry competition, leading to reduced operating revenue[56](index=56&type=chunk) [Net Other Income](index=22&type=section&id=Net%20Other%20Income) Net other income decreased by 47.2% to RMB 3.8 million, primarily due to lower interest income Net Other Income Changes (Six Months Ended June 30) | Indicator | 2025 (RMB millions) | 2024 (RMB millions) | Change (%) | | :--- | :--- | :--- | :--- | | Net other income | 3.8 | 7.2 | -47.2% | - The decrease was primarily due to lower interest income[57](index=57&type=chunk) [Selling Expenses](index=22&type=section&id=Selling%20Expenses) Selling expenses increased by 17.6% to RMB 14.7 million, primarily due to the Group's increased resource allocation for market promotion and channel development to expand market share and new businesses, such as cultural tourism Selling Expenses Changes (Six Months Ended June 30) | Indicator | 2025 (RMB millions) | 2024 (RMB millions) | Change (%) | | :--- | :--- | :--- | :--- | | Selling expenses | 14.7 | 12.5 | 17.6% | - The increase was primarily due to the Group's increased resource allocation for market promotion and channel development to expand market share and new businesses (such as cultural tourism and other fields)[58](index=58&type=chunk) [Administrative Expenses](index=23&type=section&id=Administrative%20Expenses) Administrative expenses remained relatively stable at approximately RMB 37.4 million Administrative Expenses Changes (Six Months Ended June 30) | Indicator | 2025 (RMB millions) | 2024 (RMB millions) | Change (%) | | :--- | :--- | :--- | :--- | | Administrative expenses | 37.4 | 38.0 | -1.6% | [Impairment Losses under ECL Model](index=23&type=section&id=Impairment%20Losses%20under%20ECL%20Model) Impairment losses on trade and other receivables and contract assets decreased by 52.0% to RMB 28.8 million, primarily due to improved financial conditions of key clients, faster collections, and the Group's optimization of accounts receivable management and increased contract prepayment ratios Impairment Losses Changes (Six Months Ended June 30) | Indicator | 2025 (RMB millions) | 2024 (RMB millions) | Change (%) | | :--- | :--- | :--- | :--- | | Impairment losses | 28.8 | 60.0 | -52.0% | - The decrease was primarily due to improved financial conditions of the Group's major cooperative clients and accelerated collection speed; concurrently, the Group optimized its accounts receivable collection management mechanism and increased the proportion of contract prepayments, reducing credit risk[60](index=60&type=chunk) [Finance Costs](index=23&type=section&id=Finance%20Costs) Finance costs increased by 26.8% to RMB 31.7 million, primarily due to the Group's additional funding for core project construction and operating cash flow supplementation, leading to an increase in the average balance of bank and other loans Finance Costs Changes (Six Months Ended June 30) | Indicator | 2025 (RMB millions) | 2024 (RMB millions) | Change (%) | | :--- | :--- | :--- | :--- | | Finance costs | 31.7 | 25.0 | 26.8% | - Primarily due to the Group's additional funding used to support core project construction and supplement operating cash flow, which affected the increase in the average balance of bank and other loans[61](index=61&type=chunk) [Share of (Losses)/Profits of Associates](index=23&type=section&id=Share%20of%20%28Losses%29%2FProfits%20of%20Associates) The share of results from associates shifted from a profit to a loss of RMB 1.8 million compared to the prior year, primarily influenced by the performance of Changchun Xianbang and Tianjin Nangang associates Share of (Losses)/Profits of Associates Changes (Six Months Ended June 30) | Indicator | 2025 (RMB millions) | 2024 (RMB millions) | Change (RMB millions) | | :--- | :--- | :--- | :--- | | Share of (losses)/profits of associates | (1.8) | 0.4 | -2.2 | - The Group's share of results from associates decreased from a profit of **RMB 0.4 million** to a loss of **RMB 1.8 million**[63](index=63&type=chunk) - Associates include Changchun Xianbang Municipal Landscape Engineering Co., Ltd. (**50% equity interest**) and Tianjin Nangang Municipal Landscape Engineering Co., Ltd. (**20% equity interest**)[62](index=62&type=chunk)[63](index=63&type=chunk) [Share of Profits/(Losses) of a Joint Venture](index=24&type=section&id=Share%20of%20Profits%2F%28Losses%29%20of%20a%20Joint%20Venture) The share of results from a joint venture shifted from a loss to a profit of RMB 0.1 million compared to the prior year, primarily due to a reduction in the joint venture's expected credit losses Share of Profits/(Losses) of a Joint Venture Changes (Six Months Ended June 30) | Indicator | 2025 (RMB millions) | 2024 (RMB millions) | Change (RMB millions) | | :--- | :--- | :--- | :--- | | Share of profits/(losses) of a joint venture | 0.1 | (0.3) | 0.4 | - This fluctuation was mainly due to a reduction in the expected credit losses of the joint venture (Ulanhot Tianjiao Tianjun Tourism Development Co., Ltd.)[64](index=64&type=chunk) [Income Tax](index=24&type=section&id=Income%20Tax) Income tax increased to RMB 4.2 million, primarily due to a reduction in deferred tax credits resulting from decreased credit losses in the first half of 2025 Income Tax Changes (Six Months Ended June 30) | Indicator | 2025 (RMB millions) | 2024 (RMB millions) | Change (RMB millions) | | :--- | :--- | :--- | :--- | | Income tax | 4.2 | 3.7 | 0.5 | - Primarily due to a reduction in the Group's credit losses in the first half of 2025 compared to the first half of 2024, leading to a decrease in deferred income tax credits[65](index=65&type=chunk) [Net Current Assets](index=24&type=section&id=Net%20Current%20Assets) Net current assets increased by 5.7% to RMB 339.8 million, primarily driven by profit for the period Net Current Assets Changes (As of June 30) | Indicator | June 30, 2025 (RMB millions) | December 31, 2024 (RMB millions) | Change (%) | | :--- | :--- | :--- | :--- | | Net current assets | 339.8 | 321.4 | 5.7% | - The increase was primarily due to profit for the current period[66](index=66&type=chunk) [Liquidity and Financial Resources](index=25&type=section&id=Liquidity%20and%20Financial%20Resources) Cash and cash equivalents decreased to RMB 47.2 million, with total borrowings of approximately RMB 889.5 million, most of which are repayable within one year, and the Group has not breached any loan covenants Liquidity Position (As of June 30) | Indicator | June 30, 2025 (RMB millions) | December 31, 2024 (RMB millions) | Change (%) | | :--- | :--- | :--- | :--- | | Cash and cash equivalents | 47.2 | 122.8 | -61.5% | | Total borrowings | 889.5 | 884.6 | 0.5% | | Borrowings repayable within one year | 889.5 | 882.8 | 0.8% | - Some borrowings are secured and guaranteed by bank deposits of the controlling shareholder, trade receivables, contract assets, and the Group, related parties, or third-party guarantee companies[67](index=67&type=chunk) - As of June 30, 2025, the Group had not breached any loan covenants related to bank and other borrowings[68](index=68&type=chunk) [Gearing Ratio](index=25&type=section&id=Gearing%20Ratio) The gearing ratio decreased from 1.11 times as of December 31, 2024, to 1.08 times as of June 30, 2025, primarily due to an increase in equity value from retained earnings Gearing Ratio Changes (As of June 30) | Indicator | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Gearing ratio | 1.08 times | 1.11 times | -0.03 | - The decrease in the gearing ratio was primarily due to an increase in equity value from retained earnings in the first half of 2025[69](index=69&type=chunk) [Material Acquisitions and Disposals](index=25&type=section&id=Material%20Acquisitions%20and%20Disposals) The Group had no material acquisitions or disposals of subsidiaries, associates, or joint ventures in the first half of 2025 - The Group had no material acquisitions or disposals of subsidiaries, associates, or joint ventures in the first half of 2025[70](index=70&type=chunk) [Material Investments Held](index=25&type=section&id=Material%20Investments%20Held) The Group holds no other material investments apart from the associates and joint ventures disclosed in this announcement - Apart from the Group's associates and joint ventures disclosed in this announcement, the Group holds no other material investments[71](index=71&type=chunk) [Contingent Liabilities](index=25&type=section&id=Contingent%20Liabilities) The Group provides guarantees for bank loans of joint venture Tianjun Tourism and associate Changchun Xianbang, with unamortized balances of financial guarantees issued amounting to RMB 22,775 thousand and RMB 9,513 thousand, respectively, as of June 30, 2025 - The Group provides guarantees for bank loans of joint venture Tianjun Tourism; as of June 30, 2025, the bank loan balance was **RMB 270,000 thousand**, and the Group's guaranteed amount was **RMB 310,000 thousand** (including principal and interest)[72](index=72&type=chunk) - The unamortized balance of financial guarantees issued for Tianjun Tourism was **RMB 22,775 thousand** (December 31, 2024: RMB 24,000 thousand)[73](index=73&type=chunk) - The Group provides guarantees for bank loans of associate Changchun Xianbang; as of June 30, 2025, the bank loan balance was **RMB 106,500 thousand**, and the Group's guaranteed amount was **RMB 330,000 thousand** (including principal and interest)[74](index=74&type=chunk) - The unamortized balance of financial guarantees issued for Changchun Xianbang was **RMB 9,513 thousand** (December 31, 2024: RMB 10,600 thousand)[74](index=74&type=chunk) Financial Guarantees Issued (As of June 30) | Indicator | June 30, 2025 (RMB millions) | December 31, 2024 (RMB millions) | Change (%) | | :--- | :--- | :--- | :--- | | Financial guarantees issued | 32.3 | 34.6 | -6.7% | [Future Plans for Material Investments or Capital Assets](index=26&type=section&id=Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) As of the date of this announcement, the Group has no specific plans regarding material investments or capital assets - As of the date of this announcement, the Group has no specific plans regarding material investments or capital assets[76](index=76&type=chunk) [Other Information](index=27&type=section&id=Other%20Information) This section provides additional disclosures on various corporate matters, including dividends, employee policies, securities transactions, corporate governance, and board composition [Dividends](index=27&type=section&id=Dividends) The Board recommends not declaring an interim dividend for the first half of 2025 - The Board recommends not declaring an interim dividend for the first half of 2025 (first half of 2024: nil)[77](index=77&type=chunk) [Employees and Remuneration Policy](index=27&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had 806 employees, with a 'Remuneration Management Policy' and welfare system in place, and a Remuneration Committee to review compensation policies and structures for directors, senior management, and employees - As of June 30, 2025, the Group had **806 employees**[78](index=78&type=chunk) - The Group has formulated a 'Remuneration Management Policy' and welfare system to establish a systematic remuneration structure and enhance transparency and fairness[78](index=78&type=chunk) - The Remuneration Committee, comprising three independent non-executive directors, is responsible for reviewing the remuneration policies and structures for directors, senior management, and employees[78](index=78&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=27&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20Listed%20Securities) Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities in the first half of 2025 - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities in the first half of 2025[79](index=79&type=chunk) [Directors' Securities Transactions](index=27&type=section&id=Directors'%20Securities%20Transactions) The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers and confirms that directors complied with the relevant trading standards and code of conduct in the first half of 2025 - The Company has adopted a code of conduct regarding directors' securities transactions in accordance with the Model Code for Securities Transactions by Directors of Listed Issuers[80](index=80&type=chunk) - Following specific inquiries with each director, the Company is unaware of any non-compliance by directors with the trading standards and their code of conduct regarding securities transactions in the first half of 2025[80](index=80&type=chunk) [Events After Reporting Period](index=27&type=section&id=Events%20After%20Reporting%20Period) No material events occurred between June 30, 2025, and the date of this announcement - No material events occurred between June 30, 2025, and the date of this announcement[81](index=81&type=chunk) [Corporate Governance Practices](index=27&type=section&id=Corporate%20Governance%20Practices) The Company has adopted the Corporate Governance Code set out in Appendix C1 of the Listing Rules and will continue to review and strengthen its corporate governance - The Company has adopted the Corporate Governance Code set out in Appendix C1 of the Listing Rules and will continue to review and strengthen its corporate governance[83](index=83&type=chunk) [Review by Audit Committee](index=28&type=section&id=Review%20by%20Audit%20Committee) The Group's unaudited interim results and interim financial report for the six months ended June 30, 2025, have been reviewed by the Audit Committee - The Group's unaudited interim results and interim financial report for the six months ended June 30, 2025, have been reviewed by the Audit Committee[84](index=84&type=chunk) - The Audit Committee comprises three independent non-executive directors: Mr. Li Guodong (Chairman), Mr. Gao Xiangnong, and Mr. Yin Jun[84](index=84&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=28&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) This interim results announcement has been published on the Company's website and the HKEX website, and the interim report will be dispatched to shareholders upon request and posted on the aforementioned websites - This interim results announcement is published on the Company's website (www.zonqing.net) and the HKEX website (www.hkexnews.hk)[85](index=85&type=chunk) - The Company's interim report for the six months ended June 30, 2025, will be dispatched to shareholders upon request and posted on the aforementioned websites in due course[85](index=85&type=chunk) [Board Members](index=28&type=section&id=Board%20Members) As of the announcement date, the Board of Directors comprises executive directors Mr. Liu Haitao (Vice Chairman) and Ms. Wang Yan; non-executive directors Mr. Sun Juqing (Chairman), Ms. Lu Hongyan, and Mr. Shao Zhangguang; and independent non-executive directors Mr. Gao Xiangnong, Mr. Yin Jun, and Mr. Li Guodong - The Board of Directors includes executive directors Mr. Liu Haitao (Vice Chairman) and Ms. Wang Yan[87](index=87&type=chunk) - Non-executive directors include Mr. Sun Juqing (Chairman), Ms. Lu Hongyan, and Mr. Shao Zhangguang[87](index=87&type=chunk) - Independent non-executive directors include Mr. Gao Xiangnong, Mr. Yin Jun, and Mr. Li Guodong[87](index=87&type=chunk)

Summary of Key Points Core Viewpoint - A total of 142 stocks reached their 52-week highs as of August 12, with notable performers including Yingmei Holdings (02028), Elite Group (01775), and Fuying Global Group (01620) achieving high rates of 164.89%, 84.78%, and 40.63% respectively [1]. Stock Performance - **Top Performers**: - Yingmei Holdings (02028) closed at 0.223 with a peak of 0.249, marking a 164.89% increase [1]. - Elite Group (01775) closed at 0.350 with a peak of 0.425, reflecting an 84.78% increase [1]. - Fuying Global Group (01620) closed at 0.180, reaching its peak at 0.180, showing a 40.63% increase [1]. - **Other Notable Stocks**: - Aoya Group (02425) increased by 34.36% [1]. - Fuyiy International Holdings (01470) saw a rise of 28.30% [1]. - Huajian Medical (01931) experienced a 27.58% increase [1]. 52-Week High Rankings - The ranking of stocks that reached their 52-week highs includes: - Yingmei Holdings (02028) at 164.89% [1]. - Elite Group (01775) at 84.78% [1]. - Fuying Global Group (01620) at 40.63% [1]. 52-Week Low Rankings - The report also highlights stocks that reached their 52-week lows, with notable declines including: - Jiadeng International Group (08153) at -15.25% [4]. - Kun Group (00924) at -12.86% [4]. - Zhongjia Guoxin (00899) at -10.00% [4].

董事會會議日期 中庆環境股份有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈，本公司 將於二零二五年八月二十一日（星期四）舉行董事會會議，藉以（其中包括）考慮及 批准本公司及其附屬公司截至二零二五年六月三十日止六個月之未經審核中期業 績及其發佈，以及建議派發中期股息（如有）。 承董事會命 中庆環境股份有限公司 主席兼非執行董事 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 ZONQING Environmental Limited 中庆環境股份有限公司 （於開曼群島註冊成立之有限公司） （股份代號：1855） 孫舉慶 香港，二零二五年八月十一日 於本公告日期，本公司董事會成員包括執行董事劉海濤先生（副主席）及王彥女士； 非執行董事孫舉慶先生（主席）、呂鴻雁女士及邵占廣先生；以及獨立非執行董事 高向農先生、尹軍先生及李國棟先生。 ...

截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中庆环境股份有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01855 | 說明 | 普通股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 30,000,000,000 | HKD | 0.000333333333 | HKD | | 10,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 30,000,000,000 | HKD | 0.000333333333 | HKD | | 10,000,000 | 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 FF ...

Financial Performance - For the fiscal year ending December 31, 2024, ZONQING Environmental Limited reported total revenue of approximately RMB 1,743.1 million, a decrease of 26.0% compared to RMB 2,355.5 million in 2023[8]. - The net profit for the year was approximately RMB 46.1 million, down 69.9% from RMB 153.2 million in the previous year[8]. - The gross profit decreased by 30.4% to RMB 314.0 million from RMB 450.8 million in 2023[8]. - The company achieved a basic and diluted earnings per share of RMB 0.05, a decline of 68.8% from RMB 0.16 in the previous year[8]. - Revenue decreased by approximately 26.0% or RMB 612.4 million from RMB 2,355.5 million in FY2023 to RMB 1,743.1 million in FY2024, primarily due to delays in government construction projects[27]. - The urban renewal services segment's revenue fell by approximately 31.8% or RMB 650.0 million from RMB 2,024.2 million in FY2023 to RMB 1,392.2 million in FY2024, attributed to project delays[28]. - The urban operation and maintenance services segment's revenue increased by approximately 12.1% or RMB 26.4 million from RMB 219.0 million in FY2023 to RMB 245.4 million in FY2024, driven by growth in new contracts[29]. - The urban planning and design services segment's revenue decreased by approximately 32.4% or RMB 36.4 million from RMB 112.3 million in FY2023 to RMB 75.9 million in FY2024, influenced by policy and macroeconomic conditions[30]. - Gross profit decreased by approximately 30.3% to RMB 314.0 million, with a gross margin decline from 19.1% to 18.0% due to increased market competition and lower service fees in new regions[33]. Income and Expenses - The company experienced a significant increase in other income, which rose by 48.2% to RMB 15.6 million compared to RMB 10.6 million in the prior year[8]. - Selling expenses surged by 83.1% to RMB 34.4 million, up from RMB 18.8 million in 2023[8]. - Administrative expenses decreased by approximately 10.3% to RMB 82.3 million, mainly due to reduced business volume and cost-saving management practices[36]. - Financing costs decreased by approximately 7.7% to RMB 60.1 million, primarily due to lower loan interest rates in response to national policies supporting business development[38]. - The share of losses from joint ventures increased from a profit of RMB 1.4 million to a loss of RMB 2.7 million, mainly due to increased expected credit loss provisions[41]. - The share of losses from a joint venture in tourism increased from RMB 4.4 million to RMB 24.9 million, driven by higher expected credit loss provisions[42]. Assets and Liabilities - Non-current assets remained relatively stable at RMB 483.7 million, a slight decrease of 0.1% from RMB 483.9 million in 2023[8]. - Current assets increased by 16.0% to RMB 3,899.9 million, compared to RMB 3,362.5 million in the previous year[8]. - The total equity attributable to shareholders increased by 3.3% to RMB 795.2 million from RMB 769.5 million in 2023[8]. - Current assets decreased by approximately 14.8% to RMB 321.4 million, partly due to slower customer payment speeds and outstanding payables[46]. - Trade receivables and notes increased by approximately 30.4% from RMB 1,765.1 million to RMB 2,301.7 million due to delays in collection influenced by the national economic environment[49]. - Trade payables and notes rose by approximately 13.6% from RMB 1,389.2 million to RMB 1,578.1 million, attributed to extended payment terms negotiated with suppliers due to customers' weakened repayment ability[52]. - The group's equity return rate decreased from 18.1% in the fiscal year 2023 to 6.0% in the fiscal year 2024, mainly due to a reduction in profit[60]. - The total asset return rate fell from 3.8% in the fiscal year 2023 to 1.1% in the fiscal year 2024, primarily due to decreased profit[61]. - The capital debt ratio increased from 1.0 to 1.1, driven by an increase in bank and other loans[63]. - The net debt-to-equity ratio rose from 0.7 to 1.0, also due to an increase in bank and other loans[64]. Business Operations and Strategy - The company made significant progress in expanding its cultural tourism business, particularly in key regions such as Sichuan, Guangdong, and Hainan[9]. - Revenue sources for fiscal year 2024 included urban renewal services (79.9%), urban operation and maintenance services (14.1%), urban planning and design services (4.3%), and cultural tourism (1.7%)[12]. - The cultural tourism segment generated revenue of approximately RMB 29.64 million with a gross profit of RMB 11.59 million, accounting for about 3.7% of total gross profit[14]. - The group plans to continue expanding its cultural tourism business and enhance service quality while implementing national development strategies, particularly in regions like Sichuan, Guangdong, and Hainan[16]. - The company is focused on digital transformation and improving operational management to achieve sustainable high-quality development[10]. - The company plans to expand its business in cities like Shenzhen, Guangzhou, Tianjin, and Chongqing, focusing on urban operation and maintenance as well as cultural tourism markets[26]. - The company expects to benefit from government debt policies, improving cash flow and reducing financial pressure in FY2025[24]. - The company is exploring acquisition opportunities to enhance its overall strength and diversify its business portfolio, although no specific plans for major investments or acquisitions have been disclosed[65]. Corporate Governance - The company is committed to maintaining high standards of corporate governance to ensure integrity, transparency, and effective internal management[93]. - The board has established three committees: the Audit Committee, the Remuneration Committee, and the Nomination Committee to oversee specific aspects of the company's affairs[106]. - The company has not identified any non-compliance with trading standards by directors since the listing date[95]. - The board is responsible for formulating the overall strategy and policies of the group, approving business plans, and assessing group performance[97]. - The company will continue to review and strengthen its corporate governance to ensure compliance with the corporate governance code[94]. - All independent non-executive directors have confirmed their independence according to the listing rules[99]. - The board has adopted a diversity policy, achieving a gender ratio of 6:2 among board members as of the 2024 fiscal year[103]. - The company’s internal audit department plays a crucial role in monitoring internal governance and assessing major risks[119]. Shareholder and Stakeholder Engagement - The company expresses gratitude to shareholders and partners for their support, emphasizing a commitment to creating greater value for stakeholders[10]. - The company has a policy for handling and disclosing inside information, requiring Board approval for any announcements[120]. - The company’s shareholder communication policy is deemed sufficient and effective by the board[124]. - The company reported no dividend distribution for the fiscal year 2024[137]. - As of December 31, 2024, the company had no distributable reserves for shareholders, compared to zero in 2023[147]. - The company has adopted a dividend policy that depends on the availability of dividends from its subsidiaries, with future dividends subject to various factors including operational performance and cash flow[116]. Employee and Management Information - The group had a total of 799 employees as of December 31, 2024, with employee costs amounting to approximately RMB 173.4 million for the fiscal year 2024, compared to RMB 169.7 million in 2023[187]. - The total remuneration for senior management in the fiscal year 2024 is categorized into two levels: 5 members received between 0 – 400,000 RMB, and 3 members received between 400,000 – 800,000 RMB[115]. - All directors participated in continuous professional development to enhance their knowledge and skills for effective contributions to the board[98]. Related Party Transactions - The group entered into significant related party transactions in the fiscal year 2024, with total purchases amounting to approximately RMB 2,743,000, down from RMB 8,824,000 in 2023[194]. - The group provided guarantees for bank loans amounting to approximately RMB 642.7 million as of December 31, 2024, compared to RMB 393 million in 2023[194]. - The group established a new equipment usage framework agreement with Zhongqing Investment Group, with a maximum payment of RMB 600,000, RMB 700,000, and RMB 800,000 for the respective three years ending December 31, 2025[195]. - The group also entered into a new survey and design service framework agreement with Zhongqing Investment Group, with a maximum payment of RMB 20 million per year for three years, with RMB 1,874,000 recorded for the fiscal year 2024[196]. - The company entered into a new property leasing framework agreement with Zhongqing Investment Group, effective from January 1, 2023, to December 31, 2025, with a maximum payment of RMB 4,500,000, RMB 4,800,000, and RMB 4,800,000 for each respective year[198]. - For the year ending December 31, 2024, the transaction amount for property leasing is RMB 2,463,000, which is within the annual limit[198]. - A new framework agreement for landscaping and ecological restoration construction services was established with Zhongqing Investment Group, also effective from January 1, 2023, to December 31, 2025, with maximum payments of RMB 150,000,000, RMB 160,000,000, and RMB 170,000,000 for each respective year[199]. - The transaction amount for landscaping and ecological restoration services for the year ending December 31, 2024, is RMB 25,834,000, remaining below the annual limit[199]. - The company signed a framework agreement for construction project management services with Zhongqing Investment Group, with maximum payments of RMB 30,000,000, RMB 40,000,000, and RMB 40,000,000 for each respective year until December 31, 2025[200]. - The transaction amount for construction project management services for the year ending December 31, 2024, is RMB 5,433,000, which does not exceed the annual limit[200].