Company Information [Board of Directors and Committees](index=3&type=section&id=Board%20of%20Directors%20and%20Committees) The company's board comprises executive directors Ms. Gao Xiumei (Chairperson and CEO), Ms. Lian Xinli, Mr. Lian Xinglong, Mr. Yang Xiaoye, and independent non-executive directors Mr. Li Yaopei, Mr. Pan Dezheng, Mr. Peng Changwei. The Board has audit, remuneration, and nomination committees to ensure robust corporate governance - The Board of Directors includes **four executive directors and three independent non-executive directors**, with Ms. Gao Xiumei serving as both Chairperson and Chief Executive Officer[4](index=4&type=chunk) - The company has established **Audit, Remuneration, and Nomination Committees**, chaired or primarily composed of independent non-executive directors, to enhance corporate governance[4](index=4&type=chunk) [Company Contact and Registration Information](index=3&type=section&id=Company%20Contact%20and%20Registration%20Information) The company is registered in the Cayman Islands, with its principal place of business in Guangzhou, Guangdong Province, China, and its main Hong Kong business location in Sheung Wan. Ernst & Young is the auditor, and the stock code is 1861 - The company's registered office is in the **Cayman Islands**, and its principal place of business in the People's Republic of China is in Conghua District, Guangzhou, Guangdong Province[4](index=4&type=chunk) - The auditor is **Ernst & Young**, and the Hong Kong share registrar is Tricor Investor Services Limited[4](index=4&type=chunk)[5](index=5&type=chunk) - The company's stock code is **1861**, and its official website is www.botny.com[5](index=5&type=chunk) Business Review [Principal Business and Product Strategy](index=5&type=section&id=Principal%20Business%20and%20Product%20Strategy) The Group is a leading manufacturer of automotive beauty and maintenance aerosol products in China, engaged in designing, developing, manufacturing, and selling various automotive beauty and maintenance products, while also providing Contract Manufacturing Services (CMS) and Original Brand Manufacturing (OBM) products. The company continues to invest in OBM business development, enhancing market share through online platforms and brand activities, and launching the 'Botny Series' to reposition its corporate image - The Group specializes in the manufacturing of **aerosol products for automotive beauty and maintenance**, positioning itself as a leading manufacturer in China[6](index=6&type=chunk) - The company sells **Contract Manufacturing Services (CMS) and Original Brand Manufacturing (OBM) products**, with OBM products primarily sold through a distributor network and online platforms like Tmall and JD.com[6](index=6&type=chunk) - The Group continued to allocate resources to develop its **OBM business in the first half of 2025**, increasing brand awareness activities and achieving significant growth in online market sales[7](index=7&type=chunk) [Operating Environment and Outlook](index=5&type=section&id=Operating%20Environment%20and%20Outlook) Facing global economic uncertainty, trade protectionism, and raw material price volatility, the Group closely monitors industry developments and adjusts its strategies. Despite steady but fragile economic recovery in China, the company remains cautiously optimistic about the domestic market, OBM business, and personal care product industry, aiming to strengthen OBM through exhibitions, eco-friendly formulations, cost control, and brand enhancement - Global economic development faces **high uncertainty**, influenced by trade protectionism, international conflicts, and raw material price fluctuations[8](index=8&type=chunk) - The Chinese economy showed **steady growth in the first half of 2025**, though recovery remains fragile, with the government implementing safety and environmental regulations for aerosol products[9](index=9&type=chunk) - The Group will continuously enhance its **OBM business** through exhibitions, adopting eco-friendly formulations, strict cost control, improving brand image, and increasing product competitiveness[9](index=9&type=chunk) Management Discussion and Analysis [Financial Review](index=6&type=section&id=Financial%20Review) For the six months ended June 30, 2025, the Group's turnover increased by **18.4% to HK$324.7 million** year-on-year, driven by successful e-commerce strategies in China. Gross profit surged by **59.4%**, and net profit increased by **119.8%**, primarily due to online sales of high-margin OBM products, lower raw material costs, and a one-off gain from yacht disposal Key Financial Indicators for H1 2025 | Indicator | 2025 H1 (thousand HKD) | 2024 H1 (thousand HKD) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Turnover | 324,749 | 274,248 | +18.4% | | Cost of Sales | 180,589 | 183,802 | -1.7% | | Gross Profit | 144,160 | 90,446 | +59.4% | | Other Income and Gains | 26,422 | 8,816 | +199.7% | | Selling and Distribution Expenses | 69,728 | 23,464 | +197.2% | | Administrative Expenses | 22,597 | 23,051 | -2.0% | | Finance Costs | 710 | 986 | -28.0% | | Profit Attributable to Owners of the Parent | 52,711 | 23,978 | +119.8% | - Revenue from the **China market significantly increased by 27.4% to HK$283.7 million**, primarily due to China's economic recovery and effective e-commerce sales strategies[10](index=10&type=chunk) - Overseas sales decreased by **20.5% to HK$41.0 million**, mainly affected by weak demand in key export markets, global supply chain disruptions, exchange rate fluctuations, and geopolitical uncertainties[10](index=10&type=chunk) - The substantial increase in gross profit was primarily due to the success of **high-margin OBM product online sales strategies**, lower raw material prices, improved procurement strategies, and optimized automated production processes[12](index=12&type=chunk) - Other income and gains significantly increased by **199.7%**, mainly due to a disposal gain of approximately **HK$14.3 million** from the sale of a yacht and net exchange gains[13](index=13&type=chunk) - Selling and distribution expenses significantly increased by **197.2%**, primarily due to increased advertising and promotional costs of approximately **HK$53.9 million** to enhance e-commerce platforms[15](index=15&type=chunk) [Treasury Policy and Liquidity](index=7&type=section&id=Treasury%20Policy%20and%20Liquidity) The Group adopts a treasury policy to effectively control treasury operations and reduce borrowing costs, aiming to maintain sufficient cash levels. As of June 30, 2025, net current assets increased to **HK$168.1 million**, the current ratio improved to **2.4**, and the gearing ratio improved to **-10.7%**, indicating a robust financial position - The Group's treasury policy aims to effectively control treasury operations, reduce borrowing costs, and maintain **sufficient levels of cash and cash equivalents**[19](index=19&type=chunk) Liquidity Indicators | Indicator | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | Change | | :--- | :--- | :--- | :--- | | Net Current Assets | 168,100 | 96,500 | Increased 74.2% | | Cash and Cash Equivalents | 158,600 | 110,500 | Increased 43.5% | | Current Ratio | 2.4 | 1.9 | Improved | | Bank Borrowings | 21,200 | 25,300 | Decreased 16.2% | | Available Standby Bank Facilities | 350,500 | 337,500 | Increased 3.8% | | Gearing Ratio | -10.7% | 4.0% | Improved | - The gearing ratio improved to **-10.7%**, primarily due to an increase in cash and cash equivalents and a decrease in total borrowings[23](index=23&type=chunk) [Capital Structure and Risk Management](index=8&type=section&id=Capital%20Structure%20and%20Risk%20Management) The total number of issued shares remained unchanged. The Group faces foreign exchange risk due to currency mismatch between USD revenue and RMB production costs, but no foreign currency forward contracts were entered into during the period. Employee numbers slightly decreased, with remuneration policies combining market terms and individual performance. No significant investments or contingent liabilities were incurred, and the yacht disposal was completed - The total number of issued shares of the Company is **233,917,250 shares**, remaining unchanged from December 31, 2024[24](index=24&type=chunk) - Approximately **12.6% of the Group's revenue is denominated in USD**, while over **90% of production costs are settled in RMB**, posing foreign exchange risk due to currency mismatch[25](index=25&type=chunk) - As of June 30, 2025, the Group had **460 employees** (December 31, 2024: 468 employees), with staff costs amounting to approximately **HK$20.7 million**[28](index=28&type=chunk) - The Group sold a yacht on June 27, 2025, for a consideration of **HK$35,021,737**, generating a disposal gain of approximately **HK$14.3 million**[13](index=13&type=chunk)[30](index=30&type=chunk) Interim Condensed Consolidated Financial Information Review Report [Independent Review Report](index=10&type=section&id=Independent%20Review%20Report) Ernst & Young conducted an independent review of Botny Technology Holdings Limited's interim condensed consolidated financial information for the six months ended June 30, 2025. The review scope is less than an audit, but no material matters were identified suggesting the financial information was not prepared in accordance with International Accounting Standard 34 - Ernst & Young conducted a review of the interim financial information in accordance with **Hong Kong Standard on Review Engagements 2410**[37](index=37&type=chunk) - The review concluded that no material matters were identified indicating that the interim financial information was not prepared, in all material respects, in accordance with **International Accounting Standard 34**[38](index=38&type=chunk) Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income [Profit or Loss Statement Overview](index=11&type=section&id=Profit%20or%20Loss%20Statement%20Overview) For the six months ended June 30, 2025, the Group recorded revenue of **HK$324.7 million**, gross profit of **HK$144.2 million**, and profit for the period of **HK$52.7 million**. Compared to the same period last year, revenue, gross profit, and profit all showed significant growth, with basic and diluted earnings per share at **22.5 HK cents** Summary of Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Indicator | 2025 H1 (thousand HKD) | 2024 H1 (thousand HKD) | | :--- | :--- | :--- | | Revenue | 324,749 | 274,248 | | Cost of Sales | (180,589) | (183,802) | | Gross Profit | 144,160 | 90,446 | | Other Income and Gains | 26,422 | 8,816 | | Selling and Distribution Expenses | (69,728) | (23,464) | | Administrative Expenses | (22,597) | (23,051) | | Research and Development Expenses | (11,169) | (10,772) | | Profit Before Tax | 64,463 | 33,918 | | Profit for the Period | 52,711 | 23,978 | | Total Comprehensive Income for the Period | 55,631 | 23,811 | | Basic and Diluted Earnings Per Share | 22.5 HK cents | 10.3 HK cents | - Profit for the period increased by **119.8% year-on-year**, primarily due to the combined effects of revenue growth, improved gross margin, and increased other income[41](index=41&type=chunk) - Exchange differences on translating overseas operations turned from a loss in the first half of 2024 to a gain in the first half of 2025, positively impacting **total comprehensive income**[41](index=41&type=chunk) Interim Condensed Consolidated Statement of Financial Position [Financial Position Overview](index=12&type=section&id=Financial%20Position%20Overview) As of June 30, 2025, the Group's total assets were **HK$531.9 million**, and net assets were **HK$381.1 million**. Net current assets significantly increased to **HK$168.1 million**, and cash and cash equivalents rose to **HK$155.9 million**, indicating strong liquidity Summary of Interim Condensed Consolidated Statement of Financial Position | Indicator | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | | :--- | :--- | :--- | | Total Non-current Assets | 246,192 | 266,839 | | Total Current Assets | 285,701 | 209,691 | | Total Current Liabilities | 117,561 | 113,207 | | Net Current Assets | 168,140 | 96,484 | | Total Assets Less Current Liabilities | 414,332 | 363,323 | | Total Non-current Liabilities | 33,221 | 37,843 | | Net Assets | 381,111 | 325,480 | | Equity Attributable to Owners of the Parent | 381,544 | 325,908 | - Total current assets increased from **HK$209.7 million to HK$285.7 million**, mainly due to increases in trade and bills receivables, prepayments, deposits and other receivables, and cash and cash equivalents[42](index=42&type=chunk) - Total non-current assets decreased, primarily due to a reduction in the **carrying amount of property, plant and equipment**[42](index=42&type=chunk) Interim Condensed Consolidated Statement of Changes in Equity [Equity Changes Overview](index=14&type=section&id=Equity%20Changes%20Overview) For the six months ended June 30, 2025, total equity attributable to owners of the parent increased from **HK$325.9 million** as of December 31, 2024, to **HK$381.5 million**, primarily driven by profit for the period of **HK$52.7 million** and exchange differences on translating overseas operations of **HK$2.9 million** Summary of Interim Condensed Consolidated Statement of Changes in Equity | Equity Item | December 31, 2024 (thousand HKD) | Profit for the Period (thousand HKD) | Exchange Differences (thousand HKD) | June 30, 2025 (thousand HKD) | | :--- | :--- | :--- | :--- | :--- | | Total Equity Attributable to Owners of the Parent | 325,908 | 52,711 | 2,925 | 381,544 | | Non-controlling Interests | (428) | — | (5) | (433) | | Total Equity | 325,480 | 52,711 | 2,920 | 381,111 | - Profit for the period was the primary driver of equity growth, while the **exchange fluctuation reserve also turned positive**, contributing to some growth[46](index=46&type=chunk) - Share option reserve slightly decreased due to transfers upon forfeiture or expiry, but its impact on **total equity was minor**[46](index=46&type=chunk) Interim Condensed Consolidated Statement of Cash Flows [Cash Flow Overview](index=16&type=section&id=Cash%20Flow%20Overview) For the six months ended June 30, 2025, the Group's net cash flow from operating activities was **HK$20.7 million**, net cash flow from investing activities was **HK$34.2 million**, and net cash flow used in financing activities was **HK$6.1 million**. Cash and cash equivalents at period-end significantly increased to **HK$155.9 million**, reflecting a healthy overall cash flow position Summary of Interim Condensed Consolidated Statement of Cash Flows | Cash Flow Category | 2025 H1 (thousand HKD) | 2024 H1 (thousand HKD) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 20,744 | 19,258 | | Net Cash Flow from Investing Activities | 34,165 | (9,164) | | Net Cash Flow Used in Financing Activities | (6,076) | (5,864) | | Net Increase in Cash and Cash Equivalents | 48,833 | 4,230 | | Cash and Cash Equivalents at End of Period | 155,866 | 112,768 | - Cash flow from investing activities turned from a net outflow last year to a **net inflow**, primarily due to a significant increase in proceeds from the disposal of property, plant and equipment to **HK$35.4 million**[51](index=51&type=chunk) - Net cash flow from operating activities slightly increased, supported by **growth in profit before tax**, despite an increase in trade and other receivables and prepayments[49](index=49&type=chunk) Notes to the Interim Condensed Consolidated Financial Information [Basis of Preparation and Changes in Accounting Policies](index=18&type=section&id=Basis%20of%20Preparation%20and%20Changes%20in%20Accounting%20Policies) The interim condensed consolidated financial information is prepared in accordance with International Accounting Standard 34 and should be read in conjunction with the 2024 annual consolidated financial statements. The revised International Accounting Standard 21 'Lack of Exchangeability' was adopted for the first time this period, but it had no material impact on the financial information as all the Group's transaction currencies are exchangeable - The interim condensed consolidated financial information is prepared in accordance with **International Accounting Standard 34 'Interim Financial Reporting'**[52](index=52&type=chunk) - The revised **International Accounting Standard 21 'Lack of Exchangeability'** was adopted for the first time this period, but it had no impact on the interim condensed consolidated financial information[53](index=53&type=chunk)[54](index=54&type=chunk) [Operating Segments and Revenue Analysis](index=19&type=section&id=Operating%20Segments%20and%20Revenue%20Analysis) The Group's operating segments include automotive beauty and maintenance products and personal care products. For the six months ended June 30, 2025, revenue from automotive beauty and maintenance products was **HK$257.8 million**, and personal care products was **HK$66.9 million**. Mainland China is the largest regional market, contributing **HK$283.7 million** in revenue Revenue and Results by Operating Segment | Segment | 2025 H1 Revenue (thousand HKD) | 2024 H1 Revenue (thousand HKD) | 2025 H1 Results (thousand HKD) | 2024 H1 Results (thousand HKD) | | :--- | :--- | :--- | :--- | :--- | | Automotive Beauty and Maintenance Products | 257,822 | 209,847 | 98,111 | 29,660 | | Personal Care Products | 66,927 | 64,401 | 15,625 | 8,594 | | Total | 324,749 | 274,248 | 113,736 | 38,254 | Revenue by Geographical Market | Geographical Market | 2025 H1 Revenue (thousand HKD) | 2024 H1 Revenue (thousand HKD) | | :--- | :--- | :--- | | Mainland China | 283,720 | 222,671 | | Japan | 25,340 | 31,087 | | Other Asia Pacific Countries/Regions | 5,765 | 7,700 | | Middle East | 3,080 | 4,040 | | Americas | 3,326 | 6,328 | | Other Regions | 3,518 | 2,422 | | Total Contract Revenue from Customers | 324,749 | 274,248 | - Segment results show a **significant improvement in the profitability of automotive beauty and maintenance products**, with steady growth also observed in personal care products[55](index=55&type=chunk)[56](index=56&type=chunk) [Profit Before Tax and Income Tax](index=24&type=section&id=Profit%20Before%20Tax%20and%20Income%20Tax) For the six months ended June 30, 2025, profit before tax was **HK$64.5 million**. Income tax expense was **HK$11.8 million**, primarily from Mainland China, with Hong Kong profits tax rate at **16.5%** (or **8.25%** for eligible entities) Composition of Profit Before Tax | Item | 2025 H1 (thousand HKD) | 2024 H1 (thousand HKD) | | :--- | :--- | :--- | | Cost of Inventories Sold | 180,589 | 183,802 | | Depreciation of Property, Plant and Equipment | 9,287 | 12,381 | | Research and Development Costs | 11,169 | 10,772 | | Employee Benefit Expenses | 22,780 | 25,241 | | Net Exchange (Gain)/Loss | (6,525) | 5,993 | | Net (Gain)/Loss on Disposal of Property, Plant and Equipment | (14,230) | 35 | | Impairment Loss on Financial Assets | 680 | 698 | | Write-down/(Reversal of Write-down) of Inventories to Net Realizable Value | 1,069 | (518) | Income Tax Expense | Item | 2025 H1 (thousand HKD) | 2024 H1 (thousand HKD) | | :--- | :--- | :--- | | Current - Mainland China | 12,228 | 9,898 | | Underprovision in Prior Years | 12 | 153 | | Deferred | (488) | (111) | | Total Income Tax Expense | 11,752 | 9,940 | - Income tax expense primarily originates from **Mainland China**, with Hong Kong profits tax rate at **16.5%**, and a preferential tax rate of **8.25%** applicable to certain eligible entities[62](index=62&type=chunk) [Dividends and Earnings Per Share](index=25&type=section&id=Dividends%20and%20Earnings%20Per%20Share) For the six months ended June 30, 2025, basic and diluted earnings per share were **22.5 HK cents**, a significant increase from **10.3 HK cents** in the prior year. The Board recommended an interim dividend of **3.24 HK cents per share**, higher than **1.42 HK cents** in the prior year Earnings Per Share and Dividends | Indicator | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | Basic and Diluted Earnings Per Share | 22.5 HK cents | 10.3 HK cents | | Proposed Interim Dividend (per share) | 3.24 HK cents | 1.42 HK cents | - Earnings per share are calculated based on the **profit for the period attributable to ordinary equity holders of the parent** and the weighted average number of **233,917,250 ordinary shares** outstanding[64](index=64&type=chunk)[65](index=65&type=chunk) - No diluted adjustment was made to the basic earnings per share amount due to the **anti-dilutive effect of unexercised share options**[64](index=64&type=chunk) [Changes in Property, Plant and Equipment](index=26&type=section&id=Changes%20in%20Property%2C%20Plant%20and%20Equipment) For the six months ended June 30, 2025, the Group purchased assets at a cost of **HK$2.133 million** and disposed of assets with a net book value of **HK$21.191 million**, generating a net gain of **HK$14.230 million** Changes in Property, Plant and Equipment | Item | 2025 H1 (thousand HKD) | 2024 H1 (thousand HKD) | | :--- | :--- | :--- | | Cost of Assets Purchased | 2,133 | 10,451 | | Net Book Value of Assets Disposed | 21,191 | 108 | | Net Gain on Disposal | 14,230 | (35) | - The disposal of assets during the period generated a **significant net gain**, compared to a net loss in the same period last year[67](index=67&type=chunk) - The Group did not recognize any **impairment losses** during the period[68](index=68&type=chunk) [Trade and Bills Receivables and Payables](index=26&type=section&id=Trade%20and%20Bills%20Receivables%20and%20Payables) As of June 30, 2025, total trade and bills receivables increased to **HK$69.4 million**, with the largest portion due within 30 days. Total trade and bills payables increased to **HK$42.3 million**, also with the largest portion due within 30 days Ageing Analysis of Trade and Bills Receivables | Ageing | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | | :--- | :--- | :--- | | Within 30 days | 31,364 | 20,724 | | 31 to 60 days | 16,250 | 13,804 | | 61 to 90 days | 13,825 | 6,422 | | Over 90 days | 7,952 | 5,841 | | Total | 69,391 | 46,791 | Ageing Analysis of Trade and Bills Payables | Ageing | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | | :--- | :--- | :--- | | Within 30 days | 22,900 | 22,206 | | 31 to 60 days | 5,835 | 8,620 | | 61 to 90 days | 3,783 | 6,977 | | Over 90 days | 9,804 | 3,817 | | Total | 42,322 | 41,620 | - Total trade receivables significantly increased, reflecting **sales growth**, while trade payables also slightly increased[69](index=69&type=chunk)[70](index=70&type=chunk) [Interest-Bearing Bank and Other Borrowings](index=27&type=section&id=Interest-Bearing%20Bank%20and%20Other%20Borrowings) As of June 30, 2025, the Group's total interest-bearing bank and other borrowings amounted to **HK$21.3 million**, a decrease from **HK$25.3 million** as of December 31, 2024. Borrowings primarily include lease liabilities and long-term bank loans, secured by property, plant and equipment Interest-Bearing Bank and Other Borrowings | Borrowing Category | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | | :--- | :--- | :--- | | Current Portion | 10,689 | 10,160 | | Non-current Portion | 10,631 | 15,155 | | Total | 21,320 | 25,315 | - Long-term bank loans are secured and bear interest by reference to the **minimum lending rate**, with maturity dates between 2026 and 2027[71](index=71&type=chunk) - The **reduction in total borrowings** contributes to improving the company's debt-to-equity structure[71](index=71&type=chunk) [Capital Commitments and Related Party Transactions](index=28&type=section&id=Capital%20Commitments%20and%20Related%20Party%20Transactions) As of June 30, 2025, the Group's capital commitments primarily related to plant and machinery, amounting to approximately **HK$0.3 million**. Related party transactions included purchases from Guangdong Ouyabaozhuang Co., Ltd. and lease payments to Mr. Lian Yunzeng, the ultimate shareholder. Key management personnel remuneration increased Capital Commitments | Item | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | | :--- | :--- | :--- | | Plant and Machinery | 326 | 481 | Summary of Related Party Transactions | Transaction Type | Related Party | 2025 H1 (thousand HKD) | 2024 H1 (thousand HKD) | | :--- | :--- | :--- | :--- | | Purchase of Products | Guangdong Ouyabaozhuang Co., Ltd. | 5,741 | 7,588 | | Lease Rental Expenses | Mr. Lian Yunzeng | 33 | 33 | | Total Key Management Personnel Remuneration | - | 4,136 | 3,520 | - Outstanding balances due to related parties amounted to **HK$33.965 million**, which are unsecured, interest-free, and have no fixed repayment terms[73](index=73&type=chunk) [Share Option Schemes](index=29&type=section&id=Share%20Option%20Schemes) The company has a Pre-IPO Share Option Scheme, a 2019 Share Option Scheme (terminated), and a 2023 Share Option Scheme. As of June 30, 2025, **6,557,500 share options** remained unexercised under the Pre-IPO scheme, while no options were granted, exercised, lapsed, or cancelled under the 2019 and 2023 schemes during the period - The Pre-IPO Share Option Scheme aims to recognize and incentivize executive directors, senior management, and other employees, with an exercise price of **HK$2.17 per share**[77](index=77&type=chunk) Changes in Pre-IPO Share Option Scheme | Item | Number of Share Options as of June 30, 2025 | Number of Share Options as of December 31, 2024 | | :--- | :--- | :--- | | Beginning of Period | 6,607,500 | 6,707,500 | | Forfeited During Period | (50,000) | (100,000) | | End of Period | 6,557,500 | 6,607,500 | - The 2019 Share Option Scheme was terminated on May 19, 2023, with **no share options granted** as of the termination date[86](index=86&type=chunk) - The 2023 Share Option Scheme was adopted on May 19, 2023, to encourage or reward selected participants, but **no share options were granted** for the six months ended June 30, 2025[87](index=87&type=chunk)[91](index=91&type=chunk) Other Information [Directors' and Major Shareholders' Interests](index=34&type=section&id=Directors'%20and%20Major%20Shareholders'%20Interests) As of June 30, 2025, Ms. Gao Xiumei (Chairperson and CEO) and her spouse Mr. Lian Yunzeng (through family and controlled corporations) collectively held approximately **74.94%** of the company's shares and share option interests. Mr. Lian Yunzeng, as a major shareholder, directly and indirectly held approximately **46.08%** of the company's shares Directors' Long Positions in Shares and Share Options | Director Name | Ordinary Shares (Beneficial Owner) | Family Interests (shares) | Corporate Interests (shares) | Share Options (shares) | Total (shares) | Approximate Percentage of Issued Shares | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Ms. Gao Xiumei | – | 107,788,500 | 67,000,000 | 500,000 | 175,288,500 | 74.94% | | Ms. Lian Xinli | 200,500 | – | – | 277,500 | 478,000 | 0.20% | | Mr. Lian Xinglong | – | – | – | 500,000 | 500,000 | 0.21% | | Mr. Yang Xiaoye | – | – | – | 300,000 | 300,000 | 0.13% | | Mr. Pan Dezheng | 368,000 | – | – | – | 368,000 | 0.16% | Major Shareholders' Long Positions in Shares | Shareholder Name/Entity | Capacity/Nature of Interest | Number of Shares Held (shares) | Approximate Percentage of Issued Shares | | :--- | :--- | :--- | :--- | | Mr. Lian Yunzeng | Beneficial Owner | 107,788,500 | 46.08% | | | Spouse's Interest | 500,000 | 0.21% | | | Interest in Controlled Corporation | 67,000,000 | 28.64% | | Wellmass International Limited | Beneficial Owner | 67,000,000 | 28.64% | - Ms. Gao Xiumei's interests include shares held by her spouse, Mr. Lian Yunzeng, and shares held through **Wellmass International Limited**, which she wholly beneficially owns[94](index=94&type=chunk) [Corporate Governance and Compliance](index=36&type=section&id=Corporate%20Governance%20and%20Compliance) The company has established Audit, Remuneration, and Nomination Committees and complies with the Corporate Governance Code, except for the combined roles of Chairman and CEO. The company explains this arrangement facilitates unified leadership and strategic execution, emphasizing sufficient checks and balances. During the period, the company maintained adequate public float, and all directors complied with the Model Code for Securities Transactions - The Company's **Audit Committee, Remuneration Committee, and Nomination Committee** have all been established and their terms of reference formulated in accordance with the Corporate Governance Code[115](index=115&type=chunk)[116](index=116&type=chunk)[117](index=117&type=chunk) - The Company complies with the Corporate Governance Code, except for the combined roles of Chairman and Chief Executive Officer held by Ms. Gao Xiumei, which the company believes facilitates **unified leadership and efficient decision-making**[118](index=118&type=chunk)[119](index=119&type=chunk) - For the six months ended June 30, 2025, the Company has consistently maintained a **sufficient public float of not less than 25%** as required by the Listing Rules[121](index=121&type=chunk) - All Directors confirmed their compliance with the **Model Code for Securities Transactions by Directors of Listed Issuers** throughout the period[122](index=122&type=chunk) [Dividend Distribution and Share Transfer Registration](index=41&type=section&id=Dividend%20Distribution%20and%20Share%20Transfer%20Registration) The Board has resolved to declare an interim dividend of **3.24 HK cents per share** for the six months ended June 30, 2025, payable on or about October 28, 2025. To determine dividend entitlements, share transfer registration will be suspended from September 5 to September 10, 2025 - The Board has declared an interim dividend of **3.24 HK cents per share** for the six months ended June 30, 2025, an increase from **1.42 HK cents** in the same period last year[123](index=123&type=chunk) - The interim dividend will be paid on or about **October 28, 2025**, to shareholders whose names appear on the register of members on **September 10, 2025**[123](index=123&type=chunk) - To be eligible for the interim dividend, share transfer registration will be suspended from **September 5, 2025, to September 10, 2025**[124](index=124&type=chunk)

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 保寶龍科技控股有限公司 (於開曼群島註冊成立之有限公司） 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) | 01861 | 說明 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | 1,500,000,000 | HKD | | 0.01 HKD | | 15,000,000 | | 增加 / 減少 (-) | | | 0 | | HKD | | 0 | | 本月底結存 | | 1,500,000,000 | HKD | | 0.01 HKD | | 15,000,000 | 本月底法定/註冊股本總額： HKD 15,000,000 第 1 頁 ...

Core Viewpoint - Baobao Long Technology (01861) reported a significant increase in revenue and profit for the six months ending June 30, 2025, indicating strong performance driven by effective e-commerce strategies and economic recovery in China [1] Financial Performance - The company achieved a revenue of HKD 325 million, representing an 18.41% year-on-year increase [1] - Shareholders' profit reached HKD 52.71 million, marking a substantial increase of 119.83% compared to the previous year [1] - Basic earnings per share were reported at HKD 0.225 [1] - A mid-term dividend of HKD 0.0324 per share is proposed [1] Revenue Sources - Revenue generated from Chinese customers amounted to approximately HKD 284 million, reflecting a significant increase of about 27.4% compared to the same period in 2024 [1] - The increase in sales in China is attributed to the steady recovery of the Chinese economy and the successful implementation of effective e-commerce sales strategies, particularly through e-commerce platforms [1]

Core Insights - Baobao Long Technology (01861) reported a revenue of HKD 325 million for the six months ending June 30, 2025, representing an increase of 18.41% year-on-year [1] - The profit attributable to shareholders was HKD 52.71 million, a significant increase of 119.83% compared to the previous year [1] - The basic earnings per share were HKD 0.225, and the company proposed an interim dividend of HKD 0.0324 per share [1] Revenue Breakdown - The group generated approximately HKD 284 million in revenue from Chinese customers, marking a substantial increase of about 27.4% compared to the same period in 2024 [1] - The significant sales growth in China was primarily attributed to the steady recovery of the Chinese economy and the successful implementation of effective e-commerce sales strategies for the group's OBM products, particularly through e-commerce platforms [1]

Group 1 - The company, BaoBaoLong Technology (01861), announced that it will distribute an interim dividend of HKD 0.0324 per share for the six months ending June 30, 2025, on October 28, 2025 [1]

Group 1 - The company recorded a revenue of approximately 325 million HKD for the six months ending June 30, 2025, representing a significant increase of about 18.4% compared to the same period in 2024 [1] - The net profit attributable to the company's shareholders was approximately 52.7 million HKD, which is an increase of about 119.8% compared to the same period in 2024 [1] - The earnings per share for ordinary equity holders of the parent company was 22.5 HKD cents [1] Group 2 - The substantial increase in net profit is attributed to several factors, including the successful implementation of effective e-commerce sales strategies for high-margin OBM products across multiple online platforms, leading to stronger revenue and profitability [1] - There was a significant increase in sales and distribution expenses aimed at enhancing the company's e-commerce platform [1] - The company generated disposal gains from the sale of a yacht and recognized net foreign exchange income during the period [1]

EF001 EF001 其他信息 其他信息 不適用 發行人董事 於本公告日期，執行董事為高秀媚女士、連馨莉女士、連興隆先生及楊小業先生；以及獨立非執行董事為李耀培先生、潘德政先生 及彭長緯先生。 第 2 頁 共 2 頁 v 1.1.1 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 | | | --- | --- | | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 保寶龍科技控股有限公司 | | 股份代號 | 01861 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 截至2025年6月30日止六個月之中期股息及暫停辦理股份過戶登記 | | | 公告日期 | 2025年8月21日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2 ...

[Interim Results Announcement](index=1&type=section&id=Interim%20Results%20Announcement) [Company Information and Announcement](index=1&type=section&id=Company%20Information%20and%20Announcement) PRECIOUS DRAGON TECHNOLOGY HOLDINGS LIMITED (Stock Code: 1861) announced its unaudited condensed consolidated financial results for the six months ended June 30, 2025, which have been reviewed by Ernst & Young and the Audit Committee, providing comparative figures for the same period in 2024 - Company Name: PRECIOUS DRAGON TECHNOLOGY HOLDINGS LIMITED, Stock Code: **1861**[2](index=2&type=chunk) - The announcement presents unaudited condensed consolidated financial results for the six months ended June 30, 2025, with comparative figures for the six months ended June 30, 2024[3](index=3&type=chunk) - The results have been reviewed by the Group's external auditor, Ernst & Young, and the Company's Audit Committee[3](index=3&type=chunk) [Condensed Consolidated Financial Statements](index=2&type=section&id=Condensed%20Consolidated%20Financial%20Statements) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the company's revenue significantly increased by **18.4%** to **HK$324,749 thousand**, with profit for the period surging by **119.8%** to **HK$52,711 thousand**, and basic and diluted earnings per share rising to **22.5 HK cents**, indicating a substantial improvement in profitability Key Data from Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (HK$ Thousand) | Indicator | For the six months ended June 30, 2025 (HK$ Thousand) | For the six months ended June 30, 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 324,749 | 274,248 | +18.4% | | Cost of Sales | (180,589) | (183,802) | -1.7% | | Gross Profit | 144,160 | 90,446 | +59.4% | | Other Income and Gains | 26,422 | 8,816 | +199.7% | | Selling and Distribution Expenses | (69,728) | (23,464) | +197.2% | | Administrative Expenses | (22,597) | (23,051) | -2.0% | | Research and Development Expenses | (11,169) | (10,772) | +3.7% | | Profit Before Tax | 64,463 | 33,918 | +90.0% | | Income Tax Expense | (11,752) | (9,940) | +18.2% | | Profit for the Period | 52,711 | 23,978 | +119.8% | | Total Comprehensive Income for the Period | 55,631 | 23,811 | +133.6% | | Basic Earnings Per Share Attributable to Owners of the Parent | 22.5 HK cents | 10.3 HK cents | +118.4% | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's net current assets significantly increased by **74.3%** to **HK$168,140 thousand**, total assets less current liabilities rose to **HK$414,332 thousand**, and total equity grew to **HK$381,111 thousand**, indicating a robust improvement in financial position Key Data from Condensed Consolidated Statement of Financial Position (HK$ Thousand) | Indicator | As of June 30, 2025 (HK$ Thousand) | As of December 31, 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Total Non-current Assets | 246,192 | 266,839 | -7.7% | | Total Current Assets | 285,701 | 209,691 | +36.2% | | Total Current Liabilities | 117,561 | 113,207 | +3.8% | | Net Current Assets | 168,140 | 96,484 | +74.3% | | Total Assets Less Current Liabilities | 414,332 | 363,323 | +14.0% | | Total Non-current Liabilities | 33,221 | 37,843 | -12.3% | | Net Assets | 381,111 | 325,480 | +17.1% | | Total Equity | 381,111 | 325,480 | +17.1% | [Notes to the Condensed Consolidated Financial Information](index=6&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Information) [Basis of Preparation and Changes in Accounting Policies](index=6&type=section&id=Basis%20of%20Preparation%20and%20Changes%20in%20Accounting%20Policies) The interim condensed consolidated financial information is prepared in accordance with IAS 34 and is consistent with the accounting policies adopted in the 2024 annual consolidated financial statements, with the initial adoption of the revised IAS 21 'Lack of Exchangeability' having no impact on the Group's financial information - The financial information is prepared in accordance with International Accounting Standard 34 'Interim Financial Reporting' and should be read in conjunction with the annual consolidated financial statements for the year ended December 31, 2024[8](index=8&type=chunk) - The revised International Accounting Standard 21 'Lack of Exchangeability' was adopted for the first time, but it had no impact on the financial information as the Group's transaction and functional currencies are all exchangeable[9](index=9&type=chunk)[10](index=10&type=chunk) [Revenue Analysis](index=7&type=section&id=Revenue%20Analysis) For the six months ended June 30, 2025, total revenue from contracts with customers was **HK$324,749 thousand**, primarily from automotive beauty and maintenance products and personal care products, with the Chinese mainland market being the largest contributor Total Revenue (HK$ Thousand) | Indicator | For the six months ended June 30, 2025 (HK$ Thousand) | For the six months ended June 30, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Revenue from contracts with customers | 324,749 | 274,248 | [Segment Revenue Information](index=7&type=section&id=Segment%20Revenue%20Information) Revenue by Product Type and Geographical Market for the Six Months Ended June 30, 2025 (HK$ Thousand) | Category | Automotive Beauty and Maintenance Products | Personal Care Products | Total | | :--- | :--- | :--- | :--- | | **Product Type** | | | | | Product Sales | 257,822 | 66,927 | 324,749 | | **Geographical Market** | | | | | Chinese Mainland | 220,517 | 63,203 | 283,720 | | Japan | 25,340 | — | 25,340 | | Other Asia Pacific Countries/Regions | 2,881 | 2,884 | 5,765 | | Middle East | 3,080 | — | 3,080 | | Americas | 3,326 | — | 3,326 | | Other Regions | 2,678 | 840 | 3,518 | Revenue by Product Type and Geographical Market for the Six Months Ended June 30, 2024 (HK$ Thousand) | Category | Automotive Beauty and Maintenance Products | Personal Care Products | Total | | :--- | :--- | :--- | :--- | | **Product Type** | | | | | Product Sales | 209,847 | 64,401 | 274,248 | | **Geographical Market** | | | | | Chinese Mainland | 167,783 | 54,888 | 222,671 | | Japan | 31,087 | — | 31,087 | | Other Asia Pacific Countries/Regions | 3,186 | 4,514 | 7,700 | | Middle East | 4,040 | — | 4,040 | | Americas | 2,612 | 3,716 | 6,328 | | Other Regions | 1,139 | 1,283 | 2,422 | [Components of Profit Before Tax](index=9&type=section&id=Components%20of%20Profit%20Before%20Tax) For the six months ended June 30, 2025, profit before tax was primarily influenced by cost of inventories sold, depreciation, R&D costs, employee benefits expense, net exchange gains, and net gain on disposal of property, plant and equipment, with the gain on property disposal being significant Key Deductions/(Additions) to Profit Before Tax (HK$ Thousand) | Item | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Cost of inventories sold | 180,589 | 183,802 | | Depreciation of property, plant and equipment | 9,287 | 12,381 | | Depreciation of right-of-use assets | 766 | 763 | | Research and development costs | 11,169 | 10,772 | | Employee benefits expense | 22,780 | 25,241 | | Net exchange (gains)/losses | (6,525) | 5,993 | | Net (gain)/loss on disposal of items of property, plant and equipment | (14,230) | 35 | | Write-down/(reversal of write-down) of inventories to net realisable value | 1,069 | (518) | [Income Tax Expense](index=10&type=section&id=Income%20Tax%20Expense) For the six months ended June 30, 2025, income tax expense was **HK$11,752 thousand**, primarily from Chinese mainland, with Hong Kong profits tax rate at **16.5%** and a two-tiered profits tax rate applicable to some subsidiaries - Hong Kong profits tax rate is **16.5%**, with the first **HK$2,000,000** of assessable profits for eligible subsidiaries taxed at **8.25%**[16](index=16&type=chunk) Income Tax Expense (HK$ Thousand) | Item | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Current - Chinese mainland for the period | 12,228 | 9,898 | | Underprovision in prior years | 12 | 153 | | Deferred | (488) | (111) | | **Total** | **11,752** | **9,940** | [Dividends](index=10&type=section&id=Dividends) For the six months ended June 30, 2025, the proposed interim dividend is **3.24 HK cents** per ordinary share, a significant increase of **128.2%** from **1.42 HK cents** in the prior year Proposed Interim Dividends (HK$ Thousand) | Item | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Proposed interim - per ordinary share | 3.24 HK cents | 1.42 HK cents | | Total amount | 7,579 | 3,322 | [Earnings Per Share Attributable to Owners of the Parent](index=11&type=section&id=Earnings%20Per%20Share%20Attributable%20to%20Owners%20of%20the%20Parent) For the six months ended June 30, 2025, both basic and diluted earnings per share were **22.5 HK cents**, a significant increase from **10.3 HK cents** in the prior year, primarily based on profit attributable to owners of the parent of **HK$52,711 thousand**, with no adjustment for anti-dilutive share options Earnings Per Share Calculation (HK$ Thousand) | Indicator | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Profit attributable to owners of the parent for the purpose of calculating basic and diluted earnings per share | 52,711 | 23,978 | | Weighted average number of ordinary shares in issue for the purpose of calculating basic earnings per share | 233,917,250 shares | 233,917,250 shares | | Basic and diluted earnings per share | 22.5 HK cents | 10.3 HK cents | - No adjustment for dilution was made as the unexercised share options had an anti-dilutive effect on the basic earnings per share presented[19](index=19&type=chunk) [Trade and Bills Receivables](index=12&type=section&id=Trade%20and%20Bills%20Receivables) As of June 30, 2025, total trade and bills receivables amounted to **HK$69,391 thousand**, an increase from **HK$46,791 thousand** as of December 31, 2024, with the highest proportion aged within **30 days** Ageing Analysis of Trade and Bills Receivables (HK$ Thousand) | Ageing | As of June 30, 2025 (HK$ Thousand) | As of December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Within 30 days | 31,364 | 20,724 | | 31 to 60 days | 16,250 | 13,804 | | 61 to 90 days | 13,825 | 6,422 | | Over 90 days | 7,952 | 5,841 | | **Total** | **69,391** | **46,791** | [Trade and Bills Payables](index=12&type=section&id=Trade%20and%20Bills%20Payables) As of June 30, 2025, total trade and bills payables were **HK$42,322 thousand**, a slight increase from **HK$41,620 thousand** as of December 31, 2024, with the largest proportion aged within **30 days** Ageing Analysis of Trade and Bills Payables (HK$ Thousand) | Ageing | As of June 30, 2025 (HK$ Thousand) | As of December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Within 30 days | 22,900 | 22,206 | | 31 to 60 days | 5,835 | 8,620 | | 61 to 90 days | 3,783 | 6,977 | | Over 90 days | 9,804 | 3,817 | | **Total** | **42,322** | **41,620** | [Management Discussion and Analysis](index=13&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=13&type=section&id=Business%20Review) The Group is a leading Chinese manufacturer of automotive beauty and maintenance aerosol products, engaged in designing, developing, manufacturing, and selling various automotive beauty and maintenance products, as well as personal care products. Operating under CMS and OBM models, the OBM business primarily sells proprietary brands through distributors and online platforms, with significant growth in online market sales during the reporting period due to increased resource allocation - The Group is a leading Chinese manufacturer of automotive beauty and maintenance aerosol products, including car cleaning, paint coatings, winter/summer specialty products, and air fresheners[24](index=24&type=chunk) - Business models include Contract Manufacturing Services (CMS) and Original Brand Manufacturing (OBM), with OBM products sold through a distributor network and online platforms like Tmall and JD.com under proprietary brands (e.g., Botny, ATM)[24](index=24&type=chunk) - For the period ended June 30, 2025, the Group increased resources to develop its OBM business, achieving significant growth in online market sales through brand awareness campaigns and e-commerce strategies[25](index=25&type=chunk) [Operating Environment and Outlook](index=14&type=section&id=Operating%20Environment%20and%20Outlook) The global economy faces uncertainties from trade protectionism, international conflicts, and raw material price volatility. China's economy grew steadily in H1 2025 but recovery remains fragile, presenting opportunities and challenges from aerosol product safety and environmental regulations. The Group will monitor industry developments, adjust strategies, strengthen proprietary brand promotion, expand into new markets, and enhance OBM business competitiveness through eco-friendly formulations, cost control, and brand enhancement - The global economy faces high uncertainty, influenced by trade protectionism, international conflicts, and raw material price volatility[26](index=26&type=chunk) - China's economy grew steadily in H1 2025, but recovery is fragile, with government implementing aerosol product safety and environmental regulations, and consumers focusing on eco-friendly products[27](index=27&type=chunk) - The Group will continue to enhance its OBM business through exhibitions, eco-friendly formulations, strict cost control, brand image improvement, and increased product competitiveness[27](index=27&type=chunk) [Financial Review](index=14&type=section&id=Financial%20Review) The Group's H1 2025 financial performance was strong, with significant growth in both turnover and net profit, primarily driven by successful e-commerce strategies for OBM products in China, lower raw material costs, and a one-off gain from yacht disposal. Selling and distribution expenses increased significantly due to e-commerce platform promotions [Turnover](index=14&type=section&id=Turnover) Turnover Changes (HK$ Million) | Item | For the six months ended June 30, 2025 (HK$ Million) | For the six months ended June 30, 2024 (HK$ Million) | Change (%) | | :--- | :--- | :--- | :--- | | Total Turnover | 324.7 | 274.2 | +18.4% | | Revenue from Chinese customers | 283.7 | 222.7 | +27.4% | | Revenue from overseas customers | 41.0 | 51.6 | -20.5% | - Significant increase in Chinese sales was primarily due to the steady recovery of the Chinese economy and successful execution of effective e-commerce sales strategies for OBM products[28](index=28&type=chunk) - Decrease in overseas sales was mainly due to weak demand in key export markets, global supply chain disruptions, exchange rate fluctuations, and increased geopolitical uncertainties[29](index=29&type=chunk) [Cost of Sales](index=15&type=section&id=Cost%20of%20Sales) Cost of Sales Changes (HK$ Million) | Item | For the six months ended June 30, 2025 (HK$ Million) | For the six months ended June 30, 2024 (HK$ Million) | Change (%) | | :--- | :--- | :--- | :--- | | Cost of Sales | 180.6 | 183.8 | -1.7% | | As a percentage of turnover | 55.6% | 67.0% | -11.4 percentage points | - Decrease in cost of sales was primarily due to economies of scale from increased product sales, improved procurement strategies, lower average raw material prices (e.g., tinplate containers, solvents, and gasoline), and optimization of automation and manufacturing processes[30](index=30&type=chunk) [Gross Profit and Gross Margin](index=15&type=section&id=Gross%20Profit%20and%20Gross%20Margin) Gross Profit Changes (HK$ Million) | Item | For the six months ended June 30, 2025 (HK$ Million) | For the six months ended June 30, 2024 (HK$ Million) | Change (%) | | :--- | :--- | :--- | :--- | | Gross Profit | 144.2 | 90.4 | +59.4% | - Significant increase in gross profit was primarily attributable to the successful e-commerce sales strategy for high-margin OBM products, lower raw material prices, improved procurement strategies, and optimization of automation and manufacturing processes[31](index=31&type=chunk) [Other Income and Gains](index=15&type=section&id=Other%20Income%20and%20Gains) Other Income and Gains Changes (HK$ Million) | Item | For the six months ended June 30, 2025 (HK$ Million) | For the six months ended June 30, 2024 (HK$ Million) | Change (%) | | :--- | :--- | :--- | :--- | | Other Income and Gains | 26.4 | 8.8 | +199.7% | - The increase was primarily due to a disposal gain of approximately **HK$14.3 million** from the sale of a yacht, and net exchange gains from favorable foreign currency exchange rate movements[32](index=32&type=chunk) [Selling and Distribution Expenses](index=16&type=section&id=Selling%20and%20Distribution%20Expenses) Selling and Distribution Expenses Changes (HK$ Million) | Item | For the six months ended June 30, 2025 (HK$ Million) | For the six months ended June 30, 2024 (HK$ Million) | Change (%) | | :--- | :--- | :--- | :--- | | Selling and Distribution Expenses | 69.7 | 23.5 | +197.2% | | Advertising and promotion costs | 53.9 | 9.5 | +467.4% | - The significant increase was primarily due to higher advertising and promotion costs to enhance e-commerce platforms[33](index=33&type=chunk) [Administrative Expenses](index=16&type=section&id=Administrative%20Expenses) Administrative Expenses Changes (HK$ Million) | Item | For the six months ended June 30, 2025 (HK$ Million) | For the six months ended June 30, 2024 (HK$ Million) | Change (%) | | :--- | :--- | :--- | :--- | | Administrative Expenses | 22.6 | 23.1 | -2.0% | - The decrease in administrative expenses was primarily due to the implementation of strict cost control measures to reduce general expenses[34](index=34&type=chunk) [Finance Costs](index=16&type=section&id=Finance%20Costs) Finance Costs Changes (HK$ Million) | Item | For the six months ended June 30, 2025 (HK$ Million) | For the six months ended June 30, 2024 (HK$ Million) | Change (%) | | :--- | :--- | :--- | :--- | | Finance Costs | 0.7 | 1.0 | -28.0% | - The decrease in finance costs was primarily due to a lower average outstanding balance of bank borrowings compared to the same period in 2024[35](index=35&type=chunk) [Net Profit](index=16&type=section&id=Net%20Profit) Net Profit Attributable to Owners of the Parent Changes (HK$ Million) | Item | For the six months ended June 30, 2025 (HK$ Million) | For the six months ended June 30, 2024 (HK$ Million) | Change (%) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Owners of the Parent | 52.7 | 24.0 | +119.8% | - The significant increase in net profit was a combined effect of the successful e-commerce strategy for high-margin OBM products, increased selling and distribution expenses, gain from yacht disposal, and net exchange gains[36](index=36&type=chunk) [Liquidity and Capital Resources](index=17&type=section&id=Liquidity%20and%20Capital%20Resources) The Group is committed to maintaining adequate cash and cash equivalents and prudently managing borrowing costs. As of June 30, 2025, both net current assets and current ratio significantly improved, and the gearing ratio turned negative, indicating a robust financial position [Treasury Policy](index=17&type=section&id=Treasury%20Policy) - The Group has adopted a treasury policy aimed at more effective control over treasury operations and reducing borrowing costs[37](index=37&type=chunk) - Committed to maintaining adequate levels of cash and cash equivalents, and considering multiple funding sources to ensure financial resources are utilized in the most cost-effective and efficient manner[37](index=37&type=chunk) [Net Current Assets](index=17&type=section&id=Net%20Current%20Assets) Liquidity Position (HK$ Million) | Item | As of June 30, 2025 (HK$ Million) | As of December 31, 2024 (HK$ Million) | Change (%) | | :--- | :--- | :--- | :--- | | Net Current Assets | 168.1 | 96.5 | +74.2% | | Cash and cash equivalents (including pledged bank deposits) | 158.6 | 110.5 | +43.5% | | Current ratio | 2.4 | 1.9 | +26.3% | - Cash and cash equivalents are primarily denominated in Renminbi, US dollars, Japanese Yen, Thai Baht, and Hong Kong dollars[38](index=38&type=chunk) [Borrowings and Pledged Assets](index=17&type=section&id=Borrowings%20and%20Pledged%20Assets) Borrowings and Available Facilities (HK$ Million) | Item | As of June 30, 2025 (HK$ Million) | As of December 31, 2024 (HK$ Million) | Change (%) | | :--- | :--- | :--- | :--- | | Bank borrowings | 21.2 | 25.3 | -16.2% | | Available unutilised bank facilities | 350.5 | 337.5 | +3.8% | - Bank borrowings are secured by property, plant and equipment, and leasehold land, maturing between 2026 and 2027, and bear interest with reference to the minimum lending rate and Loan Market Quoted Rate[39](index=39&type=chunk) [Gearing Ratio](index=17&type=section&id=Gearing%20Ratio) Gearing Ratio Changes | Item | As of June 30, 2025 | As of December 31, 2024 | Change (percentage points) | | :--- | :--- | :--- | :--- | | Gearing ratio | -10.7% | 4.0% | -14.7 | - The improvement in gearing ratio was primarily due to an increase in cash and cash equivalents and a decrease in total borrowings[40](index=40&type=chunk) [Other Significant Matters](index=18&type=section&id=Other%20Significant%20Matters) This section covers the company's share issuance, foreign exchange risk management, employee and remuneration policies, material investments, acquisitions and disposals, future capital plans, capital commitments, contingent liabilities, and listed securities transactions during the reporting period, confirming no significant events occurred after the reporting period [Issued Shares](index=18&type=section&id=Issued%20Shares) Total Number of Issued Shares | Date | Total number of issued shares | | :--- | :--- | | June 30, 2025 | 233,917,250 shares | | December 31, 2024 | 233,917,250 shares | [Foreign Exchange and Currency Risk](index=18&type=section&id=Foreign%20Exchange%20and%20Currency%20Risk) - Approximately **12.6%** of revenue is denominated in US dollars, while over **90%** of production costs are settled in Renminbi, leading to foreign exchange risk due to currency mismatch[42](index=42&type=chunk) - No foreign currency forward contracts were entered into during the reporting period[42](index=42&type=chunk) [Employees and Remuneration Policy](index=18&type=section&id=Employees%20and%20Remuneration%20Policy) Number of Employees and Staff Costs (HK$ Million) | Item | As of June 30, 2025 | As of December 31, 2024 | | :--- | :--- | :--- | | Number of employees | 460 persons | 468 persons | | Staff costs (for the six months ended June 30) | 20.7 HK$ Million | 23.3 HK$ Million | - Remuneration policy is determined with reference to market terms, individual employee performance, qualifications, and experience, and includes year-end bonuses and share options[43](index=43&type=chunk) [Material Investments](index=18&type=section&id=Material%20Investments) - As of June 30, 2025, the Group had no material investments[44](index=44&type=chunk) [Material Acquisitions and Disposals](index=19&type=section&id=Material%20Acquisitions%20and%20Disposals) - On June 27, 2025, the wholly-owned subsidiary Botny Yacht Limited disposed of a yacht for a consideration of **HK$35,021,737**[45](index=45&type=chunk) - Save for the aforementioned yacht disposal, there were no other material acquisitions or disposals of subsidiaries, associates, or joint ventures during the reporting period[45](index=45&type=chunk) [Future Plans for Material Investments or Capital Assets](index=19&type=section&id=Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) - Save as disclosed in the prospectus, the Group had no other approved plans for material investments or capital assets as of June 30, 2025[46](index=46&type=chunk) [Capital Commitments](index=19&type=section&id=Capital%20Commitments) Capital Commitments (HK$ Million) | Item | As of June 30, 2025 (HK$ Million) | As of December 31, 2024 (HK$ Million) | Change (%) | | :--- | :--- | :--- | :--- | | Commitments for plant and machinery | 0.3 | 0.5 | -40.0% | [Contingent Liabilities](index=19&type=section&id=Contingent%20Liabilities) - As of June 30, 2025, the Group had no material contingent liabilities[48](index=48&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=19&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 during the reporting period[49](index=49&type=chunk) [Events After Reporting Period](index=19&type=section&id=Events%20After%20Reporting%20Period) - No significant events occurred after June 30, 2025, and up to the date of this announcement[50](index=50&type=chunk) [Corporate Governance](index=20&type=section&id=Corporate%20Governance) [Audit Committee](index=20&type=section&id=Audit%20Committee) The Audit Committee, established on May 27, 2019, comprises three independent non-executive directors responsible for recommending external auditors, reviewing financial statements, financial reporting procedures, risk management, and internal control systems, and has reviewed the Group's accounting principles, policies, and interim financial statements - The Audit Committee, composed of three independent non-executive directors, is responsible for recommending external auditors, reviewing financial statements, providing financial reporting advice, and monitoring risk management and internal controls[51](index=51&type=chunk) - The Audit Committee, in conjunction with management, has reviewed the Group's accounting principles and policies and discussed the unaudited condensed consolidated financial statements for the six months ended June 30, 2025[51](index=51&type=chunk) [Remuneration Committee](index=20&type=section&id=Remuneration%20Committee) The Remuneration Committee, established on May 27, 2019, consists of one executive director and three independent non-executive directors, responsible for recommending remuneration policies and structures for all directors and senior management, and approving individual executive directors' remuneration packages - The Remuneration Committee comprises four members, including one executive director and three independent non-executive directors, responsible for recommending remuneration policies and structures for directors and senior management[52](index=52&type=chunk) [Nomination Committee](index=20&type=section&id=Nomination%20Committee) The Nomination Committee, established on May 27, 2019, consists of one executive director and three independent non-executive directors, responsible for reviewing board composition, formulating director nomination and appointment procedures, assessing the independence of independent non-executive directors, and developing succession plans for executive directors and senior executives - The Nomination Committee comprises four members, including one executive director and three independent non-executive directors, responsible for reviewing board composition, formulating director nomination procedures, and assessing independence[53](index=53&type=chunk) - The Committee assesses the effectiveness, integrity, and independence of directors, ensuring a balanced mix of expertise, skills, and experience among board members[53](index=53&type=chunk) [Compliance with Corporate Governance Code](index=21&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The Company has complied with the Corporate Governance Code throughout the reporting period, except for the combined roles of Chairman and Chief Executive Officer held by Ms. Gao Xiumei. The Board believes this arrangement facilitates unified leadership and efficient decision-making, with sufficient checks and balances, and will consider separating the roles when appropriate - The Company has complied with the Corporate Governance Code throughout the reporting period, except for the combined roles of Chairman and Chief Executive Officer held by Ms. Gao Xiumei[54](index=54&type=chunk) - The Board believes this combined role ensures unified leadership and more efficient overall strategic planning, with sufficient checks and balances provided by the three independent non-executive directors on the Board[55](index=55&type=chunk) [Sufficiency of Public Float](index=21&type=section&id=Sufficiency%20of%20Public%20Float) For the six months ended June 30, 2025, and up to the date of this announcement, the Company has maintained a sufficient public float of not less than **25%** of its total issued shares as required by the Listing Rules - For the six months ended June 30, 2025, and up to the date of this announcement, the Company has maintained a sufficient public float (not less than **25%** of the total issued shares) as required by the Listing Rules[56](index=56&type=chunk) [Standard Code for Securities Transactions by Directors](index=21&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The Company has adopted the Standard Code as set out in Appendix C3 of the Listing Rules, and all Directors confirm compliance with the Code throughout the reporting period - The Company has adopted the Standard Code as set out in Appendix C3 of the Listing Rules, and all Directors confirm compliance with the Code throughout the reporting period[57](index=57&type=chunk) [Other Information](index=22&type=section&id=Other%20Information) [Declaration of Dividends](index=22&type=section&id=Declaration%20of%20Dividends) The Board has resolved to declare an interim dividend of **3.24 HK cents** per share for the six months ended June 30, 2025, a significant increase of **128.2%** from **1.42 HK cents** in the prior year, payable on or about October 28, 2025 Interim Dividend Declaration (Per Share) | Item | For the six months ended June 30, 2025 | For the six months ended June 30, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Interim dividend (per share) | 3.24 HK cents | 1.42 HK cents | +128.2% | - The dividend will be paid on or about October 28, 2025, to shareholders whose names appear on the Company's register of members on September 10, 2025[58](index=58&type=chunk) [Closure of Register of Members](index=22&type=section&id=Closure%20of%20Register%20of%20Members) To qualify for the interim dividend, the Company will suspend its share transfer registration from September 5 to September 10, 2025 (both dates inclusive), with all share transfer documents to be lodged with the Hong Kong share registrar by 4:30 p.m. on September 4, 2025 - The register of members will be closed from September 5 to September 10, 2025[59](index=59&type=chunk) - All share transfer documents, accompanied by the relevant share certificates, must be lodged with the Company's Hong Kong share registrar, Tricor Investor Services Limited, by 4:30 p.m. on September 4, 2025[59](index=59&type=chunk) [Publication of Interim Results and Report](index=22&type=section&id=Publication%20of%20Interim%20Results%20and%20Report) This interim results announcement has been published on the HKEX website and the Company's website, and the interim report for the six months ended June 30, 2025, will be dispatched to shareholders and published on the relevant websites in due course - This interim results announcement has been published on the HKEX website (www.hkex.com.hk) and the Company's website (http://www.botny.com)[60](index=60&type=chunk) - The interim report for the six months ended June 30, 2025, will be dispatched to the Company's shareholders and published on the HKEX and Company websites in due course[60](index=60&type=chunk)

Core Viewpoint - Baobao Long Technology (01861.HK) expects a significant increase of at least 90% in net profit attributable to shareholders for the six months ending June 30, 2025, compared to approximately HKD 24 million for the six months ending June 30, 2024 [1] Summary by Relevant Categories Financial Performance - The company anticipates net profit attributable to shareholders to exceed HKD 24 million for the six months ending June 30, 2025, marking a substantial growth of at least 90% [1] Factors Influencing Profit Growth - The expected increase in net profit is primarily attributed to: - Gains from the disposal of properties, plants, and equipment [1] - Net foreign exchange gains [1]

保宝龙科技(01861)公布，该集团预计于2025年上半年取得股东应占纯利较2024年同期股东应占纯利约 2400万港元大幅增长不少于90%。有关纯利预期增长主要归因于(其中包括)处置物业、厂房及设备的收 益净额;及汇兑收益净额。 ...