Core Viewpoint - Recent trading activity indicates a reduction in holdings by southbound funds in Haitian International (01882.HK), with a notable decrease of 309,000 shares on October 23, 2025, reflecting a 0.29% decline in ownership [1][2]. Group 1: Trading Activity - Southbound funds reduced their holdings by 309,000 shares on October 23, 2025, marking a 0.29% decrease [2]. - Over the past five trading days, there were two days of net increases in holdings, totaling 76,000 shares [1]. - In the last 20 trading days, there were 12 days of net increases, with a cumulative addition of 3,997,500 shares [1]. Group 2: Company Overview - Haitian International Holdings Limited primarily engages in the manufacturing and distribution of injection molding machines [2]. - The company's main products include the Changfa Venus series, Changfa Zeres series, Changfa Jenius series, Haitian Mars series, and Haitian Jupiter series [2]. - The applications of the company's products span various sectors, including automotive, packaging, medical, electronics, logistics, consumer goods, and white goods [2].

Core Insights - Southbound funds reduced their holdings in Haitian International (01882.HK) by 175,000 shares on October 16, 2025, marking a decrease of 0.17% [1][2] - Over the past five trading days, there were four days of net increases in holdings by southbound funds, totaling an increase of 1,539,000 shares [1] - In the last 20 trading days, there were 13 days of net increases, with a total increase of 4,601,500 shares, bringing the total holdings of southbound funds in Haitian International to 10.5 million shares, which represents 6.55% of the company's issued ordinary shares [1][2] Company Overview - Haitian International Holdings Limited is primarily engaged in the manufacturing and distribution of injection molding machines [2] - The company's main business includes the manufacturing and sales of injection machines and components, as well as providing related services [2] - The product range includes the Changfa Venus series, Changfa Zeres series, Changfa Jenius series, Haitian Mars series, and Haitian Jupiter series, which are used in various sectors such as automotive, packaging, medical, electronics, logistics, consumer goods, and white goods [2]

Core Insights - Southbound funds increased their holdings in Haitian International (01882.HK) by 591,000 shares on October 14, 2025, marking a total net increase of 1,816,500 shares over the past five trading days [1] - Over the last 20 trading days, there have been 12 days of net increases in holdings, totaling 2,868,500 shares [1] - As of now, southbound funds hold 10.4 million shares of Haitian International, representing 6.52% of the company's total issued ordinary shares [1] Trading Data Summary - On October 14, 2025, total shares held were 10.4 million with a change of 591,000 shares, reflecting a 0.57% increase [2] - On October 13, 2025, total shares held remained at 10.4 million with a minor change of 8,000 shares, indicating a 0.01% increase [2] - On October 3, 2025, total shares held were 10.4 million with an increase of 471,000 shares, showing a 0.46% rise [2] - On October 2, 2025, total shares held were 10.3 million with a change of 39,500 shares, reflecting a 0.04% increase [2] - On September 30, 2025, total shares held were 10.3 million with an increase of 707,000 shares, indicating a 0.69% rise [2] Company Overview - Haitian International Holdings Limited primarily engages in the manufacturing and distribution of injection molding machines [2] - The company's main business includes the manufacturing and sales of injection machines and components, along with providing related services [2] - The product range includes the Changfa Venus series, Changfa Zeres series, Changfa Jenius series, Haitian Mars series, and Haitian Jupiter series, which are utilized in various sectors such as automotive, packaging, medical, electronics, logistics, consumer goods, and white goods [2] - The company operates in both domestic and international markets [2]

Core Insights - Southbound funds increased their holdings in Haitian International (01882.HK) by 8,000 shares on October 13, 2025, marking a total net increase of 2.1375 million shares over the last five trading days [1] - Over the past 20 trading days, there have been 12 days of net increases in holdings, totaling 2.5405 million shares [1] - As of now, southbound funds hold 104 million shares of Haitian International, representing 6.49% of the company's total issued ordinary shares [1] Summary by Category Shareholding Changes - On October 13, 2025, total shares held reached 104 million with a change of 8,000 shares, reflecting a 0.01% increase [2] - On October 3, 2025, the total shares held were 104 million with a change of 471,000 shares, a 0.46% increase [2] - On October 2, 2025, total shares held were 103 million with a change of 39,500 shares, a 0.04% increase [2] - On September 30, 2025, total shares held were 103 million with a change of 707,000 shares, a 0.69% increase [2] - On September 29, 2025, total shares held were 102 million with a change of 912,000 shares, a 0.90% increase [2] Company Overview - Haitian International Holdings Limited primarily engages in the manufacturing and distribution of injection molding machines [2] - The company's main business includes the manufacturing and sales of injection machines and components, along with providing related services [2] - The product range includes the Changfa Venus series, Changfa Zeres series, Changfa Jenius series, Haitian Mars series, and Haitian Jupiter series, which are utilized in various sectors such as automotive, packaging, medical, electronics, logistics, consumer goods, and white goods [2] - The company operates in both domestic and international markets [2]

Core Viewpoint - Goldman Sachs released its October Asia-Pacific strategy report, highlighting a list of recommended stocks based on the "earnings revision leading indicator" criterion, focusing on Hong Kong and Chinese concept stocks [1] Group 1: Recommended Stocks - Tencent (00700.HK) is included in the list of recommended stocks [1] - Alibaba-W (09988.HK) is also featured as a buy recommendation [1] - Xiaomi-W (01810.HK) is highlighted as a potential investment opportunity [1] - AIA Group (01299.HK) is part of the recommended stocks [1] - Pinduoduo (PDD.US) is listed among the buy stocks [1] - Hong Kong Exchanges and Clearing (00388.HK) is included in the recommendations [1] - Ping An Insurance (02318.HK) is mentioned as a buy [1] - Kuaishou-W (01024.HK) is part of the recommended list [1] - Techtronic Industries (00669.HK) is highlighted as a potential investment [1] - China Pacific Insurance (02328.HK) is included in the buy recommendations [1] - Lenovo Group (00992.HK) is featured in the list [1] - ZTO Express-W (02057.HK) is also recommended [1] - Hua Hong Semiconductor (01347.HK) is part of the buy list [1] - Kingdee International (00268.HK) is included in the recommendations [1] - GDS Holdings Limited-SW (09698.HK) is highlighted as a potential investment [1] - AAC Technologies (02018.HK) is part of the recommended stocks [1] - BYD Electronic (00285.HK) is included in the buy recommendations [1] - China International Capital Corporation (03908.HK) is featured in the list [1] - Weichai Power (02338.HK) is mentioned as a buy [1] - CRRC Corporation (01766.HK) is included in the recommendations [1] - JD Logistics (02618.HK) is part of the recommended stocks [1] - Swire Pacific A (00019.HK) is highlighted as a potential investment [1] - Miniso Group (09896.HK) is included in the buy recommendations [1] - Times Electric (03898.HK) is part of the recommended list [1] - Haitian International (01882.HK) is also featured in the recommendations [1]

高盛发表10月亚太区策略报告，按「盈利重评领先指标」准则，列出最新的买入股(只列港股及中概股) 名单： 腾讯(00700.HK) 阿里巴巴-W(09988.HK) 小米-W(01810.HK) 友邦(01299.HK) 拼多多(PDD.US) 港交所(00388.HK) 中国平安(02318.HK) 快手-W(01024.HK) 创科(00669.HK) 中国财险(02328.HK) 联想集团(00992.HK) 中通快递－W(02057.HK) 华虹半导体(01347.HK) 金蝶国际(00268.HK) 万国数据-SW(09698.HK) 瑞声(02018.HK) 比亚迪电子(00285.HK) 中金公司(03908.HK) 潍柴动力(02338.HK) 中国中车(01766.HK) 京东物流(02618.HK) 太古A(00019.HK) 名创优品(09896.HK) 时代电气(03898.HK) 海天国际(01882.HK） ...

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9月30日 狀態: 新提交 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01882 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | HKD | | 0.1 HKD | | 500,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | | | 本月底結存 | | | 5,000,000,000 | HKD | | 0.1 HKD | | 500,000,000 | 本月底法定/註冊股本總額： HKD 500,000,000 第 1 頁 共 10 頁 v 1.1.1 致：香港交易及結算所有限公司 公司名稱: 海天國際控股有限公 ...

Core Viewpoint - Citigroup's research report indicates that Haitan International's management has revealed a recent slowdown in orders, leading to a forecast of revenue growth in the second half of the year potentially dropping to high single digits, which is below the 12.5% growth rate seen in the first half of the year [1] Group 1 - The company has been removed from Citigroup's preferred list for Chinese industrials [1] - Earnings forecasts for 2025 to 2027 have been revised down by 2% [1] - The target price has been reduced from HKD 33.5 to HKD 30, while maintaining a "buy" rating due to perceived low valuation and a dividend yield of approximately 4% [1]

[Executive Summary](index=3&type=section&id=%E6%91%98%E8%A6%81) H1 2025 sales grew 12.5% and net profit 12.6%, benefiting from global supply chain shifts and improved gross margin Key Financial Performance H1 2025 (YoY) | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 9,018.3 | 8,017.8 | 12.5 | | Gross Profit | 2,960.2 | 2,591.6 | 14.2 | | Operating Profit | 1,983.5 | 1,750.8 | 13.3 | | Profit Attributable to Shareholders | 1,711.5 | 1,520.6 | 12.6 | | Basic Earnings Per Share (RMB) | 1.07 | 0.95 | 12.6 | - Company sales revenue increased by **12.5% year-on-year**, benefiting from global supply chain restructuring and accelerated growth in downstream industries like new energy vehicles[9](index=9&type=chunk) - Gross profit margin increased to **32.8%** (H1 2024: 32.3%) due to relatively lower raw material prices during the reporting period[9](index=9&type=chunk) - Net cash generated from operating activities reached **RMB 1,402.4 million**, with a net cash position (including wealth management products) of **RMB 10,923 million**[9](index=9&type=chunk) - The Board resolved not to declare an interim dividend, with potential distribution to be considered after reviewing the full-year results[9](index=9&type=chunk) [Company Profile and Information](index=4&type=section&id=%E5%85%AC%E5%8F%B8%E7%B0%A1%E4%BB%8B%E5%8F%8A%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) This section details the company's governance structure, including board members and committees, along with its registered offices and key banking relationships - The company's Board of Directors includes executive directors such as **Mr. Zhang Jianming (Chairman)** and **Mr. Zhang Bin (CEO)**, as well as non-executive and independent non-executive directors[10](index=10&type=chunk) - The company has established an Audit Committee, Nomination Committee, and Remuneration Committee to enhance corporate governance[10](index=10&type=chunk) - The company's registered office is in the Cayman Islands, with principal places of business in mainland China and Hong Kong SAR[10](index=10&type=chunk) - Key banking relationships include Agricultural Bank of China, Bank of China, Hang Seng Bank, HSBC, and other domestic and international banks[11](index=11&type=chunk) [Investor Information](index=5&type=section&id=%E6%8A%95%E8%B3%87%E8%80%85%E8%B3%87%E6%96%99) This section provides key investor details, including stock listing, earnings per share, issued shares, market capitalization, and investor relations contacts - Company shares are listed on the Hong Kong Stock Exchange, with stock code **1882**[12](index=12&type=chunk) - Earnings per share for H1 2025 were **RMB 1.07**[13](index=13&type=chunk) - As of June 30, 2025, the number of issued shares was **1,596,000,000**, with a market capitalization of **HKD 32,558.4 million**[15](index=15&type=chunk) - The company provides investor relations contact phone numbers, fax, email, and addresses for mainland China and Hong Kong[14](index=14&type=chunk) [Management Discussion and Analysis](index=6&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) [Business Review](index=6&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) H1 2025 sales grew 12.5% and net profit 12.6%, driven by global supply chain shifts and improved gross margin [Domestic and Overseas Sales](index=7&type=section&id=%E5%9C%8B%E5%85%A7%E5%8F%8A%E6%B5%B7%E5%A4%96%E9%8A%B7%E5%94%AE) The company's H1 2025 sales saw stable domestic performance and significant overseas growth, driven by global supply chain adjustments H1 2025 Sales by Region (RMB million) | Region | H1 2025 | Share (%) | H1 2024 | Share (%) | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Domestic Sales | 5,200.6 | 57.7 | 5,182.5 | 64.6 | 0.3 | | Overseas Sales | 3,817.7 | 42.3 | 2,835.3 | 35.4 | 34.7 | | Total | 9,018.3 | 100 | 8,017.8 | 100 | 12.5 | - Domestic sales remained stable at **RMB 5,200.6 million**, achieved by expanding key clients and deepening market penetration[18](index=18&type=chunk) - Overseas sales significantly grew by **34.7%** to **RMB 3,817.7 million**, driven by global supply chain restructuring and the company's continuous overseas expansion, particularly in Southeast Asian markets[18](index=18&type=chunk) [Injection Molding Machine Sales by Product Series](index=7&type=section&id=%E4%BB%A5%E7%94%A2%E5%93%81%E7%B3%BB%E5%88%97%E5%8A%83%E5%88%86%E7%9A%84%E6%B3%A8%E5%A1%91%E6%A9%9F%E9%8A%B7%E5%94%AE%E6%AF%94%E4%BE%8B) Injection molding machine sales and component services both experienced double-digit growth in H1 2025, driven by strong demand in key sectors H1 2025 Sales by Product Series (RMB million) | Product Series | H1 2025 | Share (%) | H1 2024 | Share (%) | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Injection Molding Machines | 8,636.9 | 95.8 | 7,702.5 | 96.1 | 12.1 | | Components and Services | 381.4 | 4.2 | 315.3 | 3.9 | 21.0 | | Total | 9,018.3 | 100 | 8,017.8 | 100 | 12.5 | - Injection molding machine sales increased by **12.1% year-on-year** to **RMB 8,636.9 million**, driven by demand from overseas daily consumer goods and domestic new energy vehicles and home appliance industries, with rapid growth in Mars and Jupiter series[21](index=21&type=chunk) - Component and service sales increased by **21.0% year-on-year** to **RMB 381.4 million**[21](index=21&type=chunk) [Outlook](index=8&type=section&id=%E5%B1%95%E6%9C%9B) The company anticipates a complex global economic environment in H2 2025 and plans to focus on technological innovation, global expansion, and localized supply chain development - H2 2025 is expected to see continued global economic divergence and weak recovery, intensified trade protectionism, and geopolitical conflicts, while the domestic economy faces pressure on both internal and external demand alongside structural transformation[22](index=22&type=chunk) - The company will remain customer-oriented, developing more energy-efficient, intelligent, and integrated new machine models through technological innovation, and providing customized solutions and value-added services[22](index=22&type=chunk) - The company will advance its "Five-Five" strategy, deepen global investment, increase investment in overseas local factories, strengthen local supply chain construction, and accelerate the construction of factories in Japan, Serbia, and Chennai, India, to navigate complex geopolitical situations[23](index=23&type=chunk) [Financial Review](index=9&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) In H1 2025, the company saw increased revenue and gross profit, alongside higher selling and administrative expenses, decreased net finance income, and increased income tax expense, while maintaining a robust financial position and managing foreign exchange risks [Revenue](index=9&type=section&id=%E6%94%B6%E5%85%A5) In H1 2025, the company's revenue increased by 12.5% year-on-year, driven by both domestic and overseas sales - For the six months ended June 30, 2025, the company's revenue reached **RMB 9,018.3 million**, an increase of **12.5%** compared to the same period in 2024[24](index=24&type=chunk) - Domestic sales amounted to **RMB 5,200.6 million**, and overseas sales were **RMB 3,817.7 million**[24](index=24&type=chunk) [Gross Profit](index=9&type=section&id=%E6%AF%9B%E5%88%A9) Gross profit increased by 14.2% in H1 2025, with the overall gross profit margin rising to 32.8% due to lower raw material prices - Gross profit for H1 2025 was approximately **RMB 2,960.2 million**, an increase of **14.2%** compared to H1 2024[25](index=25&type=chunk) - The overall gross profit margin increased to **32.8%** (H1 2024: 32.3%), primarily due to relatively lower raw material prices during the reporting period[25](index=25&type=chunk) [Selling and Administrative Expenses](index=9&type=section&id=%E9%8A%B7%E5%94%AE%E5%8F%8A%E8%A1%8C%E6%94%BF%E9%96%8B%E6%94%AF) Selling and administrative expenses increased by 17.0% in H1 2025, mainly due to higher sales commissions, R&D expenses, and labor costs - Selling and administrative expenses increased by **17.0%** from **RMB 1,142.3 million** in H1 2024 to **RMB 1,336.1 million** in H1 2025[26](index=26&type=chunk) - The increase was primarily due to higher sales commissions, research and development expenses, and labor costs, with R&D-related labor costs amounting to approximately **RMB 156.3 million** (H1 2024: RMB 134.5 million)[26](index=26&type=chunk) [Other Income](index=10&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5) Other income, primarily government subsidies, saw a slight 1% decrease in H1 2025 - Other income, mainly government subsidies, decreased by **1%** from **RMB 228.7 million** in H1 2024 to **RMB 227.3 million** in H1 2025[28](index=28&type=chunk) [Net Finance Income](index=10&type=section&id=%E8%9E%8D%E8%B3%87%E6%94%B6%E5%85%A5%E6%B7%A8%E9%A1%8D) Net finance income decreased in H1 2025 due to lower interest income, partially offset by reduced bank loan interest and a positive foreign exchange gain - Net finance income recorded **RMB 80.1 million** in H1 2025, a decrease from **RMB 98.9 million** in H1 2024[29](index=29&type=chunk) - The change was primarily due to a decrease in interest income (RMB 91.3 million vs RMB 136.2 million) and a reduction in bank loan interest and lease liability expenses (RMB 27.8 million vs RMB 35.6 million), as well as a positive net exchange gain (RMB 16.6 million vs loss of RMB 1.8 million)[29](index=29&type=chunk) [Income Tax Expense](index=10&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) Income tax expense increased by 10.9% in H1 2025, while the effective tax rate remained stable - Income tax expense increased by **10.9%** from **RMB 333.3 million** in H1 2024 to **RMB 369.5 million** in H1 2025[30](index=30&type=chunk) - The effective tax rate remained at a similar level of **17.7%** (H1 2024: 18.0%)[30](index=30&type=chunk) [Profit Attributable to Shareholders](index=10&type=section&id=%E8%82%A1%E6%9D%B1%E6%87%89%E4%BD%94%E7%B4%94%E5%88%A9) Profit attributable to shareholders increased by 12.6% in H1 2025, reaching RMB 1,711.5 million - Profit attributable to shareholders for the six months ended June 30, 2025, increased to **RMB 1,711.5 million**, a **12.6%** growth compared to H1 2024[31](index=31&type=chunk) [Liquidity, Financial Resources, Borrowings and Capital Gearing](index=10&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E3%80%81%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90%E3%80%81%E5%80%9F%E8%B2%B8%E5%8F%8A%E8%B3%87%E6%9C%AC%E8%B2%A0%E5%82%B5) The group maintains a robust financial position with substantial net cash and financial assets, despite a slight decrease in net cash position Liquidity and Financial Resources (RMB million) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and Cash Equivalents | 2,528.6 | 2,745.4 | | Time Deposits | 3,709.1 | 3,331.9 | | Restricted Cash | 46.8 | 52.8 | | Bank Borrowings | 2,340.5 | 2,011.3 | | Financial Assets at FVTPL | 6,979.3 | 6,971.5 | | Net Cash Position | 3,944.0 | 4,118.8 | - The Group's financial position remains robust, with a net cash position of **RMB 3,944.0 million**[33](index=33&type=chunk) - The floating annual interest rates for wealth management products ranged from **1.5% to 6.8%** (2024: 2.0% to 7.8%)[32](index=32&type=chunk) [Capital Expenditure](index=11&type=section&id=%E8%B3%87%E6%9C%AC%E9%96%8B%E6%94%AF) Capital expenditure increased in H1 2025, primarily allocated to land use rights, property, plant, and equipment - Capital expenditure for H1 2025 reached **RMB 632.6 million** (H1 2024: RMB 583.8 million), mainly for land use rights, additions to property, plant, and equipment[35](index=35&type=chunk) [Pledged Group Assets](index=11&type=section&id=%E6%8A%B5%E6%8A%BC%E9%9B%86%E5%9C%98%E8%B3%87%E7%94%A2) As of June 30, 2025, certain time deposits, bills receivables, and property, plant, and equipment were pledged as collateral for payables and bank facilities - As of June 30, 2025, time deposits of **RMB 740.0 million** and bills receivables of **RMB 233.0 million** were pledged as collateral for bills payable and borrowings[36](index=36&type=chunk) - Property, plant, and equipment with a net book value of **RMB 60.9 million** belonging to subsidiary Haitian (Vietnam) Machinery Co Ltd were pledged as collateral for a bank comprehensive credit facility of **RMB 143.2 million**[36](index=36&type=chunk) [Foreign Exchange Risk Management](index=11&type=section&id=%E5%A4%96%E5%8C%AF%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86) The Group's foreign exchange risk is limited as a significant portion of overseas sales are denominated in foreign currencies, while foreign currency procurement is minimal - During the reporting period, approximately **42.3%** of the Group's products were sold in overseas markets, with sales denominated in USD or other foreign currencies, while foreign currency procurement accounted for less than **10%** of total procurement[37](index=37&type=chunk) [Financial Guarantees](index=11&type=section&id=%E8%B2%A1%E5%8B%99%E6%93%94%E4%BF%9D) As of June 30, 2025, the Group provided financial guarantees to banks for credit facilities granted to customers, totaling RMB 418.0 million - As of June 30, 2025, the Group provided guarantees to banks for credit facilities granted to customers, totaling **RMB 418.0 million** (December 31, 2024: RMB 241.1 million)[38](index=38&type=chunk) [Contingent Liabilities](index=11&type=section&id=%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5) As of June 30, 2025, the Group had no significant contingent liabilities - As of June 30, 2025, the Group had no significant contingent liabilities[39](index=39&type=chunk) [Employees](index=11&type=section&id=%E5%83%B1%E5%93%A1) As of June 30, 2025, the Group employed approximately 8,320 individuals, primarily in mainland China, offering competitive compensation and fostering a learning culture - As of June 30, 2025, the Group employed a total of approximately **8,320 employees**, with the majority located in mainland China[40](index=40&type=chunk) - The company offers competitive remuneration packages and discretionary bonuses, is committed to fostering a learning culture, and currently has no share option scheme in place[40](index=40&type=chunk) [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures of the Company and its Associated Corporations](index=12&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E4%B8%BB%E8%A6%81%E8%A1%8C%E6%94%BF%E4%BA%BA%E5%93%A1%E6%96%BC%E6%9C%AC%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E7%9B%B8%E8%81%AF%E6%B3%95%E5%9C%98%E4%B9%8B%E8%82%A1%E4%BB%BD%E3%80%81%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E5%8F%8A%E5%82%B5%E6%AC%8A%E8%AD%89%E4%B9%8B%E6%AC%8A%E7%9B%8A%E5%8F%8A%E6%B7%A1%E5%80%89) This section details the long positions held by directors in the company's shares and related shares as of June 30, 2025 Directors' Long Positions in Shares and Underlying Shares of the Company (as of June 30, 2025) | Director Name | Capacity/Nature of Interest | Total Shares | Approximate Equity Percentage | | :--- | :--- | :--- | :--- | | Mr. Zhang Jianming | Corporate Interest (1) | 527,940,219 | 33.08% | | Mr. Zhang Jianming | Corporate Interest (2) | 3,723,000 | 0.23% | | Mr. Zhang Jianfeng | Corporate Interest (2) | 1,500,000 | 0.09% | | Mr. Liu Jianbo | Corporate Interest (2) | 540,000 | 0.03% | | Mr. Guo Mingguang | Corporate Interest (2) | 100,000 | 0.01% | | Mr. Guo Mingguang | Spouse's Interest (3) | 177,000 | 0.01% | | Mr. Chen Weiqun | Corporate Interest (2) | 250,000 | 0.02% | - Mr. Zhang Jianming indirectly holds company shares through **Premier Capital Management Pte. Ltd.** and **Cambridge Management Consultants (PTC) Ltd.**[44](index=44&type=chunk) - Other directors hold company shares through their wholly-owned investment holding companies[44](index=44&type=chunk) [Shareholders' Interests and Short Positions](index=13&type=section&id=%E8%82%A1%E6%9D%B1%E7%9A%84%E6%AC%8A%E7%9B%8A%E5%8F%8A%E6%B7%A1%E5%80%89) This section outlines the long positions held by substantial shareholders in the company's shares and related shares as of June 30, 2025 Major Shareholders' Long Positions in Shares and Underlying Shares of the Company (as of June 30, 2025) | Shareholder Name | Capacity/Nature of Interest | Total Shares | Approximate Equity Percentage | | :--- | :--- | :--- | :--- | | Mr. Zhang Jingzhang | Corporate Interest (1) | 527,940,219 | 33.08% | | Mr. Zhang Jingzhang | Corporate Interest (2) | 493,000 | 0.03% | | Tianfu Capital Limited | Beneficial Owner | 433,888,453 | 27.18% | | Premier Capital Management Pte. Ltd. | Beneficial Owner | 292,818,000 | 18.35% | | Cambridge Management Consultants (PTC) Ltd. | Beneficial Owner | 235,122,219 | 14.73% | | UBS Trustees (B.V.I.) Limited | Trustee (3) | 433,888,453 | 27.18% | - Mr. Zhang Jingzhang indirectly holds company shares through **Premier Capital** and **Cambridge Management**, and indirectly holds shares held by **Fiery Force Inc.**[45](index=45&type=chunk) - **UBS Trustees (B.V.I.) Limited**, as trustee for several trusts, is deemed to have an interest in the shares held by **Tianfu Capital Limited**[46](index=46&type=chunk) [Other Information](index=14&type=section&id=%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) [Material Investments, Acquisitions and Disposals](index=14&type=section&id=%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E3%80%81%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E5%8F%8A%E5%87%BA%E5%94%AE) During the reporting period, the company held no material investments and did not undertake any significant acquisitions or disposals of subsidiaries, associates, or joint ventures - The company held no material investments during the reporting period, and the Group did not undertake any material acquisitions or disposals of subsidiaries, associates, or joint ventures[48](index=48&type=chunk) [Future Plans for Material Investments or Capital Assets and Expected Funding Sources](index=14&type=section&id=%E6%9C%89%E9%97%9C%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E6%88%96%E8%B3%87%E6%9C%AC%E8%B3%87%E7%94%A2%E5%8F%8A%E9%A0%90%E6%9C%9F%E8%B3%87%E9%87%91%E4%BE%86%E6%BA%90%E7%9A%84%E6%9C%AA%E4%BE%86%E8%A8%88%E5%8A%83) As of June 30, 2025, the company had no specific future plans for material investments or capital assets - As of June 30, 2025, the company had no specific future plans regarding material investments or capital assets[49](index=49&type=chunk) [Compliance with Corporate Governance Code](index=14&type=section&id=%E9%81%B5%E5%AE%88%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%89%87) The company's Board of Directors is committed to maintaining high corporate governance standards and confirmed compliance with all applicable provisions of the Corporate Governance Code during the reporting period - The Board is committed to maintaining and ensuring high standards of corporate governance practices and has complied with all applicable code provisions of Part 2 of the Corporate Governance Code as set out in Appendix C1 to the Listing Rules of the Stock Exchange[50](index=50&type=chunk) [Purchase, Sale or Redemption of Shares](index=14&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E8%82%A1%E4%BB%BD) During the reporting period, neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities, and no treasury shares were held as of June 30, 2025 - Neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the reporting period[51](index=51&type=chunk) - As of June 30, 2025, the company held no treasury shares[52](index=52&type=chunk) [Audit Committee](index=14&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83) The Audit Committee, comprising three independent non-executive directors, reviewed the condensed consolidated interim financial information for H1 2025 and confirmed its compliance with applicable accounting principles - The Audit Committee, composed of three independent non-executive directors, is responsible for reviewing and overseeing the Group's financial reporting process and internal controls[53](index=53&type=chunk) - The Audit Committee has reviewed the Group's condensed consolidated interim financial information for the six months ended June 30, 2025, and confirmed compliance with applicable accounting principles, standards, and requirements[53](index=53&type=chunk) [Standard Code for Securities Transactions by Directors of the Company](index=14&type=section&id=%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E9%80%B2%E8%A1%8C%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E7%9A%84%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87) The company has adopted the Standard Code for Securities Transactions by Directors and confirmed all directors' compliance during the reporting period - The company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 to the Listing Rules, and specific inquiries confirmed all directors' compliance with the required standards during the reporting period[54](index=54&type=chunk) [Condensed Consolidated Financial Statements](index=15&type=section&id=%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) [Condensed Consolidated Statement of Profit or Loss](index=15&type=section&id=%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E6%90%8D%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, the company reported a 12.5% increase in revenue to RMB 9,018,279 thousand, with gross profit up 14.2% to RMB 2,960,180 thousand, and growth in both operating profit and profit attributable to shareholders, resulting in basic earnings per share of RMB 1.07 Condensed Consolidated Statement of Profit or Loss Summary (for the six months ended June 30, RMB thousand) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | 9,018,279 | 8,017,811 | | Cost of Sales | (6,058,099) | (5,426,194) | | Gross Profit | 2,960,180 | 2,591,617 | | Selling and Marketing Expenses | (743,977) | (645,948) | | General and Administrative Expenses | (592,090) | (496,314) | | Other Income | 227,331 | 228,680 | | Other Gains – Net | 132,015 | 72,814 | | Operating Profit | 1,983,459 | 1,750,849 | | Net Finance Income | 80,089 | 98,859 | | Share of Profit of Associates | 18,318 | 5,292 | | Profit Before Income Tax | 2,081,866 | 1,855,000 | | Income Tax Expense | (369,521) | (333,343) | | Profit for the Period | 1,712,345 | 1,521,657 | | Profit Attributable to Shareholders | 1,711,509 | 1,520,630 | | Basic Earnings Per Share (RMB) | 1.07 | 0.95 | [Condensed Consolidated Statement of Comprehensive Income](index=16&type=section&id=%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E7%B6%9C%E5%90%88%E6%94%B6%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, the company's profit for the period was RMB 1,712,345 thousand, with a significant positive impact from currency translation differences, leading to increased total comprehensive income Condensed Consolidated Statement of Comprehensive Income Summary (for the six months ended June 30, RMB thousand) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Profit for the Period | 1,712,345 | 1,521,657 | | Currency Translation Differences | 144,231 | (89,041) | | Total Comprehensive Income for the Period | 1,856,576 | 1,432,616 | | Total Comprehensive Income Attributable to Shareholders | 1,855,740 | 1,431,589 | | Non-controlling Interests | 836 | 1,027 | - In H1 2025, currency translation differences shifted from a loss to a gain of **RMB 144,231 thousand**, significantly boosting total comprehensive income[58](index=58&type=chunk) [Condensed Consolidated Statement of Financial Position](index=17&type=section&id=%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5%E8%A1%A8) As of June 30, 2025, total assets increased to RMB 33,668,216 thousand, with notable changes in non-current and current financial assets, and a shift in the composition of bank borrowings Condensed Consolidated Statement of Financial Position Summary (RMB thousand) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Property, Plant and Equipment | 7,180,924 | 6,611,640 | | Financial Assets at FVTPL (Non-current) | 3,773,268 | 2,365,634 | | Time Deposits (Non-current) | 820,859 | 2,051,307 | | Inventories | 4,717,297 | 4,576,322 | | Trade and Bills Receivables (Current) | 5,121,931 | 3,705,594 | | Financial Assets at FVTPL (Current) | 3,206,026 | 4,605,836 | | Cash and Cash Equivalents | 2,528,583 | 2,745,387 | | **Liabilities** | | | | Bank Borrowings (Non-current) | 224,927 | 2,011,287 | | Trade and Bills Payables | 5,714,732 | 4,576,533 | | Bank Borrowings (Current) | 2,115,609 | – | | **Equity** | | | | Total Equity | 21,649,531 | 20,869,475 | | Total Assets | 33,668,216 | 31,145,511 | | Net Current Assets | 8,024,944 | 9,812,829 | - Total assets increased from **RMB 31,145,511 thousand** at the end of 2024 to **RMB 33,668,216 thousand** as of June 30, 2025[60](index=60&type=chunk) - Non-current bank borrowings significantly decreased, while current bank borrowings increased from zero to **RMB 2,115,609 thousand**, indicating a shift in borrowing structure[61](index=61&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=19&type=section&id=%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) For the six months ended June 30, 2025, total equity attributable to shareholders increased to RMB 21,626,077 thousand, driven by profit for the period and positive currency translation differences, partially offset by dividends paid Condensed Consolidated Statement of Changes in Equity Summary (for the six months ended June 30, RMB thousand) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Equity Attributable to Shareholders at Beginning of Period | 20,845,030 | 18,816,089 | | Profit for the Period | 1,711,509 | 1,520,630 | | Other Comprehensive Income (Currency Translation Differences) | 144,231 | (89,041) | | Total Comprehensive Income for the Period | 1,855,740 | 1,431,589 | | Dividends Paid – Attributable to Shareholders | (1,074,693) | (957,735) | | Dividends Paid to Non-controlling Interests | (1,827) | – | | Equity Attributable to Shareholders at End of Period | 21,626,077 | 19,289,943 | - In H1 2025, total equity attributable to shareholders increased from **RMB 20,845,030 thousand** at the beginning of the period to **RMB 21,626,077 thousand** at the end of the period[63](index=63&type=chunk) - Dividends paid to shareholders amounted to **RMB 1,074,693 thousand**, and dividends to non-controlling interests were **RMB 1,827 thousand**[63](index=63&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=20&type=section&id=%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For the six months ended June 30, 2025, net cash from operating activities increased, while net cash outflows from investing and financing activities significantly decreased, leading to a substantial reduction in the net decrease in cash and cash equivalents Condensed Consolidated Statement of Cash Flows Summary (for the six months ended June 30, RMB thousand) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Net Cash from Operating Activities | 1,402,439 | 1,205,412 | | Net Cash Used in Investing Activities | (861,359) | (2,682,786) | | Net Cash Used in Financing Activities | (757,884) | (1,588,480) | | Net Decrease in Cash and Cash Equivalents | (216,804) | (3,065,854) | | Cash and Cash Equivalents at Beginning of Period | 2,745,387 | 5,445,649 | | Cash and Cash Equivalents at End of Period | 2,528,583 | 2,379,795 | - Net cash generated from operating activities increased by **16.3% year-on-year** to **RMB 1,402,439 thousand**[64](index=64&type=chunk) - Net cash used in investing activities significantly decreased, primarily due to a reduction in net proceeds from the purchase of financial instruments[64](index=64&type=chunk) - Net cash used in financing activities substantially decreased, mainly due to a shift from net outflow to net inflow in bank borrowings[64](index=64&type=chunk) [Notes to the Condensed Consolidated Financial Information](index=21&type=section&id=%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99%E9%99%84%E8%A8%BB) [General Information](index=21&type=section&id=%E4%B8%80%E8%88%AC%E8%B3%87%E6%96%99) Haitian International Holdings Limited and its subsidiaries primarily engage in the manufacturing and distribution of injection molding machines, with its ultimate controlling parties being Mr. Zhang Jingzhang and Mr. Zhang Jianming - The company and its subsidiaries are primarily engaged in the manufacturing and distribution of injection molding machines[66](index=66&type=chunk) - The company was incorporated in the Cayman Islands on July 13, 2006, and its shares were listed on the Main Board of The Stock Exchange of Hong Kong Limited on December 22, 2006[66](index=66&type=chunk)[67](index=67&type=chunk) - Mr. Zhang Jingzhang (former director of the company) and Mr. Zhang Jianming are the ultimate controlling parties of the company[66](index=66&type=chunk) [Basis of Preparation](index=21&type=section&id=%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) The condensed consolidated interim financial information for the six months ended June 30, 2025, has been prepared in accordance with HKAS 34 "Interim Financial Reporting" and should be read in conjunction with the annual financial statements for the year ended December 31, 2024 - The condensed consolidated interim financial information has been prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting"[68](index=68&type=chunk) - The financial statements are presented in RMB and were approved for issue by the Board of Directors on August 18, 2025[67](index=67&type=chunk) [Accounting Policies](index=22&type=section&id=%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96) The accounting policies adopted for the condensed consolidated interim financial information are consistent with those used for the annual consolidated financial statements for the year ended December 31, 2024, with no material impact from newly adopted HKFRS amendments - The accounting policies adopted for the preparation of the condensed consolidated interim financial information are consistent with those adopted for the annual consolidated financial statements, except for the initial adoption of amended HKFRS accounting standards[70](index=70&type=chunk) - Hong Kong Accounting Standard 21 (Amendment) "Lack of Exchangeability" had no impact on the condensed consolidated interim financial information, as the Group's transaction and functional currencies are exchangeable[71](index=71&type=chunk) [Revenue and Segment Information](index=22&type=section&id=%E6%94%B6%E5%85%A5%E5%8F%8A%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group operates in a single reportable segment, manufacturing and selling injection molding machines, with total sales of RMB 9,018,279 thousand in H1 2025, split between mainland China and overseas markets - The Group is primarily engaged in the manufacturing and sale of injection molding machines, with only one reportable segment[72](index=72&type=chunk) External Customer Sales by Region (for the six months ended June 30, RMB thousand) | Region | 2025 | 2024 | | :--- | :--- | :--- | | Mainland China | 5,200,565 | 5,182,546 | | Hong Kong and Overseas Countries | 3,817,714 | 2,835,265 | | Total | 9,018,279 | 8,017,811 | Total Non-current Assets by Region (RMB thousand) | Region | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Mainland China | 5,843,768 | 5,628,370 | | Hong Kong and Overseas Countries | 3,049,848 | 2,109,295 | [Operating Profit](index=24&type=section&id=%E7%B6%93%E7%87%9F%E5%88%A9%E6%BD%A4) In H1 2025, operating profit was influenced by increased depreciation, impairment provisions for trade receivables and inventories, and higher raw material costs, partially offset by net exchange gains and fair value gains on financial assets Key Items Affecting Operating Profit (for the six months ended June 30, RMB thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Depreciation and Amortization | 238,516 | 215,522 | | Impairment Provision for Trade Receivables | 56,161 | 24,496 | | Inventory Write-down Provision / (Reversal) | 26,254 | (2,132) | | Raw Materials and Consumables Used | 5,163,219 | 4,705,886 | | Net Exchange (Gain) / Loss | (4,921) | 23,770 | | Fair Value Gain on Financial Assets at FVTPL | (103,105) | (81,250) | - In H1 2025, both impairment provisions for trade receivables and inventory write-down provisions increased[74](index=74&type=chunk) - Net exchange differences shifted from a loss in H1 2024 to a gain in H1 2025[74](index=74&type=chunk) [Net Finance Income](index=24&type=section&id=%E8%9E%8D%E8%B3%87%E6%94%B6%E5%85%A5%EF%BC%8D%E6%B7%A8%E9%A1%8D) Net finance income decreased in H1 2025 to RMB 80,089 thousand, primarily due to lower interest income, though partially offset by a positive net exchange gain Net Finance Income (for the six months ended June 30, RMB thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Interest Expense on Bank Loans | (25,264) | (35,428) | | Interest and Finance Charges on Lease Liabilities Paid / Payable | (2,491) | (135) | | Net Exchange Loss | – | (1,785) | | Interest Income from Restricted Bank Deposits, Time Deposits, Cash and Cash Equivalents, and Entrusted Loans | 91,270 | 136,207 | | Net Exchange Gain | 16,574 | – | | Net Finance Income | 80,089 | 98,859 | - Interest income decreased from **RMB 136,207 thousand** to **RMB 91,270 thousand**[75](index=75&type=chunk) - Net exchange differences shifted from a loss of **RMB 1,785 thousand** in H1 2024 to a gain of **RMB 16,574 thousand** in H1 2025[75](index=75&type=chunk) [Income Tax Expense](index=25&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) Income tax expense increased to RMB 369,521 thousand in H1 2025, driven by higher current income taxes in mainland China, Hong Kong, and overseas, while deferred tax was a credit Income Tax Expense (for the six months ended June 30, RMB thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Current Income Tax – Mainland China Corporate Income Tax and Hong Kong Profits Tax | 294,498 | 245,553 | | Current Income Tax – Overseas Income Tax | 80,109 | 60,429 | | Deferred Tax | (5,086) | 27,361 | | Total | 369,521 | 333,343 | - Current income tax (Mainland China and Hong Kong) and overseas income tax both increased[76](index=76&type=chunk) - Deferred tax shifted from an expense in H1 2024 to a credit in H1 2025[76](index=76&type=chunk) [Dividends](index=25&type=section&id=%E8%82%A1%E6%81%AF) The Board resolved not to declare an interim dividend for H1 2025, with potential distribution to be considered after reviewing the full-year results - At the Board meeting held on August 18, 2025, the directors resolved not to declare an interim dividend for the reporting period, with potential distribution to be considered after reviewing the full-year results[77](index=77&type=chunk) [Earnings Per Share](index=25&type=section&id=%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9) Basic earnings per share for H1 2025 increased to RMB 1.07, with no diluted earnings per share presented due to the absence of dilutive ordinary shares - Basic earnings per share for the period were calculated based on profit attributable to shareholders of approximately **RMB 1,711,509,000** and the weighted average number of ordinary shares outstanding of **1,596,000,000** during the period[78](index=78&type=chunk) - Basic earnings per share were **RMB 1.07** (2024: RMB 0.95)[78](index=78&type=chunk) - Diluted earnings per share are not presented as there were no dilutive ordinary shares[78](index=78&type=chunk) [Capital Expenditure](index=25&type=section&id=%E8%B3%87%E6%9C%AC%E9%96%8B%E6%94%AF) Total capital expenditure for H1 2025 amounted to RMB 632,560 thousand, primarily for the acquisition of property, plant, and equipment Capital Expenditure (for the six months ended June 30, RMB thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Land Use Rights | 292 | – | | Property, Plant and Equipment | 632,268 | 583,814 | | Total | 632,560 | 583,814 | - Total capital expenditure for H1 2025 was **RMB 632,560 thousand**, an increase compared to the same period last year[79](index=79&type=chunk) [Trade and Bills Receivables](index=26&type=section&id=%E6%87%89%E6%94%B6%E8%B2%A3%E6%98%93%E8%B3%87%E6%AC%BE%E5%8F%8A%E6%87%89%E6%94%B6%E7%A5%A8%E6%93%9A) As of June 30, 2025, total trade and bills receivables amounted to RMB 5,634,218 thousand, with the majority aged within one year, and an increase in impairment provisions - The Group grants credit periods to customers ranging from **15 to 36 months**[81](index=81&type=chunk) Ageing Analysis of Trade and Bills Receivables (RMB thousand) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 1 year | 5,040,200 | 3,804,605 | | 1 to 2 years | 445,848 | 333,972 | | 2 to 3 years | 102,320 | 68,426 | | Over 3 years | 45,850 | 33,825 | | Total | 5,634,218 | 4,240,828 | | Less: Impairment Provision | (184,846) | (135,405) | | Net | 5,449,372 | 4,105,423 | - Impairment provision increased from **RMB 135,405 thousand** as of December 31, 2024, to **RMB 184,846 thousand** as of June 30, 2025[81](index=81&type=chunk) [Financial Assets at Fair Value Through Profit or Loss](index=26&type=section&id=%E4%BB%A5%E5%85%AC%E5%85%81%E5%83%B9%E5%80%BC%E8%A8%88%E9%87%8F%E4%B8%94%E5%85%B6%E8%AE%8A%E5%8B%95%E8%A8%88%E5%85%A5%E6%90%8D%E7%9B%8A%E7%9A%84%E9%87%91%E8%9E%8D%E8%B3%87%E7%94%A2) As of June 30, 2025, the Group held approximately RMB 6,979.3 million in financial assets at fair value through profit or loss, primarily wealth management products aimed at enhancing capital efficiency and investment returns - As of June 30, 2025, the Group held financial assets at fair value through profit or loss of approximately **RMB 6,979.3 million** (December 31, 2024: RMB 6,971.5 million)[82](index=82&type=chunk) - These financial assets include bank structured deposits, bank wealth management products, trust products, and fund products, with expected yields ranging from **1.5% to 6.8% per annum** (2024: 2.0% to 7.8%)[82](index=82&type=chunk) [Share Capital](index=27&type=section&id=%E8%82%A1%E6%9C%AC) As of June 30, 2025, the company's authorized share capital comprised 5,000,000 thousand ordinary shares, with 1,596,000 thousand ordinary shares issued and fully paid, amounting to RMB 160,510 thousand Share Capital Information (as of June 30, 2025) | Item | Number of Ordinary Shares (thousand) | HKD thousand | RMB thousand | | :--- | :--- | :--- | :--- | | Authorized Share Capital | 5,000,000 | 500,000 | 502,350 | | Issued and Fully Paid Share Capital | 1,596,000 | 159,600 | 160,510 | [Trade and Bills Payables](index=27&type=section&id=%E6%87%89%E4%BB%98%E8%B2%A3%E6%98%93%E8%B3%87%E6%AC%BE%E5%8F%8A%E6%87%89%E4%BB%98%E7%A5%A8%E6%93%9A) As of June 30, 2025, total trade and bills payables amounted to RMB 5,714,732 thousand, with the majority aged within one year Ageing Analysis of Trade and Bills Payables (RMB thousand) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 1 year | 5,708,158 | 4,571,721 | | 1 to 2 years | 3,450 | 3,505 | | Over 2 years | 3,124 | 1,307 | | Total | 5,714,732 | 4,576,533 | - Total trade and bills payables increased from **RMB 4,576,533 thousand** as of December 31, 2024, to **RMB 5,714,732 thousand** as of June 30, 2025[84](index=84&type=chunk) [Capital Commitments](index=27&type=section&id=%E8%B3%87%E6%9C%AC%E6%89%BF%E6%93%94) As of June 30, 2025, the company had capital commitments of RMB 461,102 thousand for the acquisition of property, plant, and equipment, contracted but not provided for Capital Commitments (RMB thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Capital Commitments for Acquisition of Property, Plant and Equipment – Contracted but not Provided For | 461,102 | 766,473 | - Capital commitments for the acquisition of property, plant, and equipment decreased compared to the end of 2024[85](index=85&type=chunk) [Related Party Transactions](index=28&type=section&id=%E9%97%9C%E8%81%AF%E4%BA%BA%E5%A3%AB%E4%BA%A4%E6%98%93) The Group engages in extensive transactions with related companies controlled by its directors, including procurement, sales, and services, with various outstanding balances at period-end [Related Party Transactions](index=30&type=section&id=%E9%97%9C%E8%81%AF%E4%BA%BA%E5%A3%AB%E4%BA%A4%E6%98%93) The Group conducted various related party transactions in H1 2025, primarily involving procurement of goods and services, and leasing activities Major Related Party Transactions (for the six months ended June 30, RMB thousand) | Transaction Type | 2025 | 2024 | | :--- | :--- | :--- | | Purchase of Goods from Related Companies | 769,178 | 729,423 | | Purchase of Equipment from Related Companies | 2,451 | 11,614 | | Right-of-Use Assets Arising from Lease of Buildings from Related Companies | 32,076 | – | | Purchase of Services from Related Companies | 2,215 | 2,001 | | Sale of Goods to Related Companies | 1,123 | 1,095 | | Provision of Services to Related Companies | 6,272 | 5,383 | | Rental Income from Related Companies | 7,355 | 7,025 | | Advances to Related Parties | 3,291 | 2,508 | | Sale of Equipment to Related Companies | 57 | 153 | - Procurement of goods from related companies such as **Ningbo Dongxin** and **Haitian Zhilian** constitutes a major type of related party transaction[89](index=89&type=chunk) - Right-of-use assets arising from the lease of buildings from related companies significantly increased in H1 2025[89](index=89&type=chunk) [Balances with Related Parties](index=33&type=section&id=%E8%88%87%E9%97%9C%E8%81%AF%E4%BA%BA%E5%A3%AB%E7%9A%84%E7%B5%90%E9%A4%98) Balances with related parties are unsecured, interest-free, and without fixed repayment terms, with a notable increase in lease liabilities from related companies in H1 2025 Significant Balances with Related Parties (RMB thousand) | Balance Type | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Payables for Purchase of Goods from Related Companies | 502,357 | 610,383 | | Payables for Purchase of Equipment from Related Companies | 21,455 | 7,315 | | Receivables for Sale of Goods and Provision of Services and Rental Income to Related Companies | 13,699 | 9,467 | | Prepayments for Purchase of Equipment from Related Companies | 1,197 | – | | Investment in an Entity Controlled by the Group's Directors (Haitian Zhizheng) | 99,800 | 99,800 | | Lease Liabilities for Lease of Buildings from Related Companies | 99,991 | – | - Balances with related parties are **unsecured, interest-free, and have no fixed repayment terms**[93](index=93&type=chunk) - Lease liabilities arising from the lease of buildings from related companies significantly increased in H1 2025[93](index=93&type=chunk) [Key Management Personnel Remuneration](index=35&type=section&id=%E4%B8%BB%E8%A6%81%E7%AE%A1%E7%90%86%E4%BA%BA%E5%93%A1%E9%85%AC%E9%87%91) Total remuneration for key management personnel increased in H1 2025, primarily due to a significant rise in discretionary bonuses Key Management Personnel Remuneration (for the six months ended June 30, RMB thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Basic Salaries, Housing Allowances, Other Allowances and Benefits in Kind | 7,194 | 6,545 | | Contributions to Pension Schemes | 101 | 102 | | Discretionary Bonuses | 2,690 | 1,413 | | Total | 9,985 | 8,060 | - Total remuneration for key management personnel increased from **RMB 8,060 thousand** in H1 2024 to **RMB 9,985 thousand** in H1 2025, mainly due to a significant increase in discretionary bonuses[95](index=95&type=chunk) [Related Party Commitments](index=35&type=section&id=%E9%97%9C%E8%81%AF%E4%BA%BA%E5%A3%AB%E6%89%BF%E6%93%94) As of June 30, 2025, capital commitments for the acquisition of property, plant, and equipment from Haitian Precision amounted to RMB 16,335 thousand Related Party Capital Commitments (RMB thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Capital Commitments for Acquisition of Property, Plant and Equipment – Haitian Precision | 16,335 | 21,257 | - As of June 30, 2025, capital commitments for the acquisition of property, plant, and equipment related to **Haitian Precision** amounted to **RMB 16,335 thousand**[95](index=95&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: 海天國際控股有限公司 (於開曼群島註冊成立的有限公司) 呈交日期: 2025年9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) | 01882 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | HKD | | 0.1 HKD | | 500,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | | | 本月底結存 | | | 5,000,000,000 | HKD | | 0.1 HKD | | 500,000,000 | 本月底 ...