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 致：香港交易及結算所有限公司 公司名稱: 中国智能交通系统（控股）有限公司 呈交日期: 2025年10月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01900 | 說明 | 不適用 | | | | | | | | | | 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 | | 0.0002 HKD | | | 1,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | | 本月底結存 | | | 5,000,000,000 | HKD | | 0.0002 HKD | | | 1,000,000 | 本月底法定/註冊股本總額： HKD 1,00 ...

目錄 | | 公司資料 | | | | | | | | | 2 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 財 | 務 | 摘 | 要 | | | | | | | 5 | | 管 | 理 | 層 | 討 | 論 | 及 | 分 | 析 | | | 6 | | 董 | 事 | 會 | 報 | 告 | | | | | | 18 | | 簡 | 明 | 綜 | 合 | 損 | 益 | 表 | | | | 25 | | 簡 | 明 | 綜 | 合 | 全 | 面 | 收 | 益 | 表 | | 26 | | 簡 | 明 | 綜 | 合 | 財 | 務 | 狀 | 況 | 表 | | 27 | | 簡 | 明 | 綜 | 合 | 權 | 益 | 變 | 動 | 表 | | 29 | | 簡 | 明 | 綜 | 合 | 現 | 金 | 流 | 量 | 表 | | 31 | | 簡 | 明 | 綜 | 合 | 財 | 務 | 報 | 表 | 附 | 註 | 33 | 公司資料 董事會 執行董事 廖杰先生 （董事會主席） 姜海 ...

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 第 1 頁 共 10 頁 v 1.1.1 FF301 致：香港交易及結算所有限公司 公司名稱: 中国智能交通系统（控股）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) | 01900 | 說明 | 不適用 | | | | | | | | | 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 | | 0.0002 HKD | | 1,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 5,000,000,000 | HKD | | 0.0002 HKD | | 1 ...

Core Viewpoint - China Intelligent Transportation (01900.HK) reported significant growth in its mid-term performance for the first half of 2025, indicating a strong upward trend in contract signings and revenue generation [1] Financial Performance - The new contract amount signed by the company reached RMB 556 million, representing a year-on-year increase of 20.6% [1] - The company achieved revenue of RMB 479 million, which is a 67.9% increase compared to the same period last year [1] - Gross profit amounted to RMB 247 million, reflecting a 107.8% increase year-on-year, with a gross margin of 51.5%, up by 9.9 percentage points from the previous year [1] - Profit attributable to the owners of the parent company was RMB 362 million, a significant turnaround from a loss of RMB 38.4 million in the same period last year [1] Contractual Obligations - As of June 30, 2025, the company recorded an uncompleted contract amount of RMB 1.088 billion, which is an increase of 26.6% compared to RMB 860 million at the end of the previous year [1]

Core Insights - China Intelligent Transportation (01900) reported a revenue of 478.7 million yuan for the first half of 2025, representing a year-on-year increase of 67.9% [1] - The gross profit reached 246.6 million yuan, which is an increase of 107.8% compared to the same period last year [1] - The profit attributable to the owners of the parent company was 361.6 million yuan, marking a turnaround from a loss to profit [1] - Earnings per share stood at 0.21 yuan [1] Financial Performance - The significant turnaround to profitability was primarily due to the group's control over Hengtong Kaiyuan, with a fair value gain of approximately 350 million yuan recognized on the acquisition date [1] - The financial assets' fair value loss for the first half was 2.5 million yuan, a substantial decrease from a loss of 52.7 million yuan in the same period last year, reflecting a reduction of 52.2 million yuan [1] - Operating factors such as gross profit, other income, sales and distribution expenses, administrative expenses, impairment losses on financial and contract assets, and other costs contributed to a net profit decrease of 7.5 million yuan compared to the previous year [1]

Core Insights - China Intelligent Transportation (01900) reported a revenue of 478.7 million yuan for the first half of 2025, representing a year-on-year increase of 67.9% [1] - The gross profit reached 246.6 million yuan, which is an increase of 107.8% compared to the same period last year [1] - The profit attributable to the parent company was 361.6 million yuan, marking a turnaround from a loss to profit [1] - Earnings per share stood at 0.21 yuan [1] Financial Performance - The significant turnaround to profitability was primarily due to the control gained over Hengtong Kaiyuan on January 1, 2025, with a fair value gain of approximately 350 million yuan recognized at the acquisition date [1] - The financial asset fair value change loss for the first half of the year was 2.5 million yuan, a substantial decrease from the 52.7 million yuan loss recorded in the same period last year, reflecting a reduction of 52.2 million yuan [1] - Operational factors such as gross profit, other income, sales and distribution expenses, administrative expenses, impairment losses on financial and contract assets, and other costs contributed to a net profit decrease of 7.5 million yuan compared to the previous year [1]

[Interim Results Summary](index=1&type=section&id=中期業績概要) [2025 Interim Results Summary](index=1&type=section&id=二零二五年中期業績概要) The Group achieved significant performance growth in the first half of 2025, with substantial increases in new contract value, revenue, gross profit, and profit attributable to owners of the parent, alongside improved gross margin and growing uncompleted contract value 2025 Interim Results Overview (RMB thousands) | Metric | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Year-on-Year Growth (%) | | :--- | :--- | :--- | :--- | | New Contract Value | 555,500 | 460,600 | 20.6% | | Revenue | 478,700 | 285,100 | 67.9% | | Gross Profit | 246,600 | 118,700 | 107.8% | | Profit Attributable to Owners of the Parent | 361,600 | (38,400) (Loss) | N/A (reversed loss) | | Uncompleted Contract Value (Period-end) | 1,088,100 | 859,700 (End of previous year) | 26.6% | | Gross Margin | 51.5% | 41.6% | 9.9 percentage points | [2](index=2&type=chunk) [Condensed Consolidated Financial Statements](index=2&type=section&id=簡明綜合財務報表) [Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=簡明綜合損益表) The Group achieved a significant profit turnaround in the first half of 2025, reversing a loss from the same period last year to substantial profit, primarily driven by strong growth in revenue and gross profit, and a significant increase in other income and gains Condensed Consolidated Statement of Profit or Loss (RMB thousands) | Metric | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Revenue | 478,667 | 285,089 | 67.9% Growth | | Cost of Revenue | (232,108) | (166,401) | 39.5% Growth | | Gross Profit | 246,559 | 118,688 | 107.8% Growth | | Other Income and Gains | 370,240 | 19,393 | 1809.1% Growth | | Selling, Distribution and Administrative Expenses | (87,983) | (55,794) | 57.7% Growth | | Net Impairment Losses on Financial and Contract Assets | (17,675) | (9,119) | 93.8% Growth | | Other Expenses | (142,056) | (91,003) | 56.1% Growth | | Finance Costs | (6,346) | (5,490) | 15.6% Growth | | Share of Profit (Loss) of Associates | 280 | (712) | Reversed Loss | | Profit (Loss) Before Tax | 363,019 | (24,037) | Reversed Loss | | Income Tax Credit (Expense) | 4,001 | (3,879) | Reversed Loss | | Profit (Loss) for the Period | 367,020 | (27,916) | Reversed Loss | | Profit (Loss) Attributable to Owners of the Parent | 361,623 | (38,393) | Reversed Loss | | Basic Earnings (Loss) Per Share (RMB) | 0.21 | (0.02) | Reversed Loss | | Diluted Earnings (Loss) Per Share (RMB) | 0.21 | (0.02) | Reversed Loss | [4](index=4&type=chunk) [Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=簡明綜合全面收益表) The Group achieved overall profit improvement in the first half of 2025, with total comprehensive income turning from a loss in the prior period to significant profit, primarily due to substantial growth in profit for the period, despite fluctuations in exchange differences on translation of foreign operations Condensed Consolidated Statement of Comprehensive Income (RMB thousands) | Metric | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Profit (Loss) for the Period | 367,020 | (27,916) | Reversed Loss | | Exchange Differences on Translation of Foreign Operations | (1,226) | 2,436 | Turned from Gain to Loss | | Other Comprehensive Income (Loss) for the Period | (1,226) | 2,436 | Turned from Gain to Loss | | Total Comprehensive Income (Loss) for the Period | 365,794 | (25,480) | Reversed Loss | | Attributable to Owners of the Company | 363,837 | (33,092) | Reversed Loss | | Attributable to Non-controlling Interests | 1,957 | 7,612 | 74.3% Decrease | [6](index=6&type=chunk) [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=簡明綜合財務狀況表) As of June 30, 2025, the Group's financial position significantly improved, with substantial growth in total assets and net assets, as well as a significant increase in net current assets and total equity, reflecting business expansion and enhanced profitability Condensed Consolidated Statement of Financial Position (RMB thousands) | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Total Non-current Assets | 1,536,775 | 1,128,363 | 36.2% | | Total Current Assets | 2,212,227 | 1,709,931 | 29.4% | | Total Current Liabilities | 1,006,430 | 836,005 | 20.4% | | Net Current Assets | 1,205,797 | 873,926 | 38.0% | | Total Assets Less Current Liabilities | 2,742,572 | 2,002,289 | 37.0% | | Total Non-current Liabilities | 13,377 | 1,165 | 1048.2% | | Net Assets | 2,729,195 | 2,001,124 | 36.4% | | Total Equity | 2,729,195 | 2,001,124 | 36.4% | | Equity Attributable to Owners of the Company | 2,245,288 | 1,881,224 | 19.4% | | Non-controlling Interests | 483,907 | 119,900 | 303.6% | [7](index=7&type=chunk)[8](index=8&type=chunk) - Goodwill significantly decreased from **RMB 558,200 thousands** at the end of 2024 to **RMB 117,798 thousands** as of June 30, 2025, possibly related to the accounting treatment of business combinations[7](index=7&type=chunk) - Investments in associates increased from **RMB 215,635 thousands** at the end of 2024 to **RMB 284,988 thousands** as of June 30, 2025, reflecting increased investment in associates[7](index=7&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=6&type=section&id=簡明綜合財務報表附註) [1. Company and Group Information](index=6&type=section&id=1.%20公司及集團資料) The Group primarily provides infrastructure technology-related products, solutions, and services in the railway and power industries, along with energy-related management and services. During the period, the Group expanded into the aviation sector through the acquisition of Hentop Open Source, offering software technology development and consulting services - The Company is incorporated in the Cayman Islands, with its principal executive office located in Beijing, China[9](index=9&type=chunk) - The Group's businesses include railway and energy operations, with the addition of aviation business after the acquisition of Hentop Open Source during the period, providing software technology development and consulting services to large clients in aviation, manufacturing, and government sectors[10](index=10&type=chunk) [2. Basis of Presentation and Changes in Accounting Policies](index=6&type=section&id=2.%20呈列基準及會計政策變動) These interim financial statements are prepared in accordance with International Accounting Standard 34 and the Hong Kong Stock Exchange Listing Rules, presented in RMB. The adoption of new/revised International Financial Reporting Standards during the period did not result in significant changes to accounting policies or reported amounts - The Group's condensed consolidated interim financial statements are prepared in accordance with International Accounting Standard 34 and the Hong Kong Stock Exchange Listing Rules, presented in RMB[11](index=11&type=chunk) - The adoption of new/revised International Financial Reporting Standards (including amendments to IAS 21) did not result in significant changes to the Group's accounting policies or reported amounts[12](index=12&type=chunk)[13](index=13&type=chunk) [3. Operating Segment Information](index=7&type=section&id=3.%20經營分部資料) The Group's operating segments include railway, energy, and aviation businesses, with management allocating resources and assessing performance based on each segment's results. In the first half of 2025, all segments achieved revenue growth, with significant contributions from the energy and aviation businesses - The Group's operating segments include railway business (providing products, solutions, and maintenance services), energy business (providing power equipment, generation, and consulting services), and aviation business (providing software technology development and consulting services)[15](index=15&type=chunk)[16](index=16&type=chunk)[17](index=17&type=chunk) Operating Segment Information (RMB thousands) | Segment | Revenue H1 2025 (RMB thousands) | Revenue H1 2024 (RMB thousands) | Segment Results H1 2025 (RMB thousands) | Segment Results H1 2024 (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | | Railway Business | 164,080 | 143,771 | 22,475 | 10,599 | | Energy Business | 248,689 | 141,318 | 4,094 | 25,433 | | Aviation Business | 65,898 | – | 1,281 | – | | Total | 478,667 | 285,089 | 27,850 | 36,032 | [18](index=18&type=chunk)[19](index=19&type=chunk) - In the first half of 2025, profit before tax was **RMB 363,019 thousands**, compared to a loss of **RMB 24,037 thousands** in the prior period, primarily impacted by a gain from remeasuring the fair value of an associate at the acquisition date (**RMB 350,170 thousands**)[18](index=18&type=chunk)[19](index=19&type=chunk) [4. Revenue](index=9&type=section&id=4.%20收益) The Group's revenue significantly increased by **67.9%** to **RMB 478,667 thousands** in the first half of 2025, primarily driven by power supply and newly added software development and technical services, with revenue recognition mainly occurring over time Revenue by Source (RMB thousands) | Revenue Source | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Year-on-Year Growth (%) | | :--- | :--- | :--- | :--- | | Sales of Products and Provision of Professional Solutions | 171,258 | 129,239 | 32.5% | | Maintenance Services | 39,145 | 19,181 | 104.1% | | Power Supply | 242,762 | 136,669 | 77.6% | | Software Development and Technical Services | 25,502 | – | N/A (newly added) | | Total | 478,667 | 285,089 | 67.9% | [21](index=21&type=chunk) - Revenue from the Chinese mainland market was **RMB 230,711 thousands**, while revenue from other regions was **RMB 247,956 thousands**, indicating that overseas markets contributed more than the Chinese mainland[21](index=21&type=chunk) - Most revenue (**RMB 422,045 thousands**) was recognized over time, while **RMB 56,622 thousands** of revenue was recognized at a point in time[21](index=21&type=chunk) [5. Other Income and Gains](index=10&type=section&id=5.%20其他收入及收益) The Group's other income and gains significantly increased to **RMB 370,240 thousands** in the first half of 2025, primarily due to a substantial gain from remeasuring the fair value of Hentop Open Source at the acquisition date Other Income and Gains (RMB thousands) | Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Dividend Income from Financial Assets at FVTPL | – | 2,413 | 100% Decrease | | Finance Income | 4,841 | 4,738 | 2.2% Growth | | Gain on Disposal of Financial Assets at FVTPL | 4,219 | 77 | 5379.2% Growth | | Total Rental Income | 10,946 | 7,812 | 40.1% Growth | | Gain from Remeasuring Fair Value of Associate at Acquisition Date | 350,170 | – | N/A (newly added) | | Others | 3,198 | 1,219 | 162.3% Growth | | Total | 370,240 | 19,393 | 1809.1% Growth | [22](index=22&type=chunk) [6. Profit (Loss) Before Tax](index=11&type=section&id=6.%20除稅前溢利（虧損）) The Group's profit before tax significantly improved in the first half of 2025, turning from a loss in the prior period to a profit, primarily influenced by a combination of operating factors including cost of inventories, depreciation, amortization, wages and salaries, impairment losses, and exchange losses Profit (Loss) Before Tax Components (RMB thousands) | Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Cost of Inventories | 154,988 | 112,775 | 37.4% Growth | | Depreciation and Amortization | 34,251 | 30,496 | 12.3% Growth | | Wages and Salaries | 65,515 | 21,831 | 200.1% Growth | | Impairment of Trade Receivables | 16,290 | 9,205 | 77.0% Growth | | Impairment of Contract Assets (Reversal of Impairment) | 320 | (644) | Turned Gain into Loss | | Net Exchange Losses | 139,174 | 38,164 | 264.7% Growth | | Fair Value Changes of Financial Assets at FVTPL | 2,509 | 52,453 | 95.2% Decrease | | Gain on Disposal of Financial Assets at FVTPL | (4,219) | (77) | 5379.2% Growth | [23](index=23&type=chunk) [7. Income Tax](index=12&type=section&id=7.%20所得稅) The Group's income tax policy is determined by tax rates in each operating jurisdiction, with Chinese mainland subsidiaries subject to corporate income tax rates of **9% to 25%**, and high-tech enterprises enjoying a **15%** preferential rate. Myanmar subsidiaries are subject to **25%** corporate income tax, while non-Myanmar registered subsidiaries' service income in Myanmar is subject to **2.5%** withholding tax. Income tax for the period turned from an expense to a credit, primarily due to the origination and reversal of temporary differences for deferred tax assets - Chinese subsidiaries in Tibet are subject to a **9%** corporate income tax rate, other Chinese mainland subsidiaries are subject to a **25%** rate, and high-tech enterprises enjoy a **15%** preferential rate[24](index=24&type=chunk) - Myanmar-registered subsidiaries are subject to a **25%** corporate income tax rate, while non-Myanmar registered subsidiaries earning service income in Myanmar are subject to a **2.5%** withholding tax[26](index=26&type=chunk) Income Tax (RMB thousands) | Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Current Income Tax | 6,830 | 8,442 | 19.1% Decrease | | Deferred Income Tax (Origination and Reversal of Temporary Differences) | (10,831) | (4,563) | 137.4% Growth | | Income Tax (Credit) Expense | (4,001) | 3,879 | Reversed Loss | [28](index=28&type=chunk) [8. Earnings (Loss) Per Share Attributable to Owners of the Company](index=13&type=section&id=8.%20本公司擁有人應佔每股盈利（虧損）) The Group's basic and diluted earnings per share for the first half of 2025 both turned from a loss in the prior period to a profit, reflecting a significant improvement in the company's profitability Earnings (Loss) Per Share (RMB) | Metric | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Profit (Loss) for the Period Attributable to Owners of the Company | RMB 361,623,000 | Loss RMB 38,393,000 | Reversed Loss | | Weighted Average Number of Ordinary Shares in Issue | 1,720,185,862 shares | 1,697,814,721 shares | 1.3% Growth | | Basic Earnings (Loss) Per Share | RMB 0.21 | RMB (0.02) | Reversed Loss | | Diluted Earnings (Loss) Per Share | RMB 0.21 | RMB (0.02) | Reversed Loss | [29](index=29&type=chunk)[30](index=30&type=chunk) - Basic earnings per share for the first half of 2025 were not adjusted as there were no outstanding potentially dilutive shares. Basic loss per share for the first half of 2024 was also not adjusted due to the anti-dilutive effect of share options[30](index=30&type=chunk) [9. Dividends](index=13&type=section&id=9.%20股息) The Company did not declare or propose an interim dividend for the first half of 2025, consistent with the prior period - The Company did not declare or propose an interim dividend for the six months ended June 30, 2025 (June 30, 2024: nil)[31](index=31&type=chunk) [10. Trade and Bills Receivables](index=14&type=section&id=10.%20貿易應收款項及應收票據) As of June 30, 2025, the Group's total trade and bills receivables amounted to **RMB 545,909 thousands**, an increase from the end of the previous year, with receivables due within six months accounting for the largest proportion. Impairment provisions increased, but there was no significant concentration of credit risk Trade and Bills Receivables (RMB thousands) | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Trade Receivables | 685,559 | 467,981 | 46.5% | | Impairment | (155,482) | (129,494) | 20.1% | | Net Trade Receivables | 530,077 | 338,487 | 56.6% | | Bills Receivable | 15,832 | 31,367 | -49.5% | | Total | 545,909 | 369,854 | 47.6% | [32](index=32&type=chunk) Aging Analysis of Trade Receivables (Net of Loss Allowance) (RMB thousands) | Aging Analysis (Net of Loss Allowance) | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 6 months | 166,737 | 48,984 | | 6 months to 1 year | 193,734 | 162,525 | | 1 to 2 years | 87,851 | 59,109 | | 2 to 3 years | 41,930 | 30,737 | | Over 3 years | 39,825 | 37,132 | | Total | 530,077 | 338,487 | [34](index=34&type=chunk) - Trade receivables generally have credit terms of **30 to 180 days**, and bills receivable generally have maturity dates of **180 to 270 days**. The Group has no significant concentration of credit risk[32](index=32&type=chunk)[33](index=33&type=chunk) [11. Contract Assets](index=15&type=section&id=11.%20合約資產) As of June 30, 2025, the Group's net contract assets amounted to **RMB 194,241 thousands**, a decrease from the end of the previous year, with a slight increase in impairment provisions Contract Assets (RMB thousands) | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Contract Assets | 227,283 | 292,826 | -22.4% | | Impairment | (33,042) | (32,325) | 2.2% | | Net Contract Assets | 194,241 | 260,501 | -25.4% | [35](index=35&type=chunk) [12. Trade and Bills Payables](index=15&type=section&id=12.%20貿易應付款項及應付票據) As of June 30, 2025, the Group's total trade and bills payables amounted to **RMB 240,070 thousands**, a decrease from the end of the previous year, with current or less than one year due accounting for the largest proportion Aging Analysis of Trade and Bills Payables (RMB thousands) | Aging Analysis | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Current or Less Than One Year | 101,994 | 132,952 | -23.3% | | One to Two Years | 31,918 | 39,695 | -19.6% | | Over Two Years | 106,158 | 93,655 | 13.3% | | Total | 240,070 | 266,302 | -9.8% | [36](index=36&type=chunk) - Trade payables are non-interest bearing, with credit terms generally ranging from **1 to 360 days**[36](index=36&type=chunk) [13. Business Combinations](index=16&type=section&id=13.%20業務合併) The Group gained control over Hentop Open Source Information Technology Co., Ltd. on January 1, 2025, through board nomination arrangements, despite holding only a **27.2%** equity interest. This acquisition contributed **RMB 65,898 thousands** in revenue and **RMB 5,068 thousands** in comprehensive profit to the Group - The Group gained control over Hentop Open Source on January 1, 2025, through board nomination arrangements, despite holding only a **27.2%** equity interest[37](index=37&type=chunk)[38](index=38&type=chunk) - Since the acquisition, Hentop Open Source has contributed **RMB 65,898 thousands** in revenue and **RMB 5,068 thousands** in comprehensive profit to the Group[38](index=38&type=chunk) - The Group accounted for the acquisition on a provisional basis, with the initial accounting treatment not yet finalized[39](index=39&type=chunk) [14. Acquisition of an Associate](index=16&type=section&id=14.%20收購一間聯營公司) On June 20, 2025, the Group signed an agreement to acquire a **40%** equity interest in Beijing Zhongzhirunbang Technology Co., Ltd. for **RMB 80,000,000**, a company primarily engaged in intelligent railway operation and maintenance and system integration. The seller committed to performance targets, with the Group entitled to compensation if not met - The Group will acquire a **40%** equity interest in Beijing Zhongzhirunbang Technology Co., Ltd. for **RMB 80,000,000**, whose main business is intelligent railway operation and maintenance and system integration[40](index=40&type=chunk)[41](index=41&type=chunk) - The seller committed to performance targets: net profit for 2025 not less than **RMB 22,000,000**, and cumulative net profit during the guarantee period not less than **RMB 46,200,000**, with the Group entitled to compensation if not met[40](index=40&type=chunk) [Review of the Group's Overall Operating Performance in H1](index=17&type=section&id=上半年本集團整體經營情況回顧) [Overall Operating Overview](index=17&type=section&id=整體經營概覽) The Group's overall operating performance was strong in the first half of 2025, with significant growth in new contracts, revenue, gross profit, and profit attributable to owners of the parent, alongside a notable increase in gross margin and continued growth in uncompleted contract value Overall Operating Overview (RMB thousands) | Metric | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Year-on-Year Growth (%) | | :--- | :--- | :--- | :--- | | New Contract Value | 555,500 | 460,600 | 20.6% | | Revenue | 478,700 | 285,100 | 67.9% | | Uncompleted Contract Value (Period-end) | 1,088,100 | 859,700 (End of previous year) | 26.6% | | Gross Profit | 246,600 | 118,700 | 107.8% | | Gross Margin | 51.5% | 41.6% | 9.9 percentage points | | Profit Attributable to Owners of the Parent | 361,600 | (38,400) (Loss) | N/A (reversed loss) | [42](index=42&type=chunk) [Business and Financial Review](index=17&type=section&id=業務及財務回顧) [Business Review](index=17&type=section&id=業務回顧) The Group's business spans three major segments: railway, energy, and aviation. The railway business saw a steady recovery in the domestic market and secured large overseas orders; the energy business achieved stable growth with significant progress in new energy; and the aviation business diversified through the acquisition of Hentop Open Source, actively planning for artificial intelligence and low-altitude economy - The Group primarily provides infrastructure technology-related products, professional solutions, and services in the railway, power, and aviation industries, along with contract energy management[43](index=43&type=chunk) [Railway Business](index=18&type=section&id=鐵路業務) The railway business secured new domestic contracts totaling **RMB 210 million**, maintaining a high market share. The overseas market successfully won the Nigeria Kama Railway Project (**RMB 169 million**), further expanding its international business footprint - New contracts signed in the domestic market totaled **RMB 210 million**, maintaining a high market share in railway communication sub-market products and solutions business[45](index=45&type=chunk) - Successfully won the Nigeria Kama Railway Project (contract value **RMB 169 million**), marking another breakthrough in the overseas railway market business[46](index=46&type=chunk) [Energy Business](index=18&type=section&id=能源業務) Energy business power plant project revenue significantly increased, primarily due to an upward adjustment in settlement unit prices by Myanmar clients. The new energy business actively responded to national calls for energy conservation and emission reduction, with 12 pairs of service area distributed photovoltaic power generation projects, including Renqiu East, connected to the grid and operational, and successfully signed the Shunping 11 pairs of service area distributed photovoltaic power generation projects - Revenue from the Myanmar Yangon AHLONE **151 MW** power plant project and Hlawga **123 MW** power plant restoration project significantly increased in the first half of the year due to an upward adjustment in settlement unit prices by Myanmar clients[46](index=46&type=chunk) - The 'Renqiu East and other 12 pairs of service area distributed photovoltaic power generation projects' entered operation after grid connection acceptance, and the 'Shunping 11 pairs of service area distributed photovoltaic power generation projects' were successfully signed, laying the foundation for the continued development of the new energy business[48](index=48&type=chunk) [Aviation Business](index=19&type=section&id=航空業務) The Group gained control over Hentop Open Source on January 1, 2025, a company primarily providing software development and technical services to aviation clients. Hentop Open Source implements a development strategy of 'based on civil aviation business, fully embracing artificial intelligence, and vigorously deploying low-altitude economy,' and has launched products based on large model technology - The Group gained control over Hentop Open Source Information Technology Co., Ltd. on January 1, 2025, a company primarily providing software development and technical services to aviation clients[48](index=48&type=chunk) - Hentop Open Source's development strategy is 'based on civil aviation business, fully embracing artificial intelligence, and vigorously deploying low-altitude economy,' and it has launched products based on large model technology[49](index=49&type=chunk) [Financial Review](index=22&type=section&id=財務回顧) The Group's financial performance was strong in the first half of 2025, with significant growth in both revenue and gross profit, primarily benefiting from upward adjustments in energy business unit prices and the consolidation contribution from aviation business. Other income significantly increased, but selling, administrative expenses, financial asset impairment, and exchange losses also rose. Overall net profit turned from loss to profit [Revenue](index=22&type=section&id=收益) The Group's total revenue reached **RMB 478,667 thousands** in the first half of 2025, a **67.9%** year-on-year increase. Energy business revenue grew **76.0%** to **RMB 248,700 thousands**, railway business grew **14.1%** to **RMB 164,100 thousands**, and aviation business added **RMB 65,900 thousands** in revenue. By business model, value-added operations and services revenue grew **97.2%**, and products and professional solutions revenue grew **32.6%** Revenue by Industry Segment (RMB thousands) | Industry Segment | Revenue H1 2025 (RMB thousands) | Revenue H1 2024 (RMB thousands) | Year-on-Year Growth (%) | | :--- | :--- | :--- | :--- | | Railway | 164,080 | 143,771 | 14.1% | | Energy | 248,689 | 141,318 | 76.0% | | Aviation | 65,898 | – | N/A (newly added) | | Total | 478,667 | 285,089 | 67.9% | [57](index=57&type=chunk) - The increase in energy segment revenue was primarily due to an upward adjustment in settlement unit prices by Myanmar clients[58](index=58&type=chunk) Revenue by Business Model (RMB thousands) | Business Model | Revenue H1 2025 (RMB thousands) | Revenue H1 2024 (RMB thousands) | Year-on-Year Growth (%) | | :--- | :--- | :--- | :--- | | Products and Professional Solutions | 171,258 | 129,239 | 32.6% | | Value-added Operations and Services | 307,409 | 155,850 | 97.2% | | Total | 478,667 | 285,089 | 67.9% | [60](index=60&type=chunk) [Gross Profit and Gross Margin](index=24&type=section&id=毛利及毛利率) The Group's gross profit increased by **107.8%** to **RMB 246,600 thousands** in the first half of 2025, with gross margin improving from **41.6%** to **51.5%**. The energy business had the highest gross margin at **67.0%**, mainly due to upward adjustments in settlement unit prices for Myanmar power plant projects. The aviation business added **RMB 32,200 thousands** in gross profit, with a gross margin of **48.8%** Gross Profit and Gross Margin by Industry Segment (RMB thousands) | Industry Segment | Gross Profit H1 2025 (RMB thousands) | Gross Profit H1 2024 (RMB thousands) | Gross Margin H1 2025 (%) | Gross Margin H1 2024 (%) | | :--- | :--- | :--- | :--- | :--- | | Railway | 47,772 | 35,367 | 29.1% | 24.6% | | Energy | 166,635 | 83,321 | 67.0% | 59.0% | | Aviation | 32,152 | – | 48.8% | – | | Total | 246,559 | 118,688 | 51.5% | 41.6% | [69](index=69&type=chunk) - The significant increase in gross profit and gross margin for the energy segment was primarily due to an upward adjustment in settlement unit prices by Myanmar clients, leading to higher power plant project revenue compared to the prior period[67](index=67&type=chunk) Gross Profit and Gross Margin by Business Model (RMB thousands) | Business Model | Gross Profit H1 2025 (RMB thousands) | Gross Profit H1 2024 (RMB thousands) | Gross Margin H1 2025 (%) | Gross Margin H1 2024 (%) | | :--- | :--- | :--- | :--- | :--- | | Products and Professional Solutions | 55,752 | 31,156 | 32.6% | 24.1% | | Value-added Operations and Services | 190,807 | 87,532 | 62.1% | 56.2% | | Total | 246,559 | 118,688 | 51.5% | 41.6% | [71](index=71&type=chunk) [Other Income and Gains](index=27&type=section&id=其他收入及收益) Other income and gains significantly increased to **RMB 370,200 thousands** in the first half of 2025, primarily attributable to a gain of approximately **RMB 350,200 thousands** from remeasuring the fair value of Hentop Open Source at the acquisition date - Other income and gains for the first half of 2025 amounted to **RMB 370,200 thousands**, an increase of **RMB 350,800 thousands** compared to the prior period[72](index=72&type=chunk) - This primarily includes a gain of approximately **RMB 350,200 thousands** from remeasuring the fair value of Hentop Open Source at the acquisition date[72](index=72&type=chunk) [Selling, Distribution and Administrative Expenses](index=27&type=section&id=銷售、分銷及行政開支) Selling, distribution and administrative expenses for the first half of 2025 were approximately **RMB 88,000 thousands**, a year-on-year increase of **RMB 32,200 thousands**, primarily due to the consolidation contribution of approximately **RMB 30,900 thousands** from Hentop Open Source - Selling, distribution and administrative expenses for the first half of 2025 were approximately **RMB 88,000 thousands**, an increase of **RMB 32,200 thousands** compared to the prior period[73](index=73&type=chunk) - The main reason was the consolidation of Hentop Open Source, whose selling, distribution and administrative expenses for the first half of the year were approximately **RMB 30,900 thousands**[73](index=73&type=chunk) [Net Impairment Losses on Financial and Contract Assets](index=27&type=section&id=金融及合約資產減值虧損淨額) Net impairment losses on financial and contract assets for the first half of 2025 were approximately **RMB 17,700 thousands**, an increase from **RMB 9,100 thousands** in the prior period - Net impairment losses on financial and contract assets for the first half of 2025 were approximately **RMB 17,700 thousands**, compared to approximately **RMB 9,100 thousands** in the prior period[74](index=74&type=chunk) [Other Expenses](index=27&type=section&id=其他開支) Other expenses for the first half of 2025 amounted to **RMB 141,700 thousands**, a year-on-year increase of **RMB 89,500 thousands**, primarily due to significant foreign exchange losses from the Myanmar power business - Other expenses for the first half of 2025 amounted to **RMB 141,700 thousands**, an increase of **RMB 89,500 thousands** compared to the prior period[75](index=75&type=chunk) - This was primarily due to significant foreign exchange losses from the Myanmar power business[75](index=75&type=chunk) [Share of Profit of Joint Ventures/Associates](index=27&type=section&id=應佔合營╱聯營公司之收益) Share of profit of associates for the first half of 2025 was **RMB 300 thousands**, compared to a loss of **RMB 700 thousands** in the prior period, achieving a turnaround from loss to profit - Share of profit of associates for the first half of 2025 was **RMB 300 thousands**, compared to a loss of **RMB 700 thousands** in the prior period[76](index=76&type=chunk) [Fair Value Changes of Equity Investments](index=28&type=section&id=權益性投資的公允價值變動損益) Fair value changes of equity investments resulted in a loss of **RMB 300 thousands** in the first half of 2025, a significant reduction from the **RMB 10,100 thousands** loss in the prior period (excluding Hentop Open Source), primarily because Hentop Open Source is no longer included in this item due to consolidation - Fair value changes of equity investments resulted in a loss of **RMB 300 thousands** in the first half of 2025[78](index=78&type=chunk) - Fair value changes resulted in a loss of **RMB 38,800 thousands** in the prior period, which included a loss of **RMB 28,700 thousands** from Hentop Open Source. Excluding Hentop Open Source, the loss in the prior period was **RMB 10,100 thousands**, and the loss for the current period decreased by **RMB 9,800 thousands**[78](index=78&type=chunk) - The Group holds equity investments in Shenzhen Honglu, Helios Energy Limited, Xinyizu, and Suzhou Huagai, and plans to explore further cooperation opportunities at appropriate times[79](index=79&type=chunk) [Finance Costs](index=28&type=section&id=財務成本) Finance costs for the first half of 2025 were approximately **RMB 6,300 thousands**, a slight increase from **RMB 5,500 thousands** in the prior period, primarily due to interest expenses on interest-bearing bank loans - Finance costs for the first half of 2025 were approximately **RMB 6,300 thousands**, compared to approximately **RMB 5,500 thousands** in the prior period[80](index=80&type=chunk) [Income Tax (Credit) Expense](index=29&type=section&id=所得稅（抵免）開支) Total income tax for the first half of 2025 was a credit of **RMB 4,000 thousands**, compared to an expense of **RMB 3,900 thousands** in the prior period, primarily due to the origination and reversal of temporary differences for deferred tax assets of approximately **RMB 10,900 thousands** - Total income tax credit for the first half of 2025 was **RMB 4,000 thousands**, compared to an income tax expense of **RMB 3,900 thousands** in the prior period[81](index=81&type=chunk) - The significant change in income tax expense was primarily due to the origination and reversal of temporary differences for deferred tax assets of approximately **RMB 10,900 thousands** in the first half of the year[81](index=81&type=chunk) [Profit for the Period](index=29&type=section&id=本期利潤) The Group achieved a net profit of **RMB 367,000 thousands** in the first half of 2025, a significant improvement from a net loss of **RMB 27,900 thousands** in the prior period, primarily benefiting from fair value gains due to Hentop Open Source's consolidation and reduced fair value changes of financial assets - The Group achieved a net profit of **RMB 367,000 thousands** in the first half of 2025, compared to a net loss of **RMB 27,900 thousands** in the prior period, representing an increase in net profit of **RMB 394,900 thousands**[82](index=82&type=chunk) - Key reasons include: a gain of approximately **RMB 350,200 thousands** from remeasuring the fair value of Hentop Open Source at the acquisition date; and a reduction in fair value changes of financial assets by **RMB 52,200 thousands**[82](index=82&type=chunk) - Profit attributable to owners of the parent was **RMB 361,600 thousands**, compared to a loss of **RMB 38,400 thousands** in the prior period[83](index=83&type=chunk) [Inventory Turnover Days](index=29&type=section&id=存貨周轉日數) Inventory turnover days for the first half of 2025 were **220 days**, an improvement from **230 days** in the prior period Inventory Turnover Days | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Inventory Turnover Days | 220 days | 230 days | [84](index=84&type=chunk) [Trade Receivables Turnover Days](index=29&type=section&id=貿易應收款項周轉日數) Trade receivables turnover days for the first half of 2025 were **177 days**, an improvement from **197 days** in the prior period Trade Receivables Turnover Days | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Trade Receivables Turnover Days | 177 days | 197 days | [85](index=85&type=chunk) [Trade Payables Turnover Days](index=29&type=section&id=貿易應付款項周轉日數) Trade payables turnover days for the first half of 2025 were **166 days**, an improvement from **219 days** in the prior period Trade Payables Turnover Days | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Trade Payables Turnover Days | 166 days | 219 days | [86](index=86&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=30&type=section&id=流動資金、財務資源及資本架構) [Liquidity and Financial Resources](index=30&type=section&id=流動資金及財務資源) The Group's liquidity position is robust, with a current ratio of **2.2**, net cash increasing to **RMB 168,300 thousands**, and a gearing ratio of **-7.1%**, indicating financial health. Primary sources of working capital include cash flows from operating activities, bank, and other loans - The Group's current ratio was **2.2** (end of 2024: **2.1**), indicating a robust financial position[88](index=88&type=chunk) - As of June 30, 2025, net cash was **RMB 168,300 thousands** (end of previous year: **RMB 161,400 thousands**), an increase of **RMB 6,900 thousands**[88](index=88&type=chunk) - The gearing ratio was **-7.1%** (end of previous year: **-9.7%**), an increase of **2.6 percentage points**[88](index=88&type=chunk) - Primary sources of working capital include cash flows from operating activities, bank, and other loans[87](index=87&type=chunk) [Financial Policy](index=30&type=section&id=財務政策) The Group implements a prudent financial policy, strictly controlling cash and risk management, and utilizing surplus cash reserves to invest in wealth management products for income generation. No derivative financial instruments were used to hedge risks in the first half of the year - The Group implements a prudent financial policy, strictly controlling cash and risk management, and utilizing surplus cash reserves to invest in wealth management products for income generation[89](index=89&type=chunk) - In the first half of 2025, the Group did not use any derivative financial instruments to hedge its risks[89](index=89&type=chunk) [Exchange Rate Risk and Hedging](index=31&type=section&id=匯率風險及對沖) Operating in Chinese mainland, Hong Kong, and Myanmar, the Group faces exchange rate fluctuation risks among RMB, Myanmar Kyat, HKD, and USD. No exchange rate hedging was conducted in the first half of the year, but the Group will continue to monitor and consider prudent measures - Operating in Chinese mainland, Hong Kong, and Myanmar, the Group's income, expenses, assets, and liabilities are primarily denominated in RMB, Myanmar Kyat, HKD, and USD, exposing it to potential foreign exchange risks[91](index=91&type=chunk) - In the first half of 2025, the Group did not enter into agreements or purchase instruments to hedge exchange rate risks, but will continue to monitor and plan to take prudent measures at appropriate times[91](index=91&type=chunk) [Contingent Liabilities](index=31&type=section&id=或然負債) As of June 30, 2025, the Group had no significant contingent liabilities - As of June 30, 2025, the Group had no significant contingent liabilities[92](index=92&type=chunk) [Pledge of Group's Assets](index=31&type=section&id=集團資產抵押) As of June 30, 2025, the Group had pledged assets including buildings, investment properties, equity interests in subsidiaries, trade receivables, and plant and equipment to secure bank financing, with the total pledged asset value adjusted from the end of the previous year - As of June 30, 2025, the Group had pledged deposits of approximately **RMB 62,200 thousands**, buildings with a net book value of approximately **RMB 185,500 thousands**, properties with an appraised value of approximately **RMB 68,300 thousands**, equity interests in four subsidiaries, trade receivables with a book value of **RMB 8,000 thousands**, rights to receive payments under power purchase agreements, plant and equipment with a book value of **RMB 201,900 thousands**, and receivables from power supply tariff rights as collateral to obtain bank financing[93](index=93&type=chunk) [Business Outlook](index=20&type=section&id=業務展望) [Railway Business Outlook](index=20&type=section&id=鐵路業務展望) The Group will focus on the frontier development of railway communication technology and digital transformation, increase investment in railway digitalization, and continue to cultivate overseas railway markets, leveraging opportunities from the 'Belt and Road' initiative to promote scaled and high-quality development of its overseas business - The Group will strengthen its internal capabilities, gradually increase investment in railway digitalization, actively explore the information sector market while maintaining its leading position in railway communication, and strive to remain an industry leader in intelligent railway construction and 5G-R development[51](index=51&type=chunk) - Based on existing project experience and market foundation, the Group will continue to increase investment in capital, technology, and talent in overseas railway markets, actively explore international cooperation opportunities, and promote scaled and high-quality development of its overseas railway business[52](index=52&type=chunk) - Influenced by the 'Belt and Road' initiative, demand for cross-border and cross-regional railway infrastructure cooperation in overseas railway markets will continue to be released, providing broad policy space for the Group's overseas business[52](index=52&type=chunk) [Energy Business Outlook](index=21&type=section&id=能源業務展望) The Group will maintain stable development of its power business, with Myanmar power plant projects successfully renewed until **2031**, and actively expand overseas power plant projects. Concurrently, it will vigorously develop new energy businesses, covering multiple areas such as photovoltaic power generation, charging piles, energy storage, and contract energy management - The renewal contract for the Myanmar Yangon AHLONE power plant project with the Myanmar Ministry of Electricity has been signed, with the second phase contract expiring in January **2031**. The Hlawga power plant restoration project has a ten-year operating period, and both power plants are in a stable development phase[53](index=53&type=chunk) - Building on the stable development of its power plant projects, the Group is actively expanding its new energy business, covering multiple areas such as photovoltaic power generation, charging piles, energy storage, and contract energy management[54](index=54&type=chunk) - In photovoltaic power generation, the 'Shunping 11 pairs of service area distributed photovoltaic power generation projects' were successfully signed, planned for completion and grid connection in **2025**, and the Group will continue to explore high-quality distributed photovoltaic power generation projects[56](index=56&type=chunk) [Aviation Business Outlook](index=21&type=section&id=航空業務展望) The Group will continue to support Hentop Open Source's business development in the aviation sector, continuously launching large model and artificial intelligence solutions, and positioning the low-altitude economy business as a new growth driver - The Group will continue to support Hentop Open Source in refining its existing aviation businesses and continuously launching large model and artificial intelligence solutions[55](index=55&type=chunk) - The Group will position the low-altitude economy business as a new growth driver for Hentop Open Source[55](index=55&type=chunk) [Other Information](index=32&type=section&id=其他資料) [Events After Reporting Period](index=32&type=section&id=報告期後事項) No significant events affecting the Group have occurred from June 30, 2025, up to the date of this announcement - No significant events affecting the Group have occurred from June 30, 2025, up to the date of this announcement[94](index=94&type=chunk) [Material Investments](index=32&type=section&id=重大投資) The Group previously subscribed to a private equity fund of **RMB 20,000,000** and redeemed all fund shares on April 2, 2025, resulting in an actual loss of approximately **RMB 3,597,807**. There were no other material investments during the period, nor are there specific future plans for material investments - The Company's indirect wholly-owned subsidiary previously subscribed to a private securities investment fund with an investment principal of **RMB 20,000,000**[95](index=95&type=chunk) - All fund shares were redeemed on April 2, 2025, resulting in an actual holding loss of approximately **RMB 3,597,807**[96](index=96&type=chunk) - Except as disclosed above, the Group held no other material investments during the period, nor were there specific future plans for material investments or capital assets as of the date of this announcement[96](index=96&type=chunk) [Material Acquisitions and Disposals of Subsidiaries and Associates](index=32&type=section&id=子公司及聯營公司的重大收購及出售事項) On June 20, 2025, the Company's indirect wholly-owned subsidiary signed an agreement to acquire a **40%** equity interest in Beijing Zhongzhirunbang Technology Co., Ltd. for **RMB 80,000,000**. As of June 30, 2025, the equity transfer registration had not yet been completed - On June 20, 2025, the Company's indirect wholly-owned subsidiary signed an agreement to acquire a **40%** equity interest in Beijing Zhongzhirunbang Technology Co., Ltd. for **RMB 80,000,000**[97](index=97&type=chunk) - As of June 30, 2025, the target company had not yet submitted an application for the registration of the equity transfer[98](index=98&type=chunk) [Employment and Remuneration Policies](index=33&type=section&id=僱傭及薪酬政策) As of June 30, 2025, the Group had **885** full-time employees. Remuneration policies are formulated based on individual position, responsibilities, performance, Group results, and market conditions, with several share award and share option schemes adopted to incentivize directors and eligible employees - As of June 30, 2025, the Group had **885** full-time employees[99](index=99&type=chunk) - Remuneration policies are formulated by the Board based on individual position, responsibilities, performance, Group results, and market conditions[99](index=99&type=chunk) - The Company has adopted a pre-IPO share award scheme, a share option scheme, and the 2021 share award scheme to incentivize directors, senior management, and employees[99](index=99&type=chunk) [Interim Dividend](index=33&type=section&id=中期股息) The Board does not recommend the payment of an interim dividend for the first half of 2025, consistent with the prior period - The Board does not recommend the payment of an interim dividend (prior period: nil)[100](index=100&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=33&type=section&id=購買、出售或贖回上市證券) During the period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities, and as of June 30, 2025, the number of treasury shares held by the Company was zero - During the period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[101](index=101&type=chunk) - As of June 30, 2025, the number of treasury shares held by the Company was zero[102](index=102&type=chunk) [Corporate Governance](index=33&type=section&id=企業管治) The Company places high importance on corporate governance, has adopted the Corporate Governance Code set out in Appendix C1 of the Hong Kong Stock Exchange Listing Rules, and has complied with all code provisions during the period - The Company has adopted the Corporate Governance Code set out in Appendix C1 of the Hong Kong Stock Exchange Listing Rules and has complied with all code provisions during the period[103](index=103&type=chunk) [Directors' Securities Transactions](index=33&type=section&id=董事進行證券交易) The Company has adopted the Model Code set out in Appendix C3 of the Listing Rules, and the directors confirm compliance with the code throughout the period - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers set out in Appendix C3 of the Listing Rules[104](index=104&type=chunk) - Following specific enquiries, the directors confirm their compliance with the required standards set out in the Model Code throughout the period[104](index=104&type=chunk) [Audit Committee](index=34&type=section&id=審核委員會) The Audit Committee, established on June 18, 2010, comprises three independent non-executive directors, responsible for reviewing and overseeing the Company's financial reporting process and internal control system, and has reviewed the Group's unaudited interim financial information for the period - The Audit Committee was established on June 18, 2010, with primary responsibilities to review and oversee the Company's financial reporting process and internal control system[105](index=105&type=chunk) - The Audit Committee comprises three independent non-executive directors: Mr. Lai Hongyi (Chairman), Mr. Zhou Jianmin, and Ms. Huang Jianling[105](index=105&type=chunk) - The Audit Committee has reviewed the Group's unaudited interim financial information for the period[105](index=105&type=chunk) [Publication of 2025 Interim Report](index=34&type=section&id=刊發二零二五年中期報告) The Company's 2025 Interim Report will be dispatched to shareholders (upon request) in due course and published on the Company's website and the Stock Exchange's website - The Company's 2025 Interim Report will be dispatched to shareholders (upon request) in due course and published on the Company's website www.its.cn and the Stock Exchange's website www.hkexnews.hk[106](index=106&type=chunk) [Acknowledgements](index=34&type=section&id=致謝) Mr. Liao Jie, Chairman of the Company, extends sincere gratitude to the Board, management, all employees, shareholders, and business partners for their support - Mr. Liao Jie, Chairman of the Company, extends sincere gratitude to the Board, management, and all employees of the Company for their dedication and diligence, as well as to the Company's shareholders and business partners for their strong support of the Group[107](index=107&type=chunk)

Summary of Key Points Core Viewpoint - As of August 26, a total of 135 stocks reached their 52-week highs, indicating a strong market performance with notable leaders in the sector [1]. Stock Performance Highlights - The top three stocks with the highest increase rates are: - 恒基发展 (Hengji Development) at 69.72% with a closing price of 0.335 and a peak of 0.370 [1] - 中国智能交通 (China Intelligent Transportation) at 68.89% with a closing price of 0.305 and a peak of 0.380 [1] - 桦欣控股 (Hua Xin Holdings) at 54.26% with a closing price of 17.000, reaching its peak at the same price [1] Additional Notable Stocks - Other significant performers include: - 绿色经济 (Green Economy) at 22.16% [1] - 米兰站 (Milan Station) at 21.83% [1] - 永义国际 (Yongyi International) at 21.21% [1] - 金界控股 (Golden Realm Holdings) at 18.11% [1] 52-Week Low Rankings - The stocks that reached their 52-week lows include: - 鸿盛昌资源股权 (Hongsheng Chang Resources) at a low of 0.010, down 37.50% [4] - 德商产投服务 (DeShang Investment Services) at a low of 0.830, down 17.00% [4] - 新华联合投资 (Xinhua United Investment) at a low of 0.092, down 15.60% [4]

Core Viewpoint - China Intelligent Transportation (1900.HK) experienced a significant stock price surge, reaching a high of 0.38 HKD, marking a 90% increase before settling at a 50% rise to 0.3 HKD, the highest level since February 2018 [1] Financial Performance - The company anticipates a mid-year profit attributable to shareholders of 361 million HKD, a turnaround from a loss of 38.4 million HKD in the same period last year [1] - The primary reason for the profit shift is the realization of control over Hengtong Kaiyuan Information Technology on January 1, resulting in a fair value gain of approximately 350 million HKD at the acquisition date [1] - Additionally, the company reported a smaller loss from changes in the fair value of financial assets during the mid-year period due to market fluctuations [1]

Group 1: Hong Kong Stocks - China Gold International (02099) rose nearly 7%, reaching a new high as core product output exceeded half of the annual guidance, with significant expansion potential at the Jiama mine [1] - Pop Mart (09992) increased by nearly 2%, with new products selling out instantly and continued high growth in H1 performance [1] - Meitu (01357) surged over 7% after officially entering the MSCI China Index, with Morgan Stanley optimistic about the company's long-term growth potential [1] - China Tobacco Hong Kong (06055) climbed nearly 6.5%, setting a new high since its listing, with stable growth in H1 performance and promising expansion opportunities as an overseas platform for China Tobacco International [1] - China National Chemical Corporation (03983) fell over 1% as mid-term shareholder profit decreased by 6.74% year-on-year, with a significant drop in urea sales prices [1] - China Intelligent Transportation (01900) surged over 42% after a profit warning, expecting mid-term shareholder profit of approximately 361 million yuan [1] - Keep (03650) dropped nearly 5% post-earnings despite successfully turning a profit in H1, focusing its strategy on AI [1] - Western Cement (02233) rose nearly 6.5% post-earnings, with mid-term shareholder profit increasing by 93.4% due to high growth in overseas sales [1] - ChinaSoft International (00354) increased over 4% post-earnings, with H1 net profit rising over 10% and HarmonyOS 5 terminal devices exceeding 12 million units [1] Group 2: US Stocks - NIO (NIO.US) fell 3.94% after Citigroup set a target price of $8.1, listing five reasons to buy [3] - Shanghai's optimization of real estate policies led to significant gains for housing service platforms, with Fangduo (DUO.US) rising 28.28% and Beike (BEKE) up 1.57% [3] - Hesai (HSAI.US) rose 0.52%, with expectations of 300,000 to 400,000 units shipped in the entire robot lidar market this year, and over 200,000 units for the robot market [3] - Pinduoduo (PDD.US) increased by 0.87% ahead of its earnings report, with optimistic market expectations reflected in declining Put/Call ratios [3] - Intel (INTC.US) fell 1.01% as the federal government acquired a 10% stake in the struggling chip giant, becoming its largest shareholder [4] - American Airlines (AAL.US) dropped 4.06% after an emergency landing due to a passenger's electronic device catching fire [4] - Netflix (NFLX.US) rose 1.11%, achieving its first box office champion in North America [4] - Spirit Airlines (FLYY.US) plummeted 14.02% as financial restructuring failed to lead to sustainable development [4] - Keurig Dr Pepper (KDP.US) fell 11.48% after announcing a €15.7 billion (approximately $18.4 billion) cash acquisition of Dutch coffee giant JDE Peet's NV [4] - Roblox (RBLX.US) increased by 6.02%, with Wedbush maintaining an "outperform" rating and a target price of $165, citing strong user ecosystem and business model growth potential [4] - Opendoor (OPEN.US) dropped 9.38% despite a significant prior increase, with July existing home sales rising 2% month-on-month to an annualized 4.01 million units [5]