呈交日期: 2025年10月3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) | 01901 | 說明 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | 10,000,000,000 | HKD | | 0.01 HKD | | 100,000,000 | | 增加 / 減少 (-) | | | 0 | | HKD | | 0 | | 本月底結存 | | 10,000,000,000 | HKD | | 0.01 HKD | | 100,000,000 | 本月底法定/註冊股本總額： HKD 100,000,000 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 致：香港交易及結算所有限公司 公司名稱: 飛揚國際控股(集團)有限 ...

Core Viewpoint - The project led by Feiyang International aims to integrate real cultural tourism assets with blockchain technology, marking a significant step in the digitalization of tourism assets [1][2] Group 1: Project Overview - The project involves collaboration with multiple partners, including Qingdao Cultural Property Exchange Center and Conflux Network, to create a digitalization benchmark for cultural tourism assets [1] - The total issuance amount for the project is 5.5 million yuan, focusing on the core assets of the Mili Lakeview Hotel and related tourism rights [1] Group 2: Market Response and Strategic Importance - The early completion of subscriptions indicates strong market recognition of the company's digitalization strategy for real tourism assets, enhancing operational experience in digital tourism projects [2] - Successful execution of this project is expected to improve the company's industry influence and brand recognition in the digital tourism sector [2] Group 3: Long-term Value and Business Expansion - The project's implementation and rights realization are anticipated to enhance operational efficiency of tourism assets, providing stable business returns for the company [2] - If the model proves successful, it could lead to expanded business scale and market share, potentially delivering continuous and stable value returns to shareholders [2]

Core Insights - Feiyang Group (01901) announced the successful completion of the subscription for the first "physical card carrier + real cultural tourism asset (rights) landing + blockchain full-process certification" project, which was achieved on September 29, 2025 [1][2] - The project is based on the core assets of the Mili City Lakeside Baiman Hotel and related cultural tourism rights, with a total issuance amount of 5.5 million yuan, aiming to establish a digital benchmark for the digitization of real cultural tourism assets [1] - The project marks the transition from the preparatory subscription phase to the execution phase, ensuring the activation of key processes such as physical card production, cultural tourism rights docking, and blockchain certification [2] Project Details - The project involves collaboration with multiple parties, including Qingdao Cultural Property Exchange Center, Mili City Hotel and Homestay Industry Association, Conflux Network, Shanghai Owa Universe Digital Technology Co., Ltd., and Beijing Shuhe Technology Co., Ltd. [1] - The initiative aims to promote the construction of digital standards for real cultural tourism assets and rights, leveraging the company's advantages in tourism resource integration and digital application [1] - The successful subscription provides a strong guarantee for subsequent key steps, accelerating collaboration among all parties to meet established timelines for the realization of the project's core goals [2]

Core Insights - The project aims to create a digital integration of real cultural tourism assets using a combination of physical card carriers and blockchain technology, marking a significant step in the digitalization of tourism assets [1][2] - The total issuance amount for the project is 5.5 million yuan, with the core asset being the Meili City Lakeside Baiman Hotel and related tourism rights [1] - The project has successfully transitioned from the subscription phase to the execution phase, ensuring the activation of key processes such as physical card production and blockchain certification [2] Group 1 - The project involves collaboration among multiple parties, including Zhejiang Feiyang Shulian Technology Co., Qingdao Cultural Property Exchange Center, and Conflux Network, to establish a digital standard for real tourism assets [1] - The initiative is part of the company's broader strategy to promote the digitalization of real tourism assets and leverage its strengths in tourism resource integration and digital application [1] - The project is expected to accelerate cooperation among stakeholders to meet established timelines for the realization of the core objectives of "digital and physical integration, touchable, and redeemable" [2]

Feiyang International Holdings Group Limited 香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或 任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 飛 揚 國 際 控 股（ 集 團 ）有 限 公 司 （於開曼群島註冊成立之有限公司） （股份代號：1901） 自願公告 關於「文旅數實卡」項目全部認購完成的公告 飛揚國際控股（ 集團 ）有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事會 （「董事會」）欣然宣佈，本集團旗下境內全資子公司浙江飛揚數聯科技有限公司與 青 島 文 化 產 權 交 易 中 心（「 合 規 及 平 台 共 建 方 」）、 彌 勒 市 賓 館 酒 店 民 宿 行 業 協 會 （「資產推薦方」）、Conflux Network（「區塊鏈技術支撐方」）、上海喔哇宇宙數字科 技有限公司（「IP運營承制方」）及北京數盒科技有限公司（「數字版權品孵化發行及 全流程輔導方」）共同打造的 ...

– Notice of publication of 2025 Interim Report (the "Current Corporate Communication") on website The English and Chinese versions of the Current Corporate Communication are now available on the Company's website at www.iflying.com and the website of The Stock Exchange of Hong Kong Limited (the "Stock Exchange") at www.hkexnews.hk respectively (the "Website Version"). The Company strongly recommends you to access the Website Version of the Current Corporate Communication and all future Corporate Communicati ...

(Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） (Stock Code: 1901) （股份代號：1901） NOTIFICATION LETTER 通知信函 Dear Non-registered Holder(s)(Note 1) , Feiyang International Holdings Group Limited (the "Company") – Notice of publication of 2025 Interim Report (the "Current Corporate Communication") on website The English and Chinese versions of the Current Corporate Communication are available on the Company's website at www.iflying.com and the website of The Stock Exchange of Hong Kong ...

[Company Information](index=2&type=section&id=Company%20Information) This section provides fundamental details about the company's governance structure, key personnel, and essential administrative contacts [Board of Directors and Committees](index=3&type=section&id=Board%20of%20Directors%20and%20Committees) This section details the composition of the Board of Directors and its committees, including key appointments and resignations - Mr. Li Jieming was appointed Co-Chief Executive Officer on **August 29, 2025**[5](index=5&type=chunk) - Mr. Shen Yang resigned as Non-executive Director on **August 29, 2025**[5](index=5&type=chunk) - The composition of the Audit, Remuneration, and Nomination Committees, including their chairpersons and members, is clearly defined[5](index=5&type=chunk) [Company Contact and Audit Information](index=4&type=section&id=Company%20Contact%20and%20Audit%20Information) This section provides essential contact and administrative details, including headquarters, auditor, and stock information - The company's headquarters and principal place of business in China are located in Ningbo, Zhejiang Province, with its principal place of business in Hong Kong on Queen's Road Central[6](index=6&type=chunk) - The independent auditor is Zhongzheng Tianheng Certified Public Accountants Limited[6](index=6&type=chunk) - The company's stock code is **1901**, and its website is http://www.iflying.com[6](index=6&type=chunk) [Financial Highlights](index=5&type=section&id=Financial%20Highlights) This section presents a concise overview of the company's key financial performance indicators for the reporting period [Overview of Financial Performance](index=5&type=section&id=Overview%20of%20Financial%20Performance) The company achieved year-on-year revenue and gross profit growth, successfully turning a net loss into a profit for the period Financial Summary for the Six Months Ended June 30 | Metric | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Revenue | 511,201 | 420,970 | | Gross Profit | 27,310 | 25,016 | | Profit/(Loss) for the Period | 6,161 | (16,323) | - Net profit for the current period was **RMB6.2 million**, compared to a net loss of **RMB16.3 million** in the prior period, achieving a turnaround to profitability[7](index=7&type=chunk) - Revenue for the current period increased by **RMB90.2 million** or **21.4%** compared to the prior period, primarily due to increased sales of travel-related products and services[8](index=8&type=chunk) - Gross profit for the current period increased by **RMB2.3 million** or **9.2%** compared to the prior period, driven by the increase in revenue[8](index=8&type=chunk) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=6&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This section provides a detailed breakdown of the company's revenues, expenses, and overall profitability for the reporting period [Overview of Profit or Loss and Comprehensive Income](index=6&type=section&id=Overview%20of%20Profit%20or%20Loss%20and%20Comprehensive%20Income) The company reported a profit of **RMB6,161 thousand** for the period, a significant improvement from the prior year's loss, with basic earnings per share of **0.80 RMB cents** Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the Six Months Ended June 30) | Metric | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Revenue | 511,201 | 420,970 | | Cost of Sales | (483,891) | (395,954) | | Gross Profit | 27,310 | 25,016 | | Other Income and Gains | 27,688 | 19,029 | | Selling and Distribution Expenses | (14,667) | (12,042) | | Administrative Expenses | (12,979) | (24,142) | | Net Impairment Losses on Financial Assets | (7,780) | (17,968) | | Other Expenses | (8,718) | (1,038) | | Finance Costs | (4,631) | (4,995) | | Profit/(Loss) Before Income Tax | 6,169 | (16,340) | | Income Tax (Expense)/Credit | (8) | 17 | | Profit/(Loss) for the Period | 6,161 | (16,323) | | Total Comprehensive Income/(Loss) for the Period | 5,333 | (5,162) | Profit/(Loss) for the Period Attributable to Owners of the Company and Earnings Per Share | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Profit/(Loss) for the Period Attributable to Owners of the Company (RMB'000) | 6,627 | (14,848) | | Basic Earnings/(Loss) Per Share (RMB cents) | 0.80 | (1.78) | - Administrative expenses significantly decreased from **RMB24,142 thousand** to **RMB12,979 thousand**[9](index=9&type=chunk) - Net impairment losses on financial assets decreased from **RMB17,968 thousand** to **RMB7,780 thousand**[9](index=9&type=chunk) [Condensed Consolidated Statement of Financial Position](index=8&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This section outlines the company's assets, liabilities, and equity at the end of the reporting period [Overview of Assets and Liabilities](index=8&type=section&id=Overview%20of%20Assets%20and%20Liabilities) The Group's net current assets turned positive, total net assets increased, and trade receivables and payables saw significant changes Condensed Consolidated Statement of Financial Position (As at June 30, 2025) | Metric | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | Non-current Assets | 49,062 | 68,841 | | Current Assets | 480,642 | 337,437 | | Current Liabilities | 472,515 | 350,525 | | Net Current Assets/(Liabilities) | 8,127 | (13,088) | | Net Assets | 53,581 | 51,052 | | Total Equity | 53,581 | 51,052 | - Net current assets improved from **negative RMB13,088 thousand** as of December 31, 2024, to **RMB8,127 thousand** as of June 30, 2025, indicating improved liquidity[11](index=11&type=chunk) - Trade receivables increased from **RMB88,648 thousand** to **RMB133,619 thousand**, and prepayments, deposits, and other receivables increased from **RMB195,648 thousand** to **RMB263,220 thousand**[11](index=11&type=chunk) - Trade payables significantly increased from **RMB33,816 thousand** to **RMB119,686 thousand**[11](index=11&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=9&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) This section details the movements in the company's equity components over the reporting period [Overview of Equity Changes](index=9&type=section&id=Overview%20of%20Equity%20Changes) Equity attributable to owners increased from **RMB58,636 thousand** to **RMB64,851 thousand**, driven by profit and share-based payments, partially offset by disposals Condensed Consolidated Statement of Changes in Equity (For the Six Months Ended June 30) | Equity Item | January 1, 2025 (RMB'000) | Profit/(Loss) for the Period (RMB'000) | Other Comprehensive Loss for the Period (RMB'000) | Disposal of a Subsidiary (RMB'000) | Equity-settled Share-based Payments Recognized (RMB'000) | June 30, 2025 (RMB'000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Equity Attributable to Owners of the Company | 58,636 | 6,627 | (798) | – | 386 | 64,851 | | Non-controlling Interests | (7,584) | (466) | (30) | (3,190) | – | (11,270) | | Total Equity | 51,052 | 6,161 | (828) | (3,190) | 386 | 53,581 | - Accumulated losses attributable to owners of the company decreased from **RMB(286,811) thousand** as of January 1, 2025, to **RMB(280,184) thousand** as of June 30, 2025, reflecting the profit for the period[12](index=12&type=chunk) - Non-controlling interests decreased by **RMB3,190 thousand** due to the disposal of a subsidiary[12](index=12&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) This section presents an overview of the company's cash inflows and outflows from operating, investing, and financing activities [Overview of Cash Flows](index=10&type=section&id=Overview%20of%20Cash%20Flows) The Group's cash and cash equivalents increased by **RMB39,194 thousand**, reaching **RMB70,505 thousand** at period-end, with positive cash flows from investing and financing activities Condensed Consolidated Statement of Cash Flows (For the Six Months Ended June 30) | Metric | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Net Cash Flows Used in Operating Activities | (42,654) | (11,842) | | Net Cash Flows From Investing Activities | 43,152 | 5,338 | | Net Cash Flows From Financing Activities | 38,696 | 35,782 | | Net Increase in Cash and Cash Equivalents | 39,194 | 29,278 | | Cash and Cash Equivalents at End of Period | 70,505 | 86,653 | - Net cash flows used in operating activities expanded from **RMB(11,842) thousand** in the prior period to **RMB(42,654) thousand** in the current period[13](index=13&type=chunk) - Net cash flows from investing activities significantly increased from **RMB5,338 thousand** to **RMB43,152 thousand**[13](index=13&type=chunk) - Net cash flows from financing activities showed stable growth, increasing from **RMB35,782 thousand** to **RMB38,696 thousand**[13](index=13&type=chunk) [Notes to the Condensed Consolidated Interim Financial Statements](index=11&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Statements) This section provides detailed explanations and disclosures supporting the condensed consolidated interim financial statements [1. Company Information](index=11&type=section&id=1.%20Company%20Information) This section outlines the company's registration, principal business locations, diverse business scope, and ultimate controlling shareholders - The Company was incorporated in the Cayman Islands on **October 18, 2018**, and its shares were listed on the Main Board of the Hong Kong Stock Exchange on **June 28, 2019**[14](index=14&type=chunk)[15](index=15&type=chunk) - Principal businesses include outbound package tours, free-and-easy travel products, travel support services, health products, and information system development products and services[14](index=14&type=chunk) - The ultimate controlling shareholders are Mr. He Binfeng and his spouse, Ms. Qian Jie[14](index=14&type=chunk) [2. Basis of Preparation and Presentation](index=11&type=section&id=2.%20Basis%20of%20Preparation%20and%20Presentation) The interim financial statements are prepared under HKAS 34 and Listing Rules, presented in RMB, and affirm the going concern basis despite liquidity pressures - The financial statements are prepared in accordance with **HKAS 34** and **Appendix D2 of the Listing Rules**, presented in **RMB**[16](index=16&type=chunk) - Despite interest-bearing bank and other borrowings of approximately **RMB245,183 thousand** being classified as current liabilities, the Board believes the Group can operate on a going concern basis for at least twelve months through active negotiation for renewal and cost control measures[17](index=17&type=chunk)[20](index=20&type=chunk) [3. Changes in Accounting Policies and Disclosures](index=12&type=section&id=3.%20Changes%20in%20Accounting%20Policies%20and%20Disclosures) Accounting policies remain consistent with annual statements, with the first-time adoption of HKAS 21 (Amendment) 'Lack of Exchangeability' having no material impact - Accounting policies are consistent with the **2024 annual financial statements**, with only the first-time adoption of **HKAS 21 (Amendment) 'Lack of Exchangeability'**[18](index=18&type=chunk)[19](index=19&type=chunk) - As the Group's transaction and functional currencies are convertible, this amendment has no impact on the condensed consolidated financial statements[19](index=19&type=chunk) [4. Operating Segment Information](index=13&type=section&id=4.%20Operating%20Segment%20Information) The Group operates in Mainland China and Hong Kong, with revenue primarily from Mainland China, and decreased Hong Kong revenue and non-current assets - The Group primarily operates in **Mainland China** and **Hong Kong**, but executive directors review overall financial performance without separate operating segments[21](index=21&type=chunk)[22](index=22&type=chunk) Revenue from External Customers and Non-current Assets by Geographical Location | Region | External Customer Revenue 2025 (RMB'000) | External Customer Revenue 2024 (RMB'000) | Non-current Assets 2025 (RMB'000) | Non-current Assets 2024 (RMB'000) | | :--- | :--- | :--- | :--- | :--- | | Mainland China | 511,201 | 409,721 | 16,614 | 19,733 | | Hong Kong | – | 11,249 | 8,893 | 30,918 | | Total | 511,201 | 420,970 | 25,507 | 50,651 | - External customer revenue from Hong Kong was **zero** for the current period, and non-current assets also significantly decreased[24](index=24&type=chunk) - No sales revenue from a single customer reached **10% or more** of the Group's total revenue[25](index=25&type=chunk) [5. Revenue, Other Income and Gains](index=14&type=section&id=5.%20Revenue,%20Other%20Income%20and%20Gains) Total revenue reached **RMB511,201 thousand**, mainly from customer contracts, while other income and gains increased to **RMB27,688 thousand** due to asset disposals and miscellaneous income Analysis of Revenue and Other Income and Gains (For the Six Months Ended June 30) | Item | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Revenue from Contracts with Customers | 511,201 | 420,872 | | Total Revenue | 511,201 | 420,970 | | Total Other Income | 13,812 | 19,029 | | Gain on Disposal of Property, Plant and Equipment | 13,876 | – | | Total Other Income and Gains | 27,688 | 19,029 | Revenue from Contracts with Customers by Major Product Line (For the Six Months Ended June 30) | Product Line | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Package Tour Sales — Domestic | 190,108 | 130,526 | | Gross Revenue from Free-and-Easy Travel Product Sales | 316,394 | 273,648 | | Health Product Sales | – | 10,122 | | Total | 511,201 | 420,872 | - Gain on disposal of property, plant and equipment amounted to **RMB13,876 thousand** in the current period, compared to zero in the prior period[27](index=27&type=chunk) - Compensation income decreased from **RMB15,120 thousand** in the prior period to **RMB7,560 thousand** in the current period[27](index=27&type=chunk)[28](index=28&type=chunk) - Miscellaneous income increased to **RMB5,945 thousand** due to a Chinese court ruling in favor of the Group and the refund of funds[27](index=27&type=chunk)[28](index=28&type=chunk) [6. Finance Costs](index=16&type=section&id=6.%20Finance%20Costs) The Group's finance costs, comprising interest on borrowings and lease liabilities, saw a slight decrease in the current period Finance Costs (For the Six Months Ended June 30) | Item | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Interest on Bank and Other Borrowings | 4,514 | 4,787 | | Interest on Lease Liabilities | 117 | 208 | | Total | 4,631 | 4,995 | - Total finance costs slightly decreased from **RMB4,995 thousand** in the prior period to **RMB4,631 thousand** in the current period[29](index=29&type=chunk) [7. Profit/(Loss) Before Income Tax](index=16&type=section&id=7.%20Profit/(Loss)%20Before%20Income%20Tax) Profit before income tax improved to **RMB6,169 thousand**, driven by reduced depreciation and impairment losses, despite a loss from subsidiary disposal Components of Profit/(Loss) Before Income Tax (For the Six Months Ended June 30) | Item | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Cost of Services Provided | 386,283 | 387,182 | | Depreciation of Property, Plant and Equipment | 701 | 6,034 | | Depreciation of Right-of-Use Assets | 1,146 | 3,079 | | Loss on Disposal of a Subsidiary | 4,785 | – | | Impairment Recognized on Financial Assets Included in Prepayments, Deposits and Other Receivables | 7,580 | 17,949 | | Staff Costs | 17,049 | 17,663 | - Depreciation of property, plant and equipment significantly decreased from **RMB6,034 thousand** to **RMB701 thousand**[30](index=30&type=chunk) - Impairment recognized on financial assets included in prepayments, deposits and other receivables decreased from **RMB17,949 thousand** to **RMB7,580 thousand**[30](index=30&type=chunk) - A loss of **RMB4,785 thousand** was incurred from the disposal of a subsidiary during the current period[30](index=30&type=chunk) [8. Income Tax (Expense)/Credit](index=17&type=section&id=8.%20Income%20Tax%20(Expense)/Credit) Income tax expense was **RMB8 thousand**, a shift from the prior period's credit, with Chinese subsidiaries benefiting from preferential tax rates Analysis of Income Tax (Expense)/Credit (For the Six Months Ended June 30) | Item | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | PRC Enterprise Income Tax (Under)/Over-provision in Prior Years | (8) | 17 | - Chinese subsidiaries are subject to a statutory tax rate of **25%** and enjoy preferential income tax rates for small and micro-enterprises (first **RMB1.0 million** eligible for **75% deduction**, income between **RMB1.0 million** and **RMB3.0 million** eligible for **50% deduction**)[31](index=31&type=chunk) - No assessable profits were generated in Hong Kong during the current period, thus no income tax provision was made[31](index=31&type=chunk) [9. Earnings/(Loss) Per Share](index=18&type=section&id=9.%20Earnings/(Loss)%20Per%20Share) Basic earnings per share improved to **0.80 RMB cents**, a significant turnaround from the prior year's loss, with no diluted earnings per share presented due to anti-dilutive share options Calculation of Basic Earnings/(Loss) Per Share (For the Six Months Ended June 30) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Profit/(Loss) for the Period Attributable to Owners of the Company (RMB'000) | 6,627 | (14,848) | | Weighted Average Number of Ordinary Shares in Issue (thousand shares) | 832,000 | 832,000 | | Basic Earnings/(Loss) Per Share (RMB cents) | 0.80 | (1.78) | - Diluted earnings per share was not presented for the six months ended June 30, 2025, as the effect of exercising the share options granted by the Company was anti-dilutive[35](index=35&type=chunk) [10. Interim Dividend](index=18&type=section&id=10.%20Interim%20Dividend) The Board does not recommend an interim dividend for the six months ended June 30, 2025, consistent with the prior period - The Board does not recommend the payment of an interim dividend for the six months ended **June 30, 2025**[36](index=36&type=chunk) [11. Property, Plant and Equipment](index=18&type=section&id=11.%20Property,%20Plant%20and%20Equipment) Acquisitions of property, plant and equipment were minor, while disposals significantly increased for the six months ended June 30, 2025 - Acquisitions of property, plant and equipment amounted to approximately **RMB47 thousand** in the current period, compared to **RMB731 thousand** in the prior period[37](index=37&type=chunk) - Disposals of property, plant and equipment amounted to approximately **RMB21,253 thousand** in the current period, compared to zero in the prior period[37](index=37&type=chunk) [12. Investments in Associates](index=19&type=section&id=12.%20Investments%20in%20Associates) The Group received **RMB56,000 thousand** from divesting its investment in Ningbo Yinjiang Feiyang Culture and Tourism Development Co., Ltd - The Group divested its investment in associate Ningbo Yinjiang Feiyang Culture and Tourism Development Co., Ltd, receiving **RMB56,000 thousand**[38](index=38&type=chunk) [13. Trade Receivables](index=19&type=section&id=13.%20Trade%20Receivables) Total trade receivables increased to **RMB200,156 thousand**, with a notable portion aged over 180 days, while impairment provisions slightly decreased Total Trade Receivables and Impairment Losses (As at Period-end) | Metric | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | Gross Trade Receivables | 200,156 | 155,796 | | Less: Impairment Losses Recognized | (66,537) | (67,148) | | Net | 133,619 | 88,648 | Ageing Analysis of Trade Receivables (As at Period-end) | Ageing | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | 1 to 60 days | 72,985 | 67,448 | | 181 to 360 days | 54,577 | 17,070 | | Over 2 years | 69,704 | 65,145 | - The credit period for trade receivables generally does not exceed **two months**, with some customers extending up to **one year**[39](index=39&type=chunk) - Impairment loss provision for trade receivables slightly decreased from **RMB67,148 thousand** at the beginning of the period to **RMB66,537 thousand** at the end of the period[41](index=41&type=chunk) [14. Prepayments, Deposits and Other Receivables](index=20&type=section&id=14.%20Prepayments,%20Deposits%20and%20Other%20Receivables) Total prepayments, deposits, and other receivables increased to **RMB286,775 thousand**, while recognized impairment losses decreased to **RMB117,412 thousand** Prepayments, Deposits and Other Receivables (As at Period-end) | Metric | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | Prepayments | 159,297 | 125,735 | | Deposits and Other Receivables | 244,890 | 224,757 | | Less: Impairment Losses Recognized | (117,412) | (136,820) | | Total | 286,775 | 213,672 | - Impairment losses recognized decreased from **RMB136,820 thousand** at the beginning of the period to **RMB117,412 thousand** at the end, primarily due to a reduction in impairment provisions from the disposal of a subsidiary[43](index=43&type=chunk) [15. Trade Payables](index=21&type=section&id=15.%20Trade%20Payables) Total trade payables significantly increased to **RMB119,686 thousand**, with most due within **60 days**, and are non-interest-bearing Ageing Analysis of Trade Payables (As at Period-end) | Ageing | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | 1 to 60 days | 114,489 | 19,198 | | Total | 119,686 | 33,816 | - Total trade payables significantly increased from **RMB33,816 thousand** as of December 31, 2024, to **RMB119,686 thousand** as of June 30, 2025[44](index=44&type=chunk) [16. Interest-bearing Bank and Other Borrowings](index=22&type=section&id=16.%20Interest-bearing%20Bank%20and%20Other%20Borrowings) Total interest-bearing borrowings increased to **RMB245,183 thousand**, all secured and current, with guarantees from controlling shareholders and certain directors Interest-bearing Bank and Other Borrowings (As at Period-end) | Item | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | Bank Loans — Secured | 245,183 | 197,460 | - All bank and other borrowings are current, repayable on demand or within **one year**[45](index=45&type=chunk) - Controlling shareholders jointly guaranteed bank facilities of up to **RMB256,410 thousand** for the Group[45](index=45&type=chunk) - Mr. Zhang Dayi and Ms. Zhang Xiaoshan, directors of certain PRC subsidiaries, jointly guaranteed bank facilities of up to **RMB10,000 thousand** for the Group, a decrease from **RMB49,000 thousand** in the prior period[45](index=45&type=chunk) [17. Share Capital](index=23&type=section&id=17.%20Share%20Capital) Issued and fully paid share capital remained unchanged at **RMB7,145 thousand**, comprising **832,000,000 ordinary shares** of **HKD0.01** each Share Capital Information (As at Period-end) | Item | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | Issued and Fully Paid Share Capital | 7,145 | 7,145 | | Number of Shares | 832,000,000 shares | 832,000,000 shares | [18. Fair Value and Fair Value Hierarchy of Financial Instruments](index=23&type=section&id=18.%20Fair%20Value%20and%20Fair%20Value%20Hierarchy%20of%20Financial%20Instruments) Fair value measurements of financial instruments include Level 1 listed equity securities and Level 2 unlisted fund investments, with no financial liabilities measured at fair value or Level 3 transfers Fair Value Hierarchy of Financial Instruments (As at June 30, 2025) | Item | Level 1 (RMB'000) | Level 2 (RMB'000) | Level 3 (RMB'000) | Total (RMB'000) | | :--- | :--- | :--- | :--- | :--- | | Listed Equity Securities | 3 | – | – | 3 | | Unlisted Fund Investments | – | 337 | – | 337 | - As of **June 30, 2025**, the Group had no financial liabilities measured at fair value[49](index=49&type=chunk) - There were no transfers into or out of Level 3 for the six months ended **June 30, 2025**[50](index=50&type=chunk) [19. Commitments](index=25&type=section&id=19.%20Commitments) Capital commitments totaled **RMB53,734 thousand**, primarily for investment projects and alcoholic beverages, showing a slight decrease from the prior year-end Capital Commitments (As at Period-end) | Item | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | Acquisition of Investment Projects | 45,037 | 45,732 | | Alcoholic Beverages | 6,840 | 6,945 | [20. Disposal of a Subsidiary](index=25&type=section&id=20.%20Disposal%20of%20a%20Subsidiary) The Group disposed of a **60% equity interest** in Zhejiang Feijiada Aviation Services Co., Ltd. for **RMB22,680 thousand**, resulting in a **RMB4,785 thousand** loss and **RMB1,321 thousand** net cash outflow - The Group completed the disposal of a **60% equity interest** in Zhejiang Feijiada Aviation Services Co., Ltd. on **April 2, 2025**, for a consideration of **RMB22,680 thousand**[52](index=52&type=chunk)[107](index=107&type=chunk) - The disposal of the subsidiary resulted in a recognized loss of **RMB4,785 thousand**[53](index=53&type=chunk) - The net cash outflow from the disposal of the subsidiary was **RMB1,321 thousand**[54](index=54&type=chunk) [21. Related Party Transactions](index=26&type=section&id=21.%20Related%20Party%20Transactions) The Group has related party transactions, with amounts due from related parties totaling **RMB8,442 thousand**, and increased key management personnel compensation Outstanding Balances with Related Parties (As at Period-end) | Item | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | Amount Due from a Director | 3,310 | 3,310 | | Amounts Due from Related Parties (Total) | 8,442 | 8,490 | Key Management Personnel Compensation (For the Six Months Ended June 30) | Item | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Salaries, Allowances and Benefits in Kind | 518 | 467 | | Equity-settled Share-based Payments | 70 | – | | Total Compensation | 597 | 482 | - Balances with related parties are non-trade in nature, unsecured, interest-free, and repayable on demand[56](index=56&type=chunk) [22. Events After the Reporting Period](index=28&type=section&id=22.%20Events%20After%20the%20Reporting%20Period) Post-reporting period, the company adopted a new share option scheme, granted **83,200,000 share options**, and completed a placement of **166,400,000 shares**, raising **HKD33.4 million** - A new share option scheme was adopted on **July 14, 2025**[59](index=59&type=chunk) - On **July 25, 2025**, **83,200,000 share options** were granted to **10 eligible persons**[59](index=59&type=chunk) - On **July 29, 2025**, the Company placed a total of **166,400,000 shares** to placees at approximately **HKD0.201 per share**, with issuance completed on **August 25, 2025**[59](index=59&type=chunk) [23. Approval of Condensed Consolidated Interim Financial Statements](index=28&type=section&id=23.%20Approval%20of%20Condensed%20Consolidated%20Interim%20Financial%20Statements) The unaudited condensed consolidated interim financial statements were approved and authorized for issue by the Board on **August 26, 2025** - The condensed consolidated interim financial statements were approved and authorized for issue by the Board of Directors on **August 26, 2025**[58](index=58&type=chunk) [Management Discussion and Analysis](index=29&type=section&id=Management%20Discussion%20and%20Analysis) This section provides management's perspective on the Group's operational and financial performance, along with future outlook [Business Review](index=29&type=section&id=Business%20Review) The Group, a tourism service provider in Ningbo, saw strong revenue growth and a return to profitability driven by the recovery of domestic and international tourism markets - The Group primarily engages in the design, development, and sale of package tours, free-and-easy travel products, travel support services, information system development services, health product sales, and finance lease services[60](index=60&type=chunk) - In **2024**, China's domestic tourism reached **5.615 billion person-times**, with total tourist consumption of **RMB5.75 trillion**, and international tourism recovered to **99%** of pre-pandemic levels[60](index=60&type=chunk)[61](index=61&type=chunk) - Gross revenue from free-and-easy travel product sales significantly increased to **RMB316.4 million**, and package tour sales increased to **RMB190.1 million**[61](index=61&type=chunk) - The current period recorded a net profit of **RMB6.2 million** (prior period: net loss of **RMB16.3 million**), primarily due to increased gross profit from travel-related products and services sales, reduced administrative expenses related to the metaverse platform, and decreased impairment losses on financial assets[61](index=61&type=chunk) [Prospects](index=30&type=section&id=Prospects) The Group targets the silver economy and inbound tourism, positioning itself as 'China's No. 1 Brand for Middle-aged and Elderly Tourism Services' by leveraging AI and overseas live streaming - China's elderly tourism market has immense potential, with the silver tourism market value projected to increase from **RMB1.4 trillion** in **2023** to **RMB2.7 trillion** in **2028**[62](index=62&type=chunk) - The Group is positioned as **'China's No. 1 Brand for Middle-aged and Elderly Tourism Services'**, leveraging **AI technology** to develop senior tourism[63](index=63&type=chunk) - With the Chinese government expanding visa-free entry, the Group will utilize overseas live streaming channels to vigorously expand **'Overseas Chinese Travel'** and **'Global Muslim Inbound Travel to China'**[63](index=63&type=chunk) [Financial Review](index=31&type=section&id=Financial%20Review) The Group's financial performance significantly improved with revenue and gross profit growth, a return to profitability, controlled expenses, and improved liquidity, though net debt and gearing ratio warrant attention [Revenue](index=31&type=section&id=Revenue) Total revenue grew **21.4%** to **RMB511.2 million**, driven by increased demand for travel-related products, with significant growth in package tours and free-and-easy travel sales Revenue Breakdown by Business Segment (For the Six Months Ended June 30) | Business Segment | 2025 Revenue (RMB'000) | 2025 % of Revenue | 2024 Revenue (RMB'000) | 2024 % of Revenue | | :--- | :--- | :--- | :--- | :--- | | Package Tour Sales | 190,108 | 37.2 | 130,526 | 31.0 | | Gross Revenue from Free-and-Easy Travel Product Sales | 316,394 | 61.9 | 273,648 | 65.0 | | Travel Support Products and Services Sales | 2,915 | 0.5 | 2,325 | 0.6 | | Information System Development Services | 868 | 0.2 | 797 | 0.2 | | Health Product Sales | – | – | 10,122 | 2.4 | | Finance Lease Income | – | – | 98 | – | | Total | 511,201 | 100.0 | 420,970 | 100.0 | - The Group's revenue increased by **RMB90.2 million** from **RMB421.0 million** in the prior period to **RMB511.2 million** in the current period, primarily due to increased demand for package tours and free-and-easy travel products[65](index=65&type=chunk) - Package tour sales increased by **45.6%** to **RMB190.1 million**, and gross revenue from free-and-easy travel product sales increased by **15.6%** to **RMB316.4 million**[67](index=67&type=chunk)[68](index=68&type=chunk) - Health product sales and finance lease income were both **zero** in the current period due to resource allocation towards travel-related products and services[72](index=72&type=chunk)[73](index=73&type=chunk) [Cost of Sales](index=34&type=section&id=Cost%20of%20Sales) Cost of sales increased by **22.2%** to **RMB483.9 million**, primarily driven by higher costs associated with increased demand for free-and-easy travel products - Cost of sales increased by **RMB87.9 million** or **22.2%** from **RMB396.0 million** in the prior period to **RMB483.9 million** in the current period[74](index=74&type=chunk) - This was primarily due to increased costs from free-and-easy travel product sales, driven by higher demand for products offered by the Group as principal[74](index=74&type=chunk) [Gross Profit and Gross Profit Margin](index=34&type=section&id=Gross%20Profit%20and%20Gross%20Profit%20Margin) Gross profit increased to **RMB27.3 million**, but the overall gross profit margin decreased from **5.9%** to **5.3%** due to product mix changes and increased tour discounts Gross Profit and Gross Profit Margin Breakdown by Business Segment (For the Six Months Ended June 30) | Business Segment | 2025 Gross Profit (RMB'000) | 2025 Gross Profit Margin (%) | 2024 Gross Profit/(Loss) (RMB'000) | 2024 Gross Profit/(Loss) Margin (%) | | :--- | :--- | :--- | :--- | :--- | | Package Tours — Traditional | 21,530 | 11.8 | 17,321 | 14.4 | | Package Tours — Customized | 708 | 8.8 | 944 | 9.3 | | Gross Revenue from Free-and-Easy Travel Product Sales | 2,771 | 0.9 | (329) | (0.1) | | Marginal Revenue from Free-and-Easy Travel Product Sales | 916 | 100.0 | 3,395 | 98.3 | | Travel Support Products and Services | 1,343 | 46.1 | 1,462 | 62.9 | | Information System Development Services | 42 | 4.8 | 775 | 97.2 | | Health Product Sales | – | – | 1,350 | 13.3 | | Total | 27,310 | 5.3 | 25,016 | 5.9 | - Overall gross profit margin decreased from **5.9%** in the prior period to **5.3%** in the current period, primarily due to changes in product and service mix and increased discounts offered for package tours to attract customers[76](index=76&type=chunk) - Gross profit from free-and-easy travel product sales turned positive, increasing from **RMB(329) thousand** to **RMB2,771 thousand**[75](index=75&type=chunk) [Other Income and Gains](index=35&type=section&id=Other%20Income%20and%20Gains) Total other income and gains increased to **RMB27.7 million**, driven by asset disposal gains and supplier refunds, despite reduced compensation income - Other income and gains increased by **RMB8.7 million** from **RMB19.0 million** in the prior period to **RMB27.7 million** in the current period[77](index=77&type=chunk) - Gain on disposal of property, plant and equipment increased by **RMB13.9 million**[77](index=77&type=chunk) - Supplier refunds related to contract disputes increased by **RMB4.2 million** to **RMB5.3 million**[77](index=77&type=chunk) - Compensation income decreased by **RMB7.6 million** to **RMB7.6 million** due to failure to meet net profit requirements[77](index=77&type=chunk) [Selling and Distribution Expenses](index=36&type=section&id=Selling%20and%20Distribution%20Expenses) Selling and distribution expenses increased by **21.8%** to **RMB14.7 million**, mainly due to higher staff costs from expanding the core service network - Selling and distribution expenses increased by **RMB2.6 million** or **21.8%** from **RMB12.0 million** in the prior period to **RMB14.7 million** in the current period[78](index=78&type=chunk) - This was primarily due to an increase in staff costs of **RMB1.9 million** resulting from an expanded workforce to extend the core service network[78](index=78&type=chunk) [Administrative Expenses](index=36&type=section&id=Administrative%20Expenses) Administrative expenses significantly decreased by **46.2%** to **RMB12.979 million**, driven by reduced depreciation from asset disposals, lower staff numbers, and decreased rental expenses - Administrative expenses decreased by **RMB11.2 million** or **46.2%** to **RMB12,979 thousand** in the current period[79](index=79&type=chunk) - This was primarily due to a **RMB5.5 million** reduction in depreciation following the disposal of property, plant and equipment related to the metaverse platform and cloud storage services[79](index=79&type=chunk) - A reduction in staff related to the metaverse platform led to a **RMB2.5 million** decrease in staff costs[79](index=79&type=chunk) [Finance Costs](index=36&type=section&id=Finance%20Costs) Finance costs slightly decreased from **RMB5.0 million** in the prior period to **RMB4.6 million** in the current period - Finance costs slightly decreased from **RMB5.0 million** in the prior period to **RMB4.6 million** in the current period[80](index=80&type=chunk) [Other Expenses](index=36&type=section&id=Other%20Expenses) Other expenses significantly increased to **RMB8.7 million**, primarily due to a **RMB4.8 million** loss recognized from the disposal of a subsidiary - Other expenses significantly increased from **RMB1.0 million** in

Core Viewpoint - The strategic partnership between Feiyang International Holdings and WoW Universe marks a significant milestone in the integration of cultural tourism and digital creativity, highlighting the industry's shift towards digital transformation [1] Group 1: Strategic Collaborations - Feiyang Group has been actively pursuing innovative development paths, recently announcing two major strategic collaborations in early September to lay the groundwork for digital transformation in the cultural tourism sector [2] - On September 9, Feiyang Group signed a memorandum of cooperation with the Shanghai Tree Blockchain Research Institute to develop a digital asset platform based on the Conflux blockchain, aiming to enhance asset liquidity and transparency in the cultural tourism industry [2] - Following this, on September 10, Feiyang Group entered into a strategic cooperation framework agreement with the Qingdao Cultural Property Exchange Center to jointly develop a digital trading platform for cultural tourism assets [3] Group 2: Key Partnership with WoW Universe - The collaboration with WoW Universe is a crucial step in Feiyang Group's digital ecosystem strategy, leveraging WoW Universe's expertise in cultural IP commercialization and Web3 community operations [4] - The partnership is expected to foster innovation in the development and operation of digital cultural IP, combining Feiyang's extensive tourism resources with WoW Universe's capabilities to create impactful digital experiences for visitors [4] - Additionally, the collaboration may lead to the establishment of a more comprehensive digital asset trading system, enhancing the value of real cultural tourism assets through secure and efficient transactions [4] Group 3: Industry Trends and Future Outlook - The integration of cultural tourism and digital technology is becoming an industry trend, as demonstrated by Feiyang Group's recent strategic partnerships [5] - Feiyang Group is likely to create a comprehensive digital ecosystem encompassing digital asset digitization, digital IP incubation, and digital asset trading, which could provide a new development paradigm for the cultural tourism industry [5] - The ongoing collaborations are expected to propel the industry towards a higher quality development phase, showcasing the potential of digital technology in transforming cultural tourism [5]

Group 1 - The core point of the article is that Feiyang Group (01901) has seen a stock price increase of over 5%, currently at 0.40 HKD, following a strategic cooperation agreement with Qingdao Cultural Property Exchange Center in the digitalization of cultural tourism assets [1] - The strategic cooperation framework agreement focuses on building a digital trading platform for tourism assets, joint development of digital resources, and exploring innovative business models for digital asset trading in Hong Kong and overseas [1] - The collaboration is expected to positively impact the group's digital business landscape and enhance asset operational efficiency [1] Group 2 - With the upcoming Mid-Autumn Festival and National Day holidays, there is increased attention on the tourism sector, with National Securities International forecasting a 7.0% and 8.3% year-on-year increase in domestic tourism revenue and per capita visits during the National Day holiday [1] - The core indicators for the National Day holiday will focus on the recovery progress of customer spending, which, if better than expected, could boost optimism in the sector [1]