FF301 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02112 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,000,000,000 | HKD | | 0.01 HKD | | | 30,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | | 0 | | 本月底結存 | | | 3,000,000,000 | HKD | | 0.01 HKD | | | 30,000,000 | 本月底法定/註冊股本總額： HKD 30,000,000 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 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: 恩典生命科技控股有限公 ...

截至本公告日期，本公司已實施以下重大步驟及措施以解決持續經營事宜： 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 – 1 – 恩典生命科技控股有限公司 Grace Life-tech Holdings Limited (1) 本集團繼續透過發展及擴大銷售渠道發展其植物幹細胞業務，於截至二零 二五年九月三十日止三個月獲取三名新客戶，且正在探索機會對供應商作出 戰略投資以進一步加強合作。 (2) 本公司亦已進行內部準備，以向全體債權人制定其未償還銀行貸款及票據的 全面債務重整建議，包括債務和解以及債務權益兌換。本公司仍在與一家於 中國境內註冊並在中國證券投資基金業協會(AMAC)登記的私募股權投資基 金進行洽談，並正安排於二零二五年第四季度舉行會議。此外，本公司亦積極 接觸其他潛在金融機構，並計劃於二零二五年十二月舉行會議。 (3) 經本公司與貸款人持續溝通，雙方已達成利息豁免協議，據此，應計利息約9.9 百萬美元已獲豁免，且將不會進一步產生利息。 （於 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 恩典生命科技控股有限公司(於開曼群島註冊成立的有限公司)(已委任聯席臨時清盤人)(僅作重組用途) 呈交日期: 2025年9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) | 02112 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 3,000,000,000 | HKD | | 0.01 HKD | | 30,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 3,000,000,000 | HKD | | 0.01 H ...

Company Overview - The company primarily engages in the trading of crude oil and other commodities through four divisions: commercial trading, iron ore mining and washing, financing services, and other products including electronics and bioproducts [6] Revenue and Profit Growth - Historical revenue and net profit growth rates show significant fluctuations, with a notable decline in 2020 and 2021, followed by a recovery in subsequent years [8][9] - The revenue and net profit figures for the first half of 2025 indicate a continued struggle, with net profit showing a negative trend [8] Cash Flow Analysis - For the first half of 2025, the company reported a negative net cash flow from operating activities of -$7.6 thousand and a negative net cash flow from financing activities of -$8.2 thousand [15] Asset and Liability Changes - As of the first half of 2025, accounts receivable increased by 0.04%, while intangible assets rose by 5.47%, and prepayments surged by 23.47% [25] - Other payables decreased by 6.99%, while accounts payable increased by 8.47%, indicating a mixed trend in liabilities [28] Financial Ratios - The company’s liquidity ratios as of the first half of 2025 were low, with a current ratio and quick ratio both at 0.25, suggesting potential liquidity issues [33]

Group 1 - The company reported revenue of approximately $8.42 million for the six months ending June 30, 2025, compared to $5.97 million for the same period ending June 30, 2024 [1] - The company achieved a profit of approximately $200,000 during the period, a significant improvement from a loss of approximately $9 million in the previous period [1] - The board of directors does not recommend the payment of an interim dividend for the period, consistent with the previous period where no dividend was paid [1]

Group 1 - The core viewpoint of the article is that Grace Life Technology (02112) reported a significant increase in revenue and a turnaround in profit for the first half of 2025, indicating strong business growth and operational improvement [1] - The company's revenue reached $8.417 million, representing a year-on-year growth of 41% [1] - The profit attributable to the parent company was $0.211 million, a substantial recovery from a loss of $8.966 million in the same period last year [1] Group 2 - The increase in sales revenue is attributed to the expansion of sales channels for plant stem cells and an increase in the number of customers [1]

Core Viewpoint - Grace Life Sciences (02112) reported a significant improvement in its mid-year performance for 2025, showcasing a strong revenue growth and a turnaround in profitability [1] Financial Performance - Revenue reached $8.417 million, representing a year-on-year increase of 41% [1] - The profit attributable to the parent company was $0.211 million, a substantial recovery from a loss of $8.966 million in the same period last year [1] - Basic earnings per share were reported at $0.0001 [1] Sales Growth Drivers - The increase in sales revenue was attributed to the expansion of sales channels for plant stem cells and an increase in the number of customers [1]

Company Information [Company Basic Information](index=3&type=section&id=Company%20Basic%20Information) Grace Life Technology Holdings Limited is a limited liability company incorporated in the Cayman Islands, with stock code 02112, and has appointed joint provisional liquidators solely for company restructuring purposes - The company has appointed joint provisional liquidators, currently applicable only for company restructuring[1](index=1&type=chunk) - The company's stock code is **02112**[1](index=1&type=chunk)[5](index=5&type=chunk) - The Board of Directors comprises three executive directors, including Chairman Mr. Ng Khing Yeu, and three independent non-executive directors[4](index=4&type=chunk) Summary [Financial Summary](index=4&type=section&id=Financial%20Summary) For the six months ended June 30, 2025, the Group achieved significant revenue growth, improved gross profit, and successfully turned a loss into a profit, with the Board not recommending an interim dividend Financial Summary Comparison for H1 2025 vs. H1 2024 | Metric | H1 2025 (Million USD) | H1 2024 (Million USD) | Change | | :--- | :--- | :--- | :--- | | Revenue | 8.42 | 5.97 | **41.0% increase** | | Gross Profit | 1.13 | 0.98 | **15.3% increase** | | Profit/(Loss) | 0.2 | (9.0) | **Turned to profit** | | Interim Dividend | Not recommended | None | No change | Management Discussion and Analysis [Business Development Overview](index=5&type=section&id=Business%20Development%20Overview) As an investment holding company, the Group's core businesses include plant stem cell technology R&D and application, iron ore exploration, mining, and sales, and investment holding, with strong growth in plant stem cell business and a temporary halt in iron ore production due to low prices - The company's principal businesses are plant stem cell technology R&D and application, iron ore exploration, mining and sales, and investment holding[9](index=9&type=chunk) - The plant stem cell business maintained **strong growth** in H1 2025, becoming a core performance driver due to expanded sales channels and increased market penetration[10](index=10&type=chunk) - The company established a strategic partnership with a leading Chinese medical group to promote plant stem cell products through its national healthcare service network, adding **five new downstream customers**[10](index=10&type=chunk) - Future plans include establishing a global R&D center, collaborating with research institutions, advancing FMCG functional beverage channel development (**10,000 vending machines**), setting up skincare counters in high-end malls, and opening **over 50 health management chain centers**[11](index=11&type=chunk) - A non-legally binding Memorandum of Understanding was signed with a Korean plant stem cell essence production facility to explore potential strategic investments[11](index=11&type=chunk) - Due to persistently low international iron ore prices, the company suspended iron ore production and sales in H1 2025[13](index=13&type=chunk) - The company actively pursued mining business diversification, commencing exploration of tin concentrate mining feasibility in February 2025 and engaging potential partners for technical and economic assessments[13](index=13&type=chunk) - The company will continue its diversification strategy, consolidating its advantages in plant stem cells, accelerating the expansion of traditional Chinese medicine and the big health industry chain, and prudently advancing the tin concentrate business[14](index=14&type=chunk) [Market Review and Outlook](index=6&type=section&id=Market%20Review%20and%20Outlook) The report analyzes the status and trends of the big health industry, health supplement market, iron ore market, and tin concentrate market, noting sustained growth in China's big health sector, expanding health supplement market, fluctuating iron ore prices, and rising tin concentrate prices due to supply tightening - Driven by the "Healthy China 2030" plan, China's big health industry is projected to reach a value of **RMB 16 trillion by 2030**[17](index=17&type=chunk) - In 2024, per capita healthcare expenditure for Chinese residents reached **RMB 2,547**, a **16.0% year-on-year increase**, reflecting stronger health demand[17](index=17&type=chunk) Global and China Health Supplement Market Size Forecast | Market | 2024 Size (100 Million RMB) | 2029 Forecast Size (100 Million RMB) | | :--- | :--- | :--- | | Global Health Supplement Market | 13,765.8 | 18,213.4 | | China Health Supplement Market | 2,602.2 | 3,207.1 | - In 2023, China's health supplement market reached **RMB 387.9 billion**, a **29.78% year-on-year increase**, projected to reach **RMB 506.7 billion by 2028**[18](index=18&type=chunk) - China's iron ore market saw prices rise then fall in H1 2025, with the average price approximately **USD 18/ton lower** than the same period last year, leading to reduced shipments from high-cost mines[19](index=19&type=chunk) - The tin concentrate market was impacted by the ban on mining in Myanmar's Wa State, causing a sharp drop in China's imports, with tightening supply pushing prices from **RMB 240,000/ton to a March high of RMB 299,000/ton**[20](index=20&type=chunk) [Business and Operations Review](index=8&type=section&id=Business%20and%20Operations%20Review) During the reporting period, the Group's main Ibam mine project suspended all iron ore-related production and sales activities, resulting in zero output, due to persistently low international iron ore prices falling significantly below extraction costs - Ibam mine's iron ore production in H1 2025 was **0 thousand tons**, consistent with H1 2024[21](index=21&type=chunk) - The suspension of iron ore production and sales was due to a continuous decline in international iron ore prices, with the average price falling to approximately **USD 100 per dry ton**, significantly below the company's mining and beneficiation costs[21](index=21&type=chunk) [Operating Results](index=8&type=section&id=Operating%20Results) The Group achieved **USD 8.42 million** in revenue during the reporting period, primarily driven by increased sales of health supplements and other products, with improved gross profit, reduced administrative expenses, but higher finance costs due to increased note interest, resulting in a **USD 0.2 million profit** mainly from interest waiver gains Operating Results Comparison for H1 2025 vs. H1 2024 | Metric | H1 2025 (Million USD) | H1 2024 (Million USD) | Change | | :--- | :--- | :--- | :--- | | Revenue | 8.42 | 5.97 | **41.0% increase** | | Cost of Sales | 7.3 | 5.0 | **46.0% increase** | | Gross Profit | 1.1 | 1.0 | **10.0% increase** | | Administrative and Other Expenses | 1.1 | 1.2 | **12.8% decrease** | | Finance Costs | 9.5 | 8.4 | **13.1% increase** | | Profit/(Loss) for the Period | 0.2 | (9.0) | **Turned to profit** | | Income Tax Expense | 0.02 | 0.02 | No change | - Revenue growth was primarily due to the expansion of plant stem cell sales channels and an increase in customer numbers[23](index=23&type=chunk) - The decrease in administrative expenses was mainly due to reduced staff costs[27](index=27&type=chunk) - The increase in finance costs was primarily due to higher interest expenses from the company's issued notes[28](index=28&type=chunk) - The turnaround to profit for the period was mainly due to the company entering into an interest waiver agreement in April 2025, recognizing an interest waiver of approximately **USD 9.9 million**[30](index=30&type=chunk) [Borrowings](index=9&type=section&id=Borrowings) As of June 30, 2025, the Group's total borrowings comprised bank loans, other loans, notes and bonds, and an interest-free, unsecured shareholder loan payable to the ultimate holding company, Yutian Borrowings Composition as of June 30, 2025 | Type of Borrowing | Amount (Million USD) | | :--- | :--- | | Loan from a commercial bank | 36.7 | | Other loans | 18.3 | | Notes and bonds | 85.1 | | Interest-free unsecured shareholder loan payable to Yutian | 60.0 | [Liquidity, Financial Resources and Capital Structure](index=9&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Capital%20Structure) As of June 30, 2025, the Group reported a capital deficit and a low current ratio, indicating liquidity pressure, with financing primarily from internal cash flow, borrowings, and shareholder loans, and no debt-to-equity ratio calculable due to negative equity Liquidity Ratios as of June 30, 2025 and December 31, 2024 | Metric | June 30, 2025 (Million USD) | December 31, 2024 (Million USD) | | :--- | :--- | :--- | | Capital Deficit | 166.7 | 167.5 | | Current Assets | 61.7 | N/A | | Current Liabilities | 244.2 | N/A | | Current Ratio | 0.3 | 0.3 | - The Group recorded **negative equity** as of June 30, 2025, and its debt-to-equity ratio could not be calculated[33](index=33&type=chunk) - The company primarily funds its operations through internal cash flows, interest-bearing bank and other borrowings, and interest-free, unsecured shareholder loans provided by Yutian[32](index=32&type=chunk) [Legal Proceedings](index=10&type=section&id=Legal%20Proceedings) The company and its controlling shareholder face multiple legal proceedings, including a claim by Industrial Bank against Yutian, which transferred its shareholder loan rights to Industrial Bank, leading to a **USD 60 million** principal claim plus incidental damages against the company - Industrial Bank has claimed **USD 60,000,000** in principal and other incidental damages from the company, as Yutian defaulted on its repayment to Industrial Bank and transferred its rights under the shareholder loan to Industrial Bank[35](index=35&type=chunk) - As of the date of this interim report, the court hearing date has not yet been determined[35](index=35&type=chunk) [Pledge of Assets](index=10&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, the Group's assets had no pledges other than trade receivables pledged for bank and other borrowings - As of June 30, 2025, the Group's assets had no pledges, except for trade receivables pledged for bank and other borrowings[36](index=36&type=chunk) [Employees and Remuneration Policy](index=10&type=section&id=Employees%20and%20Remuneration%20Policy) The Group values human resources, employing **50 staff** as of June 30, 2025, with a slight decrease in staff costs, and its remuneration policy aligns with market practices, determined by individual performance and experience Employee Count and Staff Costs Comparison | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Number of Employees | 50 | 47 | | Total Staff Costs (Million USD) | 0.6 | 0.6 | - Total staff costs slightly decreased during the review period[37](index=37&type=chunk) [Events After Reporting Period](index=10&type=section&id=Events%20After%20Reporting%20Period) No other significant events occurred after the reporting period - No other significant events occurred after this period[38](index=38&type=chunk) Other Information [Ibam Mine Resources and Reserves Information under JORC Code as of June 30, 2025](index=11&type=section&id=Ibam%20Mine%20Resources%20and%20Reserves%20Information%20under%20JORC%20Code%20as%20of%20June%2030%2C%202025) As of June 30, 2025, Ibam mine's total mineral resources under JORC Code amounted to **144 million tons** with an average iron grade of **46.6%**, and ore reserves were estimated at **102 million tons** with an iron grade of **44.6%** Ibam Mine Mineral Resources (as of June 30, 2025) | Category | Reserves (Million Tons) | Iron Grade (%) | | :--- | :--- | :--- | | Measured | 102 | 46.7 | | Inferred | 42 | 46.6 | | Total | 144 | 46.6 | Ibam Mine Ore Reserves (as of June 30, 2025) | Category | Reserves (Million Tons) | Iron Grade (%) | | :--- | :--- | :--- | | Probable | 102 | 44.6 | - All assumptions and technical parameters are consistent with the independent technical report presented in the prospectus dated June 20, 2013, and remain applicable to the disclosed data[41](index=41&type=chunk) [Mining Area Production Activities](index=11&type=section&id=Mining%20Area%20Production%20Activities) During the reporting period, both mining and production volumes in the mining area were zero tons, consistent with the previous period - Mining and production volumes recorded zero tons during the period, consistent with the previous period[42](index=42&type=chunk) [Capital Expenditure](index=11&type=section&id=Capital%20Expenditure) During the reporting period, the company made no significant capital expenditures for the purchase or upgrade of property, plant, and equipment, or for prepayments - During the period, the company made no significant capital expenditures for the purchase or upgrade of property, plant, and equipment, or for prepayments[43](index=43&type=chunk) [Significant Acquisitions, Disposals and Investments](index=11&type=section&id=Significant%20Acquisitions%2C%20Disposals%20and%20Investments) The company had no future plans for significant acquisitions, disposals, or investments during the reporting period - The company had no future plans for any significant acquisitions, disposals, or investments during the period[44](index=44&type=chunk) [Related Party Transactions](index=12&type=section&id=Related%20Party%20Transactions) Details of the Group's related party transactions are provided in Note 20 to the unaudited interim condensed financial statements of this interim report - Details of related party transactions are provided in Note 20 to the unaudited interim condensed financial statements of this interim report[45](index=45&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=12&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) During the reporting period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities - During the period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[46](index=46&type=chunk) [Corporate Governance](index=12&type=section&id=Corporate%20Governance) The company is committed to good corporate governance practices and complied with the provisions of the Corporate Governance Code of the Hong Kong Stock Exchange during the reporting period - The company complied with the code provisions set out in Appendix C1 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, "Corporate Governance Code and Corporate Governance Report" during the period[47](index=47&type=chunk) [Standard Code for Securities Transactions by Directors](index=12&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The company has adopted a code of conduct for directors' securities transactions, and all directors confirmed compliance with this code during the reporting period - The company has adopted a code of conduct for directors' securities transactions, and all directors confirmed their compliance with the required standards set out in the standard code during the period[48](index=48&type=chunk) [Board Committees](index=12&type=section&id=Board%20Committees) The Board has an Audit Committee, Remuneration Committee, and Nomination Committee, each fulfilling its duties, including reviewing financial reports, overseeing internal controls, recommending remuneration policies, and identifying director candidates, with all committees holding meetings during the reporting period - The Audit Committee reviewed the accounting principles and practices adopted by the Group and discussed internal controls and financial reporting matters with management[49](index=49&type=chunk) - The Remuneration Committee held one meeting during the period to review and discuss the remuneration packages of management and directors[52](index=52&type=chunk) - The Nomination Committee held one meeting during the period and received confirmations of independence from the independent non-executive directors[53](index=53&type=chunk) - The company considers all independent non-executive directors to be independent[54](index=54&type=chunk) [Directors' and Chief Executive's Interests and Short Positions in Shares and Underlying Shares](index=14&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests%20and%20Short%20Positions%20in%20Shares%20and%20Underlying%20Shares) As of June 30, 2025, Chairman Mr. Ng Khing Yeu held **7.52%** of the company's shares through a controlled corporation and beneficially owned **100%** equity interest in the associated corporation, Grace Era Directors' Long Positions in the Company's Shares (as of June 30, 2025) | Director's Name | Nature of Interest | Number of Ordinary Shares | Approximate Percentage of the Company's Issued Share Capital | | :--- | :--- | :--- | :--- | | Ng Khing Yeu | Interest in controlled corporation | 112,827,000 (L) | **7.52%** | Directors' Long Positions in Shares of Associated Corporations (as of June 30, 2025) | Director's Name | Nature of Associated Corporation | Nature of Interest | Approximate Percentage of Equity Interest in Associated Corporation | | :--- | :--- | :--- | :--- | | Ng Khing Yeu | Grace Era | Beneficial owner | **100.00%** | [Substantial Shareholders' and Other Persons' Interests and Short Positions in Shares and Underlying Shares](index=15&type=section&id=Substantial%20Shareholders'%20and%20Other%20Persons'%20Interests%20and%20Short%20Positions%20in%20Shares%20and%20Underlying%20Shares) As of June 30, 2025, substantial shareholder Yutian and its associate Mr. Li Yang held **50.18%** of the company's shares, with Ample Professional Limited, Huarong Overseas Investment Holdings Co., Ltd., Huaheng, Grace Era, and Sichuan Chuanjiu Group International Trade Co., Ltd. also holding over **5%** of shares or related interests Substantial Shareholders' and Other Persons' Interests in the Company's Shares (as of June 30, 2025) | Substantial Shareholder | Capacity/Nature of Interest | Number of Shares | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Yutian | Beneficial owner | 752,750,000 (L) | **50.18%** | | Li Yang | Interest in controlled corporation | 752,750,000 (L) | **50.18%** | | Ample Professional Limited | Interest in charged shares | 752,000,000 (L) | **50.13%** | | Huarong Overseas Investment Holdings Co., Ltd. | Interest in controlled corporation | 752,000,000 (L) | **50.13%** | | Huaheng | Beneficial owner | 100,575,000 (L) | **6.71%** | | Grace Era | Beneficial owner | 112,827,000 (L) | **7.52%** | | Sichuan Chuanjiu Group International Trade Co., Ltd. | Beneficial owner | 91,000,000 (L) | **6.07%** | - Mr. Li Yang beneficially owns the entire issued share capital of Yutian Holdings Limited and is therefore deemed to be interested in all shares of the company held by Yutian[62](index=62&type=chunk) - Yutian has pledged **752,000,000 shares** to an independent third-party institution, representing approximately **50.13%** of the company's issued share capital[62](index=62&type=chunk) [Interim Dividend](index=17&type=section&id=Interim%20Dividend) The Board resolved not to declare any interim dividend for the reporting period - The Board resolved not to declare any interim dividend for the period (H1 2024: nil)[65](index=65&type=chunk) [Review of Interim Condensed Financial Information](index=17&type=section&id=Review%20of%20Interim%20Condensed%20Financial%20Information) The company's Board Audit Committee has reviewed the Group's interim results for the six months ended June 30, 2025, but the financial information has not been audited or reviewed by the auditors - The company's Board Audit Committee has reviewed the Group's interim results for the six months ended June 30, 2025[66](index=66&type=chunk) - The financial information in the condensed consolidated financial statements of the interim report has not been audited or reviewed by the company's auditors[66](index=66&type=chunk) Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income [Profit or Loss and Comprehensive Income Overview](index=18&type=section&id=Profit%20or%20Loss%20and%20Comprehensive%20Income%20Overview) For the six months ended June 30, 2025, the Group's revenue increased by **41%** and gross profit by **15.3%**, successfully turning a loss into a **USD 151 thousand profit** for the period, compared to a **USD 8,996 thousand loss** in the prior period, primarily due to a significant increase in other income and gains from interest waivers, with basic and diluted earnings per share of **USD 0.01 cents** Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Metric | 2025 (Thousand USD) | 2024 (Thousand USD) | | :--- | :--- | :--- | | Revenue | 8,417 | 5,969 | | Cost of sales | (7,285) | (4,986) | | Gross profit | 1,132 | 983 | | Other income and gains | 9,882 | 49 | | Selling and distribution expenses | (242) | (294) | | Administrative and other expenses | (1,080) | (1,239) | | Impairment loss on financial assets (net of reversal) | (28) | (86) | | Finance costs | (9,496) | (8,393) | | Profit (loss) before income tax | 168 | (8,980) | | Income tax expense | (17) | (16) | | Profit (loss) for the period | 151 | (8,996) | | Profit (loss) attributable to owners of the parent | 211 | (8,966) | | Profit (loss) attributable to non-controlling interests | (60) | (30) | | Total comprehensive income (expense) for the period | 828 | (9,195) | | Basic and diluted earnings (loss) per share (US Cents) | 0.01 | (0.60) | - Other income and gains significantly increased to **USD 9,882 thousand**, primarily due to the waiver of interest payable[68](index=68&type=chunk)[30](index=30&type=chunk) - Total comprehensive income for the period was **USD 828 thousand**, compared to a total comprehensive expense of **USD 9,195 thousand** in the prior period, mainly affected by exchange differences[68](index=68&type=chunk) Interim Condensed Consolidated Statement of Financial Position [Financial Position Overview](index=19&type=section&id=Financial%20Position%20Overview) As of June 30, 2025, the Group's non-current assets slightly increased, total current assets remained stable, but total current liabilities remained high, leading to persistent net current liabilities and a capital deficit, with amounts due to the ultimate holding company, bank and other borrowings, and notes being the main components of current liabilities Interim Condensed Consolidated Statement of Financial Position (as of June 30) | Metric | 2025 (Thousand USD) | 2024 (Thousand USD) | | :--- | :--- | :--- | | Total non-current assets | 19,448 | 18,464 | | Total current assets | 61,686 | 61,339 | | Total current liabilities | 244,234 | 243,874 | | Net current liabilities | (182,548) | (182,535) | | Net liabilities | (166,662) | (167,490) | | Capital deficit | (166,662) | (167,490) | - Trade receivables are a major component of current assets, amounting to **USD 59,260 thousand**[70](index=70&type=chunk) - Key current liabilities include amounts due to the ultimate holding company of **USD 60,000 thousand**, bank and other borrowings of **USD 55,019 thousand**, and notes of **USD 85,090 thousand**[70](index=70&type=chunk) Interim Condensed Consolidated Statement of Changes in Equity [Equity Changes Overview](index=20&type=section&id=Equity%20Changes%20Overview) For the six months ended June 30, 2025, equity attributable to owners of the company improved from a deficit of **USD 167,396 thousand** at the beginning of the period to a deficit of **USD 166,508 thousand** at the end, primarily due to a **USD 211 thousand profit** for the period and a **USD 677 thousand increase** in exchange fluctuation reserve Interim Condensed Consolidated Statement of Changes in Equity (For the six months ended June 30) | Metric | June 30, 2025 (Thousand USD) | June 30, 2024 (Thousand USD) | | :--- | :--- | :--- | | Equity attributable to owners of the company at beginning of period | (167,396) | (119,899) | | Profit (loss) for the period | 211 | (8,966) | | Movement in exchange fluctuation reserve | 677 | (199) | | Equity attributable to owners of the company at end of period | (166,508) | (129,064) | | Non-controlling interests at end of period | (154) | (30) | | Total at end of period | (166,662) | (129,094) | - Profit for the period of **USD 211 thousand** and an increase of **USD 677 thousand** in exchange fluctuation reserve were the main reasons for the improvement in equity attributable to owners of the company[71](index=71&type=chunk) - Capital reserve includes differences arising from the acquisition of non-controlling interests, reserves from debt waivers by the ultimate holding company, and the difference between the fair value and nominal value of interest-free loans[74](index=74&type=chunk) - Statutory reserve is transferred at no less than **10%** of the profit after tax, in accordance with the articles of association of the PRC subsidiaries and relevant PRC laws and regulations[78](index=78&type=chunk) Interim Condensed Consolidated Statement of Cash Flows [Cash Flow Overview](index=22&type=section&id=Cash%20Flow%20Overview) For the six months ended June 30, 2025, the Group's net cash used in operating activities was **USD 76 thousand**, with no cash outflow from investing activities, and net cash used in financing activities was **USD 82 thousand**, resulting in cash and cash equivalents decreasing to **USD 91 thousand** at period-end Interim Condensed Consolidated Statement of Cash Flows (For the six months ended June 30) | Activity Type | 2025 (Thousand USD) | 2024 (Thousand USD) | | :--- | :--- | :--- | | Net cash used in operating activities | (76) | (199) | | Net cash used in investing activities | – | (2) | | Net cash (used in) generated from financing activities | (82) | 313 | | Net (decrease)/increase in cash and cash equivalents | (158) | 112 | | Cash and cash equivalents at end of period | 91 | 242 | - Net cash used in operating activities was **USD 76 thousand**, an improvement from **USD 199 thousand** in the prior period[79](index=79&type=chunk) - Net cash used in financing activities was **USD 82 thousand**, primarily comprising repayment of bank borrowings and interest paid[79](index=79&type=chunk) Notes to the Interim Condensed Consolidated Financial Statements [1. General Information](index=23&type=section&id=1.%20General%20Information) Grace Life Technology Holdings Limited, incorporated in the Cayman Islands and listed on the Hong Kong Stock Exchange, is an investment holding company primarily engaged in iron ore mining, beneficiation, sales, and health product trading through its subsidiaries, with Yutian Holdings Limited identified as the ultimate holding company, and the Group adopting the US dollar as its presentation currency - The company was incorporated in the Cayman Islands on April 25, 2012, and its shares were listed on the Hong Kong Stock Exchange on July 3, 2013[80](index=80&type=chunk) - The company is an investment holding company, primarily operating through its subsidiaries in iron ore product mining, ore beneficiation, sales of iron ore, other commodities, and health products[80](index=80&type=chunk) - The company's ultimate holding company is Yutian Holdings Limited[80](index=80&type=chunk) - The Group adopted the US dollar as its presentation currency[81](index=81&type=chunk) [2. Basis of Preparation](index=23&type=section&id=2.%20Basis%20of%20Preparation) The interim condensed consolidated financial statements are prepared in accordance with the Listing Rules of the Stock Exchange and International Accounting Standard 34, with the Group facing significant going concern uncertainties, including substantial overdue borrowings and legal proceedings, but management has implemented various measures to mitigate liquidity pressure and support continued operations - As of June 30, 2025, the Group had approximately **USD 200,109,000** in amounts due to the ultimate holding company, bank and other borrowings, and secured notes, while cash and cash equivalents amounted to only approximately **USD 91,000**[82](index=82&type=chunk) - Approximately **USD 54,869,000** in principal borrowings and approximately **USD 21,022,000** in interest payable were overdue, and the Group breached the terms and conditions of the overdue borrowings, potentially triggering cross-defaults[82](index=82&type=chunk) - Industrial Bank has claimed **USD 60,000,000** in principal and other incidental damages from the company[84](index=84&type=chunk) - The company received a statutory demand for payment of **RMB 250,974,633.21**, but the company denies the related liability[85](index=85&type=chunk) - The ultimate holding company, Yutian, has agreed not to demand repayment of **USD 60,000,000** from the company until the company's financial position allows for repayment[87](index=87&type=chunk) - The Group is actively negotiating the renewal and extension of bank loans and credit facilities, and seeking to introduce strategic investors[87](index=87&type=chunk) - Management believes that, subject to the successful implementation of refinancing measures, the preparation of interim financial reports on a going concern basis is appropriate[88](index=88&type=chunk) [3. Principal Accounting Policies](index=26&type=section&id=3.%20Principal%20Accounting%20Policies) The interim condensed consolidated financial statements are prepared on a historical cost basis, with accounting policies consistent with those used for the Group's annual consolidated financial statements for the year ended December 31, 2024 - The interim condensed consolidated financial statements are prepared on a historical cost basis[89](index=89&type=chunk) - The accounting policies used are consistent with those applied in the preparation of the Group's annual consolidated financial statements for the year ended December 31, 2024[89](index=89&type=chunk) [4. Application of Revised International Financial Reporting Standards](index=26&type=section&id=4.%20Application%20of%20Revised%20International%20Financial%20Reporting%20Standards) During this interim period, the revised International Financial Reporting Standards issued by the IASB were first applied, but they had no significant impact on the Group's financial position or performance - International Accounting Standard 21 (Revised) "Lack of Exchangeability" was first applied during this interim period[90](index=90&type=chunk) - The application of the revised International Financial Reporting Standards had no significant impact on the Group's financial position or performance during this period and prior periods[90](index=90&type=chunk) [5. Revenue](index=26&type=section&id=5.%20Revenue) The Group's revenue primarily derives from the sale of health supplements and other products, with total revenue of **USD 8,417 thousand** for the six months ended June 30, 2025, of which health supplement sales contributed **USD 8,288 thousand**, mainly from the Chinese market Revenue Composition (For the six months ended June 30) | Revenue Source | 2025 (Thousand USD) | 2024 (Thousand USD) | | :--- | :--- | :--- | | Sales of health supplements | 8,288 | 5,969 | | Sales of other products | 129 | – | | Total | 8,417 | 5,969 | - All revenue is recognized at a point in time and primarily derived from the People's Republic of China (PRC) market[92](index=92&type=chunk) [6. Segment Information](index=28&type=section&id=6.%20Segment%20Information) The Group's reportable segments include iron ore mining and beneficiation, commercial trading, health product trading, electronic product trading, and others, with health product trading being the sole revenue-generating segment and recording a profit for the six months ended June 30, 2025, while iron ore mining and beneficiation and commercial trading both recorded losses Segment Revenue and Results (For the six months ended June 30, 2025) | Segment | Segment Revenue (Thousand USD) | Segment Profit (Loss) (Thousand USD) | | :--- | :--- | :--- | | Iron ore mining and beneficiation business | – | (9) | | Commercial trading | – | (1,734) | | Health product trading | 8,288 | 235 | | Others | 129 | 11 | | Total | 8,417 | (1,497) | Segment Assets (as of June 30, 2025) | Segment | June 30, 2025 (Thousand USD) | December 31, 2024 (Thousand USD) | | :--- | :--- | :--- | | Iron ore mining and beneficiation business | 12,895 | 12,242 | | Commercial trading | 51,294 | 51,485 | | Health product trading | 10,260 | 9,348 | | Electronic product trading | – | 4 | | Others | 104 | 157 | | Total segment assets | 74,553 | 73,236 | | Corporate and other assets | 6,581 | 6,567 | | Total assets | 81,134 | 79,803 | Segment Liabilities (as of June 30, 2025) | Segment | June 30, 2025 (Thousand USD) | December 31, 2024 (Thousand USD) | | :--- | :--- | :--- | | Iron ore mining and beneficiation business | 739 | 694 | | Commercial trading | 186,570 | 177,918 | | Health product trading | 8,482 | 7,913 | | Others | 11 | 12 | | Total segment liabilities | 195,802 | 186,537 | | Corporate and other liabilities | 51,994 | 60,756 | | Total liabilities | 247,796 | 247,293 | [7. Finance Costs](index=31&type=section&id=7.%20Finance%20Costs) For the six months ended June 30, 2025, the Group's total finance costs amounted to **USD 9,496 thousand**, primarily comprising interest on notes, representing an increase from the prior period Finance Costs Composition (For the six months ended June 30) | Item | 2025 (Thousand USD) | 2024 (Thousand USD) | | :--- | :--- | :--- | | Interest on bank borrowings | 1,733 | 1,743 | | Interest on other borrowings | 259 | 460 | | Interest on notes | 7,504 | 6,190 | | Total | 9,496 | 8,393 | - The increase in finance costs was primarily due to higher interest on notes[100](index=100&type=chunk) [8. Income Tax Expense](index=32&type=section&id=8.%20Income%20Tax%20Expense) For the six months ended June 30, 2025, the Group recorded an income tax expense of **USD 17 thousand**, primarily for PRC corporate income tax, with no taxable profits generated by subsidiaries in the Cayman Islands, British Virgin Islands, Hong Kong, and Singapore Income Tax Expense (For the six months ended June 30) | Item | 2025 (Thousand USD) | 2024 (Thousand USD) | | :--- | :--- | :--- | | PRC corporate income tax | 17 | 16 | - The tax rate for PRC subsidiaries is **25%**[102](index=102&type=chunk) - Taxable profits of Malaysian subsidiaries are subject to corporate income tax at a rate of **24%**[102](index=102&type=chunk) [9. Profit (Loss) for the Period](index=33&type=section&id=9.%20Profit%20(Loss)%20for%20the%20Period) The profit (loss) for the period was primarily influenced by a **USD 9,881 thousand** gain from interest waiver, successfully turning a loss into a profit, after deducting expenses such as staff costs, depreciation, impairment losses, and lease rentals Profit (Loss) for the Period Composition (For the six months ended June 30) | Item | 2025 (Thousand USD) | 2024 (Thousand USD) | | :--- | :--- | :--- | | Staff costs | 618 | 617 | | Depreciation of property, plant and equipment | 12 | 11 | | Impairment loss on trade receivables | 9 | 82 | | Impairment loss on other receivables | 19 | 4 | | Lease rentals for office | 126 | 160 | | Amount of inventories recognized as expense | 7,285 | 4,986 | | Gain on waiver of interest payable | (9,881) | – | | Net exchange (gain) loss | (16) | 117 | - The gain on waiver of interest payable of **USD 9,881 thousand** was a major contributor to the profit for the period[103](index=103&type=chunk) [10. Dividends](index=33&type=section&id=10.%20Dividends) No dividends were paid or proposed for the six months ended June 30, 2025 and 2024 - No dividends were paid or proposed for the six months ended June 30, 2025 and 2024[104](index=104&type=chunk) [11. Earnings (Loss) Per Share](index=33&type=section&id=11.%20Earnings%20(Loss)%20Per%20Share) For the six months ended June 30, 2025, profit attributable to owners of the company was **USD 211 thousand**, with basic and diluted earnings per share of **USD 0.01 cents**, and diluted earnings per share equaled basic earnings per share due to no potential dilutive ordinary shares Earnings (Loss) Per Share (For the six months ended June 30) | Metric | 2025 (Thousand USD) | 2024 (Thousand USD) | | :--- | :--- | :--- | | Profit (loss) for the purpose of calculating basic and diluted earnings (loss) per share | 211 | (8,966) | | Weighted average number of ordinary shares (Thousand shares) | 1,500,000 | 1,500,000 | | Basic and diluted earnings (loss) per share (US Cents) | 0.01 | (0.60) | - As there were no potential dilutive ordinary shares outstanding, diluted earnings (loss) per share was equal to basic earnings (loss) per share[105](index=105&type=chunk) [12. Trade Receivables](index=34&type=section&id=12.%20Trade%20Receivables) As of June 30, 2025, the Group's total trade receivables amounted to **USD 59,260 thousand**, with the vast majority being overdue for more than **365 days**, indicating challenges in long-term accounts receivable collection Trade Receivables Ageing Analysis (as of June 30) | Ageing | 2025 (Thousand USD) | 2024 (Thousand USD) | | :--- | :--- | :--- | | Within 30 days | 233 | 1,858 | | 31 to 60 days | 51 | 43 | | 61 to 120 days | 9 | 113 | | 121 to 365 days | 2,021 | 711 | | Over 365 days | 56,946 | 56,514 | | Total | 59,260 | 59,239 | - The credit period granted by the Group to its customers usually does not exceed **120 days**[107](index=107&type=chunk) [13. Deposits, Prepayments and Other Receivables](index=34&type=section&id=13.%20Deposits%2C%20Prepayments%20and%20Other%20Receivables) As of June 30, 2025, the Group's net deposits, prepayments, and other receivables amounted to **USD 1,494 thousand**, an increase from December 31, 2024 Deposits, Prepayments and Other Receivables (as of June 30) | Item | 2025 (Thousand USD) | 2024 (Thousand USD) | | :--- | :--- | :--- | | Deposits | 5 | 7 | | Prepayments | 1,310 | 1,096 | | Other receivables | 245 | 164 | | Less: Loss allowance | (66) | (57) | | Net amount | 1,494 | 1,210 | [14. Trade Payables](index=35&type=section&id=14.%20Trade%20Payables) As of June 30, 2025, the Group's total trade payables amounted to **USD 6,895 thousand**, with a significant increase in payables overdue for more than **365 days**, indicating delayed payments for some amounts Trade Payables Ageing Analysis (as of June 30) | Ageing | 2025 (Thousand USD) | 2024 (Thousand USD) | | :--- | :--- | :--- | | Within 90 days | 468 | 1,685 | | 91 to 365 days | 1,482 | 4,949 | | Over 365 days | 4,945 | – | | Total | 6,895 | 6,634 | - The average credit period granted by suppliers ranges from **30 to 60 days**[109](index=109&type=chunk) [15. Other Payables and Accruals](index=35&type=section&id=15.%20Other%20Payables%20and%20Accruals) As of June 30, 2025, the Group's total other payables and accruals amounted to **USD 32,587 thousand**, a decrease from December 31, 2024, primarily due to a reduction in interest payable Other Payables and Accruals (as of June 30) | Item | 2025 (Thousand USD) | 2024 (Thousand USD) | | :--- | :--- | :--- | | Other payables | 1,967 | 1,677 | | Interest payable | 29,019 | 36,337 | | Staff salaries payable | 1,229 | 1,069 | | Accrued expenses | 372 | 462 | | Total | 32,587 | 39,545 | [16. Contract Liabilities](index=36&type=section&id=16.%20Contract%20Liabilities) As of June 30, 2025, the Group's contract liabilities amounted to **USD 1,208 thousand**, primarily representing customer payments received before goods delivery Contract Liabilities (as of June 30) | Item | 2025 (Thousand USD) | 2024 (Thousand USD) | | :--- | :--- | :--- | | Current liabilities | 1,208 | 1,072 | - Contract liabilities are recognized when the company receives customer payments before goods delivery, typically representing deposits of **20% to 50%** of the total consideration[111](index=111&type=chunk) [17. Bank and Other Borrowings](index=36&type=section&id=17.%20Bank%20and%20Other%20Borrowings) As of June 30, 2025, the Group's total bank and other borrowings amounted to **USD 55,019 thousand**, with most repayable within one year or on demand, some bank loans secured by trade receivables and guaranteed by a director, and other loans, though overdue, had their interest rates adjusted via supplementary agreements with independent lenders, and approximately **USD 9,881 thousand** in accrued interest was waived in April 2025 Bank and Other Borrowings (as of June 30) | Item | 2025 (Thousand USD) | 2024 (Thousand USD) | | :--- | :--- | :--- | | Bank borrowings | 36,683 | 36,752 | | Other borrowings | 18,336 | 18,336 | | Total | 55,019 | 55,088 | | Repayable within one year or on demand | 55,019 | 55,031 | | Amount under non-current liabilities | – | 57 | - Approximately **USD 36,683,000** of bank loans are floating-rate loans, with effective annual interest rates ranging from **7.31% to 8.66%**[112](index=112&type=chunk) - Some bank loans are secured by certain trade receivables of the Group and guaranteed by the company and one of its directors[112](index=112&type=chunk) - Other loans, with a total principal amount of approximately **USD 18,150,000**, guaranteed by Director Mr. Li, were previously overdue but had their interest rates adjusted through supplementary agreements[113](index=113&type=chunk) - On April 8, 2025, the company entered into an interest waiver agreement with the relevant lenders, waiving accrued interest of approximately **USD 9,881,000**[114](index=114&type=chunk) [18. Notes](index=38&type=section&id=18.%20Notes) As of June 30, 2025, the Group's total notes amounted to **USD 85,090 thousand**, comprising Note 1 and Note 2, both classified as current liabilities, with Note 1 having multiple extended redemption dates, adjusted interest rates, and waived default events, while Note 2 is guaranteed by Yutian and Mr. Li and secured by the company's shares Notes Composition (as of June 30) | Item | 2025 (Thousand USD) | 2024 (Thousand USD) | | :--- | :--- | :--- | | Note 1 | 67,090 | 60,172 | | Note 2 | 18,000 | 18,000 | | Total | 85,090 | 78,172 | | Current liabilities | 85,090 | 78,172 | - Note 1's original annual interest rate of **12%** was subsequently adjusted to the original annual interest rate plus **10%** via a new letter agreement[115](index=115&type=chunk)[120](index=120&type=chunk) - Note 1's redemption date was extended multiple times, and default events such as exceeding the debt-to-equity ratio were waived[118](index=118&type=chunk)[119](index=119&type=chunk)[120](index=120&type=chunk)[121](index=121&type=chunk) - Note 2 has a principal amount of **USD 20,000,000**, a fixed interest rate of **7%**, is guaranteed by Yutian and Mr. Li, and secured by a total of **172,352,000** shares of the company[122](index=122&type=chunk)[124](index=124&type=chunk) [19. Share Capital](index=42&type=section&id=19.%20Share%20Capital) As of June 30, 2025, the company's authorized share capital was **3,000,000 thousand shares**, with issued and fully paid share capital of **1,500,000 thousand shares**, each with a par value of **HKD 0.01** Share Capital Information (as of June 30) | Item | Number of Shares (Thousand shares) | Share Capital (Thousand USD) | | :--- | :--- | :--- | | Authorized share capital | 3,000,000 | 3,867 | | Issued and fully paid share capital | 1,500,000 | 1,934 | [20. Related Party Transactions](index=43&type=section&id=20.%20Related%20Party%20Transactions) The Group's related party transactions primarily involve Director Mr. Li and his family members, and the ultimate holding company Yutian, providing guarantees for the Group's bank financing and notes, with key management personnel's remuneration decreasing during the reporting period - Mr. Li, a director of the company, provided guarantees for the Group's bank financing[126](index=126&type=chunk) - Mr. Li, a director of the company, Mr. Li's family members, and the ultimate holding company Yutian provided guarantees for the Group's issued **12%** senior secured notes and **7%** fixed coupon secured notes[126](index=126&type=chunk) Key Management Personnel Remuneration (For the six months ended June 30) | Item | 2025 (Thousand USD) | 2024 (Thousand USD) | | :--- | :--- | :--- | | Short-term benefits | 44 | 96 | | Termination benefits | – | 24 | | Total | 44 | 120 |

Company Information [Board of Directors and Committees](index=3&type=section&id=Board%20of%20Directors%20and%20Committees) The company's board, comprising executive and independent non-executive directors, ensures robust governance via audit, remuneration, and nomination committees - The Board of Directors includes executive directors Mr. Ng Khing Yeu (Chairman), Ms. Li Xiaolan, Mr. Wang Er, and independent non-executive directors Mr. Dong Jie, Dr. Wang Ling, and Mr. Liang Yaozu[5](index=5&type=chunk) - The company has an Audit Committee (Chairman: Mr. Liang Yaozu), a Remuneration Committee (Chairman: Dr. Wang Ling), and a Nomination Committee (Chairman: Ms. Li Xiaolan), with independent non-executive directors participating in each[5](index=5&type=chunk) [Registration and Business Locations](index=3&type=section&id=Registration%20and%20Business%20Locations) The company is registered in the Cayman Islands with primary business operations in Malaysia and Hong Kong, trading under stock code 02112 - The company's registered office is in the Cayman Islands, with its headquarters and principal place of business in Kuantan, Pahang, Malaysia, and its principal place of business in Hong Kong located in Lai Chi Kok, Kowloon[5](index=5&type=chunk) - The company's stock code is **02112**, and its corporate website is https://www.gracelife.hk[6](index=6&type=chunk) Summary [Summary](index=4&type=section&id=Summary) For H1 2025, the Group saw significant revenue growth, turned profitable, but the Board did not recommend an interim dividend 2025 H1 Key Financial Summary (Million USD) | Metric | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | Revenue | 8.42 | 5.97 | | Gross Profit | 1.13 | 0.98 | | Profit/(Loss) | 0.2 (Profit) | (9.0) (Loss) | | Interim Dividend | None | None | Management Discussion and Analysis [Business Development Overview](index=5&type=section&id=Business%20Development%20Overview) As an investment holding company, the Group's core businesses include R&D and application of plant stem cell technology, iron ore exploration, mining, and sales, with mining assets concentrated in Malaysia's Ibam mine - The company's main businesses include R&D and application of plant stem cell technology, iron ore exploration, mining and sales, and investment holding[10](index=10&type=chunk) - For the six months ended June 30, 2025, the Group's primary mining assets were concentrated in the iron ore reserves of the Ibam mine in Pahang, Malaysia[10](index=10&type=chunk) [Continued Rapid Growth and Strategic Upgrades in Plant Stem Cell Business](index=5&type=section&id=Continued%20Rapid%20Growth%20and%20Strategic%20Upgrades%20in%20Plant%20Stem%20Cell%20Business) The plant stem cell business achieved strong growth in H1 2025, becoming a core performance driver through expanded sales channels and market penetration, further solidified by strategic cooperation with a Chinese medical group and future global R&D center plans - In H1 2025, the plant stem cell business maintained **strong growth**, with a significant increase in revenue, becoming the core engine of the company's performance growth[11](index=11&type=chunk) - The company established a strategic partnership with a leading Chinese medical group, leveraging its national healthcare service network to comprehensively promote the sales and marketing of plant stem cell products in the Chinese market[11](index=11&type=chunk) - Future plans include establishing a global R&D center, collaborating with renowned scientific research institutions, deploying **10,000 vending machines** in China, setting up high-end shopping mall counters, and opening **over 50 health management chain centers**[12](index=12&type=chunk) - In May 2025, a non-legally binding Memorandum of Understanding was signed with a Korean plant stem cell essence production facility to explore potential strategic investment[12](index=12&type=chunk) [Adjustments in Mining Business and Exploration of New Ventures](index=6&type=section&id=Adjustments%20in%20Mining%20Business%20and%20Exploration%20of%20New%20Ventures) Due to low international iron ore prices, the company suspended iron ore production and sales in H1 2025, while actively exploring the feasibility of tin concentrate mining to diversify its mining segment - Due to persistently low international iron ore prices, far below mining and processing costs, the company maintained its decision to **suspend iron ore production and sales** in H1 2025[14](index=14&type=chunk) - In February 2025, the company began exploring the feasibility of tin concentrate mining, has contacted potential partners, and is preparing a tin concentrate production line, which is expected to bring new revenue streams[14](index=14&type=chunk) [Continued Advancement of Diversification Strategy](index=6&type=section&id=Continued%20Advancement%20of%20Diversification%20Strategy) The company will continue its diversification strategy, consolidating the plant stem cell business as a core growth engine and prudently advancing the tin concentrate business to navigate market volatility and create long-term sustainable value - The company will fully leverage its plant stem cell advantages, accelerate business expansion in traditional Chinese medicine and the broader health industry chain, and consolidate its core growth engine[15](index=15&type=chunk) - The company will prudently advance the tin concentrate business, flexibly responding to global economic and commodity market fluctuations, ensuring overall business resilience and growth potential[15](index=15&type=chunk) [Market Review and Outlook](index=6&type=section&id=Market%20Review%20and%20Outlook) This report analyzes the current status and trends of the big health industry, health supplement market, iron ore market, and tin concentrate market, highlighting significant growth potential in health and supplements, low iron ore prices, and rising tin concentrate prices due to supply tightening [Big Health Industry](index=6&type=section&id=Big%20Health%20Industry) The "Big Health" industry maintains strong growth driven by policy support and consumption upgrades, with China's output value projected to reach **RMB 16 trillion by 2030** and significant increases in resident healthcare expenditure - The "Healthy China 2030" planning outline prioritizes health as a strategic development, with China's health industry output value expected to reach **RMB 16 trillion by 2030**[18](index=18&type=chunk) - In 2024, national per capita expenditure on medical care and health reached **RMB 2,547**, a **16.0% year-on-year increase**, reflecting stronger public health demand[18](index=18&type=chunk) [Health Supplement Market](index=7&type=section&id=Health%20Supplement%20Market) The global health supplement market continues to expand, with China as a key growth engine, projected to reach **RMB 320.71 billion by 2029**, still showing immense potential for per capita consumption growth Global and China Health Supplement Market Size (Billion CNY) | Market | 2024 Size | 2029 Projected Size | | :--- | :--- | :--- | | Global | 1,376.58 | 1,821.34 | | China | 260.22 | 320.71 | - China's health supplement market compound annual growth rate (2018-2023) was **6.9%**, higher than developed countries, but per capita consumption in 2023 was only **USD 405**, indicating huge future growth potential[19](index=19&type=chunk) [Iron Ore Market](index=8&type=section&id=Iron%20Ore%20Market) In H1 2025, the iron ore market saw an initial rise followed by a decline, influenced by supply tightness, concerns over China's production cuts, and US tariff policies, with average prices falling by approximately **USD 18/ton** compared to the same period last year - In H1 2025, the iron ore market showed an initial rise followed by a decline, with prices high at the beginning of the year due to supply tightness, then falling from March due to concerns over China's production cuts and high port inventories[20](index=20&type=chunk) - The average iron ore price in the first five months of this year was approximately **USD 18/ton lower** than the same period last year, leading some small and medium-sized mines with higher costs to reduce shipments[20](index=20&type=chunk) [Tin Concentrate Market](index=8&type=section&id=Tin%20Concentrate%20Market) China, the world's largest tin ore importer, has increased its reliance on imports due to tightening domestic supply, with significant import declines in 2024 and early 2025 driving up tin concentrate prices - China's reliance on tin ore imports continues to increase; imports fell sharply by **36.2% in 2024** due to a mining ban in Myanmar's Wa State, and further decreased by **over 50% year-on-year in the first two months of 2025**[21](index=21&type=chunk) - Driven by tightening supply, tin concentrate prices rose from **RMB 240,000/ton to a high of RMB 299,000/ton in March**[21](index=21&type=chunk) [Business and Operations Review](index=8&type=section&id=Business%20and%20Operations%20Review) In H1 2025, the Group suspended Ibam mine production due to low iron ore prices, but achieved significant revenue growth in its health supplement business, resulting in a profit for the period, while facing liquidity pressure and multiple legal disputes [Ibam Project Operations Update](index=8&type=section&id=Ibam%20Project%20Operations%20Update) The Ibam mine possesses abundant iron ore resources, but due to international iron ore prices falling significantly below mining costs in H1 2025, the company suspended all iron ore-related production and sales activities - The Ibam mine has mineral resources of approximately **151 million tons**, with an average total iron grade of **46.5%**, and an estimated mining period of **over 26 years**[22](index=22&type=chunk) - In H1 2025, due to international iron ore prices falling to approximately **USD 100 per dry ton**, far below mining and beneficiation costs, the company suspended all iron ore-related production and sales activities, with **zero thousand tons** produced[22](index=22&type=chunk) [Operating Results](index=8&type=section&id=Operating%20Results) The Group's revenue increased to **USD 8.42 million** in H1 2025, primarily due to expanded sales channels and increased customer numbers for health supplements and other products, successfully achieving a profit for the period Operating Results Overview (Thousand USD) | Metric | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | Revenue | 8,417 | 5,969 | | Cost of Sales | (7,285) | (4,986) | | Gross Profit | 1,132 | 983 | | Administrative and Other Expenses | (1,080) | (1,239) | | Finance Costs | (9,496) | (8,393) | | Profit (Loss) for the Period | 151 | (8,996) | - Sales revenue from health supplements and other products increased, mainly due to the expansion of plant stem cell sales channels and an increase in customer numbers[24](index=24&type=chunk) - A profit of approximately **USD 0.2 million** was recorded for the period, compared to a loss of approximately **USD 9.0 million** in the previous period, primarily due to the recognition of an interest waiver of approximately **USD 9.9 million** following an interest waiver agreement in April 2025[31](index=31&type=chunk) [Liquidity, Financial Resources, and Capital Structure](index=9&type=section&id=Liquidity%2C%20Financial%20Resources%2C%20and%20Capital%20Structure) As of June 30, 2025, the Group faced a capital deficit of approximately **USD 166.7 million**, a current ratio of **0.3**, and significant overdue borrowings, indicating substantial liquidity pressure Liquidity Position (Thousand USD) | Metric | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Capital Deficit | (166,662) | (167,490) | | Current Assets | 61,686 | 61,339 | | Current Liabilities | 244,234 | 243,874 | | Current Ratio | 0.3 | 0.3 | | Cash and Cash Equivalents | 91 | 248 | - As of June 30, 2025, approximately **USD 54.869 million** in principal borrowings and approximately **USD 21.022 million** in interest payable were overdue, and the company was in breach of borrowing terms and conditions[83](index=83&type=chunk) [Legal Proceedings](index=10&type=section&id=Legal%20Proceedings) The company and its controlling shareholder face multiple legal actions, including a **USD 60 million** claim from Industrial Bank against the company for the controlling shareholder's outstanding debt, and a statutory demand for **RMB 250.97 million** - Industrial Bank is claiming **USD 60,000,000** in principal and other incidental damages from the company due to the controlling shareholder Yutian's outstanding loans, as Yutian had assigned its shareholder loan rights to Industrial Bank[36](index=36&type=chunk)[85](index=85&type=chunk) - The company received a statutory demand for payment of an alleged debt of **RMB 250,974,633.21**, which the company denies and is seeking legal advice on[86](index=86&type=chunk)[87](index=87&type=chunk) [Employees and Remuneration Policy](index=10&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group employed **50 staff**, with slightly reduced staff costs, and remuneration policies aligned with market practices and individual performance - As of June 30, 2025, the Group employed **50 staff**, an increase from **47 staff** as of December 31, 2024[38](index=38&type=chunk) - Total staff costs (including directors' emoluments) for the period were approximately **USD 0.6 million**, a slight decrease, with remuneration policies aligned with market practices and determined based on individual performance and experience[38](index=38&type=chunk) Other Information [Ibam Mine Resources and Reserves Information under JORC Code as of June 30, 2025](index=11&type=section&id=Ibam%20Mine%20Resources%20and%20Reserves%20Information%20under%20JORC%20Code%20as%20of%20June%2030%2C%202025) As of June 30, 2025, the Ibam mine, under JORC Code, holds a total mineral resource of **144 million tons** (average iron grade **46.6%**) and a probable ore reserve of **102 million tons** (average iron grade **44.6%**) Ibam Mine Mineral Resources (Iron Grade >= 35%) | Category | Reserves (Million Tons) | Iron Grade (%) | | :--- | :--- | :--- | | Measured | 102 | 46.7 | | Inferred | 42 | 46.6 | | Total | 144 | 46.6 | Ibam Mine Ore Reserves (Iron Grade >= 35%) | Category | Reserves (Million Tons) | Iron Grade (%) | | :--- | :--- | :--- | | Probable | 102 | 44.6 | [Mining Production Activities and Capital Expenditures](index=11&type=section&id=Mining%20Production%20Activities%20and%20Capital%20Expenditures) Mining production activities were zero during the period, with no significant capital expenditures for the purchase or upgrade of property, plant, and equipment - Mining volume and production volume were both **zero tons** for the period, consistent with the previous period[43](index=43&type=chunk) - The company made no significant capital expenditures for the purchase or upgrade of property, plant, and equipment or prepayments during the period[44](index=44&type=chunk) [Corporate Governance and Board Committees](index=12&type=section&id=Corporate%20Governance%20and%20Board%20Committees) The company is committed to good corporate governance, complying with listing rules, and has established audit, remuneration, and nomination committees to ensure transparent board operations and independence - The company has complied with the code provisions set out in Appendix C1 "Corporate Governance Code" and "Corporate Governance Report" of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[48](index=48&type=chunk) - All directors confirmed compliance with the required standards set out in the "Model Code for Securities Transactions by Directors of Listed Issuers"[49](index=49&type=chunk) [Audit Committee](index=12&type=section&id=Audit%20Committee) The Audit Committee is responsible for reviewing and overseeing the Group's financial reporting process, internal controls, and risk management systems, and has reviewed the unaudited interim results for the period - The primary responsibilities of the Audit Committee are to review and oversee the Group's financial reporting process, internal control and risk management systems, and to provide recommendations to the Board on the appointment of independent auditors[50](index=50&type=chunk) - The Audit Committee has reviewed the accounting principles and practices adopted by the Group and discussed internal controls and financial reporting matters with management, including reviewing the unaudited interim results for the period[50](index=50&type=chunk) [Remuneration Committee](index=13&type=section&id=Remuneration%20Committee) The Remuneration Committee is responsible for recommending remuneration policies and structures, and approving the remuneration packages for all directors and senior management, ensuring transparency and alignment with company and individual performance - The Remuneration Committee comprises two independent non-executive directors and one executive director, with responsibilities including recommending remuneration policies and structures and approving remuneration packages for directors and senior management[52](index=52&type=chunk) - The Remuneration Committee held one meeting during the period to review and discuss the remuneration packages of management and directors to enhance the Group's management quality[53](index=53&type=chunk) [Nomination Committee](index=13&type=section&id=Nomination%20Committee) The Nomination Committee is responsible for identifying and recommending suitable candidates for directorships, evaluating the board structure, and formulating nomination policies to ensure the independence of board members - The Nomination Committee comprises one executive director and two independent non-executive directors, with primary responsibilities including identifying and recommending suitable candidates for directorships to the Board, and evaluating the structure and composition of the Board[54](index=54&type=chunk) - The Nomination Committee held one meeting during the period, and all independent non-executive directors confirmed their independence[54](index=54&type=chunk)[55](index=55&type=chunk) [Directors' and Major Shareholders' Interests](index=14&type=section&id=Directors%27%20and%20Major%20Shareholders%27%20Interests) As of June 30, 2025, Director Mr. Ng Khing Yeu held **7.52%** of the company's shares through a controlled corporation, while major shareholder Yutian and its associates held **50.18%**, involving multiple share pledges Directors' Long Positions in the Company's Shares (June 30, 2025) | Director Name | Nature of Interest | Number of Ordinary Shares | Approximate % of Issued Share Capital | | :--- | :--- | :--- | :--- | | Ng Khing Yeu | Interest in controlled corporation | 112,827,000 (L) | 7.52% | Major Shareholders' Long Positions in the Company's Shares (June 30, 2025) | Major Shareholder | Capacity/Nature of Interest | Number of Shares | Approximate % of Shareholding | | :--- | :--- | :--- | :--- | | Yutian | Beneficial owner | 752,750,000 (L) | 50.18% | | Li Yang | Interest in controlled corporation | 752,750,000 (L) | 50.18% | | Ample Professional Limited | Interest in share charge | 752,000,000 (L) | 50.13% | | Hua Heng | Beneficial owner | 100,575,000 (L) | 6.71% | | Grace Era | Beneficial owner | 112,827,000 (L) | 7.52% | | Sichuan Chuanjiu Group International Trade Co., Ltd. | Beneficial owner | 91,000,000 (L) | 6.07% | - Yutian has pledged **752,000,000 shares** (approximately **50.13%** of the company's issued share capital) to an independent third-party institution[63](index=63&type=chunk) [Interim Dividend and Financial Information Review](index=17&type=section&id=Interim%20Dividend%20and%20Financial%20Information%20Review) The Board resolved not to declare any interim dividend for the period, and the condensed consolidated financial statements in this interim report have not been audited or reviewed by the company's auditors - The Board resolved not to declare any interim dividend for the period (H1 2024: None)[66](index=66&type=chunk) - The financial information in the condensed consolidated financial statements of the interim report has not been audited or reviewed by the company's auditors[67](index=67&type=chunk) Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income [Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=18&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group's revenue increased to **USD 8.417 million**, gross profit was **USD 1.132 million**, and a profit of **USD 151 thousand** was achieved for the period, a significant improvement from the loss in the prior year Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (Thousand USD) | Metric | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | Revenue | 8,417 | 5,969 | | Cost of Sales | (7,285) | (4,986) | | Gross Profit | 1,132 | 983 | | Other Income and Gains | 9,882 | 49 | | Administrative and Other Expenses | (1,080) | (1,239) | | Finance Costs | (9,496) | (8,393) | | Profit (Loss) for the Period | 151 | (8,996) | | Basic and Diluted Earnings (Loss) Per Share (US Cents) | 0.01 | (0.60) | - Other income and gains for the period significantly increased to **USD 9,882 thousand**, primarily due to an interest waiver gain of **USD 9,881 thousand**[69](index=69&type=chunk)[104](index=104&type=chunk) Interim Condensed Consolidated Statement of Financial Position [Interim Condensed Consolidated Statement of Financial Position](index=19&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets were **USD 81.134 million**, total liabilities were **USD 247.796 million**, resulting in a capital deficit of **USD 166.662 million** and net current liabilities of **USD 182.548 million** Interim Condensed Consolidated Statement of Financial Position (Thousand USD) | Metric | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Total Non-current Assets | 19,448 | 18,464 | | Total Current Assets | 61,686 | 61,339 | | Total Current Liabilities | 244,234 | 243,874 | | Net Current Liabilities | (182,548) | (182,535) | | Total Non-current Liabilities | 3,562 | 3,419 | | Capital Deficit | (166,662) | (167,490) | - Current assets primarily include **trade receivables of USD 59,260 thousand**, while current liabilities mainly comprise **notes of USD 85,090 thousand**, **bank and other borrowings of USD 55,019 thousand**, and **amounts due to ultimate holding company of USD 60,000 thousand**[71](index=71&type=chunk) Interim Condensed Consolidated Statement of Changes in Equity [Interim Condensed Consolidated Statement of Changes in Equity](index=20&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, the Group's capital deficit slightly narrowed, primarily due to the positive impact of profit for the period and exchange fluctuation reserve, despite a decrease in non-controlling interests Interim Condensed Consolidated Statement of Changes in Equity (Thousand USD) | Item | Jan 1, 2025 (Audited) | Profit (Loss) for the Period | Exchange Differences | Transfer to Statutory Reserve | June 30, 2025 (Unaudited) | | :--- | :--- | :--- | :--- | :--- | :--- | | Equity attributable to owners of the Company | (167,396) | 211 | 677 | – | (166,508) | | Non-controlling interests | (94) | (60) | – | – | (154) | | Capital Deficit | (167,490) | 151 | 677 | – | (166,662) | - Total comprehensive income for the period was **USD 828 thousand**, primarily contributed by **USD 888 thousand** attributable to owners of the parent company, which includes exchange differences of **USD 677 thousand** arising from the translation of financial statements from functional currency to presentation currency[72](index=72&type=chunk) Interim Condensed Consolidated Statement of Cash Flows [Interim Condensed Consolidated Statement of Cash Flows](index=22&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, the Group's net cash used in operating activities was **USD 76 thousand**, and net cash used in financing activities was **USD 82 thousand**, leading to a decrease in cash and cash equivalents to **USD 91 thousand** at period-end Interim Condensed Consolidated Statement of Cash Flows (Thousand USD) | Activity | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (76) | (199) | | Net Cash Used in Investing Activities | – | (2) | | Net Cash (Used in) Generated from Financing Activities | (82) | 313 | | Net (Decrease) / Increase in Cash and Cash Equivalents | (158) | 112 | | Cash and Cash Equivalents at End of Period | 91 | 242 | - Cash and cash equivalents at the end of the period decreased from **USD 248 thousand** at the beginning of the period to **USD 91 thousand**, reflecting pressure from cash outflows during the period[80](index=80&type=chunk) Notes to the Interim Condensed Consolidated Financial Statements [General Information and Basis of Preparation](index=23&type=section&id=General%20Information%20and%20Basis%20of%20Preparation) The Group's financial statements are prepared in accordance with IAS 34, but face significant going concern uncertainties, including substantial overdue borrowings, legal proceedings, and a capital deficit, with management implementing measures to mitigate liquidity pressure - The company is an investment holding company primarily engaged in iron ore product mining, ore beneficiation, sales of iron ore, other commodities, and health products[81](index=81&type=chunk) - As of June 30, 2025, the Group's amounts due to ultimate holding company, bank and other borrowings, and guaranteed notes totaled approximately **USD 200,109,000**, while cash and cash equivalents were only approximately **USD 91,000**[83](index=83&type=chunk) - The Group faces multiple legal proceedings and cross-default risks, including a **USD 60,000,000** claim from Industrial Bank and a statutory demand for **RMB 250,974,633.21**[85](index=85&type=chunk)[86](index=86&type=chunk) - Management has taken measures, including the ultimate holding company agreeing not to demand repayment of **USD 60,000,000**, actively negotiating borrowing renewals and extensions, seeking debt restructuring and strategic investors, and controlling costs while expanding revenue sources[88](index=88&type=chunk) [Revenue and Segment Information](index=26&type=section&id=Revenue%20and%20Segment%20Information) In H1 2025, the Group's revenue primarily derived from health products and other product sales, all recognized at a point in time in the Chinese market. Segment results show health product trading contributed the main revenue and profit, while iron ore mining and commercial trading segments recorded losses Revenue from Contracts with Customers by Category (Thousand USD) | Product Category | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | Sales of health products | 8,288 | 5,969 | | Sales of other products | 129 | – | | Total | 8,417 | 5,969 | - All revenue is recognized at a point in time and entirely from the People's Republic of China market[93](index=93&type=chunk) Segment Revenue and Results (H1 2025, Thousand USD) | Segment | Segment Revenue | Segment (Loss) Profit | | :--- | :--- | :--- | | Iron ore mining and beneficiation business | – | (9) | | Commercial trading | – | (1,734) | | Health product trading | 8,288 | 235 | | Others | 129 | 11 | | Total | 8,417 | (1,497) | Segment Assets and Liabilities (June 30, 2025, Thousand USD) | Segment | Total Segment Assets | Total Segment Liabilities | | :--- | :--- | :--- | | Iron ore mining and beneficiation business | 12,895 | 739 | | Commercial trading | 51,294 | 186,570 | | Health product trading | 10,260 | 8,482 | | Others | 104 | 11 | | Total | 74,553 | 195,802 | [Finance Costs and Income Tax Expense](index=31&type=section&id=Finance%20Costs%20and%20Income%20Tax%20Expense) In H1 2025, finance costs increased to **USD 9.496 million**, primarily from notes interest, while income tax expense remained stable, mainly comprising China corporate income tax Finance Costs (Thousand USD) | Item | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | Interest on bank borrowings | 1,733 | 1,743 | | Interest on other borrowings | 259 | 460 | | Interest on notes | 7,504 | 6,190 | | Total | 9,496 | 8,393 | - Income tax expense primarily consists of China corporate income tax, amounting to **USD 17 thousand** in H1 2025, largely consistent with H1 2024[103](index=103&type=chunk) [Profit (Loss) for the Period and Earnings (Loss) Per Share](index=33&type=section&id=Profit%20(Loss)%20for%20the%20Period%20and%20Earnings%20(Loss)%20Per%20Share) The Group achieved a profit of **USD 151 thousand** in H1 2025, mainly due to an interest waiver gain of **USD 9.881 million**, with basic and diluted earnings per share of **0.01 US cents** - Profit (loss) for the period was achieved after deducting (including) an interest waiver gain of **USD 9,881 thousand**[104](index=104&type=chunk) Earnings (Loss) Per Share | Metric | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | Profit (Loss) for calculating basic and diluted earnings (loss) per share (Thousand USD) | 211 | (8,966) | | Weighted average number of ordinary shares (Thousand Shares) | 1,500,000 | 1,500,000 | | Basic and diluted earnings (loss) per share (US Cents) | 0.01 | (0.60) | [Trade Receivables and Payables](index=34&type=section&id=Trade%20Receivables%20and%20Payables) As of June 30, 2025, total trade receivables were **USD 59.260 million**, with the majority overdue by more than **365 days**; total trade payables were **USD 6.895 million**, with a significant increase in those overdue by more than **365 days** Ageing Analysis of Trade Receivables (Thousand USD) | Ageing | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Within 30 days | 233 | 1,858 | | Over 365 days | 56,946 | 56,514 | | Total | 59,260 | 59,239 | Ageing Analysis of Trade Payables (Thousand USD) | Ageing | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Within 90 days | 468 | 1,685 | | Over 365 days | 4,945 | – | | Total | 6,895 | 6,634 | [Bank and Other Borrowings](index=36&type=section&id=Bank%20and%20Other%20Borrowings) As of June 30, 2025, the Group's total bank and other borrowings amounted to **USD 55.019 million**, with most repayable within one year or on demand, and some overdue. During the period, the company reached an interest waiver agreement with lenders, waiving approximately **USD 9.881 million** in accrued interest Bank and Other Borrowings (Thousand USD) | Item | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Bank borrowings | 36,683 | 36,752 | | Other borrowings | 18,336 | 18,336 | | Total | 55,019 | 55,088 | | Repayable within one year or on demand | 55,019 | 55,031 | - Bank loans carry floating interest rates ranging from **7.31% to 8.66% per annum**, partly secured by trade receivables and guaranteed by the company and directors[113](index=113&type=chunk) - On April 8, 2025, the company entered into an interest waiver agreement with relevant lenders, waiving approximately **USD 9,881,000** in accrued interest, with no further interest accruing from that date[115](index=115&type=chunk) [Notes](index=38&type=section&id=Notes) As of June 30, 2025, the Group's total notes amounted to **USD 85.090 million**, all classified as current liabilities, including Note 1 and Note 2, both involving multiple renegotiations of terms and guarantee arrangements Notes Overview (Thousand USD) | Item | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Note 1 | 67,090 | 60,172 | | Note 2 | 18,000 | 18,000 | | Total | 85,090 | 78,172 | | Current Liabilities | 85,090 | 78,172 | [Note 1](index=38&type=section&id=Note%201) Note 1 has a principal amount of approximately **USD 21.27 million**, originally with an annual interest rate of **12%**, and has undergone multiple redemption date extensions and term renegotiations, including interest accruing at the original annual rate plus **10%**, and a waiver of the debt-to-equity ratio condition - Note 1 has a principal amount of approximately **USD 21,270,000**, with an original annual interest rate of **12%**, payable quarterly[116](index=116&type=chunk) - The final redemption date of Note 1 was extended multiple times, from March 19, 2018, to June 30, 2019, with interest accruing at the original annual rate plus **10%**[119](index=119&type=chunk)[121](index=121&type=chunk) - The holder of Note 1 agreed to waive the condition regarding the company's debt-to-equity ratio exceeding a specified proportion and agreed to the sale of **9.12%** of Pacific Mining's issued shares[122](index=122&type=chunk)[123](index=123&type=chunk) [Note 2](index=41&type=section&id=Note%202) Note 2 has a principal amount of **USD 20.0 million** with a fixed interest rate of **7%**, guaranteed by Yutian and Mr. Li, and secured by **172,352,000** of the company's shares - Note 2 has a principal amount of **USD 20,000,000**, with a fixed interest rate of **7%**, maturing two years from the issue date[123](index=123&type=chunk) - Note 2 is guaranteed by Yutian and Mr. Li and secured by a total of **172,352,000** of the company's shares[125](index=125&type=chunk) - As of June 30, 2025, accrued interest on Note 2, recognized as interest payable, was approximately **USD 7,899,000**[125](index=125&type=chunk) [Share Capital and Related Party Transactions](index=42&type=section&id=Share%20Capital%20and%20Related%20Party%20Transactions) The company's authorized share capital is **3,000,000 thousand shares**, with **1,500,000 thousand shares** issued and fully paid. Several bank financings and notes are guaranteed by Director Mr. Li and the ultimate holding company Yutian, constituting significant related party transactions Share Capital Structure (Thousand Shares/Thousand USD) | Item | Number of Shares (Thousand Shares) | Share Capital (Thousand USD) | | :--- | :--- | :--- | | Authorized share capital | 3,000,000 | 3,867 | | Issued and fully paid share capital | 1,500,000 | 1,934 | - Director Mr. Li provides guarantees for the Group's bank financings and, together with the ultimate holding company Yutian, guarantees the Group's issued **12%** senior secured notes and **7%** fixed-rate coupon secured notes[127](index=127&type=chunk) - Remuneration for key management personnel in H1 2025 was **USD 44 thousand**, a decrease from **USD 120 thousand** in H1 2024[128](index=128&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 恩典生命科技控股有限公司 Grace Life-tech Holdings Limited 於本公告日期，執行董事為Ng Khing Yeu先生、李曉蘭女士及王爾先生；以及獨立 非執行董事為董捷先生、汪靈博士及梁耀祖先生。 恩典生命科技控股有限公司 主席 Ng Khing Yeu 香港，二零二五年八月十九日 （於開曼群島註冊成立的有限公司） （已委任聯席臨時清盤人） （僅適用於公司重組） （股份代號：02112） 董事會會議日期 恩典生命科技控股有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈， 董事會會議將於二零二五年八月二十九日舉行，藉以處理以下（其中包括）事項： 考慮及批准本公司及其附屬公司截至二零二五年六月三十日止六個月的中期業績 及其刊發，並考慮派付中期股息（如有）。 承董事會命 ...