致：香港交易及結算所有限公司 公司名稱: 江蘇創新環保新材料有限公司 呈交日期: 2025年10月6日 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 本月底法定/註冊股本總額： HKD 15,000,000 FF301 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) | 02116 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,500,000,000 | HKD | | 0.01 HKD | | 15,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 1,500,000,000 | HKD | | 0.01 HKD | ...

（ 於開曼群島註冊成立之有限公司 ） 股份代號 : 2116 中期報告 2025 目錄 | 釋義 | 2 | | --- | --- | | 公司資料 | 4 | | 管理層討論及分析 | 6 | | 其他資料 | 21 | | 綜合損益表 | 26 | | 綜合損益及其他收入表 | 27 | | 綜合財務狀況表 | 28 | | 綜合權益變動表 | 30 | | 簡明綜合現金流量表 | 32 | | 未經審核中期財務報表附註 | 33 | 釋義 在本中期報告中，除文義另有所指外，以下詞語具有以下涵義： 「《企業管治守則》」 上市規則附錄C1所載的企業管治守則 「歐元」 歐盟成員國法定貨幣歐元 「本集團」、「我們」或「我們的」 本公司及其附屬公司 「香港會計準則」 香港會計準則 「港元」 香港法定貨幣港元 「香港」 中華人民共和國香港特別行政區 「上市日期」 二零一八年三月二十八日，即首次在主板上進行股份買賣的日期 ANNUAL REPORT 2024 2 中期報告2025 「審核委員會」 本公司審核委員會 「董事會」 董事會 「中國」、「中國大陸」或 「中華人民共和國」 中華人民共和國，為本中期報告僅供地理 ...

Core Viewpoint - The report highlights the current state and future prospects of the motorcycle industry in China, emphasizing production and sales data from Jiangsu Innovation Motorcycle Manufacturing Co., Ltd. for July 2025, which shows a slight decline in both production and sales compared to the previous year [1] Group 1: Company Performance - Jiangsu Innovation Motorcycle Manufacturing Co., Ltd. produced 2,000 motorcycles and sold 2,001 motorcycles in July 2025, reflecting a year-on-year decrease of 0.84% in production [1] - The production and sales rate for Jiangsu Innovation Motorcycle Manufacturing Co., Ltd. was reported at 100.05%, indicating a near-complete sell-through of produced units [1] Group 2: Industry Insights - The report is part of a broader market research initiative by Zhiyan Consulting, which specializes in providing in-depth industry research and consulting services [1] - The motorcycle industry in China is undergoing analysis to identify investment opportunities and market trends from 2025 to 2031, as indicated by the title of the report [1]

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: 江蘇創新環保新材料有限公司 呈交日期: 2025年9月4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) | 02116 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,500,000,000 | HKD | | 0.01 HKD | | 15,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 1,500,000,000 | HKD | | 0.01 HKD | | 15,000,000 | 本月底法定/註冊股本總額： HKD 15, ...

江苏创新(02116)发布截至2025年6月30日止6个月止6个月业绩，该集团期内取得收入8765万元人民币， 同比增加26.78%;期内溢利981.7万元，同比增加42.9%;每股基本盈利2.05分。 ...

格隆汇8月26日丨江苏创新(02116.HK)发布公告，2025年中期，公司收益增加26.8%至报告期间的人民币 87.7百万元。公司的溢利增加42.9%至报告期间的人民币9.8百万元，主要由于公司的总毛利增加，且总 费用的增加幅度小于总毛利的增加幅度。 ...

智通财经APP讯，江苏创新(02116)发布截至2025年6月30日止6个月止6个月业绩，该集团期内取得收入 8765万元人民币，同比增加26.78%;期内溢利981.7万元，同比增加42.9%;每股基本盈利2.05分。 ...

[Company Information and Report Overview](index=1&type=section&id=I.%20Company%20Information%20and%20Report%20Overview) This section provides fundamental company details and an overview of the interim results announcement [Company Basic Information](index=1&type=section&id=1.1%20Company%20Basic%20Information) The company was incorporated in the Cayman Islands, with shares listed on the Main Board of the Hong Kong Stock Exchange, primarily engaged in developing, manufacturing, and selling refining auxiliaries and fuel additives to reduce undesirable emissions - The company was incorporated as an exempted company under the Companies Act of the Cayman Islands on **July 6, 2017**[8](index=8&type=chunk) - The company's shares were listed on the Main Board of The Stock Exchange of Hong Kong Limited on **March 28, 2018**[8](index=8&type=chunk) - The Group is primarily engaged in the development, manufacturing, and sale of refining auxiliaries and fuel additives used to reduce undesirable emissions[8](index=8&type=chunk) [Interim Results Announcement](index=1&type=section&id=1.2%20Interim%20Results%20Announcement) This announcement presents the unaudited interim results of Jiangsu Innovation Environmental New Materials Co., Ltd. and its subsidiaries for the six months ended June 30, 2025, with comparative data for 2024, reviewed and confirmed by the Board and Audit Committee - The announcement contains the unaudited interim results for the six months ended **June 30, 2025**[2](index=2&type=chunk) - The interim results have been reviewed and confirmed by the company's Board of Directors and Audit Committee[2](index=2&type=chunk) [Consolidated Financial Statements](index=2&type=section&id=II.%20Consolidated%20Financial%20Statements) This section presents the company's consolidated financial performance and position for the reporting period [Consolidated Statement of Profit or Loss](index=2&type=section&id=2.1%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the company's revenue increased by **26.8%** to **RMB 87,650 thousand**, profit for the period grew by **42.9%** to **RMB 9,817 thousand**, and basic and diluted earnings per share were **RMB 2.05 cents** Consolidated Statement of Profit or Loss Key Data (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 87,650 | 69,137 | | Cost of sales | (62,765) | (50,105) | | Gross profit | 24,885 | 19,032 | | Operating profit | 12,433 | 8,683 | | Profit before tax | 12,433 | 8,678 | | Income tax expense | (2,616) | (1,808) | | Profit for the period | 9,817 | 6,870 | | Basic and diluted earnings per share (RMB cents) | 2.05 | 1.43 | [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=2.2%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the company's total comprehensive income for the period was **RMB 9,213 thousand**, an increase from **RMB 7,219 thousand** in the prior year, primarily driven by higher profit for the period, while exchange differences negatively impacted comprehensive income Consolidated Statement of Profit or Loss and Other Comprehensive Income Key Data (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Profit for the period | 9,817 | 6,870 | | Exchange differences on translation of the Company's financial statements | (1,479) | 751 | | Exchange differences on translation of financial statements of subsidiaries outside Mainland China | 875 | (402) | | Other comprehensive income for the period | (604) | 349 | | Total comprehensive income for the period | 9,213 | 7,219 | [Consolidated Statement of Financial Position](index=4&type=section&id=2.3%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's total assets less current liabilities were **RMB 241,465 thousand**, and net assets were **RMB 236,742 thousand**, showing growth from year-end 2024, with net current assets at **RMB 202,492 thousand** Consolidated Statement of Financial Position Key Data | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Non-current assets | 38,973 | 41,516 | | Current assets | 234,334 | 235,107 | | Current liabilities | 31,842 | 40,901 | | Net current assets | 202,492 | 194,206 | | Total assets less current liabilities | 241,465 | 235,722 | | Non-current liabilities | 4,723 | 3,765 | | Net assets | 236,742 | 231,957 | | Total equity | 236,742 | 231,957 | [Notes to the Unaudited Interim Financial Statements](index=5&type=section&id=III.%20Notes%20to%20the%20Unaudited%20Interim%20Financial%20Statements) This section details the basis of preparation, accounting policy changes, and specific financial statement classifications and disclosures [Basis of Preparation](index=5&type=section&id=3.1%20Basis%20of%20Preparation) This interim financial report is prepared in accordance with the applicable disclosure provisions of the Rules Governing the Listing of Securities on the Hong Kong Stock Exchange and Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants - This interim financial report is prepared in accordance with the Listing Rules of the Stock Exchange and Hong Kong Accounting Standard 34 "Interim Financial Reporting"[8](index=8&type=chunk) - This interim financial report was authorized for issue on **August 26, 2025**[8](index=8&type=chunk) [Changes in Accounting Policies](index=5&type=section&id=3.2%20Changes%20in%20Accounting%20Policies) The accounting policies adopted in this interim financial report are consistent with those used for the 2024 annual financial statements, with no significant impact from amendments to HKAS 21 "The Effects of Changes in Foreign Exchange Rates—Lack of Exchangeability" - The accounting policies adopted in preparing this interim financial report are the same as those adopted in preparing the **2024** annual financial statements[9](index=9&type=chunk) - The Hong Kong Institute of Certified Public Accountants has issued amendments to HKAS 21—The Effects of Changes in Foreign Exchange Rates—Lack of Exchangeability[10](index=10&type=chunk) - The aforementioned changes have had no significant impact on how the Group's results and financial position for the current or prior periods are prepared or presented in this interim financial report[10](index=10&type=chunk) [Revenue Classification](index=6&type=section&id=3.3%20Revenue%20Classification) Total revenue for the reporting period was **RMB 87,650 thousand**, primarily derived from the sale of refining auxiliaries and fuel additives, with Mainland China contributing the vast majority of this revenue [By Product Category](index=6&type=section&id=3.3.1%20By%20Product%20Category) For the six months ended June 30, 2025, revenue from refining auxiliaries sales was **RMB 53,118 thousand**, fuel additives was **RMB 27,402 thousand**, and other business revenue was **RMB 7,130 thousand**, with all revenue recognized at a point in time Revenue from Contracts with Customers by Major Product Category (For the six months ended June 30) | Product Category | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Sales of refining auxiliaries | 53,118 | 43,999 | | Sales of fuel additives | 27,402 | 25,138 | | Others | 7,130 | – | | Total | 87,650 | 69,137 | - All revenue is recognized at a point in time in accordance with HKFRS 15[12](index=12&type=chunk) [By Geographical Region](index=6&type=section&id=3.3.2%20By%20Geographical%20Region) For the six months ended June 30, 2025, Mainland China contributed **RMB 86,453 thousand** in revenue, accounting for the vast majority of total revenue, with other countries and regions contributing **RMB 1,197 thousand** Revenue from Contracts with Customers by Geographical Region (For the six months ended June 30) | Region | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Mainland China | 86,453 | 67,765 | | Other countries and regions | 1,197 | 1,372 | | Total | 87,650 | 69,137 | - For the six months ended June 30, 2025, the vast majority of specific non-current assets were physically located in Mainland China[13](index=13&type=chunk) [Segment Reporting](index=6&type=section&id=3.4%20Segment%20Reporting) In accordance with HKFRS 8 "Operating Segments," the Group has determined that it has only one operating segment, which is the sale of refining auxiliaries and fuel additives - The Group has determined that it has only one operating segment, namely the sale of refining auxiliaries and fuel additives[15](index=15&type=chunk) [Profit Before Tax](index=7&type=section&id=3.5%20Profit%20Before%20Tax) For the six months ended June 30, 2025, profit before tax was **RMB 12,433 thousand**, primarily influenced by factors such as depreciation, research and development expenses, and the reversal of impairment loss on trade receivables [Finance Costs](index=7&type=section&id=3.5.1%20Finance%20Costs) There were no interest expenses on other borrowings during the reporting period, compared to **RMB 5 thousand** in the prior year Finance Costs (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Interest on other borrowings | – | 5 | [Other Items](index=7&type=section&id=3.5.2%20Other%20Items) During the reporting period, depreciation of right-of-use assets was **RMB 51 thousand**, depreciation of property, plant and equipment was **RMB 2,759 thousand**, research and development expenses (excluding depreciation) were **RMB 4,046 thousand**, and reversal of impairment loss on trade receivables was **RMB 1,080 thousand** Other Items (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Depreciation of right-of-use assets | 51 | 50 | | Depreciation of property, plant and equipment | 2,759 | 2,828 | | Research and development expenses (excluding depreciation) | 4,046 | 3,261 | | Impairment loss on trade receivables (reversal)/provision | (1,080) | 131 | | Write-down/(reversal) of inventories | 22 | (12) | [Income Tax](index=7&type=section&id=3.6%20Income%20Tax) Income tax expense for the reporting period was **RMB 2,616 thousand**, mainly arising from current income tax provision and deferred tax. Jiangsu Innovation, a Chinese subsidiary, enjoys a **15%** preferential tax rate as a high-tech enterprise, with eligible R&D costs also qualifying for additional tax deductions Income Tax in the Consolidated Statement of Profit or Loss (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Current income tax provision for the period | 1,460 | 1,036 | | Under-provision in prior years | 197 | 91 | | Origination and reversal of temporary differences | 959 | 681 | | Total income tax | 2,616 | 1,808 | - Jiangsu Innovation continued to obtain High-Tech Enterprise qualification on **November 6, 2023**, valid for three years, and is eligible for a **15%** preferential income tax rate[20](index=20&type=chunk) - According to the PRC Enterprise Income Tax Law, eligible R&D costs qualify for additional tax deductions[20](index=20&type=chunk) [Earnings Per Share](index=8&type=section&id=3.7%20Earnings%20Per%20Share) For the six months ended June 30, 2025, basic earnings per share increased to **RMB 2.05 cents** from **RMB 1.43 cents** in the prior year, with no dilutive potential ordinary shares Earnings Per Share (For the six months ended June 30) | Indicator | 2025 (RMB cents) | 2024 (RMB cents) | | :--- | :--- | :--- | | Basic and diluted earnings per share | 2.05 | 1.43 | - The calculation of basic earnings per share is based on the profit for the period of **RMB 9,817,000** and **480,000,000** ordinary shares outstanding[18](index=18&type=chunk) - There were no dilutive potential ordinary shares for the six months ended June 30, 2025 and 2024, thus diluted earnings per share equal basic earnings per share[18](index=18&type=chunk) [Property, Plant and Equipment](index=8&type=section&id=3.8%20Property,%20Plant%20and%20Equipment) During the reporting period, acquisitions of property, plant and equipment amounted to **RMB 267 thousand**, a significant decrease from **RMB 4,597 thousand** in the prior year, with no disposals during the period Acquisitions of Property, Plant and Equipment (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Acquisitions of property, plant and equipment | 267 | 4,597 | - There were no disposals of any property, plant and equipment during the six months ended June 30, 2024 and 2025[19](index=19&type=chunk) [Trade and Other Receivables](index=9&type=section&id=3.9%20Trade%20and%20Other%20Receivables) As of June 30, 2025, net trade and other receivables were **RMB 79,044 thousand**, a decrease from **RMB 104,626 thousand** at year-end 2024, primarily due to a reduction in trade receivables aged within 3 months [Ageing Analysis](index=9&type=section&id=3.9.1%20Ageing%20Analysis) As of June 30, 2025, net trade receivables after deducting loss allowance were **RMB 70,654 thousand**, with trade receivables aged within 3 months amounting to **RMB 59,079 thousand**, a significant decrease from year-end 2024 Ageing Analysis of Trade Receivables | Ageing | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 3 months | 59,079 | 88,329 | | Over 3 months but within 6 months | 9,111 | 3,398 | | Over 6 months but within 1 year | 2,459 | 1,073 | | Over 1 year but within 2 years | 5 | 254 | | Over 2 years but within 3 years | – | 2,919 | | Net trade receivables after deducting loss allowance | 70,654 | 95,973 | - All trade and other receivables (including deposits and prepayments) are expected to be recovered or recognized as expenses within one year[21](index=21&type=chunk) [Bills Receivable](index=9&type=section&id=3.9.2%20Bills%20Receivable) As of June 30, 2025, bills receivable amounted to **RMB 6,928 thousand**. The Group endorsed unmatured bills receivable of **RMB 1,757 thousand** to suppliers, bearing the maximum corresponding risk, and has not experienced credit losses on bills receivable in the past Bills Receivable Status | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Bills receivable | 6,928 | 6,262 | | Unmatured bills receivable endorsed to suppliers | 1,757 | 1,321 | - The Group has not experienced credit losses on bills receivable in the past[22](index=22&type=chunk) - As of June 30, 2025, the maximum risk to the Group for endorsed bills payable to suppliers was **RMB 1,757 thousand**[22](index=22&type=chunk) [Trade and Other Payables](index=10&type=section&id=3.10%20Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables were **RMB 28,854 thousand**, a decrease from **RMB 37,356 thousand** at year-end 2024, primarily due to a reduction in trade payables aged within 3 months, with all trade payables expected to be settled within one year Ageing Analysis of Trade and Other Payables | Ageing | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 3 months | 15,293 | 20,285 | | Over 3 months but within 6 months | 598 | 47 | | Over 6 months but within 1 year | 4 | 412 | | Total trade payables | 15,895 | 20,744 | | Other payables and accrued expenses | 12,959 | 16,612 | | Trade and other payables | 28,854 | 37,356 | - All trade payables are expected to be settled within one year[23](index=23&type=chunk) [Dividends](index=10&type=section&id=3.11%20Dividends) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025, following a final dividend of **HKD 0.01** per ordinary share paid in the previous financial year - The Board of Directors does not recommend the payment of an interim dividend for the six months ended **June 30, 2025**[24](index=24&type=chunk) Dividends Payable to Equity Holders of the Company in the Previous Financial Year (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Final dividend for the previous financial year of HKD 0.01 (2024: HKD 0.02) per ordinary share | 4,428 | 8,711 | [Management Discussion and Analysis](index=11&type=section&id=IV.%20Management%20Discussion%20and%20Analysis) This section provides an overview of the industry, business operations, financial performance, and future outlook [Industry Overview](index=11&type=section&id=4.1%20Industry%20Overview) China's National VI emission standard Stage 6B is fully implemented, with National VII expected in 2029, strengthening emission regulations and lowering pollutant limits, supporting demand for the company's products. However, EV development and "reducing oil and increasing chemicals" trends challenge traditional fuel demand but offer new opportunities in chemical material auxiliaries. Global oil demand is projected to grow, with traditional fuel vehicle industries receiving support in some Western countries [China Market Regulation and Trends](index=11&type=section&id=4.1.1%20China%20Market%20Regulation%20and%20Trends) China's National VI emission standard Stage 6B is fully implemented, and National VII is expected in 2029, imposing stricter emission requirements on refineries and supporting demand for the company's existing products. Meanwhile, rapid EV development and "reducing oil and increasing chemicals" policies lead to weak gasoline and diesel demand and underutilized refinery capacity, but present significant potential for the company in chemical material auxiliaries like ethylene and polyolefins - China's National VI emission standard Stage 6B has been fully implemented since **July 1, 2023**[27](index=27&type=chunk) - China's Ministry of Ecology and Environment and the State Administration for Market Regulation jointly issued amendments to the "Pollutant Emission Standard for Petroleum Refining Industry," effective **July 1, 2024**, imposing stricter requirements on refinery exhaust emissions[27](index=27&type=chunk) - China will formulate stricter National VII emission standards, expected to be released in **2027** and officially implemented in **2029**, significantly lowering emission limits for nitrogen oxides (NOx), particulate matter (PM), and ammonia (NH₃)[27](index=27&type=chunk) - Affected by a weak economic situation and rapid development of electric vehicles, domestic gasoline and diesel demand did not grow synchronously, leading to relatively insufficient average operating rates for major state-owned refineries in China during the first half of **2025**[28](index=28&type=chunk) - The Chinese government guides refining enterprises to reduce the proportion of gasoline and diesel and increase the proportion of chemical materials such as ethylene and polyolefins, as well as high-end new chemical materials, i.e., "reducing oil and increasing chemicals" and "reducing oil and increasing specialties," which opens up possibilities for the Group to research, develop, and manufacture related auxiliaries and additives[29](index=29&type=chunk) [Global Market Outlook](index=13&type=section&id=4.1.2%20Global%20Market%20Outlook) European and North American countries have adjusted new energy vehicle policies, slowing down electrification. The US government has canceled EV tax credits and supports the traditional fuel vehicle industry. OPEC reports predict continued global oil demand growth, reaching **123 million barrels per day by 2050**, with oil remaining indispensable in transportation, industry, and healthcare - European and North American countries have adjusted new energy vehicle policies, slowing down the pace of vehicle electrification[30](index=30&type=chunk) - The US government enacted legislation to discontinue tax credits for electric vehicles starting **September 30, 2025**, and supports the development of the traditional fuel vehicle industry by lowering EPA and CAFE standards[30](index=30&type=chunk) - OPEC reports predict global oil demand will continue to rise, reaching **123 million barrels per day by 2050**[30](index=30&type=chunk) - The report emphasizes that oil remains irreplaceable in transportation, industry, and healthcare, and its primary energy status is unlikely to be shaken in the short term[30](index=30&type=chunk) [Business Overview](index=13&type=section&id=4.2%20Business%20Overview) During the reporting period, the company's customer base continued to diversify, with increased sales to both private and state-owned clients, notably improving its ranking in Sinopec's annual centralized procurement, driving overall sales and profit growth in the Chinese market. Export sales remained stagnant due to the Sudanese civil war. Average raw material costs decreased, leading to a year-on-year increase in gross profit margin. R&D efforts resulted in **3** national invention patents, and environmental and safety management levels continuously improved - With the successive commissioning of large domestic private refining and chemical enterprises, the customer base continued to diversify, and product sales to private customers increased[32](index=32&type=chunk) - For state-owned customers, the number of long-term customers and total product sales increased, achieving a better ranking and increased sales in Sinopec's **2024** annual centralized procurement public tender[32](index=32&type=chunk) - Despite the relatively low average operating rates of domestic refineries in the first half of **2025**, the Group still achieved higher sales in the Chinese market, with both total sales revenue and total profit increasing[32](index=32&type=chunk) - Export sales remained stagnant due to the ongoing civil war in Sudan, consistent with the prior year[32](index=32&type=chunk) - In the first half of **2025**, the Group recorded total revenue of approximately **RMB 87.7 million**, a year-on-year increase of approximately **26.8%**; total net profit was approximately **RMB 9.8 million**, a year-on-year increase of approximately **42.9%**[33](index=33&type=chunk) - Obtained **3** national invention patents, enhancing the Group's competitiveness and development potential in product, production process, and technology[33](index=33&type=chunk) - Upgraded and renovated the sewage treatment system, which passed acceptance, and updated hazardous waste labels and improved QR codes for production area and special equipment inspections, enhancing environmental and safety management levels[33](index=33&type=chunk) [Compliance with Key Regulatory Requirements](index=14&type=section&id=4.3%20Compliance%20with%20Key%20Regulatory%20Requirements) During the reporting period, the Group fully complied with relevant regulatory requirements such as hazardous chemical business licenses and pollutant discharge permits, and no longer needed a hazardous chemical safety use permit due to reduced hazardous chemical usage - The Group was assessed by a professional institution and filed with relevant government departments in **2020**, after which it no longer needed to obtain a "Hazardous Chemical Safety Use Permit"[35](index=35&type=chunk) - During the reporting period, the Group complied with the relevant requirements of the "Measures for the Administration of Hazardous Chemical Business Licenses"[36](index=36&type=chunk) - During the reporting period, the Group complied with the relevant requirements of the "Regulations on Pollutant Discharge Permit Management"[36](index=36&type=chunk) [Future Plans and Prospects](index=15&type=section&id=4.4%20Future%20Plans%20and%20Prospects) The company plans to continuously optimize production processes through ongoing R&D, reduce costs, and improve efficiency and quality. Concurrently, it will strengthen customer and business diversification, expand domestic and international sales channels, and actively respond to the "reducing oil and increasing chemicals" trend by developing chemical material auxiliaries. The company will also actively participate in industry standard setting, address climate change, and explore green, low-carbon, and intelligent development - Continue to improve and optimize production processes, reduce raw material and energy consumption, and further enhance production efficiency, product quality, and safety production management levels[37](index=37&type=chunk) - Further strengthen efforts in customer and business diversification, continuously track the construction of new refining facilities domestically and internationally, and broaden product sales channels in domestic and international markets[38](index=38&type=chunk) - Closely follow the major trend of "reducing oil and increasing chemicals" and "reducing oil and increasing specialties" in the domestic refining industry, actively cooperate with scientific research institutions and universities to research and develop auxiliaries and additives required for refineries to produce chemical materials such as ethylene and polyolefins[38](index=38&type=chunk) - Continue to actively participate in discussing, drafting, and formulating industry standards, pay attention to the risks and opportunities brought by climate change, and explore green, low-carbon, and intelligent development paths[38](index=38&type=chunk) [Financial Performance Analysis](index=17&type=section&id=4.5%20Financial%20Performance%20Analysis) During the reporting period, the company's revenue, gross profit, and profit for the period all achieved significant growth, primarily driven by increased product sales and lower raw material procurement prices. Income tax expense increased with higher profits, while other income slightly decreased [Revenue](index=17&type=section&id=4.5.1%20Revenue) Total revenue increased by **26.8%** year-on-year to **RMB 87.7 million**, primarily driven by increased sales of refining auxiliaries and fuel additives, as well as **RMB 7.1 million** in new other business (raw material trading) revenue. Revenue from Mainland China increased from **RMB 67.8 million** to **RMB 86.5 million**, while revenue from other countries and regions slightly decreased Revenue by Product and Business Type (For the six months ended June 30) | Product/Business Type | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Sales of refining auxiliaries | 53,118 | 43,999 | | Sales of fuel additives | 27,402 | 25,138 | | Other businesses | 7,130 | – | | Total revenue | 87,650 | 69,137 | Revenue by Geographical Region (For the six months ended June 30) | Region | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Mainland China | 86,453 | 67,765 | | Other countries and regions | 1,197 | 1,372 | | Total revenue | 87,650 | 69,137 | - The increase in revenue from refining auxiliaries and fuel additives was primarily due to selling a greater quantity of products in the first half of **2025** compared to the prior year[39](index=39&type=chunk) [Cost of Sales](index=18&type=section&id=4.5.2%20Cost%20of%20Sales) Total cost of sales increased by **25.3%** year-on-year to **RMB 62.8 million**, mainly due to increased sales volume of refining auxiliaries and fuel additives, and **RMB 6.4 million** in new cost of sales from other businesses Cost of Sales by Product and Business Type (For the six months ended June 30) | Product/Business Type | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Refining auxiliaries | 38,540 | 33,220 | | Fuel additives | 17,851 | 16,885 | | Other businesses | 6,374 | – | | Total cost of sales | 62,765 | 50,105 | - The increase in cost of sales for refining auxiliaries and fuel additives was primarily due to increased sales volume[42](index=42&type=chunk) [Gross Profit](index=19&type=section&id=4.5.3%20Gross%20Profit) Total gross profit increased by **30.8%** year-on-year to **RMB 24.9 million**, with the gross profit margin improving from **27.5%** to **28.4%**, primarily benefiting from increased sales volume and a decrease in major raw material procurement prices Gross Profit by Product and Business Type (For the six months ended June 30) | Product/Business Type | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Refining auxiliaries | 14,578 | 10,779 | | Fuel additives | 9,551 | 8,253 | | Other businesses | 756 | – | | Total gross profit | 24,885 | 19,032 | - The total gross profit margin increased from **27.5%** to **28.4%**[43](index=43&type=chunk) - The increase in gross profit margin for refining auxiliaries and fuel additives was primarily due to a decrease in the procurement prices of some major raw materials[43](index=43&type=chunk) [Other Income](index=20&type=section&id=4.5.4%20Other%20Income) Other income decreased from **RMB 2.9 million** to **RMB 2.4 million**, mainly due to a reduction in bank deposit interest Other Income (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Other income | 2,356 | 2,894 | - The decrease in other income was primarily due to a reduction in bank deposit interest[44](index=44&type=chunk) [Income Tax Expense](index=20&type=section&id=4.5.5%20Income%20Tax%20Expense) Income tax expense increased from **RMB 1.8 million** to **RMB 2.6 million**, mainly due to higher profit before tax, with the effective tax rate remaining around **21%** Income Tax Expense (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Income tax expense | 2,616 | 1,808 | - The increase in income tax expense was primarily due to higher profit before tax[45](index=45&type=chunk) - The effective tax rates were **20.8%** (2024) and **21.0%** (2025), respectively[45](index=45&type=chunk) [Profit for the Period](index=20&type=section&id=4.5.6%20Profit%20for%20the%20Period) Profit for the period increased by **42.9%** year-on-year to **RMB 9.8 million**, primarily due to an increase in total gross profit, with the increase in total expenses being less than the increase in total gross profit Profit for the Period (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Profit for the period | 9,817 | 6,870 | - The increase in profit for the period was primarily due to an increase in total gross profit, with the increase in total expenses being less than the increase in total gross profit[46](index=46&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=20&type=section&id=4.6%20Liquidity,%20Financial%20Resources%20and%20Capital%20Structure) The company maintains sufficient liquidity, primarily from existing cash, net proceeds from listing, and operating cash flow. As of June 30, 2025, cash and cash equivalents increased, while both trade and other receivables and payables decreased. The company has no borrowings, resulting in a zero gearing ratio - The Directors believe that current cash and cash equivalents and expected cash flows from operations will be sufficient to meet current needs and fulfill business obligations[47](index=47&type=chunk) [Cash and Cash Equivalents](index=21&type=section&id=4.6.1%20Cash%20and%20Cash%20Equivalents) As of June 30, 2025, cash and cash equivalents amounted to **RMB 102.1 million**, an increase of **19.8%** from year-end 2024 Cash and Cash Equivalents | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Cash and cash equivalents | 102,114 | 85,251 | - Cash and cash equivalents increased by **19.8%**[48](index=48&type=chunk) [Trade and Other Receivables](index=21&type=section&id=4.6.2%20Trade%20and%20Other%20Receivables) Total trade and other receivables decreased from **RMB 104.6 million** at year-end 2024 to **RMB 79.0 million** as of June 30, 2025, primarily due to a reduction in trade receivables Total Trade and Other Receivables | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Total trade and other receivables | 79,044 | 104,626 | - The decrease in total trade and other receivables was primarily due to a reduction in trade receivables[49](index=49&type=chunk) [Credit Period and Trade Receivables](index=21&type=section&id=4.6.3%20Credit%20Period%20and%20Trade%20Receivables) The company sets credit periods of **30 to 120 days** for Chinese customers and adopts favorable credit policies based on customer size and financial strength, with no significant bad debts during the reporting period - The company sets credit periods ranging from **30 to 120 days** for its Chinese customers[50](index=50&type=chunk) - The company adopts favorable credit policies for customers based on their size and financial strength[50](index=50&type=chunk) - The company did not incur any significant bad debts during the reporting period[50](index=50&type=chunk) [Trade and Other Payables](index=22&type=section&id=4.6.4%20Trade%20and%20Other%20Payables) Trade and other payables decreased from **RMB 37.4 million** at year-end 2024 to **RMB 28.9 million** as of June 30, 2025, primarily due to accelerated settlement and payment during the reporting period Trade and Other Payables | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade and other payables | 28,854 | 37,356 | - The decrease in trade and other payables was primarily due to accelerated settlement and payment during the reporting period[51](index=51&type=chunk) [Gearing Ratio](index=22&type=section&id=4.6.5%20Gearing%20Ratio) As the Group had no borrowings, its gearing ratio was zero as of June 30, 2025, and December 31, 2024, calculated as total borrowings divided by total assets - As the Group had no borrowings, its gearing ratio was calculated as total borrowings divided by total assets, which was zero as of **December 31, 2024**, and **June 30, 2025**, respectively[52](index=52&type=chunk) [Contingent Liabilities, Guarantees and Litigation](index=22&type=section&id=4.6.6%20Contingent%20Liabilities,%20Guarantees%20and%20Litigation) As of June 30, 2025, the company had no contingent liabilities, guarantees, or litigation - As of **June 30, 2025**, the company had no contingent liabilities, guarantees, or litigation[53](index=53&type=chunk) [Capital Expenditure](index=22&type=section&id=4.6.7%20Capital%20Expenditure) During the reporting period, the company's capital expenditure was primarily for the purchase of property, plant and equipment, totaling **RMB 267 thousand**, a significant decrease from the prior year Capital Expenditure (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Purchase of property, plant and equipment | 267 | 4,597 | | Total capital expenditure | 267 | 4,597 | [Off-Balance Sheet Arrangements](index=23&type=section&id=4.6.8%20Off-Balance%20Sheet%20Arrangements) During the reporting period, the Group had no off-balance sheet arrangements - During the reporting period, the Group had no off-balance sheet arrangements[56](index=56&type=chunk) [Significant Investments and Mergers & Acquisitions](index=23&type=section&id=4.6.9%20Significant%20Investments%20and%20Mergers%20&%20Acquisitions) During the reporting period, the Group had no significant investments or major mergers and acquisitions, and no significant M&A plans are expected in the short term - During the reporting period, the Group had no significant investments, nor any major acquisitions or disposals of subsidiaries, associates, and joint ventures[57](index=57&type=chunk) - The company does not anticipate any significant acquisitions or disposals of subsidiaries, associates, and joint ventures in the short term[57](index=57&type=chunk) [Use of Net Proceeds from Share Listing](index=23&type=section&id=4.7%20Use%20of%20Net%20Proceeds%20from%20Share%20Listing) The company received net proceeds of approximately **HKD 110.7 million** from its listing, but has slowed down the utilization of funds to retain sufficient cash for challenges arising from the unstable Sudanese business, EV development, the "reducing oil and increasing chemicals" trend in the domestic refining industry, international political instability, and chemical accidents - The company received net proceeds of approximately **HKD 110.7 million** from its listing[58](index=58&type=chunk) - The company has slowed down the original planned use of net proceeds from the listing to mitigate the risk of overcapacity and optimize the expected utilization effect[58](index=58&type=chunk) [Reasons for Delayed Use](index=23&type=section&id=4.7.1%20Reasons%20for%20Delayed%20Use) Reasons for the delayed use of net proceeds from the listing include the stagnation of Sudanese business due to civil war, the suppression of fuel demand by EV development in China, the "reducing oil and increasing chemicals" trend in the domestic refining industry, international geopolitical instability and tariff wars, and tightened local safety regulations on chemical expansion project approvals - Sudanese business has completely ceased operations due to large-scale civil war, resulting in no revenue from Sudanese operations and the foreseeable possibility of long-term suspension or even complete termination[59](index=59&type=chunk) - The development of China's electric vehicle industry is seizing market share, suppressing the growth in demand for the company's existing main products (refining auxiliaries and fuel additives) in the Chinese market[60](index=60&type=chunk) - The Chinese government's trend of encouraging refineries to reduce gasoline and diesel production and increase chemical material production ("reducing oil and increasing chemicals") will continue to affect the growth in demand for the company's existing products[60](index=60&type=chunk) - The deteriorating international geopolitical environment, wars and military conflicts, and tariff wars between the United States and countries like China, have made the global economic environment increasingly volatile and unpredictable[60](index=60&type=chunk) - Following the **2019** Jiangsu chemical plant explosion, local safety management departments tightened approvals for new chemical product production and chemical plant expansion, posing difficulties and challenges for the company's expansion projects[62](index=62&type=chunk) [Fund Utilization Details and Balance](index=26&type=section&id=4.7.2%20Fund%20Utilization%20Details%20and%20Balance) As of June 30, 2025, approximately **HKD 58.4 million** of the net proceeds from the listing has been utilized, with a remaining balance of approximately **HKD 52.3 million**. Funds were primarily used for upgrading the Yixing factory and constructing high-purity oleic acid production facilities, while general business operations and repayment of bank borrowings have been fully utilized. The company will closely monitor market dynamics and accelerate the deployment of remaining funds as appropriate Use and Balance of Net Proceeds from Listing (From listing date up to June 30, 2025) | Purpose | Allocated Proportion (HKD millions) | Actual Amount Used as of June 30, 2025 (HKD millions) | Unused Balance as of June 30, 2025 (HKD millions) | | :--- | :--- | :--- | :--- | | Upgrading our Yixing factory by purchasing new machinery, equipment, and analytical instruments | Approx. 42.8 | Approx. 18.8 | Approx. 24.0 | | Constructing production facilities for high-purity oleic acid, a low-cost raw material substitute, to produce lubrication improvers | Approx. 53.9 | Approx. 25.6 | Approx. 28.3 | | General business operations and working capital | Approx. 8.8 | Approx. 8.8 | – | | Repayment of bank borrowings | Approx. 5.2 | Approx. 5.2 | – | | **Total** | **Approx. 110.7** | **Approx. 58.4** | **Approx. 52.3** | - The remaining balance of net proceeds from the listing is expected to be fully utilized within **12 months** from **June 30, 2025**[63](index=63&type=chunk) - The expected use of net proceeds from the listing has not changed from the listing date to the date of this announcement, and the Board has no intention to change it[64](index=64&type=chunk) - The company has prioritized operational resilience and strategic flexibility, thus adopting a prudent approach to the use of the remaining balance of net proceeds from the listing[65](index=65&type=chunk) [Employees and Remuneration](index=27&type=section&id=4.8%20Employees%20and%20Remuneration) As of June 30, 2025, the Group had **62** employees, all located in China, with remuneration and benefits complying with Chinese laws and regulations, including pension schemes, unemployment insurance, and housing allowances - As of **June 30, 2025**, the Group had a total of **62** employees, all of whom were located in China[66](index=66&type=chunk) - Employee remuneration has been paid in accordance with relevant Chinese laws and regulations, with other corresponding benefits including pension schemes, unemployment insurance, and housing allowances[66](index=66&type=chunk) [Corporate Governance](index=27&type=section&id=4.9%20Corporate%20Governance) The Group is committed to maintaining a high level of corporate governance, fully complying with the "Corporate Governance Code," although the roles of Chairman and Chief Executive Officer are combined by Mr. Ge Xiaojun, an arrangement the Board believes is in the overall best interests of the company and its shareholders - The company has adopted the "Corporate Governance Code" set out in Appendix C1 of the Listing Rules of the Stock Exchange as its corporate governance code[67](index=67&type=chunk) - During the reporting period, the company fully complied with the "Corporate Governance Code," except that the roles of Chairman and Chief Executive Officer are concurrently held by Mr. Ge Xiaojun[67](index=67&type=chunk) - The Board believes that Mr. Ge's dual role as Chairman and Chief Executive Officer allows for consistent and continuous planning and execution of the Group's strategies, which is in the overall best interests of the company and its shareholders[67](index=67&type=chunk) [Standard Code for Securities Transactions](index=28&type=section&id=4.10%20Standard%20Code%20for%20Securities%20Transactions) The company has adopted the "Model Code for Securities Transactions by Directors of Listed Issuers" as set out in Appendix C3 of the Listing Rules as the code of conduct for directors' dealings in the company's listed securities, and all directors confirmed full compliance during the reporting period - The company has adopted the "Model Code for Securities Transactions by Directors of Listed Issuers" as set out in Appendix C3 of the Listing Rules as the code of conduct for directors' dealings in the company's listed securities[68](index=68&type=chunk) - All directors confirmed that they have fully complied with the required standards set out in the "Model Code" during the reporting period[68](index=68&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=28&type=section&id=4.11%20Purchase,%20Sale%20or%20Redemption%20of%20the%20Company's%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, and as of June 30, 2025, and the date of this announcement, the company held no treasury shares - During the reporting period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[69](index=69&type=chunk) - As of **June 30, 2025**, and the date of this announcement, the company held no treasury shares[69](index=69&type=chunk) [Events After Reporting Period](index=28&type=section&id=4.12%20Events%20After%20Reporting%20Period) There were no significant events after the reporting period and up to the date of this announcement - There were no significant events after the reporting period and up to the date of this announcement[70](index=70&type=chunk) [Interim Dividends](index=28&type=section&id=4.13%20Interim%20Dividends) For the six months ended June 30, 2025, the Board does not recommend the payment of any interim dividends - For the six months ended **June 30, 2025**, the Board does not recommend the payment of any interim dividends[71](index=71&type=chunk) [Audit Committee and Review of Interim Results](index=28&type=section&id=4.14%20Audit%20Committee%20and%20Review%20of%20Interim%20Results) The Audit Committee has reviewed and discussed accounting principles, internal controls, financial reporting, and corporate governance policies with company management, concluding that the interim results were prepared in accordance with applicable accounting standards, rules, and regulations. The Group's interim financial information for the reporting period was not audited or reviewed by independent auditors but was reviewed by the Audit Committee - The Audit Committee has reviewed and discussed with the company's management the accounting principles and practices adopted by the company, internal controls and financial reporting matters, as well as the company's corporate governance policies and practices[72](index=72&type=chunk) - The Audit Committee believes that the interim results were prepared in accordance with applicable accounting standards, rules, and regulations, and appropriate disclosures have been made as required[72](index=72&type=chunk) - The Group's interim financial information for the reporting period was not audited or reviewed by the company's independent auditors but has been reviewed by the company's Audit Committee, which comprises three independent non-executive directors[72](index=72&type=chunk) [Publication of Interim Results and Interim Report](index=29&type=section&id=4.15%20Publication%20of%20Interim%20Results%20and%20Interim%20Report) The company has published the interim results announcement on the HKEXnews website and its own website. The interim report for the reporting period will be published on the aforementioned websites and dispatched to shareholders who request printed copies by the end of September 2025, in accordance with the Listing Rules - The company has published the interim results announcement on the HKEXnews website and the company's website, respectively[73](index=73&type=chunk) - The interim report for the reporting period will be published on the aforementioned websites and dispatched to shareholders who request printed copies by the end of **September 2025**, in accordance with the requirements of the Listing Rules[73](index=73&type=chunk) [Other Information](index=29&type=section&id=V.%20Other%20Information) This section provides additional information regarding the company's board of directors [Board of Directors](index=29&type=section&id=5.1%20Board%20of%20Directors) As of the date of this announcement, the Board of Directors comprises **5** executive directors, including Mr. Ge Xiaojun, **1** non-executive director, Mr. Gu Yaoxian, and **3** independent non-executive directors, including Mr. Fan Peng - The company's executive directors are Mr. Ge Xiaojun, Ms. Gu Jufang, Mr. Huang Lei, Mr. Jiang Caijun, and Mr. Fan Yaqiang[75](index=75&type=chunk) - The company's non-executive director is Mr. Gu Yaoxian[75](index=75&type=chunk) - The company's independent non-executive directors are Mr. Fan Peng, Mr. Guan Dongtao, and Ms. Wu Yan[75](index=75&type=chunk)

Group 1 - The core viewpoint of the news highlights the decline in motorcycle production and sales in Jiangsu Innovation Motorcycle Manufacturing Co., with a production drop of 14.71% and a sales drop of 20.05% in June 2025 compared to the previous year [1] - The production volume for June 2025 was reported at 1,450 units, while sales were 1,324 units, resulting in a production-sales ratio of 91.31% and an inventory of 126 units [1] - The report referenced is the "2025-2031 China Motorcycle Industry Market Special Research and Investment Prospect Research Report" published by Zhiyan Consulting [1] Group 2 - The companies mentioned in the news include Qianjiang Motorcycle, Xinlong Health, Zhenghe Industrial, Jiuqi Co., Linhai Co., Shanghai Phoenix, Zhonglu Co., Lifan Technology, Chuncheng Power, Aima Technology, Longxin General, Yong'an Travel, New Day Co., Lvtong Technology, Taotao Vehicle, and Huayang Racing [1] - Zhiyan Consulting is identified as a leading industry consulting agency in China, specializing in in-depth industry research reports, business plans, feasibility studies, and customized services [2] - The data source for the motorcycle production and sales figures is the China Automotive Industry (Motorcycle) Production and Sales Quick Report, organized by Zhiyan Consulting [3]

Group 1 - The company, Jiangsu Innovation (02116.HK), announced that its board meeting will be held on August 26, 2025, to consider and approve the interim results for the six months ending June 30, 2025, and to discuss the potential declaration of an interim dividend, if any [1]