Core Insights - The article highlights significant changes in the stock holdings of various companies under the Hong Kong Stock Connect program, indicating shifts in investor sentiment and potential investment opportunities. Group 1: Stock Increases - Canggang Railway (02169) saw the largest increase in stock holdings, rising by 10.72% to a total holding of 33.06% [1][2] - Goldwind Technology (02208) experienced a 1.17% increase, bringing its holding to 48.64% [1][2] - Zhongchu Innovation (03931) had a 1.02% increase, resulting in a holding of 14.69% [1][2] - The top three companies with the highest increases over the last five trading days were Dazhong Public Utilities (01635) with a 26.45% increase, Canggang Railway (02169) with a 21.07% increase, and Shankao Holdings (00412) with a 12.67% increase [1][3] Group 2: Stock Decreases - Shandong Molong (00568) recorded the largest decrease in stock holdings, dropping by 1.69% to 55.70% [1][2] - Jinli Permanent Magnet (06680) saw a decrease of 1.65%, resulting in a holding of 22.36% [1][2] - Yihua Tong (02402) experienced a 0.89% decrease, bringing its holding to 19.98% [1][2] - Over the last five trading days, the largest decreases were noted for Dongfang Electric (01072) with a 5.93% decrease, Yihua Tong (02402) with a 4.16% decrease, and Ocean Park (02255) with a 2.54% decrease [1][3] Group 3: Long-term Trends - Over the past 20 days, Dazhong Public Utilities (01635) had the highest increase of 27.37%, reaching a holding of 60.02% [4] - Canggang Railway (02169) also saw a significant increase of 21.39%, maintaining a holding of 33.06% [4] - Longfei Optical Fiber and Cable (06869) increased by 17.15%, achieving a holding of 71.17% [4]

CANGGANG RAILWAY LIMITED 滄港鐵路有限公司 （於開曼群島註冊成立的有限公司） 股份代號 : 2169 中期報告 2025 目錄 | 公司資料 | 2 | | --- | --- | | 釋義及詞彙 | 4 | | 管理層討論及分析 | 7 | | 其他資料 | 13 | | 未經審核綜合損益表 | 24 | | 未經審核綜合損益及其他全面收益表 | 25 | | 未經審核綜合財務狀況表 | 26 | | 綜合權益變動表 | 28 | | 綜合現金流量表 | 30 | | 財務報表附註 | 32 | 1 滄港鐵路有限公司 • 中期報告 2025 公司資料 董事會 執行董事 劉永亮先生 （主席） 衣維明先生 （行政總裁） 非執行董事 徐志華先生 秦少博先生 獨立非執行董事 劉長春先生 趙長松先生 呂清華女士 審核委員會 呂清華女士 （主席） 徐志華先生 劉長春先生 薪酬委員會 劉長春先生 （主席） 徐志華先生 呂清華女士 提名委員會 劉永亮先生 （主席） 徐志華先生 劉長春先生 呂清華女士（於2025年6月18日獲委任） 聯席公司秘書 公司資料 主要往來銀行 香港 中國銀行（香港）有限公司 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | | | 致：香港交易及結算所有限公司 公司名稱: 滄港鐵路有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 第 1 頁 共 10 頁 v 1.1.1 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) | 02169 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 40,000,000,000 | HKD | | 0.0025 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 40,000,000,000 | HKD | | 0.0025 | HKD | | 100,000,00 ...

期内溢利同比增加，主要由于透过损益按公平值计量的上市股份的公平值收益所产生的其他收入，以及 公司的财务成本及经营开支下降，反映公司战略措施的成功执行。 沧港铁路(02169)发布2025年中期业绩，收益1.32亿元(人民币，下同)，同比下降0.3%;公司权益股东应占 溢利3087.8万元，同比增长17.2%;每股基本盈利0.80分。 ...

Core Viewpoint - Canggang Railway (02169) reported a net profit attributable to shareholders of 30.878 million yuan for the first half of 2025, representing a year-on-year increase of 17.2% despite a slight decline in revenue [1] Financial Performance - The company's revenue for the period was 132 million yuan, showing a year-on-year decrease of 0.3% [1] - The basic earnings per share were 0.80 cents [1] Factors Influencing Performance - The increase in profit was primarily due to other income generated from fair value gains on listed shares measured at fair value through profit or loss [1] - A decrease in financial costs and operating expenses reflected the successful execution of the company's strategic measures [1]

Core Viewpoint - Canggang Railway (02169.HK) reported stable revenue for the six months ending June 30, 2024, and June 30, 2025, at RMB 132.1 million and RMB 131.7 million respectively, while net profit increased by 18.7% to RMB 30.8 million due to fair value gains from listed shares and reduced financial costs and operating expenses [1]. Financial Performance - Revenue for the six months ending June 30, 2024, is projected at RMB 132.1 million [1] - Revenue for the six months ending June 30, 2025, is projected at RMB 131.7 million [1] - Net profit for the period increased to RMB 30.8 million, reflecting an 18.7% year-on-year growth [1] Strategic Execution - The improvement in profit is attributed to other income generated from fair value gains on listed shares [1] - The company successfully executed strategic measures that led to a decrease in financial costs and operating expenses [1]

[Interim Results Announcement](index=1&type=section&id=%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E5%85%AC%E5%91%8A) [Financial Highlights](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) The Group announced unaudited condensed consolidated interim financial information for the six months ended June 30, 2025, showing growth in operating profit, profit before tax, and profit for the period, alongside increased basic and diluted earnings per share, despite a slight revenue decrease Financial Highlights | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 131,704 | 132,051 | | Operating Profit | 53,602 | 49,554 | | Profit Before Tax | 39,702 | 33,617 | | Profit for the Period | 30,751 | 25,902 | | Basic and Diluted EPS (RMB cents) | 0.80 | 0.68 | [Unaudited Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, the Group achieved significant growth in operating profit, profit before tax, and profit for the period, driven by effective cost control and increased fair value gains on financial assets, with basic and diluted EPS rising from RMB 0.68 cents to RMB 0.80 cents Unaudited Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 131,704 | 132,051 | | Total Operating Expenses | (89,173) | (91,718) | | Other Income | 11,071 | 9,221 | | Operating Profit | 53,602 | 49,554 | | Finance Costs | (13,900) | (15,937) | | Profit Before Tax | 39,702 | 33,617 | | Income Tax | (8,951) | (7,715) | | Profit for the Period | 30,751 | 25,902 | | EPS (RMB cents) | 0.80 | 0.68 | - Total comprehensive income for the period increased from **RMB 26,247 thousand** in 2024 to **RMB 31,437 thousand** in 2025, primarily due to increased exchange differences[6](index=6&type=chunk) [Unaudited Condensed Consolidated Statement of Financial Position](index=4&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, the Group's total non-current assets and total current liabilities increased, leading to a decrease in net current assets, while total assets less current liabilities and total equity grew, indicating an expanded asset base but short-term liquidity pressure Unaudited Condensed Consolidated Statement of Financial Position | Metric | As of June 30, 2025 (RMB thousands) | As of Dec 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Total Non-current Assets | 1,108,564 | 1,044,593 | | Total Current Assets | 337,067 | 329,956 | | Total Current Liabilities | 263,779 | 202,942 | | Net Current Assets | 73,288 | 127,014 | | Total Assets Less Current Liabilities | 1,181,852 | 1,171,607 | | Total Equity | 838,432 | 806,995 | [Notes](index=5&type=section&id=%E9%99%84%E8%A8%BB) This section details the basis of preparation, changes in accounting policies, key judgments and estimates for interim financial information, and provides disaggregated disclosures on revenue, expenses, assets, liabilities, and equity, offering deeper financial and operational context [1 Company Information](index=5&type=section&id=1%20%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) Canggang Railway Co Ltd was incorporated in the Cayman Islands on October 19, 2018, listed on the HKEX main board on October 23, 2020, primarily operating freight railways and marshalling yards in China, providing freight and related auxiliary services - The Company was incorporated in the Cayman Islands on **October 19, 2018**, and listed on the HKEX main board on **October 23, 2020**[8](index=8&type=chunk) - Its principal business is operating freight railways and marshalling yards in China, providing railway freight and related auxiliary services[8](index=8&type=chunk) [2 Basis of Preparation](index=5&type=section&id=2%20%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) The unaudited condensed consolidated interim financial information is prepared in accordance with HKEX Listing Rules and IAS 34 'Interim Financial Reporting', adopting the same accounting policies as the 2024 annual financial statements, except for new amendments, and has been reviewed by the Audit Committee but not by external auditors - Financial information is prepared in accordance with HKEX Listing Rules and IAS 34 'Interim Financial Reporting'[9](index=9&type=chunk) - Except for changes in accounting policies, the same accounting policies as the 2024 annual financial statements are adopted[9](index=9&type=chunk) - Not reviewed by external auditors, but reviewed by the Audit Committee[9](index=9&type=chunk) [3 Application of Judgments and Estimates](index=6&type=section&id=3%20%E5%88%A4%E6%96%B7%E5%8F%8A%E4%BC%B0%E8%A8%88%E7%9A%84%E6%87%89%E7%94%A8) Management made judgments and estimates affecting accounting policy application and reported amounts, including climate-related risks and opportunities, with key estimation uncertainties consistent with prior year financial statements, detailing fair value measurement and trade receivables expected credit loss judgments - Management made judgments and estimates in preparing financial statements, including those related to climate-related risks and opportunities[10](index=10&type=chunk) - Fair value measurements use a three-level hierarchy, supervised by the investment team, with significant matters reported to the Audit Committee[11](index=11&type=chunk)[12](index=12&type=chunk)[14](index=14&type=chunk) - Provisions for expected credit losses on trade receivables are based on historical records, market conditions, and forward-looking estimates[13](index=13&type=chunk) [4 Changes in Accounting Policies](index=7&type=section&id=4%20%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96%E7%9A%84%E8%AE%8A%E5%8B%95) This interim financial information first adopted amendments to IAS 21 'Lack of Exchangeability', which had no material impact on the Group's financial position, performance, or disclosures for the current and prior periods - First adoption of amendments to IAS 21 'Lack of Exchangeability'[15](index=15&type=chunk) - The amendment had no material impact on the Group's financial position and performance[15](index=15&type=chunk) [5 Revenue](index=7&type=section&id=5%20%E6%94%B6%E7%9B%8A) The Group's revenue primarily from railway freight and auxiliary services is recognized over time, totaling RMB 131,704 thousand for the six months ended June 30, 2025, a slight decrease from the prior year, with railway freight remaining the main source and auxiliary services showing slight growth, while major customer contributions remained stable Revenue Split by Major Service Line | Service Line | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Railway Freight | 112,135 | 112,722 | | Auxiliary Services Subtotal | 19,569 | 19,329 | | Total | 131,704 | 132,051 | Major Customer Revenue Contribution | Customer | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Customer A | 18,921 | 24,215 | | Customer C | 20,994 | 19,304 | | Customer D | 24,259 | 21,191 | - As of June 30, 2025, revenue from customer contracts expected to be recognized in the future was **zero**, compared to **RMB 6,965 thousand** on December 31, 2024[22](index=22&type=chunk) Segment Results | Segment | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Railway Freight | 46,451 | 46,056 | | Auxiliary Business | 796 | (2,238) | | Total Segment Results | 47,247 | 43,818 | - The Group's revenue and operating assets are primarily located in China, thus no segment analysis by customer and asset location is provided[27](index=27&type=chunk) - The railway freight segment has no significant seasonal impact, with full-year transport demand expected to remain relatively stable[28](index=28&type=chunk) [6 Other Income](index=10&type=section&id=6%20%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5) For the six months ended June 30, 2025, the Group's total other income increased to RMB 11,071 thousand from RMB 9,221 thousand in the prior year, primarily due to a significant increase in fair value gains on financial assets at fair value through profit or loss Other Income Details | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Government Grants | 259 | 282 | | Interest Income | 524 | 810 | | Fair value gains on financial assets at FVTPL | 8,549 | 5,538 | | Net Trading Gains | 1,279 | 1,957 | | Others | 460 | 596 | | Total | 11,071 | 9,221 | [7 Profit Before Tax](index=11&type=section&id=7%20%E9%99%A4%E7%A8%85%E5%89%8D%E6%BA%A2%E5%88%A9) Profit before tax increased to RMB 39,702 thousand from RMB 33,617 thousand in the prior year, primarily driven by reduced finance costs and lower staff costs, despite a slight increase in depreciation expenses Finance Costs | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Total interest expense on bank and other borrowings | 13,900 | 15,937 | Staff Costs | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Salaries, wages and other benefits | 22,645 | 25,244 | | Contributions to defined contribution retirement schemes | 3,349 | 2,948 | | Total | 25,994 | 28,192 | Other Items | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Depreciation | 17,918 | 17,493 | | Short-term lease expenses with remaining lease term not exceeding 12 months | 50 | 180 | | Auditor's remuneration | 435 | 500 | | Cost of inventories | 11,623 | 11,850 | [8 Income Tax in the Consolidated Statement of Profit or Loss](index=12&type=section&id=8%20%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E8%A1%A8%E5%85%A7%E7%9A%84%E6%89%80%E5%BE%97%E7%A8%85) For the six months ended June 30, 2025, income tax expense increased to RMB 8,951 thousand from RMB 7,715 thousand in the prior year, mainly due to higher provisions during the period Income Tax Details | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Current tax (provision for the period) | 8,946 | 7,891 | | Deferred tax (temporary differences arising and reversed) | 5 | (176) | | Total | 8,951 | 7,715 | [9 Dividends](index=12&type=section&id=9%20%E8%82%A1%E6%81%AF) The Board does not recommend paying an interim dividend for the reporting period, consistent with the prior year - The Board does not recommend paying an interim dividend for the reporting period (six months ended June 30, 2024: nil)[32](index=32&type=chunk) [10 Earnings Per Share](index=13&type=section&id=10%20%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9) For the six months ended June 30, 2025, basic earnings per share increased to RMB 0.80 cents from RMB 0.68 cents in the prior year, primarily due to higher profit attributable to equity holders, with no potential dilutive shares during the period Basic Earnings Per Share Calculation | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Profit attributable to ordinary equity holders of the Company (RMB thousands) | 30,878 | 26,351 | | Weighted average number of ordinary shares in issue | 3,847,792,000 | 3,847,792,000 | | Basic EPS (RMB cents) | 0.80 | 0.68 | - For the six months ended June 30, 2025 and 2024, there were no outstanding potential dilutive shares[33](index=33&type=chunk) [11 Property, Plant and Equipment](index=13&type=section&id=11%20%E7%89%A9%E6%A5%AD%E3%80%81%E5%BB%A0%E6%88%BF%E5%8F%8A%E8%A8%AD%E5%82%99) The Group's property, plant and equipment are all located in China; for the six months ended June 30, 2025, RMB 24,343 thousand was invested in upgrading and renovating Canggang Line infrastructure to enhance railway operational safety and overall carrying capacity - The Group's property, plant and equipment are all located in China[34](index=34&type=chunk) - Invested **RMB 24,343 thousand** to upgrade and renovate Canggang Line infrastructure to enhance safety and carrying capacity[34](index=34&type=chunk) [12 Inventories](index=14&type=section&id=12%20%E5%AD%98%E8%B2%A8) As of June 30, 2025, the Group's total inventories significantly increased to RMB 90,218 thousand from RMB 46,664 thousand on December 31, 2024, primarily due to a substantial rise in sand and gravel inventories, while the amount of inventories recognized as expenses remained stable Inventories in the Consolidated Statement of Financial Position | Item | As of June 30, 2025 (RMB thousands) | As of Dec 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Fuel | 5,105 | 3,384 | | Coal | 13,784 | 17,241 | | Sand and gravel | 60,983 | 19,310 | | Materials and consumables | 10,346 | 6,729 | | Total | 90,218 | 46,664 | Amount of Inventories Recognized as Expenses | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Carrying amount of inventories used | 11,623 | 11,850 | [13 Trade and Bills Receivables](index=15&type=section&id=13%20%E8%B2%BF%E6%98%93%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85%E5%8F%8A%E6%87%89%E6%94%B6%E7%A5%A8%E6%93%9A) As of June 30, 2025, total trade and bills receivables slightly decreased to RMB 79,439 thousand from RMB 81,274 thousand on December 31, 2024, with changes in the aging structure showing an increase in receivables due within one month and variations in those due between 6-12 months and over 12 months, and RMB 6,935 thousand in bills receivable endorsed during the period Trade and Bills Receivables | Item | As of June 30, 2025 (RMB thousands) | As of Dec 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade receivables | 69,364 | 58,261 | | Bills receivable | 10,075 | 23,013 | | Total | 79,439 | 81,274 | Aging Analysis of Trade Receivables | Aging | As of June 30, 2025 (RMB thousands) | As of Dec 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 1 month | 42,062 | 32,304 | | 1 to 6 months | 17,612 | 14,755 | | 6 to 12 months | 3,046 | 8,597 | | Over 12 months | 6,644 | 2,605 | - All trade and bills receivables are expected to be recovered within one year[38](index=38&type=chunk) - As of June 30, 2025, the Group had endorsed bills receivable with a carrying value of **RMB 6,935 thousand** to suppliers[38](index=38&type=chunk) [14 Financial Assets at Fair Value Through Profit or Loss](index=16&type=section&id=14%20%E9%80%8F%E9%81%8E%E6%90%8D%E7%9B%8A%E6%8C%89%E5%85%AC%E5%B9%B3%E5%80%BC%E8%A8%88%E9%87%8F%E7%9A%84%E9%87%91%E8%9E%8D%E8%B3%87%E7%94%A2) As of June 30, 2025, total financial assets at fair value through profit or loss increased to RMB 46,967 thousand from RMB 38,418 thousand on December 31, 2024, primarily due to fair value gains on Hong Kong-listed equity securities Financial Assets at Fair Value Through Profit or Loss | Item | As of June 30, 2025 (RMB thousands) | As of Dec 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Hong Kong listed equity securities | 43,003 | 34,454 | | Unlisted equity securities | 3,964 | 3,964 | | Total | 46,967 | 38,418 | - Listed equity securities are ordinary shares of Hong Kong-listed entities, held for long-term strategic purposes[41](index=41&type=chunk) - Unlisted equity securities represent equity interests in private entities in China[41](index=41&type=chunk) [15 Trade Payables](index=16&type=section&id=15%20%E8%B2%BF%E6%98%93%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85) As of June 30, 2025, total trade payables increased to RMB 28,386 thousand from RMB 23,444 thousand on December 31, 2024, with all trade payables expected to be settled within one year or on demand Aging Analysis of Trade Payables | Aging | As of June 30, 2025 (RMB thousands) | As of Dec 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 1 month | 14,877 | 13,320 | | 1 to 3 months | 689 | 3,923 | | 3 to 6 months | 4,874 | 2,638 | | 6 to 12 months | 4,405 | 1,663 | | Over 12 months | 3,541 | 1,900 | | Total | 28,386 | 23,444 | [16 Bank and Other Borrowings](index=17&type=section&id=16%20%E9%8A%80%E8%A1%8C%E5%8F%8A%E5%85%B6%E4%BB%96%E8%B2%B8%E6%AC%BE) As of June 30, 2025, the Group's total bank and other borrowings increased to RMB 561,070 thousand from RMB 521,767 thousand on December 31, 2024, with RMB 217,650 thousand as the current portion repayable within one year or on demand, and most borrowings being fixed-rate and partially secured by assets Composition of Bank and Other Borrowings | Item | As of June 30, 2025 (RMB thousands) | As of Dec 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Bank borrowings (secured) | 392,510 | 378,504 | | Bank borrowings (unsecured) | 47,000 | 48,059 | | Other borrowings (secured) | 117,240 | 93,652 | | Other borrowings (unsecured) | 4,320 | 1,552 | | Total | 561,070 | 521,767 | Repayment Schedule of Bank and Other Borrowings | Repayment Period | As of June 30, 2025 (RMB thousands) | As of Dec 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 1 year or on demand | 217,650 | 157,155 | | After 1 year but within 2 years | 137,020 | 187,744 | | After 2 years but within 5 years | 206,400 | 176,868 | | Total | 561,070 | 521,767 | - Secured bank loans are collateralized by property, plant and equipment (**RMB 6,816 thousand**) and right-of-use assets (**RMB 102,202 thousand**)[46](index=46&type=chunk) - Secured other borrowings are collateralized by property, plant and equipment (**RMB 174,555 thousand**), with some guaranteed by Cangzhou Logistics or pledged with its equity interests[45](index=45&type=chunk) Borrowing Interest Rate Mix | Borrowing Type | Effective Interest Rate (June 30, 2025) | Amount (RMB thousands, June 30, 2025) | Effective Interest Rate (Dec 31, 2024) | Amount (RMB thousands, Dec 31, 2024) | | :--- | :--- | :--- | :--- | :--- | | Fixed-rate borrowings (bank loans) | 3.65%-5.50% | 400,510 | 3.65%-5.50% | 383,005 | | Fixed-rate borrowings (other loans) | 4.00%-6.56% | 121,560 | 4.00%-6.56% | 95,204 | | Floating-rate borrowings (bank loans) | 4.8% | 39,000 | 4.8% | 43,558 | | Fixed-rate borrowings as % of total borrowings | | 93% | | 92% | [17 Commitments](index=19&type=section&id=17%20%E6%89%BF%E6%93%94) As of June 30, 2025, the Group's contracted capital commitments for property, plant and equipment increased to RMB 70,848 thousand from RMB 61,163 thousand on December 31, 2024 Capital Commitments | Item | As of June 30, 2025 (RMB thousands) | As of Dec 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Commitments for property, plant and equipment (contracted) | 70,848 | 61,163 | [Management Discussion and Analysis](index=20&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) The Management Discussion and Analysis section outlines the Group's H1 2025 business performance, financial position, future development strategies, and risk management, demonstrating robust profitability and financial structure through operational optimization and strategic investments despite market headwinds [Business Review](index=20&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) In H1 2025, the Group solidified its leading railway operator position in Hebei Province, with the Chinese railway freight market, especially coal transport, showing recovery; despite a slight decrease in cargo volume, auxiliary service revenue grew, and operational improvements maintained service reliability - The Chinese railway freight market, particularly coal transport, showed signs of recovery in H1 2025, driven by industrial demand and operational improvements[49](index=49&type=chunk) - The Group's cargo volume decreased by **3.6%** from **6.9 million tonnes** to **6.7 million tonnes**, but operational improvement measures have been actively implemented[50](index=50&type=chunk) - Auxiliary service revenue increased by **1.2%** or **RMB 0.2 million** year-on-year, primarily due to increased coal transport driving loading and unloading service growth, offset by a decline in construction, maintenance, and repair businesses[50](index=50&type=chunk) [Future Developments](index=21&type=section&id=%E6%9C%AA%E4%BE%86%E7%99%BC%E5%B1%95) The Group plans to expand its business by constructing more branch lines to extend into the Bohai New Area Integrated Industrial Park, with approval obtained in January 2024 and construction commencing late 2024, while also upgrading and renovating Canggang Line infrastructure to enhance operational safety and carrying capacity - Plans to construct more branch lines to expand business, including extending to the Bohai New Area Integrated Industrial Park, with approval obtained in **January 2024** and construction commencing **late 2024**[51](index=51&type=chunk) - Currently upgrading and renovating Canggang Line infrastructure to enhance railway operational safety and overall carrying capacity[51](index=51&type=chunk) [Financial Review](index=21&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) The Group achieved robust financial performance in H1 2025, with significant profit growth and improved net profit margin despite a slight revenue decrease, driven by cost-efficiency policies and increased fair value gains on financial assets, demonstrating strong profitability amidst market changes Revenue by Service Line | Service Line | 2025 (RMB thousands) | Share | 2024 (RMB thousands) | Share | | :--- | :--- | :--- | :--- | :--- | | Railway Freight | 112,135 | 85.1% | 112,722 | 85.4% | | Auxiliary Services Subtotal | 19,569 | 14.9% | 19,329 | 14.6% | | Total | 131,704 | 100.0% | 132,051 | 100.0% | - Operating expenses decreased by **2.8%** or **RMB 2.5 million** to **RMB 88.2 million**, mainly due to reduced staff costs and freight logistics from implementing cost-efficiency policies[53](index=53&type=chunk) - Prepayments and other receivables significantly increased by **72%** to **RMB 146.6 million**, primarily due to higher trade business deposits and construction prepayments[54](index=54&type=chunk) - Railway freight segment profit margin remained stable at **41.4%**, while auxiliary business turned profitable, recording a profit of **RMB 0.8 million**[55](index=55&type=chunk) - Other income increased by **20.1%** to **RMB 11.1 million**, primarily driven by fair value gains on financial assets at fair value through profit or loss[56](index=56&type=chunk) - Finance costs decreased by **12.8%** to **RMB 13.9 million**, mainly due to a reduction in average loan balances[57](index=57&type=chunk) - Income tax expense increased by **16.0%** to **RMB 9.0 million**, primarily due to higher profit contribution from railway freight, with the effective tax rate remaining stable[58](index=58&type=chunk) - Profit for the period increased by **18.7%** to **RMB 30.8 million**, with net profit margin rising from **19.6%** to **23.3%**, reflecting successful execution of strategic initiatives[59](index=59&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=23&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E3%80%81%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90%E5%8F%8A%E8%B3%87%E6%9C%AC%E6%9E%B6%E6%A7%8B) As of June 30, 2025, the Group's net current assets decreased to RMB 73.3 million from RMB 127.0 million on December 31, 2024, primarily due to significant trade deposit payments for new trade business, leading to reduced cash and cash equivalents; the gearing ratio rose to 66.9%, yet the Group maintains a sound liquidity position and ample financial flexibility - Net current assets decreased from **RMB 127.0 million** to **RMB 73.3 million**[60](index=60&type=chunk) - Cash and cash equivalents decreased by **RMB 70.5 million** to **RMB 85.5 million**, primarily due to significant deposit payments for new trade business[60](index=60&type=chunk) - Interest-bearing borrowings increased to **RMB 561.1 million**, of which **RMB 343.4 million** were long-term borrowings[60](index=60&type=chunk) - The gearing ratio increased to approximately **66.9%** (December 31, 2024: approximately **64.7%**), mainly due to an increase in period-end balances of bank and other borrowings[61](index=61&type=chunk) [Pledge of Assets](index=24&type=section&id=%E8%B3%87%E7%94%A2%E6%8A%B5%E6%8A%BC) As of June 30, 2025, the Group pledged property, plant and equipment with a carrying value of approximately RMB 6.8 million for bank loans and RMB 174.6 million for other loans, additionally pledging right-of-use assets with a carrying value of approximately RMB 102.2 million for bank loans - Pledged property, plant and equipment with a carrying value of approximately **RMB 6.8 million** for bank loans[62](index=62&type=chunk) - Pledged property, plant and equipment with a carrying value of approximately **RMB 174.6 million** for other borrowings[62](index=62&type=chunk) - Pledged right-of-use assets with a carrying value of approximately **RMB 102.2 million** for bank loans[62](index=62&type=chunk) [Contingent Liabilities](index=24&type=section&id=%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5) As of June 30, 2025, and December 31, 2024, the Group had no contingent liabilities - The Group had no contingent liabilities at the end of the reporting period[63](index=63&type=chunk) [Foreign Exchange Risk](index=24&type=section&id=%E5%A4%96%E5%8C%AF%E9%A2%A8%E9%9A%AA) The Group primarily operates in China, with most transactions denominated in RMB; significant foreign exchange fluctuations are not expected to have a material impact, except for a few HKD-settled transactions, and while no hedging policy is currently in place, foreign exchange risk is continuously monitored - The Group primarily operates in China, with most transactions denominated and settled in RMB[64](index=64&type=chunk) - Except for a few HKD-settled transactions, no significant adverse impact from exchange rate fluctuations is expected[64](index=64&type=chunk) - The Group currently has no foreign exchange hedging policy but will continue to monitor foreign exchange risk[64](index=64&type=chunk) [Capital Expenditure and Commitments](index=24&type=section&id=%E8%B3%87%E6%9C%AC%E9%96%8B%E6%94%AF%E5%8F%8A%E6%89%BF%E6%93%94) During the reporting period, the Group incurred RMB 24.3 million in capital expenditure, primarily for upgrading and renovating Canggang Line infrastructure, funded by IPO proceeds, operating cash, and bank financing; as of June 30, 2025, outstanding capital commitments for property, plant and equipment amounted to approximately RMB 70.8 million - Incurred **RMB 24.3 million** in capital expenditure during the reporting period, primarily for upgrading and renovating Canggang Line infrastructure[65](index=65&type=chunk) - Capital expenditure was funded by IPO proceeds, cash generated from operations, and bank financing[65](index=65&type=chunk) - As of June 30, 2025, outstanding capital commitments for property, plant and equipment amounted to approximately **RMB 70.8 million**[66](index=66&type=chunk) [Significant Investments, Material Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures, and Future Plans for Material Investments in Capital Assets](index=25&type=section&id=%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E3%80%81%E9%87%8D%E5%A4%A7%E9%99%84%E5%B1%AC%E5%85%AC%E5%8F%B8%E3%80%81%E8%81%AF%E7%87%9F%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%90%88%E7%87%9F%E4%BC%81%E6%A5%AD%E6%94%B6%E8%B3%BC%E5%8F%8A%E5%87%BA%E5%94%AE%E4%BA%8B%E9%A0%85%EF%BC%8C%E4%BB%A5%E5%8F%8A%E6%9C%89%E9%97%9C%E9%87%8D%E5%A4%A7%E8%B3%87%E6%9C%AC%E8%B3%87%E7%94%A2%E6%8A%95%E8%B3%87%E7%9A%84%E6%9C%AA%E4%BE%86%E8%A8%88%E5%8A%83) Except for disclosed matters, the Group held no significant investments, undertook no material acquisitions or disposals, and had no other future plans for material capital asset investments during the reporting period - The Group held no significant investments and undertook no material acquisitions or disposals during the reporting period[67](index=67&type=chunk) - As of June 30, 2025, the Group had no other plans for significant investments or acquisitions of capital assets[67](index=67&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=25&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B3%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) During the reporting period, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities; as of June 30, 2025, the Company held no treasury shares, and the share award scheme trustee had not purchased shares under the scheme terms - Neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[68](index=68&type=chunk) - As of June 30, 2025, the Company held no treasury shares[68](index=68&type=chunk) - The trustee of the share award scheme did not purchase shares under the scheme terms[68](index=68&type=chunk) [Events After Reporting Period](index=25&type=section&id=%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) No significant events occurred after the reporting period and up to the date of this announcement - No significant events occurred after the reporting period and up to the date of this announcement[69](index=69&type=chunk) [Employees and Remuneration Policies](index=25&type=section&id=%E5%83%B1%E5%93%A1%E5%8F%8A%E8%96%AA%E9%85%AC%E6%94%BF%E7%AD%96) As of June 30, 2025, the Group employed 638 staff, offering attractive remuneration packages reviewed annually based on performance, and is committed to providing adequate training and a caring environment to retain and motivate employees - As of June 30, 2025, the Group employed **638** staff (December 31, 2024: **648** staff)[70](index=70&type=chunk) - The Group offers attractive remuneration packages, with annual reviews based on individual performance, and provides training to maintain professional qualifications[70](index=70&type=chunk) [Corporate Governance](index=26&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB) The Group is committed to maintaining high corporate governance standards to protect shareholder interests and enhance corporate value, continuously improving risk assessment, monitoring processes, internal control policies, and transparency, and complied with all applicable code provisions of Appendix C1 of the Listing Rules during the reporting period - The Group is committed to maintaining high corporate governance standards to ensure the proper management of interests for all shareholders and other stakeholders[71](index=71&type=chunk) - The Group continuously improves risk assessment and monitoring processes, internal control policies, and enhances transparency and quality of disclosures to shareholders[71](index=71&type=chunk) - The Group has articulated its corporate purpose, vision, operating philosophy, corporate spirit, and core values to guide employee behavior and business activities[72](index=72&type=chunk) [Corporate Governance Practices](index=27&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%B8%B8%E8%A6%8F) The Group is committed to high corporate governance standards, complying with all applicable code provisions under Part 2 of Appendix C1 of the Listing Rules during the reporting period; the Board will continuously review and monitor corporate governance practices and has appointed Ms Lu Qinghua as an independent non-executive director to the Nomination Committee - During the reporting period, the Company complied with all applicable code provisions under Part 2 of the Corporate Governance Code set out in Appendix C1 of the Listing Rules[73](index=73&type=chunk) - The Board appointed Ms Lu Qinghua, an independent non-executive director, as a member of the Company's Nomination Committee, effective **June 18, 2025**[73](index=73&type=chunk) [Standard Code for Securities Transactions](index=27&type=section&id=%E9%80%B2%E8%A1%8C%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E7%9A%84%E6%A8%99%E6%BA%96%E5%AE%88%E5%88%99) The Company adopted the Standard Code set out in Appendix C3 of the Listing Rules, and all Directors confirmed compliance with its required standards during the reporting period - The Company adopted the Standard Code set out in Appendix C3 of the Listing Rules[74](index=74&type=chunk) - All Directors confirmed compliance with the required standards of the Standard Code during the reporting period[74](index=74&type=chunk) [Audit Committee](index=27&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83) The Audit Committee, comprising two independent non-executive directors and one non-executive director, reviewed the unaudited condensed consolidated interim financial statements for the reporting period, deeming them compliant with applicable accounting standards and Listing Rules, with adequate disclosures - The Audit Committee comprises two independent non-executive directors (Ms Lu Qinghua, Mr Liu Changchun) and one non-executive director (Mr Xu Zhihua)[75](index=75&type=chunk) - The Audit Committee reviewed the unaudited condensed consolidated interim financial statements for the reporting period and deemed them compliant with applicable accounting standards and Listing Rules[75](index=75&type=chunk) [Interim Dividends](index=27&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board does not recommend paying any dividend for the six months ended June 30, 2025, consistent with the prior year - The Board does not recommend paying any dividend for the six months ended June 30, 2025 (six months ended June 30, 2024: nil)[76](index=76&type=chunk) [Publication of Results Announcement and Interim Report](index=28&type=section&id=%E5%88%8A%E7%99%BC%E6%A5%AD%E7%B8%BE%E5%85%AC%E5%91%8A%E5%8F%8A%E4%B8%AD%E6%9C%9F%E5%A0%B1%E5%91%8A) This interim results announcement is published on the Company's website and the HKEX website; the interim report for the six months ended June 30, 2025, will be dispatched to shareholders requesting printed copies and published on the aforementioned websites in due course - This interim results announcement is published on the Company's website **www.czcgtl.com** and the HKEX website **www.hkexnews.hk**[77](index=77&type=chunk) - The interim report will be dispatched to shareholders requesting printed copies and published on the aforementioned websites in due course[77](index=77&type=chunk) [Acknowledgements](index=28&type=section&id=%E8%87%B4%E8%AC%9D) The Board expresses gratitude for the support from the management team, employees, shareholders, investors, and business partners - The Board expresses gratitude for the support from the management team, employees, shareholders, investors, and business partners[78](index=78&type=chunk) [Definitions](index=28&type=section&id=%E9%87%8B%E7%BE%A9) This section provides definitions for key terms used in this announcement to ensure a clear understanding of the report's content - Provides definitions for key terms used in this announcement, such as 'Directors', 'HKEX', 'Canggang Line', etc[79](index=79&type=chunk)[80](index=80&type=chunk)[81](index=81&type=chunk)[82](index=82&type=chunk)[83](index=83&type=chunk)[84](index=84&type=chunk)

Group 1 - The company, Canggang Railway (02169.HK), will hold a board meeting on August 28, 2025, to review and approve its interim results for the six months ending June 30, 2025 [1] - The meeting will also discuss the proposal for the distribution of an interim dividend, if any [1]

滄港鐵路有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2169） 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。 Canggang Railway Limited 香港，2025年8月18日 於本公告日期，本公司的執行董事為劉永亮先生及衣維明先生；本公司的非執行 董事為徐志華先生及秦少博先生；以及本公司的獨立非執行董事為劉長春先生、 趙長松先生及呂清華女士。 董事會會議召開日期 滄港鐵路有限公司（「本公司」及其附屬公司，統稱「本集團」）董事會（「董事會」）兹 通告謹定於2025年8月28日（星期四）舉行董事會會議，以（其中包括）考慮及通過 本集團截至2025年6月30日止六個月的未經審核簡明綜合中期財務資料，及考慮派 付中期股息（如有）。 承董事會命 滄港鐵路有限公司 主席 劉永亮 ...

Key Points - The top three companies with net inflows from southbound funds are Xinda Biopharmaceutical (01801) with 835 million, China Life (02628) with 403 million, and AIA Insurance (01299) with 373 million [1][2] - The top three companies with net outflows are the Tracker Fund of Hong Kong (02800) with -6.679 billion, Hang Seng China Enterprises (02828) with -2.584 billion, and Anta Sports (02020) with -782 million [1][2] - In terms of net inflow ratio, Canggang Railway (02169) leads with 66.05%, followed by Bosideng (03998) with 49.50%, and Zhengzhou Bank (06196) with 48.61% [1][2] - The companies with the highest net outflow ratios include Skyworth Group (00751) at -52.19%, Anta Sports (02020) at -50.20%, and Ruipu Lanjun (00666) at -44.79% [1][2] Net Inflow Rankings - The top ten companies by net inflow include: - Xinda Biopharmaceutical (01801) with 835 million and a closing price of 95.000 (+8.82%) [2] - China Life (02628) with 403 million and a closing price of 22.800 (+0.71%) [2] - AIA Insurance (01299) with 373 million and a closing price of 76.400 (+3.03%) [2] - Other notable companies include Ideal Automotive (02015) with 365 million and a closing price of 97.150 (+3.30%) [2] Net Outflow Rankings - The top ten companies by net outflow include: - Tracker Fund of Hong Kong (02800) with -6.679 billion and a closing price of 26.080 (+2.35%) [2] - Hang Seng China Enterprises (02828) with -2.584 billion and a closing price of 93.760 (+2.76%) [2] - Anta Sports (02020) with -782 million and a closing price of 90.000 (+0.22%) [2] - Other significant outflows include Alibaba (09988) with -267 million and a closing price of 123.700 (+6.09%) [2] Net Inflow Ratio Rankings - The top companies by net inflow ratio include: - Canggang Railway (02169) with 66.05% and a closing price of 1.310 (-0.76%) [3] - Bosideng (03998) with 49.50% and a closing price of 4.600 (+0.66%) [3] - Zhengzhou Bank (06196) with 48.61% and a closing price of 1.410 (-2.08%) [3] Net Outflow Ratio Rankings - The top companies by net outflow ratio include: - Skyworth Group (00751) with -52.19% and a closing price of 3.260 (+1.24%) [3] - Anta Sports (02020) with -50.20% and a closing price of 90.000 (+0.22%) [3] - Ruipu Lanjun (00666) with -44.79% and a closing price of 12.160 (+5.28%) [3]