高 鵬 礦 業 控 股 有 限 公 司 董 事（「董 事」）會（「董事會」）成 員 載 列 如 下。 執行董事 孫海龍先生 薛云飛先生 （行政總裁） 非執行董事 Future Bright Mining Holdings Limited 高鵬礦業控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2212） 董事會成員名單與其角色和職能 獨立非執行董事 劉智鵬教授 太平紳士 譚肇文先生 黃雲龍女士 董 事 會 設 立 三 個 董 事 委 員 會。下 表 提 供 董 事 會 成 員 在 該 等 委 員 會 中 所 擔 任 的 角 色。 | | 董事委員會 | 審核委員會 | | | 薪酬委員會 | 提名委員會 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 董 事 | | | | | | | | | 孫海龍先生 | | | | | | | | | 薛云飛先生 | | | | | | | | | 陳進先生 | | | | | | | | | 朱敏女士 | | | | | | | | | 劉智鵬教授 | 太平紳士 | 成 | 員 | 成 | 員 ...

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之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而 產生或因倚賴該等內容而引致之任何損失承擔任何責任。 Future Bright Mining Holdings Limited 高鵬礦業控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：2212） (1)委任獨立非執行董事； (2)董事委員會組成人員變動； 及 (3)符合上市規則第3.10(1)、第3.21、第3.25及第3.27A條 茲提述高鵬礦業控股有限公司（「本公司」）日期為2025年6月3 0日的公告，內容有關 （其中包括）(i)周德川先生及楊建桐先生退任本公司執行董事，以及王曉龍先生退任本公 司獨立非執行董事；及(ii)不符合香港聯合交易所有限公司證券上市規則（「上市規則」） 第3.10(1)、第3.21、第3.25及第3.27A條。 委任獨立非執行董事及董事委員會組成人員變動 本公司董事（「董事」）會（「董事會」）宣佈，譚肇文先生（「譚先生」）已獲委任為獨立非執 行董事、本公司審核委員會成員，以及本公司薪酬委員會及提名委員會主席，自2 ...

Future Bright Mining Holdings Limited 高鵬礦業控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2212） 薪酬委員會 職權範圍 組 成 秘 書 4. 本 公 司 的 公 司 秘 書 或（倘 其 缺 席）其 代 表 須 擔 任 委 員 會 秘 書（「秘 書」）。委 員 會 可不時委任具備合適資格及經驗的任何其他人士為委員會秘書。 會議次數 5. 會議應每年舉行不少於一次。每當需要或合宜時委員會成員亦可召開任何會 議。 – 1 – 2. 委 員 會 須 由 董 事 會 從 本 公 司 董 事 當 中 委 任，並 須 由 三 名 或 以 上 成 員（「成 員」） 組成，其中絕大部分須為本公司獨立非執行董事。會議法定人數應為兩名成 員。 3. 委員會主席須由董事會委任。 會議通知 6. 應在會議舉行之前至少兩天通知委員會全部成員。 該通知可於委員會成員一致同意時獲得豁免。 1. 高 鵬 礦 業 控 股 有 限 公 司（「本公司」）的 董 事 會（「董事會」）已 於 二 零 一 四 年 十 二 月 八 日 舉 行 的 會 議 議 決 成 立 董 事 委 員 會，稱 為 ...

Future Bright Mining Holdings Limited 高鵬礦業控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2212） 秘 書 5. 本 公 司 的 公 司 秘 書 或（倘 其 缺 席）其 代 表 須 擔 任 委 員 會 秘 書（「秘 書」）。委 員 會 可不時委任具備合適資格及經驗的任何其他人士為委員會秘書。 會議次數 6. 每當需要或合宜時委員會成員可召開任何會議。 授 權 提名委員會 職權範圍 組 成 1. 高 鵬 礦 業 控 股 有 限 公 司（「本公司」）的 董 事 會（「董事會」）已 於 二 零 一 四 年 十 二 月 八 日 舉 行 的 會 議 議 決 成 立 董 事 委 員 會，稱 為 提 名 委 員 會（「委員會」）。 會議成員及法定人數 – 1 – 2. 委 員 會 最 少 由 三 名 成 員（「成 員」）組 成，並 須 由 董 事 會 從 本 公 司 的 非 執 行 董 事 中 委 任，其 中 大 部 份 必 須 為 本 公 司 的 獨 立 非 執 行 董 事（「獨立非執行董事」）， 且至少須擁有一名不同性別的董事。 3. 委員會會議的法定人數為兩名成 ...

2025 中期報告 目錄 | | 頁次 | | --- | --- | | 公司資料 | 2 | | 管理層討論及分析 | 4 | | 其他資料 | 14 | | 中期簡明綜合損益表 | 19 | | 中期簡明綜合全面收益表 | 21 | | 中期簡明綜合財務狀況表 | 22 | | 中期簡明綜合權益變動表 | 24 | | 中期簡明綜合現金流量表 | 25 | | 中期簡明綜合財務資料附註 | 28 | 公司資料 董事 執行董事 孫海龍 薛云飛 （行政總裁） 楊建桐附註 1 周德川附註 1 非執行董事 陳進 朱敏 獨立非執行董事 劉智鵬教授 太平紳士 王曉龍附註 1 黃雲龍 公司秘書 胡可為 香港主要營業地點 香港九龍 柯士甸道西 1 號 環球貿易廣場 81 樓8101 室 總部及中國主要營業地點 中國湖北省 襄陽市南漳縣 城關鎮 水鏡大道207 號 註冊辦事處 Cricket Square Hutchins Drive P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands 審核委員會 黃雲龍 （主席） 劉智鵬教授 太平紳士 王曉龍附註 2 提名委員會 王曉龍 ...

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: 高鵬礦業控股有限公司 呈交日期: 2025年9月1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 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) | 02212 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | 16,000,000,000 | HKD | | 0.005 | HKD | | 80,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | 16,000,000,000 | HKD | | 0.005 | HKD | | 80,000,000 | 本月底法定/註冊股本總額： HKD 80 ...

Core Viewpoint - Gao Peng Mining (02212) reported a significant decline in revenue for the first half of 2025, indicating challenges in its operational performance [1] Financial Performance - The company reported revenue of 9.926 million, representing a year-on-year decrease of approximately 77.88% [1] - The loss attributable to shareholders was 8.76 million, which is a year-on-year narrowing of about 10% [1] - Earnings per share reflected a loss of 0.83 cents [1]

Group 1 - The company reported a revenue of 9.926 million, representing a year-on-year decrease of approximately 77.88% [1] - The company's attributable loss narrowed to 8.76 million, a year-on-year improvement of about 10% [1] - The loss per share was 0.83 cents [1]

Core Viewpoint - Gao Peng Mining (02212.HK) reported a significant decline in revenue and gross profit for the six months ending June 30, 2025, indicating ongoing financial challenges for the company [1] Financial Performance - Revenue for the period was RMB 9.926 million, representing a year-on-year decrease of 77.9% [1] - Gross profit amounted to RMB 675,000, down 38.1% compared to the previous year [1] - The loss attributable to the company's owners was RMB 8.76 million, slightly improved from a loss of RMB 9.742 million in the same period last year [1] - Basic loss per share was RMB 0.83 [1]

[Report Overview](index=1&type=section&id=Report_Overview) [Company Information and Report Statement](index=1&type=section&id=Company_Info) This announcement presents the unaudited interim results of Gaopeng Mining Holdings Limited for the six months ended June 30, 2025, including comparative financial data from the same period in 2024 - The report covers the unaudited condensed consolidated interim results of Gaopeng Mining Holdings Limited and its subsidiaries for the six months ended June 30, 2025[2](index=2&type=chunk)[3](index=3&type=chunk) [Interim Condensed Consolidated Financial Statements](index=1&type=section&id=Financial_Statements) [Interim Condensed Consolidated Statement of Profit or Loss](index=1&type=section&id=Income_Statement) For the six months ended June 30, 2025, revenue fell sharply by 77.88% to RMB 9,926 thousand, but the loss attributable to owners narrowed by 10.08% to RMB 8,760 thousand due to lower finance costs Key Data from the Interim Condensed Consolidated Statement of Profit or Loss | Indicator | 2025 (RMB'000) | 2024 (RMB'000) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 9,926 | 44,895 | -77.88% | | Cost of sales | (9,251) | (43,804) | -78.88% | | Gross profit | 675 | 1,091 | -38.13% | | Other income | 119 | 123 | -3.25% | | Selling and distribution expenses | (33) | – | N/A | | Administrative expenses | (8,225) | (7,626) | +7.86% | | Finance costs | (2,397) | (3,577) | -33.00% | | Loss before tax | (9,725) | (9,883) | -1.60% | | Loss for the period | (8,760) | (9,711) | -9.79% | | Loss attributable to owners of the Company | (8,760) | (9,742) | -10.08% | | Basic and diluted loss per share (RMB cents) | 0.83 | 0.94 | -11.70% | [Interim Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=Comprehensive_Income_Statement) For the six months ended June 30, 2025, total comprehensive loss narrowed to RMB 9,090 thousand from RMB 9,605 thousand in the prior-year period, mainly due to a smaller period loss and changes in exchange differences Key Data from the Interim Condensed Consolidated Statement of Comprehensive Income | Indicator | 2025 (RMB'000) | 2024 (RMB'000) | Change (RMB'000) | | :--- | :--- | :--- | :--- | | Loss for the period | (8,760) | (9,711) | 951 | | Exchange differences on translation of foreign operations | (330) | 105 | -435 | | Total comprehensive income for the period | (9,090) | (9,605) | 515 | | Attributable to owners of the Company | (9,090) | (9,636) | 546 | [Interim Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Financial_Position_Statement) As of June 30, 2025, the company shifted to a net current liability position due to a significant increase in current liabilities, while total non-current assets slightly decreased, resulting in reduced net assets and total equity Key Data from the Interim Condensed Consolidated Statement of Financial Position | Indicator | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | Change (RMB'000) | | :--- | :--- | :--- | :--- | | Total non-current assets | 120,513 | 121,539 | -1,026 | | Total current assets | 40,249 | 37,123 | +3,126 | | Total current liabilities | 48,187 | 33,852 | +14,335 | | Net current (liabilities)/assets | (7,938) | 3,271 | -11,209 | | Total assets less current liabilities | 112,575 | 124,810 | -12,235 | | Total non-current liabilities | 74,696 | 77,841 | -3,145 | | Net assets | 37,879 | 46,969 | -9,090 | | Total equity | 37,879 | 46,969 | -9,090 | - **Trade receivables increased significantly** to RMB 11,103 thousand as of June 30, 2025, from RMB 1,619 thousand as of December 31, 2024[6](index=6&type=chunk) - **Cash and cash equivalents decreased** to RMB 13,986 thousand as of June 30, 2025, from RMB 20,293 thousand as of December 31, 2024[6](index=6&type=chunk) - **Trade payables increased substantially** to RMB 10,949 thousand as of June 30, 2025, from RMB 503 thousand as of December 31, 2024[6](index=6&type=chunk) [Notes to the Interim Condensed Consolidated Financial Information](index=6&type=section&id=Notes_to_Financial_Information) [1. Company Information](index=6&type=section&id=Note_1_Company_Info) The company, incorporated in the Cayman Islands, primarily engages in marble block excavation and sales, marble product manufacturing, mineral commodity trading, and coal trading, and has had no controlling shareholder since January 23, 2024 - The Company is an investment holding company primarily engaged in the excavation and sale of marble blocks, production and sale of marble products, and trading of mineral commodities and coal[8](index=8&type=chunk)[11](index=11&type=chunk) - Since January 23, 2024, Zhongke Jiutai Technology Group Co, Ltd and Mr Li Yuguo ceased to be the Company's holding company and ultimate controlling shareholder, and the Company has had no controlling shareholder since then[8](index=8&type=chunk) [2. Summary of Significant Accounting Policies](index=6&type=section&id=Note_2_Accounting_Policies) The interim financial information is prepared in accordance with IAS 34, and the adoption of new and revised IFRSs effective January 1, 2025, had no material impact on the Group's financial statements - The interim condensed consolidated financial information is prepared in accordance with International Accounting Standard 34 and should be read in conjunction with the 2024 annual consolidated financial statements[9](index=9&type=chunk) - The adoption of new and revised IFRSs, including amendments to IAS 21 "Lack of Exchangeability," did not have a significant impact on the Group's interim condensed consolidated financial statements[10](index=10&type=chunk) [3. Operating Segment Information](index=7&type=section&id=Note_3_Segment_Information) The Group's operating segments include marble blocks and commodity trading, with commodity trading revenue declining sharply in H1 2025 while the marble block segment generated revenue for the first time Operating Segment Revenue and Results | Segment | 2025 Revenue (RMB'000) | 2024 Revenue (RMB'000) | 2025 Segment Results (RMB'000) | 2024 Segment Results (RMB'000) | | :--- | :--- | :--- | :--- | :--- | | Marble blocks | 102 | – | (1,634) | (1,480) | | Commodity trading | 9,824 | 44,895 | 152 | 616 | | Total | 9,926 | 44,895 | (1,482) | (864) | - **Revenue from the commodity trading segment decreased significantly** to RMB 9,824 thousand in 2025 from RMB 44,895 thousand in the same period of 2024[12](index=12&type=chunk) - The marble blocks segment generated **revenue of RMB 102 thousand for the first time** in 2025, compared to zero in the same period of 2024[12](index=12&type=chunk) [4. Revenue](index=9&type=section&id=Note_4_Revenue) Total revenue for the period was RMB 9,926 thousand, a significant decrease from the prior year, primarily due to reduced revenue from commodity trading (coal sales) Revenue Composition and Geographical Market | Product Type/Geographical Market | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Sale of scrap stones (Marble blocks) | 102 | – | | Sale of coal (Commodity trading) | 9,824 | 44,895 | | **Total** | **9,926** | **44,895** | | Mainland China | 9,926 | 44,895 | - All revenue was recognized in Mainland China and at a point in time when goods were transferred[15](index=15&type=chunk)[16](index=16&type=chunk) [5. Other Income](index=11&type=section&id=Note_5_Other_Income) Other income for the period was RMB 119 thousand, a slight decrease from the prior year, mainly comprising bank interest income and other miscellaneous income Details of Other Income | Item | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Bank interest income | 53 | 120 | | Others | 66 | 3 | | **Total** | **119** | **123** | [6. Finance Costs](index=11&type=section&id=Note_6_Finance_Costs) Finance costs for the period decreased significantly by 33% to RMB 2,397 thousand, primarily due to a substantial reduction in interest on borrowings Details of Finance Costs | Item | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Interest on lease liabilities | 146 | 44 | | Interest on discounted reclamation provision | 59 | 55 | | Interest on borrowings | 692 | 2,147 | | Interest on consideration payable for mining right | 1,500 | 1,331 | | **Total** | **2,397** | **3,577** | - **Interest on borrowings decreased sharply** to RMB 692 thousand in 2025 from RMB 2,147 thousand in 2024[18](index=18&type=chunk) [7. Loss Before Tax](index=12&type=section&id=Note_7_Loss_Before_Tax) The loss before tax for the period was RMB 9,725 thousand, a slight narrowing from the prior year, influenced by factors such as cost of sales, staff costs, depreciation, and finance costs Composition of Loss Before Tax | Item | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Cost of inventories sold | 9,251 | 43,804 | | Staff costs (wages and salaries) | 3,918 | 3,098 | | Staff costs (pension scheme contributions) | 261 | 219 | | Depreciation of property, plant and equipment | 729 | 711 | | Depreciation of right-of-use assets | 1,364 | 1,478 | | Net exchange differences | (159) | 134 | | Fair value changes of financial assets at fair value through profit or loss | (2) | 3 | - **Staff costs, including directors' remuneration, increased** to RMB 4,179 thousand in 2025 from RMB 3,317 thousand in 2024[19](index=19&type=chunk) - **Net exchange differences shifted from a loss** of RMB 134 thousand in 2024 to a gain of RMB 159 thousand in 2025[19](index=19&type=chunk) [8. Income Tax](index=13&type=section&id=Note_8_Income_Tax) The total income tax credit for the period was RMB 965 thousand, primarily from a deferred tax credit, with Mainland China subsidiaries subject to a 25% corporate income tax rate and some qualifying for preferential rates Details of Income Tax Credit | Item | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Current - Mainland China (Provision for the period) | 4 | 25 | | Deferred (Tax credit for the period) | (969) | (197) | | **Total tax credit for the period** | **(965)** | **(172)** | - Subsidiaries in Mainland China are generally subject to a 25% corporate income tax rate, while those qualifying as small and micro enterprises enjoy a reduced rate of 20% on 25% of their assessable income[20](index=20&type=chunk) [9. Loss Per Share Attributable to Ordinary Equity Holders of the Company](index=14&type=section&id=Note_9_Loss_Per_Share) The basic and diluted loss per share for the period was RMB 0.83 cents, a reduction from RMB 0.94 cents in the prior year, mainly due to the decreased loss attributable to the owners of the Company Calculation of Loss Per Share | Indicator | 2025 (RMB'000/shares) | 2024 (RMB'000/shares) | | :--- | :--- | :--- | | Loss attributable to ordinary equity holders of the Company | (8,760) | (9,742) | | Weighted average number of ordinary shares in issue | 1,053,259,200 | 1,035,897,785 | | **Basic and diluted loss per share (RMB cents)** | **0.83** | **0.94** | - Basic and diluted loss per share were the same as there were no potential dilutive ordinary shares in issue during the period[23](index=23&type=chunk) [10. Dividends](index=14&type=section&id=Note_10_Dividends) The Board of Directors did not declare or recommend the payment of an interim dividend for the six months ended June 30, 2025 - No interim dividend was declared or proposed for the six months ended June 30, 2025[25](index=25&type=chunk) [11. Property, Plant and Equipment, Right-of-Use Assets and Other Intangible Assets](index=15&type=section&id=Note_11_PPE_ROU_Intangibles) As of June 30, 2025, the carrying amounts of property, plant and equipment and right-of-use assets decreased, while other intangible assets remained unchanged, with minor additions to PPE during the period Changes in Asset Carrying Amounts | Asset Class | January 1, 2025 (RMB'000) | Additions (RMB'000) | Depreciation/Amortisation (RMB'000) | June 30, 2025 (RMB'000) | | :--- | :--- | :--- | :--- | :--- | | Property, plant and equipment | 15,816 | 186 | (729) | 15,241 | | Right-of-use assets | 5,468 | – | (1,364) | 4,048 | | Other intangible assets | 100,255 | – | – | 100,255 | [12. Trade Receivables](index=15&type=section&id=Note_12_Trade_Receivables) As of June 30, 2025, trade receivables increased significantly to RMB 11,103 thousand, with the entire balance aged within one month Ageing Analysis of Trade Receivables | Ageing | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | Within 1 month | 11,103 | 1,619 | [13. Prepayments, Deposits and Other Receivables](index=15&type=section&id=Note_13_Prepayments_Deposits_Other_Receivables) As of June 30, 2025, total prepayments, deposits, and other receivables were RMB 14,699 thousand, largely unchanged from year-end 2024, primarily consisting of a deposit for the acquisition of land use rights Details of Prepayments, Deposits and Other Receivables | Item | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | Prepayments | 963 | 725 | | Deposit paid for acquisition of land use rights | 11,505 | 11,437 | | Other deposits and receivables | 2,231 | 2,561 | | **Total** | **14,699** | **14,723** | [14. Trade Payables](index=16&type=section&id=Note_14_Trade_Payables) As of June 30, 2025, trade payables increased substantially to RMB 10,949 thousand, with the majority aged within one month Ageing Analysis of Trade Payables | Ageing | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | Within 1 month | 10,454 | – | | Over 3 months | 495 | 503 | | **Total** | **10,949** | **503** | [15. Lease Liabilities](index=16&type=section&id=Note_15_Lease_Liabilities) As of June 30, 2025, total lease liabilities decreased to RMB 2,884 thousand from RMB 4,212 thousand at year-end 2024, mainly due to a reduction in non-current lease liabilities Details of Lease Liabilities | Item | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | Current | 2,779 | 2,710 | | Non-current | 105 | 1,502 | | **Total** | **2,884** | **4,212** | [16. Borrowings](index=16&type=section&id=Note_16_Borrowings) As of June 30, 2025, long-term borrowings stood at RMB 42,708 thousand, a decrease from year-end 2024, with the borrowings being unsecured, unguaranteed, and repayable between 2027 and 2028 Details of Borrowings | Item | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | Long-term borrowings - unsecured | 42,708 | 46,708 | - The borrowings are unsecured, unguaranteed, bear interest at annual rates from 3% to 10%, and are repayable between January 25, 2027, and July 9, 2028[29](index=29&type=chunk) [17. Reclamation Provision](index=16&type=section&id=Note_17_Reclamation_Provision) As of June 30, 2025, the reclamation provision was RMB 1,804 thousand, a slight increase from year-end 2024, representing the estimated cost of mine closure and environmental restoration obligations Changes in Reclamation Provision | Item | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | At beginning of period/year | 1,745 | 1,635 | | Unwinding of discount | 59 | 110 | | **At end of period/year** | **1,804** | **1,745** | - The reclamation provision is discounted at a rate of 6.55% and represents the estimated costs for mine closure, environmental restoration, and clean-up responsibilities[31](index=31&type=chunk) [18. Share Capital](index=17&type=section&id=Note_18_Share_Capital) As of June 30, 2025, the Company's issued share capital was RMB 4,323 thousand, unchanged from year-end 2024, following a share placement in January 2024 that increased share capital and share premium Share Capital Summary | Item | Number of issued shares | Share Capital (RMB'000) | Share Premium (RMB'000) | Total (RMB'000) | | :--- | :--- | :--- | :--- | :--- | | At January 1, 2024 | 877,716,000 | 3,524 | 130,899 | 134,423 | | Placing of shares | 175,543,200 | 799 | 31,951 | 32,750 | | Share issue expenses | – | – | (622) | (622) | | **At December 31, 2024 and June 30, 2025** | **1,053,259,200** | **4,323** | **162,228** | **166,551** | - A share placement of 175,543,200 shares was completed on January 19, 2024, with net proceeds of approximately RMB 32,750 thousand, of which RMB 799 thousand was credited to share capital and RMB 31,951 thousand to share premium[32](index=32&type=chunk) [19. Related Party Transactions](index=18&type=section&id=Note_19_Related_Party_Transactions) Remuneration for key management personnel during the period was RMB 2,300 thousand, an increase from the prior year, primarily comprising salaries, allowances, and pension contributions Key Management Personnel Remuneration | Item | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Salaries, allowances and benefits in kind | 2,241 | 1,879 | | Pension scheme contributions | 59 | 50 | | **Total** | **2,300** | **1,929** | [20. Fair Value and Fair Value Hierarchy of Financial Instruments](index=18&type=section&id=Note_20_Fair_Value_Financial_Instruments) As of June 30, 2025, financial assets at fair value through profit or loss had a carrying amount and fair value of RMB 14 thousand, consisting of investments in Hong Kong listed shares measured using quoted prices in active markets (Level 1) Fair Value of Financial Assets | Item | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | Financial assets at FVPL (Carrying amount) | 14 | 12 | | Financial assets at FVPL (Fair value) | 14 | 12 | - Financial assets at fair value through profit or loss primarily consist of investments in Hong Kong listed shares, with fair value measured based on quoted prices in active markets (Level 1)[36](index=36&type=chunk)[38](index=38&type=chunk) [21. Events After the Reporting Period](index=19&type=section&id=Note_21_Subsequent_Events) The Directors are not aware of any significant events requiring disclosure that occurred after June 30, 2025, and up to the date of this announcement - The Directors are not aware of any significant events requiring disclosure that occurred after the end of the reporting period and up to the date of this announcement[39](index=39&type=chunk) [Management Discussion and Analysis](index=20&type=section&id=MD_A) [Financial Review](index=20&type=section&id=Financial_Review) During the period, the company's revenue declined significantly due to weak demand and lower prices in the coal trade, but the loss attributable to owners narrowed as finance costs were reduced through loan repayments and favorable interest rate negotiations [Revenue](index=20&type=section&id=MD_A_Revenue) Operating revenue for the period decreased by 77.88% year-on-year to approximately RMB 9.93 million, primarily due to weak market demand in China and a decline in coal prices, which significantly reduced commodity trading revenue - **Operating revenue decreased by 77.88%** year-on-year to approximately RMB 9.93 million, mainly due to weak market demand in China and a decline in coal prices[41](index=41&type=chunk) - The marble blocks segment generated **revenue of approximately RMB 100 thousand for the first time** from the sale of scrap stones from the Yiduoyan Project expansion[41](index=41&type=chunk) [Cost of Sales](index=21&type=section&id=MD_A_Cost_of_Sales) The cost of sales decreased by approximately 78.88% year-on-year to RMB 9.25 million, in line with the decline in commodity trading revenue, while the cost of scrap stones sold from the marble block segment was nil - **Cost of sales decreased by approximately 78.88%** year-on-year to about RMB 9.25 million, primarily from the coal trading business in the commodity trading segment[43](index=43&type=chunk) - The cost of scrap stones sold by the marble blocks segment was nil as they were generated from the mine expansion project and no mining operations occurred during the period[43](index=43&type=chunk) [Gross Profit and Gross Profit Margin](index=21&type=section&id=MD_A_Gross_Profit_Margin) Gross profit for the period decreased to approximately RMB 680 thousand, but the gross profit margin increased from 2.43% to 6.80%, mainly driven by the 100% margin on zero-cost scrap stone sales and an improved margin in commodity trading Gross Profit and Margin Comparison | Segment | 2025 Gross Profit Margin | 2024 Gross Profit Margin | | :--- | :--- | :--- | | Marble blocks | 100.00% | 0.00% | | Commodity trading | 5.83% | 2.43% | | **Total** | **6.80%** | **2.43%** | - The **overall gross profit margin increased from 2.43% to 6.80%**, primarily because the marble blocks segment sold scrap stones at zero cost, achieving a 100.00% gross profit margin[44](index=44&type=chunk) [Other Income](index=21&type=section&id=MD_A_Other_Income) Other income slightly decreased by approximately RMB 4 thousand to RMB 119 thousand, consisting mainly of bank interest income and miscellaneous income - Other income slightly decreased by approximately RMB 4 thousand to RMB 119 thousand, primarily comprising bank interest income and miscellaneous income[45](index=45&type=chunk) [Selling and Distribution Expenses](index=22&type=section&id=MD_A_Sales_Distribution_Expenses) Selling and distribution expenses for the period were approximately RMB 33 thousand, mainly for marble slab sample fees and related transportation costs, representing about 0.33% of revenue - Selling and distribution expenses for the period were approximately RMB 33 thousand, mainly for marble slab sample and transportation fees, accounting for about 0.33% of revenue[46](index=46&type=chunk) [Administrative Expenses](index=22&type=section&id=MD_A_Administrative_Expenses) Administrative expenses increased by approximately 7.86% to RMB 8.23 million, primarily due to higher costs for directors and staff - **Administrative expenses increased by approximately 7.86%** to about RMB 8.23 million, mainly due to an increase in director and staff costs[47](index=47&type=chunk) [Gain or Loss on Fair Value Changes of Financial Assets at Fair Value through Profit or Loss](index=22&type=section&id=MD_A_FVPL_Financial_Assets) The period recorded a net fair value gain on equity investments of approximately RMB 2 thousand, compared to a net loss of RMB 3 thousand in the prior-year period - The period recorded a **net fair value gain on equity investments of approximately RMB 2 thousand**, reversing a net loss of about RMB 3 thousand in the same period last year[48](index=48&type=chunk) [Other Operating Income](index=22&type=section&id=MD_A_Other_Operating_Income) Other operating income increased to RMB 130 thousand, primarily driven by a net foreign exchange gain of approximately RMB 160 thousand, compared to a foreign exchange loss in the prior-year period - Other operating income increased to approximately RMB 130 thousand, mainly due to a **net foreign exchange gain of about RMB 160 thousand**, compared to a net foreign exchange loss of about RMB 130 thousand in the same period last year[49](index=49&type=chunk) [Finance Costs](index=23&type=section&id=MD_A_Finance_Costs) Finance costs decreased by approximately 33% to RMB 2.4 million, mainly due to a significant reduction in interest on borrowings as the company repaid part of its loans and negotiated more favorable rates - **Finance costs decreased by approximately 33%** to about RMB 2.4 million, primarily due to a significant reduction in interest on borrowings to about RMB 690 thousand[50](index=50&type=chunk) - The company has begun repaying part of its loans and agreed on more favorable interest rates with lenders in the second quarter of 2024[50](index=50&type=chunk) [Loss Attributable to Owners of the Company](index=23&type=section&id=MD_A_Loss_Attributable_to_Owners) The loss attributable to the owners of the Company narrowed by approximately 10.06% to RMB 8.76 million - The **loss attributable to the owners of the Company narrowed by approximately 10.06%** to about RMB 8.76 million[51](index=51&type=chunk) [Business Review](index=23&type=section&id=Business_Review) During the period, business activities focused on the Yiduoyan Project's expansion, which paused mining operations but generated minor revenue from scrap stone sales, while the commodity trading business saw a sharp revenue decline due to weak market conditions [Marble and Marble-related Business](index=23&type=section&id=MD_A_Marble_Business) The company continued to focus on the expansion of the Yiduoyan Project during the period, with no excavation work conducted, but generated approximately RMB 100 thousand in revenue from selling scrap stones from the expansion - The company continued to focus on the expansion project of the Yiduoyan Project during the period, with no excavation work conducted[52](index=52&type=chunk) - The marble blocks segment generated approximately **RMB 100 thousand in revenue** from the sale of scrap stones produced during the expansion project[52](index=52&type=chunk) [Commodity Trading Business](index=24&type=section&id=MD_A_Commodity_Trading) Commodity trading revenue decreased significantly from RMB 44.9 million to RMB 9.82 million due to weak demand and lower coal prices in China, while the company actively sourced suppliers to ensure stable supply - **Commodity trading revenue decreased from approximately RMB 44.9 million to about RMB 9.82 million**, mainly due to weak demand in the Chinese market and a decline in coal prices[53](index=53&type=chunk) - The company is actively sourcing suppliers and has entered into framework procurement contracts to ensure a stable supply and quality of coal[53](index=53&type=chunk) [Yiduoyan Project](index=24&type=section&id=MD_A_Yiduoyan_Project) The mining permit for the Yiduoyan Project was successfully renewed on July 12, 2023, for a 20-year term, with an increased annual production capacity of 540,000 tonnes, paving the way for expanded future production - The mining permit for the Yiduoyan Project was successfully renewed on July 12, 2023, for a term of 20 years, until July 12, 2043[54](index=54&type=chunk) - The **permitted annual production scale increased to 540,000 tonnes** (approximately 200,000 cubic meters), a significant increase from the original 20,000 cubic meters, with plans to expand mining production in the future[54](index=54&type=chunk) [Principal Exploration, Development and Production Activities](index=25&type=section&id=MD_A_Exploration_Development_Production) No further mineral exploration was conducted during the period, while the Yiduoyan Project's expansion continued with mining operations suspended and development expenditure amounting to approximately RMB 1.05 million - No further mineral exploration work was carried out during the period, and there was no related expenditure[55](index=55&type=chunk) - The expansion of the Yiduoyan Project is ongoing with mining operations suspended, and **development expenditure was approximately RMB 1.05 million**, mainly for engineering surveys, environmental consulting, and site leveling[56](index=56&type=chunk)[57](index=57&type=chunk) [Mining Operations](index=26&type=section&id=MD_A_Mining_Operations) No excavation work was performed during the period due to the Yiduoyan Project's expansion, resulting in zero production and sales of marble blocks and a nil per-cubic-meter cost for mining activities - No excavation work was conducted during the period due to the expansion of the Yiduoyan Project, resulting in no production or sales of marble blocks[58](index=58&type=chunk) [Future Prospects](index=26&type=section&id=Future_Prospects) The company is cautiously optimistic about its marble business, planning for stable growth through expansion and new client acquisition, with regular production expected to resume in Q2 or Q3 2026, while continuing to develop its commodity trading business [Development of Marble and Marble-related Business](index=26&type=section&id=MD_A_Marble_Business_Development) The company is cautiously optimistic about the marble business, actively seeking new customers, and expects to complete the mine expansion and resume regular production and revenue generation by Q2 or Q3 2026 - The company is **cautiously optimistic about the future prospects of its marble business** and is actively exploring new customers[59](index=59&type=chunk) - The mine expansion and construction of mining facilities are expected to be completed in the **second or third quarter of 2026**, at which time regular marble production and revenue generation are expected to resume[59](index=59&type=chunk) - The company has signed sales contracts for marble slabs and received partial deposits, with more sales contracts anticipated after the expansion is completed[59](index=59&type=chunk) [Expansion of Commodity Trading Business](index=27&type=section&id=MD_A_Commodity_Trading_Expansion) The company will continue to develop its commodity trading business to diversify its business portfolio and revenue streams, while also seeking other attractive opportunities beyond coal trading as they arise - The company will continue to develop its commodity trading business to expand its business portfolio, diversify revenue sources, and enhance financial performance[60](index=60&type=chunk) - In addition to coal trading, the company will also seek other attractive business opportunities[60](index=60&type=chunk) [Major Investments](index=27&type=section&id=Major_Investments) The company had no major investments during the period - The company had no major investments during the period[61](index=61&type=chunk) [Future Plans for Major Investments and Capital Assets](index=27&type=section&id=Future_Investment_Plans) As of June 30, 2025, the Group had no other plans for major investments or capital assets beyond those already disclosed - As of June 30, 2025, the Group had no other plans for major investments or capital assets other than those disclosed in this announcement[62](index=62&type=chunk) [Interim Dividends](index=27&type=section&id=Interim_Dividends) The Board of Directors has resolved not to declare an interim dividend for the six months ended June 30, 2025 - The Board of Directors has resolved not to declare an interim dividend for the six months ended June 30, 2025[63](index=63&type=chunk) [Major Acquisitions and Disposals during the Period](index=27&type=section&id=Major_Acquisitions_Disposals) The company had no material acquisitions or disposals of subsidiaries, associates, or joint ventures during the period - The company had no material acquisitions or disposals of subsidiaries, associates, or joint ventures during the period[64](index=64&type=chunk) [Liquidity, Capital Resources and Gearing Ratio](index=27&type=section&id=Liquidity_Capital_Resources_Gearing) During the period, liquidity was primarily used for mine development and operations, funded by equity injections, third-party borrowings, and operating cash flow, resulting in a higher gearing ratio and lower current ratio - Liquidity was primarily used for mine development and operations, with funding sources including equity injections, third-party borrowings, and cash generated from operations[65](index=65&type=chunk) Liquidity and Gearing Metrics | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | Approx RMB 13.99 million | Approx RMB 20.29 million | | Borrowings | Approx RMB 42.71 million | Approx RMB 46.71 million | | Gearing ratio | 1.13 times | 0.99 times | | Current ratio | 0.84 times | 1.10 times | - The **gearing ratio** (long-term liabilities divided by total shareholders' equity) increased from 0.99 times to 1.13 times[66](index=66&type=chunk) - The **current ratio decreased from 1.10 times to 0.84 times**, indicating a weakening of short-term solvency[66](index=66&type=chunk) [Pledge of Group's Assets](index=28&type=section&id=Group_Assets_Pledged) As of June 30, 2025, the Group had no pledged assets - As of June 30, 2025, the Group had no pledged assets[67](index=67&type=chunk) [Capital Structure](index=28&type=section&id=Capital_Structure) There were no significant changes in the Group's capital structure since December 31, 2024 - There were no significant changes in the Group's capital structure since December 31, 2024[68](index=68&type=chunk) [Employees and Remuneration Policy](index=28&type=section&id=Employees_Remuneration_Policy) As of June 30, 2025, the Group had 28 full-time employees, with remuneration packages reviewed regularly, including basic salary, benefits, and training programs - As of June 30, 2025, the Group had a total of 28 full-time employees (including directors)[69](index=69&type=chunk) - Remuneration packages are reviewed periodically based on individual performance and market practices, including basic salary, benefits (such as MPF, social insurance, housing provident fund, medical benefits), and training programs[69](index=69&type=chunk) [Use of Proceeds from Placing of New Shares under General Mandate](index=29&type=section&id=Use_of_Proceeds_Share_Placement) The net proceeds of approximately RMB 32.1 million from the January 2024 share placement were allocated for the Yiduoyan Project expansion and general working capital, with the remaining balance earmarked for the project by September 2026 Use of Proceeds from Share Placement | Use | Net Proceeds Allocation (RMB million) | Amount Utilised as of June 30, 2025 (RMB million) | Unutilised Net Proceeds as of June 30, 2025 (RMB million) | | :--- | :--- | :--- | :--- | | Expansion and development of Yiduoyan Project facilities | 22.5 | 14.1 | 8.4 | | General working capital of the Group | 9.6 | 9.6 | – | | **Total** | **32.1** | **23.7** | **8.4** | - The remaining net proceeds of approximately **RMB 8.4 million are expected to be used for the expansion and development of the Yiduoyan Project facilities by September 30, 2026**[73](index=73&type=chunk) [Capital Commitments and Contingent Liabilities](index=30&type=section&id=Capital_Commitments_Contingent_Liabilities) As of June 30, 2025, the Group had no significant capital commitments or contingent liabilities - As of June 30, 2025, the Group had no significant capital commitments or contingent liabilities[74](index=74&type=chunk) [Exchange Rate Fluctuation Risk and Related Hedges](index=30&type=section&id=Exchange_Rate_Risk_Hedging) The Group's monetary assets and transactions are mainly denominated in Hong Kong dollars and Renminbi, and no financial instruments were used for hedging during the period, but the company will continue to monitor and manage exchange rate risks - The Group's monetary assets and transactions are mainly denominated in Hong Kong dollars and Renminbi, and no financial instruments were used for hedging during the period[75](index=75&type=chunk) - The company will continue to monitor relevant foreign currency risks and take necessary procedures to mitigate currency risks arising from exchange rate fluctuations at a reasonable cost[75](index=75&type=chunk) [Other Matters](index=30&type=section&id=Other_Matters) The registered capital of a subsidiary was previously frozen due to a loan dispute involving a former controlling shareholder, but the order expired in May 2025, and the Board confirms the Group provided no guarantee and suffered no material operational impact - Approximately 50% of the registered capital of the Company's wholly-owned subsidiary, Xiangyang Gaopeng Mining Co, Ltd, was previously frozen due to a loan dispute between former executive director and controlling shareholder Mr Li Yuguo and Shengjing Bank[76](index=76&type=chunk)[77](index=77&type=chunk) - The freezing order expired in May 2025, and the Board confirms the Group provided no guarantee, warranty, or asset pledge for the loan dispute, and the order had no material impact on the Group's operations[77](index=77&type=chunk) [Corporate Governance Practices](index=31&type=section&id=Corporate_Governance_Practices) The company is committed to high corporate governance standards but has deviated from the Listing Rules' code by lacking directors' liability insurance and having an insufficient number of independent non-executive directors, which also affects committee compositions - The **directors' and senior officers' liability insurance expired on January 8, 2025**, and a new policy is not yet in effect, which does not comply with code provision C.1.7 of the Corporate Governance Code[78](index=78&type=chunk) - Following the retirement of Mr Wang Xiaolong, the number of independent non-executive directors and the composition of the Audit, Remuneration, and Nomination Committees **do not meet the minimum requirements** of Listing Rules 3.10(1), 3.21, 3.25, and 3.27A[79](index=79&type=chunk)[80](index=80&type=chunk) - The company is actively seeking suitable candidates to rectify the non-compliance within three months from the date of non-compliance[80](index=80&type=chunk) [Standard Code for Securities Transactions by Directors](index=32&type=section&id=Standard_Code_Securities_Transactions) All directors confirmed their compliance with the standard code for securities transactions by directors as set out in Appendix C3 of the Listing Rules during the period - All directors have confirmed their compliance with the standard code for securities transactions by directors as set out in Appendix C3 of the Listing Rules during the period[81](index=81&type=chunk) [Purchase, Sale or Redemption of Shares](index=32&type=section&id=Share_Transactions) Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the period - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the period[82](index=82&type=chunk) [Other Information](index=33&type=section&id=Other_Information) [Events After the Reporting Period](index=33&type=section&id=Subsequent_Events_MD_A) The Directors are not aware of any significant events requiring disclosure that occurred after June 30, 2025, and up to the date of this announcement - The Directors are not aware of any significant events requiring disclosure that occurred after June 30, 2025, and up to the date of this announcement[83](index=83&type=chunk) [Review and Publication](index=33&type=section&id=Review_Publication) The Audit Committee has reviewed this announcement and the interim results, deeming them compliant with relevant accounting standards and Listing Rules, and the announcement will be published on the HKEX and company websites [Audit Committee Review of Accounts](index=33&type=section&id=Audit_Committee_Review) The Audit Committee has reviewed this announcement and the Group's unaudited financial results for the period, considering them to be prepared in accordance with relevant accounting standards and with appropriate disclosure - The Audit Committee has reviewed this announcement and the Group's unaudited financial results for the period and considers them to be prepared in accordance with relevant accounting standards and with appropriate disclosure[84](index=84&type=chunk) [Publication of Interim Results and 2025 Interim Report](index=33&type=section&id=Publication_Interim_Report) This announcement is published on the websites of the Stock Exchange and the Company, and the 2025 interim report will be published in due course - This announcement is published on the website of the Stock Exchange (www.hkexnews.hk) and the Company's website (www.futurebrightltd.com)[85](index=85&type=chunk) - The 2025 interim report will be published on the websites of the Stock Exchange and the Company in due course[85](index=85&type=chunk) [Board of Directors Composition](index=33&type=section&id=Board_of_Directors_Composition) As of the date of this announcement, the Board of Directors comprises two executive directors, two non-executive directors, and two independent non-executive directors - As of the date of this announcement, the executive directors are Mr Sun Hailong and Mr Xue Yunfei; the non-executive directors are Mr Chen Jin and Ms Zhu Min; and the independent non-executive directors are Professor Lau Chi-pang, JP and Ms Huang Yunlong[86](index=86&type=chunk)