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10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: 华滋国际海洋股份有限公司 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02258 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | 0 | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容所產生或 因依賴該等內容而引致的任何損失承擔任何責任。 華滋國際海洋股份有限公司 Watts International Maritime Company Limited （於開曼群島註冊成立的有限公司） （股份代號：2258） – 1 – 股份獎勵計劃的參與者 任何個人（作為本集團任何成員公司或任何聯屬公司的僱員、董事或高級職員， 或向本集團任何成員公司或任何聯屬公司提供諮詢、顧問、專業或其他服務的 人士），且董事會或其代表全權酌情認為其已經或將會為本集團作出貢獻者， 則屬於股份獎勵計劃的合資格人士。然而，若於擬授予、接納、歸屬及╱或結 算時，相關個人居住地的法律或法規不允許根據股份獎勵計劃授予、接納、歸 屬及╱或結算獎勵，或董事會或其代表認為，排除該人士對遵守該地區的適用 法律及法規屬必需或適宜，則該人士無權參與股份獎勵計劃，因此，該人士不 得納入合資格人士範疇。 「僱員」指本集團任何成員公司或任何聯屬公司的任何僱員（不論全職或兼職僱 員），惟在以下情況 ...

截至月份: 2025年9月30日 狀態: 新提交 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 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) | 02258 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | 10,000,000,000 | | HKD | | 0.01 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | 0 | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | 本月底法定/註冊股本總額： HKD 100,000,000 FF301 ...

华滋国际海洋股份有限公司 Watts International Maritime Company Limited （於開曼群島註冊成立的有限公司） 股份代號 : 2258 中期報告 2025 Interim Report 2025 (Incorporated in the Cayman Islands with limited liability) Stock code : 2258 华滋国际海洋股份有限公司 Watts International Maritime Company Limited Watts International Maritime Company Limited 华滋国际海洋股份有限公司 Interim Report 2025 中期報告 C M Y CM MY CY CMY K ai175812143885_Watts International IR2025 Cover V01B 7MM OP.pdf 1 17/9/2025 下午11:03 目錄 | 公司資料 | 2 | | --- | --- | | 管理層討論與分析 | 4 | | 權益披露及其他資料 | 10 | | 簡明合 ...

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: 华滋国际海洋股份有限公司 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) | 02258 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | 0 | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | ...

Group 1 - The company reported a revenue of 750 million RMB for the six months ending June 30, 2025, representing a year-on-year growth of 4.8% [1] - The net profit for the period was 15.702 million RMB, a significant improvement from a loss of 124 million RMB in the same period last year [1] - Basic earnings per share were 1.92 cents [1] Group 2 - Despite facing challenges such as intense market competition and reduced demand, the company managed to achieve a slight recovery in revenue through strengthened project management [1]

Group 1 - The core point of the article is that Huazi International Marine (02258.HK) reported a consolidated revenue of RMB 750 million for the first half of 2025, representing an approximate year-on-year increase of 4.8% [1] - The company achieved a profit of RMB 15.7 million during the period, a significant turnaround from a loss of RMB 124 million in the same period last year [1]

于2025年上半年，虽受市场竞争激烈，需求收缩等不利影响，但集团持续加强项目管理，收入实现小幅 回升。 智通财经APP讯，华滋国际海洋(02258)发布截至2025年6月30日止六个月业绩，收入7.5亿元(人民币， 下同)，同比增长4.8%;净利润1570.2万元，上年同期亏损1.24亿元;每股基本盈利1.92分。 ...

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) The Group achieved significant financial improvement for the six months ended June 30, 2025, with 4.8% revenue growth and a turnaround to a profit of RMB 15,702 thousand Financial Highlights (RMB thousand) | Indicator | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 749,658 | 715,208 | | Gross Profit | 49,910 | 44,334 | | Profit/(Loss) Before Income Tax | 18,444 | (99,163) | | Profit/(Loss) for the Period | 15,702 | (123,868) | | Total Comprehensive Income/(Loss) for the Period Attributable to Owners of the Company | 13,563 | (106,011) | | Basic and Diluted Earnings/(Loss) Per Share (RMB cents) | 1.92 | (15.12) | | **Statement of Financial Position (Period-end):** | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | Total Assets | 3,298,688 | 3,347,474 | | Total Equity | 710,484 | 696,921 | [Condensed Consolidated Interim Financial Statements](index=2&type=section&id=Interim%20Results%20for%20the%20Six%20Months%20Ended%20June%2030%2C%202025) This section presents the unaudited condensed consolidated interim financial statements for the six months ended June 30, 2025, detailing the Group's financial position and performance - The Board approved the unaudited consolidated interim results for the six months ended June 30, 2025, on August 26, 2025[3](index=3&type=chunk) [Condensed Consolidated Interim Statement of Comprehensive Income](index=3&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group reported RMB 749,658 thousand revenue and RMB 15,702 thousand profit, a significant improvement Condensed Consolidated Interim Statement of Comprehensive Income (RMB thousand) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 749,658 | 715,208 | | Cost of Sales | (699,748) | (670,874) | | Gross Profit | 49,910 | 44,334 | | Operating Profit/(Loss) | 26,421 | (89,789) | | Profit/(Loss) Before Income Tax | 18,444 | (99,163) | | Income Tax Expense | (2,742) | (24,705) | | Profit/(Loss) for the Period | 15,702 | (123,868) | | Total Comprehensive Income/(Loss) for the Period Attributable to Owners of the Company | 13,563 | (106,011) | | Basic and Diluted Earnings/(Loss) Per Share | 1.92 | (15.12) | [Condensed Consolidated Interim Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets were RMB 3,298,688 thousand, with total equity increasing to RMB 710,484 thousand Condensed Consolidated Interim Statement of Financial Position (RMB thousand) | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | **Assets:** | | | | Non-current Assets | 752,959 | 680,641 | | Current Assets | 2,545,729 | 2,666,833 | | Total Assets | 3,298,688 | 3,347,474 | | **Equity:** | | | | Total Equity | 710,484 | 696,921 | | **Liabilities:** | | | | Non-current Liabilities | 111,396 | 176,221 | | Current Liabilities | 2,476,808 | 2,474,332 | | Total Liabilities | 2,588,204 | 2,650,553 | | Total Equity and Total Liabilities | 3,298,688 | 3,347,474 | [Notes to the Condensed Consolidated Interim Financial Statements](index=6&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Statements) This section provides detailed notes to the condensed consolidated interim financial statements, offering deeper context and explanation for the financial data [1 General Information](index=6&type=section&id=1%20General%20Information) Wison Offshore & Marine Co., Ltd. is a Cayman Islands-incorporated investment holding company listed on the HKEX, operating in marine and municipal engineering - The Company is incorporated in the Cayman Islands as an investment holding company, with its subsidiaries primarily engaged in marine construction and municipal engineering in mainland China and Southeast Asia[7](index=7&type=chunk) - The Company's shares were listed on the Main Board of The Stock Exchange of Hong Kong Limited on November 19, 2018[7](index=7&type=chunk) [2 Basis of Preparation](index=7&type=section&id=2%20Basis%20of%20Preparation) The condensed consolidated interim financial statements are prepared under HKAS 34, with consistent accounting policies and no significant impact from new standards, except for HKFRS 18 still under assessment - The condensed consolidated interim financial statements are prepared in accordance with Hong Kong Accounting Standard 34 Interim Financial Reporting[10](index=10&type=chunk) - The new and amended standards adopted by the Group have not had any significant impact on the amounts recognized in prior periods and are not expected to have a significant impact on the current or future periods[12](index=12&type=chunk) - Hong Kong Financial Reporting Standard 18 (Presentation and Disclosure in Financial Statements) is expected to primarily affect the presentation of the consolidated statement of comprehensive income, and the Group is still assessing its impact[13](index=13&type=chunk)[14](index=14&type=chunk) [3 Segment Information](index=8&type=section&id=3%20Segment%20Information) The Group's business is segmented into marine and municipal engineering, with detailed financial performance and asset information provided by segment and region [3 (a) Description of Segments and Principal Activities](index=8&type=section&id=3%20%28a%29%20Description%20of%20Segments%20and%20Principal%20Activities) The Group's two reportable segments are marine construction, encompassing port and waterway projects, and municipal engineering, covering urban infrastructure and landscaping - The Group's two reportable segments are marine construction (including port infrastructure construction, waterway engineering and other services) and municipal engineering construction (including urban public infrastructure construction, urban greening and building construction)[16](index=16&type=chunk) [3 (b) Segment Results and Other Information](index=9&type=section&id=3%20%28b%29%20Segment%20Results%20and%20Other%20Information) In H1 2025, marine construction revenue was RMB 244,471 thousand and municipal engineering revenue was RMB 505,187 thousand, with varied performance across segments Segment Results for the Six Months Ended June 30, 2025 (RMB thousand) | Indicator | Marine Construction | Municipal Engineering Construction | Total | | :--- | :--- | :--- | :--- | | Revenue | 244,471 | 505,187 | 749,658 | | Cost of Sales | (212,276) | (487,472) | (699,748) | | Gross Profit | 32,195 | 17,715 | 49,910 | | Total Segment Assets as of June 30, 2025 | 1,251,854 | 2,149,504 | 3,298,688 | | Total Segment Liabilities as of June 30, 2025 | 816,659 | 1,874,215 | 2,588,204 | Segment Results for the Six Months Ended June 30, 2024 (RMB thousand) | Indicator | Marine Construction | Municipal Engineering Construction | Total | | :--- | :--- | :--- | :--- | | Revenue | 300,050 | 415,158 | 715,208 | | Cost of Sales | (272,740) | (398,134) | (670,874) | | Gross Profit | 27,310 | 17,024 | 44,334 | | Total Segment Assets as of December 31, 2024 | 1,357,587 | 2,129,116 | 3,347,474 | | Total Segment Liabilities as of December 31, 2024 | 915,493 | 1,874,289 | 2,650,553 | [3 (c) Revenue from Contracts with Customers and Cost of Sales](index=11&type=section&id=3%20%28c%29%20Revenue%20from%20Contracts%20with%20Customers%20and%20Cost%20of%20Sales) In H1 2025, China's revenue was RMB 693,552 thousand with significant growth, while Southeast Asia's revenue was RMB 56,106 thousand with substantial declines Revenue and Cost of Sales by Geographical Region (RMB thousand) | Region | H1 2025 Revenue | H1 2025 Cost of Sales | H1 2025 Gross Profit | H1 2024 Revenue | H1 2024 Cost of Sales | H1 2024 Gross Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | China | 693,552 | (648,603) | 44,949 | 562,175 | (528,696) | 33,479 | | Southeast Asia | 56,106 | (51,145) | 4,961 | 153,033 | (142,178) | 10,855 | [3 (d) Segment Assets by Geographical Region](index=11&type=section&id=3%20%28d%29%20Segment%20Assets%20by%20Geographical%20Region) As of June 30, 2025, non-current assets totaled RMB 70,606 thousand, with China at RMB 67,371 thousand and Southeast Asia at RMB 3,235 thousand Non-current Assets by Geographical Region (RMB thousand) | Region | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | China | 67,371 | 72,325 | | Southeast Asia | 3,235 | 2,208 | | Total | 70,606 | 74,533 | [3 (e) Contract Assets and Liabilities](index=12&type=section&id=3%20%28e%29%20Contract%20Assets%20and%20Liabilities) As of June 30, 2025, total contract assets were RMB 785,795 thousand, decreasing from 2024, while total contract liabilities significantly increased to RMB 166,220 thousand Contract Assets and Liabilities (RMB thousand) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Contract Assets | 785,795 | 840,762 | | Total Contract Liabilities | 166,220 | 69,065 | | **Contract Assets (Current Portion):** | | | | Marine Construction | 114,494 | 172,356 | | Municipal Engineering Construction | 147,029 | 220,203 | | Less: Impairment Provision | (16,757) | (20,869) | | **Contract Assets (Non-current Portion):** | | | | Marine Construction | 47,431 | 24,258 | | Municipal Engineering Construction | 521,800 | 474,071 | | Less: Impairment Provision | (28,202) | (29,257) | | **Contract Liabilities:** | | | | Marine Construction | 61,137 | 9,916 | | Municipal Engineering Construction | 105,083 | 59,149 | [4 Income Tax Expense](index=13&type=section&id=4%20Income%20Tax%20Expense) H1 2025 income tax expense decreased significantly by 89.1% to RMB 2,742 thousand, mainly due to reduced deferred tax, with varying rates across jurisdictions Income Tax Expense (RMB thousand) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Current Income Tax | 2,204 | 3,463 | | Deferred Income Tax | 538 | 21,242 | | Income Tax Expense — Net | 2,742 | 24,705 | - Chinese subsidiaries are subject to a corporate income tax rate of **25%**, with Shanghai Sanhang Benteng Offshore Engineering Co., Ltd. and Shanghai Wison Environmental Technology Co., Ltd. enjoying a preferential rate of **15%** as high-tech enterprises[28](index=28&type=chunk)[29](index=29&type=chunk) - Hong Kong profits tax rate is **16.5%**, Brunei income tax rate is **18.5%**, Indonesian construction service income tax rate is **2.65%** (2.65%-4% in 2024), Malaysian income tax rate is **24%**, and Saudi Arabian income tax rate is **20%**[27](index=27&type=chunk)[30](index=30&type=chunk)[31](index=31&type=chunk)[32](index=32&type=chunk)[33](index=33&type=chunk) [5 Basic and Diluted Earnings/(Loss) Per Share](index=15&type=section&id=5%20Basic%20and%20Diluted%20Earnings%2F%28Loss%29%20Per%20Share) For H1 2025, basic earnings per share were **RMB 1.92 cents**, a turnaround from a **RMB 15.12 cents loss** in the prior period, with no dilution effect Basic and Diluted Earnings/(Loss) Per Share (RMB thousand) | Indicator | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Profit/(Loss) Attributable to Owners of the Company (RMB thousand) | 15,702 | (123,868) | | Weighted Average Number of Ordinary Shares in Issue (thousand shares) | 819,008 | 819,008 | | Basic Earnings/(Loss) Per Share (RMB cents) | 1.92 | (15.12) | - As of June 30, 2025 and 2024, there were no dilutive potential ordinary shares outstanding, thus diluted earnings per share were the same as basic earnings per share[37](index=37&type=chunk) [6 Trade and Other Receivables](index=16&type=section&id=6%20Trade%20and%20Other%20Receivables) As of June 30, 2025, total trade and other receivables were RMB 1,898,094 thousand, with RMB 9,266 thousand of bills receivable pledged as collateral Trade and Other Receivables (RMB thousand) | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade Receivables and Bills Receivable — Net | 975,560 | 1,190,972 | | Retention Receivables — Net | 269,477 | 263,310 | | Long-term Trade Receivables — Net | 38,602 | 42,176 | | Other Receivables | 329,239 | 233,503 | | Prepayments | 284,554 | 163,364 | | Prepaid Taxes | 662 | 4,588 | | Total | 1,898,094 | 1,897,913 | | Current Portion | 1,796,308 | 1,801,358 | | Non-current Portion | (101,786) | (96,555) | - As of June 30, 2025, bills receivable with a net carrying amount of **RMB 9,266 thousand** were pledged as collateral for the Group's bank borrowings (2024: RMB 20,208 thousand)[39](index=39&type=chunk) - As of June 30, 2025, the Group pledged long-term trade receivables with a carrying amount of approximately **RMB 40,830 thousand** for long-term bank borrowings of **RMB 7,000 thousand**[40](index=40&type=chunk) [7 Trade and Other Payables](index=19&type=section&id=7%20Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables decreased to RMB 2,054,187 thousand, including RMB 1,371,341 thousand in trade payables and bills Trade and Other Payables (RMB thousand) | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade Payables | 1,352,341 | 1,543,705 | | Bills Payable | 19,000 | 21,000 | | Retention Payables | 192,188 | 219,016 | | Long-term Payables | 191,490 | 184,725 | | Employee Salaries and Social Security | 18,526 | 20,635 | | Other Payables | 182,704 | 150,806 | | Other Tax Liabilities | 97,938 | 137,671 | | Total | 2,054,187 | 2,277,558 | | Current Portion | 1,993,588 | 2,109,717 | | Non-current Portion | (60,599) | (167,841) | Ageing Analysis of Trade Payables and Bills Payable (RMB thousand) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 3 months | 119,016 | 265,693 | | 4 to 6 months | 288,632 | 267,195 | | 7 to 12 months | 313,157 | 318,465 | | 1 to 2 years | 258,152 | 291,577 | | 2 to 3 years | 111,400 | 131,263 | | Over 3 years | 280,984 | 290,512 | | Total | 1,371,341 | 1,564,705 | [8 Dividends](index=21&type=section&id=8%20Dividends) The Board does not recommend an interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[44](index=44&type=chunk) [9 Commitments](index=22&type=section&id=9%20Commitments) As of June 30, 2025, the Group and Company had no significant capital commitments, with minimum operating lease payments of RMB 1,808 thousand - As of June 30, 2025, the Group and the Company had no significant capital commitments[45](index=45&type=chunk) Minimum Lease Payments Under Non-Cancellable Operating Leases (RMB thousand) | Term | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Not later than 1 year | 1,808 | 866 | | Later than 1 year but not later than 2 years | — | 129 | | Total | 1,808 | 995 | [10 Events After the Reporting Period](index=22&type=section&id=10%20Events%20After%20the%20Reporting%20Period) No other significant events occurred for the Company or Group after June 30, 2025 - The Company or the Group did not undertake any other significant events after June 30, 2025[48](index=48&type=chunk) [Management Discussion and Analysis](index=23&type=section&id=Management%20Discussion%20and%20Analysis) This section details the Group's H1 2025 business performance, market environment, and future strategies, highlighting revenue growth and a profit turnaround through enhanced project management [Business Review](index=23&type=section&id=Business%20Review) In H1 2025, the Group achieved a slight revenue rebound through enhanced project management, with marine construction at RMB 244.5 million and municipal engineering at RMB 505.2 million - In H1 2025, the Group continued to strengthen project management, achieving a slight revenue rebound despite intense market competition and contracting demand[50](index=50&type=chunk) Revenue Recognized During the Reporting Period (Unaudited, RMB million) | Segment | Revenue | | :--- | :--- | | Marine Construction | 244.5 | | Municipal Engineering Construction | 505.2 | | Total | 749.7 | [Future Plans and Prospects](index=23&type=section&id=Future%20Plans%20and%20Prospects) The Group plans to consolidate market share, expand into new businesses like environmental engineering, and optimize overseas presence for high-quality, sustainable development - The Group will further consolidate its leading advantages in the port, waterway, municipal, and construction industries, stabilize existing market share, adjust business development strategies as appropriate, actively explore new business markets, and gradually expand the proportion of environmental engineering business[53](index=53&type=chunk) - The Group will continue to optimize its overseas presence, further promote overseas business towards "high-quality, sustainable" development, leverage industry-leading advantages, strengthen cooperation, form synergies, and continuously enhance the Group's overall competitiveness[53](index=53&type=chunk) [Financial Overview](index=24&type=section&id=Financial%20Overview) This section reviews the Group's H1 2025 financial performance, covering revenue, costs, expenses, tax, receivables, payables, liquidity, capital structure, and asset pledges [Revenue](index=24&type=section&id=Revenue) H1 2025 consolidated revenue grew by **4.8%** to **RMB 749.7 million**, driven by improved project management, with China contributing **RMB 693.6 million** - The Group's consolidated revenue for H1 2025 was **RMB 749.7 million**, an increase of approximately **4.8%** year-on-year compared to RMB 715.2 million in the same period of the previous fiscal year[54](index=54&type=chunk) - The increase in revenue was primarily due to the Group's strengthened project management accelerating project progress[54](index=54&type=chunk) - Revenues from China and Southeast Asia in H1 2025 were recorded at **RMB 693.6 million** and **RMB 56.1 million**, respectively[54](index=54&type=chunk) [Cost of Sales and Gross Profit](index=24&type=section&id=Cost%20of%20Sales%20and%20Gross%20Profit) H1 2025 consolidated cost of sales increased by **4.3%** to **RMB 699.8 million**, while gross profit rose by **12.6%** to **RMB 49.9 million** - Consolidated cost of sales for H1 2025 was **RMB 699.8 million**, an increase of **4.3%** compared to RMB 670.9 million in H1 2024[55](index=55&type=chunk) - The Group's consolidated gross profit from principal activities was **RMB 49.9 million**, an increase of **12.6%** compared to RMB 44.3 million in H1 2024[56](index=56&type=chunk) - Costs of raw materials and consumables used increased by **8.5%**, and subcontracting costs decreased by **5.4%**, respectively[56](index=56&type=chunk) [Administrative Expenses](index=25&type=section&id=Administrative%20Expenses) H1 2025 administrative expenses decreased by **15.2%** to **RMB 36.7 million**, driven by personnel cost control and reassessed impairment provisions - Administrative expenses for H1 2025 were **RMB 36.7 million**, a decrease of **15.2%** compared to RMB 43.3 million in H1 2024[57](index=57&type=chunk) - The decrease was mainly due to strengthened personnel cost control and the reassessment of impairment provisions for investment properties[57](index=57&type=chunk) [Income Tax Expense](index=25&type=section&id=Income%20Tax%20Expense) H1 2025 income tax expense significantly decreased by **89.1%** to **RMB 2.7 million**, primarily due to reduced deferred income tax - The Group's income tax expense for H1 2025 was **RMB 2.7 million**, a decrease of **89.1%** compared to RMB 24.7 million in H1 2024[58](index=58&type=chunk) - The decrease was mainly attributable to a reduction in deferred income tax expenses during the reporting period[58](index=58&type=chunk) [Trade and Other Receivables](index=25&type=section&id=Trade%20and%20Other%20Receivables) As of June 30, 2025, net trade and other receivables slightly increased to **RMB 1,898.1 million**, while net contract assets decreased by **RMB 55 million** - As of June 30, 2025, the Group's net trade and other receivables increased to **RMB 1,898.1 million** (December 31, 2024: RMB 1,897.9 million)[59](index=59&type=chunk) - The Group's net contract assets decreased by **RMB 55 million** from RMB 840.8 million as of December 31, 2024, to **RMB 785.8 million** as of June 30, 2025[59](index=59&type=chunk) [Trade and Other Payables](index=25&type=section&id=Trade%20and%20Other%20Payables) As of June 30, 2025, trade and other payables decreased to **RMB 2,054.2 million**, primarily due to the payment of amounts due - As of June 30, 2025, the Group's trade and other payables decreased to **RMB 2,054.2 million** (December 31, 2024: RMB 2,277.6 million)[60](index=60&type=chunk) - The decrease was mainly due to the payment of amounts due[60](index=60&type=chunk) [Liquidity, Capital Structure and Gearing Ratio](index=26&type=section&id=Liquidity%2C%20Capital%20Structure%20and%20Gearing%20Ratio) As of June 30, 2025, the Group maintained a healthy liquidity position with net current assets of **RMB 68.9 million** and cash of **RMB 371.4 million**, while the gearing ratio decreased to **78.5%** - As of June 30, 2025, the Group's net current assets and cash and cash equivalents were approximately **RMB 68.9 million** (December 31, 2024: RMB 192.5 million) and **RMB 371.4 million** (December 31, 2024: RMB 342.7 million), respectively[61](index=61&type=chunk) - The Group's gearing ratio (calculated as total liabilities divided by total assets) as of June 30, 2025, was **78.5%** (December 31, 2024: 79.2%)[61](index=61&type=chunk) - The Group's bank borrowings as of June 30, 2025, were **RMB 352.4 million** (December 31, 2024: RMB 280.5 million)[61](index=61&type=chunk) [Pledge of Assets](index=26&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, the Group pledged **RMB 40.8 million** in long-term trade receivables and **RMB 9.3 million** in bills receivable as collateral for bank borrowings - As of June 30, 2025, the Group pledged long-term trade receivables with a carrying amount of approximately **RMB 40.8 million** for long-term bank borrowings of **RMB 7.0 million**[62](index=62&type=chunk) - As of June 30, 2025, bills receivable with a net carrying amount of **RMB 9.3 million** were pledged as collateral for the Group's bank borrowings of **RMB 9.3 million**[62](index=62&type=chunk) [Foreign Exchange](index=26&type=section&id=Foreign%20Exchange) The Group primarily transacts in major currencies like RMB, HKD, and USD, mitigating foreign exchange risk through contract and payment currency alignment without hedging - The Group's business primarily transacts in major currencies and has not adopted any hedging policy[63](index=63&type=chunk) - Foreign exchange risk is mitigated by using major currencies as the primary currency for contracts entered into with customers and for settling payments to suppliers and operating expenses[63](index=63&type=chunk) [Capital Expenditure and Commitments](index=27&type=section&id=Capital%20Expenditure%20and%20Commitments) The Group's capital expenditure is typically funded by operating cash flows, with no significant capital commitments as of June 30, 2025 - The Group generally funds its capital expenditure with cash flows from operations[64](index=64&type=chunk) - As of June 30, 2025, the Group had no significant capital commitments[65](index=65&type=chunk) [Contingent Liabilities](index=27&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities - As of June 30, 2025, the Group had no significant contingent liabilities[66](index=66&type=chunk) [Significant Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures](index=27&type=section&id=Significant%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%2C%20Associates%20and%20Joint%20Ventures) For H1 2025, the Group had no significant acquisitions or disposals of subsidiaries, associates, or joint ventures - For the six months ended June 30, 2025, the Group had no significant acquisitions or disposals of subsidiaries, associates, and joint ventures[67](index=67&type=chunk) [Material Investments Held](index=27&type=section&id=Material%20Investments%20Held) As of June 30, 2025, the Group held no material investments and had no related future plans - As of June 30, 2025, the Group had no material investments or future plans regarding material investments or capital assets[68](index=68&type=chunk) [Interim Dividend](index=27&type=section&id=Interim%20Dividend) The Board resolved not to declare an interim dividend for H1 2025, prioritizing sufficient cash flow for operations and expansion - The Board resolved not to declare any dividend for the six months ended June 30, 2025[69](index=69&type=chunk) - This decision was primarily made to maintain sufficient cash flow for daily operations and expansion needs[69](index=69&type=chunk) [Employees and Remuneration Policy](index=27&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had **441 employees**, with remuneration based on local laws, and employee costs of approximately **RMB 30.2 million** for the period - As of June 30, 2025, the Group had **441 employees**[70](index=70&type=chunk) - All employee remuneration has been paid in accordance with relevant laws and regulations in China, Indonesia, Brunei, Malaysia, and Hong Kong[70](index=70&type=chunk) - During the reporting period, the Group's employee costs (including directors' emoluments) were approximately **RMB 30.2 million** (six months ended June 30, 2024: approximately RMB 38.2 million)[70](index=70&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=28&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) During the reporting period, neither the Company nor its subsidiaries purchased, sold, or redeemed any listed securities - During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[72](index=72&type=chunk) [Corporate Governance Code](index=28&type=section&id=Corporate%20Governance%20Code) The Company has adopted and complied with all applicable code provisions of the Corporate Governance Code in Appendix C1 to the Listing Rules - The Company has adopted all code provisions in Part 2 of the Corporate Governance Code set out in Appendix C1 to the Listing Rules as its own corporate governance code and has complied with all applicable code provisions during the reporting period[73](index=73&type=chunk) [Standard Code for Securities Transactions by Directors](index=28&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) All Directors confirmed full compliance with the Standard Code for Securities Transactions by Directors of Listed Issuers during the reporting period - All Directors confirmed that they have fully complied with the Company's own code of conduct and the relevant provisions of the Standard Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 to the Listing Rules during the reporting period[74](index=74&type=chunk) [Audit Committee Review of Interim Results](index=28&type=section&id=Audit%20Committee%20Review%20of%20Interim%20Results) The Audit Committee reviewed the Group's unaudited condensed consolidated interim financial statements for the period, raising no objections to accounting policies - The Audit Committee has discussed and reviewed the Group's unaudited condensed consolidated interim financial statements for the reporting period with the Company's management[75](index=75&type=chunk) - The Audit Committee raised no objections regarding the accounting policies adopted by the Company[75](index=75&type=chunk) [Other Disclosures](index=29&type=section&id=Other%20Disclosures) This section covers the publication of interim results and report, definitions of terms, and Board orders [Publication of Interim Results and Interim Report](index=29&type=section&id=Publication%20of%20Interim%20Results%20and%20Interim%20Report) This interim results announcement is published on HKEXnews and the Company's website; the 2025 interim report will be dispatched to shareholders and published online - This interim results announcement is published on the HKEXnews website http://www.hkexnews.hk and the Company's website http://www.shbt-china.com[76](index=76&type=chunk) - The 2025 interim report, containing all information required by the Listing Rules, will be dispatched to shareholders in due course and published on the aforementioned websites[76](index=76&type=chunk) [Definitions](index=29&type=section&id=Definitions) This section defines key terms used in the announcement, covering company entities, currencies, committees, and geographical regions - This section provides definitions for key terms used in the announcement, such as "Audit Committee", "BND", "Board", "Company", "Directors", "Group", "HKD", "IDR", "Listing Rules", "Major Currencies", "PRC", "Remuneration Committee", "RMB", "Reporting Period", "Shares", "Shareholders", "Stock Exchange", and "USD"[77](index=77&type=chunk)[78](index=78&type=chunk) [By Order of the Board](index=30&type=section&id=By%20Order%20of%20the%20Board) This announcement is issued by Mr. Wang Xiuchun on behalf of the Board, listing Board members as of the announcement date - This announcement is issued by Mr. Wang Xiuchun, Chairman and Executive Director, on behalf of the Board[78](index=78&type=chunk) - As of the date of this announcement, the Board members include Executive Directors Mr. Wang Xiuchun, Ms. Wan Yun, Mr. Wang Lijiang, and Mr. Wang Likai; Non-executive Director Mr. Wang Shizhong; Independent Non-executive Directors Mr. Wang Hongwei, Mr. Hou Siming, and Mr. Sun Dajian[79](index=79&type=chunk)

格隆汇8月13日丨华滋国际海洋(02258.HK)公告，董事会会议将于2025年8月26日(星期二)举行，藉以(其 中包括)考虑及批准公司及其附属公司截至2025年6月30日止6个月中期业绩及其发布，并考虑派发中期 股息(如有)。 ...