[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)。 ...

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份內容而產生或因 倚賴該等內容而引致之任何損失承擔任何責任。 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） 董事會會議通告 华滋国际海洋股份有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈， 董事會會議將於二零二五年八月二十六日（星期二）舉行，藉以（其中包括）考 慮及批准本公司及其附屬公司截至二零二五年六月三十日止六個月之中期業 績及其發佈，並考慮派發中期股息（如有）。 承董事會命 华滋国际海洋股份有限公司 主席兼執行董事 王秀春 上海，二零二五年八月十三日 於本公告日期，董事會成員包括執行董事王秀春先生、萬雲女士、王利江先生及王利凱先生； 非執行董事王士忠先生；獨立非執行董事王洪衛先生、侯思明先生及孫大建先生。 ...

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7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8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 | ...

资料显示，华滋国际海洋股份有限公司(以下简称"华滋国际海洋"或"集团")是中国领先的港口与航道工 程服务商,集团专注于港口基础设施工程、航道及其他工程,并于2019年底通过收购将业务进一步拓展到 市政工程业务。多年来,集团已逐步将业务拓展到长江三角洲、珠江三角洲以及华中、华北等中国大部 分地区,并跟随'一带一路'倡议,在文莱及印尼等多个国家和地区开展工程施工及技术业务,服务客户涵盖 电力、航运、能源、化工、市政、房地产等行业,致力于为不同地区的跨行业客户提供专业工程服务。 5月27日，截至港股收盘，恒生指数上涨0.43%，报23381.99点。华滋国际海洋（02258.HK）收报0.195 港元/股，上涨8.33%，成交量2000股，成交额390港元，振幅0.0%。 最近一个月来，华滋国际海洋累计涨幅0%，今年来累计跌幅10%，跑输恒生指数16.06%的涨幅。 财务数据显示，截至2024年12月31日，华滋国际海洋实现营业总收入15.34亿元，同比减少28.43%；归 母净利润-6924.9万元，同比减少325.2%；毛利率6.42%，资产负债率79.18%。 机构评级方面，目前暂无机构对该股做出投资评级建议 ...

中证智能财讯 华滋国际海洋（02258）4月23日披露2024年度报告。报告期内，公司实现营业总收入15.37亿元，同比下降28.4%；归母净利润亏损6924.9万 元，上年同期盈利3075万元；经营活动产生的现金流量净额为-1006万元，上年同期为-2.24亿元；据报告显示，华滋国际海洋基本每股收益为-0.0846元，加 权平均净资产收益率为-9.45%。 市净率(LF)历史分位(%) 100 ଛି ୨୦ 82-56 80 70 60 57621 50 43.6 40 35.4 30 28:02 20 76:86 14:42 10 8.37 0 2019-12-37 -12-37 2n- 制图数据来自恒生聚源数据库 以4月23日收盘价计算，华滋国际海洋目前市净率（TTM）约0.2倍，市销率（TTM）约0.09倍。 市盈率(TTM)历史分位(%) 001 900 80 80p2 70 -68-45 60 50 40 36.3 3 1691 30 20 24456 20 12:67 10 4.26 0 122-06-30 | : 2019-12-37 I · 7-12-37 ' 0-06-30 2-12-37 ...

Financial Performance - The company's total revenue for the fiscal year 2024 was approximately RMB 1,534.2 million, representing a decrease of about 28.4% compared to the previous year[11][18]. - Revenue from the marine construction segment was approximately RMB 497.2 million, while the municipal engineering construction segment generated about RMB 1,037.0 million[12]. - The marine construction segment's revenue decreased by approximately 31.4%, and the municipal engineering construction segment's revenue fell by about 26.9%[19]. - The group's consolidated revenue for 2024 was RMB 1,534.2 million, a decrease of approximately 28.4% compared to RMB 2,143.7 million in the previous fiscal year[23]. - The consolidated cost of sales for 2024 was RMB 1,435.7 million, a reduction of 27.1% from RMB 1,970.1 million in 2023[24]. - The group's gross profit for 2024 was RMB 98.5 million, down 43.2% from RMB 173.6 million in 2023[24]. - The operating loss for 2024 was RMB 48.8 million, a decline of 172.9% compared to an operating profit of RMB 67.0 million in 2023[27]. - Administrative expenses increased by 18.2% to RMB 99.2 million in 2024, up from RMB 83.9 million in 2023[28]. - The total employee cost for the group was approximately RMB 666 million for the reporting period, a decrease from RMB 717 million in the previous year[86]. Strategic Goals and Market Position - The company aims to achieve revenue growth in 2025 by leveraging its traditional strengths in port, channel, marine, and municipal engineering, while also enhancing its environmental technology business[13][15]. - The company plans to expand its overseas market presence and strengthen its comprehensive service capabilities in international cooperation[15]. - The overall economic environment is shifting towards high-quality development, providing opportunities for infrastructure investment in emerging economies[13]. - The company is committed to optimizing resource allocation and enhancing its risk resistance capabilities in response to intensified market competition[13][18]. - The company will continue to monitor domestic and international market conditions closely to adapt its operational strategies accordingly[15]. Shareholder and Governance Information - The company expresses gratitude to its shareholders, management team, employees, clients, suppliers, subcontractors, and business partners for their support[15]. - The board consists of eight members, including four executive directors, one non-executive director, and three independent non-executive directors, responsible for business and investment planning[45]. - The company has a strong board with diverse expertise in finance, management, and strategic development, enhancing its governance structure[57]. - The board's composition reflects a commitment to strong governance and oversight, with independent directors providing critical insights and guidance[57]. - The company has established a remuneration committee to review and advise on the overall remuneration policy for directors and senior management[86]. Contracts and Procurement - The company completed 376 contracts with an original contract value of RMB 2,440.1 million and entered into 358 new contracts valued at RMB 2,471.9 million during the fiscal year ending December 31, 2024[71]. - As of December 31, 2024, the company has 104 ongoing contracts with an original contract value of RMB 6,168.5 million, and the total value of unfinished contracts amounts to RMB 2,521.1 million[71]. - The procurement amount from the largest supplier was approximately RMB 292.3 million, accounting for about 20.4% of the total cost of sales, while the procurement from the top five suppliers totaled approximately RMB 468.5 million, representing about 32.6% of the total cost of sales[70]. - The total procurement agreement for 2024 to 2026 is estimated to involve transactions amounting to approximately RMB 9.0 million for each year[135]. - The pricing of raw materials will be determined through a bidding process involving at least two independent third-party bidders[134]. Risk Management and Compliance - The company has identified several major risks, including dependence on public spending policies related to transportation infrastructure projects[175]. - The company is closely monitoring the regulatory environment in Indonesia to mitigate risks associated with the contract arrangement[140]. - There is no guarantee that the contract arrangement will be deemed compliant with Indonesian laws in the future, which poses a potential risk[141]. - The group has maintained compliance with all relevant laws and regulations in the jurisdictions of China, Indonesia, Malaysia, and Brunei as of December 31, 2024[174]. - The independent auditor has issued an unqualified opinion on the related party transactions disclosed in the annual report[166]. Corporate Social Responsibility - The group reported charitable donations of approximately HKD 100,000 for the year ending December 31, 2024[181]. - The group emphasizes a corporate culture of continuous improvement and value creation for customers, employees, shareholders, and society[190]. Future Outlook - The company plans to actively explore opportunities in both domestic and international markets to inject new vitality into sustainable development[22]. - The company has not proposed any dividend for the fiscal year ending December 31, 2024, compared to a dividend of HKD 0.0102 per share (approximately RMB 0.0092) totaling about HKD 8,419,000 (approximately RMB 7,630,000) for the previous year[68].

Financial Performance - Revenue for the year ended December 31, 2024, was RMB 1,534,193 thousand, a decrease of 28.5% compared to RMB 2,143,680 thousand in 2023[2] - Gross profit for the same period was RMB 98,540 thousand, down 43.3% from RMB 173,567 thousand in the previous year[4] - The company reported a loss before tax of RMB 68,045 thousand, compared to a profit of RMB 50,529 thousand in 2023[4] - Net loss attributable to shareholders for the year was RMB 47,546 thousand, compared to a profit of RMB 27,449 thousand in the prior year[4] - Basic and diluted loss per share was RMB (8.46), a significant decline from earnings of RMB 3.75 per share in 2023[4] - The company reported a net loss of RMB 69,249 thousand for the fiscal year ending December 31, 2024, compared to a net profit of RMB 30,750 thousand in the previous year, indicating a significant turnaround[21] - The company’s operating expenses for the fiscal year ending December 31, 2024, totaled RMB 153,474 thousand, an increase from RMB 108,862 thousand in the previous year, representing an increase of approximately 41.0%[21] - The company recognized other income of RMB 3,252 thousand for the fiscal year ending December 31, 2024, compared to RMB 3,445 thousand in the previous year, showing a slight decrease of about 5.6%[21] - The company’s financial costs for the fiscal year ending December 31, 2024, were RMB 19,213 thousand, compared to RMB 16,486 thousand in the previous year, reflecting an increase of approximately 16.6%[21] - The group's consolidated revenue for 2024 was RMB 1,534.2 million, a decrease of approximately 28.4% compared to RMB 2,143.7 million in the previous fiscal year[61] - The group's gross profit for 2024 was RMB 98.5 million, down 43.2% from RMB 173.6 million in 2023[63] - Operating loss for 2024 was RMB 48.8 million, a decline of 172.9% compared to an operating profit of RMB 67.0 million in 2023[66] Assets and Liabilities - Total assets increased to RMB 3,347,474 thousand from RMB 3,239,021 thousand, reflecting a growth of 3.4%[6] - Total equity decreased to RMB 696,921 thousand from RMB 752,097 thousand, a decline of 7.4%[7] - The company’s total liabilities rose to RMB 2,650,553 thousand, up from RMB 2,486,924 thousand, indicating an increase of 6.6%[7] - Total liabilities as of December 31, 2024, were RMB 2,650,553 thousand, up from RMB 2,486,924 thousand in the previous year, marking an increase of about 6.6%[22][23] - The group's debt-to-asset ratio as of December 31, 2024, was 79.2%, up from 76.8% as of December 31, 2023[71] - As of December 31, 2024, the group had bank borrowings of RMB 280.5 million, an increase from RMB 203.2 million as of December 31, 2023[71] Revenue Segments - The company’s revenue from municipal engineering for the fiscal year ending December 31, 2024, was RMB 497,195 thousand, down from RMB 724,585 thousand in the previous year, indicating a decline of about 31.4%[21] - The company’s revenue from marine construction for the fiscal year ending December 31, 2024, was RMB 1,036,998 thousand, down from RMB 1,419,095 thousand in the previous year, representing a decrease of approximately 27.0%[21] - Revenue from the marine construction segment and municipal engineering segment decreased by approximately 31.4% and 26.9% respectively in 2024[61] Trade Receivables and Payables - Trade receivables decreased slightly from RMB 1,302,077 thousand in 2023 to RMB 1,274,771 thousand in 2024, a decline of about 2.1%[40] - The net trade receivables after impairment provisions were RMB 1,126,422 thousand in 2024, down from RMB 1,209,411 thousand in 2023, a decrease of approximately 6.9%[40] - The company's trade receivables amounted to RMB 1,713,248 thousand in 2024, an increase from RMB 1,665,447 thousand in 2023, representing a growth of approximately 2.3%[44] - The company's trade payables increased to RMB 1,543,705 thousand in 2024 from RMB 1,525,923 thousand in 2023, reflecting a growth of about 1.2%[46] - As of December 31, 2024, the group's trade and other payables increased to RMB 2,277.6 million from RMB 2,216.9 million as of December 31, 2023, primarily due to increased progress payments and warranty payments related to domestic and international projects[70] Dividends and Capital Commitments - The company did not declare a final dividend for the year ending December 31, 2024, compared to a dividend of HKD 0.0102 per share totaling approximately HKD 8,419,000 (around RMB 7,630,000) in 2023[53] - The board of directors decided not to declare any dividends for the year ended December 31, 2024, compared to a dividend of HKD 0.0102 per share (approximately RMB 0.092) totaling about HKD 8.419 million (approximately RMB 7.630 million) for the year ended December 31, 2023[82] - The company has no significant capital commitments as of December 31, 2024, indicating a stable financial position[54] Operational Focus and Future Plans - The company continues to focus on expanding its marine construction and municipal engineering services in China and Southeast Asia[8] - The group plans to expand its business market coverage and develop emerging environmental engineering businesses to positively impact revenue growth[59] - The group aims to optimize resource allocation and strengthen internal controls to mitigate liquidity and credit risks amid increasing industry competition[60] Employee and Governance - The group had a total of 472 employees as of December 31, 2024, with employee costs amounting to RMB 666 million, a decrease from RMB 717 million in 2023[85] - The audit committee reviewed the audited consolidated financial statements for the reporting period, confirming compliance with applicable accounting standards[89][90] - The company adopted the corporate governance code principles and complied with all applicable provisions during the reporting period[88]

ࡻ⏸ప䭲⊤∸㗎Ъᰶ䭽ڙथ 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 T REE STANK res 2010 10 12 2 2 2 DECREACH CAR FIFT 目錄 管理層討論與分析4 權益披露及其他資料 12 簡明合併中期綜合收益表 16 簡明合併中期財務狀況表 17 簡明合併中期權益變動表 19 簡明合併中期現金流量表 20 簡明合併中期財務報表附註 21 釋義 63 公司資料2 -019 To 17 11 21 21 11 公司資料 | --- | |--------------------------------| | | | 董事 | | 執行董事 | | 王秀春先生 （主席） | | 萬雲女士 （行政總裁） | | 王利江先生 （兼聯席公司秘書） | | 王利凱先生 | | 非執行董事 | | 王士忠先生 | | 獨立非執行董事 | | 王洪衛先生 | | 孫大建先生 | | 侯思明先生 | | 審核委員會 | | 孫大建先生 （主席） | | 侯思明先生 | | | | ...

Financial Performance - For the six months ended June 30, 2024, the company reported revenue of RMB 715,208 thousand, a decrease of 30.2% compared to RMB 1,038,568 thousand for the same period in 2023[1]. - Gross profit for the same period was RMB 44,334 thousand, down 37.3% from RMB 70,663 thousand in 2023[1]. - The company recorded a loss before tax of RMB (99,163) thousand, compared to a profit of RMB 17,687 thousand in the previous year[1]. - The total comprehensive loss attributable to shareholders for the period was RMB (106,011) thousand, a significant decline from a profit of RMB 10,142 thousand in 2023[3]. - Basic and diluted loss per share was RMB (15.12), compared to earnings of RMB 1.47 per share in the previous year[3]. - The company reported a net loss of RMB 123,868 thousand for the six months ended June 30, 2024, compared to a profit of RMB 12,002 thousand for the same period in 2023[15][17]. - The company's operating loss for the first half of 2024 was RMB 89.8 million, a decline of 402.4% compared to an operating profit of RMB 29.7 million in the first half of 2023[55]. Assets and Liabilities - Total assets decreased to RMB 2,989,175 thousand from RMB 3,239,021 thousand as of December 31, 2023, reflecting a decline of 7.7%[4]. - Total equity as of June 30, 2024, was RMB 638,456 thousand, down from RMB 752,097 thousand at the end of 2023, representing a decrease of 15.1%[5]. - The company’s non-current assets decreased to RMB 562,078 thousand from RMB 614,769 thousand, a decline of 8.6%[4]. - Current liabilities decreased to RMB 2,161,774 thousand from RMB 2,278,435 thousand, a reduction of 5.1%[6]. - The total liabilities as of June 30, 2024, were RMB 2,350,719 thousand, with a significant portion attributed to the municipal engineering construction segment[16]. - The debt-to-asset ratio as of June 30, 2024, was 78.6%, up from 76.8% as of December 31, 2023, with bank borrowings amounting to RMB 313.7 million[60]. Revenue Segmentation - Revenue from the marine construction segment was RMB 300.0 million, while the municipal engineering segment generated RMB 415.2 million, reflecting a significant decline of 46% in the municipal engineering segment compared to the first half of 2023[50]. - Revenue from the China region for marine construction was RMB 147,017 thousand, while municipal engineering construction revenue was RMB 415,158 thousand, totaling RMB 562,175 thousand[19]. Expenses and Costs - The operating expenses for the period were RMB 139,198 thousand, which includes depreciation and amortization of RMB 8,394 thousand[15]. - The total sales cost for the first half of 2024 was RMB 670.9 million, down 30.7% from RMB 967.9 million in the same period last year[51]. - Administrative expenses rose by 14.9% to RMB 43.3 million in the first half of 2024, compared to RMB 37.7 million in the same period last year[56]. - The company reported a financial cost of RMB 9,374 thousand for the period, contributing to the overall net loss[15]. Taxation - The income tax expense for the six months ended June 30, 2024, was RMB 24,705 thousand, significantly higher than RMB 5,685 thousand for the same period in 2023, marking an increase of approximately 335.5%[21]. - The income tax expense for the first half of 2024 was RMB 24.7 million, an increase of 333.3% compared to RMB 5.7 million in the first half of 2023, primarily due to an increase in deferred tax during the reporting period[57]. Corporate Governance and Strategy - The company plans to optimize resource allocation and adjust business strategies in response to market changes, focusing on high-quality development and emerging market expansion[49]. - The company aims to enhance risk control capabilities and continue to explore opportunities in environmental engineering, including water resources and soil pollution prevention[49]. - The company will maintain its "going out" strategy to promote development in Southeast Asia and other overseas markets amid global infrastructure investment recovery[49]. - The group is committed to maintaining high standards of corporate governance, having adopted all applicable provisions of the corporate governance code as per the listing rules[70]. Employee and Remuneration - As of June 30, 2024, the group had a total of 519 employees, with employee costs amounting to RMB 38.2 million for the reporting period, compared to RMB 31.3 million for the six months ending June 30, 2023[67]. - The company has established a remuneration committee to review and recommend overall remuneration policies for directors and senior management, ensuring no conflicts in determining their own remuneration[68]. Dividends and Capital Commitments - The proposed final dividend for the year ended December 31, 2023, is HKD 0.0102 per share, totaling approximately HKD 8,419,000 (equivalent to RMB 7,630,000)[41]. - The board decided not to declare any dividends for the six months ended June 30, 2024, considering the need to maintain sufficient cash flow for daily operations and expansion[66]. - The company has no significant capital commitments as of June 30, 2024[42].