Financial Performance - Revenue for the six months ended June 30, 2025, was RMB 102,579,000, representing a 6.3% increase from RMB 96,537,000 in 2024[3] - Total comprehensive income for the period decreased by 63.9% to RMB 6,727,000 compared to RMB 18,631,000 in the previous year[3] - EBITDA for the six months ended June 30, 2025, was RMB 32,400,000, down 15.1% from RMB 38,176,000 in 2024[3] - Gross profit for the period was RMB 42,745,000, a decrease from RMB 47,490,000 in 2024[3] - The company's basic and diluted earnings per share for the period were RMB 1.46, down from RMB 3.84 in the previous year[3] - The company's net profit attributable to equity holders for the six months ended June 30, 2025, was RMB 6,645,000, a decrease of 64.0% compared to RMB 18,441,000 in the same period of 2024[16] - The basic earnings per share for the first half of 2025 was RMB 1.46, down from RMB 3.84 in the first half of 2024[16] Assets and Liabilities - Non-current assets totaled RMB 527,826,000 as of June 30, 2025, slightly up from RMB 527,228,000 at the end of 2024[4] - Current assets decreased to RMB 322,033,000 from RMB 336,121,000 in the previous period[4] - Total liabilities decreased to RMB 457,181,000 from RMB 465,621,000 at the end of 2024[5] - The company's net asset value as of June 30, 2025, was RMB 392,678,000, down from RMB 399,728,000 at the end of 2024[5] - The net asset value of the group as of June 30, 2025, was approximately RMB 392.7 million, compared to RMB 399.7 million as of December 31, 2024[37] - The current ratio as of June 30, 2025, was 128.8%, compared to 126.7% as of December 31, 2024[37] - The debt-to-asset ratio as of June 30, 2025, was approximately 94.5%, compared to 92.2% as of December 31, 2024[40] Operational Highlights - The company continues to focus on the design, manufacturing, and sales of paper blankets, indicating ongoing commitment to its core business[6] - In the first half of 2025, the company's revenue increased by 6.3% year-on-year, with high-speed product revenue growing by 23.5% and international market revenue doubling by 100.1%[22] - The total production of paper and cardboard in China reached 79.33 million tons from January to June 2025, representing a year-on-year growth of 3.2%[21] - The company has launched a photovoltaic power generation project that is now fully operational, contributing to energy savings and green economic benefits[23] - The company plans to focus on green and intelligent transformation in the paper blanket sector, enhancing product service capabilities and operational performance through digitalization and smart upgrades[24] Expenses and Costs - Other income for the six months ended June 30, 2025, was approximately RMB 4.5 million, a decrease of about RMB 3.6 million from RMB 8.1 million for the same period in 2024, mainly due to a reduction in government subsidies and VAT rebates[29] - Selling and distribution expenses for the six months ended June 30, 2025, were approximately RMB 11.2 million, remaining stable compared to RMB 11.5 million for the same period in 2024, accounting for 10.9% of revenue[30] - Administrative and other operating expenses for the six months ended June 30, 2025, were approximately RMB 21.9 million, an increase of about RMB 4.7 million from RMB 17.2 million for the same period in 2024, primarily due to increased R&D investment and depreciation[31] - Total financial costs for the six months ended June 30, 2025, were approximately RMB 6.8 million, an increase of about RMB 0.2 million from RMB 6.6 million for the same period in 2024[32] - The total employee cost for the six months ended June 30, 2025, was approximately RMB 20.7 million, an increase from RMB 19.1 million for the same period in 2024[46] Shareholder Information - The company did not recommend an interim dividend for the six months ended June 30, 2025, maintaining the same stance as the previous year[17] - The net proceeds from the share issuance amounted to approximately HKD 92.8 million after deducting underwriting fees and other listing expenses[48] - As of June 30, 2025, the unutilized net proceeds were approximately HKD 3.4 million, held in interest-bearing deposits[49] - The group plans to utilize the remaining unutilized proceeds for upgrading production machinery and enhancing R&D capabilities by December 31, 2025[48][50] Governance and Compliance - The group has adopted and complied with the corporate governance code as per the listing rules during the six months ended June 30, 2025[56] - The audit committee has reviewed the unaudited interim results for the six months ended June 30, 2025, and believes the results are prepared in accordance with applicable accounting standards and regulations[59] - The company has maintained sufficient public float in compliance with listing rules as of June 30, 2025[60] - The board of directors consists of four executive directors and three independent non-executive directors as of the announcement date[62] Employment and Staff - The group employed 407 staff as of June 30, 2025, compared to 396 staff as of June 30, 2024[46] Other Information - The group has no major investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures as of June 30, 2025[45] - The group has not issued any share options under the share option scheme since its adoption on December 9, 2021, with 48 million options available for grant as of June 30, 2025[52] - There have been no significant post-period events from June 30, 2025, to the date of this announcement[55] - The company has not participated in any arrangements that would allow directors to benefit from acquiring shares or bonds of the company or any other entity as of June 30, 2025[58] - The interim results announcement will be published on the Hong Kong Stock Exchange website and the company's website, with the interim report to be sent to shareholders at an appropriate time[61]

Core Viewpoint - The company, Huanlong Holdings (02260.HK), has announced a board meeting scheduled for August 22, 2025, to consider and approve its unaudited interim results for the six months ending June 30, 2025, and to discuss the potential declaration of an interim dividend, if any [1] Group 1 - The board meeting is set for August 22, 2025 [1] - The meeting will address the unaudited interim results for the six months ending June 30, 2025 [1] - The board will also consider the distribution of an interim dividend [1]

環龍控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2260） 董事會會議日期 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 Vanov Holdings Company Limited 環龍控股有限公司 董事會主席兼執行董事 沈根蓮 香港，二零二五年八月十二日 於本公告日期，董事會由執行董事沈根蓮女士、周駿先生、謝宗國先生及袁傲梅女士；及獨 立非執行董事葉耘開先生、張慎金先生及王運陳先生組成。 環龍控股有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此公佈，董事會 會議將於二零二五年八月二十二日（星期五）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未經審核中期 業績及其發佈，並考慮派發中期股息（如有）。 承董事會命 ...

Core Viewpoint - The company expects a significant decrease in net profit attributable to shareholders for the first half of 2025, projecting between RMB 6.6 million to 7.6 million, a decline of approximately 58.8% to 64.2% compared to RMB 18.4 million in the first half of 2024 [1] Group 1: Financial Performance - The anticipated net profit for the first half of 2025 is between RMB 6.6 million to 7.6 million, representing a decrease of about 58.8% to 64.2% from the previous year [1] - The company’s revenue is expected to remain stable during the same period [1] Group 2: Reasons for Profit Decline - Strategic investments in capacity upgrades have led to increased depreciation and amortization expenses, contributing to the profit decline [1] - The termination of interest capitalization on loans for the new high-end production line has resulted in higher financial costs [1] - Increased R&D investments have raised related expenditures compared to the first half of 2024 [1] - A reduction in other income, including government subsidies and VAT rebates, has also impacted profitability [1] Group 3: Strategic Focus - The company aims to strengthen its core strategy by deepening collaboration with large paper groups and expanding into overseas markets [1] - There is a focus on accelerating technological upgrades and optimizing product performance to enhance competitiveness [1] - Internal management reforms are being implemented to improve operational efficiency and overall quality [1] - The company plans to enhance profitability and operational resilience through customer engagement, product upgrades, and cost optimization [1]

Core Viewpoint - The company, Huanlong Holdings (02260.HK), anticipates a significant decline in net profit attributable to shareholders for the first half of 2025, projecting between RMB 6.6 million to RMB 7.6 million, which represents a decrease of approximately 58.8% to 64.2% compared to RMB 18.4 million in the same period of 2024 [1] Summary by Relevant Categories Financial Performance - The expected net profit for the first half of 2025 is projected to be between RMB 6.6 million to RMB 7.6 million [1] - This represents a decrease of approximately 58.8% to 64.2% compared to the net profit of RMB 18.4 million in the first half of 2024 [1] Operational Factors - The decline in profit is primarily attributed to increased depreciation and amortization due to capacity upgrades, heightened research and development investments, and a reduction in government subsidies and VAT deductions [1] - Despite the anticipated decline in profit, the board believes that the group's operational performance remains stable [1] Strategic Outlook - The company will continue to pursue technology upgrades and market expansion strategies [1]

Group 1 - The company expects to achieve a net profit attributable to shareholders of approximately RMB 6.6 million to 7.6 million in the first half of 2025, representing a decrease of about 58.8% to 64.2% compared to RMB 18.4 million in the first half of 2024 [1] - The main reasons for the decrease in net profit include increased depreciation and amortization costs due to strategic investments in capacity upgrades, particularly the launch of a high-end production line at Shanghai Jinxiong Paper Co., Ltd [1] - Other factors contributing to the profit decline are increased financial costs from the termination of interest capitalization on project loans and a reduction in government subsidies and VAT rebates compared to the first half of 2024 [1] Group 2 - The board believes the company's operational performance remains stable and will focus on core strategies, enhancing collaboration with large paper groups, and expanding overseas markets to drive growth in high-end products [2] - The company aims to accelerate technological upgrades, continuously optimize product performance, and improve competitiveness [2] - Internal management will undergo reforms to enhance operational efficiency, with a focus on improving quality and efficiency through customer engagement, product upgrades, and cost optimization [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因依賴該等內容而引致的任何損失承擔任何責任。 Vanov Holdings Company Limited 環龍控股有限公司 （於開曼群島註冊成立的有限公司） 3. 其他收入減少：政府補貼及增值稅加計抵減較2024年上半年有所減少。 於報告期間，董事會認為本集團的營運表現穩定。本集團將聚焦核心戰略，深 化與大型造紙集團的全面合作，進一步拓展海外市場，推動高端產品放量增長。 同時，加速技術升級，持續優化產品性能，提升競爭力。在內部管理上，深化 組織改革，提升運營效率，全方位提質增效。通過客戶深耕、產品升級與成本 優化的協同推進，持續提升盈利品質和經營韌性。 截至本公告日期，本公司仍在落實截至2025年上半年的未經審核中期業績。本 公告所載的資料僅根據本公司管理層參考現時可得資料（包括本集團截至2025 年上半年未經審核綜合管理賬目）作出的初步評估而得出，有關綜合管理賬目 並非經本公司核數師審核，有待落實及作出必要調整（如有）。本公司股東及潛 在投資者 ...

致：香港交易及結算所有限公司 公司名稱: 環龍控股有限公司 (於開曼群島註冊成立之有限公司) FF301 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 呈交日期: 2025年8月5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) | 02260 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | 2,000,000,000 | | HKD | | 0.01 HKD | | 20,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.01 HKD | | 20,000,000 | 本月底 ...

Industry Performance - In 2024, the production volume of machine paper and paperboard reached 158 million tons, representing a year-on-year increase of 8.6%, marking a historical high[17]. - Enterprises in the papermaking and paper-based product industry achieved an operating income of RMB 146 billion, reflecting a year-on-year increase of 3.9%, with total profit increasing by 5.2%[17]. - The global scale of the paper and paperboard packaging market is expected to reach US$193.801 billion by 2029, with a compound annual growth rate of 3.75% over the next few years[14]. - The papermaking industry is experiencing rising prices for pulp and paper, alongside a push for digital transformation and policies promoting "paper in place of plastic," injecting new momentum into the sector[30]. - The rebound in market demand and green transformation presents new opportunities for the papermaking industry[14]. Technological Innovation and Development - The company focuses on technological innovation and branding, aiming to support the efficient operation of papermaking machines globally[18]. - The Group's technology R&D team achieved significant breakthroughs in key areas such as highly effective dewatering and seam-folding techniques, leading to a comprehensive upgrade of papermaking felt technology[22]. - A new high-end production line measuring 14.5 meters commenced operations in March 2024, producing high-performance papermaking felts for the world's widest and fastest papermaking machines, breaking supply chain barriers in China[23]. - The Group plans to increase investment in technology R&D and production line upgrades to enhance product performance and service quality, while optimizing production processes through digital and intelligent manufacturing[31]. - The Group is committed to promoting green, efficient, and intelligent development in the papermaking felt industry through continuous technological innovation[57]. Environmental and Sustainability Initiatives - National policies on tax and fee reduction have supported technological innovation and transformation in the industry, allowing leading companies to strengthen their market position[17]. - The tightening of environmental protection policies has driven the industry's transformation towards green production[17]. - The Group launched a Photovoltaic power generation project in 2024, following the completion of carbon footprint evaluation and certification for papermaking felts in 2023, reinforcing its commitment to energy conservation and green development[24]. - The Group aims to create a low-carbon paper industry through green and intelligent technologies[18]. - The Group aims to strengthen its ESG management and corporate responsibilities while promoting green manufacturing and fast-tracking technology and product upgrades[37]. Financial Performance - The Group achieved a revenue of approximately RMB255.5 million for the year ended December 31, 2024, representing a year-on-year increase of 7.6% from RMB237.4 million in 2023[60]. - Revenue from the international market increased significantly by 105.5%, contributing to the overall growth in sales and selling price[50]. - Gross profit for the year ended December 31, 2024, was approximately RMB125.8 million, a decrease of approximately RMB0.7 million from approximately RMB126.5 million for the year ended December 31, 2023, with a gross profit margin declining from approximately 53.3% to approximately 49.2%[61]. - Other income increased by approximately RMB6.9 million to approximately RMB20.4 million for the year ended December 31, 2024, primarily due to increased government subsidies and VAT credit policies[64]. - Selling and distribution expenses rose to approximately RMB28.7 million for the year ended December 31, 2024, accounting for approximately 11.2% of revenue, up from 9.4% in 2023[65]. Corporate Governance - The Company has complied with all applicable code provisions under the Corporate Governance Code for the year ended December 31, 2024[109]. - The Board of Directors consists of seven members, including four executive directors and three independent non-executive directors[116]. - The Company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[109]. - The Company has established policies for Directors to seek independent professional advice at the Company's expense[125]. - The Company has mechanisms in place to ensure the independence of non-executive Directors, enhancing corporate governance[145]. Risk Management and Compliance - The Company has established comprehensive risk management policies to identify, evaluate, and manage operational risks, ensuring the safeguarding of shareholders' investments[199]. - The Board is responsible for maintaining effective internal control and risk management systems to protect the Company's assets[196]. - The Company Secretary has confirmed compliance with professional training requirements as per Rule 3.29 of the Listing Rules[198]. - The Board monitors compliance with legal regulations and corporate governance standards, ensuring transparency and accountability[193]. - The Audit Committee is responsible for reviewing the Group's financial reporting process and internal control systems[148].

Financial Performance - Revenue for the year ended December 31, 2024, was RMB 255,488,000, representing a year-on-year increase of 7.6% from RMB 237,370,000[2] - Gross profit decreased slightly to RMB 125,750,000, down 0.6% from RMB 126,489,000[2] - Profit attributable to equity holders of the company was RMB 46,192,000, a decrease of 13.0% compared to RMB 53,124,000 in the previous year[2] - Basic and diluted earnings per share for equity holders were RMB 9.86, down 10.3% from RMB 10.99[2] - Other income increased significantly to RMB 20,365,000 from RMB 13,500,000, marking a growth of 50.5%[4] - The company’s total tax expenses for 2024 amounted to RMB 5,827 thousand, a decrease of 40.5% compared to RMB 9,712 thousand in 2023[4] - Selling and distribution expenses rose to approximately RMB 28.7 million, accounting for 11.2% of revenue, compared to 9.4% in the previous year[40] - Administrative and other operating expenses increased to approximately RMB 50.5 million, up from RMB 42.3 million, due to higher R&D investments[41] - Total financial costs for the year ending December 31, 2024, were approximately RMB 14.6 million, an increase of RMB 2.9 million from RMB 11.7 million in the previous year[42] Assets and Liabilities - Total assets as of December 31, 2024, were RMB 863,349,000, compared to RMB 823,057,000 in 2023, reflecting an increase of 4.9%[5] - Current assets increased to RMB 336,121,000 from RMB 308,516,000, a rise of 8.9%[5] - Inventory levels rose to RMB 29,907,000 from RMB 19,123,000, indicating a significant increase of 56.1%[5] - The company reported a net asset value of RMB 399,728,000, down from RMB 409,009,000, a decrease of 2.8%[6] - Trade payables to third parties increased to RMB 39,004 thousand in 2024 from RMB 26,040 thousand in 2023, indicating a significant rise in liabilities[26] - The company's net asset liability ratio increased to 80.3% as of December 31, 2024, compared to 61.6% in the previous year[47] - The asset-liability ratio was approximately 92.2% as of December 31, 2024, up from 80.8% in the previous year, primarily due to increased short-term loans[51] Business Operations and Strategy - The company is engaged in the design, manufacturing, and sales of paper blankets, with a focus on expanding its product offerings in packaging paper and specialty paper segments[8] - The newly launched high-end production line in Shanghai, measuring 14.5 meters, is the widest and fastest paper machine globally, focusing on high-performance paper blanket production[29] - The company achieved significant breakthroughs in R&D, particularly in efficient dehydration and seam technology, enhancing its product offerings[30] - The company plans to accelerate international development and enhance its technological innovation and capacity upgrades to drive growth towards a greener and smarter industry[34] - The company is focused on technological innovation to drive green, efficient, and intelligent development in the paper blanket industry, aiming to enhance operational performance and international expansion[35] Shareholder Information - The proposed final dividend per share for 2024 is 3 Hong Kong cents, compared to 4 Hong Kong cents in 2023, reflecting a decrease in dividend distribution[21] - The board proposed a final dividend of HKD 0.03 per share for the year ending December 31, 2024, amounting to approximately HKD 14,503,260, compared to HKD 0.04 per share in 2023[76] - The record date for the final dividend eligibility is set for June 30, 2025[79] Corporate Governance and Compliance - The company has complied with the corporate governance code, with some deviations regarding the notice period for board meetings[70] - The audit committee reviewed the consolidated financial statements for the year ending December 31, 2024, and confirmed compliance with applicable accounting standards and regulations[80] - The company maintained sufficient public float as per listing rules as of December 31, 2024[81] Future Plans and Events - The annual general meeting is scheduled for June 20, 2025[75] - The company will suspend share transfer registration from June 17 to June 20, 2025, to determine eligibility for voting at the annual general meeting[78] - The company will also suspend share transfer registration from June 26 to June 30, 2025, to determine eligibility for the proposed final dividend[79] - The annual report for the year ending December 31, 2024, will be published on the Hong Kong Stock Exchange website and the company's website[83] Miscellaneous - The company has not engaged in any significant acquisitions or disposals of subsidiaries, associates, or joint ventures as of December 31, 2024[57] - No significant post-balance sheet events occurred after December 31, 2024, up to the date of this announcement[69] - The chairman of the board is Shen Genlian, who is also an executive director[84]