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分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。 Charmacy Pharmaceutical Co., Ltd. 根據《中華人民共和國公司法》（「《中國公司法》」）及其他適用法律、法規及規範性文件的規定，結 合本公司實際情況，本公司擬撤銷本公司監事（「監事」）會（「監事會」），但須經過本公司股東 （「股東」）於本公司臨時股東會（「臨時股東會」）上審議批准。監事會的職權將按照《中國公司法》 的規定由本公司董事（「董事」）會（「董事會」）審核委員會（「審核委員會」）履行。因此，現任監 事職務將被解除，本公司《監事會議事規則》也將被廢止。 撤銷監事會有利於本公司貫徹落實最新法律法規要求，進一步完善公司治理結構，提升其規範運作水準。 但在臨時股東會審議通過撤銷監事會議案前，第四屆監事會仍將嚴格按照《中國公司法》及其他適用法 律、法規及規範性文件的規定，繼續勤勉盡責履行其監督職能，包括對本公司經營、財務及董事、本公司 高級管理人員履職的合法合規性進行監督，維 ...

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分內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 Charmacy Pharmaceutical Co., Ltd. 創美藥業股份有限公司 （在中華人民共和國註冊成立之股份有限公司） （股份代號：2289） 重續《框架借款協議》之持續關連交易 茲提述本公司 2023 年 3 月 2 日有關現有《框架借款協議》的公告及本公司 2023 年 3 月 27 日有 關現有《框架借款協議》的通函。 現有《框架借款協議》將於 2025 年 12 月 31 日到期，預計此後本集團將不時與江藥繼續訂立現 有《框架借款協議》項下擬進行之類似交易。據此，於 2025 年 10 月 20 日（交易時間後），本 公司與江藥簽訂了新《框架借款協議》，根據該等協議，由江藥向本集團提供自 2026 年 1 月 1 日起為期三年的貸款融資，其中貸款金額不得超過雙方法定審批機構授權的最高限額。 《上市規則》之涵義 截止本公告發佈之日，江藥乃本公司的控股股東，於 51,470,000 股 ...

智通财经APP获悉，截止10月15日收盘，有52只股票创52周新高，其中嘉宏教育(01935)、高阳科技 (00818)、丰银禾控股(08030)创高率位于前3位，分别为27.72%、21.67%、21.44%。 | 股票名称 | 收盘价 | 最低价 | 创低率 | | --- | --- | --- | --- | | 金叶国际集团(08549) | 0.890 | 0.840 | -26.32% | | 坤集团(00924) | 0.233 | 0.220 | -10.93% | | 中国信息科技(08178) | 0.465 | 0.445 | -9.18% | | 富景中国控股(02497) | 0.520 | 0.520 | -8.77% | | 亚伦国际(00684) | 0.550 | 0.520 | -5.45% | | 创美药业(02289) | 5.540 | 5.540 | -4.97% | | 中国科技产业集团 | 0.082 | 0.078 | -4.88% | | (08111) | | | | | 巨匠建设(01459) | 0.247 | 0.232 | -4.53% | | ...

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9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 創美藥業股份有限公司 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02289 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 108,000,000 | RMB | | 1 RMB | | 108,000,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | | | 本月底結存 | | | 108,000,000 | RMB | | 1 RMB | | 108,000,000 | 本月底法定/註冊股本總額： RMB 108,000,000 | 1. ...

[Company Profile and Business Overview](index=2&type=section&id=%E5%85%AC%E5%8F%B8%E7%B0%A1%E4%BB%8B%E8%88%87%E6%A5%AD%E5%8B%99%E6%A6%82%E8%A6%BD) Chuangmei Pharmaceutical (2289.HK) is a leading South China pharmaceutical distributor, noted for market position and logistics awards - The company primarily engages in pharmaceutical distribution, ranking among the leading distributors in South China[2](index=2&type=chunk)[4](index=4&type=chunk) - In 2024, the company ranked **34th nationally** in wholesale enterprise main business revenue and **6th in Guangdong Province** among pharmaceutical circulation enterprises[2](index=2&type=chunk)[4](index=4&type=chunk) - In H1 2025, the company received multiple honors including "Best Pharmaceutical Cold Chain Logistics Center," "Recommended Pharmaceutical Cold Chain Logistics Service Enterprise," "Excellent Pharmaceutical Logistics and Distribution Enterprise," and "Modern Pharmaceutical Logistics Technology Experiment Base"[3](index=3&type=chunk)[5](index=5&type=chunk) - Awarded the "Pacesetter" title for 2024[3](index=3&type=chunk)[5](index=5&type=chunk) [Company Information](index=4&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) This section details the company's board, committees, and key corporate information, noting a Nomination Committee change in June 2025 - Board members include Executive Directors Yao Chuanglong, Zheng Yuyan, Zhang Hanzi; Non-executive Directors Yan Jingbin (Chairman), Fu Zheng, Xu Fei; and Independent Non-executive Directors Li Hanguo, Yin Zhiwei, Guan Jian[9](index=9&type=chunk) - Yin Zhiwei chairs the Audit Committee, Guan Jian chairs the Nomination Committee, Li Hanguo chairs the Remuneration Committee, Yao Chuanglong chairs the Risk Management Committee, and Yan Jingbin chairs the Strategic Development Committee[9](index=9&type=chunk)[10](index=10&type=chunk) - Nomination Committee members changed on June 27, 2025, due to revisions in listing rules, with Mr Yao Chuanglong ceasing to be a member and Ms Zheng Yuyan being appointed[11](index=11&type=chunk)[13](index=13&type=chunk) [Financial Highlights](index=7&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) This section summarizes financial performance for H1 2025 and FY2024, showing declines in revenue and net profit, with slight asset growth and reduced shareholder equity H1 Financial Performance | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,155,071 | 2,347,185 | -8.18 | | Total Profit | 32,629 | 38,928 | -16.18 | | Net Profit Attributable to Parent Company Shareholders | 21,739 | 26,747 | -18.72 | | Basic and Diluted Earnings Per Share (RMB) | 0.2013 | 0.2477 | -18.73 | As of June 30, 2025, Balance Sheet Data | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 3,492,251 | 3,456,644 | 1.03 | | Total Liabilities | 2,900,422 | 2,837,953 | 2.20 | | Shareholders' Equity | 591,830 | 618,691 | -4.34 | | Net Assets Per Share (RMB) | 5.4799 | 5.7286 | -4.34 | [Management Discussion and Analysis](index=8&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) This section discusses H1 2025 industry trends, policy impacts, and the company's business performance and strategic initiatives, noting revenue and net profit declines but improved gross margin and significant growth in third-party logistics [Industry Overview](index=8&type=section&id=%E8%A1%8C%E6%A5%AD%E6%A6%82%E8%A7%88) China's pharmaceutical industry is undergoing structural transformation towards patient-centric care, digitalization, and consolidation, with significant growth in the outpatient market - China's pharmaceutical industry is shifting from a "disease-centric" to a "people's health-centric" model, driven by increased public health awareness[16](index=16&type=chunk) - In 2024, the market share of China's retail pharmacies (including online pharmacies) increased by **1.5 percentage points**, with online pharmacy drug sales growing by **14.4%**[17](index=17&type=chunk)[18](index=18&type=chunk) - In 2024, instant retail sales (including drugs and non-drugs) by pharmacies reached **RMB 48.7 billion**, a **31.3% year-on-year increase**[17](index=17&type=chunk)[18](index=18&type=chunk) - The Ministry of Commerce aims to cultivate **5-10 retail pharmacy chains** with annual sales exceeding **RMB 50 billion** by 2025, with the top 100 retail pharmacies accounting for over **65% of total sales** and chain penetration approaching **70%**[19](index=19&type=chunk)[22](index=22&type=chunk) - In 2023, the top 100 pharmaceutical wholesale enterprises accounted for **76%** of the national pharmaceutical market, a **0.8 percentage point increase** year-on-year[19](index=19&type=chunk)[22](index=22&type=chunk) - China's pharmaceutical distribution industry market size is projected to exceed **RMB 4 trillion** by 2028, with a **7% compound annual growth rate**[19](index=19&type=chunk)[22](index=22&type=chunk) - Starting January 1, 2025, all designated retail pharmacies selling "dual-channel" managed drugs must process prescriptions through the national unified medical insurance electronic prescription center[25](index=25&type=chunk)[27](index=27&type=chunk) - The outpatient market is expected to reach **RMB 1.6 trillion** by 2029, potentially rivaling or surpassing the inpatient market[25](index=25&type=chunk)[27](index=27&type=chunk) - In May 2025, Guangdong Province issued draft rules for drug listing on its pharmaceutical procurement platform, aiming to unify national drug listing rules and align prices across provinces, retail pharmacies, and online e-commerce platforms[29](index=29&type=chunk)[32](index=32&type=chunk) - In March 2025, four national departments, including the National Healthcare Security Administration, mandated the full-process and full-volume collection and application of drug traceability codes in medical insurance and work-related injury insurance, with all medical institutions to achieve full collection and upload by January 1, 2026[31](index=31&type=chunk)[33](index=33&type=chunk) - The "Implementation Plan for Digital and Intelligent Transformation of the Pharmaceutical Industry (2025-2030)" supports the application of AI, big data, and cloud computing across the entire pharmaceutical value chain, promoting digital, diversified, and platform-based industry development[34](index=34&type=chunk)[35](index=35&type=chunk) [Business Review](index=12&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) In the reporting period, the Group's pharmaceutical distribution business saw a decrease in customer and product numbers, but achieved significant growth in third-party logistics and enhanced AI integration - As of June 30, 2025, the distribution network covered **12,170 customers**, a year-on-year decrease of **624 customers**[41](index=41&type=chunk)[43](index=43&type=chunk) - The number of distributed product categories decreased by **432** to **11,164**, with a total of **1,046 suppliers**[41](index=41&type=chunk)[44](index=44&type=chunk) Product Quantity Changes | Product Category | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Proprietary Chinese Medicines | 4,067 | 4,445 | | Western Medicines | 4,184 | 4,316 | | Others | 2,913 | 2,835 | | **Total** | **11,164** | **11,596** | - Actively promoting the "Ten Million-level" brand customer policy, the company has developed multiple strategic cooperative brands with sales exceeding **RMB 10 million**[47](index=47&type=chunk)[50](index=50&type=chunk) - Focusing on the silver economy, the company collaborates with partners like Kunming Pharmaceutical Group to enhance the elderly health industry ecosystem[52](index=52&type=chunk)[53](index=53&type=chunk)[56](index=56&type=chunk) - Deepening AI empowerment, the company achieved automation in key business areas such as financial management, intelligent process engine optimization, efficient pharmaceutical data governance, intelligent commodity monitoring, and intelligent verification and compliance management of drug traceability codes[54](index=54&type=chunk)[57](index=57&type=chunk) - Initiated AI tool pilot applications in critical logistics segments like intelligent warehouse management and

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: 創美藥業股份有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02289 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 108,000,000 | RMB | | 1 RMB | | 108,000,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | | | 本月底結存 | | | 108,000,000 | RMB | | 1 RMB | | 108,000,000 | 本月底法定/註冊股本總額： RMB 108,000,000 備註： 因本 ...

Core Viewpoint - The company reported a decline in revenue and net profit for the six months ending June 30, 2025, primarily due to macroeconomic challenges and intensified drug procurement policies [1] Financial Performance - The company's operating revenue decreased by 8.18% year-on-year to RMB 2.155 billion [1] - Net profit attributable to shareholders was RMB 21.739 million, a year-on-year decrease of 18.72% [1] - Basic and diluted earnings per share were RMB 0.2013 [1] Market Challenges - The slowdown in macroeconomic growth has put pressure on both upstream and downstream industry conditions, leading to a 20.52% year-on-year decline in revenue for the first quarter of 2025 [1] - The deepening drug procurement policy has resulted in a decrease in terminal prices for certain drugs, causing a contraction in the volume of some drug businesses [1] Recovery Strategy - In response to market challenges, the company quickly adjusted its operational strategy, resulting in a recovery in main business revenue, which grew by 6.48% year-on-year in the second quarter of 2025 [1]

智通财经APP讯，创美药业(02289)发布截至2025年6月30日止六个月中期业绩，营业总收入21.55亿元 (人民币，下同)，同比减少8.18%;归母净利润2173.9万元，同比减少18.72%;基本每股收益0.2013元。 ...

创美药业(02289)发布截至2025年6月30日止六个月中期业绩，营业总收入21.55亿元(人民币，下同)，同 比减少8.18%;归母净利润2173.9万元，同比减少18.72%;基本每股收益0.2013元。 ...

[Interim Results Announcement](index=1&type=section&id=Interim%20Results%20Announcement) This announcement presents the unaudited consolidated interim results of Chuangmei Pharmaceutical Co., Ltd. for the six months ended June 30, 2025, providing an overview of the Group's key financial performance during this reporting period [Performance Summary](index=1&type=section&id=Performance%20Summary) For the six months ended June 30, 2025, the Group's operating revenue, total profit, net profit attributable to parent company shareholders, and earnings per share all decreased year-on-year, reflecting macroeconomic pressures and market policy adjustments Key Financial Indicators for the Six Months Ended June 30 | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,155,071 | 2,347,185 | -8.18% | | Total Profit | 32,629 | 38,928 | -16.18% | | Net Profit Attributable to Parent Company Shareholders | 21,739 | 26,747 | -18.72% | | Basic and Diluted Earnings Per Share (RMB) | 0.2013 | 0.2477 | -18.73% | [Consolidated Financial Statements](index=2&type=section&id=Consolidated%20Financial%20Statements) This section presents the unaudited consolidated income statement and balance sheet of Chuangmei Pharmaceutical Co., Ltd. and its subsidiaries for the six months ended June 30, 2025, detailing the Group's operating results and financial position [Consolidated Income Statement](index=2&type=section&id=Consolidated%20Income%20Statement) For the six months ended June 30, 2025, the Group's total operating revenue was RMB 2,155.07 million, and net profit was RMB 21.74 million, with all profitability indicators showing a downward trend compared to the same period in 2024 Consolidated Income Statement Key Data (For the Six Months Ended June 30) | Item | 2025 (RMB) | 2024 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 2,155,071,479.51 | 2,347,184,933.33 | | Total Operating Costs | 2,115,726,066.82 | 2,303,414,061.34 | | Operating Profit | 33,032,573.22 | 39,341,323.61 | | Total Profit | 32,628,791.19 | 38,927,943.68 | | Net Profit | 21,739,023.67 | 26,747,235.53 | | Net Profit Attributable to Parent Company Shareholders | 21,739,023.67 | 26,747,235.53 | | Basic and Diluted Earnings Per Share (RMB/share) | 0.2013 | 0.2477 | [Consolidated Balance Sheet](index=4&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the Group's total assets were RMB 3,492.25 million, a slight increase from year-end 2024, while total current liabilities were RMB 2,826.38 million and total shareholders' equity was RMB 591.83 million, both decreasing from year-end 2024 Consolidated Balance Sheet Key Data (As of June 30) | Item | June 30, 2025 (RMB) | December 31, 2024 (RMB) | | :--- | :--- | :--- | | Total Current Assets | 3,079,169,763.07 | 3,029,992,834.71 | | Total Non-current Assets | 413,081,710.51 | 426,650,847.62 | | Total Assets | 3,492,251,473.58 | 3,456,643,682.33 | | Total Current Liabilities | 2,826,380,478.56 | 2,788,603,021.09 | | Total Non-current Liabilities | 74,041,023.36 | 49,349,713.25 | | Total Liabilities | 2,900,421,501.92 | 2,837,952,734.34 | | Total Equity Attributable to Parent Company Shareholders | 591,829,971.66 | 618,690,947.99 | | Total Shareholders' Equity | 591,829,971.66 | 618,690,947.99 | | Total Liabilities and Shareholders' Equity | 3,492,251,473.58 | 3,456,643,682.33 | [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 unaudited condensed consolidated interim financial statements, covering company information, basis of preparation, significant accounting policies, and specific data explanations, to enhance understanding of the financial statements [General Information](index=6&type=section&id=General%20Information) Chuangmei Pharmaceutical Co., Ltd. was incorporated in China in 1984 and listed on the HKEX in 2015, primarily engaged in pharmaceutical trade and related services, with financial statements presented in RMB - The company was incorporated in China in 1984 and listed on the Main Board of the Hong Kong Stock Exchange on **December 14, 2015**[9](index=9&type=chunk) - The Group's principal business is pharmaceutical trade and related services[10](index=10&type=chunk) - The condensed consolidated interim financial statements are presented in **RMB**, which is the functional currency of the Company[11](index=11&type=chunk) [Basis of Preparation of Financial Statements](index=6&type=section&id=Basis%20of%20Preparation%20of%20Financial%20Statements) The Group's financial statements are prepared in accordance with Chinese accounting standards, CSRC, and HKEX listing rules, based on a going concern principle, with no significant doubts about its ability to continue as a going concern - The financial statements are prepared in accordance with the **Accounting Standards for Business Enterprises** issued by the Ministry of Finance of China, **Information Disclosure and Compilation Rules for Companies Issuing Securities to the Public No. 15** issued by the China Securities Regulatory Commission, and the **Hong Kong Companies Ordinance** and **Listing Rules**[12](index=12&type=chunk) - The Group has assessed its ability to continue as a going concern for the **12 months** from June 30, 2025, and found no significant doubts, thus the financial statements are presented on a going concern basis[13](index=13&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=6&type=section&id=Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) The Group's financial statements comply with accounting standards, accurately reflecting financial position, operating results, and cash flows, with no changes in significant accounting policies or estimates during the reporting period - These financial statements comply with the requirements of the Accounting Standards for Business Enterprises, truly, accurately, and completely reflecting the financial position of the Company and the Group as of **June 30, 2025**, and the operating results and cash flows for the six months ended **June 30, 2025**[14](index=14&type=chunk) - The Group's accounting period is from **January 1 to December 31** of the Gregorian calendar, with an operating cycle of **12 months**, and the bookkeeping base currency is **RMB**[15](index=15&type=chunk)[16](index=16&type=chunk)[17](index=17&type=chunk) - There were no changes in the Group's significant accounting policies and major accounting estimates during the reporting period[19](index=19&type=chunk) [Operating Revenue and Operating Costs](index=7&type=section&id=Operating%20Revenue%20and%20Operating%20Costs) For the six months ended June 30, 2025, the Group's total operating revenue was RMB 2,155.07 million, primarily from main business, with total operating costs of RMB 1,994.33 million, both decreasing from 2024 Operating Revenue and Operating Costs Details (For the Six Months Ended June 30) | Item | 2025 Revenue (RMB) | 2025 Costs (RMB) | 2024 Revenue (RMB) | 2024 Costs (RMB) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 2,128,769,934.11 | 1,992,617,151.90 | 2,325,459,578.61 | 2,177,837,790.01 | | Other Businesses | 26,301,545.40 | 1,708,944.88 | 21,725,354.72 | 162,213.00 | | Total | 2,155,071,479.51 | 1,994,326,096.78 | 2,347,184,933.33 | 2,178,000,003.01 | [Segment Information](index=7&type=section&id=Segment%20Information) The Group's business is considered a single operating and reporting segment: pharmaceutical distribution and related services, with all operating revenue and non-current assets generated within China - The Group has only one operating and reporting segment: **pharmaceutical distribution and related services**[21](index=21&type=chunk) - All of the Group's operations are located in China, and all operating revenue and non-current assets are generated in China[22](index=22&type=chunk) [Finance Costs](index=8&type=section&id=Finance%20Costs) For the six months ended June 30, 2025, the Group's finance costs were RMB 33.69 million, a 1.21% decrease year-on-year, primarily due to reduced interest expenses Finance Costs Details (For the Six Months Ended June 30) | Item | 2025 (RMB) | 2024 (RMB) | | :--- | :--- | :--- | | Interest Expense | 31,055,269.10 | 33,101,117.52 | | Of which: Bank borrowings and others | 29,621,637.63 | 32,244,615.80 | | Interest expense on lease liabilities | 885,458.13 | 856,501.72 | | Less: Interest income | 1,147,053.30 | 2,882,746.74 | | Add: Exchange gains/(losses) | 6,223.70 | -2,856.37 | | Add: Others | 3,775,286.67 | 3,887,182.98 | | Total | 33,689,726.17 | 34,102,697.39 | [Income Tax Expense](index=8&type=section&id=Income%20Tax%20Expense) For the six months ended June 30, 2025, the Group's income tax expense was RMB 10.89 million, a 10.60% decrease year-on-year, mainly comprising PRC corporate income tax and deferred tax, with no taxable income in Hong Kong Income Tax Expense Details (For the Six Months Ended June 30) | Item | 2025 (RMB) | 2024 (RMB) | | :--- | :--- | :--- | | Current income tax calculated according to tax laws and regulations | 11,519,164.74 | 12,309,195.72 | | —PRC corporate income tax | 11,519,164.74 | 12,309,195.72 | | —Hong Kong profits tax | | | | Deferred income tax expense | -629,397.22 | -128,487.57 | | Total | 10,889,767.52 | 12,180,708.15 | - The Group had no taxable income in Hong Kong, thus no Hong Kong income tax[24](index=24&type=chunk) [Return on Net Assets and Earnings Per Share](index=9&type=section&id=Return%20on%20Net%20Assets%20and%20Earnings%20Per%20Share) For the six months ended June 30, 2025, the weighted average return on net assets attributable to parent company shareholders was 3.79%, with basic and diluted earnings per share both at RMB 0.2013 Return on Net Assets and Earnings Per Share (For the Six Months Ended June 30) | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (RMB/share) | Diluted Earnings Per Share (RMB/share) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Parent Company Shareholders | 3.79 | 0.2013 | 0.2013 | | Net Profit Attributable to Parent Company Shareholders (Excluding Non-recurring Gains and Losses) | 3.84 | 0.2036 | 0.2036 | [Dividends](index=9&type=section&id=Dividends) The Board does not recommend an interim dividend for the six months ended June 30, 2025, consistent with the same period in 2024 - The Board does not recommend the payment of an interim dividend for the six months ended **June 30, 2025** (2024 interim dividend: nil)[27](index=27&type=chunk) [Bills Receivable](index=10&type=section&id=Bills%20Receivable) As of June 30, 2025, total bills receivable were RMB 35.97 million, a significant increase from year-end 2024, primarily commercial acceptance bills, with a corresponding increase in bad debt provision and RMB 3.60 million pledged Bills Receivable Classified (As of June 30) | Item | Balance as of June 30, 2025 (RMB) | Balance as of December 31, 2024 (RMB) | | :--- | :--- | :--- | | Commercial Acceptance Bills | 36,100,000.00 | 5,590,000.00 | | Less: Provision for Bad Debts | 126,350.00 | 19,565.00 | | Total | 35,973,650.00 | 5,570,435.00 | - As of **June 30, 2025**, the amount of pledged bills receivable was **RMB 3.60 million**, all of which were commercial acceptance bills[34](index=34&type=chunk) [Accounts Receivable](index=12&type=section&id=Accounts%20Receivable) As of June 30, 2025, net accounts receivable were RMB 1,183.82 million, a slight increase from year-end 2024, with the largest portion being within one year aging and total bad debt provision of RMB 21.52 million Net Accounts Receivable (As of June 30) | Item | Balance as of June 30, 2025 (RMB) | Balance as of December 31, 2024 (RMB) | | :--- | :--- | :--- | | Accounts Receivable | 1,205,335,300.45 | 1,184,455,239.82 | | Less: Provision for Bad Debts | 21,518,255.45 | 21,217,687.43 | | Net Amount | 1,183,817,045.00 | 1,163,237,552.39 | Accounts Receivable by Aging (As of June 30) | Aging | Balance as of June 30, 2025 (RMB) | Balance as of December 31, 2024 (RMB) | | :--- | :--- | :--- | | Within 1 Year | 1,166,135,680.72 | 1,156,354,646.21 | | 1-2 Years | 24,808,526.12 | 13,018,971.27 | | 2-3 Years | 221,671.72 | 629,729.86 | | Over 3 Years | 14,169,421.89 | 14,451,892.48 | | Total | 1,205,335,300.45 | 1,184,455,239.82 | [Receivables Financing](index=14&type=section&id=Receivables%20Financing) As of June 30, 2025, receivables financing primarily consisted of bank acceptance bills totaling RMB 23.57 million, a significant decrease from RMB 57.62 million at year-end 2024 Receivables Financing (As of June 30) | Item | Balance as of June 30, 2025 (RMB) | Balance as of December 31, 2024 (RMB) | | :--- | :--- | :--- | | Bank Acceptance Bills | 23,573,149.39 | 57,615,292.39 | | Total | 23,573,149.39 | 57,615,292.39 | [Bills Payable](index=14&type=section&id=Bills%20Payable) As of June 30, 2025, bills payable primarily consisted of bank acceptance bills totaling RMB 709.19 million, a decrease from RMB 826.51 million at year-end 2024, with all bills payable due within one year Bills Payable (As of June 30) | Type of Bill | Balance as of June 30, 2025 (RMB) | Balance as of December 31, 2024 (RMB) | | :--- | :--- | :--- | | Bank Acceptance Bills | 709,194,022.88 | 826,507,576.48 | | Total | 709,194,022.88 | 826,507,576.48 | - All of the Group's bills payable at the end of the period have an aging of within **1 year**[45](index=45&type=chunk) [Accounts Payable](index=14&type=section&id=Accounts%20Payable) As of June 30, 2025, total accounts payable were RMB 364.79 million, a decrease from RMB 387.83 million at year-end 2024, mainly comprising goods and equipment payments, with the largest portion due within one year Accounts Payable Details (As of June 30) | Item | Balance as of June 30, 2025 (RMB) | Balance as of December 31, 2024 (RMB) | | :--- | :--- | :--- | | Goods Payments | 363,780,496.38 | 386,978,214.29 | | Equipment Payments | 1,006,410.04 | 847,499.25 | | Total | 364,786,906.42 | 387,825,713.54 | Accounts Payable by Aging (As of June 30) | Aging | Balance as of June 30, 2025 (RMB) | Balance as of December 31, 2024 (RMB) | | :--- | :--- | :--- | | Within 1 Year | 340,650,702.60 | 374,742,200.33 | | 1-2 Years | 22,025,835.02 | 11,505,873.92 | | 2-3 Years | 557,882.63 | 727,758.26 | | Over 3 Years | 1,552,486.17 | 849,881.03 | | Total | 364,786,906.42 | 387,825,713.54 | [Management Discussion and Analysis](index=15&type=section&id=Management%20Discussion%20and%20Analysis) This section details the macro environment, market trends, policy impacts, and the Group's business performance and future development strategies in China's pharmaceutical distribution industry, highlighting structural transformation and the importance of digitalization and intelligence [Industry Overview](index=15&type=section&id=Industry%20Overview) China's pharmaceutical distribution industry is undergoing profound changes driven by an aging population, deepening healthcare reforms, the "dual circulation" strategy, and digital innovation, leading to increased market concentration and a shift towards intelligent and diversified platforms [Market Trends and Policy Impact](index=15&type=section&id=Market%20Trends%20and%20Policy%20Impact) China's pharmaceutical distribution market is influenced by an aging society, healthcare reform policies like "volume-based procurement" and "tiered diagnosis," and the "dual circulation" strategy, leading to sustained growth in the retail market, especially online pharmacies and instant retail, and increased market concentration - China has officially entered a "moderately aging" society, with rising public health awareness driving a steady increase in demand for pharmaceutical and health services[48](index=48&type=chunk) - In 2024, the market share of China's retail pharmacies (including online pharmacies) continued to grow by **1.5 percentage points**; online pharmacy drug sales increased by **14.4% year-on-year**, and instant retail sales in pharmacies reached **RMB 48.7 billion**, a **31.3% year-on-year increase**[49](index=49&type=chunk) - Healthcare reform policies are accelerating the restructuring of the pharmaceutical market, with the out-of-hospital market rapidly benefiting from prescription outflow, projected to reach **RMB 1.6 trillion** by 2029[51](index=51&type=chunk)[52](index=52&type=chunk) - The National Healthcare Security Administration mandates that from **January 1, 2025**, "dual-channel" managed drugs must have prescriptions circulated through the national unified medical insurance electronic prescription center, completely replacing paper prescriptions[52](index=52&type=chunk) [Digital and Intelligent Transformation](index=17&type=section&id=Digital%20and%20Intelligent%20Transformation) The pharmaceutical industry is accelerating digital and intelligent transformation with the full implementation of drug traceability codes and comprehensive medical insurance QR code settlements, leveraging AI and big data to enhance supply chain efficiency and refined service capabilities - In **March 2025**, four departments including the National Healthcare Security Administration required active promotion of drug traceability codes for full-process, full-volume collection and full-scenario application in medical security and work-related injury insurance fields[55](index=55&type=chunk) - From **July 1, 2025**, designated medical institutions must scan codes at the point of sale to settle medical insurance funds; by **January 1, 2026**, all medical institutions must achieve full collection and upload of drug traceability codes[55](index=55&type=chunk) - The Implementation Plan for Digital and Intelligent Transformation of the Pharmaceutical Industry (2025-2030) supports the application of digital intelligence technology to achieve full-process product traceability, ensuring product quality and safety[56](index=56&type=chunk) - Advanced technologies such as AI, big data, and cloud computing are deeply applied, leading the pharmaceutical distribution industry towards **digital intelligence, diversification, and platformization**[57](index=57&type=chunk) [Business Review](index=18&type=section&id=Business%20Review) The Group's core business is pharmaceutical distribution in China, focusing on Guangdong and surrounding markets, expanding its retail network. Despite a slight reduction in customer and product numbers, it enhances competitiveness through product optimization, brand collaboration, silver economy opportunities, AI empowerment, and logistics advantages [Core Business and Distribution Network](index=18&type=section&id=Core%20Business%20and%20Distribution%20Network) The Group primarily distributes pharmaceuticals in China, sourcing from manufacturers and suppliers to serve distributors, retail pharmacies, and private hospitals. As of June 30, 2025, its network covered 12,170 customers and 11,164 product types, a decrease from the previous year - The Group's principal business is pharmaceutical distribution in China, with the vast majority of operating revenue derived from pharmaceutical distribution[58](index=58&type=chunk) - As of **June 30, 2025**, the distribution network covered **12,170 customers**, including **575 distributors**, **7,965 retail pharmacies**, and **3,630 private hospitals, clinics, health stations, and others**, representing a decrease of **624 customers** compared to the same period last year[58](index=58&type=chunk) Product Quantity (For the Six Months Ended June 30) | Product Category | 2025 | 2024 | | :--- | :--- | :--- | | Proprietary Chinese Medicines | 4,067 | 4,445 | | Western Medicines | 4,184 | 4,316 | | Others | 2,913 | 2,835 | | Total | 11,164 | 11,596 | [Marketing Ecosystem and Product Portfolio](index=18&type=section&id=Marketing%20Ecosystem%20and%20Product%20Portfolio) The Group collaborates closely with brand pharmaceutical companies and downstream customers through a multi-dimensional marketing network, integrating resources, optimizing channels, and providing digital logistics to build a complete industry chain and business ecosystem, actively promoting "ten-million-level" brand client policies - The Group leverages its multi-dimensional marketing network advantages to collaborate closely with brand pharmaceutical companies and downstream customers, jointly building a complete industrial chain and business ecosystem[60](index=60&type=chunk) - It continues to deepen its product portfolio, actively promoting the **"ten-million-level" brand client policy**, and has successfully created multiple strategically cooperative brands with sales exceeding **RMB 10 million**[61](index=61&type=chunk) - The Group has innovatively built a multi-dimensional marketing system, establishing an efficient production-sales matching platform through brand co-marketing, event-driven marketing, and differentiated promotional strategies[61](index=61&type=chunk) - Focusing on the **silver economy**, the Group identifies and cultivates potential products that meet the health needs of the elderly population, working with quality partners to improve the silver health industry ecosystem[62](index=62&type=chunk) [AI Empowerment and Digital Transformation](index=19&type=section&id=AI%20Empowerment%20and%20Digital%20Transformation) The Group has successfully applied AI tools to key business areas like financial management, intelligent process optimization, and drug traceability, significantly improving operational efficiency and compliance, and has initiated AI pilot applications in critical logistics segments - The Group has successfully achieved automation in key business areas such as financial management, intelligent process engine optimization, efficient pharmaceutical data governance, intelligent commodity monitoring, and intelligent verification and compliance management of drug traceability codes[63](index=63&type=chunk) - AI tools have been piloted in critical logistics segments (e.g., intelligent warehouse management, delivery route optimization) to optimize resource allocation and decision-making efficiency[63](index=63&type=chunk) - Subsequently, the Group will gradually advance full-process digital integration to achieve an end-to-end intelligent business closed loop, and continuously iterate adaptive AI models to expand AI applications in new scenarios such as intelligent customer service and precise outreach[63](index=63&type=chunk) [Core Logistics Advantages and Third-Party Logistics](index=19&type=section&id=Core%20Logistics%20Advantages%20and%20Third-Party%20Logistics) As a leading modern pharmaceutical supply chain service provider in South China, the Group operates distribution centers in Guangzhou, Shantou, Shenzhen, and Zhuhai, equipped with cold chain and smart warehousing, efficiently meeting its own distribution needs and expanding third-party logistics services, with significant growth in related clients and revenue - The Group has established medium-to-large modern pharmaceutical distribution centers in Guangzhou, Shantou, Shenzhen, and Zhuhai, building a comprehensive logistics network and information system, strictly adhering to GSP management standards[64](index=64&type=chunk) - The distribution centers are equipped with advanced cold chain and refrigerated transport vehicles and intelligent warehousing equipment, capable of meeting differentiated pharmaceutical distribution needs[64](index=64&type=chunk) - During the reporting period, the number of clients for third-party pharmaceutical logistics entrusted services and other value-added services such as warehousing or transportation, in cooperation with manufacturers, commercial distributors, and chain pharmacies, increased by **15.23% year-on-year**, with corresponding revenue increasing by **21.52% year-on-year**[65](index=65&type=chunk) - The Group has consistently received multiple industry honors for many years, including "Best Pharmaceutical Cold Chain Logistics Center," "Recommended Pharmaceutical Cold Chain Logistics Service Enterprise," and "Excellent Pharmaceutical Logistics and Distribution Enterprise"[66](index=66&type=chunk) [Future Outlook](index=21&type=section&id=Future%20Outlook) The Group will adhere to its "deep cultivation in Guangdong, radiating to surrounding areas" strategy, fully advance AI-powered digital transformation, deepen strategic cooperation with brand manufacturers, strengthen core pharmaceutical logistics capabilities, expand third-party logistics, and explore new domestic and international industrial collaborations for high-quality development [Market Strategy](index=21&type=section&id=Market%20Strategy) The Group will maintain its "deep cultivation in Guangdong, radiating to surrounding areas" market strategy, building a comprehensive pharmaceutical retail network across Guangdong and neighboring regions, expanding and refining its distribution network to achieve dense coverage for sales, services, and logistics - The Group will continue to implement the **"deep cultivation in Guangdong, radiating to surrounding areas"** market strategy, building a comprehensive pharmaceutical retail network covering Guangdong Province and surrounding areas[69](index=69&type=chunk) - It will strengthen risk management, improve operational quality, seize opportunities from the expansion of the grassroots medical market, optimize network layout, and expand drug delivery coverage[69](index=69&type=chunk) [AI-Powered Digital Transformation](index=22&type=section&id=AI-Powered%20Digital%20Transformation) The Group will continue to deepen its "Smart Internet + Pharma" strategy, fully integrating digitalization and AI to build an intelligent supply chain ecosystem, deploying large-scale pre-trained models and AI agents to optimize processes, enhance organizational efficiency, and leverage data assets for AI-driven deep data analysis and precise decision-making - It will continue to deepen the **"Smart Internet + Pharma" strategy**, comprehensively promoting the deep integration of digitalization and AI technology, focusing on building a new intelligent supply chain ecosystem[70](index=70&type=chunk) - By systematically deploying large-scale pre-trained models and AI agents, it will optimize business processes, shift high-frequency repetitive tasks to automated intelligent processing, and enhance organizational efficiency[70](index=70&type=chunk) - Relying on its vast data assets in the pharmaceutical distribution sector, it will build an **AI-driven deep data analysis platform** to support scientific and forward-looking decision-making[70](index=70&type=chunk) [Deepening Strategic Cooperation with Brand Manufacturers](index=22&type=section&id=Deepening%20Strategic%20Cooperation%20with%20Brand%20Manufacturers) The Group will further deepen cooperation with brand manufacturers to secure more growth opportunities in non-tender markets, enrich its product portfolio, and expand into high-growth potential markets, leveraging its retail network to provide comprehensive brand promotion and product implementation support for suppliers - It will further deepen cooperation with various brand manufacturers to secure more growth opportunities for products shifting to non-tender markets and enrich its product portfolio[72](index=72&type=chunk) - Fully utilizing the Group's resources and advantages in the pharmaceutical retail network, it will build a vibrant innovative marketing ecosystem, providing upstream suppliers with comprehensive brand promotion and product implementation solutions and support services[72](index=72&type=chunk) [Strengthening Core Pharmaceutical Logistics Capabilities](index=23&type=section&id=Strengthening%20Core%20Pharmaceutical%20Logistics%20Capabilities) The Group will comprehensively integrate transport resources, advance smart logistics capabilities, enhance delivery services, and strengthen regional integrated logistics synergy, optimizing efficiency and cost control through multi-warehouse collaboration and intelligent scheduling, while actively expanding third-party pharmaceutical logistics services - It will comprehensively integrate existing transportation resources, promote the construction of smart logistics capabilities, further enhance delivery service capabilities, and strengthen the synergistic effect of regional integrated logistics[73](index=73&type=chunk) - Relying on a collaborative operating model of multi-warehouse linkage and intelligent scheduling, it aims to achieve optimal efficiency and cost control from source to terminal delivery[73](index=73&type=chunk) - It will actively expand third-party pharmaceutical logistics services, providing upstream suppliers and downstream customers with professional and convenient warehousing, logistics, and freight transportation, as well as more value-added services[73](index=73&type=chunk) [Pioneering New Domestic and International Industrial Cooperation](index=23&type=section&id=Pioneering%20New%20Domestic%20and%20International%20Industrial%20Cooperation) Leveraging state-owned shareholder resources, the Group will actively seek high-quality domestic and international products and strategic collaborations to build a more complete product supply chain, expand profitable new businesses, and optimize its business structure and profit model, consolidating its leading position in South China's non-tender pharmaceutical market - It will leverage the rich resources and advantages of its state-owned shareholders to actively seek high-quality domestic and international products and strategic collaborations, building a more complete product supply chain[74](index=74&type=chunk) - It will expand into more profitable new businesses, continuously optimizing its business structure and profit model, and promoting the deep integration of emerging technologies with core competitiveness[74](index=74&type=chunk) - It will consolidate its leading position in the non-tender pharmaceutical market in South China and continue to increase investment in digitalization and business innovation[74](index=74&type=chunk) [Financial Review](index=24&type=section&id=Financial%20Review) This section provides a detailed review of the Group's financial performance for the six months ended June 30, 2025, including changes in operating revenue, costs, gross profit, expenses, and net profit, along with an analysis of liquidity, asset-liability structure, and related risks [Operating Revenue](index=24&type=section&id=Operating%20Revenue) For the six months ended June 30, 2025, the Group's operating revenue was RMB 2,155.07 million, a year-on-year decrease of 8.18%, primarily due to slowing macroeconomic growth, a high base in Q1 2024, and declining drug prices from centralized procurement policies Operating Revenue by Business Type (For the Six Months Ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Main Business | 2,128,770 | 2,325,460 | | Other Businesses | 26,302 | 21,725 | | Operating Revenue | 2,155,071 | 2,347,185 | Main Business Revenue by Customer Type (For the Six Months Ended June 30) | Customer Type | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Distributors | 1,030,348 | 1,093,126 | | Retail Pharmacies | 1,040,097 | 1,151,208 | | Private Hospitals, Clinics, Health Stations, and Others | 58,325 | 81,126 | | Main Business Revenue | 2,128,770 | 2,325,460 | - Operating revenue decreased by **8.18% year-on-year**, primarily due to slowing macroeconomic growth, a high base in the first quarter of 2024 leading to a **20.52% year-on-year decrease** in the first quarter of 2025, and the deepening of drug centralized procurement policies resulting in lower terminal prices for some drugs[79](index=79&type=chunk) - Main business revenue achieved restorative growth in the second quarter, with a **6.48% year-on-year increase** in the second quarter of 2025[79](index=79&type=chunk) [Operating Costs, Gross Profit, and Gross Margin](index=24&type=section&id=Operating%20Costs%2C%20Gross%20Profit%2C%20and%20Gross%20Margin) For the six months ended June 30, 2025, operating costs decreased by 8.43% to RMB 1,994.33 million, slightly more than the revenue decline. Gross profit decreased by 4.99% to RMB 160.75 million, but gross margin increased by 0.25 percentage points to 7.46%, driven by lower procurement costs, product structure optimization, and growth in third-party logistics - Operating costs decreased by **8.43% year-on-year** to **RMB 1,994.33 million**, a decrease slightly higher than that of operating revenue[80](index=80&type=chunk) - Gross profit decreased by **4.99% year-on-year** to **RMB 160.75 million**[80](index=80&type=chunk) - Gross margin increased by **0.25 percentage points** from **7.21%** in the same period of 2024 to **7.46%** in the same period of 2025[80](index=80&type=chunk) - The improvement in gross margin was primarily due to leveraging channel advantages to reduce procurement costs, continuous adjustment of product structure to introduce high-margin products, and a **21.52% year-on-year increase** in third-party logistics business revenue[80](index=80&type=chunk)[81](index=81&type=chunk) [Selling Expenses](index=25&type=section&id=Selling%20Expenses) For the six months ended June 30, 2025, selling expenses decreased by 3.87% to RMB 60.44 million, primarily due to the company's efficient allocation of marketing resources and reduction of inefficient marketing channels - Selling expenses decreased by **3.87% year-on-year** to **RMB 60.44 million**[82](index=82&type=chunk) - This was mainly due to the Company's efficient allocation of marketing resources and the reduction of inefficient marketing channels[82](index=82&type=chunk) [Administrative Expenses](index=25&type=section&id=Administrative%20Expenses) For the six months ended June 30, 2025, administrative expenses decreased by 3.68% to RMB 22.47 million, mainly due to cost reduction and efficiency gains from digital office implementation, leading to reduced office, travel, and staff costs - Administrative expenses decreased by **3.68% year-on-year** to **RMB 22.47 million**[83](index=83&type=chunk) - This was mainly due to the implementation of digital office, resulting in a year-on-year decrease of **RMB 0.51 million** in office and travel expenses, and a year-on-year decrease of **RMB 0.46 million** in staff remuneration[83](index=83&type=chunk) [Finance Costs](index=25&type=section&id=Finance%20Costs) For the six months ended June 30, 2025, finance costs decreased by 1.21% to RMB 33.69 million, primarily due to a RMB 2.05 million reduction in interest expenses from lower borrowing rates - Finance costs decreased by **1.21% year-on-year** to **RMB 33.69 million**[84](index=84&type=chunk) - This was mainly due to a decrease in borrowing interest rates, leading to a year-on-year reduction of **RMB 2.05 million** in interest expenses[84](index=84&type=chunk) [Income Tax Expense](index=25&type=section&id=Income%20Tax%20Expense) For the six months ended June 30, 2025, income tax expense decreased by 10.60% to RMB 10.89 million, recognized in accordance with accounting standards for current income tax and adjustments to deferred tax assets and liabilities - Income tax expense decreased by **10.60% year-on-year** to **RMB 10.89 million**[85](index=85&type=chunk) - This was recognized in accordance with accounting standards for current income tax expense and adjustments to deferred tax assets and deferred tax liabilities[85](index=85&type=chunk) [Net Profit](index=25&type=section&id=Net%20Profit) For the six months ended June 30, 2025, net profit decreased by 18.72% to RMB 21.74 million, primarily due to slowing macroeconomic growth, high base effect leading to revenue decline, rigid cost structure, and a significant increase in credit impairment losses - Net profit decreased by **18.72% year-on-year** to **RMB 21.74 million**[86](index=86&type=chunk) - This was primarily due to slowing macroeconomic growth and a high base effect leading to a phased decline in operating revenue, coupled with a rigid cost structure, where expense optimization measures did not fully offset the pressure from narrowing gross profit[86](index=86&type=chunk) - Credit impairment losses significantly increased compared to the same period last year, negatively impacting net profit[86](index=86&type=chunk) [Liquidity and Financial Resources](index=25&type=section&id=Liquidity%20and%20Financial%20Resources) As of June 30, 2025, the Group held RMB 212.24 million in cash and bank balances, with net current assets of RMB 252.79 million and a current ratio of 1.09, largely consistent with year-end 2024, and total bank borrowings of RMB 1,010.88 million at fixed interest rates - As of **June 30, 2025**, the Group held cash and bank balances of **RMB 212.24 million**, an increase from **RMB 171.79 million** at December 31, 2024[87](index=87&type=chunk) - Net current assets were **RMB 252.79 million**, and the current ratio was **1.09**, largely consistent with December 31, 2024[87](index=87&type=chunk) - Total bank borrowings amounted to **RMB 1,010.88 million** (short-term borrowings of **RMB 967.68 million** and long-term borrowings of **RMB 43.20 million**), with all bank borrowings bearing fixed interest rates[88](index=88&type=chunk) [Bills Receivable, Accounts Receivable, and Receivables Financing](index=26&type=section&id=Bills%20Receivable%2C%20Accounts%20Receivable%2C%20and%20Receivables%20Financing) As of June 30, 2025, the combined total of bills receivable, accounts receivable, and receivables financing was RMB 1,243.36 million, a 1.38% increase from year-end 2024, remaining largely stable - As of **June 30, 2025**, the total amount of bills receivable, accounts receivable, and receivables financing was **RMB 1,243.36 million**, an increase of **1.38%** compared to December 31, 2024, remaining largely stable[89](index=89&type=chunk) [Bills Payable and Accounts Payable](index=26&type=section&id=Bills%20Payable%20and%20Accounts%20Payable) As of June 30, 2025, the combined total of bills payable and accounts payable was RMB 1,073.98 million, a 11.56% decrease from year-end 2024, primarily due to the Group's strategic procurement arrangements and effective capital allocation based on market supply and demand - As of **June 30, 2025**, the total amount of bills payable and accounts payable was **RMB 1,073.98 million**, a decrease of **11.56%** compared to December 31, 2024[90](index=90&type=chunk) - This was mainly due to the Group's procurement arrangements based on market supply and demand and effective allocation of capital utilization[90](index=90&type=chunk) [Treasury Policy](index=26&type=section&id=Treasury%20Policy) The Group adopts a prudent financial management strategy, closely monitoring liquidity, assessing customer credit to mitigate risk, and ensuring the liquid structure of assets, liabilities, and other commitments aligns with funding requirements - The Group adopts a prudent financial management strategy, maintaining a sound liquidity position during the reporting period[91](index=91&type=chunk) - It closely monitors the Group's liquidity position to ensure that the liquid structure of assets, liabilities, and other commitments meets funding needs[91](index=91&type=chunk) [Foreign Exchange Risk](index=26&type=section&id=Foreign%20Exchange%20Risk) The Group's transactions, most assets, and all liabilities are denominated in RMB, resulting in extremely low foreign exchange risk, with no financial instruments used to hedge foreign currency risk during the reporting period - The Group's transactions are denominated in RMB, and most of its assets and all its liabilities are denominated in RMB, resulting in extremely low foreign exchange risk[92](index=92&type=chunk) - For the six months ended **June 30, 2025**, the Group did not use any financial instruments to hedge foreign currency risk[92](index=92&type=chunk) [Interest Rate Risk](index=26&type=section&id=Interest%20Rate%20Risk) As of June 30, 2025, the Group had no bank borrowings bearing floating interest rates, indicating a low interest rate risk - As of **June 30, 2025**, the Group had no bank borrowings bearing floating interest rates[93](index=93&type=chunk) [Capital Gearing Ratio](index=26&type=section&id=Capital%20Gearing%20Ratio) As of June 30, 2025, the Group's capital gearing ratio was 57.44%, an increase from 51.37% at year-end 2024 Capital Gearing Ratio | Date | Capital Gearing Ratio | | :--- | :--- | | June 30, 2025 | 57.44% | | December 31, 2024 | 51.37% | - The capital gearing ratio is calculated as net debt at period-end divided by total capital[95](index=95&type=chunk) [Other Information](index=27&type=section&id=Other%20Information) This section provides other important information for the six months ended June 30, 2025, including capital commitments, employee details, significant investments, asset pledges, contingent liabilities, and corporate governance, offering a comprehensive overview of the company's operations and governance [Capital Commitments](index=27&type=section&id=Capital%20Commitments) As of June 30, 2025, the Group had no capital commitments, consistent with the situation at year-end 2024 - As of **June 30, 2025**, the Group had no capital commitments (December 31, 2024: nil)[96](index=96&type=chunk) [Employee Information](index=27&type=section&id=Employee%20Information) As of June 30, 2025, the Group had 849 employees, an increase of 15 from the previous year, with total staff costs of RMB 47.57 million, and the Group focuses on employee development, offering competitive remuneration and training - As of **June 30, 2025**, the Group had **849 employees**, an increase of **15 employees** compared to June 30, 2024[97](index=97&type=chunk) - For the six months ended **June 30, 2025**, total staff costs were **RMB 47.57 million**, compared to **RMB 45.83 million** for the same period in 2024[97](index=97&type=chunk) - The Group provides competitive salaries and benefits and focuses on employee career development, regularly conducting internal and external training[97](index=97&type=chunk) [Significant Investments Held](index=27&type=section&id=Significant%20Investments%20Held) For the six months ended June 30, 2025, the Group held no significant investments - For the six months ended **June 30, 2025**, the Group had no significant investments[98](index=98&type=chunk) [Future Plans for Material Investments and Capital Assets](index=27&type=section&id=Future%20Plans%20for%20Material%20Investments%20and%20Capital%20Assets) During the reporting period and up to the date of this announcement, the Group had no future plans regarding material investments and capital assets - During the reporting period and up to the date of this announcement, the Group had no future plans regarding material investments and capital assets[99](index=99&type=chunk) [Material Acquisitions and Disposals of Subsidiaries, Associates, and Joint Ventures](index=27&type=section&id=Material%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%2C%20Associates%2C%20and%20Joint%20Ventures) For the six months ended June 30, 2025, the Group had no material acquisitions or disposals of subsidiaries, associates, or joint ventures - For the six months ended **June 30, 2025**, the Group had no material acquisitions or disposals of subsidiaries, associates, or joint ventures[100](index=100&type=chunk) [Pledges of Assets](index=27&type=section&id=Pledges%20of%20Assets) As of June 30, 2025, the Group had utilized total bank credit of RMB 1,455.82 million, secured by properties and plant with a carrying value of RMB 207.11 million and land use rights of RMB 65.82 million - As of **June 30, 2025**, the Group had utilized total bank credit of **RMB 1,455.82 million**[101](index=101&type=chunk) - Pledged assets include properties and plant with a carrying value of **RMB 207.11 million** and land use rights of **RMB 65.82 million**[101](index=101&type=chunk) [Assets with Restricted Ownership or Use Rights](index=27&type=section&id=Assets%20with%20Restricted%20Ownership%20or%20Use%20Rights) As of June 30, 2025, the Group's assets with restricted ownership or use rights totaled RMB 574.26 million, primarily including monetary funds pledged as guarantees for bank acceptance bills and borrowings, and bills receivable pledged to banks, along with other pledged assets - As of **June 30, 2025**, the Group's restricted monetary funds amounted to **RMB 297.73 million**, serving as guarantees for bank acceptance bills and borrowings[102](index=102&type=chunk) - Restricted bills receivable amounted to **RMB 3.60 million**, pledged to banks[102](index=102&type=chunk) - Other pledged assets totaled **RMB 272.93 million**, with total assets with restricted ownership or use rights amounting to **RMB 574.26 million**[102](index=102&type=chunk) [Contingent Liabilities](index=28&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no material contingent liabilities, consistent with the situation at year-end 2024 - As of **June 30, 2025**, the Group had no material contingent liabilities (December 31, 2024: nil)[104](index=104&type=chunk) [Significant Events After Reporting Period](index=28&type=section&id=Significant%20Events%20After%20Reporting%20Period) As of the date of this announcement, there were no significant events after the reporting period requiring disclosure by the Group - As of the date of this announcement, there were no significant events after the reporting period requiring disclosure by the Group[105](index=105&type=chunk) [Interim Dividends](index=28&type=section&id=Interim%20Dividends) The Board does not recommend an interim dividend for the six months ended June 30, 2025, consistent with the same period in 2024 - The Board does not recommend the payment of an interim dividend for the six months ended **June 30, 2025** (2024 interim dividend: nil)[106](index=106&type=chunk) [Corporate Governance Practices](index=28&type=section&id=Corporate%20Governance%20Practices) For the six months ended June 30, 2025, the Company consistently complied with the code provisions of the Corporate Governance Code set out in Appendix C1 of the Listing Rules and will continue to review its practices to enhance corporate governance standards - For the six months ended **June 30, 2025**, the Company has consistently complied with the code provisions of the Corporate Governance Code set out in Appendix C1 of the Listing Rules[107](index=107&type=chunk) - The Company will continue to review its corporate governance practices to enhance its corporate governance standards[107](index=107&type=chunk) [Standard Code for Securities Transactions by Directors and Supervisors](index=28&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors%20and%20Supervisors) The Company has adopted the Standard Code for Securities Transactions by Directors and Supervisors as set out in Appendix C3 of the Listing Rules and confirms that all directors and supervisors complied with it during the reporting period - The Company has adopted the Standard Code for Securities Transactions by Directors and Supervisors as set out in Appendix C3 of the Listing Rules as a code of conduct for directors and supervisors to deal in the Company's securities[108](index=108&type=chunk) - The Company confirms that all directors and supervisors complied with the required standards set out in the Standard Code for the six months ended **June 30, 2025**[108](index=108&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) For the six months ended June 30, 2025, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities, and no treasury shares were held at period-end - For the six months ended **June 30, 2025**, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[109](index=109&type=chunk) - As of **June 30, 2025**, the Company did not hold any treasury shares[109](index=109&type=chunk) [Audit Committee and Review of Interim Results](index=28&type=section&id=Audit%20Committee%20and%20Review%20of%20Interim%20Results) The Audit Committee, comprising three members, has reviewed the unaudited condensed consolidated interim financial statements for the six months ended June 30, 2025, and found them prepared in compliance with applicable accounting standards, rules, and regulations, with appropriate disclosures - The Audit Committee comprises **three members**, including two independent non-executive directors and one non-executive director[110](index=110&type=chunk) - The Audit Committee has reviewed the unaudited condensed consolidated interim financial statements for the six months ended **June 30, 2025**, and is of the opinion that they were prepared in compliance with applicable accounting standards, rules, and regulations, and that appropriate disclosures have been made[110](index=110&type=chunk) [Publication of Information on HKEX and Company Website](index=29&type=section&id=Publication%20of%20Information%20on%20HKEX%20and%20Company%20Website) This announcement has been published on the Company's and HKEX websites, and the interim report will be dispatched to shareholders and posted on these websites in due course - This announcement has been published on the Company's website (www.chmyy.com) and the HKEX website (www.hkexnews.hk)[111](index=111&type=chunk) - The Company's interim report for the six months ended **June 30, 2025**, will be dispatched to the Company's shareholders and posted on the aforementioned websites in due course[111](index=111&type=chunk)