Group 1 - The company reported a revenue of 1.698 billion RMB for the six months ending June 30, 2025, representing a year-on-year decrease of 7.1% [1] - The loss attributable to shareholders narrowed to 378 million RMB, a reduction of 40.6% compared to the previous year [1] - The basic loss per share was 0.54 RMB [1]

AustAsia Group Ltd. 澳亞集團有限公司 * （於新加坡共和國註冊成立的有限公司） （股份代號：2425） 附註： 董事名單及其角色與職能 澳亞集團有限公司*（「本公司」）董事（「董事」）會（「董事會」）成員載列如下： 執行董事 陳榮南先生 （執行主席） Edgar Dowse COLLINS先生 楊庫先生 非執行董事 高麗娜女士 Gabriella SANTOSA女士 獨立非執行董事 辛定華先生 張泮先生 李勝利先生 董事委員會的組成如下： | 董事 | | | 董事委員會 | | | | --- | --- | --- | --- | --- | --- | | | 審計 | 薪酬 | 提名 | ESG | 獨立董事 | | | 委員會 | 委員會 | 委員會 | 委員會 | 委員會 | | 陳榮南先生 | – | – | C | – | – | | Edgar Dowse COLLINS先生 | – | – | – | C | – | | 楊庫先生 | – | – | – | M | – | | 高麗娜女士 | – | – | – | – | – | | Gabriella SANTOS ...

（於新加坡共和國註冊成立的有限公司） （股份代號：2425） 非執行董事辭任 及 審計委員會組成變動 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部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。 AustAsia Group Ltd. 澳亞集團有限公司 * 於上述變動後，審計委員會成員如下： 獨立非執行董事辛定華先生（主席）； 獨立非執行董事張泮先生；及 非執行董事Gabriella SANTOSA女士。 1 非執行董事辭任—TAMOTSU MATSUI先生 澳亞集團有限公司（「* 本公司」）董事（「董事」）會（「董事會」）茲宣佈，Tamotsu Matsui先生（「Matsui先生」）已辭任非執行董事及本公司審計委員會（「審計委員 會」）成員職務，自2025年8月29日起生效。 Matsui先生由於決定投入更多時間於Meiji Co., Ltd.之其他業務承擔，已提呈辭 任。彼已確認與董事會並無意見分歧，亦無任何其他與其辭任有關之事宜須提請 本公司股東及香港聯合交易所有限公司垂注。 董事會謹此就 ...

[Interim Results Summary](index=1&type=section&id=Summary) [Financial and Key Performance Indicators Overview](index=1&type=section&id=Financial%20and%20Key%20Performance%20Indicators%20Overview) AustAsia Group's H1 2025 revenue decreased by 7.1% to RMB 1,697.9 million, while gross profit increased 35.1% to RMB 295.9 million, and loss attributable to owners narrowed 40.6% to RMB 377.8 million, with average annual milk yield per mature cow rising 2.9% to 14.1 tonnes | Financial Data (RMB thousand) | H1 2025 | H1 2024 | Change | Change % | | :---------------------------- | :---------- | :---------- | :-------- | :--------- | | Revenue | 1,697,917 | 1,827,965 | (130,048) | -7.1% | | Gross Profit | 295,907 | 219,034 | 76,873 | +35.1% | | Loss from changes in fair value of other biological assets less costs to sell | (462,425) | (605,594) | 143,169 | -23.6% | | Loss attributable to owners of the Company | (377,783) | (636,013) | 258,230 | -40.6% | | Basic Loss Per Share (RMB) | (0.54) | (0.91) | 0.37 | -40.7% | | Cash EBITDA | 343,886 | 231,522 | 112,364 | +48.5% | | Profit/(Loss) for the period (before fair value adjustments of biological assets) | 84,642 | (30,419) | 115,061 | +378.3% | | **Key Performance Indicators**| **2025** | **2024** | **Change**| **Change %** | | Average Annual Milk Yield Per Mature Cow (tonnes) | 14.1 | 13.7 | 0.4 | +2.9% | | Dairy Cattle Inventory (head) | 117,448 | 130,229 | (12,781) | -9.8% | | Beef Cattle Inventory (head) | 25,709 | 39,466 | (13,757) | -34.9% | - Net loss of approximately **RMB 377.8 million** was primarily due to a loss from changes in fair value of other biological assets less costs to sell of **RMB 462.4 million**, mainly resulting from assumed decreases in raw milk and culled cattle prices when calculating fair value[5](index=5&type=chunk) - The average annual milk yield per mature cow increased to **14.1 tonnes**, a **2.9% increase** compared to the same period in 2024[5](index=5&type=chunk) [Interim Condensed Consolidated Financial Statements](index=3&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Statements) [Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) The Group recorded a net loss of RMB 377.8 million for H1 2025, a significant narrowing from RMB 636.0 million in the prior year, with revenue decreasing 7.1% but gross profit increasing 35.1%, mainly due to reduced fair value losses on biological assets | Indicator (RMB thousand) | H1 2025 | H1 2024 | | :----------------------- | :---------- | :---------- | | Revenue | 1,697,917 | 1,827,965 | | Gross Profit | 295,907 | 219,034 | | Loss from changes in fair value of other biological assets less costs to sell | (462,425) | (605,594) | | Loss Before Tax | (371,508) | (628,343) | | Loss for the period | (377,783) | (636,013) | | Basic Loss Per Share (RMB) | (0.54) | (0.91) | [Interim Condensed Consolidated Statement of Financial Position](index=5&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total non-current assets were RMB 7,069.4 million, total current assets were RMB 1,948.6 million, net current liabilities were RMB 1,143.7 million, and net assets were RMB 3,429.7 million, a decrease from year-end 2024 | Indicator (RMB thousand) | June 30, 2025 | December 31, 2024 | | :----------------------- | :------------ | :---------------- | | Total Non-Current Assets | 7,069,430 | 7,482,170 | | Total Current Assets | 1,948,575 | 2,389,905 | | Total Current Liabilities| 3,092,229 | 3,642,059 | | Net Current Liabilities | (1,143,654) | (1,252,154) | | Net Assets | 3,429,729 | 3,807,512 | | Total Equity | 3,429,729 | 3,807,512 | [Notes to the Interim Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Statements) [Basis of Preparation](index=7&type=section&id=Basis%20of%20Preparation) These interim financial statements are prepared in accordance with IAS 34 and should be read in conjunction with the 2024 annual consolidated financial statements, noting significant uncertainty regarding going concern due to net current liabilities and short-term bank borrowings, despite management's mitigating actions - As of June 30, 2025, the Group had net current liabilities of approximately **RMB 1,144 million**, total bank borrowings of **RMB 3,325 million** (of which **RMB 2,130 million** are repayable within one year), and cash and cash equivalents of **RMB 271 million**, indicating a material uncertainty related to going concern[12](index=12&type=chunk) - The Board has reviewed cash flow forecasts and implemented measures to improve liquidity, including enhancing raw milk production and quality, reducing procurement costs, actively pursuing financing (including a rights issue raising approximately **HKD 308.81 million** net proceeds), and monitoring capital expenditures[12](index=12&type=chunk)[14](index=14&type=chunk)[37](index=37&type=chunk) [Changes in Accounting Policies and Disclosures](index=8&type=section&id=Changes%20in%20Accounting%20Policies%20and%20Disclosures) The Group's accounting policies are consistent with its 2024 annual consolidated financial statements, except for new standards effective January 1, 2025, with IAS 21 (Amendments) on lack of exchangeability having no material impact - New standards effective January 1, 2025, have been adopted but did not impact the Group's interim condensed consolidated financial information[15](index=15&type=chunk)[16](index=16&type=chunk) - Amendments to IAS 21 regarding lack of exchangeability had no material impact on the Group's financial statements[17](index=17&type=chunk) [Operating Segment Information](index=8&type=section&id=Operating%20Segment%20Information) The Group operates in three reportable segments: raw milk, beef cattle, and other businesses, with H1 2025 revenues of RMB 1,309.2 million for raw milk, RMB 234.3 million for beef cattle, and RMB 154.4 million for other businesses, all derived from mainland China - The Group is organized into three reportable operating segments: raw milk business, beef cattle business, and other businesses[18](index=18&type=chunk) | Segment Revenue (RMB thousand) | H1 2025 | H1 2024 | | :----------------------------- | :---------- | :---------- | | Raw Milk | 1,309,177 | 1,424,316 | | Beef Cattle | 234,321 | 219,508 | | Other | 154,419 | 184,141 | | **Total** | **1,697,917** | **1,827,965** | - All revenue is derived from customers in mainland China[21](index=21&type=chunk) [Other Income and Gains and Other Expenses](index=11&type=section&id=Other%20Income%20and%20Gains%20and%20Other%20Expenses) In H1 2025, other income and gains increased to RMB 52.9 million, primarily due to higher government grants and insurance claims, while other expenses significantly decreased by 81.9% to RMB 1.5 million, mainly from reduced foreign exchange losses and losses on disposal of property, plant and equipment | Indicator (RMB thousand) | H1 2025 | H1 2024 | | :----------------------- | :------ | :------ | | Total Other Income and Gains | 52,858 | 25,077 | | Government Grants | 31,352 | 7,399 | | Insurance Claims | 13,061 | 10,068 | | Total Other Expenses | 1,486 | 8,214 | | Net Foreign Exchange Loss| – | 2,350 | | Loss on Disposal of Property, Plant and Equipment | 692 | 5,195 | - The increase in other income and gains was mainly due to an increase in government grants of **RMB 24.0 million** and insurance claims of **RMB 3.0 million**[60](index=60&type=chunk) - The decrease in other expenses was mainly due to a reduction in foreign exchange losses recognized of **RMB 2.4 million** and a decrease in loss on disposal of property, plant and equipment of **RMB 4.5 million**[61](index=61&type=chunk) [Finance Costs](index=11&type=section&id=Finance%20Costs) Finance costs for H1 2025 increased by 2.2% year-on-year to RMB 147.0 million, primarily due to an increase in the average amount of bank borrowings | Finance Costs (RMB thousand) | H1 2025 | H1 2024 | | :--------------------------- | :---------- | :---------- | | Interest on Bank Loans | 107,429 | 102,999 | | Interest on Lease Liabilities| 39,598 | 40,938 | | **Total** | **147,027** | **143,937** | - The overall increase in finance costs was mainly due to an increase in the average amount of bank borrowings during the reporting period, resulting from additional drawdowns of working capital loans[63](index=63&type=chunk) [Loss Before Tax and Income Tax Expense](index=12&type=section&id=Loss%20Before%20Tax%20and%20Income%20Tax%20Expense) In H1 2025, loss before tax significantly narrowed to RMB 371.5 million from RMB 628.3 million in the prior year, with income tax expense recorded at RMB 6.3 million | Indicator (RMB thousand) | H1 2025 | H1 2024 | | :----------------------- | :---------- | :---------- | | Loss Before Tax | (371,508) | (628,343) | | Income Tax Expense | 6,275 | 7,670 | [Dividends](index=13&type=section&id=Dividends) No dividends were paid or declared by the Company for the six months ended June 30, 2025 - No dividends were paid or declared by the Company for the six months ended June 30, 2024 and 2025, respectively[28](index=28&type=chunk) [Loss Per Share Attributable to Ordinary Equity Holders of the Parent](index=13&type=section&id=Loss%20Per%20Share%20Attributable%20to%20Ordinary%20Equity%20Holders%20of%20the%20Parent) Basic and diluted loss per share for H1 2025 improved to RMB 0.54, compared to RMB 0.91 in the same period last year | Indicator | H1 2025 | H1 2024 | | :-------- | :------------ | :------------ | | Loss (RMB thousand) | (377,783) | (636,013) | | Shares (shares) | 700,463,112 | 700,463,112 | | Basic and Diluted Loss Per Share (RMB) | (0.54) | (0.91) | [Trade and Other Receivables](index=14&type=section&id=Trade%20and%20Other%20Receivables) As of June 30, 2025, net trade and other receivables decreased to RMB 269.3 million from RMB 296.7 million at year-end 2024, with RMB 246.2 million pledged to banks as security for borrowings | Trade and Other Receivables (RMB thousand) | June 30, 2025 | December 31, 2024 | | :--------------------------------------- | :------------ | :---------------- | | Trade and Other Receivables | 276,476 | 303,927 | | Impairment | (7,224) | (7,224) | | **Net** | **269,252** | **296,703** | - As of June 30, 2025, trade and other receivables of **RMB 246,163,000** were pledged to banks to secure certain bank borrowings granted to the Group[34](index=34&type=chunk) [Trade and Other Payables](index=15&type=section&id=Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables significantly decreased to RMB 467.6 million from RMB 692.3 million at year-end 2024 | Trade and Other Payables (RMB thousand) | June 30, 2025 | December 31, 2024 | | :------------------------------------ | :------------ | :---------------- | | Trade and Other Payables | 467,597 | 692,302 | [Events After the Reporting Period](index=15&type=section&id=Events%20After%20the%20Reporting%20Period) The Company successfully completed a rights issue on August 5, 2025, issuing 280,185,244 rights shares and raising net proceeds of approximately HKD 308.81 million, aimed at improving its financial position and expanding its capital base - The Company successfully completed a rights issue on August 5, 2025, issuing **280,185,244** rights shares and raising net proceeds of approximately **HKD 308.81 million**[37](index=37&type=chunk) - The rights issue aims to improve the Group's financial position and expand its capital base to support long-term development without incurring additional interest burdens[37](index=37&type=chunk) [Management Discussion and Analysis](index=16&type=section&id=Management%20Discussion%20and%20Analysis) [Industry Overview](index=16&type=section&id=Industry%20Overview) In H1 2025, China's GDP grew 5.3% year-on-year, but consumption and investment remained below expectations; the dairy farming sector faced challenges with declining Holstein cattle inventory and slowing milk production growth, yet de-capacity efforts yielded results and feed costs decreased, while the beef cattle industry gradually recovered with significant price increases, supported by favorable government policies promoting sustainable dairy development - In H1 2025, China's GDP grew by **5.3%** year-on-year, but consumption and investment remained below expectations, with total retail sales of consumer goods declining to **4.8%** year-on-year[38](index=38&type=chunk) - The operating environment for dairy farms in China remained challenging, with Holstein cattle inventory decreasing by **4.2%** year-on-year and milk production increasing by a mere **0.5%** year-on-year, though de-capacity efforts were effective and breeding costs decreased[38](index=38&type=chunk) - The beef cattle industry gradually emerged from difficulties, achieving a recovery in profitability; as of June 12, 2025, the average beef price in major domestic production areas surged to **RMB 63.75/kg**, a cumulative increase of **16.84%** from the beginning of the year and a year-on-year increase of **10.49%**[40](index=40&type=chunk) - The Chinese government actively introduced favorable policies for the dairy industry, including the implementation of the "National Food Safety Standard for Sterilized Milk" (prohibiting reconstituted milk), childcare subsidy systems, and fiscal and financial support, to help dairy farming overcome difficulties[39](index=39&type=chunk) [Business Overview](index=18&type=section&id=Business%20Overview) AustAsia Group primarily engages in dairy farming and raw milk sales, as well as beef cattle farming and fattening, ranking as China's fourth-largest raw milk producer in 2024, and also sells dairy and feed products under its own brands - The Group is primarily engaged in dairy farming, producing and selling high-quality raw milk, as well as beef cattle farming and fattening businesses[42](index=42&type=chunk) - In 2024, according to Holstein magazine, we were the **fourth largest raw milk producer** in China (by output), with an annual production of approximately **916,600 tonnes**[42](index=42&type=chunk) - In addition to raw milk and beef cattle businesses, the Group also sells dairy products and feed products under its own brands "AustAsia Dairy Farm" and "AustAsia Feed"[42](index=42&type=chunk) [Business Review](index=19&type=section&id=Business%20Review) In H1 2025, the Group continued to optimize operations, with the raw milk business significantly reducing feed costs through formula adjustments and centralized procurement, leading to a 2.9% year-on-year increase in annualized milk yield to 14.1 tonnes, while the beef cattle business's gross margin turned positive due to lower feed costs; the Group also employs in-vitro fertilization and embryo transfer technologies for breeding and holds SQF certification for high product quality - Raw Milk Business: As of June 30, 2025, the Group owned and operated **11 large-scale modern dairy farms** in Shandong and Inner Mongolia, China, with a dairy cattle inventory of **117,448 head**[43](index=43&type=chunk) - Raw Milk Business: Feed costs were significantly reduced through adjusting feed formulas, improving cattle absorption levels and feed conversion rates, and centralized procurement activities[44](index=44&type=chunk) - Raw Milk Business: Annualized milk yield increased by **2.9%** year-on-year to **14.1 tonnes**, attributed to improved herd management, upgraded genetic breeding technology, and an increased number of cows in peak lactation[44](index=44&type=chunk) - Beef Cattle Business: During the reporting period, the gross margin of the beef cattle business turned positive from negative, benefiting from a decrease in feed costs[46](index=46&type=chunk) - Breeding: The Group employs in-vitro fertilization and embryo transfer technologies to breed superior dairy cattle, possesses a core herd of over **10,030 dairy cattle**, and plans to commercialize its embryo transfer business for external farms[48](index=48&type=chunk) - Milk Quality: All **11 dairy farms** have obtained Food Safety Quality (SQF) certification and implement stringent internal quality control systems[49](index=49&type=chunk) - Customers: The Group has a diversified customer base and is not reliant on its controlling shareholder, with sales to its top five raw milk customers accounting for **73.1%** of raw milk revenue[50](index=50&type=chunk) [Revenue](index=21&type=section&id=Revenue) In H1 2025, the Group's revenue decreased by 7.1% year-on-year to RMB 1,697.9 million, primarily due to lower selling prices for raw milk and beef cattle | Product Type (RMB thousand) | H1 2025 | H1 2024 | | :-------------------------- | :---------- | :---------- | | Raw Milk | 1,309,177 | 1,424,316 | | Beef Cattle | 234,321 | 219,508 | | Other | 154,419 | 184,141 | | **Total** | **1,697,917** | **1,827,965** | - The decrease in revenue was mainly due to lower selling prices for raw milk and beef cattle[52](index=52&type=chunk) [Cost of Sales](index=21&type=section&id=Cost%20of%20Sales) In H1 2025, cost of sales was RMB 1,691.6 million, a 6.8% year-on-year decrease, with direct material costs for raw milk and beef cattle businesses decreasing by 15.4% and 2.1% respectively, primarily due to lower feed costs | Cost of Sales (RMB thousand) | H1 2025 | H1 2024 | | :--------------------------- | :---------- | :---------- | | Cost of Sales for Raw Milk | 1,309,177 | 1,424,316 | | Cost of Sales for Beef Cattle| 234,321 | 219,508 | | Cost of Sales for Other Businesses | 148,083 | 171,145 | | **Total Cost of Sales** | **1,691,581** | **1,814,969** | - Direct material costs for the raw milk business (mainly silage, forage, corn, and soy products) decreased by **15.4%** year-on-year to **RMB 720.0 million**, primarily due to lower feed costs[55](index=55&type=chunk) - Direct material costs for the beef cattle business decreased by **2.1%** year-on-year to **RMB 195.5 million**, primarily due to lower feed costs[56](index=56&type=chunk) [Gross Profit](index=23&type=section&id=Gross%20Profit) In H1 2025, the Group's gross profit increased by 35.1% year-on-year to RMB 295.9 million, with gross margin improving to 17.4%, driven by a 9.5% increase in raw milk gross profit and a turnaround from loss to profit in the beef cattle business, mainly due to lower feed costs | Business | H1 2025 Gross Profit (RMB thousand) | H1 2025 Gross Margin | H1 2024 Gross Profit (RMB thousand) | H1 2024 Gross Margin | | :------- | :---------------------------------- | :------------------- | :---------------------------------- | :------------------- | | Raw Milk | 283,609 | 21.7% | 258,914 | 18.2% | | Beef Cattle | 5,962 | 2.5% | (52,876) | -24.1% | | Other | 6,336 | 4.1% | 12,996 | 7.1% | | **Total**| **295,907** | **17.4%** | **219,034** | **12.0%** | - Gross profit for the raw milk business increased by **9.5%** year-on-year to **RMB 283.6 million**, mainly due to lower feed costs during the reporting period[57](index=57&type=chunk) - Gross profit for the beef cattle business was **RMB 6.0 million** (H1 2024: gross loss of **RMB 52.9 million**), mainly due to lower feed costs during the reporting period[58](index=58&type=chunk) [Loss from Changes in Fair Value of Other Biological Assets Less Costs to Sell](index=23&type=section&id=Loss%20from%20Changes%20in%20Fair%20Value%20of%20Other%20Biological%20Assets%20Less%20Costs%20to%20Sell) In H1 2025, the loss from changes in fair value of other biological assets less costs to sell decreased to RMB 462.4 million from RMB 605.6 million in the prior year, primarily due to lower raw milk price assumptions used in fair value calculations | Indicator (RMB thousand) | H1 2025 | H1 2024 | | :----------------------- | :---------- | :---------- | | Loss from changes in fair value of other biological assets less costs to sell | (462,425) | (605,594) | - The significant loss was mainly due to lower raw milk prices adopted in the assumptions for calculating the fair value of biological assets[59](index=59&type=chunk) [Administrative Expenses](index=24&type=section&id=Administrative%20Expenses) Administrative expenses for H1 2025 decreased by 8.4% year-on-year to RMB 103.4 million | Indicator (RMB thousand) | H1 2025 | H1 2024 | | :----------------------- | :---------- | :---------- | | Administrative Expenses | (103,381) | (112,895) | - Administrative expenses decreased by **8.4%** year-on-year[62](index=62&type=chunk) [Loss Before Tax and Loss Attributable to Owners of the Company](index=24&type=section&id=Loss%20Before%20Tax%20and%20Loss%20Attributable%20to%20Owners%20of%20the%20Company) In H1 2025, loss before tax was RMB 371.5 million and loss attributable to owners of the Company was RMB 377.8 million, both significantly narrowed from the prior year, primarily due to increased gross profit and reduced fair value losses on biological assets | Indicator (RMB thousand) | H1 2025 | H1 2024 | | :----------------------- | :---------- | :---------- | | Loss Before Tax | (371,508) | (628,343) | | Loss Attributable to Owners of the Company | (377,783) | (636,013) | - The narrowing of loss was mainly due to a **35.1%** increase in the Group's gross profit to **RMB 295.9 million** (primarily from lower feed costs), and a **RMB 143.2 million** reduction in loss from changes in fair value of other biological assets less costs to sell[65](index=65&type=chunk) [Non-IFRS Financial Measures](index=25&type=section&id=Non-IFRS%20Financial%20Measures) The Group uses non-IFRS financial measures such as Cash EBITDA and Profit/Loss before fair value adjustments of biological assets to better reflect normal operating performance, with H1 2025 Cash EBITDA at RMB 343.9 million and Profit before fair value adjustments of biological assets at RMB 84.6 million - Non-IFRS financial measures are used to adjust for the potential impact of certain non-recurring items to reflect the Group's normal operating performance[66](index=66&type=chunk) | Non-IFRS Measures (RMB thousand) | H1 2025 | H1 2024 | | :------------------------------- | :---------- | :---------- | | Cash EBITDA | 343,886 | 231,522 | | Profit/(Loss) for the period (before fair value adjustments of biological assets) | 84,642 | (30,419) | [Liquidity and Capital Resources](index=26&type=section&id=Liquidity%20and%20Capital%20Resources) The Group primarily funds its operations through cash generated from operating activities and bank borrowings, with H1 2025 net cash from operating activities at RMB 500.3 million, net cash used in investing activities at RMB 162.9 million, net cash used in financing activities at RMB 348.4 million, and cash and cash equivalents at period-end of RMB 270.9 million | Cash Flows (RMB thousand) | H1 2025 | H1 2024 | | :------------------------ | :---------- | :---------- | | Net Cash Flows from Operating Activities | 500,263 | 709,860 | | Net Cash Flows Used in Investing Activities | (162,907) | (378,163) | | Net Cash Flows Used in Financing Activities | (348,404) | (500,875) | | Net Decrease in Cash and Cash Equivalents | (11,048) | (169,178) | | Cash and Cash Equivalents at End of Period | 270,863 | 104,864 | - Net cash flows used in investing activities primarily comprised payments for biological assets of **RMB 288.1 million** and purchases of property, plant and equipment of **RMB 65.6 million**, partially offset by proceeds from disposal of biological assets of **RMB 188.0 million**[76](index=76&type=chunk) - Net cash flows used in financing activities were mainly attributable to repayment of interest-bearing bank borrowings of **RMB 2,622.0 million**, principal lease payments of **RMB 65.9 million**, and interest payments of **RMB 99.2 million**, partially offset by new interest-bearing bank borrowings of **RMB 2,439.8 million**[77](index=77&type=chunk) | Interest-Bearing Bank Borrowings (RMB thousand) | June 30, 2025 | December 31, 2024 | | :-------------------------------------------- | :------------ | :---------------- | | Current | 2,129,845 | 2,462,495 | | Non-Current | 1,195,400 | 1,035,897 | | **Total** | **3,325,245** | **3,498,392** | [Contingent Liabilities and Pledged Assets](index=29&type=section&id=Contingent%20Liabilities%20and%20Pledged%20Assets) As of June 30, 2025, the Group's bank borrowings are secured by various assets including trade receivables, inventories, property, plant and equipment, biological assets, right-of-use assets, and subsidiary shares, with certain bank loans also guaranteed by the Company, subsidiaries, and controlling shareholders; the Group is involved in a lawsuit concerning trade receivables but has no other significant litigation - The Group's bank loans are secured by trade and other receivables (**RMB 246.2 million**), inventories (**RMB 655.5 million**), property, plant and equipment (**RMB 283.7 million**), biological assets (**RMB 3,013.6 million**), right-of-use assets (**RMB 12.7 million**), and shares of subsidiaries (**RMB 562.0 million**)[81](index=81&type=chunk) - Bank loans of **RMB 3,187.5 million** are guaranteed by the Company and certain subsidiaries, and bank loans of **RMB 179.0 million** are guaranteed by certain controlling shareholders[81](index=81&type=chunk) - Shanghai AustAsia applied for a property preservation order against Hebei Yuanfuda for failure to pay for dairy products totaling **RMB 7,223,812.5**, with the related lawsuit to be heard after criminal charges are resolved[82](index=82&type=chunk) [Foreign Currency Risk](index=30&type=section&id=Foreign%20Currency%20Risk) The Group is exposed to foreign currency risk primarily from USD and SGD denominated transactions, but management considers the risk not significant and currently has no hedging policy - The Group's foreign currency risk primarily involves USD and SGD denominated transactions, with **USD 43.0 million** in working capital loans and **USD 19.0 million** in term loans outstanding as of June 30, 2025[83](index=83&type=chunk) - Management considers foreign currency risk not significant and currently has no foreign exchange hedging policy, but will monitor it closely and consider hedging if necessary[83](index=83&type=chunk) [Employees](index=30&type=section&id=Employees) Total employee compensation expenses for H1 2025 decreased by 4.0% year-on-year to RMB 188.9 million, as the Company focuses on attracting, retaining, and motivating talent through regular training and guidance | Indicator (RMB thousand) | H1 2025 | H1 2024 | | :----------------------- | :---------- | :---------- | | Total Employee Compensation Expenses | 188,924 | 196,747 | - Total employee compensation expenses decreased by **4.0%** year-on-year[84](index=84&type=chunk) - The Company recruits employees through campus recruitment, recruitment agencies, and online channels, and provides regular training and guidance to enhance skills and performance[84](index=84&type=chunk) [2025 Actions and Strategic Outlook](index=31&type=section&id=2025%20Actions%20and%20Strategic%20Outlook) Despite challenges in China's economy and dairy industry, the Group is confident in market recovery and will focus on enhancing operational efficiency, diversifying customer base and sales channels, upgrading beef cattle business and expanding into mid-to-high-end markets, leveraging genetic breeding technology and feed operations, and integrating sustainable development into its operations to achieve its vision of becoming a top-three global dairy farm operator in operational efficiency and ecological sustainability - The vision is to become a top-three global dairy farm operator in operational efficiency and ecological sustainability[85](index=85&type=chunk) - Strategies include continuously improving operational efficiency and diversifying the customer base (without capital-intensive investments, expanding customers and sales channels)[85](index=85&type=chunk) - Strategies include upgrading the beef cattle business and exploring mid-to-high-end sales channels (expanding Wagyu and Angus breeding, and expanding downstream sales channels for branded beef products)[86](index=86&type=chunk) - Strategies include focusing on genetic breeding technology and feed operations to strengthen internal integration and improve operational efficiency (advancing commercialization of in-vitro fertilization and embryo transfer technologies, optimizing feed quality and cost management)[87](index=87&type=chunk) - Strategies include integrating sustainable development into operational drivers (establishing an effective ESG governance framework, promoting carbon reduction, standard setting, equipment R&D, and model promotion)[88](index=88&type=chunk) - Key actions for 2025 include enhancing operational efficiency; advancing customer and channel diversification; reducing raw milk cost per kilogram; executing beef cattle strategic transformation; expanding feed business sales to third-party customers; and strengthening genetic improvement programs[89](index=89&type=chunk) [Other Information](index=33&type=section&id=Other%20Information) [Purchase, Sale or Redemption of the Company's Listed Securities](index=33&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) During the reporting period and up to the announcement date, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities, and no treasury shares were held as of June 30, 2025 - During the reporting period and up to the date of this announcement, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[90](index=90&type=chunk) - As of June 30, 2025, the Company did not hold any treasury shares[90](index=90&type=chunk) [Corporate Governance and Directors' Securities Transactions](index=33&type=section&id=Corporate%20Governance%20and%20Directors%27%20Securities%20Transactions) The Company is committed to maintaining good corporate governance, having adopted the Corporate Governance Code and the Model Code for Securities Transactions by Directors of Listed Issuers, and complied with relevant provisions during the reporting period - The Company has adopted the principles and code provisions of the Corporate Governance Code set out in Appendix C1 to the Listing Rules of the Stock Exchange, and has complied with the applicable provisions during the reporting period[91](index=91&type=chunk) - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as its code of conduct for directors' securities transactions, and all directors confirmed compliance with the code throughout the reporting period after due enquiry[92](index=92&type=chunk) [Interim Dividend](index=33&type=section&id=Interim%20Dividend) The Board has resolved not to recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board has resolved not to recommend the payment of an interim dividend for the six months ended June 30, 2025 (H1 2024: nil)[94](index=94&type=chunk) [Audit Committee](index=34&type=section&id=Audit%20Committee) The Audit Committee has reviewed the Group's unaudited consolidated financial statements for the six months ended June 30, 2025, along with the adopted accounting principles and policies - The Audit Committee comprises one non-executive Director and two independent non-executive Directors, with Mr. Xin Dinghua as Chairman[95](index=95&type=chunk) - The Audit Committee has reviewed the Group's unaudited consolidated financial statements for the six months ended June 30, 2025, and the accounting principles and policies adopted by the Group[95](index=95&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=34&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) This announcement and the interim report will be published on the HKEX website and the Company's website, and will be dispatched to shareholders in due course - This announcement will be published on the HKEX website www.hkexnews.hk and the Company's website www.austasiadairy.com[96](index=96&type=chunk) - The Company's interim report for the six months ended June 30, 2025, will be published on the aforementioned websites and dispatched to shareholders (upon request) in due course[96](index=96&type=chunk)

Investment Rating - Industry rating: Outperform the market (maintained rating) [9] Core Insights - The pet industry is experiencing significant growth, with the Asia Pet Expo showcasing over 2,600 exhibitors and 20,000 brands, indicating a thriving market driven by globalization and innovation [2][13] - China's pet food exports have shown continuous growth, with 201,000 tons exported from January to July 2025, reflecting a year-on-year increase of 6.64% [14] - The pig farming sector is facing challenges, with the average pig price at 13.82 yuan/kg, a decrease of 3.63% from the previous week, and the average weight of pigs reaching a historical high [15][16] - The dairy sector is poised for a recovery, with the original milk price expected to rebound as production capacity decreases after a prolonged period of losses [17][18] - The poultry sector is focusing on breeding gaps, with a significant decline in the import of breeding chickens due to avian influenza concerns, which may impact future supply [19][20] - The planting sector emphasizes food security and the importance of biotechnology, with a focus on high-yield and resilient crop varieties [25] - The feed sector is recommended for investment, particularly in companies like Haida Group, which is expected to benefit from market recovery and increased market share [26] Summary by Sections Pet Sector - The Asia Pet Expo has reached a record scale of 310,000 square meters, highlighting the industry's vitality and innovation potential [2][13] - Pet food exports from China have increased, with a total of 201,000 tons exported in the first seven months of 2025, showing a year-on-year growth of 6.64% [14] - Recommended companies include pet food brands like Guibao Pet, Zhongchong Co., and Petty Co. [14] Pig Sector - The average pig price is currently at 13.82 yuan/kg, with a year-to-date low in profitability for pig farming [15][16] - The average weight of pigs is at a historical high, indicating supply pressures [15] - Recommended companies include leading pig farming firms such as Wens Foodstuffs Group and Muyuan Foods [16] Dairy Sector - Yuran Dairy reported stable performance with a revenue of 10.3 billion yuan, showing a year-on-year growth of 2.3% [17] - The dairy industry is expected to see a recovery as production capacity decreases [18] - Recommended companies include Yuran Dairy and China Shengmu Organic Milk [18] Poultry Sector - The poultry sector is facing challenges with breeding imports, particularly for white chickens, due to avian influenza [19][20] - Recommended companies include Shennong Development and Yisheng Livestock [20] Planting Sector - The focus is on food security and biotechnology, with an emphasis on high-yield and resilient crop varieties [25] - Recommended companies include Longping High-Tech and Dabeinong Technology Group [25] Feed Sector - Haida Group is highlighted as a key investment opportunity due to its increasing market share and performance [26] - The animal health sector is also recommended, particularly companies like Kexin Biological [27]

Group 1 - The core viewpoint is that raw milk prices continue to decline, and there is potential for supply-demand balance in H2 2025 due to accelerated herd reduction and improved demand during peak seasons [2][3] - The report suggests that the dairy industry is likely to see a price increase in 2026, driven by reduced dairy cow replenishment and a recovery in demand, supported by new policies aimed at boosting dairy consumption [2][3] - The beef market is expected to enter an upward cycle in 2025, as low beef prices have started to reverse, benefiting from reduced supply and diminished import pressures [3][4] Group 2 - The report highlights strong profit elasticity for livestock companies due to the resonance of meat and milk cycles, with potential improvements in gross margins driven by rising milk prices and cost reductions [4] - The valuation of breeding cows and income from culling are expected to increase with rising beef prices, which could enhance total revenue for leading livestock companies [4] - Companies like YouRan Dairy and Modern Farming are recommended for investment, while China Shengmu and Aoyuan Group are noted as companies to watch due to their involvement in the livestock sector [1][4]

格隆汇8月15日丨澳亚集团(02425.HK)宣布，谨定于2025年8月29日（星期五）举行董事会会议，以（其 中包括）考虑及通过本集团截至2025年6月30日止六个月的中期业绩及其发布，以及处理任何其他事项 （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的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部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。 AustAsia Group Ltd. 澳亞集團有限公司 * （於新加坡共和國註冊成立的有限公司） AustAsia Group Ltd. 執行董事兼行政總裁 Edgar Dowse COLLINS 香港，2025年8月15日 於本公告日期，董事會包括執行主席陳榮南先生、執行董事兼行政總裁Edgar Dowse COLLINS先生及執行董事兼首席運營官楊庫先生，非執行董事高麗娜女 士、Tamotsu MATSUI先生及Gabriella SANTOSA女士，以及獨立非執行董事 辛定華先生、張泮先生及李勝利先生。 * 僅供識別 （股份代號：2425） 董事會會議召開日期 澳亞集團有限公司*（「本公司」，連同其附屬公司統稱「本集團」）的董事會（「董事 會」）茲宣佈謹定於2025年8月29日（星期五）舉行董事會會議，以（其中包括）考慮 及通過本集團截至2025年6月30日止六個月的中期業績及其發佈，以及處理任何 ...

Summary of Key Points Core Viewpoint - A total of 142 stocks reached their 52-week highs as of August 12, with notable performers including Yingmei Holdings (02028), Elite Group (01775), and Fuying Global Group (01620) achieving high rates of 164.89%, 84.78%, and 40.63% respectively [1]. Stock Performance - **Top Performers**: - Yingmei Holdings (02028) closed at 0.223 with a peak of 0.249, marking a 164.89% increase [1]. - Elite Group (01775) closed at 0.350 with a peak of 0.425, reflecting an 84.78% increase [1]. - Fuying Global Group (01620) closed at 0.180, reaching its peak at 0.180, showing a 40.63% increase [1]. - **Other Notable Stocks**: - Aoya Group (02425) increased by 34.36% [1]. - Fuyiy International Holdings (01470) saw a rise of 28.30% [1]. - Huajian Medical (01931) experienced a 27.58% increase [1]. 52-Week High Rankings - The ranking of stocks that reached their 52-week highs includes: - Yingmei Holdings (02028) at 164.89% [1]. - Elite Group (01775) at 84.78% [1]. - Fuying Global Group (01620) at 40.63% [1]. 52-Week Low Rankings - The report also highlights stocks that reached their 52-week lows, with notable declines including: - Jiadeng International Group (08153) at -15.25% [4]. - Kun Group (00924) at -12.86% [4]. - Zhongjia Guoxin (00899) at -10.00% [4].

Group 1 - The stock prices of raw milk companies, particularly Aoyuan Group, have surged significantly, with Aoyuan Group's stock rising over 40% in a single day [1] - The increase in stock prices is attributed to a quiet growth in domestic raw milk demand, driven by multiple favorable factors and preparations by dairy companies for the Mid-Autumn Festival [1][2] - Other raw milk stocks also experienced substantial gains, with Modern Dairy's stock rising over 10% and Yuran Dairy's stock increasing by 7.44% [1] Group 2 - Despite the recent price surge, the average purchase price of fresh milk in major producing provinces remains stable at 3.03 yuan per kilogram, showing no significant rebound [1] - The rapid increase in raw milk stock prices is a result of the market recovery and the influence of several supportive policies [2]