董事会经审核委员会建议后，已决议提请委任国卫会计师事务所有限公司(国卫)为本公司新任核数师， 以填补因罗兵咸永道辞任所产生的临时空缺，任期自临时股东大会(临时股东大会)结束后开始，直至本 公司下届股东周年大会结束为止，惟须获股东于临时股东大会上批准。 慧居科技(02481)发布公告，由于本公司与罗兵咸永道会计师事务所(罗兵咸永道)未能就本集团截至2025 年12月31日止年度的综合财务报表的审计费用达成共识，故罗兵咸永道已辞任本公司核数师，自2025年 10月28日起生效。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容所產生或 因依賴該等內容而引致的任何損失承擔任何責任。 持續關連交易 — 修訂年度上限及重續總協議 背景 茲提述本公司日期為2025年5月22日的公告，內容有關本公司（為其本身及代 表其附屬公司）與雙良節能（為其本身及代表其附屬公司）訂立2025年年度總 協議，期限為2025年5月22日至2025年12月31日。 補充年度總協議 於2025年10月28日（交易時段後），本公司與雙良節能訂立補充年度總協議， 以修訂涉及供熱服務相關設備、裝置及物料之附加服務（「附加服務」）之現有 年度上限。除對附加服務現有年度上限進行修訂外，2025年年度總協議項下 的所有其他條款與條件均維持不變。有關2025年年度總協議的詳情，請參閱 本公司於2025年5月22日刊發的公告。截至本公告日期，尚未超出附加服務的 現有年度上限。 Wise Living Technology Co., Ltd 慧 居 科 技 股 份 有 限 公 司 （ 於 中 華 人 民 共 和 國 註 冊 成 ...

格隆汇10月28日丨慧居科技(02481.HK)公布，由于公司与罗兵咸永道会计师事务所未能就集团截至2025 年12月31日止年度之综合财务报表之审计费用达成共识，故罗兵咸永道已辞任公司核数师，自2025年10 月28日起生效。 董事会经审核委员会建议后，已决议提请委任国卫会计师事务所有限公司为公司新任核数师，以填补因 罗兵咸永道辞任所产生之临时空缺，任期自临时股东大会结束后开始，直至公司下届股东周年大会结束 为止，惟须获股东于临时股东大会上批准。 ...

智通财经APP讯，慧居科技(02481)发布公告，由于本公司与罗兵咸永道会计师事务所(罗兵咸永道)未能 就本集团截至2025年12月31日止年度的综合财务报表的审计费用达成共识，故罗兵咸永道已辞任本公司 核数师，自2025年10月28日起生效。 董事会经审核委员会建议后，已决议提请委任国卫会计师事务所有限公司(国卫)为本公司新任核数师， 以填补因罗兵咸永道辞任所产生的临时空缺，任期自临时股东大会(临时股东大会)结束后开始，直至本 公司下届股东周年大会结束为止，惟须获股东于临时股东大会上批准。 ...

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。 Wise Living Technology Co., Ltd 慧 居 科 技 股 份 有 限 公 司 （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股份代號：2481） – 1 – 董事會謹藉此機會就羅兵咸永道於其任內向本公司所提供的專業服務表示衷 心感謝。 建議委任核數師 董事會經審核委員會建議後，已決議提請委任國衛會計師事務所有限公司 （「國衛」）為本公司新任核數師，以填補因羅兵咸永道辭任所產生之臨時空缺， 任期自臨時股東大會（「臨時股東大會」）結束後開始，直至本公司下屆股東週 年大會結束為止，惟須獲股東於臨時股東大會上批准。 核數師辭任 董事會謹此公佈，由於本公司與羅兵咸永道會計師事務所（「羅兵咸永道」）未 能就本集團截至2025年12月31日止年度之綜合財務報表之審計費用達成共識， 故羅兵咸永道已辭任本公司核數師，自2025年10月28日起生效。於羅兵咸 ...

致：香港交易及結算所有限公司 公司名稱: 慧居科技股份有限公司 呈交日期: 2025年10月8日 I. 法定/註冊股本變動 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 | 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) | 02481 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 301,600,000 | RMB | | 1 | RMB | | 301,600,000 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 301,600,000 | RMB | | 1 | RMB | | 301,600,000 | 本月底法定/註冊股本總額： R ...

[Company Information](index=3&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) This section provides fundamental company information, including governance structure, key personnel, and essential contact and listing details - The company's board of directors includes executive directors Mr. Li Baoshan (Chairman), Mr. Liu Zhigang, Mr. Luo Wei; non-executive directors Mr. Miao Wenbin, Mr. Ma Fulin, Ms. Xu Lijie; and independent non-executive directors Dr. Xie Xiaodong, Mr. Zhang Haogang, Dr. Zhu Qing[5](index=5&type=chunk) - The Audit Committee comprises Mr. Zhang Haogang (Chairman), Mr. Miao Wenbin, and Dr. Zhu Qing[5](index=5&type=chunk) - The company's registered office and headquarters are located at Room 202, 2nd Floor, No. 15 Shuangliang Road, Ligang Street, Jiangyin City, Jiangsu Province, China, with its principal place of business in Hong Kong at Unit B, 17th Floor, United Centre, Admiralty[5](index=5&type=chunk) - The company's stock code is **2481**, and its auditor is PricewaterhouseCoopers[7](index=7&type=chunk) [Financial Performance Summary](index=5&type=section&id=%E8%B2%A1%E5%8B%99%E8%A1%A8%E7%8F%BE%E6%91%98%E8%A6%81) This section outlines key financial performance metrics for the six months ended June 30, 2025, including revenue, profit, and per-share earnings, with comparative data Financial Performance Summary for the Six Months Ended June 30 | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (Approx. %) | | :--- | :--- | :--- | :--- | | Revenue | 759,571 | 833,999 | -8.9% | | Profit and Total Comprehensive Income Attributable to Owners of the Company | 111,741 | 112,287 | -0.5% | | Earnings Per Share (Basic and Diluted) Attributable to Owners of the Company | 0.37 | 0.37 | 0% | Financial Position Summary as of June 30, 2025 | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (Approx. %) | | :--- | :--- | :--- | :--- | | Total Assets | 5,519,318 | 5,966,668 | -7.5% | | Equity Attributable to Owners of the Company | 1,237,002 | 1,174,722 | +5.3% | | Total Liabilities | 3,991,268 | 4,537,820 | -12.0% | [Management Discussion and Analysis](index=6&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) This section provides comprehensive insights into the company's operational performance, financial health, industry dynamics, and strategic outlook for the reporting period [Industry Review](index=6&type=section&id=%E8%A1%8C%E6%A5%AD%E5%9B%9E%E9%A1%A7) This section reviews the growth of China's heating and energy management industries, emphasizing the impact of clean heating trends and supportive government policies - China's total heating service area grew from **8.8 billion square meters in 2018** to **11.5 billion square meters in 2023**, with a compound annual growth rate of **5.5%**, projected to reach **13.8 billion square meters by 2027**[11](index=11&type=chunk) - Government policies encourage clean heating, promoting industrial waste heat and geothermal energy to align with carbon peak and carbon neutrality goals[11](index=11&type=chunk) - China's heating facility engineering construction service market is projected to grow to **RMB 70.8 billion by 2027**, driven by upgrades to existing facilities, new energy-saving construction, and government policy support[12](index=12&type=chunk) - China's EMC (Energy Management Contract) industry is developing rapidly, with government incentives including tax breaks, interest subsidies, and financial rewards to encourage energy saving[13](index=13&type=chunk) [Business Review](index=6&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) This section details the company's business performance, including revenue breakdown by service type and notable awards received during the reporting period - The company is one of China's leading non-state-owned inter-provincial heating service providers, establishing a leading position in the "Three Norths" region heating service industry[14](index=14&type=chunk) - During the reporting period, total revenue was approximately **RMB 759.6 million**, a year-on-year decrease of **8.9%**; profit attributable to owners of the company was approximately **RMB 111.7 million**, a year-on-year decrease of **0.5%**[14](index=14&type=chunk) - Heating service revenue was approximately **RMB 723.2 million**, a year-on-year increase of **3.8%**, primarily due to an increase in heating area, with total actual heating service area increasing by **3.5%** to approximately **50.2 million square meters**[16](index=16&type=chunk) Revenue from Heating and Heat Transmission and Distribution Customers (by Customer Type) | Customer Type | 2025 (RMB thousands) | 2025 (%) | 2024 (RMB thousands) | 2024 (%) | | :--- | :--- | :--- | :--- | :--- | | Residential | 342,745 | 59.8% | 331,490 | 60.1% | | Non-residential | 230,369 | 40.2% | 219,913 | 39.9% | | Total | 573,114 | 100.0% | 551,403 | 100.0% | - Revenue from heating-related engineering construction services was approximately **RMB 23.3 million**, a significant year-on-year decrease of **80.9%**, mainly due to fewer pipeline network construction and heat exchange station projects[22](index=22&type=chunk) - EMC service revenue was **RMB 1.5 million**, remaining flat compared to the same period[24](index=24&type=chunk) - Other business revenue was approximately **RMB 11.6 million**, a year-on-year decrease of **15.9%**, primarily due to a decline in heat transmission service revenue[25](index=25&type=chunk) - The company and its subsidiaries received multiple honors and awards during the reporting period, including "2024 Outstanding Overseas Listed Company" and "2024 Outstanding Contribution Enterprise to County Economic Development"[26](index=26&type=chunk) [Financial Review](index=9&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) This section analyzes key financial metrics, including revenue, costs, profits, and expenses, explaining the drivers behind changes in the company's financial performance Comparison of Consolidated Statement of Comprehensive Income for the Six Months Ended June 30 | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 759,571 | 833,999 | | Cost of sales | (520,005) | (600,205) | | Gross profit | 239,566 | 233,794 | | Operating profit | 184,260 | 199,175 | | Profit before income tax | 175,915 | 190,581 | | Profit and total comprehensive income for the period | 148,664 | 154,654 | | Profit attributable to owners of the Company | 111,741 | 112,287 | - Total revenue decreased by **8.9%** year-on-year to **RMB 759.6 million**, primarily due to a decline in engineering construction service revenue[31](index=31&type=chunk) - Cost of sales decreased by **13.4%** year-on-year to **RMB 520.0 million**, mainly due to a reduction in engineering construction services[32](index=32&type=chunk) - Gross profit increased by **2.5%** year-on-year to **RMB 239.6 million**, with gross margin improving from **28.0% to 31.5%**, primarily benefiting from cost control measures and a reduction in the scale of engineering construction services operations[34](index=34&type=chunk)[35](index=35&type=chunk) - Administrative expenses increased by **3.1%** year-on-year to **RMB 72.4 million**, mainly due to increased employee benefit expenses[36](index=36&type=chunk) - Reversal of impairment losses on financial assets and contract assets was approximately **RMB 3.4 million**, a significant decrease from **RMB 19.4 million** in the same period last year, primarily due to fewer bad debt reversals[37](index=37&type=chunk) - Other income decreased by **4.3%** year-on-year to **RMB 17.6 million**, mainly due to reduced government grants[38](index=38&type=chunk) - Other losses, net, increased by **77.3%** year-on-year to **RMB 3.9 million**, primarily due to increased fair value losses on investment properties[40](index=40&type=chunk) - Finance income decreased by **25.7%** year-on-year to **RMB 7.5 million**, mainly due to lower bank deposit interest income; finance costs decreased by **21.0%** year-on-year to **RMB 18.4 million**, primarily due to reduced borrowings[41](index=41&type=chunk) - Profit for the period decreased by **3.9%** year-on-year to **RMB 148.7 million**, mainly due to a decrease in the reversal of impairment losses on financial assets and contract assets[43](index=43&type=chunk) - Profit attributable to owners of the company decreased by **0.5%** year-on-year to **RMB 111.7 million**, consistent with the trend of reduced profit for the period[44](index=44&type=chunk) [Liquidity and Financial Resources](index=12&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90) This section details the company's liquidity, leverage, borrowing profile, foreign exchange risk, capital commitments, and asset pledges Cash and Cash Equivalents | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Cash and cash equivalents | 309,100 | 645,700 | | Restricted cash | 31,000 | 74,200 | - Current assets were approximately **RMB 1,074.2 million**, current liabilities were approximately **RMB 1,511.9 million**, resulting in a current ratio of approximately **0.7 times** (December 31, 2024: 0.8 times)[45](index=45&type=chunk) - The gearing ratio (total borrowings divided by total equity) was **0.5** as of June 30, 2025, consistent with December 31, 2024[46](index=46&type=chunk) - Total bank borrowings were approximately **RMB 695.9 million**, with approximately **RMB 338.6 million** repayable within one year; the weighted average effective interest rate was **4.23% per annum** (December 31, 2024: 4.43%)[48](index=48&type=chunk)[50](index=50&type=chunk) - Some bank borrowings are guaranteed by the company and secured by trade receivables or intangible assets[49](index=49&type=chunk) - Capital commitments were approximately **RMB 32.3 million**, primarily related to intangible assets for expanding existing and preparing new heating service projects[52](index=52&type=chunk) - There were no significant investments, acquisitions, or disposals; intangible assets (approximately **RMB 732.0 million**) and trade receivables (approximately **RMB 137.9 million**) were pledged as collateral for bank borrowings[53](index=53&type=chunk)[54](index=54&type=chunk) - The Group has no significant contingent liabilities[55](index=55&type=chunk) - The company's financial management policy is to invest surplus cash reserves in low-risk, short-term financial products to generate income, managed by professionals[56](index=56&type=chunk) [Employment, Remuneration Policies and Training](index=15&type=section&id=%E5%83%B1%E5%82%AD%E3%80%81%E8%96%AA%E9%85%AC%E6%94%BF%E7%AD%96%E5%8F%8A%E5%9F%B9%E8%A8%93) This section details the company's employee numbers, welfare expenses, remuneration policies, and training initiatives, highlighting its commitment to staff development - As of June 30, 2025, the Group had **830 employees**, with total employee benefit expenses of approximately **RMB 46.6 million**[58](index=58&type=chunk) - Remuneration packages include basic salary, performance-based pay, and allowances, determined by qualifications, expertise, and experience[58](index=58&type=chunk) - The company complies with China's social welfare regulations, providing employees with benefits such as pension, medical, unemployment, work injury, maternity insurance, and housing provident fund[58](index=58&type=chunk) - The company invests in continuous education and training programs for management and general staff, focusing on operations, technical knowledge, workplace safety, and environmental protection[58](index=58&type=chunk) [Quantitative and Qualitative Disclosures About Financial Risks](index=15&type=section&id=%E6%9C%89%E9%97%9C%E8%B2%A1%E5%8B%99%E9%A2%A8%E9%9A%AA%E7%9A%84%E9%87%8F%E5%8C%96%E5%8F%8A%E5%AE%9A%E6%80%A7%E6%8A%AB%E9%9C%B2) This section outlines the company's financial risk exposures and management strategies, with detailed disclosures referenced elsewhere - The Group's operations face market risk, credit risk, and liquidity risk, with risk management plans designed to mitigate financial market unpredictability and minimize negative impacts[59](index=59&type=chunk) - There have been no significant changes in risk factors and management policies since the year ended December 31, 2024; detailed information can be found in Note 5 of the interim report[59](index=59&type=chunk) [Outlook](index=15&type=section&id=%E5%89%8D%E6%99%AF) This section outlines the company's strategic plans for the second half of 2025, focusing on business expansion, operational efficiency, digital transformation, and carbon-neutral heating technology R&D - In the second half of 2025, the company will adopt a "scale + quality" dual-driven strategy, focusing on expanding new heating services (including steam heating) and steadily advancing project implementation in key provinces of North China[60](index=60&type=chunk) - Regionally, the focus will be on the Bohai Rim Economic Circle (Liaodong Peninsula, Shandong Peninsula, and Beijing-Tianjin-Hebei region), while also prioritizing Inner Mongolia and Shanxi as key development areas[60](index=60&type=chunk) - Operationally, the company will optimize diversified heat sources (including waste heat recovery), promote clean operations and intelligent dispatching, reduce pipeline energy loss, and enhance service quality and operational efficiency[60](index=60&type=chunk) - The company will continue to improve its digital heating service platform, establish an R&D team to enhance functional development, and achieve optimized management, intelligence, and safety[61](index=61&type=chunk) - Operating a heating technology center within the Carbon Neutral Central Research Institute, the company will actively research new energy heating service applications, formulate carbon-neutral heating technology development plans, and promote the adoption of new energy solutions[63](index=63&type=chunk) [Events After the Reporting Period](index=16&type=section&id=%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) This section confirms no significant events impacting financial position or operations occurred between the reporting period end and the interim report publication date - The Board is not aware of any significant events after the reporting period and up to the date of this interim report that would have a material impact on the Group's financial position or operations[64](index=64&type=chunk) [Future Material Investments and Plans for Capital Assets](index=16&type=section&id=%E6%9C%AA%E4%BE%86%E7%9A%84%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E5%8F%8A%E8%B3%87%E6%9C%AC%E8%B3%87%E7%94%A2%E8%A8%88%E5%8A%83) This section confirms no future material investments or new capital asset plans as of the interim report date - As of the date of this interim report, the company has no plans for any future material investments or new capital assets[65](index=65&type=chunk) [Other Information](index=17&type=section&id=%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) This section provides supplementary information on corporate governance, shareholding, securities trading, dividend policy, use of proceeds, and significant legal matters [Interests and Short Positions of Directors, Supervisors and Chief Executive in Shares, Underlying Shares and Debentures of the Company or Any Associated Corporation](index=17&type=section&id=%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%A3%E4%BA%8B%E5%8F%8A%E6%9C%80%E9%AB%98%E8%A1%8C%E6%94%BF%E4%BA%BA%E5%93%A1%E6%96%BC%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%88%96%E5%85%B6%E4%BB%BB%E4%BD%95%E7%9B%B8%E8%81%AF%E6%B3%95%E5%9C%98%E7%9A%84%E8%82%A1%E4%BB%BD%E3%80%81%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E5%8F%8A%E5%82%B5%E6%AC%8A%E8%AD%89%E4%B8%AD%E6%93%81%E6%9C%89%E7%9A%84%E6%AC%8A%E7%9B%8A%E5%8F%8A%E6%B7%A1%E5%80%89) This section discloses the interests and short positions of directors, supervisors, and the chief executive in the company's shares and debentures as of June 30, 2025 Shareholdings of Directors, Supervisors and Chief Executive | Name | Position | Class of Shares | Nature of Interest | Number of Shares | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | :--- | :--- | | Mr. Li Baoshan | Executive Director | H Shares | Beneficial Owner | 6,000,000 | 1.99% | | Mr. Miao Wenbin | Non-executive Director | H Shares | Other Interest | 201,000,000 | 66.66% | | Mr. Ma Fulin | Non-executive Director | H Shares | Other Interest | 201,000,000 | 66.66% | | Mr. Ma Peilin | Supervisor | H Shares | Other Interest | 201,000,000 | 66.66% | | Mr. Chen Zhen | Supervisor | H Shares | Spouse's Interest | 201,000,000 | 66.66% | - Hongda Group Co., Ltd. holds **201,000,000 H shares**, wholly owned by Shuangliang Technology, which is held by individual shareholders including Mr. Miao Wenbin, Mr. Ma Fulin, and Mr. Ma Peilin, who are collectively deemed controlling shareholders with **66.66% equity interest**[68](index=68&type=chunk) [Directors' Rights to Acquire Shares or Debentures](index=18&type=section&id=%E8%91%A3%E4%BA%8B%E8%AA%8D%E8%B3%BC%E8%82%A1%E4%BB%BD%E6%88%96%E5%82%B5%E6%AC%8A%E8%AD%89%E7%9A%84%E6%AC%8A%E5%88%A9) This section confirms no directors, their spouses, or minor children were granted or exercised rights to acquire company shares or debentures during the reporting period - During the reporting period, no director or their respective spouse or children under the age of 18 were granted any rights to acquire benefits by subscribing for shares or debentures of the company, nor did they exercise such rights[70](index=70&type=chunk) [Interests and/or Short Positions of Substantial Shareholders in Shares and Underlying Shares](index=18&type=section&id=%E4%B8%BB%E8%A6%81%E8%82%A1%E6%9D%B1%E6%96%BC%E8%82%A1%E4%BB%BD%E5%8F%8A%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E7%9A%84%E6%AC%8A%E7%9B%8A%E5%8F%8A%E3%81%84%E6%88%96%E6%B7%A1%E5%80%89) This section discloses substantial shareholders' interests and short positions in the company's shares and underlying shares as of June 30, 2025 Shareholdings of Substantial Shareholders | Name/Entity | Class of Shares | Nature of Interest | Number of Shares | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | :--- | | Hongda Group Co., Ltd. | H Shares | Beneficial Owner | 201,000,000 | 66.66% | | Shuangliang Technology | H Shares | Interest in Controlled Corporation | 201,000,000 | 66.66% | | Hong Kong Star One Investment Management Co., Ltd. | H Shares | Beneficial Owner | 15,660,000 | 5.19% | | Ms. Zhou Xiaoping | H Shares | Interest in Controlled Corporation | 15,660,000 | 5.19% | | Jianggang International Investment Co., Ltd. | H Shares | Beneficial Owner | 14,823,000 | 4.91% | | Jiangyin State-owned Capital Holding Group Financial Investment Co., Ltd. | H Shares | Interest in Controlled Corporation | 14,823,000 | 4.91% | | Jiangyin State-owned Capital Holding (Group) Co., Ltd. | H Shares | Interest in Controlled Corporation | 14,823,000 | 4.91% | - Hongda Group Co., Ltd., Shuangliang Technology, and individual shareholders (Mr. Miao Shuangda, Mr. Miao Wenbin, Mr. Jiang Rongfang, Mr. Ma Peilin, Mr. Ma Fulin, Mr. Miao Zhiqiang, Mr. Miao Heida, and Ms. Miao Shuya) are collectively deemed a group of controlling shareholders of the company, indirectly and jointly holding **201,000,000 H shares**[74](index=74&type=chunk)[79](index=79&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=20&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) This section confirms no purchase, sale, or redemption of listed securities by the company or its subsidiaries, and no treasury shares held during the reporting period - During the reporting period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities, and no treasury shares were held as of June 30, 2025[77](index=77&type=chunk) [Interim Dividend](index=20&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E5%88%A9) This section confirms no interim dividends were declared or paid by the company during the reporting period - During the reporting period, the company did not declare or pay any interim dividends (same period: nil)[78](index=78&type=chunk) [Corporate Governance Practices](index=21&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%B8%B8%E8%A6%8F) This section confirms the company's adherence to the Corporate Governance Code, with continuous review and enhancement of internal controls - The company has adopted the Corporate Governance Code as its own corporate governance code and complied with all its principles and code provisions during the reporting period[80](index=80&type=chunk)[81](index=81&type=chunk) - The company continuously reviews and strengthens internal controls and procedures to adapt to regulatory changes and best practice developments[80](index=80&type=chunk) [Compliance with the Model Code for Securities Transactions](index=21&type=section&id=%E9%81%B5%E5%AE%88%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E4%B9%8B%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87) This section confirms compliance with a securities transaction code for directors and supervisors, no less stringent than the Model Code - The company has adopted a code of conduct for securities transactions by directors and supervisors, with terms no less stringent than the Model Code, and all directors and supervisors have confirmed compliance with it[82](index=82&type=chunk) [Directors' Responsibilities for Financial Statements](index=21&type=section&id=%E8%91%A3%E4%BA%8B%E5%B0%B1%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E6%89%80%E6%89%BF%E6%93%94%E7%9A%84%E8%B2%AC%E4%BB%BB) This section clarifies directors' responsibilities for preparing and timely publishing the Group's financial statements in compliance with regulations and accounting standards - The directors confirm their responsibility for preparing the Group's financial statements and accounts, ensuring compliance with relevant regulations and applicable accounting standards, and timely publication by the company[83](index=83&type=chunk) [Changes in Information of Directors, Supervisors and Senior Management](index=21&type=section&id=%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%A3%E4%BA%8B%E5%8F%8A%E9%AB%98%E7%B4%9A%E7%AE%A1%E7%90%86%E4%BA%BA%E5%93%A1%E8%B3%87%E6%96%99%E4%B9%8B%E8%AE%8A%E6%9B%B4) This section discloses changes in directors, supervisors, and senior management information, primarily Nomination Committee member adjustments, during the reporting period - Mr. Li Baoshan ceased to be the Chairman and a member of the Nomination Committee; Dr. Zhu Qing was appointed as the Chairman, and Ms. Xu Lijie was appointed as a member of the Nomination Committee, effective August 22, 2025[87](index=87&type=chunk) [Audit Committee and Review of Interim Financial Information](index=21&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83%E5%8F%8A%E5%AF%A9%E9%96%B1%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99) This section details the Audit Committee's composition and review of interim financial information, confirming compliance with accounting standards and adequate disclosure - The Audit Committee comprises two independent non-executive directors (Mr. Zhang Haogang, Dr. Zhu Qing) and one non-executive director (Mr. Miao Wenbin)[85](index=85&type=chunk) - The Audit Committee has reviewed the Group's unaudited interim results for the reporting period, deeming them prepared in accordance with applicable accounting standards and relevant requirements, with adequate disclosure[85](index=85&type=chunk) [Change in Use of Proceeds from Listing](index=22&type=section&id=%E8%AE%8A%E6%9B%B4%E4%B8%8A%E5%B8%82%E6%89%80%E5%BE%97%E6%AC%BE%E9%A0%85%E7%94%A8%E9%80%94) This section discloses the reallocation of unused listing proceeds from the "Xinmi Heating Project" to the "Baotou Project Construction," detailing the rationale and anticipated benefits - The company decided to reallocate the unused portion of net proceeds originally designated for the "Xinmi Heating Preparation and Expansion Project" to the "Baotou Project Construction"[88](index=88&type=chunk) Comparison of Changes in Use of Proceeds from Listing | Use of Proceeds | Planned Allocation Before Revision (RMB millions) | Planned Allocation After Revision (RMB millions) | Amount Utilized as of June 30, 2025 (RMB millions) | Unutilized Amount After Reallocation (RMB millions) | | :--- | :--- | :--- | :--- | :--- | | Lanzhou Peak Shaving Boiler Construction | 85.3 | 85.3 | 42.3 | 43.0 | | Xinmi Heating Preparation and Expansion Project | 68.2 | 18.7 | 18.7 | — | | Baotou Project Construction | — | 49.5 | — | 49.5 | | Working Capital and Other General Corporate Purposes | 17.1 | 17.1 | 17.1 | — | | Total | 170.6 | 170.6 | 78.1 | 92.5 | - The primary reasons for the change are that the Baotou project is approaching a significant payment milestone, and the Xinmi project's secondary transmission and distribution pipeline network is largely complete with contingency funds available[91](index=91&type=chunk)[93](index=93&type=chunk) - The Board believes this change will enable the company to more effectively deploy financial resources, aligning with the Group's overall business strategy and the best interests of shareholders[94](index=94&type=chunk) [Material Litigation](index=24&type=section&id=%E9%87%8D%E5%A4%A7%E8%A8%B4%E8%A8%9F) This section confirms no material litigation, arbitration, or administrative proceedings significantly impacting the company's financial position or operating results as of June 30, 2025 - As of June 30, 2025, the company was not involved in any material litigation, arbitration, or administrative proceedings that would have a significant adverse impact on its financial position or operating results[95](index=95&type=chunk) [Interim Condensed Consolidated Statement of Comprehensive Income](index=25&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E5%85%A8%E9%9D%A2%E6%94%B6%E5%85%A5%E8%A1%A8) This table presents the unaudited consolidated statement of comprehensive income for the six months ended June 30, 2025, detailing revenue, costs, profits, and tax expenses with comparative figures Interim Condensed Consolidated Statement of Comprehensive Income (For the Six Months Ended June 30) | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 759,571 | 833,999 | | Cost of sales | (520,005) | (600,205) | | Gross profit | 239,566 | 233,794 | | Administrative expenses | (72,427) | (70,229) | | Reversal of impairment losses on financial assets and contract assets | 3,441 | 19,411 | | Other income | 17,568 | 18,446 | | Other losses — net | (3,888) | (2,247) | | Operating profit | 184,260 | 199,175 | | Finance income | 7,481 | 10,077 | | Finance costs | (18,432) | (23,250) | | Finance costs — net | (10,951) | (13,173) | | Share of profit of associates accounted for using the equity method | 2,606 | 4,579 | | Profit before income tax | 175,915 | 190,581 | | Income tax expense | (27,251) | (35,927) | | Profit and total comprehensive income for the period | 148,664 | 154,654 | | Profit attributable to owners of the Company | 111,741 | 112,287 | | Non-controlling interests | 36,922 | 42,367 | | Basic and diluted earnings per share (RMB) | 0.37 | 0.37 | [Interim Condensed Consolidated Statement of Financial Position](index=26&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) This table presents the unaudited consolidated statement of financial position as of June 30, 2025, detailing assets, equity, and liabilities with comparative audited data Interim Condensed Consolidated Statement of Financial Position (As of June 30, 2025) | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | **ASSETS** | | | | Non-current assets | 4,445,093 | 4,496,680 | | Current assets | 1,074,225 | 1,469,988 | | **TOTAL ASSETS** | **5,519,318** | **5,966,668** | | **EQUITY** | | | | Equity attributable to owners of the Company | 1,237,002 | 1,174,722 | | Non-controlling interests | 291,048 | 254,126 | | **TOTAL EQUITY** | **1,528,049** | **1,428,848** | | **LIABILITIES** | | | | Non-current liabilities | 2,479,404 | 2,624,658 | | Current liabilities | 1,511,864 | 1,913,162 | | **TOTAL LIABILITIES** | **3,991,268** | **4,537,820** | | **TOTAL EQUITY AND LIABILITIES** | **5,519,318** | **5,966,668** | [Interim Condensed Consolidated Statement of Changes in Equity](index=28&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) This table presents the unaudited consolidated statement of changes in equity for the six months ended June 30, 2025, detailing movements in share capital, reserves, retained earnings, and non-controlling interests Interim Condensed Consolidated Statement of Changes in Equity (For the Six Months Ended June 30) | Metric | Share capital (RMB thousands) | Other reserves (RMB thousands) | Retained earnings (RMB thousands) | Total (RMB thousands) | Non-controlling interests (RMB thousands) | Total equity (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Balance at January 1, 2025** | 301,600 | 391,499 | 481,623 | 1,174,722 | 254,126 | 1,428,848 | | Profit for the period | — | — | 111,741 | 111,741 | 36,922 | 148,663 | | Total comprehensive income | — | — | 111,741 | 111,741 | 36,922 | 148,663 | | Dividends | — | — | (49,462) | (49,462) | — | (49,462) | | **Balance at June 30, 2025** | 301,600 | 391,499 | 543,902 | 1,237,001 | 291,048 | 1,528,049 | | **Balance at January 1, 2024** | 301,600 | 354,800 | 399,408 | 1,055,808 | 243,197 | 1,299,005 | | Profit for the period | — | — | 112,287 | 112,287 | 42,367 | 154,654 | | Total comprehensive income | — | — | 112,287 | 112,287 | 42,367 | 154,654 | | Dividends | — | — | (45,240) | (45,240) | (71,500) | (116,740) | | **Balance at June 30, 2024** | 301,600 | 354,800 | 466,455 | 1,122,855 | 223,228 | 1,346,083 | [Interim Condensed Consolidated Statement of Cash Flows](index=29&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) This table presents the unaudited consolidated statement of cash flows for the six months ended June 30, 2025, detailing cash flows from operating, investing, and financing activities, and ending cash balances Interim Condensed Consolidated Statement of Cash Flows (For the Six Months Ended June 30) | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Net cash (used in) / generated from operating activities | (138,796) | (154,772) | | Net cash used in investing activities | (95,651) | (134,209) | | Net cash used in financing activities | (102,142) | (78,177) | | Net decrease in cash and cash equivalents | (336,590) | (367,158) | | Cash and cash equivalents at beginning of period | 645,680 | 713,175 | | Cash and cash equivalents at end of period | 309,090 | 346,017 | [Notes to the Interim Financial Information](index=30&type=section&id=%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99%E9%99%84%E8%A8%BB) This section provides detailed notes to the interim condensed consolidated financial information, covering accounting policies, estimates, risk management, and specific financial statement line items [1 General Information](index=30&type=section&id=1%20%E4%B8%80%E8%88%AC%E8%B3%87%E6%96%99) This section provides general information about Huiju Technology Co., Ltd., including its establishment, business, listing, controlling shareholder, and financial reporting details - Huiju Technology Co., Ltd. was established in China on **September 3, 2010**, primarily engaged in heating and related services[108](index=108&type=chunk) - The company's H shares were listed on the Main Board of The Stock Exchange of Hong Kong Limited on **July 10, 2023**[108](index=108&type=chunk) - The company is controlled by Hongda Group Co., Ltd., which is held by individual shareholders including Mr. Miao Shuangda[108](index=108&type=chunk) - The interim financial information is presented in **RMB** and was approved for issue by the Board of Directors on **August 22, 2025**, and is unaudited[108](index=108&type=chunk)[109](index=109&type=chunk) [2 Basis of Presentation](index=30&type=section&id=2%20%E5%91%88%E5%88%97%E5%9F%BA%E6%BA%96) This section explains the interim financial information's preparation under IAS 34 and the rationale for the going concern basis despite net current liabilities - The interim financial information is prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" and should be read in conjunction with the annual financial statements for the year ended December 31, 2024[110](index=110&type=chunk) - As of June 30, 2025, the Group had net current liabilities of **RMB 437,639,000**, but considering the nature of contract liabilities (not involving future cash outflows) and available unused bank facilities, management believes the Group will have sufficient financial resources to support operations, thus preparing on a going concern basis[110](index=110&type=chunk)[111](index=111&type=chunk) - As of June 30, 2025, the Group had unused bank facilities of **RMB 502 million**, available for drawdown over various future periods[111](index=111&type=chunk) [3 Principal Accounting Policies](index=31&type=section&id=3%20%E4%B8%BB%E8%A6%81%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96) This section confirms consistent accounting policies with the prior year and details the impact assessment of newly adopted revised standards - The accounting policies adopted are consistent with those described in the annual financial statements for the year ended December 31, 2024[112](index=112&type=chunk) New and Revised Standards Effective on or After January 1, 2024 | Standard | Description | Effective Date | | :--- | :--- | :--- | | IFRS 16 (Amendments) | Lease Liability in a Sale and Leaseback | January 1, 2024 | | IAS 1 (Amendments) | Classification of Liabilities as Current or Non-current | January 1, 2024 | | IAS 1 (Amendments) | Non-current Liabilities with Covenants | January 1, 2024 | | IAS 7 and IFRS 7 (Amendments) | Supplier Finance Arrangements | January 1, 2024 | - The adoption of these revised standards has not had any significant impact on the Group's results and financial position[114](index=114&type=chunk) - New standards and amendments to existing standards issued but not yet effective include IFRS 9 and 7 (Amendments), IFRS 19, IFRS 18, etc., which management expects will not have a significant impact upon adoption[119](index=119&type=chunk) [4 Critical Accounting Estimates and Judgments](index=32&type=section&id=4%20%E9%97%9C%E9%8D%B5%E6%9C%83%E8%A8%88%E4%BC%B0%E8%A8%88%E5%8F%8A%E5%88%A4%E6%96%B7) This section explains that critical accounting estimates and judgments for interim financial information are consistent with those applied in the annual financial statements - The preparation of interim financial information requires management to make judgments, estimates, and assumptions, and actual results may differ from these estimates[120](index=120&type=chunk) - The significant judgments made by management and the key sources of estimation uncertainty in preparing this interim financial information are the same as those applied in the annual financial statements for the year ended December 31, 2024[120](index=120&type=chunk) [5 Financial Risk Management](index=32&type=section&id=5%20%E8%B2%A1%E5%8B%99%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86) This section outlines the company's financial risk exposures (market, credit, liquidity) and management policies, including liquidity maturity analysis and fair value estimates - The Group's operations face market risk, credit risk, and liquidity risk, with risk management plans focused on mitigating financial market unpredictability[121](index=121&type=chunk) - There have been no significant changes in risk factors and management policies since the year ended December 31, 2024[122](index=122&type=chunk) - Management monitors rolling forecasts of liquidity reserves and cash equivalents, expecting to fund future cash flow requirements through cash generated from operations and available bank facilities[123](index=123&type=chunk) Maturity Analysis of Financial Liabilities (June 30, 2025) | Category | On demand or within 1 year (RMB thousands) | 1 to 2 years (RMB thousands) | 2 to 5 years (RMB thousands) | Over 5 years (RMB thousands) | Total (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | :--- | | Lease liabilities | 728 | 503 | 1,038 | 1,120 | 3,389 | | Borrowings | 406,497 | 114,171 | 189,390 | 47,110 | 757,168 | | Trade and other payables | 913,416 | 26,740 | 25,985 | — | 966,141 | | Total | 1,320,641 | 141,414 | 216,413 | 48,230 | 1,726,698 | - For the six months ended June 30, 2025 and 2024, no financial assets were classified as Level 3 instruments[128](index=128&type=chunk) [6 Seasonal or Cyclical Operations](index=34&type=section&id=6%20%E5%AD%A3%E7%AF%80%E6%80%A7%E6%88%96%E9%80%B1%E6%9C%9F%E6%80%A7%E7%B6%93%E7%87%9F) This section explains the seasonal nature of heating services, with revenue and operating profit concentrated in the first and fourth fiscal quarters - The company's heating service period typically runs from October to April of the following year, with revenue and operating profit relatively evenly distributed across the first and fourth fiscal quarters[129](index=129&type=chunk) - For the year ended December 31, 2024, **45%** of the cumulative heating and heat transmission and distribution revenue in the first half related to the 2023-2024 heating service period, while the remaining **55%** accumulated in the second half related to the 2024-2025 heating service period[129](index=129&type=chunk) [7 Revenue and Segment Information](index=35&type=section&id=7%20%E6%94%B6%E5%85%A5%E5%8F%8A%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) This section details revenue by service type and recognition timing, noting the company operates as a single segment with all revenue and non-current assets from China Revenue from Contracts with Customers (For the Six Months Ended June 30) | Service/Product Type | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Heating and heat transmission and distribution | 665,502 | 643,893 | | Engineering construction services | 23,321 | 122,202 | | Connection fees | 57,666 | 52,591 | | Heat transmission services | 1,589 | 2,128 | | Sale of goods | 694 | 1,986 | | Energy management services | 1,488 | 1,488 | | Design services | 4,892 | 2,974 | | Others | 4,419 | 6,737 | | **Total** | **759,571** | **833,999** | - Revenue recognition timing: **RMB 8,663 thousand** recognized at a point in time (2024: RMB 8,891 thousand), and **RMB 750,908 thousand** recognized over time (2024: RMB 825,108 thousand)[130](index=130&type=chunk) - The Group is primarily engaged in heating and related services in China, with the chief operating decision-maker reviewing this business as a single operating segment[131](index=131&type=chunk) - All of the Group's revenue and non-current assets originate from China[132](index=132&type=chunk)[133](index=133&type=chunk) - Contract liabilities primarily arise from heating-related customer prepayments and connection fees, typically received before contract performance[134](index=134&type=chunk) [8 Expenses by Nature](index=36&type=section&id=8%20%E6%8C%89%E6%80%A7%E8%B3%AA%E5%8A%83%E5%88%86%E7%9A%84%E9%96%8B%E6%94%AF) This section details expenses by nature, including heat purchase, construction, amortization, and employee benefits, with comparative figures Expenses by Nature (For the Six Months Ended June 30) | Expense Category | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Heat purchase costs | 230,049 | 225,422 | | Construction costs | 23,005 | 110,209 | | Amortisation of intangible assets | 112,144 | 108,147 | | Materials consumed | 63,594 | 65,472 | | Utility costs | 54,375 | 56,810 | | Employee benefit expenses | 46,560 | 45,843 | | Depreciation of property, plant and equipment | 14,934 | 9,209 | | Maintenance expenses | 5,197 | 5,932 | | Entertainment expenses | 5,742 | 5,622 | | Travel expenses | 3,646 | 4,485 | | Consultancy and professional service fees | 4,011 | 2,006 | | **Total** | **592,432** | **670,434** | [9 Other Income](index=36&type=section&id=9%20%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5) This section details other income, primarily government grants and rental income, and clarifies the nature of the grants Other Income (For the Six Months Ended June 30) | Income Category | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Government grants | 9,953 | 10,496 | | Rental income | 7,615 | 7,950 | | **Total** | **17,568** | **18,446** | - Government grants are primarily related to heating operations, used to subsidize the acquisition or construction of heating facilities or to compensate for project losses, and are non-recurring in nature[138](index=138&type=chunk) [10 Other Losses — Net](index=37&type=section&id=10%20%E5%85%B6%E4%BB%96%E虧%E6%90%8D%20%E2%80%94%20%E6%B7%A8%E9%A1%8D) This section details other losses, net, primarily fair value losses on investment properties and foreign exchange losses, with comparative figures Other Losses — Net (For the Six Months Ended June 30) | Loss Category | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Fair value losses on investment properties | (4,830) | (5,325) | | Gain on settlement of trade receivables | — | 2,043 | | Foreign exchange (losses) / gains | (363) | 1,097 | | Loss on derecognition of a subsidiary | — | (181) | | (Loss) / gain on disposal of property, plant and equipment | (9) | 2 | | Others | 1,315 | 117 | | **Total** | **(3,888)** | **(2,247)** | [11 Finance Income and Costs](index=37&type=section&id=11%20%E8%B2%A1%E5%8B%99%E6%94%B6%E5%85%A5%E5%8F%8A%E6%88%90%E6%9C%AC) This section details the components of finance income and costs, including interest income and expense, and presents the net finance costs Finance Income (For the Six Months Ended June 30) | Income Category | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Interest income from bank deposits | 2,812 | 3,972 | | Interest income from financing arrangements | — | 1,070 | | Interest income from finance leases to related parties | 521 | 541 | | Interest income on lease receivables | 4,148 | 4,494 | | **Total** | **7,481** | **10,077** | Finance Costs (For the Six Months Ended June 30) | Cost Category | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Interest expense on borrowings | (15,405) | (18,454) | | Interest expense on lease liabilities | (78) | (580) | | Interest expense on instalment payments for acquisition of intangible assets | (1,907) | (2,866) | | Interest expense on government loans | — | (464) | | Major overhaul provision | (943) | (886) | | Interest expense on sale and leaseback | (100) | — | | **Total** | **(18,432)** | **(23,250)** | | **Finance costs — net** | **(10,951)** | **(13,173)** | [12 Income Tax Expense](index=38&type=section&id=12%20%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) This section details income tax expense, including current and deferred tax, and explains the recognition basis and estimated average annual tax rate Income Tax Expense (For the Six Months Ended June 30) | Category | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Current income tax — China corporate income tax | 32,343 | 39,257 | | Deferred income tax | (5,092) | (3,330) | | **Total** | **27,251** | **35,927** | - Income tax expense is recognized based on management's estimated weighted average annual effective income tax rate for the entire fiscal year, with an estimated average annual tax rate of **15%** for the year ended June 30, 2025 (2024: 19%)[143](index=143&type=chunk) [13 Earnings Per Share](index=38&type=section&id=13%20%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9) This section provides the calculation for basic and diluted earnings per share, noting they are identical due to no potential dilutive ordinary shares Basic Earnings Per Share (For the Six Months Ended June 30) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Profit attributable to owners of the Company (RMB thousands) | 111,741 | 112,287 | | Weighted average number of ordinary shares in issue (thousands) | 301,600 | 301,600 | | Basic earnings per share (RMB per share) | 0.37 | 0.37 | - There were no potential dilutive ordinary shares outstanding as of June 30, 2025 and 2024, thus diluted earnings per share are the same as basic earnings per share[145](index=145&type=chunk) [14 Dividends](index=38&type=section&id=14%20%E8%82%A1%E5%88%A9) This section confirms no interim dividends were declared or paid by the company during the reporting period - For the six months ended June 30, 2025, the company did not declare or pay any interim dividends (for the six months ended June 30, 2024: nil)[146](index=146&type=chunk) [15 Investments Accounted for Using the Equity Method](index=39&type=section&id=15%20%E4%BD%BF%E7%94%A8%E6%AC%8A%E7%9B%8A%E6%B3%95%E5%85%A5%E8%B3%B9%E7%9A%84%E6%8A%95%E8%B3%87) This section details changes in the carrying amount of equity method investments, including opening balance, additions, and share of net profit Changes in Carrying Amount of Investments Accounted for Using the Equity Method (For the Six Months Ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Opening balance | 126,232 | 110,132 | | Additions | 8,000 | — | | Share of net profit | 2,606 | 4,579 | | **Closing balance** | **136,838** | **114,711** | [16 Property, Plant and Equipment](index=39&type=section&id=16%20%E7%89%A9%E6%A5%AD%E3%80%81%E5%BB%A0%E6%88%BF%E5%8F%8A%E8%A8%AD%E5%82%99) This section details changes in property, plant, and equipment carrying amounts, including additions, disposals, and depreciation, and addresses buildings without ownership certificates Changes in Net Carrying Amount of Property, Plant and Equipment (For the Six Months Ended June 30, 2025) | Item | Buildings (RMB thousands) | Machinery and equipment (RMB thousands) | Motor vehicles (RMB thousands) | Office and electronic equipment (RMB thousands) | Leasehold improvements (RMB thousands) | Total (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Net carrying amount at January 1, 2025 | 119,303 | 59,908 | 5,299 | 4,322 | 729 | 189,561 | | Additions | 2,556 | 1,772 | 2,832 | 658 | 3,992 | 11,809 | | Disposals | — | (731) | (75) | (101) | — | (907) | | Depreciation | (3,534) | (9,333) | (999) | (896) | (1,077) | (15,839) | | **Net carrying amount at June 30, 2025** | **118,325** | **51,615** | **7,058** | **3,983** | **3,644** | **184,624** | - As of June 30, 2025, the carrying amount of buildings for which property ownership certificates have not yet been obtained or transfer procedures not completed was **RMB 24,273,000**[148](index=148&type=chunk) - The directors believe the Group has the legal and effective right to occupy and use these buildings, will obtain relevant ownership certificates in due course, and will not face significant penalties for their temporary use in business operations[149](index=149&type=chunk) [17 Investment Properties](index=40&type=section&id=17%20%E6%8A%95%E8%B3%87%E7%89%A9%E6%A5%AD) This section details changes in investment property carrying amounts, including additions and fair value adjustments, and reports related rental income and fair value losses Changes in Carrying Amount of Investment Properties (For the Six Months Ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Opening balance | 373,179 | 344,197 | | Additions | — | 41,274 | | Net fair value adjustment losses | (4,830) | (5,325) | | **Closing balance** | **368,349** | **380,146** | Amounts Recognized in Profit or Loss from Investment Properties (For the Six Months Ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Rental income from operating leases | 7,615 | 7,950 | | Fair value losses | (4,830) | (5,325) | [18 Intangible Assets](index=41&type=section&id=18%20%E7%84%A1%E5%BD%A2%E8%B3%87%E7%94%A2) This section details changes in intangible asset carrying amounts, including goodwill and operating concessions, impairment test results, amortization, and collateral status Changes in Net Carrying Amount of Intangible Assets (For the Six Months Ended June 30, 2025) | Item | Goodwill (RMB thousands) | Operating concessions (RMB thousands) | Software (RMB thousands) | Total (RMB thousands) | | :--- | :--- | :--- | :--- | | Net carrying amount at January 1, 2025 | 9,047 | 3,580,205 | 11,003 | 3,600,255 | | Additions | — | 60,462 | — | 60,462 | | Amortisation | — | (111,558) | (41) | (111,599) | | **Net carrying amount at June 30, 2025** | **9,047** | **3,529,109** | **10,962** | **3,549,118** | - There were no indications of impairment for goodwill related to Taiyuan Renewable Energy during the reporting period, thus no impairment provision was required[154](index=154&type=chunk) - Impairment test results for intangible assets related to Shuozhou Renewable Energy indicated no further impairment charges were required, but management believes any reasonably possible change in key assumptions would lead to further impairment recognition[155](index=155&type=chunk) - Amortization expenses for intangible assets were primarily recognized in cost of sales (**RMB 111,584 thousand**) and administrative expenses (**RMB 560 thousand**)[156](index=156&type=chunk) - As of June 30, 2025, intangible assets with a carrying amount of approximately **RMB 732,049,000** were pledged as collateral for bank borrowings[156](index=156&type=chunk) [19 Trade Receivables](index=42&type=section&id=19%20%E8%B2%A9%E6%98%93%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) This section details trade receivables, including related party and third-party amounts, lease receivables, impairment provisions, aging analysis, and collateral Trade Receivables (As of June 30, 2025) | Category | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | **Included in current assets** | | | | Trade receivables — related parties | 2,409 | 2,712 | | Trade receivables — third parties | 637,909 | 623,927 | | Lease receivables | 18,904 | 18,904 | | Less: Impairment provision for trade and lease receivables | (88,564) | (69,709) | | **Subtotal (Current)** | **570,658** | **575,834** | | **Included in non-current assets** | | | | Lease receivables | 80,701 | 93,576 | | Less: Impairment provision for lease receivables | — | (22,000) | | **Subtotal (Non-current)** | **80,701** | **71,576** | | **Total** | **651,359** | **647,410** | Aging Analysis of Trade Receivables (As of June 30, 2025) | Aging | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 1 year | 403,268 | 389,079 | | 1 to 2 years | 172,483 | 176,229 | | 2 to 3 years | 28,001 | 37,291 | | Over 3 years | 36,566 | 24,040 | | **Total** | **640,317** | **626,639** | - The Group generally does not offer credit terms to customers, and trade receivables are denominated in **RMB**[158](index=158&type=chunk)[160](index=160&type=chunk) - As of June 30, 2025, trade receivables with a carrying amount of approximately **RMB 137,900,000** were pledged as collateral for bank borrowings[160](index=160&type=chunk) [20 Cash and Cash Equivalents](index=43&type=section&id=20%20%E7%8F%BE%E9%87%91%E5%8F%8A%E7%8F%BE%E9%87%91%E7%AD%89%E5%83%B9%E7%89%A9) This section details cash and cash equivalents, including bank and hand cash, restricted cash, its purpose, and the denomination currency Cash and Cash Equivalents (As of June 30, 2025) | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Cash at bank | 340,105 | 719,796 | | Cash on hand | 10 | 59 | | Less: Restricted cash | (31,025) | (74,175) | | **Cash and cash equivalents** | **309,090** | **645,680** | - Restricted cash is primarily used as margin for issuing bank acceptance bills (**RMB 21,025,000**) and as a deposit for leased heat pipeline storage services (**RMB 10,000,000**)[159](index=159&type=chunk) Denomination Currency of Cash and Cash Equivalents (As of June 30, 2025) | Currency | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | HKD | 6,303 | 67,292 | | USD | — | 18,578 | | RMB | 284,208 | 578,388 | | **Total** | **309,089** | **645,680** | [21 Share Capital](index=44&type=section&id=21%20%E8%82%A1%E6%9C%AC) This section details the company's share capital, including ordinary share count and total amount, confirming no changes during the reporting period Share Capital (As of June 30, 2025) | Item | Number of ordinary shares | Total (RMB thousands) | | :--- | :--- | :--- | | As of June 30, 2025 and December 31, 2024 | 301,600,000 | 301,600 | [22 Borrowings](index=45&type=section&id=22%20%E5%80%9F%E6%AC%BE) This section details the company's borrowings, including current and non-current bank loans, collateral, guarantees, weighted average interest rate, and currency denomination Borrowings (As of June 30, 2025) | Category | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | **Included in non-current liabilities:** | | | | Bank borrowings — secured and guaranteed | 417,545 | 535,587 | | Less: Current portion of non-current liabilities | (60,228) | (108,554) | | **Subtotal (Non-current)** | **357,317** | **427,033** | | **Included in current liabilities:** | | | | Bank borrowings — secured and guaranteed | 136,322 | 99,651 | | Bank borrowings — unsecured and guaranteed | 142,000 | 34,000 | | Bank borrowings — unsecured | — | 57,500 | | Current portion of non-current liabilities | 60,228 | 108,554 | | **Subtotal (Current)** | **338,550** | **299,705** | | **Total** | **695,867** | **726,738** | - Multiple bank borrowings are guaranteed by the company and secured by trade receivables or intangible assets[164](index=164&type=chunk) - As of June 30, 2025, the weighted average effective interest rate for borrowings was **4.23% per annum** (December 31, 2024: 4.43%), and all borrowings are denominated in **RMB**[164](index=164&type=chunk) [23 Trade and Other Payables](index=46&type=section&id=23%20%E8%B2%A9%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85) This section details trade and other payables, including related party amounts and intangible asset acquisition payables, and provides an aging analysis for trade payables Trade and Other Payables (As of June 30, 2025) | Category | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | **Included in current liabilities** | | | | Trade payables — related parties | 2,498 | 1,551 | | Trade payables — third parties | 483,609 | 480,665 | | Bills payable | 41,033 | 64,368 | | Amounts due to related parties and advances from related parties | 7,326 | 9,610 | | Amounts payable for acquisition of intangible assets | 186,829 | 196,291 | | Accrued employee benefits | 15,326 | 33,288 | | Other taxes payable | 20,957 | 32,088 | | Dividends payable to non-controlling interests | 46,280 | 46,280 | | Instalment payments for acquisition of intangible assets | 37,356 | 38,318 | | Others | 15,391 | 42,702 | | **Subtotal (Current)** | **883,524** | **975,960** | | **Included in non-current liabilities** | | | | Other payables — third parties (instalment payments for acquisition of intangible assets) | 16,961 | 29,442 | | **Total** | **900,485** | **1,005,402** | Aging Analysis of Trade Payables (As of June 30, 2025) | Aging | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 1 year | 318,173 | 376,207 | | 1 to 2 years | 78,143 | 44,523 | | 2 to 3 years | 28,512 | 21,560 | | Over 3 years | 61,280 | 39,926 | | **Total** | **486,107** | **482,216** | - The Group's trade and other payables are denominated in **RMB**[167](index=167&type=chunk) [24 Provisions](index=47&type=section&id=24%20%E6%92%A5%E5%82%99) This section explains the recognition and measurement of service concession facility maintenance provisions for contractual obligations to maintain or restore operating facilities Provisions (As of June 30, 2025) | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Service concession facility maintenance provision | 41,670 | 38,113 | - Provisions are recognized in accordance with service concession agreements to fulfill contractual obligations to maintain operating facilities at a specific service quality level and/or restore the plant to a designated state at the end of the service concession period[168](index=168&type=chunk) [25 Commitments](index=47&type=section&id=25%20%E6%89%BF%E6%93%94) This section lists the company's short-term lease commitments and contracted capital expenditures, primarily for intangible assets Short-term Lease Commitments (As of June 30, 2025) | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Not later than 1 year | 401 | 74 | Capital Commitments (As of June 30, 2025) | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Intangible assets | 32,346 | 29,192 | [26 Related Party Transactions](index=48&type=section&id=26%20%E9%97%9C%E8%81%AF%E6%96%B9%E4%BA%A4%E6%98%93) This section discloses details of the company's related party transactions and balances, including purchases, leases, and sales Transactions with Related Parties (For the Six Months Ended June 30) | Type of Transaction | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | **Entities controlled or significantly influenced by certain shareholders** | | | | Purchase of property, plant, equipment and services | 1,172 | 3,516 | | Lease arrangements | 6 | 9 | | **Associates** | | | | Sale of goods or services | 3,256 | 3,706 | | Purchase of property, plant, equipment and services | — | 1,007 | | Lease arrangements | 942 | 1,022 | Balances with Related Parties (As of June 30, 2025) | Type of Balance | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | **Entities controlled or significantly influenced by certain shareholders** | | | | Trade and other payables | 7,330 | 8,247 | | Prepayments and other receivables | 2,776 | — | | **Associates** | | | | Trade receivables | 2,409 | 2,712 | | Lease receivables | 20,870 | 20,423 | | Trade and other payables | 2,494 | 2,914 | [27 Contingencies](index=48&type=section&id=27%20%E6%88%96%E7%84%B6%E4%BA%8B%E9%A0%85) This section confirms the company had no significant contingent liabilities as of June 30, 2025 - As of June 30, 2025 and December 31, 2024, the Group had no significant contingent liabilities[172](index=172&type=chunk) [28 Events After the Reporting Period](index=48&type=section&id=28%20%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) This section confirms no significant subsequent events requiring adjustment or additional disclosure occurred after June 30, 2025, up to the interim financial information publication date - Except as disclosed elsewhere in the interim financial information, no significant events after June 30, 2025, and up to the date of issue of this interim financial information, have occurred that would require adjustment to or additional disclosure in these interim financial information[173](index=173&type=chunk) [Definitions](index=49&type=section&id=%E9%87%8B%E7%BE%A9) This section defines key terms and terminology used throughout the interim report to ensure clear understanding - This section contains definitions of key terms and terminology used in the interim report, such as "Audit Committee," "Baotou Project," "Corporate Governance Code," "China," "the Company," "EMC," "the Group," "H Shares," "RMB," "SFO," "Shuangliang Technology," etc[175](index=175&type=chunk)[177](index=177&type=chunk)

[Announcement Overview](index=1&type=section&id=2024%E5%B9%B4%E5%BA%A6%E5%A0%B1%E5%91%8A%E4%B9%8B%E8%A3%9C%E5%85%85%E5%85%AC%E5%91%8A) This announcement serves as a supplementary disclosure to Huiju Technology Co., Ltd.'s 2024 annual report, detailing the use of net proceeds from the global offering and an extended utilization timetable - This announcement serves as a supplementary disclosure to Huiju Technology Co., Ltd.'s 2024 annual report, detailing the use of net proceeds from the global offering and an extended utilization timetable[2](index=2&type=chunk)[3](index=3&type=chunk) [Use of Net Proceeds from Global Offering](index=1&type=section&id=%E5%85%A8%E7%90%83%E7%99%BC%E5%94%AE%E6%89%80%E5%BE%97%E6%AC%BE%E9%A0%8D%E6%B7%A8%E7%94%A8%E9%80%94) This section details the allocation, utilization, and future management plan for the net proceeds obtained from the global offering [Background and Total Amount](index=1&type=section&id=%E5%85%A8%E7%90%83%E7%99%BC%E5%94%AE%E6%89%80%E5%BE%97%E6%AC%BE%E9%A0%8D%E6%B7%A8%E7%94%A8%E9%80%94%20-%20%E8%83%8C%E6%99%AF) The net proceeds from the global offering amounted to approximately HK$187.5 million, with this announcement providing supplementary disclosure on the carried-forward amount as of January 1, 2024 - The net proceeds from the global offering totaled approximately **HK$187.5 million**[4](index=4&type=chunk) - This announcement provides supplementary disclosure on the carried-forward amount of proceeds as of January 1, 2024, in compliance with Listing Rule Appendix D2 paragraph 11A[4](index=4&type=chunk) [Fund Allocation and Utilization](index=2&type=section&id=%E5%85%A8%E7%90%83%E7%99%BC%E5%94%AE%E6%89%80%E5%BE%97%E6%AC%BE%E9%A0%8D%E6%B7%A8%E7%94%A8%E9%80%94%20-%20%E8%B5%84%E9%87%91%E5%88%86%E9%85%8D) As of December 31, 2024, out of the total RMB170.6 million net proceeds, RMB63.0 million has been utilized, with RMB107.6 million remaining unutilized, primarily for specific projects and working capital Allocation and Utilization of Net Proceeds from Global Offering (As of December 31, 2024) | Main Purpose | Percentage of Net Proceeds | Planned Allocated Net Proceeds (HK$ million) | Planned Allocated Net Proceeds (RMB million) | Amount Utilized (as of Dec 31, 2023) (RMB million) | Carried-forward Proceeds (as of Jan 1, 2024) (RMB million) | Amount Utilized (as of Dec 31, 2024) (RMB million) | Unutilized Amount (as of Dec 31, 2024) (RMB million) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Lanzhou Peak-Shaving Boiler Construction | 50.0% | 93.7 | 85.3 | 24.7 | 60.6 | 34.3 | 51.0 | | Xinmi Heating Preparation and Expansion Project | 40.0% | 75.0 | 68.2 | 0 | 68.2 | 18.7 | 49.5 | | Working Capital and Other General Corporate Purposes of the Group | 10.0% | 18.8 | 17.1 | 10.0 | 7.1 | 10.0 | 7.1 | | **Total** | **100.0%** | **187.5** | **170.6** | **34.7** | **135.9** | **63.0** | **107.6** | [Expected Timetable and Management of Unutilized Funds](index=2&type=section&id=%E5%85%A8%E7%90%83%E7%99%BC%E5%94%AE%E6%89%80%E5%BE%97%E6%AC%BE%E9%A0%8D%E6%B7%A8%E7%94%A8%E9%80%94%20-%20%E6%97%B6%E9%97%B4%E8%A1%A8) The remaining RMB107.6 million unutilized net proceeds are expected to be deployed by December 31, 2025, or December 31, 2026, and will be held in short-term interest-bearing accounts - Total unutilized net proceeds from the global offering amount to **RMB107.6 million**[5](index=5&type=chunk) - The expected timetable for unutilized funds is based on the Group's best estimate of market conditions, with the Lanzhou project and working capital expected to be utilized by **December 31, 2025**, and the Xinmi project by **December 31, 2026**[5](index=5&type=chunk)[6](index=6&type=chunk) - Unutilized net proceeds will be deposited into short-term interest-bearing accounts with licensed commercial banks or other recognized financial institutions[6](index=6&type=chunk) [Board of Directors Information](index=2&type=section&id=%E6%89%BF%E8%91%A3%E4%BA%8B%E6%9C%83%E5%91%BD) This section provides details on the signing authority for the announcement and the composition of the Board of Directors - The announcement is signed by Mr. Li Baoshan, Chairman and Executive Director of the Board[6](index=6&type=chunk) - The Board of Directors comprises three executive directors (Li Baoshan, Liu Zhigang, Luo Wei), three non-executive directors (Miao Wenbin, Ma Fulin, Xu Lijie), and three independent non-executive directors (Zhang Haogang, Xie Xiaodong, Zhu Qing)[6](index=6&type=chunk)

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | | | 致：香港交易及結算所有限公司 公司名稱: 慧居科技股份有限公司 呈交日期: 2025年9月4日 II. 已發行股份及/或庫存股份變動 | 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) | 02481 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 301,600,000 | | | 0 | | 301,600,000 | | 增加 / 減少 (-) | | | | 0 | | 0 | | | | 本月底結存 | | | 301,600,000 | | | 0 | | 301,600,000 | 第 2 頁 共 10 頁 v 1.1.1 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 ...

Group 1 - The core viewpoint of the articles highlights the growth potential in the heating market, driven by increasing demand for heating services and ongoing industry consolidation due to the sale of loss-making assets by state-owned enterprises and local government upgrades to clean energy [1][2] - The heating market in China has a current area of 11.5 billion square meters, with a compound annual growth rate (CAGR) of 5.5% over the past five years, expected to reach 13.8 billion square meters by 2027, with a CAGR of 4.7% [1] - The heating service market is projected to reach 70.8 billion yuan, with significant growth driven by rising heating demand in southern regions and technological advancements replacing traditional coal boilers [1] Group 2 - Huiju Technology achieved operating revenue of 760 million yuan and a net profit of 112 million yuan for the mid-2025 period, with heating service revenue accounting for 95.21% of total revenue [2] - The company has established a leading position in the Sanbei region, with a heating service area of 50.2 million square meters, a year-on-year increase of 3.5%, and a concession area of 419.9 million square meters [2] - The company plans to implement a dual-driven strategy focusing on scale and quality, targeting new heating services in the Bohai Economic Circle and prioritizing Inner Mongolia and Shanxi for future growth [2]