截至月份: 2025年9月30日 狀態: 新提交 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: 河南金源氫化化工股份有限公司 呈交日期: 2025年10月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02502 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 955,640,000 | RMB | | | 1 RMB | | 955,640,000 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 955,640,000 | RMB | | | 1 RMB | | 955,640,000 | 本月底法定/註冊股本總額： R ...

河南金源氫化化工股份有限公司 HENAN JINYUAN HYDROGENATED CHEMICALS CO., LTD.* ( 於中華人民共和國註冊成立的股份有限公司 ) (A joint stock company incorporated in the People's Republic of China with limited liability) (股票代號 Stock Code: 2502) N O T I F I C AT I O N L E T T E R 通 知 信 函 22 September 2025 Dear Registered Shareholders, Henan Jinyuan Hydrogenated Chemicals Co., Ltd.* (the "Company") – Notice of publication of 2025 Interim Report ("Current Corporate Communications") The Current Corporate Communications of the Company have been publis ...

河南金源氫化化工股份有限公司 HENAN JINYUAN HYDROGENATED CHEMICALS CO., LTD.* ( 於中華人民共和國註冊成立的股份有限公司 (A joint stock company incorporated in the People's Republic of China with limited liability) (股票代號 Stock Code: 2502) N O T I F I C AT I O N L E T T E R 通 知 信 函 Dear Non-registered holders, Henan Jinyuan Hydrogenated Chemicals Co., Ltd.* (the "Company") –Notice of publication of 2025 Interim Report ("Current Corporate Communications") The Current Corporate Communications of the Company have been published in English and Chi ...

[Management Discussion and Analysis](index=3&type=section&id=Management%20Discussion%20and%20Analysis) [Overview](index=3&type=section&id=Overview) The Group is a supplier of hydrogenated benzene-based chemicals and energy products in Henan Province, sourcing raw materials from the coking industry and actively expanding its hydrogen energy business in response to national "dual carbon" goals - The Group is a supplier of hydrogenated benzene-based chemicals and energy products in Henan Province, primarily obtaining raw materials (crude benzene and coke oven gas) from the upstream coking industry[7](index=7&type=chunk) - In response to the Chinese government's encouragement of circular economy development and "dual carbon" goals, the Group is expanding its energy business to include hydrogen, commencing hydrogen refueling station operations in Q4 2023[7](index=7&type=chunk) - In H1 2025, the Group's revenue primarily derived from hydrogenated benzene-based chemicals, energy products (liquefied natural gas and coal gas), and trading (LNG, hydrogen, and refined oil products)[8](index=8&type=chunk) [Financial Summary](index=4&type=section&id=Financial%20Summary) In H1 2025, the Group experienced significant declines in revenue, gross profit, and profit for the period, resulting in a basic loss per share, substantial drops in gross profit margin and net profit margin, and reductions in total assets and total equity 2025 H1 vs 2024 H1 Financial Summary | Indicator | 2025 H1 (RMB million) | 2024 H1 (RMB million) | Change (RMB million) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Revenue | 1,442.2 | 1,602.1 | (159.9) | -10.0% | | Gross Profit | 22.5 | 71.8 | (49.3) | -68.7% | | (Loss) Profit for the Period | (9.3) | 44.9 | (54.2) | -120.7% | | Basic (Loss) Earnings Per Share (RMB) | (0.02) | 0.03 | (0.05) | -166.7% | | Gross Profit Margin | 1.6% | 4.5% | (2.9%) | -64.4% | | Net (Loss) Profit Margin | (0.6%) | 2.8% | (3.4%) | -121.4% | 2025 June 30 vs 2024 December 31 Balance Sheet Summary | Indicator | 2025 June 30 (RMB million) | 2024 December 31 (RMB million) | Change (RMB million) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Total Assets | 1,605.2 | 1,676.4 | (71.2) | -4.2% | | Total Equity | 1,059.4 | 1,091.6 | (32.2) | -2.9% | [Factors Affecting the Group's Operating Results and Financial Position](index=5&type=section&id=Factors%20Affecting%20the%20Group%27s%20Operating%20Results%20and%20Financial%20Position) The Group's operating results are influenced by China's overall economic conditions, downstream industry demand, raw material and product price fluctuations, production capacity and sales stability, and financing costs, with hydrogenated benzene-based chemicals and LNG prices particularly sensitive to oil and global LNG price movements - China's overall economic conditions affect product market prices, demand, and raw material prices, with an economic downturn potentially leading to lower product selling prices and requiring adjustments to procurement and sales strategies[11](index=11&type=chunk) - Sales of hydrogenated benzene-based chemicals and LNG primarily depend on domestic chemical industry consumption, with their prices influenced by crude oil prices and global LNG price fluctuations[12](index=12&type=chunk) - Fluctuations in raw material prices (crude benzene and coke oven gas) and changes in the price spread between products and raw materials are major risks, affected by upstream coal prices and macroeconomic conditions[13](index=13&type=chunk) Average Prices of Major Products and Raw Materials (RMB/tonne or cubic meter) | Product/Raw Material | 2025 H1 Average Selling Price | 2024 Average Selling Price | 2025 H1 Average Purchase Price | 2024 Average Purchase Price | | :--- | :--- | :--- | :--- | :--- | | Hydrogenated Benzene-based Chemicals | 5,668.57 | 6,734.73 | - | - | | Pure Benzene | 6,103.05 | 7,270.64 | - | - | | Toluene | - | 6,395.48 | - | - | | Coal Gas | 0.84 | 0.83 | - | - | | LNG | 3,993.39 | 4,197.57 | - | - | | Crude Benzene | - | - | 5,118.52 | 6,294.04 | | Coke Oven Gas | - | - | 0.62 | 0.60 | - In H1 2025, hydrogenated benzene-based chemicals production capacity was approximately **400,000 tonnes/year**, LNG production facility capacity was approximately **72,000 tonnes/year**, and hydrogen production capacity was approximately **317 million cubic meters/year**, with stable capacity utilization and product sales[20](index=20&type=chunk) - As of June 30, 2025, interest-bearing borrowings amounted to approximately **RMB 365.8 million**, with financing costs of approximately **RMB 7.9 million**, accounting for approximately **0.55% of total revenue**[21](index=21&type=chunk) [Key Developments](index=8&type=section&id=Key%20Developments) In H1 2025, the Group continued to invest in production efficiency, safety, and environmental protection, actively expanding its hydrogen refueling station business with two new stations, significantly increasing hydrogen sales volume and serviced vehicles - Investment of approximately **RMB 1.2 million** for the construction of a sulfur-containing wastewater stripping tower to save treatment costs and stabilize production[22](index=22&type=chunk) - During the period, **5 hydrogen refueling stations** were in operation, with the addition of Jiyuan Huling Hydrogen Refueling Station and Dengfeng Guojiawa Hydrogen Refueling Station[23](index=23&type=chunk)[24](index=24&type=chunk) Hydrogen Sales Volume at Hydrogen Refueling Stations (tonnes) | Hydrogen Refueling Station | 2025 H1 Sales Volume (tonnes) | 2024 H1 Sales Volume (tonnes) | | :--- | :--- | :--- | | Jiyuan Nanerhuan Hydrogen Refueling Station | 322 | 167 | | Zhengzhou Huagong Road Hydrogen Refueling Station | 179 | 63 | | Gongyi Heluo Hydrogen Refueling Station | 103 | 20 | | Jiyuan Huling Hydrogen Refueling Station | 133 | - | | Dengfeng Guojiawa Hydrogen Refueling Station | 73 | - | - The new policy for hydrogen-powered vehicles to enjoy free highway tolls promoted rapid growth in hydrogen-powered tractor transportation business[23](index=23&type=chunk) [Operating Results](index=9&type=section&id=Operating%20Results) In H1 2025, the Group's overall operating performance significantly declined, turning from profit to loss, with revenue decreasing by 10.0%, gross profit by 68.7%, and pre-tax profit shifting from profit to loss, primarily due to falling average selling prices of hydrogenated benzene-based chemicals, reduced government subsidies and large-denomination deposit interest income, asset disposal losses, and a decline in joint venture performance Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (RMB thousand) | Indicator | 2025 H1 | 2024 H1 | Change | | :--- | :--- | :--- | :--- | | Revenue | 1,442,220 | 1,602,071 | (159,851) | | Cost of Sales | (1,419,722) | (1,530,294) | 110,572 | | Gross Profit | 22,498 | 71,777 | (49,279) | | Other Income | 5,183 | 16,188 | (11,005) | | Other Gains and Losses | (2,384) | 3,201 | (5,585) | | Selling and Distribution Expenses | (6,920) | (7,556) | 636 | | Administrative Expenses | (20,829) | (21,780) | 951 | | Finance Costs | (7,938) | (8,088) | 150 | | Share of Results of a Joint Venture | (351) | 1,190 | (1,541) | | (Loss) Profit Before Tax | (10,741) | 54,932 | (65,673) | | Income Tax Credit (Expense) | 1,439 | (10,050) | 11,489 | | (Loss) Profit for the Period | (9,302) | 44,882 | (54,184) | | Total Comprehensive (Expense) Income for the Period | (9,332) | 45,108 | (54,440) | | Basic (Loss) Earnings Per Share (RMB) | (0.02) | 0.03 | (0.05) | - Revenue decreased by **10.0% year-on-year** to **RMB 1.4422 billion**, primarily due to an approximately **18.3% drop in the average tax-inclusive price of hydrogenated benzene-based chemicals**, despite a **10.6% increase in sales volume**[28](index=28&type=chunk) - Gross profit margin declined from **4.5% to 1.6%**, mainly because the decrease in hydrogenated benzene-based chemicals raw material purchase prices was less than the decrease in selling prices[28](index=28&type=chunk) - Other income decreased by **RMB 11.005 million**, primarily due to a **RMB 6.6 million reduction in government subsidies** and a **RMB 4.1 million reduction in interest income from large-denomination deposits**[29](index=29&type=chunk) - Other gains and losses shifted from a gain of **RMB 3.201 million** to a loss of **RMB 2.384 million**, mainly affected by asset disposal losses, fair value changes in bills receivable, and reduced exchange gains[30](index=30&type=chunk) - Share of results of a joint venture turned from a profit of **RMB 1.19 million** to a loss of **RMB 0.351 million**, primarily due to decreased sales volume and average selling price of Jinjiang Refining & Chemical[34](index=34&type=chunk) Business Segment Performance (RMB thousand) | Segment | 2025 Revenue | 2024 Revenue | 2025 Performance | 2024 Performance | 2025 Gross Profit Margin | 2024 Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hydrogenated Benzene-based Chemicals | 1,110,256 | 1,229,506 | (17,993) | 15,790 | (1.6%) | 1.3% | | Energy Products | 282,881 | 303,937 | 36,083 | 46,323 | 12.8% | 15.2% | | Trading | 46,773 | 63,421 | 3,141 | 5,507 | 6.7% | 8.7% | - Hydrogenated benzene-based chemicals segment revenue decreased by **9.7%**, and gross profit margin fell from **1.3% to -1.6%**, mainly because the average selling price decline was greater than the raw material purchase price decline[37](index=37&type=chunk) - Energy products segment revenue decreased by **6.9%**, and gross profit margin declined, primarily due to increased LNG production costs and a smaller increase in coal gas selling prices compared to raw materials[38](index=38&type=chunk) - Trading segment revenue decreased by **26.2%**, and gross profit margin fell from **8.7% to 6.7%**, mainly due to a significant drop in sales volume of diesel and gasoline at refueling stations[38](index=38&type=chunk) [Financial Position](index=13&type=section&id=Financial%20Position) The Group maintained good liquidity in H1 2025, but net cash from operating activities significantly decreased, total bank borrowings increased, the gearing ratio rose, and both return on equity and return on assets turned negative, with no significant off-balance sheet arrangements and the transfer of certain financial assets to settle payables or raise cash - In H1 2025, the Group's funds primarily came from product sales, shareholders' equity, and bank borrowings, with directors confirming no liquidity issues[39](index=39&type=chunk) Condensed Consolidated Cash Flow Statement Excerpts (RMB thousand) | Indicator | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | Net Cash from Operating Activities | 42,950 | 104,201 | | Net Cash (Used in) Investing Activities | (21,132) | (67,741) | | Net Cash from Financing Activities | 461 | 46,321 | | Net Increase in Cash and Cash Equivalents | 22,279 | 82,781 | | Cash and Cash Equivalents at End of Period | 158,905 | 388,221 | - Net cash from operating activities significantly decreased, primarily attributable to a reduction in operating cash flow before working capital changes, partially offset by a decrease in inventories and an increase in contract liabilities[41](index=41&type=chunk) - Net cash used in investing activities decreased, mainly due to reduced purchases of property, plant, and equipment, partially offset by interest received on bank deposits and dividends from a joint venture[42](index=42&type=chunk) - Net cash from financing activities significantly decreased, primarily due to increased bank borrowings being offset by repayment of bank loans, dividend payments, and interest expenses[43](index=43&type=chunk) Bank Borrowings (RMB thousand) | Category | 2025 June 30 | 2024 December 31 | Increase/(Decrease) | | :--- | :--- | :--- | :--- | | Total Bank Borrowings | 365,843 | 334,040 | 31,803 | | Secured | 120,343 | 148,040 | (27,697) | | Unsecured | 245,500 | 186,000 | 59,500 | | Fixed-rate Borrowings | 59,800 | 65,000 | (5,200) | | Floating-rate Borrowings | 306,043 | 269,040 | 37,003 | | Amount Repayable within One Year | (276,404) | (231,395) | (45,009) | | Amount Repayable after One Year | 89,439 | 102,645 | (13,206) | - As of June 30, 2025, the Group obtained total bank credit facilities of approximately **RMB 630.1 million**, of which approximately **RMB 254.3 million** remained unutilized[47](index=47&type=chunk) - As of June 30, 2025, the total carrying amount of the Group's pledged assets was approximately **RMB 31.1 million**, used as collateral for bank credit facilities[49](index=49&type=chunk) Key Financial Ratios | Indicator | 2025 June 30 | 2024 December 31 | | :--- | :--- | :--- | | Gearing Ratio | 34.5% | 30.6% | | Return on Equity (Annualized) | -4.1% | -1.6% | | Return on Assets (Annualized) | -2.5% | 0.7% | - The gearing ratio increased to **34.5%**, primarily due to an increase in total interest-bearing bank borrowings[52](index=52&type=chunk) - Return on equity decreased to **-4.1%**, mainly due to an increase in loss for the period attributable to owners of the Company[54](index=54&type=chunk) - Return on assets decreased to **-2.5%**, primarily due to total comprehensive income for the period turning from income to expense[56](index=56&type=chunk) - The Group has no significant off-balance sheet arrangements and has transferred bills receivable to settle payables or raise cash, with a maximum exposure of **RMB 256.451 million**[57](index=57&type=chunk)[58](index=58&type=chunk) [Market Risks](index=18&type=section&id=Market%20Risks) The Group faces various market risks including commodity price fluctuations, interest rate volatility, credit concentration, and liquidity management, with management striving to mitigate risks through regular operational and financial activities and continuous monitoring to ensure risks are controllable - The Group faces commodity price risk from fluctuations in raw material prices (crude benzene and coke oven gas) and product market prices, which are influenced by chemical industry demand, macroeconomic conditions, and upstream coal prices[62](index=62&type=chunk) - The Group is exposed to cash flow interest rate risk related to floating-rate borrowings, with fixed-rate borrowings of approximately **RMB 59.8 million**, and management will consider hedging when necessary[63](index=63&type=chunk) - Credit risk is primarily concentrated in trade receivables and amounts due from shareholders and related parties, with the top five outstanding balances accounting for over **95.4%**[64](index=64&type=chunk) - Liquidity risk is managed by monitoring and maintaining adequate levels of cash and cash equivalents to meet debt maturities and cash flow fluctuations[65](index=65&type=chunk) [No Material Adverse Changes](index=19&type=section&id=No%20Material%20Adverse%20Changes) The Directors confirm that there have been no material adverse changes in the Group's financial or trading position from June 30, 2025, up to the date of this report - There have been no material adverse changes in the Group's financial or trading position from June 30, 2025, up to the date of this report[66](index=66&type=chunk) [Dividends](index=19&type=section&id=Dividends) The Board of Directors resolved not to declare an interim dividend for H1 2025, primarily based on current period performance and financial position considerations - The Board of Directors resolved not to declare an interim dividend for the six months ended June 30, 2025[68](index=68&type=chunk) - Dividend distribution requires consideration of distributable reserves, liquidity levels, future commitments, and Chinese legal requirements[67](index=67&type=chunk) [Pension Schemes](index=19&type=section&id=Pension%20Schemes) The Group participates in defined contribution retirement benefit schemes for its employees in China and the Mandatory Provident Fund Scheme for its employees in Hong Kong, making contributions as required - The Group's employees in China participate in defined contribution retirement benefit schemes organized by the Chinese government, contributing a certain percentage of employees' monthly salaries[69](index=69&type=chunk) - Hong Kong employees participate in the Mandatory Provident Fund Scheme, with the Group contributing HKD 1,500 or 5% of the relevant monthly salary (whichever is lower) each month[69](index=69&type=chunk) [Use of Proceeds from Listing](index=20&type=section&id=Use%20of%20Proceeds%20from%20Listing) The net proceeds from the Company's listing were approximately RMB 228.91 million, of which RMB 10.216 million was utilized for working capital and general corporate purposes as of June 30, 2025, with the remaining funds planned for hydrogen refueling facilities, investments/acquisitions, and working capital - Net proceeds from the listing were approximately **RMB 228.91 million**[70](index=70&type=chunk)[71](index=71&type=chunk) Planned vs Actual Use of Net Proceeds from Listing (RMB thousand) | Business Purpose Disclosed in Prospectus | Planned Use of Net Proceeds | Actual Use of Net Proceeds from Jan 1 to Jun 30, 2025 | Unutilized Net Proceeds as of Jun 30, 2025 | Estimated Timeframe for Use | | :--- | :--- | :--- | :--- | :--- | | Refueling Stations with Hydrogen Refueling Facilities | 194,574 | 0 | 194,574 | 2025-2027 | | Investment and/or Acquisition of Upstream and Downstream Participants | 11,445 | 0 | 11,445 | 2025-2027 | | Working Capital and Other General Corporate Purposes | 22,891 | 10,216 | 12,674 | 2025-2027 | | **Total** | **228,910** | **10,216** | **218,693** | | [Corporate Governance and Other Information](index=20&type=section&id=Corporate%20Governance%20and%20Other%20Information) [Corporate Governance Philosophy](index=20&type=section&id=Corporate%20Governance%20Philosophy) The Company is committed to being a socially responsible enterprise, balancing economic and social benefits, and adhering to a prudent and efficient corporate governance philosophy, continuously improving its internal control system through internal and third-party audits - The Company adheres to combining economic and social benefits, committed to technological progress in the industry and fulfilling social responsibilities[72](index=72&type=chunk) - Upholding a prudent and efficient corporate governance philosophy, focusing on shareholder interests, and improving the internal control system through internal and third-party audits[72](index=72&type=chunk) [Corporate Governance Code and Articles of Association](index=21&type=section&id=Corporate%20Governance%20Code%20and%20Articles%20of%20Association) The Company has formulated its Articles of Association and adopted the Corporate Governance Code in Appendix C1 of the Listing Rules to regulate its organization and conduct, adopting revised Articles of Association on January 22, 2025, and has complied with the Code provisions except for not having a dividend policy - The Company formulated its Articles of Association in accordance with the PRC Company Law and other relevant laws and regulations, governing its organization, conduct, and shareholder rights and obligations[73](index=73&type=chunk) - Adopted the Corporate Governance Code set out in Appendix C1 of the Listing Rules and established Nomination, Remuneration and Appraisal, and Audit Committees to achieve good corporate governance[73](index=73&type=chunk) - For the six months ended June 30, 2025, the Company has complied with all code provisions under the Listing Rules and the Code, except for not having a dividend policy in accordance with Code Provision F.1.1[74](index=74&type=chunk) - The Company adopted the revised Articles of Association on January 22, 2025[74](index=74&type=chunk) [Directors' Securities Transactions](index=21&type=section&id=Directors%27%20Securities%20Transactions) The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers and confirmed that all Directors and Supervisors complied with the Model Code during the reporting period - The Company adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules[75](index=75&type=chunk) - Following specific enquiries, all Directors and Supervisors confirmed compliance with the Model Code for the six months ended June 30, 2025[75](index=75&type=chunk) [Board of Directors and Supervisory Committee](index=22&type=section&id=Board%20of%20Directors%20and%20Supervisory%20Committee) The Company's Board of Directors comprises eight directors, including two executive directors, three non-executive directors, and three independent non-executive directors, while the Supervisory Committee consists of three supervisors, with some changes in director appointments during the reporting period - The first session of the Board of Directors consists of eight directors, including two executive directors, three non-executive directors, and three independent non-executive directors, serving a three-year term until July 28, 2026[76](index=76&type=chunk) - The first session of the Supervisory Committee consists of three supervisors, serving a three-year term[76](index=76&type=chunk) - Ms. Huang Xinqi resigned as an independent non-executive director of Duoxiangyun Holdings Limited effective June 27, 2025, and was appointed as an independent non-executive director of RemeGen Co., Ltd. effective June 30, 2025[76](index=76&type=chunk)[77](index=77&type=chunk) - Mr. Wang Lijie was appointed as an executive director of Henan Jinma Energy Company Limited effective June 16, 2025[78](index=78&type=chunk) - Mr. Rao Zhaohui resigned as Chairman and executive director of Henan Jinma Energy Company Limited effective June 16, 2025, and was appointed as a non-executive director effective September 5, 2025[78](index=78&type=chunk) [Interests of Directors, Supervisors and Chief Executive in Securities](index=23&type=section&id=Interests%20of%20Directors%2C%20Supervisors%20and%20Chief%20Executive%20in%20Securities) As of June 30, 2025, no Director, Supervisor, or Chief Executive held disclosable interests in the Company's shares, however, non-executive directors Mr. Rao Zhaohui and Mr. Wang Lijie held interests in the associated corporation Henan Jinma Energy Company Limited - As of June 30, 2025, no Director, Supervisor, or Chief Executive had any interests or short positions in the shares, underlying shares, or debentures of the Company that were required to be recorded in the register or notified to the Company[79](index=79&type=chunk) Directors' Interests in Henan Jinma Energy Company Limited | Name | Nature of Interest | Class of Shares | Number of Shares Held | Approximate Percentage | | :--- | :--- | :--- | :--- | :--- | | Mr. Rao Zhaohui | Interest in controlled corporation | H Shares | 162,000,000 (L) | 30.26% | | Mr. Rao Zhaohui | Beneficial owner | H Shares | 2,681,000 (L) | 0.50% | | Mr. Wang Lijie | Interest in controlled corporation | H Shares | 42,900,000 (L) | 8.01% | [Interests of Directors and Supervisors in Transactions, Arrangements or Contracts](index=24&type=section&id=Interests%20of%20Directors%20and%20Supervisors%20in%20Transactions%2C%20Arrangements%20or%20Contracts) During the reporting period, no Director, Supervisor, or their associated entities were involved in or held significant interests in any transactions, arrangements, or contracts material to the Group's business - During the reporting period or as of June 30, 2025, no Director or Supervisor, or any entity connected with such Director or Supervisor, was a party to, or had a material direct or indirect interest in, any transaction, arrangement, or contract to which the Company, its holding company, or any of its subsidiaries or fellow subsidiaries was a party and which was significant to the Group's business[83](index=83&type=chunk) [Arrangement to Purchase Shares or Debentures](index=24&type=section&id=Arrangement%20to%20Purchase%20Shares%20or%20Debentures) During the reporting period, neither the Company, its holding company, nor any of its subsidiaries or fellow subsidiaries made any arrangements to enable Directors to acquire rights through the purchase of shares or debentures - At no time during the reporting period did the Company, its holding company, or any of its subsidiaries or fellow subsidiaries make any arrangements to enable Directors to acquire rights through the purchase of shares or debentures of the Company or any other body corporate[84](index=84&type=chunk) [Major Shareholders' Interests in Securities](index=24&type=section&id=Major%20Shareholders%27%20Interests%20in%20Securities) As of June 30, 2025, Jinma Energy was the Company's major shareholder, holding approximately 75% of the Company's equity directly and indirectly Major Shareholders' Interests in the Company's Securities | Name/Designation | Nature of Interest | Class of Shares | Number of Shares Held | Approximate Percentage | | :--- | :--- | :--- | :--- | :--- | | Jinma Energy | Beneficial owner | H Shares | 713,380,000 (L) | 74.65% | | Jinma Energy | Interest in controlled corporation | H Shares | 3,350,000 (L) | 0.35% | - Jinma Energy indirectly holds interests in the Company through its wholly-owned subsidiary, Shanghai Jinma Energy Co., Ltd[92](index=92&type=chunk) [Sufficiency of Public Float](index=25&type=section&id=Sufficiency%20of%20Public%20Float) Since the listing date and up to the date of this report, the Company has maintained a sufficient public float as required by the Listing Rules - Since the listing date and up to the date of this report, the Company has maintained a sufficient public float as required by the Listing Rules[88](index=88&type=chunk) [Purchase, Sale and Redemption of the Company's Securities](index=25&type=section&id=Purchase%2C%20Sale%20and%20Redemption%20of%20the%20Company%27s%20Securities) For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[89](index=89&type=chunk) [Employees and Remuneration Policy](index=25&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had 397 employees, with employee costs of approximately RMB 21.58 million, a decrease year-on-year; the Company has a Remuneration and Appraisal Committee, provides social insurance and housing provident fund for employees according to regulations, and implements annual training programs - As of June 30, 2025, the Group had a total of **397 employees**, with employee costs of approximately **RMB 21.58 million**, a decrease from **RMB 23.98 million** in the same period last year[90](index=90&type=chunk) - The Remuneration and Appraisal Committee is responsible for recommending remuneration packages for Directors and senior management, reviewing remuneration policies based on the Group's operating performance, individual performance, and market practices[90](index=90&type=chunk) - The Group makes full contributions to social insurance (including pension schemes, medical insurance, work injury insurance, unemployment insurance, and maternity insurance) and housing provident funds for all employees[90](index=90&type=chunk) - Management formulates annual training programs covering management, finance, safety, environmental protection, equipment, and processes, committed to employees' personal growth[91](index=91&type=chunk) [Independent Auditor's Report](index=26&type=section&id=Independent%20Auditor%27s%20Report) [Introduction](index=26&type=section&id=Introduction) Deloitte Touche Tohmatsu has reviewed the condensed consolidated financial statements of Henan Jinyuan Hydrogenated Chemicals Co., Ltd. and its subsidiaries for the six months ended June 30, 2025, prepared in accordance with International Accounting Standard 34 and the Listing Rules - Deloitte Touche Tohmatsu has reviewed the Company's condensed consolidated financial statements for the six months ended June 30, 2025[96](index=96&type=chunk) - The condensed consolidated financial statements were prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" and the relevant requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[96](index=96&type=chunk) [Scope of Review](index=27&type=section&id=Scope%20of%20Review) The review was conducted in accordance with International Standard on Review Engagements 2410, primarily involving inquiries, analytical procedures, and other review procedures, with a scope smaller than an audit, thus no audit opinion was expressed - The review was conducted in accordance with International Standard on Review Engagements 2410 issued by the International Auditing and Assurance Standards Board[97](index=97&type=chunk) - The scope of a review is substantially less than an audit conducted in accordance with International Standards on Auditing, therefore, it does not provide assurance that all significant matters that might be identified in an audit would be identified, and no audit opinion was expressed[97](index=97&type=chunk) [Conclusion](index=27&type=section&id=Conclusion) Based on the review, the auditor believes that the condensed consolidated financial statements have been prepared in all material respects in accordance with International Accounting Standard 34 - Based on the review, nothing has come to the auditor's attention that causes them to believe that the condensed consolidated financial statements are not prepared, in all material respects, in accordance with International Accounting Standard 34[98](index=98&type=chunk) [Interim Results](index=27&type=section&id=Interim%20Results) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=28&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group recorded a loss for the period of RMB 9.302 million, compared to a profit of RMB 44.882 million in the prior year, primarily affected by decreased revenue, reduced gross profit, and other income and gains/losses Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (RMB thousand) | Indicator | 2025 June 30 | 2024 June 30 | | :--- | :--- | :--- | | Revenue | 1,442,220 | 1,602,071 | | Gross Profit | 22,498 | 71,777 | | (Loss) Profit Before Tax | (10,741) | 54,932 | | (Loss) Profit for the Period | (9,302) | 44,882 | | Total Comprehensive (Expense) Income for the Period | (9,332) | 45,108 | | (Loss) Profit for the Period Attributable to Owners of the Company | (20,231) | 30,233 | | Basic (Loss) Earnings Per Share (RMB) | (0.02) | 0.03 | [Condensed Consolidated Statement of Financial Position](index=29&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets were RMB 1.6052 billion and total equity was RMB 1.0594 billion, both decreasing from December 31, 2024, with net current assets of RMB 119.0 million Condensed Consolidated Statement of Financial Position (RMB thousand) | Indicator | 2025 June 30 | 2024 December 31 | | :--- | :--- | :--- | | Non-current Assets | 1,053,645 | 1,085,713 | | Current Assets | 551,593 | 590,685 | | Current Liabilities | 432,544 | 456,779 | | Net Current Assets | 119,049 | 133,906 | | Total Assets Less Current Liabilities | 1,172,694 | 1,219,619 | | Total Equity | 1,059,368 | 1,091,550 | | Non-current Liabilities | 113,326 | 128,069 | [Condensed Consolidated Statement of Changes in Equity](index=31&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) As of June 30, 2025, equity attributable to owners of the Company was RMB 965.1 million, a decrease from the beginning of the period, with total comprehensive expense for the period of RMB 20.261 million and dividends of RMB 22.85 million distributed to non-controlling interests Condensed Consolidated Statement of Changes in Equity (RMB thousand) | Indicator | As of Jan 1, 2025 | Total Comprehensive (Expense) Income for the Period | Dividends Recognized as Distribution | Transfer | As of Jun 30, 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | | Equity Attributable to Owners of the Company | 985,373 | (20,261) | - | - | 965,112 | | Non-controlling Interests | 106,177 | 10,929 | (22,850) | - | 94,256 | | **Total** | **1,091,550** | **(9,332)** | **(22,850)** | **-** | **1,059,368** | - Capital reserve primarily includes reserves arising from pre-listing company reorganization and share premium from H-share issuance[107](index=107&type=chunk) - Statutory surplus reserve fund requires **10% of after-tax profit** to be transferred to this fund in accordance with Chinese law[107](index=107&type=chunk) - Special reserve, established according to regulations issued by the Ministry of Finance and the Ministry of Emergency Management, is used for improving safety production environments and facilities and is not distributable to shareholders[107](index=107&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=32&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash from operating activities was RMB 42.95 million, net cash used in investing activities was RMB 21.132 million, and net cash from financing activities was RMB 0.461 million, with cash and cash equivalents at the end of the period totaling RMB 158.905 million Condensed Consolidated Statement of Cash Flows (RMB thousand) | Indicator | 2025 June 30 | 2024 June 30 | | :--- | :--- | :--- | | Net Cash from Operating Activities | 42,950 | 104,201 | | Net Cash Used in Investing Activities | (21,132) | (67,741) | | Net Cash from Financing Activities | 461 | 46,321 | | Net Increase in Cash and Cash Equivalents | 22,279 | 82,781 | | Cash and Cash Equivalents at End of Period | 158,905 | 388,221 | [Notes to the Condensed Consolidated Financial Statements](index=34&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section details key financial information including the basis of preparation, significant accounting policies, revenue and segment information, other income, other gains and losses, finance costs, profit before tax, income tax, dividends, earnings per share, property, plant and equipment, deferred tax, receivables, borrowings, payables, transfer of financial assets, fair value measurement of financial instruments, and related party transactions - The condensed consolidated financial statements are prepared in accordance with International Accounting Standard 34 and the Listing Rules of the Hong Kong Stock Exchange, with accounting policies consistent with the 2024 annual consolidated financial statements[111](index=111&type=chunk)[112](index=112&type=chunk) Revenue from Contracts with Customers (RMB thousand) | Segment | 2025 H1 Total | 2024 H1 Total | | :--- | :--- | :--- | | Hydrogenated Benzene-based Chemicals | 1,110,256 | 1,229,506 | | Energy Products | 343,353 | 362,937 | | Trading | 84,046 | 93,070 | | Other Services | 3,817 | 5,245 | | **Total Revenue from Contracts with Customers** | **1,541,472** | **1,690,758** | | Offsetting | (99,252) | (88,687) | | **Consolidated Revenue** | **1,442,220** | **1,602,071** | - Revenue is recognized when control of the product is transferred, i.e., when products are delivered to the specified location or when customers purchase goods; credit terms for some long-term customers are within 60 days, while other customers require prepayment[122](index=122&type=chunk) - The Group's operating segments include sales of hydrogenated benzene-based chemicals, energy products, trading, and other services[123](index=123&type=chunk) Segment Revenue and Results (RMB thousand) | Segment | 2025 H1 External Sales | 2025 H1 Segment Results | 2024 H1 External Sales | 2024 H1 Segment Results | | :--- | :--- | :--- | :--- | :--- | | Derivative Chemicals | 1,110,256 | (17,993) | 1,229,506 | 15,790 | | Energy Products | 282,881 | 36,083 | 303,937 | 46,323 | | Trading | 46,773 | 3,141 | 63,421 | 5,507 | | Other Services | 2,310 | 1,915 | 5,207 | 4,378 | | **Total** | **1,442,220** | **23,146** | **1,602,071** | **71,998** | - All revenue from external customers and non-current assets are located in China[127](index=127&type=chunk) Other Income (RMB thousand) | Item | 2025 June 30 | 2024 June 30 | | :--- | :--- | :--- | | Interest Income from Bank Deposits | 2,058 | 7,193 | | Government Subsidies | 507 | 7,103 | | **Total** | **5,183** | **16,188** | Other Gains and Losses (RMB thousand) | Item | 2025 June 30 | 2024 June 30 | | :--- | :--- | :--- | | Fair Value (Loss) of Bills Receivable at Fair Value Through Other Comprehensive Income | (1,303) | (2,184) | | (Loss) Gain on Disposal/Write-off of Property, Plant and Equipment | (1,599) | 2 | | Net Foreign Exchange (Loss) Gain | (146) | 4,839 | | **Total** | **(2,384)** | **3,201** | Finance Costs (RMB thousand) | Item | 2025 June 30 | 2024 June 30 | | :--- | :--- | :--- | | Interest Expense on Bank Borrowings | 7,836 | 7,984 | | Interest Expense on Lease Liabilities | 102 | 104 | | **Total** | **7,938** | **8,088** | Components of (Loss) Profit Before Tax (RMB thousand) | Item | 2025 June 30 | 2024 June 30 | | :--- | :--- | :--- | | Total Staff Costs | 21,579 | 23,984 | | Capitalized in Inventories | (14,070) | (14,649) | | **Staff Costs Recognized as Expense** | **7,509** | **9,335** | | Total Depreciation and Amortization | 40,309 | 40,041 | | Capitalized in Inventories | (34,984) | (34,516) | | **Depreciation and Amortization Recognized as Expense** | **5,325** | **5,525** | | Cost of Inventories Recognized as Expense | 1,419,074 | 1,530,073 | Income Tax (Credit) Expense (RMB thousand) | Item | 2025 June 30 | 2024 June 30 | | :--- | :--- | :--- | | PRC Enterprise Income Tax - Current Tax | 6,160 | 10,181 | | Deferred Tax | (7,899) | (1,093) | | **Total** | **(1,439)** | **10,050** | - No dividends were declared during this interim period, nor did the Directors recommend any dividend declaration[134](index=134&type=chunk)[135](index=135&type=chunk) - Basic loss per share was **RMB 0.02**, with a weighted average number of ordinary shares of **955.64 million**, and no dilutive effect[136](index=136&type=chunk) - Construction costs of **RMB 5.362 million** were incurred during this interim period, primarily for hydrogen refueling station construction, and ancillary equipment with a total carrying amount of **RMB 2.13 million** was disposed of or written off, resulting in a loss of **RMB 1.599 million**[137](index=137&type=chunk) Deferred Tax Assets/Liabilities (RMB thousand) | Item | 2025 June 30 | 2024 December 31 | | :--- | :--- | :--- | | Deferred Tax Assets | 27,540 | 19,726 | | Deferred Tax Liabilities | (1,450) | (1,545) | | **Total** | **26,090** | **18,181** | - The Group has unutilized tax losses of **RMB 136.036 million** available to offset future profits, with deferred tax assets of **RMB 27.709 million** recognized[138](index=138&type=chunk) Trade and Other Receivables (RMB thousand) | Item | 2025 June 30 | 2024 December 31 | | :--- | :--- | :--- | | Trade Receivables - Customer Contracts | 7,288 | 7,792 | | Prepayments to Suppliers | 15,612 | 12,293 | | **Total** | **29,303** | **30,722** | - Amounts due from shareholders were **RMB 0.338 million**, from parent company Jinma Energy, with an aging within 90 days[143](index=143&type=chunk) Amounts Due from Related Parties (RMB thousand) | Item | 2025 June 30 | 2024 December 31 | | :--- | :--- | :--- | | Xinyang Steel Jingang Energy Co., Ltd. | 23,411 | 23,411 | | Henan Bohai Chemical Co., Ltd. | 343 | - | | **Total** | **23,754** | **23,411** | Borrowings (RMB thousand) | Item | 2025 June 30 | 2024 December 31 | | :--- | :--- | :--- | | Total Bank Borrowings | 365,843 | 334,040 | | Fixed-rate Borrowings Effective Annual Interest Rate | 3.40%-4.10% | 3.50%-4.10% | | Floating-rate Borrowings Effective Annual Interest Rate | 3.00%-5.40% | 3.41%-5.60% | Trade and Other Payables (RMB thousand) | Item | 2025 June 30 | 2024 December 31 | | :--- | :--- | :--- | | Trade Payables | 7,394 | 13,881 | | Bills Payable | - | 5,000 | | Consideration Payable for Property, Plant and Equipment | 94,478 | 114,510 | | **Total** | **118,138** | **193,106** | - Amounts due to shareholders were **RMB 2.862 million**, from Jinma Energy, with an aging within 90 days[152](index=152&type=chunk)[153](index=153&type=chunk) Endorsed and Discounted Bills Receivable with Recourse Not Yet Recovered (RMB thousand) | Item | 2025 June 30 | 2024 December 31 | | :--- | :--- | :--- | | Endorsed Bills to Settle Payables | 74,048 | 72,285 | | Discounted Bills to Raise Cash | 182,403 | 174,508 | | **Total** | **256,451** | **246,793** | - The fair value of bills receivable at fair value through other comprehensive income was **RMB 41.479 million**, valued using discounted cash flow techniques[157](index=157&type=chunk) Related Party Transactions (RMB thousand) | Transaction Type | Related Party | 2025 June 30 | 2024 June 30 | | :--- | :--- | :--- | :--- | | Sales of Products and Services to Related Parties | Jinma Energy | 4,255 | 8,362 | | | Bohai Chemical | 7,560 | 18,240 | | | Jinjiang Refining & Chemical | 44,198 | 52,407 | | Purchases of Raw Materials and Services from Related Parties | Jinma Energy | 86,886 | 149,338 | | | Jinma Middle East | 178,429 | 183,666 | | | Jinjiang Refining & Chemical | 5,098 | 10,773 | Key Management Personnel Remuneration (RMB thousand) | Item | 2025 June 30 | 2024 June 30 | | :--- | :--- | :--- | | Salaries and Allowances | 875 | 578 | | Performance-related Bonuses | 15 | 530 | | Retirement Benefits | 74 | 66 | | **Total** | **964** | **1,174** | [Company Information](index=51&type=section&id=Company%20Information) [Basic Company Information](index=52&type=section&id=Basic%20Company%20Information) The Company, Henan Jinyuan Hydrogenated Chemicals Co., Ltd., with stock code 2502, is listed on the Hong Kong Stock Exchange, with its registered office in Jiyuan City, Henan Province, China, and its principal place of business in Hong Kong located in Quarry Bay - Company Name: Henan Jinyuan Hydrogenated Chemicals Co., Ltd[165](index=165&type=chunk) - Stock Code: **2502**, H shares listed on The Stock Exchange of Hong Kong Limited[165](index=165&type=chunk) - Registered Office and Principal Place of Business in China: South of Xiyihuan Road, Jiyuan City, Henan Province, China[165](index=165&type=chunk) - Principal Place of Business in Hong Kong: 17th Floor, One Island East, Taikoo Place, 18 Westlands Road, Quarry Bay, Hong Kong[165](index=165&type=chunk) [Board of Directors Members](index=52&type=section&id=Board%20of%20Directors%20Members) The Board of Directors comprises Executive Directors Mr. Wang Zengguang (General Manager) and Mr. Qiao Erwei (Deputy General Manager and Company Secretary), Non-executive Directors Mr. Rao Zhaohui (Chairman), Mr. Wang Kaibao (Vice Chairman), and Mr. Wang Lijie, and Independent Non-executive Directors Ms. Huang Xinqi, Mr. Di Zhigang, and Ms. Liang Shanying - Executive Directors: Mr. Wang Zengguang (General Manager), Mr. Qiao Erwei (Deputy General Manager and Company Secretary)[165](index=165&type=chunk) - Non-executive Directors: Mr. Rao Zhaohui (Chairman), Mr. Wang Kaibao (Vice Chairman), Mr. Wang Lijie[165](index=165&type=chunk) - Independent Non-executive Directors: Ms. Huang Xinqi, Mr. Di Zhigang, Ms. Liang Shanying[165](index=165&type=chunk) [Supervisory Committee Members](index=52&type=section&id=Supervisory%20Committee%20Members) The Supervisory Committee members include Mr. Huang Ziliang (Chairman), Mr. Wu Zhiqiang, and Mr. Li Hebao - Supervisors: Mr. Huang Ziliang (Chairman), Mr. Wu Zhiqiang, Mr. Li Hebao[165](index=165&type=chunk) [Committee Members](index=52&type=section&id=Committee%20Members) Ms. Huang Xinqi chairs the Audit Committee, Mr. Di Zhigang chairs the Remuneration and Appraisal Committee, Ms. Liang Shanying chairs the Nomination Committee, and Mr. Wang Kaibao chairs the Strategy Committee - Audit Committee Chairman: Ms. Huang Xinqi (Independent Non-executive Director)[165](index=165&type=chunk) - Remuneration and Appraisal Committee Chairman: Mr. Di Zhigang[166](index=166&type=chunk) - Nomination Committee Chairman: Ms. Liang Shanying[166](index=166&type=chunk) - Strategy Committee Chairman: Mr. Wang Kaibao[166](index=166&type=chunk) [Company Secretary and Authorized Representatives](index=53&type=section&id=Company%20Secretary%20and%20Authorized%20Representatives) Ms. Li Kunying serves as the Company Secretary, and Mr. Wang Zengguang and Ms. Li Kunying are the Authorized Representatives - Company Secretary: Ms. Li Kunying[166](index=166&type=chunk) - Authorized Representatives: Mr. Wang Zengguang, Ms. Li Kunying[166](index=166&type=chunk) [Auditor](index=53&type=section&id=Auditor) The Company's auditor is Deloitte Touche Tohmatsu - Auditor: Deloitte Touche Tohmatsu[166](index=166&type=chunk) [Legal Advisers](index=53&type=section&id=Legal%20Advisers) The PRC legal adviser is Shanghai Panming Law Firm, and the Hong Kong legal adviser is Reed Smith Richards Butler LLP - PRC Legal Adviser: Shanghai Panming Law Firm[166](index=166&type=chunk) - Hong Kong Legal Adviser: Reed Smith Richards Butler LLP[166](index=166&type=chunk) [H Share Registrar](index=53&type=section&id=H%20Share%20Registrar) The H Share Registrar is Hong Kong Registrars Limited - H Share Registrar: Hong Kong Registrars Limited[166](index=166&type=chunk) [Principal Banks](index=54&type=section&id=Principal%20Banks) The Group's principal banks include branches of Industrial and Commercial Bank of China, Bank of China, Shanghai Pudong Development Bank, CITIC Bank, Guangfa Bank, Zhongyuan Bank, and China Merchants Bank in China, as well as Bank of China (Hong Kong) Limited - Principal Banks include Industrial and Commercial Bank of China Jiyuan Branch, Bank of China Jiyuan Branch, Shanghai Pudong Development Bank Zhengzhou Branch, CITIC Bank Zhengzhou Branch, Guangfa Bank Zhengzhou Shangdu Road Sub-branch, Zhongyuan Bank Jiyuan Branch, Bank of China (Hong Kong) Limited Metroplaza Branch, and China Merchants Bank Zhengzhou Branch[167](index=167&type=chunk) [Definitions](index=54&type=section&id=Definitions) [General Terms](index=55&type=section&id=General%20Terms) This section defines general terms commonly used in the report, such as "Board," "China," "Code," and "Company," to ensure clear understanding of the report content - "Board" refers to the Board of Directors of the Company[169](index=169&type=chunk) - "China" refers to the People's Republic of China, excluding Taiwan, the Macao Special Administrative Region of China, and the Hong Kong Special Administrative Region[169](index=169&type=chunk) - "Company" or "the Company" refers to Henan Jinyuan Hydrogenated Chemicals Co., Ltd[169](index=169&type=chunk) - "Hong Kong Stock Exchange" or "the Stock Exchange" refers to The Stock Exchange of Hong Kong Limited[169](index=169&type=chunk) [Technical Terms](index=56&type=section&id=Technical%20Terms) This section explains financial and technical terms used in the report, such as the calculation methods for "Basic Loss Per Share," "Current Ratio," "Gearing Ratio," "Return on Assets," and "Return on Equity" - "Basic Loss Per Share" is calculated by dividing the profit attributable to owners of the Company by the weighted average number of ordinary shares outstanding during the year[171](index=171&type=chunk) - "Current Ratio" is calculated by dividing total current assets by total current liabilities[171](index=171&type=chunk) - "Gearing Ratio" is calculated by dividing total interest-bearing bank borrowings by total equity[171](index=171&type=chunk) - "Return on Assets" is calculated by dividing profit and total comprehensive income by average total assets[171](index=171&type=chunk) - "Return on Equity" is calculated by dividing profit attributable to owners of the Company by average equity attributable to owners of the Company[171](index=171&type=chunk) [Company Abbreviations](index=57&type=section&id=Company%20Abbreviations) This section lists the abbreviations and full names of companies mentioned in the report for clear identification by readers - "Jinma Energy" refers to Henan Jinma Energy Company Limited[172](index=172&type=chunk) - "Jinma Group" refers to Jinma Energy and its subsidiaries (excluding the Group)[172](index=172&type=chunk) - "Jinjiang Refining & Chemical" refers to Henan Jinjiang Refining & Chemical Co., Ltd[172](index=172&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 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 河南金源氫化化工股份有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02502 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 955,640,000 | RMB | | | 1 RMB | | 955,640,000 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 955,640,000 | RMB | | | 1 RMB | | 955,640,000 | 本月底法定/註冊股本總額： RM ...

Core Insights - The company reported a revenue of RMB 1.442 billion for the six months ending June 30, 2025, representing a year-on-year decrease of 9.98% [1] - The company incurred a loss attributable to shareholders of RMB 20.231 million, compared to a profit of RMB 30.233 million in the same period last year, resulting in a basic loss per share of RMB 0.02 [1] - The decline in revenue was primarily due to an approximately 18.3% drop in the average selling price of hydrogenated phenolic chemicals, despite a 10.6% increase in sales volume [1] - The gross profit margin decreased from 4.5% in the first half of 2024 to 1.6% in the same period of 2025, mainly because the average procurement price of raw materials for hydrogenated phenolic chemicals fell at a slower rate than the average selling price [1]

Core Viewpoint - The company reported a decline in revenue and a shift from profit to loss in its interim results for the six months ending June 30, 2025, primarily influenced by changes in average product prices and procurement costs [1] Financial Performance - Revenue for the period was RMB 1.442 billion, representing a year-on-year decrease of 9.98% [1] - The loss attributable to the company's owners was RMB 20.231 million, compared to a profit of RMB 30.233 million in the same period last year [1] - Earnings per share showed a loss of RMB 0.02 [1] Operational Metrics - The company's operational performance remained stable, with capacity utilization rates for major products largely unchanged [1] - Product sales were reported to have achieved consistent full sales [1] Production Capacity - The production capacity for hydrogenated phenolic chemicals was approximately 400,000 tons per year [1] - The LNG production facility had a capacity of about 72,000 tons per year [1] - Hydrogen production capacity was approximately 317 million cubic meters per year, including the capacity from the joint venture Jinjiang Refining [1]

Core Viewpoint - The company reported a decline in revenue and a loss for the first half of 2025, primarily influenced by changes in average selling prices and procurement costs [1] Financial Performance - Revenue for the six months ending June 30, 2025, was RMB 1.442 billion, a decrease of 9.98% year-on-year [1] - The loss attributable to the company's owners was RMB 20.231 million, compared to a profit of RMB 30.233 million in the same period last year [1] - Earnings per share were reported at a loss of RMB 0.02 [1] Operational Metrics - The company's operational performance was stable, with capacity utilization rates for major products remaining consistent [1] - The production capacity for hydrogenated phenolic chemicals was approximately 400,000 tons per year, LNG production facilities had a capacity of about 72,000 tons per year, and hydrogen production capacity was around 317 million cubic meters per year, including the capacity from the joint venture Jinjiang Refining [1]

[Company Overview and Financial Summary](index=1&type=section&id=Company%20Overview%20and%20Financial%20Summary) Provides key company information and a high-level financial summary for the six months ended June 30, 2025 [Company Basic Information](index=1&type=section&id=Company%20Basic%20Information) Henan Jinyuan Hydrogenated Chemicals Co., Ltd. (Stock Code: 2502) announced its unaudited consolidated results for the six months ended June 30, 2025 - Company Name: Henan Jinyuan Hydrogenated Chemicals Co., Ltd[2](index=2&type=chunk) - Stock Code: **2502**[2](index=2&type=chunk) - Reporting Period: Interim results announcement for the six months ended June 30, 2025[2](index=2&type=chunk) [Financial Summary](index=1&type=section&id=Financial%20Summary) For the six months ended June 30, 2025, the company reported RMB 1,442.2 million in revenue and a loss attributable to owners of RMB 20.2 million, with a basic loss per share of RMB 0.02 2025 H1 Financial Summary | Indicator | Amount (RMB millions) | | :--- | :--- | | Revenue | 1,442.2 | | Loss for the period attributable to owners of the Company | 20.2 | | Basic loss per share | 0.02 | [Condensed Consolidated Financial Statements](index=2&type=section&id=Condensed%20Consolidated%20Financial%20Statements) Presents the condensed consolidated statements of profit or loss, financial position, changes in equity, and cash flows for the reporting period [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, revenue decreased by 10.0% to RMB 1,442,220 thousand, with a shift from profit to a loss of RMB 20,231 thousand attributable to owners Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (RMB thousands) | Indicator | June 30, 2025 (Unaudited) | June 30, 2024 (Unaudited) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 1,442,220 | 1,602,071 | (159,851) | -10.0% | | Cost of sales | (1,419,722) | (1,530,294) | 110,572 | -7.2% | | Gross profit | 22,498 | 71,777 | (49,279) | -68.7% | | (Loss) Profit before tax | (10,741) | 54,932 | (65,673) | -119.6% | | (Loss) Profit for the period | (9,302) | 44,882 | (54,184) | -120.7% | | (Loss) Profit for the period attributable to owners of the Company | (20,231) | 30,233 | (50,464) | -167.0% | | Basic (loss) earnings per share (RMB) | (0.02) | 0.03 | (0.05) | -166.7% | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets decreased to RMB 1,605,238 thousand, and total equity also declined to RMB 1,059,368 thousand Condensed Consolidated Statement of Financial Position (RMB thousands) | Indicator | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Non-current assets | 1,053,645 | 1,085,713 | (32,068) | -3.0% | | Current assets | 551,593 | 590,685 | (39,092) | -6.6% | | **Total assets** | **1,605,238** | **1,676,398** | **(71,160)** | **-4.2%** | | Current liabilities | 432,544 | 456,779 | (24,235) | -5.3% | | Non-current liabilities | 113,326 | 128,069 | (14,743) | -11.5% | | **Total liabilities** | **545,870** | **584,848** | **(38,978)** | **-6.7%** | | Equity attributable to owners of the Company | 965,112 | 985,373 | (20,261) | -2.1% | | Non-controlling interests | 94,256 | 106,177 | (11,921) | -11.2% | | **Total equity** | **1,059,368** | **1,091,550** | **(32,182)** | **-2.9%** | [Condensed Consolidated Statement of Changes in Equity](index=5&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) Equity attributable to owners decreased from RMB 985,373 thousand at the beginning of the period to RMB 965,112 thousand at the end, primarily due to the period's loss and dividend distribution Changes in Equity Attributable to Owners of the Company (RMB thousands) | Indicator | January 1, 2025 (Audited) | (Loss) Profit for the period | Other comprehensive expense for the period | Total comprehensive (expense) income for the period | Dividends recognised as distribution | June 30, 2025 (Unaudited) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Equity attributable to owners of the Company | 985,373 | (20,231) | (30) | (20,261) | - | 965,112 | - Total comprehensive (expense) income for the period was **RMB (9,332) thousand**, compared to a gain of RMB 45,108 thousand in the prior period, mainly reflecting the loss attributable to owners of the Company[8](index=8&type=chunk) - According to Chinese law, Chinese entities must transfer **10% of after-tax profit** to a reserve fund, which can be used to cover losses or for business expansion[9](index=9&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) Net cash from operating activities significantly decreased to RMB 42,950 thousand, resulting in a net increase in cash and cash equivalents of RMB 22,279 thousand for the period Condensed Consolidated Statement of Cash Flows (RMB thousands) | Indicator | June 30, 2025 (Unaudited) | June 30, 2024 (Unaudited) | Change (RMB thousands) | | :--- | :--- | :--- | | Net cash generated from operating activities | 42,950 | 104,201 | (61,251) | | Net cash (used in) from investing activities | (21,132) | (67,741) | 46,609 | | Net cash generated from financing activities | 461 | 46,321 | (45,860) | | Net increase in cash and cash equivalents | 22,279 | 82,781 | (60,502) | | Cash and cash equivalents at end of period | 158,905 | 388,221 | (229,316) | - The decrease in net cash generated from operating activities was primarily due to a reduction in operating cash flow before working capital changes, a decrease in trade and other payables, and an increase in bills receivable[11](index=11&type=chunk) - Cash outflow from investing activities was mainly for the purchase of property, plant and equipment, partially offset by interest income from bank deposits and dividend income from joint ventures[13](index=13&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) Provides detailed explanations and disclosures regarding the basis of preparation, significant accounting policies, and specific financial statement line items [Basis of Preparation and Significant Accounting Policies](index=9&type=section&id=Basis%20of%20Preparation%20and%20Significant%20Accounting%20Policies) The condensed consolidated financial statements are prepared in accordance with IAS 34 and HKEX Listing Rules, using a historical cost basis, with no material impact from new IFRS amendments - Basis of preparation: International Accounting Standard 34 "Interim Financial Reporting" and the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[14](index=14&type=chunk) - Accounting policies: Prepared on a historical cost basis, except for certain financial assets measured at fair value[15](index=15&type=chunk) - Application of new standards: First-time application of International Accounting Standard 1 (Amendment) "Lack of Exchangeability" had no material impact on the financial position and performance for the current and prior periods[16](index=16&type=chunk) [Revenue and Segment Information](index=10&type=section&id=Revenue%20and%20Segment%20Information) The Group's revenue primarily derives from derivative chemicals, energy products, trading, and other services, with total revenue decreasing by 10.0% to RMB 1,442,220 thousand due to lower derivative chemical sales Revenue from Contracts with Customers (RMB thousands) | Segment | June 30, 2025 (Unaudited) | June 30, 2024 (Unaudited) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Derivative chemicals | 1,110,256 | 1,229,506 | (119,250) | -9.7% | | Energy products | 282,881 | 303,937 | (21,056) | -6.9% | | Trading | 46,773 | 63,421 | (16,648) | -26.2% | | Other services | 2,310 | 5,207 | (2,897) | -55.6% | | **Total revenue from contracts with customers** | **1,442,220** | **1,602,071** | **(159,851)** | **-10.0%** | - Revenue recognition policy: Revenue from sales of hydrogenated phenyl chemicals and energy products is recognized when control of the products is transferred; revenue from retail products is recognized upon immediate payment by customers at the point of purchase; revenue from hot gas is recognized when the hot gas is transmitted[25](index=25&type=chunk) - Geographical information: For the six months ended June 30, 2025 and 2024, all revenue from external customers and non-current assets were derived from mainland China[30](index=30&type=chunk) [Other Income](index=15&type=section&id=Other%20Income) Other income significantly decreased to RMB 5,183 thousand for the six months ended June 30, 2025, mainly due to reduced government grants and bank deposit interest income Other Income Details (RMB thousands) | Item | June 30, 2025 (Unaudited) | June 30, 2024 (Unaudited) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Bank deposit interest income | 2,058 | 7,193 | (5,135) | -71.4% | | Government grants | 507 | 7,103 | (6,596) | -92.9% | | **Total** | **5,183** | **16,188** | **(11,005)** | **-68.0%** | - The decrease in government grants by **RMB 6.6 million** and interest income from large-denomination time deposits by **RMB 4.1 million** were the primary reasons[88](index=88&type=chunk) [Other Gains and Losses](index=15&type=section&id=Other%20Gains%20and%20Losses) Other gains and losses shifted from a gain of RMB 3,201 thousand to a loss of RMB 2,384 thousand, primarily due to asset disposal losses, fair value changes in bills, and reduced exchange gains Other Gains and Losses Details (RMB thousands) | Item | June 30, 2025 (Unaudited) | June 30, 2024 (Unaudited) | Change (RMB thousands) | | :--- | :--- | :--- | | Fair value (loss) of bills receivable at fair value through other comprehensive income | (1,303) | (2,184) | 881 | | (Loss) gain on disposal/write-off of property, plant and equipment | (1,599) | 2 | (1,601) | | Net foreign exchange (loss) gain | (146) | 4,839 | (4,985) | | **Total** | **(2,384)** | **3,201** | **(5,585)** | - Asset disposal losses of **RMB 1.6 million**, fair value changes in bills receivable resulting in a loss of **RMB 1.3 million**, and a decrease in exchange gains by **RMB 5.0 million** were the main reasons[89](index=89&type=chunk) [Finance Costs](index=16&type=section&id=Finance%20Costs) Finance costs slightly decreased to RMB 7,938 thousand for the six months ended June 30, 2025, mainly attributable to a reduction in the average balance of bank borrowings Finance Costs Details (RMB thousands) | Item | June 30, 2025 (Unaudited) | June 30, 2024 (Unaudited) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Interest expense on bank borrowings | 7,836 | 7,984 | (148) | -1.9% | | Interest expense on lease liabilities | 102 | 104 | (2) | -1.9% | | **Total** | **7,938** | **8,088** | **(150)** | **-1.9%** | - The decrease in finance costs was primarily due to a reduction in the average balance of bank borrowings[92](index=92&type=chunk) [(Loss) Profit Before Tax](index=16&type=section&id=(Loss)%20Profit%20Before%20Tax) The company shifted from a profit to a loss before tax of RMB 10,741 thousand for the six months ended June 30, 2025, influenced by staff costs, depreciation, and inventory costs (Loss) Profit Before Tax Components (RMB thousands) | Item | June 30, 2025 (Unaudited) | June 30, 2024 (Unaudited) | Change (RMB thousands) | | :--- | :--- | :--- | | Staff costs (net of capitalisation) | 7,509 | 9,335 | (1,826) | | Total depreciation and amortisation (net of capitalisation) | 5,325 | 5,525 | (200) | | Cost of inventories recognised as expense | 1,419,074 | 1,530,073 | (110,999) | - Cost of inventories recognised as expense included a write-down of inventories of **RMB 4,898 thousand**, with no such item in the prior period[34](index=34&type=chunk) [Income Tax (Credit) Expense](index=17&type=section&id=Income%20Tax%20(Credit)%20Expense) Income tax shifted from an expense to a credit of RMB 1,439 thousand for the six months ended June 30, 2025, reflecting the change from profit to loss before tax Income Tax (Credit) Expense Details (RMB thousands) | Item | June 30, 2025 (Unaudited) | June 30, 2024 (Unaudited) | Change (RMB thousands) | | :--- | :--- | :--- | | PRC Enterprise Income Tax - Current tax | 6,160 | 10,181 | (4,021) | | PRC Enterprise Income Tax - Underprovision in prior years | 300 | 962 | (662) | | Deferred tax | (7,899) | (1,093) | (6,806) | | **Total** | **(1,439)** | **10,050** | **(11,489)** | - The decrease in income tax expense to a credit primarily reflects the shift from profit before tax to a loss[94](index=94&type=chunk) [Dividends](index=17&type=section&id=Dividends) The company did not declare any dividends during or after the interim period - The Company did not declare any dividends for the year ended December 31, 2024, during the first half of 2025 or subsequent to the period end[36](index=36&type=chunk)[37](index=37&type=chunk) [(Loss) Earnings Per Share](index=17&type=section&id=(Loss)%20Earnings%20Per%20Share) Basic loss per share was RMB 0.02 for the six months ended June 30, 2025, compared to earnings per share of RMB 0.03 in the prior year, indicating a deterioration in performance (Loss) Earnings Per Share (RMB) | Indicator | June 30, 2025 (Unaudited) | June 30, 2024 (Unaudited) | Change | | :--- | :--- | :--- | :--- | | (Loss) Profit for the period attributable to owners of the Company (RMB thousands) | (20,231) | 30,233 | (50,464) | | Weighted average number of ordinary shares (thousands) | 955,640 | 955,640 | 0 | | **Basic (loss) earnings per share** | **(0.02)** | **0.03** | **(0.05)** | - Diluted (loss) earnings per share is not presented as there were no potential ordinary shares with dilutive effect for both periods[38](index=38&type=chunk) [Property, Plant and Equipment](index=18&type=section&id=Property%2C%20Plant%20and%20Equipment) The Group incurred RMB 5,362 thousand in construction costs, primarily for hydrogen refueling stations, and recognized a loss of RMB 1,599 thousand from the disposal of certain equipment - Construction costs: **RMB 5,362 thousand** (2024: RMB 11,574 thousand), mainly for the construction of hydrogen refueling stations[39](index=39&type=chunk) - Write-off or disposal: Equipment with a total carrying value of **RMB 2,130 thousand** was written off or disposed of, resulting in a loss of **RMB 1,599 thousand** (2024: gain of RMB 2 thousand)[39](index=39&type=chunk) [Deferred Tax Assets / Liabilities](index=18&type=section&id=Deferred%20Tax%20Assets%20%2F%20Liabilities) Net deferred tax assets increased to RMB 26,090 thousand as of June 30, 2025, mainly due to an increase in unused tax losses Deferred Tax Assets / Liabilities (RMB thousands) | Indicator | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | Change (RMB thousands) | | :--- | :--- | :--- | | Deferred tax assets | 27,540 | 19,726 | 7,814 | | Deferred tax liabilities | (1,450) | (1,545) | 95 | | **Net** | **26,090** | **18,181** | **7,909** | - Unused tax losses: **RMB 136,036 thousand** (December 31, 2024: RMB 69,011 thousand), of which **RMB 110,836 thousand** has been recognised as deferred tax assets[41](index=41&type=chunk) - Unrecognised deferred income tax assets: **RMB 25,200 thousand** (December 31, 2024: RMB 3 thousand), due to uncertainty regarding future taxable profit streams[41](index=41&type=chunk) [Trade and Other Receivables](index=19&type=section&id=Trade%20and%20Other%20Receivables) Total trade and other receivables slightly decreased to RMB 29,303 thousand as of June 30, 2025, with all trade receivables being current and not overdue Trade and Other Receivables (RMB thousands) | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | Change (RMB thousands) | | :--- | :--- | :--- | | Trade receivables - contracts with customers | 7,288 | 7,792 | (504) | | Prepayments to suppliers | 15,612 | 12,293 | 3,319 | | Prepayments for other taxes and expenses | 5,939 | 10,248 | (4,309) | | **Total** | **29,303** | **30,722** | **(1,419)** | - Trade receivables aging: All amounts are within **90 days** and none are overdue[44](index=44&type=chunk) - Credit period: Generally within **60 days** from delivery[44](index=44&type=chunk) [Amounts Due from Related Parties](index=20&type=section&id=Amounts%20Due%20from%20Related%20Parties) As of June 30, 2025, amounts due from shareholders were RMB 338 thousand, and amounts due from related parties totaled RMB 23,754 thousand, primarily involving the parent company and its non-wholly owned subsidiaries Amounts Due from Shareholders (RMB thousands) | Related Party | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Henan Jinma Energy Co., Ltd. | 338 | - | Amounts Due from Related Parties (RMB thousands) | Related Party | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Xinyang Steel Jingang Energy Co., Ltd. | 23,411 | 23,411 | | Henan Bohai Chemical Co., Ltd. | 343 | - | | **Total** | **23,754** | **23,411** | - Aging of amounts due from related parties: **RMB 343 thousand** within 90 days, **RMB 23,411 thousand** over 365 days, all amounts are unsecured, interest-free, and not overdue[48](index=48&type=chunk) [Borrowings](index=22&type=section&id=Borrowings) Total bank borrowings increased to RMB 365,843 thousand as of June 30, 2025, with an increased proportion of unsecured borrowings Borrowings Details (RMB thousands) | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Total bank borrowings | 365,843 | 334,040 | 31,803 | 9.5% | | - Secured | 120,343 | 148,040 | (27,697) | -18.7% | | - Unsecured | 245,500 | 186,000 | 59,500 | 32.0% | | Fixed-rate borrowings | 59,800 | 65,000 | (5,200) | -8.0% | | Floating-rate borrowings | 306,043 | 269,040 | 37,003 | 13.8% | | Due within one year | (276,404) | (231,395) | (45,009) | 19.4% | | Due after one year | 89,439 | 102,645 | (13,206) | -12.9% | Effective Annual Interest Rate Range | Borrowing Type | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Fixed-rate borrowings | 3.40%-4.10% | 3.50%-4.10% | | Floating-rate borrowings | 3.00%-5.40% | 3.41%-5.60% | [Trade and Other Payables](index=23&type=section&id=Trade%20and%20Other%20Payables) Total trade and other payables significantly decreased to RMB 118,138 thousand as of June 30, 2025, mainly due to reductions in bills payable, other taxes payable, and consideration payable for property, plant, and equipment Trade and Other Payables (RMB thousands) | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | Change (RMB thousands) | | :--- | :--- | :--- | | Trade payables | 7,394 | 13,881 | (6,487) | | Bills payable | - | 5,000 | (5,000) | | Total trade payables/bills payable | 7,394 | 18,881 | (11,487) | | Other taxes payable | 8,255 | 47,079 | (38,824) | | Consideration payable for purchase of property, plant and equipment | 94,478 | 114,510 | (20,032) | | **Total** | **118,138** | **193,106** | **(74,968)** | - Trade payables aging: **RMB 5,327 thousand** within 90 days, **RMB 616 thousand** 91 to 180 days, **RMB 1,373 thousand** 181 to 365 days, **RMB 78 thousand** over 1 year[51](index=51&type=chunk) [Amounts Due to Shareholders](index=24&type=section&id=Amounts%20Due%20to%20Shareholders) Amounts due to shareholders increased to RMB 2,862 thousand as of June 30, 2025, primarily for services purchased from the parent company, Jinma Energy Amounts Due to Shareholders (RMB thousands) | Related Party | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Jinma Energy | 2,862 | 1,975 | - This amount represents payables for services purchased, with an aging within **90 days** and a normal credit period of within **60 days**[53](index=53&type=chunk) [Transfer of Financial Assets](index=24&type=section&id=Transfer%20of%20Financial%20Assets) The Group endorsed and discounted bills receivable to settle payables or raise cash, derecognizing related assets and liabilities, with a maximum recourse exposure of RMB 256,451 thousand as of June 30, 2025 Recourse Risk of Endorsed and Discounted Bills Receivable (RMB thousands) | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | Change (RMB thousands) | | :--- | :--- | :--- | | Endorsed bills for settlement of payables | 74,048 | 72,285 | 1,763 | | Discounted bills for raising cash | 182,403 | 174,508 | 7,895 | | **Unrecovered endorsed and discounted bills receivable with recourse** | **256,451** | **246,793** | **9,658** | - The company has transferred significant risks and rewards of bills receivable, and the risk of default is low as the bills are issued and guaranteed by reputable banks[54](index=54&type=chunk) - Unrecovered endorsed and discounted bills receivable are due within **six months**[54](index=54&type=chunk) [Fair Value Measurement of Financial Instruments](index=25&type=section&id=Fair%20Value%20Measurement%20of%20Financial%20Instruments) Certain financial assets are measured at fair value, with bills receivable at fair value through other comprehensive income classified as Level 2, using discounted cash flow valuation techniques Bills Receivable at Fair Value Through Other Comprehensive Income (RMB thousands) | Financial Asset | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | Fair Value Level | Valuation Technique and Key Input Data | | :--- | :--- | :--- | :--- | :--- | | Bills receivable | 41,479 | 34,457 | Level 2 | Discounted cash flow, future cash flows estimated using prevailing market observable discount rates | - Management believes that the carrying amounts of financial assets and liabilities measured at amortised cost approximate their fair values[57](index=57&type=chunk) [Related Party Transactions](index=26&type=section&id=Related%20Party%20Transactions) The Group engages in transactions with related parties, including sales of products, provision of services, and procurement of raw materials, with key management personnel compensation decreasing during the period Transactions with Related Parties (RMB thousands) | Transaction Type | Related Party | June 30, 2025 (Unaudited) | June 30, 2024 (Unaudited) | | :--- | :--- | :--- | :--- | | **Sales of products and provision of services** | | | | | | Jinma Energy | 4,255 | 8,362 | | | Bohai Chemical | 7,560 | 18,240 | | | Jinjiang Refining and Chemical | 44,198 | 52,407 | | **Purchase of raw materials and receipt of services** | | | | | | Jinma Energy | 86,886 | 149,338 | | | Jinma Middle East | 178,429 | 183,666 | | | Jinjiang Refining and Chemical | 5,098 | 10,773 | Key Management Personnel Compensation (RMB thousands) | Item | June 30, 2025 (Unaudited) | June 30, 2024 (Unaudited) | | :--- | :--- | :--- | | Salaries and allowances | 875 | 578 | | Performance-related bonuses | 15 | 530 | | Retirement benefits | 74 | 66 | | **Total** | **964** | **1,174** | [Management Discussion and Analysis](index=28&type=section&id=Management%20Discussion%20and%20Analysis) Provides management's perspective on the Group's operational performance, financial position, key developments, and market risks for the reporting period [Overview](index=28&type=section&id=Overview) The Group is a supplier of hydrogenated phenyl chemicals and energy products in Henan Province, expanding into hydrogen refueling station operations since Q4 2023, aligning with national circular economy and "dual carbon" goals - Main business segments: Hydrogenated phenyl chemicals, energy products (coal gas, LNG), trading (LNG, hydrogen, refined oil), and hydrogen refueling station operations[63](index=63&type=chunk)[64](index=64&type=chunk) - Strategic direction: Responding to the Chinese government's encouragement of circular economy development and "dual carbon" commitments, expanding energy business to include hydrogen[63](index=63&type=chunk) [Financial Summary](index=29&type=section&id=Financial%20Summary_MD%26A) For the six months ended June 30, 2025, the Group's revenue decreased by 10.0% to RMB 1,442.2 million, gross profit significantly dropped by 68.7% to RMB 22.5 million, and the period shifted from profit to a loss of RMB 9.3 million 2025 H1 Financial Summary (RMB millions) | Indicator | 2025 (Unaudited) | 2024 (Unaudited) | Change (RMB millions) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 1,442.2 | 1,602.1 | (159.9) | -10.0% | | Gross profit | 22.5 | 71.8 | (49.3) | -68.7% | | (Loss) Profit for the period | (9.3) | 44.9 | (54.2) | -120.7% | | Basic (loss) earnings per share (RMB) | (0.02) | 0.03 | (0.05) | -166.7% | | Gross profit margin | 1.6% | 4.5% | (2.9%) | -64.4% | | Net (loss) profit margin | (0.6%) | 2.8% | (3.4%) | -121.4% | Balance Sheet Summary (RMB millions) | Indicator | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | Change (RMB millions) | | :--- | :--- | :--- | | Total assets | 1,605.2 | 1,676.4 | (71.2) | | Total equity | 1,059.4 | 1,091.6 | (32.2) | [Factors Affecting Operating Results and Financial Position](index=29&type=section&id=Factors%20Affecting%20Operating%20Results%20and%20Financial%20Position) The Group's performance is influenced by China's economic conditions, downstream industry demand, raw material and product price fluctuations, production capacity, sales volume, and financing access and costs [Overall Economic Conditions and Downstream Industry Demand](index=30&type=section&id=Overall%20Economic%20Conditions%20and%20Downstream%20Industry%20Demand) China's economic conditions directly impact product market prices, demand, and raw material costs, with sales of hydrogenated phenyl chemicals and LNG dependent on domestic chemical industry and global LNG price fluctuations - Economic conditions impact: Economic downturns may lead to lower product selling prices, requiring adjustments to procurement and sales strategies; economic recovery may lead to higher selling prices and increased prepayments for raw materials[67](index=67&type=chunk) - Downstream industry demand: Phenyl chemicals are mainly used in rubber, textile, and other industries; LNG primarily supplies industrial users and gas station customers[68](index=68&type=chunk) - Price impact: Hydrogenated phenyl chemical prices are affected by oil prices; LNG prices are influenced by global LNG price fluctuations[68](index=68&type=chunk) [Raw Material and Product Prices](index=30&type=section&id=Raw%20Material%20and%20Product%20Prices) The Group faces price volatility risks for products and raw materials, particularly crude benzene and coke oven gas, with average selling prices generally decreasing in H1 2025 while raw material prices also fluctuated - Price volatility risk: Fluctuations in market prices of products and raw materials (crude benzene, coke oven gas), and changes in the price spread between them[69](index=69&type=chunk) Main Product Average Selling Prices (RMB/tonne, coal gas in RMB/cubic meter) | Main Product | 2025 H1 | 2024 | | :--- | :--- | :--- | | Hydrogenated phenyl chemicals | 5,668.57 | 6,734.73 | | Pure benzene | 6,103.05 | 7,270.64 | | Toluene | - | 6,395.48 | | Coal gas | 0.84 | 0.83 | | LNG | 3,993.39 | 4,197.57 | Main Raw Material Average Procurement Prices | Main Raw Material | 2025 H1 | 2024 | | :--- | :--- | :--- | | Crude benzene (RMB/tonne) | 5,118.52 | 6,294.04 | | Coke oven gas (RMB/cubic meter) | 0.62 | 0.60 | - Raw material procurement: Crude benzene is primarily purchased from suppliers like Jinma Group, usually under annual supply contracts with prices based on prevailing market rates; the vast majority of coke oven gas is purchased from Jinma Group, with the acquisition of coke particle gasification facilities in August 2023 to reduce reliance[75](index=75&type=chunk)[76](index=76&type=chunk) [Production Capacity and Sales Volume](index=32&type=section&id=Production%20Capacity%20and%20Sales%20Volume) The Group maintained stable operations in H1 2025, with major products achieving near full sales, including annual capacities of 400,000 tonnes for hydrogenated phenyl chemicals, 72,000 tonnes for LNG, and 317.0 million cubic meters for hydrogen - Production and sales: Stable operations in H1 2025, with major products achieving near full sales[77](index=77&type=chunk) - Hydrogenated phenyl chemicals capacity: Approximately **400,000 tonnes** per year[77](index=77&type=chunk) - LNG production facility capacity: Approximately **72,000 tonnes** per year[77](index=77&type=chunk) - Hydrogen capacity: Approximately **317.0 million cubic meters** per year (including joint venture Jinjiang Refining and Chemical)[77](index=77&type=chunk) [Financing Channels and Costs](index=33&type=section&id=Financing%20Channels%20and%20Costs) The Group primarily funds operations and capital expenditures through bank and financial institution borrowings, with total interest-bearing borrowings of approximately RMB 365.8 million and finance costs of RMB 7.9 million in H1 2025 - Financing sources: Primarily from cash generated from product sales, equity (including listing proceeds), and borrowings from banks/financial institutions[78](index=78&type=chunk) Interest-Bearing Borrowings and Finance Costs (RMB millions) | Indicator | 2025 H1 | December 31, 2024 | | :--- | :--- | :--- | | Total interest-bearing borrowings | 365.8 | 334.0 | | Finance costs | 7.9 | 8.1 | | Finance costs as % of total revenue | 0.55% | 0.50% | [Key Developments](index=33&type=section&id=Key%20Developments) In H1 2025, the Group continued investments in production efficiency, safety, and environmental protection, while actively expanding its hydrogen refueling station business with two new stations and increased hydrogen sales [Investment in Production Efficiency, Safety, and Environmental Protection](index=33&type=section&id=Investment%20in%20Production%20Efficiency%2C%20Safety%2C%20and%20Environmental%20Protection) The Group invested approximately RMB 1.2 million in a sulfur-containing wastewater stripping tower to enhance production efficiency, reduce treatment costs, and stabilize operations - Investment project: Construction of a sulfur-containing wastewater stripping tower, with an investment of approximately **RMB 1.2 million**[79](index=79&type=chunk) - Benefits: Saves costs for sulfur-containing water treatment, facilitates system water usage, and stabilises production[79](index=79&type=chunk) [Hydrogen Refueling Station Business Development](index=33&type=section&id=Hydrogen%20Refueling%20Station%20Business%20Development) The Group operated five hydrogen refueling stations, with significant sales growth at existing stations and the addition of two new stations, expanding its hydrogen heavy-duty truck service network Hydrogen Sales Volume at Refueling Stations (tonnes) | Refueling Station | 2025 H1 Sales Volume | 2024 H1 Sales Volume | Change (tonnes) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Jiyuan Nanhuan Refueling Station | 322 | 167 | 155 | 92.8% | | Zhengzhou Huagong Road Refueling Station | 179 | 63 | 116 | 184.1% | | Gongyi Heluo Refueling Station | 103 | 20 | 83 | 415.0% | | Jiyuan Huling Refueling Station (New) | 133 | - | 133 | - | | Dengfeng Guojiawa Refueling Station (New) | 73 | - | 73 | - | - Gongyi Heluo Refueling Station benefited from the new policy of free highway access for hydrogen-powered vehicles, leading to rapid growth in hydrogen heavy-duty truck transportation business[80](index=80&type=chunk) - New hydrogen refueling stations: Jiyuan Huling Refueling Station and Dengfeng Guojiawa Refueling Station, with clear service vehicle types and main customer groups[81](index=81&type=chunk) [Operating Results Analysis](index=34&type=section&id=Operating%20Results%20Analysis) The Group's operating performance significantly deteriorated in H1 2025, with decreased revenue, sharply reduced gross profit, and a shift from profit to loss, mainly due to falling average selling prices of hydrogenated phenyl chemicals, reduced government grants, and asset disposal losses Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (RMB thousands) | Indicator | June 30, 2025 (Unaudited) | June 30, 2024 (Unaudited) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 1,442,220 | 1,602,071 | (159,851) | -10.0% | | Cost of sales | (1,419,722) | (1,530,294) | 110,572 | -7.2% | | Gross profit | 22,498 | 71,777 | (49,279) | -68.7% | | Other income | 5,183 | 16,188 | (11,005) | -68.0% | | Other gains and losses | (2,384) | 3,201 | (5,585) | -174.5% | | Selling and distribution expenses | (6,920) | (7,556) | 636 | -8.4% | | Administrative expenses | (20,829) | (21,780) | 951 | -4.4% | | Finance costs | (7,938) | (8,088) | 150 | -1.9% | | Share of results of joint ventures | (351) | 1,190 | (1,541) | -129.5% | | (Loss) Profit before tax | (10,741) | 54,932 | (65,673) | -119.6% | | Income tax credit (expense) | 1,439 | (10,050) | 11,489 | -114.3% | | (Loss) Profit for the period | (9,302) | 44,882 | (54,184) | -120.7% | | (Loss) Profit for the period attributable to owners of the Company | (20,231) | 30,233 | (50,464) | -167.0% | | Basic (loss) earnings per share (RMB) | (0.02) | 0.03 | (0.05) | -166.7% | [Revenue and Gross Profit Margin](index=36&type=section&id=Revenue%20and%20Gross%20Profit%20Margin) Revenue decreased by 10.0% to RMB 1,442.2 million, and gross profit margin fell from 4.5% to 1.6%, primarily because the decline in average selling prices for hydrogenated phenyl chemicals outpaced the drop in raw material procurement costs - Revenue decrease: **RMB 159.9 million**, a **10.0%** decrease[87](index=87&type=chunk) - Gross profit margin decrease: From **4.5% to 1.6%**, mainly due to an approximately **18.3%** decrease in the average tax-inclusive selling price of hydrogenated phenyl chemicals, while the average consumption procurement price of raw materials decreased less significantly[87](index=87&type=chunk) - Hydrogenated phenyl chemicals sales volume: Increased by **10.6%**[87](index=87&type=chunk) [Other Income](index=36&type=section&id=Other%20Income_MD%26A) Other income decreased by RMB 11.0 million to approximately RMB 5.2 million, primarily due to reduced government grants and interest income from large-denomination time deposits - Decrease amount: **RMB 11.0 million**[88](index=88&type=chunk) - Main reasons: Government grants decreased by **RMB 6.6 million**, and interest income from large-denomination time deposits decreased by **RMB 4.1 million**[88](index=88&type=chunk) [Other Gains and Losses](index=36&type=section&id=Other%20Gains%20and%20Losses_MD%26A) Other gains and losses shifted from a gain of RMB 3.2 million to a loss of RMB 2.4 million, mainly due to asset disposal losses, fair value changes in bills, and reduced exchange gains - Change: From a gain of **RMB 3.2 million** to a loss of **RMB 2.4 million**[89](index=89&type=chunk) - Main reasons: Asset disposal losses of **RMB 1.6 million**, fair value changes in bills receivable resulting in a loss of **RMB 1.3 million**, and a decrease in exchange gains by **RMB 5.0 million**[89](index=89&type=chunk) [Selling and Distribution Expenses](index=36&type=section&id=Selling%20and%20Distribution%20Expenses) Selling and distribution expenses decreased by approximately 8.4% to RMB 6.9 million in H1 2025, reflecting the decline in sales volume - Decrease amount: Approximately **RMB 0.7 million**, an **8.4%** decrease[90](index=90&type=chunk) - Reason: Reflects the decrease in sales volume[90](index=90&type=chunk) [Administrative Expenses](index=37&type=section&id=Administrative%20Expenses) Administrative expenses decreased by approximately 4.4% to RMB 20.8 million in H1 2025 - Decrease amount: Approximately **RMB 1.0 million**, a **4.4%** decrease[91](index=91&type=chunk) [Finance Costs](index=37&type=section&id=Finance%20Costs_MD%26A) Finance costs decreased by RMB 0.2 million to RMB 7.9 million, primarily due to a reduction in the average balance of bank borrowings - Decrease amount: **RMB 0.2 million**[92](index=92&type=chunk) - Reason: Reduction in the average balance of bank borrowings[92](index=92&type=chunk) [Share of Results of Joint Ventures](index=37&type=section&id=Share%20of%20Results%20of%20Joint%20Ventures) Share of results of joint ventures shifted from a gain of RMB 1.2 million to a loss of RMB 0.4 million, mainly due to decreased sales volume and unit selling prices at Jinjiang Refining and Chemical (49% owned) - Change: From a gain of **RMB 1.2 million** to a loss of **RMB 0.4 million**[93](index=93&type=chunk) - Reason: Decreased sales volume and unit selling prices at Jinjiang Refining and Chemical (49% owned by the Company)[93](index=93&type=chunk) [Income Tax Credit (Expense)](index=37&type=section&id=Income%20Tax%20Credit%20(Expense)) Income tax shifted from an expense of RMB 10.1 million to a credit of RMB 1.4 million, reflecting the change from profit before tax to a loss - Change: From an expense of **RMB 10.1 million** to a credit of **RMB 1.4 million**[94](index=94&type=chunk) - Reason: Shift from profit before tax to a loss[94](index=94&type=chunk) [Total Comprehensive (Expense) Income for the Year](index=37&type=section&id=Total%20Comprehensive%20(Expense)%20Income%20for%20the%20Year) Total comprehensive (expense) income shifted from a gain of RMB 45.1 million to an expense of RMB 9.3 million, representing a 120.6% decrease - Change: From a gain of **RMB 45.1 million** to an expense of **RMB 9.3 million**[95](index=95&type=chunk) - Decrease amount: **RMB 54.4 million**, a **120.6%** decrease[95](index=95&type=chunk) [Segment Results](index=38&type=section&id=Segment%20Results) In H1 2025, the hydrogenated phenyl chemicals segment shifted from profit to loss, while energy products and trading segments experienced declines in revenue and gross profit margin, reflecting market changes and cost pressures Business Segment Revenue and Results (RMB thousands) | Segment | 2025 Revenue | 2024 Revenue | 2025 Results | 2024 Results | 2025 Gross Profit Margin (%) | 2024 Gross Profit Margin (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hydrogenated phenyl chemicals | 1,110,256 | 1,229,506 | (17,993) | 15,790 | (1.6) | 1.3 | | Energy products | 282,881 | 303,937 | 36,083 | 46,323 | 12.8 | 15.2 | | Trading | 46,773 | 63,421 | 3,141 | 5,507 | 6.7 | 8.7 | - Hydrogenated phenyl chemicals: Sales volume increased by **10.6%**, but the average selling price decreased by **18.3%**, leading to a **9.7%** decrease in revenue and a drop in gross profit margin from **1.3% to -1.6%**, as the decrease in raw material procurement prices was less than the product selling price decrease[96](index=96&type=chunk) - Energy products: LNG and coal gas sales volumes decreased by **4.9%** and **14.1%** respectively, leading to a **6.9%** decrease in revenue, with the gross profit margin decline mainly due to increased LNG production costs and a smaller increase in coal gas selling prices compared to raw materials[97](index=97&type=chunk) - Trading segment: Revenue decreased by **26.2%**, primarily due to significant drops in diesel and gasoline sales volumes at gas stations by **40.3%** and **35.4%** respectively, with gross profit margin falling from **8.7% to 6.7%**[97](index=97&type=chunk) [Financial Position](index=39&type=section&id=Financial%20Position) The Group maintained good liquidity in H1 2025, but operating cash flow significantly decreased, total bank borrowings increased, and both return on equity and return on assets turned negative, indicating reduced profitability [Liquidity and Financial Resources](index=39&type=section&id=Liquidity%20and%20Financial%20Resources) The Group's funding primarily comes from product sales, equity, and bank borrowings, with no liquidity issues encountered in H1 2025, and liquidity risk managed through cash flow forecasts and reserves - Funding sources: Product sales, equity (including listing proceeds), and borrowings from banks/financial institutions[98](index=98&type=chunk) - Liquidity status: No liquidity issues encountered in H1 2025[98](index=98&type=chunk) - Management strategy: The finance department prepares cash flow forecasts, which are regularly reviewed by senior management, and a certain level of cash reserves is maintained[98](index=98&type=chunk) [Cash Flows](index=39&type=section&id=Cash%20Flows) Net cash from operating activities significantly decreased to RMB 43.0 million, investing activities used RMB 21.1 million, and financing activities generated RMB 0.5 million, resulting in cash and cash equivalents of RMB 158.9 million at period-end Cash Flow Summary (RMB thousands) | Indicator | 2025 H1 (Unaudited) | 2024 H1 (Unaudited) | Change (RMB thousands) | | :--- | :--- | :--- | | Net cash generated from operating activities | 42,950 | 104,201 | (61,251) | | Net cash (used in) from investing activities | (21,132) | (67,741) | 46,609 | | Net cash generated from financing activities | 461 | 46,321 | (45,860) | | Net increase in cash and cash equivalents | 22,279 | 82,781 | (60,502) | | Cash and cash equivalents at end of period | 158,905 | 388,221 | (229,316) | - Decrease in operating cash flow: Primarily attributed to a decrease in operating cash flow before working capital changes, a reduction in trade and other payables, and an increase in bills receivable[100](index=100&type=chunk) - Investing cash outflow: Mainly for the purchase of property, plant and equipment, partially offset by interest income from bank deposits and dividend income from joint ventures[101](index=101&type=chunk) - Financing cash flow: Primarily driven by an increase in bank borrowings, offset by repayment of bank loans, dividend payments, and interest expenses[102](index=102&type=chunk) [Liabilities](index=41&type=section&id=Liabilities) Total bank borrowings increased to RMB 365.8 million as of June 30, 2025, with an increased proportion of unsecured borrowings, and the Group has RMB 254.3 million in available bank credit facilities Bank Borrowings Details (RMB thousands) | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | Increase/(Decrease) (RMB thousands) | | :--- | :--- | :--- | :--- | | Total bank borrowings | 365,843 | 334,040 | 31,803 | | - Secured | 120,343 | 148,040 | (27,697) | | - Unsecured | 245,500 | 186,000 | 59,500 | | Fixed-rate borrowings | 59,800 | 65,000 | (5,200) | | Floating-rate borrowings | 306,043 | 269,040 | 37,003 | - Bank credit facilities: Total approximately **RMB 630.1 million** (December 31, 2024: RMB 448.7 million), of which approximately **RMB 254.3 million** remains available[107](index=107&type=chunk) - Repayment plan: The Group intends to refinance bank borrowings upon maturity or repay them with internally generated funds[107](index=107&type=chunk) [Pledge of Assets](index=43&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, the Group pledged assets with a total carrying value of approximately RMB 31.1 million to secure general banking facilities - Total carrying value of pledged assets: Approximately **RMB 31.1 million** (December 31, 2024: approximately RMB 165.5 million)[110](index=110&type=chunk) - Purpose: To secure general banking facilities (including bank borrowings and bills payable)[110](index=110&type=chunk) [Financial Ratios](index=43&type=section&id=Financial%20Ratios) In H1 2025, the debt-to-asset ratio increased to 34.5%, and both annualized return on equity and return on assets turned negative at -4.1% and -2.5% respectively, reflecting a decline in profitability Financial Ratios | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Debt-to-asset ratio | 34.5% | 30.6% | | Return on equity (annualised) | -4.1% | -1.6% | | Return on assets (annualised) | -2.5% | 0.7% | - Increase in debt-to-asset ratio: Primarily due to an increase in total interest-bearing bank borrowings[112](index=112&type=chunk) - Decrease in return on equity: Mainly due to an increase in loss for the period attributable to owners of the Company[113](index=113&type=chunk) - Decrease in return on assets: Primarily due to the Group's total comprehensive income for the period shifting from a gain to an expense[114](index=114&type=chunk) [Off-Balance Sheet Arrangements](index=44&type=section&id=Off-Balance%20Sheet%20Arrangements) As of June 30, 2025, the Group had no significant off-balance sheet arrangements, including equity-linked derivative contracts or retained interests in non-consolidated entities - No significant off-balance sheet arrangements: The Group has not entered into equity-linked derivative contracts, nor does it have retained or contingent interests in assets transferred to unconsolidated entities[115](index=115&type=chunk) [Transfer of Financial Assets](index=44&type=section&id=Transfer%20of%20Financial%20Assets_MD%26A) The Group endorsed and discounted bills receivable to settle payables or raise cash, derecognizing related assets and liabilities, with a maximum recourse exposure of RMB 256,451 thousand as of June 30, 2025 Recourse Risk of Endorsed and Discounted Bills Receivable (RMB thousands) | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Endorsed bills for settlement of payables | 74,048 | 72,285 | | Discounted bills for raising cash | 182,403 | 174,508 | | **Unrecovered endorsed and discounted bills receivable with recourse** | **256,451** | **246,793** | - Risk assessment: Directors believe that significant risks and rewards have been transferred, and the risk of default is low as the bills are issued and guaranteed by reputable banks[116](index=116&type=chunk) [Significant Acquisitions and Disposals of Subsidiaries, Associates, and Joint Ventures](index=44&type=section&id=Significant%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%2C%20Associates%2C%20and%20Joint%20Ventures) There were no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the reporting period or up to the date of this interim report - No significant M&A: No significant acquisition or disposal activities of subsidiaries, associates, or joint ventures occurred during the reporting period or up to the date of this interim report[117](index=117&type=chunk) [Subsequent Significant Events and Other Commitments](index=45&type=section&id=Subsequent%20Significant%20Events%20and%20Other%20Commitments) From the end of the reporting period to the date of this report, there were no other subsequent significant events or commitments that could materially affect the financial position and operations - No significant subsequent events: From the end of the reporting period to the date of this report, there were no other subsequent significant events or commitments that could materially affect the financial position and operations[118](index=118&type=chunk) [Market Risks](index=45&type=section&id=Market%20Risks) The Group faces commodity price, interest rate, credit, and liquidity risks, which are mitigated through regular operational and financial activities, with no foreign exchange or interest rate hedging contracts currently in place - Risk types: Commodity price risk, interest rate risk, credit risk, and liquidity risk[119](index=119&type=chunk) - Risk management: Risks are minimised through regular operational and financial activities, with no foreign exchange or interest rate hedging contracts currently in place[119](index=119&type=chunk) - Foreign exchange risk: The Group has no significant foreign exchange risk, except for Hong Kong dollar proceeds from the listing that have not yet been remitted back to mainland China[119](index=119&type=chunk) [Commodity Price Risk](index=45&type=section&id=Commodity%20Price%20Risk) The Group is exposed to price volatility risks for raw materials (crude benzene, coke oven gas) and products, influenced by market supply and demand, upstream coal prices, and international chemical prices - Risk sources: Price fluctuations of raw materials (crude benzene, coke oven gas) and product market prices[120](index=120&type=chunk) - Pricing strategy: Crude benzene is typically purchased based on prevailing market prices, and coke oven gas prices are negotiated annually; product sales are based on prevailing market prices in the region and customer factors[120](index=120&type=chunk) [Interest Rate Risk](index=46&type=section&id=Interest%20Rate%20Risk) The Group is exposed to fair value interest rate risk related to interest-bearing bank balances, bills receivable, borrowings, and lease liabilities, as well as cash flow interest rate risk from floating-rate borrowings. Currently, there is no interest rate hedging policy - Risk types: Fair value interest rate risk (interest-bearing restricted bank balances, bills receivable, borrowings, lease liabilities) and cash flow interest rate risk (floating-rate borrowings)[121](index=121&type=chunk) - Fixed-rate borrowings: Approximately **RMB 59.8 million** (December 31, 2024: RMB 65.0 million)[121](index=121&type=chunk) - Hedging policy: Currently, there is no interest rate hedging policy, but management will consider it when necessary[121](index=121&type=chunk) [Credit Risk](index=46&type=section&id=Credit%20Risk) The Group's credit risk is primarily concentrated in trade and other receivables and amounts due from shareholders/related parties, but it is mitigated by transacting with reputable customers, requiring prepayments, and continuous monitoring - Credit risk concentration: Trade and other receivables and trade-related amounts due from shareholders/related parties, with over **95.4%** (December 31, 2024: 98.3%) concentrated in the five largest outstanding balances[122](index=122&type=chunk) - Risk management: Transacting with reputable customers, requiring upfront payments from new customers, continuous monitoring of overdue receivables, and ensuring adequate impairment loss provisions[122](index=122&type=chunk) - Bank deposit risk: Limited, as deposits are placed with state-owned banks with high credit ratings[122](index=122&type=chunk) [Liquidity Risk](index=46&type=section&id=Liquidity%20Risk) The Group manages liquidity risk by monitoring and maintaining adequate cash and cash equivalents to address potential pressure from multiple liabilities maturing in quick succession - Risk source: Potential working capital pressure from multiple liabilities maturing in quick succession[123](index=123&type=chunk) - Management strategy: Management monitors and maintains adequate but not excessive levels of cash and cash equivalents to fund operations and mitigate the impact of cash flow fluctuations[123](index=123&type=chunk) [No Material Adverse Change](index=47&type=section&id=No%20Material%20Adverse%20Change) The Directors confirm that there has been no material adverse change in the Group's financial or trading position since June 30, 2025, and up to the date of this report - No material adverse change: The Directors confirm that there has been no material adverse change in the Group's financial or trading position since June 30, 2025, and up to the date of this report[124](index=124&type=chunk) [Dividends](index=47&type=section&id=Dividends_MD%26A) The Board resolved not to declare an interim dividend for the six months ended June 30, 2025, and will consider distributable reserves, liquidity, and future commitments when determining dividend policy - Dividend policy: The Board considers factors such as distributable reserves, liquidity levels, and future commitments[125](index=125&type=chunk) - Interim dividend: The Board resolved not to declare an interim dividend for the six months ended June 30, 2025[126](index=126&type=chunk) [Pension Schemes](index=47&type=section&id=Pension%20Schemes) The Group's employees in mainland China participate in defined contribution retirement benefit schemes, while Hong Kong employees participate in MPF schemes, with contributions made as required - Mainland China employees: Participate in various defined contribution retirement benefit schemes organised by relevant provincial and municipal governments in China, contributing a certain percentage of employee salaries[127](index=127&type=chunk) - Hong Kong employees: Participate in the Mandatory Provident Fund Scheme under the Mandatory Provident Fund Schemes Ordinance, with employer contributions of HKD 1,500 per month or 5% of relevant monthly salary costs (whichever is lower)[127](index=127&type=chunk) [Use of Proceeds from Listing](index=48&type=section&id=Use%20of%20Proceeds%20from%20Listing) The net proceeds from the company's listing, approximately RMB 228.9 million, are planned for hydrogen refueling stations, investments/acquisitions, and working capital, with RMB 10,216 thousand used for working capital as of June 30, 2025 - Net proceeds from listing: Approximately **HKD 251.6 million** (equivalent to approximately **RMB 228.9 million**)[128](index=128&type=chunk) Planned and Actual Use of Net Proceeds from Listing (RMB thousands) | Business Purpose | Planned Use | Percentage (%) | Actual Use Jan-Jun 2025 | Unused Net Proceeds | Expected Timeline | | :--- | :--- | :--- | :--- | :--- | :--- | | Hydrogen refueling stations with hydrogen facilities | 194,574 | 85 | 0 | 194,574 | 2025-2027 | | Investment and/or acquisition of upstream and downstream participants | 11,445 | 5 | 0 | 11,445 | 2025-2027 | | Working capital and other general corporate purposes | 22,891 | 10 | 10,216 | 12,674 | 2025-2027 | | **Total** | **228,910** | **100** | **10,216** | **218,693** | | [Corporate Governance and Other Information](index=49&type=section&id=Corporate%20Governance%20and%20Other%20Information) Outlines the company's corporate governance philosophy, compliance with the Corporate Governance Code, and other relevant disclosures regarding directors, supervisors, and shareholders [Corporate Governance Philosophy and Code](index=49&type=section&id=Corporate%20Governance%20Philosophy%20and%20Code) The company adheres to a prudent and efficient corporate governance philosophy, committed to high standards and compliance with the Listing Rules' Corporate Governance Code, except for not having a formal dividend policy - Corporate governance philosophy: Prudent and efficient, focusing on shareholder interests, committed to high-level corporate governance[129](index=129&type=chunk) - Code compliance: For the six months ended June 30, 2025, the company has complied with all code provisions under the Listing Rules and the Corporate Governance Code, except for not having a formal dividend policy[130](index=130&type=chunk) - Company Articles of Association: Revised Articles of Association adopted on January 22, 2025, and published on the company's and HKEX websites[130](index=130&type=chunk) [Directors' Securities Transactions](index=50&type=section&id=Directors'%20Securities%20Transactions) The company adopted the Model Code for Securities Transactions by Directors of Listed Issuers and confirmed that all directors and supervisors complied with it during the reporting period - Code adoption: Adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules[131](index=131&type=chunk) - Compliance status: Following enquiry, all Directors and Supervisors confirmed compliance with the Model Code for the six months ended June 30, 2025[131](index=131&type=chunk) [Board of Directors](index=50&type=section&id=Board%20of%20Directors) The first Board of Directors comprises eight members, including two executive, three non-executive, and three independent non-executive directors, serving a three-year term until July 28, 2026 - Board composition: Eight directors, including two executive directors, three non-executive directors, and three independent non-executive directors[132](index=132&type=chunk) - Term of office: Three years, until July 28, 2026, and eligible for re-appointment for multiple consecutive terms[132](index=132&type=chunk) - Member list: Executive Directors Mr. Wang Zengguang (General Manager), Mr. Qiao Erwei (Deputy General Manager and Company Secretary); Non-executive Directors Mr. Rao Zhaohui (Chairman), Mr. Wang Kaibao (Vice Chairman), Mr. Wang Lijie; Independent Non-executive Directors Ms. Huang Xinqi, Mr. Di Zhigang, Ms. Liang Shanying[132](index=132&type=chunk) [Supervisory Committee](index=51&type=section&id=Supervisory%20Committee) The first Supervisory Committee consists of three supervisors, appointed on July 20, 2023, for a three-year term - Supervisory Committee composition: Three supervisors[133](index=133&type=chunk) - Term of office: Three years, appointed on July 20, 2023[133](index=133&type=chunk) - Member list: Mr. Huang Ziliang, Mr. Wu Zhiqiang, Mr. Li Hebao[133](index=133&type=chunk) [Disclosure of Information on Directors, Supervisors and Chief Executive](index=51&type=section&id=Disclosure%20of%20Information%20on%20Directors%2C%20Supervisors%20and%20Chief%20Executive) Independent non-executive director Ms. Huang Xinqi's appointments changed during the six months ended June 30, 2025, and up to the date of this interim results announcement - Ms. Huang Xinqi's changes: Resigned as independent non-executive director of Duoxiangyun Holding Limited effective June 27, 2025, and appointed as independent non-executive director of Cansino Biologics Inc. effective June 30, 2025[133](index=133&type=chunk) [Interests of Directors, Supervisors and Chief Executive in Securities](index=51&type=section&id=Interests%20of%20Directors%2C%20Supervisors%20and%20Chief%20Executive%20in%20Securities) As of June 30, 2025, no directors, supervisors, or chief executive held disclosable interests in the company's shares. Non-executive directors Mr. Rao Zhaohui and Mr. Wang Lijie held indirect interests in the parent company, Jinma Energy's H shares - Interests in the Company's shares: As of June 30, 2025, no Directors, Supervisors, or Chief Executive had any interests or short positions in the shares, underlying shares, or debentures of the Company that were required to be recorded or notified[134](index=134&type=chunk) Long Positions in Associated Corporations (Jinma Energy) | Name | Nature of Interest | Class of Shares | Number of Shares Held (L) | Approximate Percentage of Total Share Capital | | :--- | :--- | :--- | :--- | :--- | | Mr. Rao Zhaohui | Interest in controlled corporation | H Shares | 162,000,000 | 30.26% | | | Beneficial owner | H Shares | 2,681,000 | 0.50% | | Mr. Wang Lijie | Interest in controlled corporation | H Shares | 42,900,000 | 8.01% | - Mr. Rao Zhaohui indirectly holds approximately **30.26%** interest in Jinma Energy through Jinxing Chemical (Holdings) Co., Ltd[136](index=136&type=chunk) - Mr. Wang Lijie indirectly holds **8.01%** interest in Jinma Energy through Jiyuan Jinma Xingye Investment Co., Ltd[136](index=136&type=chunk) [Interests of Directors and Supervisors in Transactions, Arrangements or Contracts](index=53&type=section&id=Interests%20of%20Directors%20and%20Supervisors%20in%20Transactions%2C%20Arrangements%20or%20Contracts) During the reporting period, no directors, supervisors, or their associated entities had significant direct or indirect interests in any transactions, arrangements, or contracts material to the Group's business - No material interests: During the reporting period, no Directors, Supervisors, or their associated entities had any direct or indirect material interests in any transactions, arrangements, or contracts significant to the Group's business[137](index=137&type=chunk) [Arrangements to Purchase Shares or Debentures](index=53&type=section&id=Arrangements%20to%20Purchase%20Shares%20or%20Debentures) During the reporting period, there were no arrangements by the company, its holding company, or any of its subsidiaries or fellow subsidiaries for directors to acquire shares or debentures of the company or any other body corporate - No arrangements to purchase shares or debentures: During the reporting period, there were no arrangements by the Company, its holding company, or any of its subsidiaries or fellow subsidiaries for Directors to acquire shares or debentures of the Company or any other body corporate[138](index=138&type=chunk) [Interests of Substantial Shareholders in Securities](index=53&type=section&id=Interests%20of%20Substantial%20Shareholders%20in%20Securities) As of June 30, 2025, Jinma Energy directly or indirectly held 74.65% and 0.35% respectively of the company's issued share capital, making it the substantial shareholder Interests of Substantial Shareholders in the Company's Securities | Name/Company Name | Nature of Interest | Class of Shares | Number of Shares Held (L) | Approximate Percentage of Total Share Capital | | :--- | :--- | :--- | :--- | :--- | | Jinma Energy | Beneficial owner | H Shares | 713,380,000 | 74.65% | | | Interest in controlled corporation | H Shares | 3,350,000 | 0.35% | - Jinma Energy indirectly holds **0.35%** interest in the Company through its wholly-owned subsidiary, Shanghai Jinma Energy Co., Ltd[141](index=141&type=chunk) [Sufficiency of Public Float](index=54&type=section&id=Sufficiency%20of%20Public%20Float) The company has maintained the public float level required by the Listing Rules since its listing date and up to the date of this announcement - Public float: The Company has maintained the public float level required by the Listing Rules since its listing date and up to the date of this announcement[142](index=142&type=chunk) [Purchase, Sale and Redemption of the Company's Securities](index=54&type=section&id=Purchase%2C%20Sale%20and%20Redemption%20of%20the%20Company's%20Securities) Neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the six months ended June 30, 2025 - No securities transactions: Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the six months ended June 30, 2025[143](index=143&type=chunk) [Employees and Remuneration Policy](index=54&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had 397 employees with total staff costs of approximately RMB 21.58 million. The company has a Remuneration and Assessment Committee that formulates remuneration policies based on performance and market practices, and provides social insurance and training programs for employees - Total employees: **397** (2 senior management, 17 middle management, 376 general staff)[144](index=144&type=chunk) - Staff costs: Approximately **RMB 21.58 million** (prior period: approximately RMB 23.98 million)[144](index=144&type=chunk) - Remuneration policy: Recommended by the Remuneration and Assessment Committee, based on the Group's overall operating performance, individual performance, and market practices[144](index=144&type=chunk) - Employee benefits: Full contributions to social insurance (including pension schemes, medical insurance, work injury insurance, unemployment insurance, and maternity insurance) and housing provident fund for all employees[144](index=144&type=chunk) - Training programs: Annual training plans developed, covering management, finance, safety, environmental protection, equipment, and processes[145](index=145&type=chunk) [Audit Committee and Review of Interim Results](index=55&type=section&id=Audit%20Committee%20and%20Review%20of%20Interim%20Results) The company's Audit Committee, comprising three directors, is responsible for reviewing financial information, monitoring financial reporting, risk management, and internal control systems. The committee has reviewed the unaudited condensed consolidated interim financial statements for the reporting period, which were also reviewed by external auditor Deloitte Touche Tohmatsu - Audit Committee composition: Three directors, including Ms. Huang Xinqi (Chairperson, Independent Non-executive Director), Mr. Wang Kaibao (Non-executive Director), and Mr. Di Zhigang (Independent Non-executive Director)[146](index=146&type=chunk) - Responsibilities: Review financial information, monito

Core Viewpoint - Jinyuan Hydrogenation (02502.HK) anticipates a loss of approximately RMB 20.1 million for the six months ending June 30, 2025, compared to a revenue of approximately RMB 30.3 million for the same period in 2024 [1] Financial Performance - The expected total comprehensive income attributable to the company's owners for the upcoming period is projected to be a loss of about RMB 20.1 million [1] - In the corresponding period of 2024, the company reported a revenue of approximately RMB 30.3 million [1]