FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中贛通信(集團)控股有限公司（於開曼群島註冊成立之有限公司） 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02545 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | HKD | | 0.1 HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.1 HKD | | 100,000,000 | 本 ...

目錄 | | 頁次 | | --- | --- | | 公司資料 | 2-3 | | 管理層討論及分析 | 4-12 | | 企業管治和其他資料 | 13-18 | | 中期簡明綜合損益及其他全面收益表 | 19 | | 中期簡明綜合財務狀況表 | 20-21 | | 中期簡明綜合權益變動表 | 22 | | 中期簡明綜合現金流量表 | 23 | | 未經審核中期財務報表附註 | 24-40 | 1 中贛通信（集團）控股有限公司 公司資料 董事會 執行董事 劉皓瓊先生 （主席） 彭聲謙先生 謝小蘭女士 劉鼎立先生 劉鼎議先生 周志強先生 獨立非執行董事 余世勇先生 朱玉鋼先生 趙和震先生（於2025年6月27日獲委任） 李銀國先生（於2025年6月27日退任） 審核委員會 余世勇先生 （委員會主席） 朱玉鋼先生 趙和震先生（於2025年6月27日獲委任） 李銀國先生（於2025年6月27日退任） 提名委員會 聯席公司秘書 劉鼎議先生 張森泉先生（於2025年7月17日獲委任） 黃慧兒女士（於2025年7月17日辭任） 就上市規則而言的授權代表 劉鼎議先生 張森泉先生（於2025年7月17日獲委任） 黃慧兒女士 ...

FF301 致：香港交易及結算所有限公司 公司名稱: 中贛通信(集團)控股有限公司（於開曼群島註冊成立之有限公司） 呈交日期: 2025年9月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02545 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | HKD | | 0.1 HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.1 HKD | | 100,000,000 | 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 II ...

Group 1 - The company has provided a guarantee of up to RMB 250 million to Ganzhou Bank Co., Ltd. Qingshan Lake Branch [1] - This guarantee aims to ensure that the company's wholly-owned subsidiary, Zhonggan Communication (Group) Co., Ltd., fulfills its obligations under the financing agreement signed with the bank [1] - The financing agreement is expected to provide additional financial resources for the company's business operations, enhancing cash flow management and addressing uncertainties in both global and local economies [1]

Core Viewpoint - The company has provided a guarantee of up to RMB 250 million to Ganzhou Bank's Qingshanhu branch to ensure its wholly-owned subsidiary, Zhonggan Communication (Group) Co., Ltd., fulfills its obligations under a financing agreement with the bank [1] Group 1 - The guarantee aims to support the subsidiary's compliance with the financing agreement and bank credit regulations [1] - Signing the financing agreement will provide additional funding resources for Zhonggan Communication, enhancing its cash flow management [1] - The move is seen as beneficial for the group in addressing uncertainties in both global and local economic conditions [1]

Group 1 - The company has provided a guarantee of up to RMB 250 million to Ganzhou Bank Co., Ltd. Qingshan Lake Branch [1] - This guarantee is intended to ensure that the company's wholly-owned subsidiary, Zhonggan Communication (Group) Co., Ltd., fulfills its obligations under a financing agreement with the bank [1] - The company is required to announce this guarantee arrangement as per the bank's request [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Zhonggan Communication (Group) Holdings Limited 中 贛 通 信（ 集 團 ）控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：2545） 自願公告 就附屬公司之銀行授信提供擔保 本公告乃由中贛通信（集團）控股有限公司（「本公司」，連同其附屬公司統稱為「本集 團」）自願作出。 本公司之董事（「董事」）會（「董事會」）欣然宣佈，本公司已向贛州銀行股份有限公司 青山湖支行（「該銀行」）提供一筆最多金額為人民幣250,000,000元之擔保（「擔保」）。 此項擔保旨在保證本公司全資附屬公司中贛通信（集團）有限公司（「中贛通信」），按 其與該銀行簽訂之融資協議（「融資協議」）連同銀行授信規定，妥為履行相關義務。 按該銀行之要求，本公司須就擔保之安排發佈公告。 董事會認為簽訂融資協議可為中贛通信的業務運營提供額外融資資源以強化其現 金流管理及應對全 ...

Group 1 - The core viewpoint of the article is that Zhonggan Communication (02545) reported a significant decline in its mid-term performance for the six months ending June 30, 2025, with a revenue of RMB 160 million, representing a year-on-year decrease of 32.7% [1] - The net profit for the company was RMB 4.195 million, which reflects a substantial year-on-year decrease of 77.43% [1] - The earnings per share (EPS) for the company stood at RMB 0.01 [1]

Group 1 - The core viewpoint of the article highlights that Zhonggan Communication (02545) reported a significant decline in its mid-term performance for the six months ending June 30, 2025, with a revenue of RMB 160 million, representing a year-on-year decrease of 32.7% [1] - The company's net profit for the same period was RMB 4.195 million, which reflects a substantial year-on-year decrease of 77.43% [1] - Earnings per share for the company stood at RMB 0.01 [1]

[Introduction & Financial Highlights](index=1&type=section&id=Introduction%20%26%20Financial%20Highlights) [Company Information & Announcement](index=1&type=section&id=Company%20Information%20%26%20Announcement) This announcement by Zhonggan Communication (Group) Holdings Limited discloses unaudited interim results for the six months ended June 30, 2025 - This is the unaudited condensed consolidated interim results announcement of Zhonggan Communication (Group) Holdings Limited (Stock Code: 2545) for the six months ended June 30, 2025[2](index=2&type=chunk) [Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the company's revenue and profit declined significantly, with revenue down 32.7% and profit down 77.4% year-over-year Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (RMB in thousands) | 2024 (RMB in thousands) | YoY Change (RMB in thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 159,689 | 237,283 | (77,594) | -32.7% | | Cost of sales | (133,485) | (185,951) | 52,466 | -28.2% | | Gross profit | 26,204 | 51,332 | (25,128) | -49.0% | | Other net income | 7,176 | 2,381 | 4,795 | 201.4% | | Selling expenses | (1,671) | (1,324) | (347) | 26.2% | | Administrative expenses | (15,521) | (20,540) | 5,019 | -24.4% | | Research and development expenses | (2,797) | (5,932) | 3,135 | -52.8% | | Profit from operations | 13,391 | 25,917 | (12,796) | -49.4% | | Finance costs | (9,046) | (7,683) | (1,363) | 17.7% | | Profit before tax | 4,345 | 18,234 | (13,889) | -76.2% | | Income tax | (150) | 356 | (506) | -142.1% | | Profit and total comprehensive income for the period | 4,195 | 18,590 | (14,395) | -77.4% | | Basic and diluted earnings per share (RMB yuan) | 0.01 | 0.04 | (0.03) | -75.0% | [Interim Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's total assets grew slightly, but a sharp increase in bank borrowings under current liabilities led to higher total liabilities and gearing ratio Interim Condensed Consolidated Statement of Financial Position (As of June 30, 2025 and December 31, 2024) | Indicator | June 30, 2025 (RMB in thousands) | December 31, 2024 (RMB in thousands) | Change (RMB in thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | **Assets** | | | | | | Non-current assets | 94,227 | 92,492 | 1,735 | 1.9% | | Current assets | 1,322,025 | 1,309,068 | 12,957 | 1.0% | | **Total assets** | **1,416,252** | **1,401,560** | **14,692** | **1.0%** | | **Liabilities** | | | | | | Current liabilities | 986,402 | 975,878 | 10,524 | 1.1% | | Non-current liabilities | 1,751 | 1,778 | (27) | -1.5% | | **Total liabilities** | **988,153** | **977,656** | **10,497** | **1.1%** | | **Equity** | | | | | | Net assets | 428,099 | 423,904 | 4,195 | 1.0% | | Total equity | 428,099 | 423,904 | 4,195 | 1.0% | - Contract assets under current assets increased from RMB 961,682 thousand on December 31, 2024 to **RMB 1,010,558 thousand** on June 30, 2025[5](index=5&type=chunk) - Bank borrowings under current liabilities **increased significantly** from RMB 373,476 thousand on December 31, 2024 to **RMB 544,958 thousand** on June 30, 2025[5](index=5&type=chunk) [Notes to the Interim Condensed Consolidated Financial Statements](index=5&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Statements) [Basis of Preparation](index=5&type=section&id=Basis%20of%20Preparation) The interim financial statements were prepared in accordance with HKAS 34 and the Listing Rules of the Hong Kong Stock Exchange and were authorized for issue on August 28, 2025 - The financial statements are prepared in accordance with the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and Hong Kong Accounting Standard 34 "Interim Financial Reporting"[7](index=7&type=chunk) - This interim report was authorized for issue on August 28, 2025[7](index=7&type=chunk) [Changes in Accounting Policies](index=5&type=section&id=Changes%20in%20Accounting%20Policies) The Group adopted amendments to HKAS 21, but the changes had no material impact as no relevant foreign currency transactions occurred - The Group has applied the amendments to HKAS 21 "The Effects of Changes in Foreign Exchange Rates – Lack of Exchangeability"[8](index=8&type=chunk) - The amendments had **no material impact** on this interim report as the Group did not have transactions settled in a foreign currency that was not exchangeable into another currency[8](index=8&type=chunk) [Revenue](index=6&type=section&id=Revenue) The Group's principal activities are telecommunication infrastructure, digital solutions, and maintenance services in China, with total revenue declining to RMB 159,689 thousand - The Group's principal activities are providing telecommunication infrastructure services, digital solutions services, and maintenance services in China[10](index=10&type=chunk) Revenue Breakdown (For the six months ended June 30) | Service Line | 2025 (RMB in thousands) | 2024 (RMB in thousands) | YoY Change (RMB in thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | | Telecommunication infrastructure construction services | 137,308 | 195,125 | (57,817) | -29.6% | | Telecommunication infrastructure maintenance services | 13,960 | 20,674 | (6,714) | -32.5% | | Digital integrated solutions services | 7,402 | 272 | 7,130 | 2621.3% | | Digital system maintenance services | 283 | 251 | 32 | 12.7% | | Digital software solutions services | 736 | 20,961 | (20,225) | -96.5% | | **Total** | **159,689** | **237,283** | **(77,594)** | **-32.7%** | | By timing of revenue recognition: Over time | 157,541 | 202,018 | (44,477) | -22.0% | | By timing of revenue recognition: At a point in time | 2,148 | 35,265 | (33,117) | -93.9% | [Other Net Income](index=7&type=section&id=Other%20Net%20Income) Other net income surged by 201.4% to RMB 7,176 thousand, primarily driven by new government grants, especially rewards for corporate listing Other Net Income (For the six months ended June 30) | Item | 2025 (RMB in thousands) | 2024 (RMB in thousands) | YoY Change (RMB in thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | | Interest income | 228 | 380 | (152) | -40.0% | | Interest income from bank deposits | 221 | 10 | 211 | 2110.0% | | Government grants | 6,349 | 1,489 | 4,860 | 326.4% | | Rental income from investment properties less direct expenses | 501 | 320 | 181 | 56.6% | | Gain on disposal of property, plant and equipment and other financial assets | – | 15 | (15) | -100.0% | | Net foreign exchange (loss)/gain | (91) | 159 | (250) | -157.2% | | Others | (32) | 8 | (40) | -500.0% | | **Total** | **7,176** | **2,381** | **4,795** | **201.4%** | - Government grants primarily came from Jiangxi government authorities, including rewards for reducing corporate costs, optimizing the business environment, contributions to high-tech industry development, corporate listing rewards, and VAT refunds on software[12](index=12&type=chunk) [Profit Before Tax](index=8&type=section&id=Profit%20Before%20Tax) Profit before tax fell sharply to RMB 4,345 thousand, impacted by higher finance costs, lower staff and labor costs, and changes in impairment losses Items Deducted from Profit Before Tax (For the six months ended June 30) | Item | 2025 (RMB in thousands) | 2024 (RMB in thousands) | YoY Change (RMB in thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | | Finance costs | 9,046 | 7,683 | 1,363 | 17.7% | | Staff costs | 10,519 | 12,995 | (2,476) | -19.0% | | Depreciation | 1,806 | 1,166 | 640 | 54.9% | | Amortisation | 8 | – | 8 | - | | Impairment losses | 6,219 | 8,149 | (1,930) | -23.7% | | Labour costs | 123,787 | 173,985 | (50,198) | -28.9% | | Cost of inventories | 5,795 | 264 | 5,531 | 2095.1% | | Listing expenses | – | 6,447 | (6,447) | -100.0% | - The increase in finance costs was mainly due to **higher interest on bank borrowings**[13](index=13&type=chunk) - The decrease in labor costs was mainly due to the Group engaging labor suppliers to supplement the workforce for labor-intensive projects[13](index=13&type=chunk) [Income Tax Expense](index=9&type=section&id=Income%20Tax%20Expense) The Group recorded an income tax expense of RMB 150 thousand, compared to a tax credit of RMB 356 thousand in the prior period, due to changes in current and deferred tax provisions Income Tax in the Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Item | 2025 (RMB in thousands) | 2024 (RMB in thousands) | YoY Change (RMB in thousands) | | :--- | :--- | :--- | :--- | | Current tax: Provision for the year | 2,700 | 20,041 | (17,341) | | Deferred tax: Origination and reversal of temporary differences | (2,550) | (20,397) | 17,847 | | **Total** | **150** | **(356)** | **506** | - Chinese subsidiaries are subject to a statutory corporate income tax rate of 25%, but companies qualifying as "High and New Technology Enterprises" enjoy a **preferential rate of 15%**[15](index=15&type=chunk) - Qualified R&D costs are eligible for a **super deduction**, with an additional 100% treated as deductible expenses for income tax purposes[15](index=15&type=chunk) [Earnings Per Share](index=10&type=section&id=Earnings%20Per%20Share) Basic and diluted earnings per share decreased significantly to RMB 0.01 from RMB 0.04 in the prior year, primarily due to lower profit attributable to equity holders Basic and Diluted Earnings Per Share (For the six months ended June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Profit attributable to equity holders of the Company (RMB in thousands) | 4,195 | 18,590 | | Weighted average number of shares (shares) | 640,000,000 | 480,000,000 | | Basic and diluted earnings per share (RMB yuan) | 0.01 | 0.04 | - There were **no potential dilutive shares outstanding** for the six months ended June 30, 2025 and 2024[17](index=17&type=chunk) [Trade and Other Receivables](index=10&type=section&id=Trade%20and%20Other%20Receivables) Trade and other receivables, net of loss allowance, decreased to RMB 182,465 thousand as of June 30, 2025, mainly due to a reduction in current trade receivables Trade and Other Receivables (As of June 30, 2025 and December 31, 2024) | Item | June 30, 2025 (RMB in thousands) | December 31, 2024 (RMB in thousands) | Change (RMB in thousands) | | :--- | :--- | :--- | :--- | | Trade receivables, net of loss allowance (current) | 173,311 | 194,685 | (21,374) | | Trade receivables, net of loss allowance (non-current) | 4,945 | 4,822 | 123 | | Other receivables, net of loss allowance | 4,209 | 4,414 | (205) | | Amounts due from related parties | 1,112 | 112 | 1,000 | | Prepayments for labour services and hardware | 50,539 | 2,743 | 47,796 | | Deferred VAT refunds | 8,905 | 6,826 | 2,079 | | **Total** | **243,021** | **213,602** | **29,419** | Ageing Analysis of Trade Receivables (Net of Loss Allowance) | Ageing | June 30, 2025 (RMB in thousands) | December 31, 2024 (RMB in thousands) | | :--- | :--- | :--- | | Within 6 months | 41,341 | 93,406 | | Over 6 months but within 12 months | 55,597 | 31,398 | | Over 12 months but within 18 months | 22,603 | 57,883 | | Over 18 months but within 24 months | 55,797 | 6,079 | | Over 24 months | 48,875 | 51,199 | | **Total trade receivables** | **224,213** | **239,965** | | Less: Loss allowance | (45,957) | (40,458) | | **Net amount** | **178,256** | **199,507** | - Prepayments for labor services and hardware **increased significantly**, mainly for project prepayments for procurement of labor and hardware[18](index=18&type=chunk)[20](index=20&type=chunk) [Trade and Other Payables](index=12&type=section&id=Trade%20and%20Other%20Payables) Total trade and other payables decreased significantly to RMB 420,871 thousand as of June 30, 2025, primarily due to a reduction in trade payables to third parties Trade and Other Payables (As of June 30, 2025 and December 31, 2024) | Item | June 30, 2025 (RMB in thousands) | December 31, 2024 (RMB in thousands) | Change (RMB in thousands) | | :--- | :--- | :--- | :--- | | Trade payables - third parties | 297,376 | 454,338 | (156,962) | | Accrued payroll | 4,364 | 4,675 | (311) | | Amount due to a shareholder | 2,800 | 2,800 | 0 | | Amount due to an associate | 7,500 | 7,350 | 150 | | Other tax payables | 103,021 | 94,389 | 8,632 | | Other payables and accrued charges | 5,810 | 6,805 | (995) | | **Total** | **420,871** | **570,357** | **(149,486)** | Ageing Analysis of Trade Payables (As of June 30, 2025 and December 31, 2024) | Ageing | June 30, 2025 (RMB in thousands) | December 31, 2024 (RMB in thousands) | | :--- | :--- | :--- | | Within 1 year | 165,599 | 311,847 | | Over 1 year but within 2 years | 72,597 | 85,597 | | Over 2 years but within 3 years | 17,783 | 24,373 | | Over 3 years | 41,397 | 32,521 | | **Total** | **297,376** | **454,338** | [Short-term Borrowings](index=13&type=section&id=Short-term%20Borrowings) The Group's total bank borrowings increased to RMB 544,958 thousand, with a significant rise in secured loans collateralized by various assets and guaranteed by related individuals Repayment of Bank Borrowings (As of June 30, 2025 and December 31, 2024) | Repayment Term | June 30, 2025 (RMB in thousands) | December 31, 2024 (RMB in thousands) | | :--- | :--- | :--- | | Within 1 year or on demand | 544,958 | 373,476 | Security of Bank Borrowings (As of June 30, 2025 and December 31, 2024) | Type | June 30, 2025 (RMB in thousands) | December 31, 2024 (RMB in thousands) | | :--- | :--- | :--- | | Unsecured bank borrowings | 105,097 | 90,123 | | Secured bank borrowings | 439,861 | 283,353 | | **Total** | **544,958** | **373,476** | - Bank borrowings were secured by property, plant and equipment, investment properties, trade receivables, contract assets, and bank deposits with a total carrying value of approximately **RMB 1,165.2 million**[24](index=24&type=chunk) - Certain bank borrowings were guaranteed by the Group's shareholders and their immediate family members, as well as key management personnel and their immediate family members[25](index=25&type=chunk) [Share Capital, Reserves and Dividends](index=14&type=section&id=Share%20Capital%2C%20Reserves%20and%20Dividends) The Group's share capital remained unchanged while reserves increased, and the Board did not declare an interim dividend for the period - Statutory reserves require Chinese subsidiaries to transfer 10% of net profit annually until the reserve reaches 50% of the registered capital, in accordance with PRC laws[26](index=26&type=chunk) - Other reserves represent the surplus of contributions made by shareholders of subsidiaries under the Group's reorganization[27](index=27&type=chunk) - **No dividend** was paid, declared, or proposed for the six months ended June 30, 2025[28](index=28&type=chunk) [Capital Commitments](index=14&type=section&id=Capital%20Commitments) The Group had no capital commitments as of December 31, 2024, and June 30, 2025 - The Group had **no capital commitments** as at December 31, 2024 and June 30, 2025[29](index=29&type=chunk) [Management Discussion and Analysis](index=15&type=section&id=Management%20Discussion%20and%20Analysis) [Company Overview](index=15&type=section&id=Company%20Overview) Zhonggan Communication, listed on the Hong Kong Stock Exchange on July 3, 2024, is a Jiangxi-based integrated service provider and software developer - The Company was successfully listed on the Main Board of The Stock Exchange of Hong Kong Limited on **July 3, 2024**[30](index=30&type=chunk) - The Group is a reputable integrated service provider and software developer headquartered in Jiangxi Province, China, specializing in telecommunication infrastructure and digital solutions services[30](index=30&type=chunk) [Business Review and Future Outlook](index=15&type=section&id=Business%20Review%20and%20Future%20Outlook) In H1 2025, the Group's successful bids grew 133% YoY to RMB 360 million, and it plans to expand its national presence and explore new business opportunities in digital solutions - Clients for telecommunication infrastructure services mainly include telecom network operators, telecom tower infrastructure service providers, local governments, quasi-governmental bodies, and state-owned enterprises[31](index=31&type=chunk) - Telecommunication infrastructure services include construction services (e.g., base station construction, transmission network pipeline services) and maintenance services (e.g., routine maintenance, repairs, and emergency troubleshooting)[31](index=31&type=chunk) - Digital solutions services aim to enhance operational efficiency by integrating hardware and software systems with digital technologies like IoT, cloud computing, big data, and AI[32](index=32&type=chunk) - In the first half of 2025, the Group's successful bids amounted to **RMB 360 million**, a **133% increase** compared to the first half of 2024[32](index=32&type=chunk) - Future outlook includes accelerating the national layout of telecommunication infrastructure services, expanding outside Jiangxi Province, and seeking more opportunities in informatization, artificial intelligence, and AI-related fields[32](index=32&type=chunk)[34](index=34&type=chunk) [Financial Review](index=18&type=section&id=Financial%20Review) The period saw a sharp decline in revenue and net profit, driven by project completions and fewer digital solution contracts, while gross margin fell due to a shift in service mix [Revenue](index=18&type=section&id=Revenue_Financial_Review) Total revenue decreased by 32.7% YoY to RMB 159.7 million, mainly due to a 29.9% drop in telecommunication infrastructure services and a 60.8% drop in digital solutions services Revenue Breakdown by Business Segment (For the six months ended June 30) | Business Segment | 2025 (RMB in thousands) | 2025 (%) | 2024 (RMB in thousands) | 2024 (%) | YoY Change (RMB in thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Telecommunication infrastructure services | 151,268 | 94.7 | 215,799 | 90.9 | (64,531) | -29.9% | | - Infrastructure construction services | 137,308 | 86.0 | 195,125 | 82.2 | (57,817) | -29.6% | | - Infrastructure maintenance services | 13,960 | 8.7 | 20,674 | 8.7 | (6,714) | -32.5% | | Digital solutions services | 8,421 | 5.3 | 21,484 | 9.1 | (13,063) | -60.8% | | - Integrated solutions services | 7,402 | 4.6 | 272 | 0.1 | 7,130 | 2621.3% | | - System maintenance services | 283 | 0.2 | 251 | 0.1 | 32 | 12.7% | | - Software solutions services | 736 | 0.5 | 20,961 | 8.9 | (20,225) | -96.5% | | **Total** | **159,689** | **100.0** | **237,283** | **100.0** | **(77,594)** | **-32.7%** | - The decrease in telecommunication infrastructure services revenue was mainly due to the **substantial completion of several large-scale projects** and a limited number of newly awarded orders[38](index=38&type=chunk) - The decrease in digital solutions services revenue was mainly due to a **reduction in the number of software solutions service contracts** undertaken[39](index=39&type=chunk) [Cost of Sales](index=19&type=section&id=Cost%20of%20Sales) Cost of sales decreased by 28.2% year-over-year to RMB 133.5 million, which is in line with the decline in revenue - Cost of sales decreased from RMB 186.0 million to **RMB 133.5 million**, a decrease in line with the reduction in revenue[40](index=40&type=chunk) [Gross Profit and Gross Margin](index=19&type=section&id=Gross%20Profit%20and%20Gross%20Margin) Total gross profit decreased by 49.0% to RMB 26.2 million, with the overall gross margin falling from 21.6% to 16.4% due to lower revenue from high-margin software services Gross Profit and Gross Margin by Business Segment (For the six months ended June 30) | Business Segment | 2025 Gross Profit (RMB in thousands) | 2025 Gross Margin (%) | 2024 Gross Profit (RMB in thousands) | 2024 Gross Margin (%) | | :--- | :--- | :--- | :--- | :--- | | Telecommunication infrastructure services | 24,761 | 16.4% | 30,254 | 14.0% | | - Infrastructure construction services | 21,246 | 15.5% | 25,431 | 13.0% | | - Infrastructure maintenance services | 3,515 | 25.2% | 4,823 | 23.3% | | Digital solutions services | 1,443 | 17.1% | 21,078 | 98.1% | | - Integrated solutions services | 1,184 | 16.0% | 7 | 2.6% | | - System maintenance services | 137 | 48.4% | 140 | 55.8% | | - Software solutions services | 122 | 16.6% | 20,931 | 99.9% | | **Total Gross Profit and Overall Gross Margin** | **26,204** | **16.4%** | **51,332** | **21.6%** | - The decrease in gross margin was primarily due to the **reduction in revenue from software solutions services**, which typically contribute a higher gross margin[43](index=43&type=chunk) [Other Net Income](index=20&type=section&id=Other%20Net%20Income_Financial_Review) Other net income increased significantly by 201.4% to RMB 7.2 million, mainly driven by a new government grant for corporate listing - Other net income increased from RMB 2.4 million to **RMB 7.2 million**, primarily due to a new government grant related to the corporate listing[44](index=44&type=chunk) [Selling Expenses](index=20&type=section&id=Selling%20Expenses) Selling expenses increased by 26.2% to RMB 1.7 million, mainly due to higher tender-related fees, staff costs, and travel expenses - Selling expenses increased from RMB 1.3 million to **RMB 1.7 million**, mainly due to increases in tender-related fees, staff costs, and travel expenses[45](index=45&type=chunk) [Administrative Expenses](index=20&type=section&id=Administrative%20Expenses) Administrative expenses decreased by 24.4% to RMB 15.5 million, primarily due to lower professional service fees and credit impairment losses - Administrative expenses decreased from RMB 20.5 million to **RMB 15.5 million**, mainly due to a **RMB 4.5 million decrease** in professional service and consulting fees and a **RMB 1.5 million decrease** in credit impairment losses[46](index=46&type=chunk) [Research and Development Expenses](index=20&type=section&id=Research%20and%20Development%20Expenses) R&D expenses decreased by 52.8% to RMB 2.8 million, primarily due to a reduction in labor costs for R&D personnel - R&D expenses decreased from RMB 5.9 million to **RMB 2.8 million**, mainly due to a reduction in labor costs for R&D personnel[47](index=47&type=chunk) [Finance Costs](index=21&type=section&id=Finance%20Costs) Finance costs increased by 17.7% to RMB 9.0 million, mainly due to higher interest expenses from an increased average bank borrowing balance in H1 2025 - Finance costs increased from RMB 7.7 million to **RMB 9.0 million**, due to higher bank interest expenses resulting from an increased average bank borrowing balance in H1 2025[48](index=48&type=chunk) [Income Tax Expense](index=21&type=section&id=Income%20Tax%20Expense_Financial_Review) The Group recorded an income tax expense of RMB 0.2 million for the period, compared to an income tax credit of RMB 0.4 million in the prior-year period - The Group recorded an income tax credit of RMB 0.4 million for the six months ended June 30, 2024, and an income tax expense of **RMB 0.2 million** for the six months ended June 30, 2025[49](index=49&type=chunk) [Net Profit for the Period](index=21&type=section&id=Net%20Profit%20for%20the%20Period) Net profit for the period decreased sharply by 77.4% to RMB 4.2 million, reflecting the combined impact of lower revenue and changes in costs - The Group's net profit decreased from RMB 18.6 million to **RMB 4.2 million**[50](index=50&type=chunk) [Liquidity and Capital Resources](index=21&type=section&id=Liquidity%20and%20Capital%20Resources) The Group faces liquidity challenges with a net cash outflow from operations, reduced cash reserves, and a significant increase in bank borrowings, leading to a higher gearing ratio [Cash Flow from Operating Activities](index=21&type=section&id=Cash%20Flow%20from%20Operating%20Activities) The Group recorded a net cash outflow from operating activities of RMB 227.1 million for the period, primarily due to adverse working capital changes - The Group recorded a **net cash used in operating activities of RMB 227.1 million**[51](index=51&type=chunk) - The net cash outflow was mainly due to an increase in contract assets of approximately RMB 50.0 million, an increase in trade and other receivables of approximately RMB 35.0 million, and a decrease in trade and other payables of approximately RMB 149.6 million[51](index=51&type=chunk) [Cash and Bank Balances and Borrowings](index=22&type=section&id=Cash%20and%20Bank%20Balances%20and%20Borrowings) Cash and cash equivalents decreased by RMB 87.6 million to RMB 47.4 million, while bank borrowings increased by RMB 171.5 million to RMB 545.0 million - Cash and cash equivalents were approximately **RMB 47.4 million** as of June 30, 2025, a decrease of approximately RMB 87.6 million from December 31, 2024[52](index=52&type=chunk) - Bank borrowings increased by RMB 171.5 million from RMB 373.5 million on December 31, 2024 to **RMB 545.0 million** on June 30, 2025[52](index=52&type=chunk) [Gearing Ratio](index=22&type=section&id=Gearing%20Ratio) The gearing ratio increased from 0.9 times as of December 31, 2024, to 1.3 times as of June 30, 2025, mainly due to a higher average bank borrowing balance - As of June 30, 2025, the Group's gearing ratio was **1.3 times** (December 31, 2024: 0.9 times)[53](index=53&type=chunk) - The increase in the gearing ratio was mainly due to the **increase in the average balance of bank borrowings** in the first half of 2025[53](index=53&type=chunk) [Capital Structure](index=22&type=section&id=Capital%20Structure) The Company's share capital consists solely of ordinary shares, with an issued capital of HK$64,000,000 comprising 640,000,000 shares of HK$0.1 each - The Company's share capital consists only of ordinary shares, with an issued share capital of **HK$64,000,000** comprising 640,000,000 shares of HK$0.1 each[54](index=54&type=chunk) [Treasury Policy](index=23&type=section&id=Treasury%20Policy) The Group maintains a prudent treasury management policy, actively managing liquidity and regularly reviewing its capital structure to ensure a strong capital position - The Group adheres to a prudent treasury management policy and actively manages its liquidity to meet daily operational and future development funding needs[55](index=55&type=chunk) [Foreign Exchange Risk](index=23&type=section&id=Foreign%20Exchange%20Risk) The Group operates mainly in China with transactions denominated in RMB and currently does not engage in hedging activities but monitors foreign exchange exposure - The Group primarily operates in China with transactions denominated in RMB, and most cash and cash equivalents are held in RMB[56](index=56&type=chunk) - The Group **does not currently engage in hedging activities** aimed at managing foreign exchange risk[56](index=56&type=chunk) [Capital Commitments](index=23&type=section&id=Capital%20Commitments_Liquidity) The Group had no capital commitments as of December 31, 2024, and June 30, 2025 - The Group had **no capital commitments** as at December 31, 2024 and June 30, 2025[57](index=57&type=chunk) [Contingent Liabilities and Pledged Assets](index=23&type=section&id=Contingent%20Liabilities%20and%20Pledged%20Assets) The Group has no contingent liabilities but has pledged assets valued at approximately RMB 1,165.2 million to secure bank borrowings and facilities - The Group had **no contingent liabilities** as at December 31, 2024 and June 30, 2025[58](index=58&type=chunk) - Assets with a carrying value of approximately **RMB 1,165.2 million** were pledged to secure bank borrowings and banking facilities[58](index=58&type=chunk) [Material Investments, Acquisitions and Disposals](index=23&type=section&id=Material%20Investments%2C%20Acquisitions%20and%20Disposals) The Group did not undertake any material investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures during the six months ended June 30, 2025 - During the six months ended June 30, 2025, the Group made **no material investments** and had no other material acquisitions or disposals of subsidiaries, associates, or joint ventures[59](index=59&type=chunk) [Future Plans for Material Investments](index=24&type=section&id=Future%20Plans%20for%20Material%20Investments) As of the announcement date, the Group has no other future plans for material investments or acquisitions of capital assets beyond what has been disclosed - As of the date of this announcement, other than as disclosed, the Group has **no other future plans for material investments** or acquisitions of capital assets[60](index=60&type=chunk) [Use of Proceeds from Global Offering](index=24&type=section&id=Use%20of%20Proceeds%20from%20Global%20Offering) Net proceeds of approximately HK$141.9 million were reallocated on May 12, 2025, with HK$96.5 million utilized by June 30, 2025, and HK$45.4 million remaining for future use - The total net proceeds from the Global Offering were approximately **HK$141.9 million**[61](index=61&type=chunk) - On May 12, 2025, the Company announced the reallocation of the use of net proceeds and an extension of the timeline for their utilization[61](index=61&type=chunk) Use and Expected Timeline of Net Proceeds from the Global Offering | Use | Net Proceeds Disclosed in Prospectus (HK$ million) | Revised Allocation of Net Proceeds (HK$ million) | Utilized as of June 30, 2025 (HK$ million) | Unutilized as of June 30, 2025 (HK$ million) | Expected Timeline for Full Utilization | | :--- | :--- | :--- | :--- | :--- | :--- | | Selectively pursue strategic acquisitions | 89.4 | – | – | – | N/A | | Pay upfront costs for potential integrated solutions service projects | 22.0 | 32.0 | 12.0 | 20.0 | Before December 31, 2026 | | Enhance R&D capabilities | 24.6 | 45.4 | 20.0 | 25.4 | Before December 31, 2026 | | Repay bank borrowings | – | 39.4 | 39.4 | – | N/A | | General working capital | 5.9 | 15.0 | 15.0 | – | N/A | | **Total** | **141.9** | **131.8** | **86.4** | **45.4** | | [Other Information](index=25&type=section&id=Other%20Information) [Employees and Remuneration Policy](index=25&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had 187 employees with total staff costs of RMB 10.5 million, offering competitive remuneration and regular training - As of June 30, 2025, the Group employed **187 employees** (June 30, 2024: 229)[63](index=63&type=chunk) - Total staff costs for the six months ended June 30, 2025, were **RMB 10.5 million** (Same period in 2024: RMB 13.0 million)[63](index=63&type=chunk) - The Group is committed to providing competitive remuneration and benefits and has policies for regular review of employee salaries and bonuses[63](index=63&type=chunk) [Retirement Benefit Plans](index=25&type=section&id=Retirement%20Benefit%20Plans) Employees of Chinese subsidiaries participate in state-managed retirement benefit plans, with the Group's sole obligation being to make the required contributions - Employees of the Chinese subsidiaries are members of a state-managed retirement benefit plan operated by the PRC government[64](index=64&type=chunk) - The Group's sole obligation for this retirement benefit plan is to make the required contributions[64](index=64&type=chunk) [Corporate Governance](index=26&type=section&id=Corporate%20Governance) The Company has complied with all applicable provisions of the Corporate Governance Code, and the Board justifies the dual role of Chairman and CEO for unified leadership - The Company has adopted and complied with all applicable code provisions under the Corporate Governance Code as set out in Appendix C1 to the Listing Rules[65](index=65&type=chunk) - Mr. Liu Haoqiong currently serves as both the Chief Executive Officer and Chairman of the Company, which deviates from code provision C.2.1[66](index=66&type=chunk) - The Board believes that having the same person serve as both CEO and Chairman is beneficial for ensuring unified leadership and effective execution, with an appropriate balance of power structure in place[66](index=66&type=chunk) [Compliance with Model Code for Securities Transactions by Directors](index=27&type=section&id=Compliance%20with%20Model%20Code%20for%20Securities%20Transactions%20by%20Directors) The Company has adopted the Model Code for securities dealings by directors and relevant employees, and all directors have confirmed their compliance - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 to the Listing Rules as its code of conduct for securities dealings by directors and relevant employees[67](index=67&type=chunk) - All directors have confirmed that they complied with the required standards for dealings set out in the Model Code for the six months ended June 30, 2025[67](index=67&type=chunk) [Changes in Directors' Information under Listing Rules](index=27&type=section&id=Changes%20in%20Directors%27%20Information%20under%20Listing%20Rules) Several changes in director information occurred, including appointments and resignations from the nomination committee and changes in independent non-executive directors - Ms. Xie Xiaolan was appointed as a member of the Company's nomination committee, effective June 30, 2025[69](index=69&type=chunk) - Mr. Liu Dingli resigned as a member of the Company's nomination committee, effective June 30, 2025[69](index=69&type=chunk) - Mr. Li Yinguo retired as an independent non-executive director, effective June 27, 2025[69](index=69&type=chunk) - Mr. Zhao Hezhen was appointed as an independent non-executive director, effective June 27, 2025[69](index=69&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=28&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) Neither the Company nor its subsidiaries purchased, redeemed, or sold any of the Company's listed securities during the six months ended June 30, 2025 - During the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, redeemed, or sold any of the Company's listed securities[70](index=70&type=chunk) [Interim Dividend](index=28&type=section&id=Interim%20Dividend_Other_Info) The Board of Directors does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[71](index=71&type=chunk) [Audit Committee and Review of Interim Results](index=28&type=section&id=Audit%20Committee%20and%20Review%20of%20Interim%20Results) The Audit Committee has reviewed the Group's interim results and this announcement, confirming compliance with applicable accounting standards and listing rules - The Audit Committee consists of three independent non-executive directors, with Mr. Yu Shiyong as the chairman[72](index=72&type=chunk) - The Audit Committee has reviewed the Group's interim results and this announcement for the six months ended June 30, 2025[72](index=72&type=chunk) - The Audit Committee considers that the unaudited results comply with applicable accounting standards, the Listing Rules, and other legal requirements, and that adequate disclosures have been made[72](index=72&type=chunk) [Significant Events After Reporting Period](index=28&type=section&id=Significant%20Events%20After%20Reporting%20Period) No other significant events that could affect the Group have occurred after June 30, 2025, up to the date of this announcement - There were **no other significant events** that could affect the Group after June 30, 2025, and up to the date of this announcement[73](index=73&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=29&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) This announcement is available on the Company's and the Stock Exchange's websites, and the interim report will be dispatched and published in due course - This interim results announcement is published on the Company's website (www.gantongjt.com) and the Stock Exchange's website (www.hkexnews.hk)[74](index=74&type=chunk) - The interim report of the Group for the six months ended June 30, 2025, will be dispatched to the Company's shareholders and published on the above websites in due course[74](index=74&type=chunk) [Board of Directors Information](index=29&type=section&id=Board%20of%20Directors%20Information) As of the announcement date, the Board comprises six executive directors and three independent non-executive directors - The executive Directors are Mr. Liu Haoqiong, Mr. Peng Shengqian, Ms. Xie Xiaolan, Mr. Liu Dingli, Mr. Liu Dingyi, and Mr. Zhou Zhiqiang[76](index=76&type=chunk) - The independent non-executive Directors are Mr. Yu Shiyong, Mr. Zhu Yugang, and Mr. Zhao Hezhen[76](index=76&type=chunk)