Core Viewpoint - New Qi'an (02573) reported a significant increase in mid-year performance for 2025, with revenue reaching RMB 335 million, representing a year-on-year growth of 54.27% [1] - The profit attributable to the company's owners surged to RMB 24.375 million, marking a remarkable increase of 586.43% compared to the previous year [1] - Basic earnings per share stood at RMB 0.28, reflecting the company's strong financial performance [1] Revenue and Profit Analysis - The substantial increase in revenue is primarily attributed to the rise in sales of the company's main products, namely sucralose and food-grade glycine [1] - The growth in sales has led to an increase in both revenue and gross profit during the reporting period [1]

Core Viewpoint - New Qianan (02573) reported a significant increase in mid-year performance for 2025, with revenue reaching RMB 335 million, representing a year-on-year growth of 54.27% [1] - The profit attributable to the company's owners surged to RMB 24.375 million, marking a substantial increase of 586.43% compared to the previous year [1] - Basic earnings per share stood at RMB 0.28, reflecting the company's strong financial performance [1] Revenue and Profit Analysis - The increase in revenue and gross profit is primarily attributed to the rise in sales of the company's main products, namely sucralose and food-grade glycine [1] - The notable growth in sales volume of these products has significantly contributed to the overall financial performance during the period [1]

Core Insights - The company Xin Qi An (02573.HK) reported a significant increase in total revenue and profit for the six months ending June 30, 2025, with total revenue reaching RMB 335 million, a year-on-year increase of 54.3% [1] - Gross profit rose to RMB 77.948 million, reflecting a substantial year-on-year increase of 252.7% [1] - The profit attributable to the owners of the company was RMB 24.375 million, marking a remarkable year-on-year increase of 586.4% [1] - Basic earnings per share were reported at RMB 0.28 [1] Revenue Breakdown - The revenue from food-grade and industrial-grade glycine amounted to RMB 168 million, representing a year-on-year increase of approximately 25.9% [1] - Revenue from sucralose business totaled RMB 152 million, showing a significant year-on-year increase of 116.8% [1] - The overall increase in revenue and gross profit was primarily driven by higher sales volumes of the company's main products, sucralose and food-grade glycine [1]

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) New Trend Group reported strong 2025 interim results, with revenue up 54.3% to RMB 334.8 million and profit for the period increasing 586.4% to RMB 24.4 million, with no interim dividend recommended | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 334,798 | 217,015 | | Gross Profit | 77,948 | 22,098 | | Gross Margin | 23.3% | 10.2% | | Profit for the Period | 24,375 | 3,551 | | Net Margin | 7.3% | 1.6% | | Profit Attributable to Owners of the Company | 24,375 | 3,551 | | Basic Earnings Per Share (RMB) | 0.28 | 0.04 | - Total revenue was approximately **RMB 334.8 million**, an increase of approximately **54.3%** compared to approximately RMB 217.0 million in the same period last year[3](index=3&type=chunk) - Gross profit was approximately **RMB 77.9 million**, an increase of approximately **252.7%** from approximately RMB 22.1 million in the same period of 2024. Gross margin was **23.3%**, an increase of approximately **13.1 percentage points** from **10.2%** in the same period of 2024[4](index=4&type=chunk) - Profit for the period was approximately **RMB 24.4 million**, an increase of approximately **586.4%** from approximately RMB 3.6 million in the same period of 2024[4](index=4&type=chunk) - The Board recommended no interim dividend for the six months ended June 30, 2025[5](index=5&type=chunk) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This section presents the condensed consolidated statement of profit or loss and other comprehensive income, highlighting significant growth in key financial metrics for the period | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 334,798 | 217,015 | | Cost of Sales | (256,850) | (194,917) | | Gross Profit | 77,948 | 22,098 | | Other Income, Gains and Losses | 6,461 | 12,245 | | Selling and Distribution Expenses | (2,696) | (2,106) | | Administrative Expenses | (19,915) | (12,845) | | Research and Development Costs | (12,007) | (7,130) | | Listing Expenses | (12,661) | (7,633) | | Impairment Loss under Expected Credit Loss Model | (4,163) | (900) | | Finance Costs | (4,614) | (1,352) | | Profit Before Tax | 28,353 | 2,377 | | Income Tax (Expense) Credit | (3,978) | 1,174 | | Profit for the Period | 24,375 | 3,551 | | Exchange Differences on Translation of Overseas Operations | 3,116 | (4,596) | | Total Comprehensive Income (Expense) for the Period | 27,491 | (1,045) | | Basic and Diluted Earnings Per Share | 0.28 | 0.04 | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) The statement of financial position as of June 30, 2025, reflects significant asset growth, driven by current assets and cash, with non-current liabilities increasing due to borrowing restructuring, yet overall equity improved | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | **Non-current Assets** | | | | Property, Plant and Equipment | 390,581 | 386,389 | | Right-of-use Assets | 20,640 | 12,465 | | Deferred Tax Assets | 19,986 | 17,891 | | Total Non-current Assets | 432,184 | 418,607 | | **Current Assets** | | | | Inventories | 112,644 | 91,903 | | Trade and Bills Receivables | 302,533 | 224,613 | | Bank Balances and Cash | 250,087 | 51,469 | | Total Current Assets | 693,740 | 394,301 | | **Current Liabilities** | | | | Trade and Bills Payables | 119,399 | 96,285 | | Bank Borrowings | 144,600 | 74,700 | | Other Borrowings | 11,256 | 95,650 | | Total Current Liabilities | 352,976 | 325,608 | | Net Current Assets | 340,764 | 68,693 | | **Non-current Liabilities** | | | | Other Borrowings | 79,715 | – | | Total Non-current Liabilities | 94,554 | 8,181 | | Net Assets | 678,394 | 479,119 | | Total Equity | 678,394 | 479,119 | [Notes to the Condensed Consolidated Interim Financial Statements](index=6&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Statements) This section provides detailed notes to the condensed consolidated interim financial statements, covering company information, accounting policies, segment revenue, asset and liability composition and changes, borrowings, share capital movements, related party transactions, and financial instrument classification, offering essential context and details for understanding the financial statements [1. General Information](index=6&type=section&id=1.%20General%20Information) New Trend Group Co., Ltd. was established in China in 2006, renamed in February 2025, and listed on the Main Board of the Stock Exchange on June 10, 2025, primarily engaged in the production and sale of food-grade glycine, industrial-grade glycine, and sucralose - The Company was listed on the Main Board of The Stock Exchange of Hong Kong Limited on **June 10, 2025**[10](index=10&type=chunk) - The Group is principally engaged in the production and sale of food-grade glycine, industrial-grade glycine, and sucralose[10](index=10&type=chunk) [2. Basis of Preparation](index=6&type=section&id=2.%20Basis%20of%20Preparation) The unaudited condensed consolidated interim financial statements are prepared in accordance with the Listing Rules of The Stock Exchange of Hong Kong Limited and HKAS 34 "Interim Financial Reporting" issued by the HKICPA, and should be read in conjunction with the historical financial information disclosed in Appendix I of the Company's prospectus - The unaudited condensed consolidated interim financial statements have been 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" issued by the Hong Kong Institute of Certified Public Accountants[12](index=12&type=chunk) [3. Application of Amendments to Hong Kong Financial Reporting Standards](index=7&type=section&id=3.%20Application%20of%20Amendments%20to%20Hong%20Kong%20Financial%20Reporting%20Standards) During the current interim period, the Group first applied the revised HKFRSs issued by the HKICPA that are mandatorily effective for annual periods beginning on or after January 1, 2025, which did not have a significant impact on the financial position and performance - The application of the amended HKFRSs in the current period has had no material impact on the Group's financial position and performance and/or disclosures in these unaudited condensed consolidated interim financial statements for the current and prior periods[14](index=14&type=chunk) [4. Critical Accounting Estimates and Judgements](index=7&type=section&id=4.%20Critical%20Accounting%20Estimates%20and%20Judgements) The preparation of the condensed consolidated interim financial statements involves management's judgments, estimates, and assumptions, which are consistent with the accounting policies, key accounting estimates, and judgments adopted in the historical financial information disclosed in Appendix I of the Company's prospectus - The unaudited condensed consolidated interim financial statements have been prepared using the same accounting policies, key accounting estimates, and judgments as those applied in the historical financial information disclosed in Appendix I to the Company's prospectus[15](index=15&type=chunk) [5. Revenue and Segment Information](index=7&type=section&id=5.%20Revenue%20and%20Segment%20Information) The Group's revenue primarily derives from the sale of sucralose, food-grade glycine, and industrial-grade glycine products, with sucralose sales showing significant growth. Due to resource integration, the Group does not present asset and liability segment information, and all revenue is recognized at a point in time. The geographical distribution of revenue indicates strong growth in the North American market Revenue from Contracts with Customers by Major Product Line | Product | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Sale of Sucralose Products | 152,064 | 70,125 | | Sale of Food-grade Glycine Products | 141,428 | 110,070 | | Sale of

Core Viewpoint - New Qian'an (02573.HK) expects significant growth in its financial performance for the six months ending June 30, 2025, with revenue projected to increase by 50%–60% and profit anticipated to rise by 500%–600% [1] Group 1 - The expected increase in performance is primarily attributed to higher sales of the company's main products, sucralose and food-grade glycine, which have led to increased revenue and gross profit during the period [1]

Core Viewpoint - New Qian (02573) has announced a positive earnings forecast, expecting significant growth in revenue and profit for the first half of 2025, driven by increased sales of its main products [1] Group 1: Earnings Forecast - The company anticipates a revenue growth of 50% to 60% year-on-year for the first half of 2025 [1] - Profit is expected to increase by 500% to 600% during the same period [1] Group 2: Product Performance - The expected significant increase in performance is primarily attributed to higher sales of sucralose and food-grade glycine products [1] - This rise in product sales is projected to lead to an increase in both revenue and gross profit [1]

Core Viewpoint - New Qi'an (02573) has announced a positive earnings forecast, expecting significant growth in revenue and profit for the first half of 2025, driven by increased sales of its main products [1] Group 1: Earnings Forecast - The company anticipates a revenue growth of 50% to 60% year-on-year for the first half of 2025 [1] - Profit is expected to increase by 500% to 600% during the same period [1] Group 2: Product Performance - The anticipated performance improvement is primarily attributed to the rise in sales of the company's key products, namely sucralose and food-grade glycine [1] - The increase in product sales is expected to lead to higher revenue and gross profit for the company [1]

Core Viewpoint - New Qian (02573) has announced a positive earnings forecast, expecting significant growth in revenue and profit for the first half of 2025, driven by increased sales of its main products [1] Group 1: Earnings Forecast - The company anticipates a revenue growth of 50% to 60% year-on-year for the first half of 2025 [1] - Profit is expected to increase by 500% to 600% during the same period [1] Group 2: Product Performance - The anticipated performance improvement is primarily attributed to the rise in sales of the company's key products, namely sucralose and food-grade glycine [1] - The increase in product sales is expected to lead to higher revenue and gross profit for the company [1]

Group 1: Core Insights - Rongchang Biologics (09995.HK) announced that its innovative drug Taitasip (brand name: Tai Ai®) for treating primary Sjögren's syndrome has met the primary endpoint in a Phase III clinical trial in China [1] - Taitasip is the first BLyS/APRIL dual-target fusion protein drug to complete Phase III research in the field of Sjögren's syndrome globally [1] - The clinical trial was a multi-center, randomized, double-blind, placebo-controlled study aimed at evaluating the efficacy and safety of Taitasip, with the primary endpoint being the change in ESSDAI score at week 24 compared to baseline [1] Group 2: Disease Background and Drug Mechanism - Sjögren's syndrome is a chronic inflammatory autoimmune disease characterized by lymphocytic infiltration and damage to exocrine glands, leading to persistent dry mouth and dry eyes, and can affect multiple organ systems [2] - The prevalence of Sjögren's syndrome in China is estimated to be between 0.3% and 0.7%, with an increasing trend indicating a significant unmet clinical need [2] - Taitasip is a novel dual-target fusion protein developed by the company that simultaneously inhibits the overexpression of BLyS and APRIL, effectively preventing abnormal differentiation and maturation of B cells [2] Group 3: Regulatory and Clinical Recognition - Taitasip has received multiple authoritative guideline recommendations in China, including the "Clinical Practice Guidelines for Sjögren's Syndrome" and the "Expert Consensus on B-cell Targeted Therapy for Rheumatic and Immune Diseases" [2] - Internationally, Taitasip has been granted Fast Track designation by the U.S. FDA for its indication in Sjögren's syndrome and has been approved to conduct global multi-center Phase III clinical trials [2]

Core Viewpoint - The company expects significant revenue and profit growth in the first half of 2025, driven by increased sales of its main products, sucralose and food-grade glycine [1] Group 1 - The company anticipates a revenue increase of 50% to 60% year-on-year for the first half of 2025 [1] - The expected profit growth is projected to be between 500% and 600% [1] - The primary drivers for this substantial increase in performance are the rising sales of sucralose and food-grade glycine products [1]